Mirum Pharmaceuticals, Inc. (MIRM)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$618.1M

Revenue growth

44.0%

Net income, last twelve months

-$860.2M

Operating margin

-134.9%

Net margin

-139.2%

Free cash flow

-$228.7M

Market value

$5.6B

Cash

$330.7M

Debt

$750.1M

Shares outstanding

64.8M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter 2026 results, filed 5 August 2026.

• Product sales rose 38% year over year. Net product sales were $176.2 million, against $127.8 million in the second quarter of 2025, an increase of about 38%.
• Quarterly net loss per share widened. Net loss was $67.2 million, or $(1.06) per share, compared with a net loss of $5.9 million, or $(0.12) per share, a year earlier.
• Six-month net loss included acquired IPR&D. Six-month net loss was $857.4 million, against $20.5 million a year earlier. The six-month figures include $742.7 million of acquired IPR&D.
• LIVMARLI sales grew 46%. LIVMARLI net product sales were $128.7 million, about 73% of global net product sales, up 46% from the second quarter of 2025.
• Bile Acid Medicines sales grew 20%. Bile Acid Medicines net product sales were $47.5 million, up 20% from the second quarter of 2025.
• Operating expenses rose to $218.8 million. Total operating expenses were $218.8 million, against $132.8 million a year earlier. The quarter included the acquired IPR&D and the research and selling costs listed below.
• Zilurgisertib license added IPR&D charge. Non-recurring acquired IPR&D from the exclusive worldwide license of zilurgisertib was $16.4 million in the quarter.
• Research spend included brelovitug development. Research and development expense was $76.3 million excluding stock-based compensation, including $28.8 million for brelovitug development.
• Cost of sales and SG&A reported. Cost of sales was $23.2 million, excluding intangible amortization and stock-based compensation. Selling, general and administrative expense was $65.6 million, excluding stock-based compensation.
• Non-cash charges totaled $37.3 million. Stock-based compensation, intangible amortization and other non-cash expenses were $37.3 million in the quarter.
• Other expense of $24.2 million. Other expense, net was $24.2 million, against other income of $0.1 million a year earlier. The release does not give a cause.
• Zilurgisertib Phase 2 data presented. Pivotal Phase 2 PROGRESS results for zilurgisertib in FOP were presented at ENDO 2026.
• VISTAS met its primary endpoint. Management said the VISTAS study was designed with FDA input as a pivotal study and met its primary endpoint.
• MRM-3379 Phase 2 study underway. The BLOOM Phase 2 study of MRM-3379 in Fragile X syndrome is currently underway. No timing is given in the release.

Revenue by segment

As the company reports it in the segment note of its annual report.

By product, FY2025

Company events

The newest 8-K filings of 85 held.

Every filing

The newest filings with the SEC of 187 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

371 funds held it at 30 Jun 2026: 180 added and 99 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Eli Lilly & Co. (LLY): revenue $79.7B, market value $1.21T
• Johnson & Johnson (JNJ): revenue $99.3B, market value $652.9B
• AbbVie Inc. (ABBV): revenue $64.4B, market value $506.1B
• Merck & Co., Inc. (MRK): revenue $66.6B, market value $348.1B
• Novartis AG (NVS): revenue $54.5B, market value $297.8B
• AstraZeneca PLC (AZN): revenue $58.7B, market value $263.1B
• Abbott Laboratories (ABT): revenue $46.6B, market value $177.7B
• Novo Nordisk A/S (NVO): revenue $46.8B, market value $171.0B
• Pfizer Inc. (PFE): revenue $63.7B, market value $168.0B
• Vertex Pharmaceuticals Inc. (VRTX): revenue $12.6B, market value $134.2B

What the company does

Mirum Pharmaceuticals is a biopharmaceutical company that develops and sells medicines for rare diseases. It has three approved medicines: Livmarli (maralixibat), Cholbam (cholic acid) capsules and Ctexli (chenodiol) tablets. It sells them through its own commercial team in the United States, Canada and certain countries in Europe, and through license and distribution partners elsewhere. At 31 December 2025 it employed 372 people.

What it sells

Livmarli is an oral medicine that inhibits the ileal bile acid transporter and is minimally absorbed. It is approved for cholestatic pruritus in patients with Alagille syndrome in the United States, the European Union and various other countries. It is also approved for cholestatic pruritus in patients with progressive familial intrahepatic cholestasis (PFIC) in the United States, Canada and Japan, and for treating PFIC in the European Union.

Cholbam was approved by the FDA in March 2015 for bile acid synthesis disorders and as adjunctive treatment of peroxisomal disorders, including PBD-ZSD. The company estimates that 200 to 300 patients in the United States are current candidates for it.

Ctexli is chenodiol for adults with cerebrotendinous xanthomatosis (CTX), approved by the FDA in February 2025. The company estimates 1,000 - 2,000 prevalent CTX patients in the United States, of whom only 10% are diagnosed.

What it is developing

- Volixibat is an oral, minimally absorbed agent for adult cholestatic liver diseases. It is in the VISTAS Phase 2b trial in primary sclerosing cholangitis and the VANTAGE Phase 2b trial in primary biliary cholangitis. Volixibat has been studied in over 400 adults. It has FDA breakthrough therapy and orphan drug designation for cholestatic pruritus in primary biliary cholangitis. - Brelovitug is a fully human IgG1 monoclonal antibody for chronic hepatitis D virus infection. It came with the acquisition of Bluejay Therapeutics, completed on 23 January 2026. It is in the global AZURE program, and a Phase 2 study in 47 adults showed 100% virologic response. - MRM-3379 is an oral PDE4D inhibitor for fragile X syndrome. It is in the BLOOM Phase 2 study and has FDA Fast Track designation. - Livmarli is also being studied in the EXPAND Phase 3 study in cholestatic pruritus due to other rare conditions.

The company says it expects topline results from VISTAS in the second quarter of 2026 and from EXPAND in the fourth quarter of 2026. It also says it expects AZURE-1 and AZURE-4 results in the second half of 2026 and BLOOM data in 2027.

How it reaches patients

Livmarli, Cholbam and Ctexli are distributed in the United States and Canada through a single specialty pharmacy in each country. In other regions, third-party logistics providers, authorized distributors or licensed partners sell to pharmacies. In certain countries governments place large periodic orders, and the company says their timing can vary from quarter to quarter. The company has also built a medical affairs organization in North America and Europe.

How it makes its products

Mirum owns no manufacturing facilities and says it has no plans to build any. Third-party contract manufacturers supply all raw materials, active pharmaceutical ingredient and finished products. Lonza manufactures brelovitug using its cell line technology. The company has no current contractual arrangements for commercial supplies of volixibat.

Licences, acquisitions and protection

Livmarli and volixibat are licensed through the Shire, Pfizer and Sanofi agreements, and the company pays royalties to Shire, Pfizer and Sanofi. Brelovitug is licensed from Novartis, with mid-single digit percent royalties on sales. MRM-3379 is licensed from Enthorin. The company bought the Cholbam and chenodiol assets from Travere Therapeutics on 31 August 2023.

For Livmarli the company has no composition of matter patents, so its protection rests on method-of-use and dosage form patents plus orphan exclusivity. The company has sued parties that filed generic applications for Livmarli. Ctexli and Cholbam have no remaining patent or non-patent exclusivity, so they are or may be exposed to compounded and generic competition, although Ctexli has orphan designation for CTX.

Who it competes with

Ipsen sells odevixibat (Bylvay and Kayfanda), another IBAT inhibitor. GSK has linerixibat, also an IBAT inhibitor, under regulatory submission. In hepatitis D, Gilead's bulevirtide is approved in the EU. Many competitors have greater financial resources than Mirum.

Its people

Of 372 employees, 369 are full time. 289 are in the United States, 76 in Europe and seven in Canada. None is covered by a collective bargaining agreement. The company outsources substantial clinical trial work to clinical research organizations.

*From Mirum Pharmaceuticals's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1759425/000175942526000013/mirm-20251231.htm)*

From the company's 10-K.