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Mirum Pharmaceuticals
(NASDAQ:MIRM)
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Rating:50Neutral
Price Target:
$86.00
▼(-12.32% Downside)
Action:Reiterated
Date:10/13/26
Overall score is held down primarily by weak financial performance (large TTM losses, renewed cash burn, and balance-sheet stress from higher debt and negative equity) and bearish technicals (price below major moving averages with negative MACD). These are partially offset by a constructive earnings-call outlook, including raised 2026 sales guidance, improving commercial margins, and multiple upcoming catalysts, while valuation is difficult to judge from the provided data due to a negative P/E and no dividend yield.
Positive Factors
Commercial Growth
Strong quarterly sales growth and raised full-year guidance indicate sustained demand for Mirum’s marketed rare-disease portfolio. Continued expansion across Livmarli and bile-acid medicines can support increasing commercial scale, reinforce operating leverage, and provide a durable revenue base over the next several quarters.
Negative Factors
Profitability and Cash Burn
The latest trailing period shows a sharp deterioration from prior positive cash generation, with substantial operating losses and renewed free-cash-flow burn. This weakens internal funding capacity, increases dependence on external capital, and may constrain Mirum’s ability to fund its broad development and commercialization plans without further financing.
Read all positive and negative factors
Positive Factors
Negative Factors
Commercial Growth
Strong quarterly sales growth and raised full-year guidance indicate sustained demand for Mirum’s marketed rare-disease portfolio. Continued expansion across Livmarli and bile-acid medicines can support increasing commercial scale, reinforce operating leverage, and provide a durable revenue base over the next several quarters.
Read all positive factors
Mirum Pharmaceuticals Key Performance Indicators (KPIs)
Any
Net Sales by Product
Shows how much revenue each drug or product line contributes, revealing whether Mirum’s sales are driven by a single flagship therapy or diversified across multiple offerings. Helps assess growth momentum, pricing power, vulnerability to competition or patent cliffs, and where management is getting the most commercial traction.
Shows how much revenue each drug or product line contributes, revealing whether Mirum’s sales are driven by a single flagship therapy or diversified across multiple offerings. Helps assess growth momentum, pricing power, vulnerability to competition or patent cliffs, and where management is getting the most commercial traction.
Data provided by:
The Fly
The FlyMirum Pharmaceuticals (MIRM) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.42B
Dividend YieldN/A
Average Volume (3M)831.71K
Price to Earnings (P/E)―
Beta (1Y)0.77
Revenue Growth44.02%
EPS Growth-1101.02%
CountryUS
Employees433
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-14.56
Shares Outstanding64,932,205
10 Day Avg. Volume789,368
30 Day Avg. Volume831,710
Financial Highlights & Ratios
PEG Ratio2.25
Price to Book (P/B)12.60
Price to Sales (P/S)7.61
P/FCF Ratio72.26
Enterprise Value/Market Cap1.43
Enterprise Value/Revenue12.53
Enterprise Value/Gross Profit15.34
Enterprise Value/Ebitda-9.97
Forecast
1Y Price Target
$154.00Price Target Upside57.01% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering12
EPS Forecast (FY)-15.12
Revenue Forecast (FY)$698.10M
Mirum Pharmaceuticals Business Overview & Revenue Model
Company Description
Mirum Pharmaceuticals, Inc. is a biopharmaceutical firm dedicated to discovering and commercializing groundbreaking therapies for serious rare and orphan conditions. Its lead experimental drug, LIVMARLI, an oral treatment, is currently undergoing ...
How the Company Makes Money
Mirum makes money primarily by selling its FDA-approved rare-disease medicines and, to a lesser extent, through collaboration/partner economics in certain territories.
1) Product sales (core revenue stream)
- Livmarli (maralixibat): Mirum generat...
Mirum Pharmaceuticals Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 17, 2026
Earnings Call Sentiment Positive
The call presented strong commercial execution (Q2 sales up 37.5% YoY), improved margins (+~5 percentage points) a fortified balance sheet (cash up ~43.5%, successful convertible note financing), and multiple near-term clinical and regulatory catalysts (Zilurgisertib PDUFA, volovitug/volixibat and volovitug AZURE readouts). The most significant negative item is regulatory uncertainty for volixibat in PSC after the FDA recommended a Phase 3, leading to an NDA timing delay to H1 2027 and added execution risk. Overall, positive commercial and financial momentum and multiple upcoming catalysts outweigh the regulatory setback, but the PSC pathway remains a material watch item.Positive Updates
Strong Quarterly Revenue Growth
Net product sales of $176.0M in Q2 2026, up from $128.0M in Q2 2025 (+37.5% YoY), driven by portfolio demand and commercial execution.
Negative Updates
Regulatory Setback for Volixibat in PSC
Following a pre-NDA meeting, FDA recommended conducting a Phase 3 study for volixibat in PSC; as a result, the company delayed the planned NDA submission to the first half of 2027. Company cites new review team and need for iterative dialogue to resolve package expectations.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Quarterly Revenue Growth
Net product sales of $176.0M in Q2 2026, up from $128.0M in Q2 2025 (+37.5% YoY), driven by portfolio demand and commercial execution.
Read all positive updates
Company Guidance
Mirum raised full‑year 2026 net product sales guidance to $680–$700M after reporting Q2 net product sales of $176M (vs. $128M YoY), including Livmarli sales of $129M (U.S. $92M; international $37M) and bile‑acid medicines contributing $48M; cash and investments were $561M as of June 30 (up from $391M at the start of the year), commercial cash contribution margin was in the high‑50s% (~+5 percentage points YoY), and operating cash flow was positive in Q2. Q2 operating expense was $290M (including $19M of which $16M was in‑process R&D for Zilurgisertib), R&D was $76M (including $29M for volovitug), SG&A $66M, cost of sales $23M, and stock‑based comp/intangible amortization/other noncash items totaled $37M. The company issued $690M principal of 0% convertible notes (net proceeds $672M), settled 75% of 2029 notes and added $197M cash, and reiterated Livmarli’s >$1B peak revenue potential. Key pipeline guidance: Zilurgisertib has a PDUFA next month with preparation for a potential U.S. Q4 launch (initially ages ≥12), AZURE‑1 top line is expected later this quarter with AZURE‑4 in Q4 to support a potential BLA in H1 2027, EXPAND top line is expected in Q4 (potential sNDA next year), VISTAS (volixibat in PSC: >180 PSC patients, >100 with 1‑year safety exposure, >600 subjects across the program) met its primary endpoint and received Breakthrough Therapy designation but FDA requested a Phase 3 (delaying the PSC NDA to H1 2027), VANTAGE (PBC) has >330 randomized and could serve as pivotal with a Q1 2027 readout, and MRN‑338 POC in fragile X is expected next year.Mirum Pharmaceuticals Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
27
Negative
Cash Flow
30
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 618.07M | 521.31M | 336.89M | 186.37M | 77.06M | 19.14M |
| Gross Profit | 504.96M | 420.73M | 255.25M | 139.34M | 64.69M | 17.23M |
| EBITDA | -776.79M | 17.21M | -48.97M | -136.49M | -122.85M | -65.39M |
| Net Income | -860.21M | -23.36M | -87.94M | -163.41M | -135.66M | -83.99M |
Balance Sheet | ||||||
| Total Assets | 1.04B | 842.81M | 670.75M | 646.62M | 352.91M | 294.65M |
| Cash, Cash Equivalents and Short-Term Investments | 438.29M | 383.33M | 280.31M | 286.33M | 151.72M | 156.54M |
| Total Debt | 760.54M | 319.45M | 317.76M | 308.14M | 2.19M | 2.61M |
| Total Liabilities | 1.06B | 528.12M | 445.11M | 397.95M | 210.87M | 174.44M |
| Stockholders Equity | -10.42M | 314.69M | 225.64M | 248.67M | 142.04M | 120.21M |
Cash Flow | ||||||
| Free Cash Flow | -458.17M | 54.87M | 9.33M | -91.05M | -120.41M | -151.78M |
| Operating Cash Flow | -456.03M | 55.83M | 10.32M | -70.94M | -120.14M | -132.76M |
| Investing Cash Flow | -184.35M | -23.95M | -90.13M | -107.20M | 7.70M | 48.55M |
| Financing Cash Flow | 776.69M | 40.14M | 17.70M | 336.60M | 109.09M | 73.47M |
Mirum Pharmaceuticals Technical Analysis
Neutral
98.08
Price Trends
91.79
Negative
100.73
Negative
98.64
Negative
Market Momentum
-2.75
Negative
43.70
Neutral
55.42
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MIRM, the sentiment is Neutral. The current price of 98.08 is above the 20-day moving average (MA) of 83.41, above the 50-day MA of 91.79, and below the 200-day MA of 98.64, indicating a bearish trend. The MACD of -2.75 indicates Negative momentum. The RSI at 43.70 is Neutral, neither overbought nor oversold. The STOCH value of 55.42 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for MIRM.
Mirum Pharmaceuticals Risk Analysis
Mirum Pharmaceuticals disclosed 75 risk factors in its most recent earnings report. Mirum Pharmaceuticals reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Mirum Pharmaceuticals Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.93B | 145.29 | 1.18% | ― | 13.69% | -89.03% | |
58 Neutral | $3.40B | -5.66 | -94.56% | ― | ― | -203.77% | |
54 Neutral | $5.25B | -127.80 | 21.72% | ― | -42.84% | -106.21% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | $5.42B | -5.73 | -410.20% | ― | 44.02% | -1101.02% | |
49 Neutral | $10.80B | -35.53 | -56.65% | ― | 149.04% | -0.28% | |
46 Neutral | $7.54B | -12.79 | -110.84% | ― | -7.49% | -98.12% |
* Healthcare Sector Average
MIRM
Mirum Pharmaceuticals
83.10
13.69
19.72%
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PTCT
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63.04
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VKTX
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Mirum Pharmaceuticals Corporate Events
Business Operations and StrategyProduct-Related AnnouncementsRegulatory Filings and Compliance
Mirum Pharmaceuticals Reports Positive Phase 3 LIVMARLI Results
Positive
Oct 13, 2026
On October 12, 2026, Mirum Pharmaceuticals reported topline results from its Phase 3 EXPAND study of LIVMARLI (maralixibat) in cholestatic pruritus associated with ultra-rare cholestatic liver diseases, including biliary atresia. The 52‑pati...
Business Operations and StrategyProduct-Related Announcements
Mirum’s Brellovitug Phase 3 Success Signals Transformational Growth
Positive
Sep 28, 2026
On September 25, 2026, Mirum and Incyte announced U.S. FDA approval of Atebrioz tablets, a once‑daily ALK2 inhibitor developed by Incyte and licensed to Mirum, to reduce total new heterotopic ossification in adults and adolescents 12 and old...
Executive/Board Changes
Mirum Pharmaceuticals Announces New Chief Medical Officer Appointment
Neutral
Sep 8, 2026
On September 8, 2026, Mirum Pharmaceuticals reported that its board had appointed Rob Myers, M.D., to succeed Joanne Quan, M.D., as chief medical officer, following Dr. Quan’s cessation of service in that role on September 2, 2026, with Dr. ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.