Mirum Pharmaceuticals (MIRM) AI Stock Analysis

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.