Mirum Pharmaceuticals Reports Robust Q3 Growth and Milestones

Mirum Pharmaceuticals ((MIRM)) has held its Q3 earnings call. Read on for the main highlights of the call.

Mirum Pharmaceuticals’ latest earnings call painted a picture of robust growth and strategic advancements, with the company achieving significant revenue growth and positive net income for the first time. The sentiment was largely positive, highlighting the company’s successful international expansion and progress in its clinical pipeline. However, challenges remain in revenue consistency and the adoption of genetic testing in certain segments.

Strong Revenue Growth

Mirum Pharmaceuticals reported impressive third-quarter revenue of $133 million, marking a nearly 50% year-over-year increase. This growth was primarily driven by the strong performance of LIVMARLI and the company’s bile acid portfolio. The substantial revenue boost underscores the effectiveness of Mirum’s strategic initiatives and market presence.

Positive Financial Milestone

For the first time, Mirum Pharmaceuticals recognized positive net income, highlighting the operating leverage inherent in their commercial model. This milestone reflects the company’s ability to translate revenue growth into profitability, a critical achievement for any growing pharmaceutical company.

Successful International Expansion

LIVMARLI’s net product sales reached $92 million, with $28 million coming from international markets. This success was bolstered by expanding reimbursement and launches in new geographies, showcasing Mirum’s effective international growth strategy and its potential to capture a larger global market share.

Advancement in Clinical Pipeline

The company completed enrollment for the Phase IIb VISTAS study in PSC, with top-line data expected in Q2 2026. Mirum is optimistic about volixibat’s potential to become the first approved treatment in this setting, indicating a promising future for their clinical pipeline.

Increased Cash Reserves

Mirum’s financial health is further strengthened by an increase in cash, cash equivalents, and investments by $85 million since the beginning of the year, reaching a total of $378 million. This increase provides the company with a solid foundation to support ongoing and future initiatives.

Quarterly Revenue Variability

The company anticipates variability in LIVMARLI international revenue due to periodic large orders from distributors. This variability may impact quarter-to-quarter revenue consistency, presenting a challenge in maintaining steady financial projections.

Challenges in Genetic Testing Adoption

Mirum faces challenges in driving the adoption of genetic testing, particularly among adult-focused providers where it is less embedded in practice. Sustained engagement is required to achieve incremental gains in this area, which is crucial for the company’s long-term growth strategy.

Forward-Looking Guidance

Looking ahead, Mirum Pharmaceuticals revised its full-year 2025 revenue guidance to $500-$510 million, reflecting strong market demand and strategic execution. The company anticipates substantial growth potential, with peak revenue for LIVMARLI, volixibat, and MRM-3379 each expected to exceed $1 billion. Additionally, the clinical pipeline is progressing well, with several pivotal readouts anticipated in 2026.

In conclusion, Mirum Pharmaceuticals’ earnings call highlighted a period of strong growth and strategic progress, with positive sentiment surrounding its financial achievements and international expansion. While challenges in revenue consistency and genetic testing adoption remain, the company’s forward-looking guidance suggests a promising future with substantial growth potential.