Mirum's Q3 Earnings Beat Estimates, 2024 Revenue View Raised

Core Viewpoint - Mirum Pharmaceuticals reported a narrower loss per share in Q3 2024 compared to estimates, with significant revenue growth driven by product sales and acquisitions [1][2]. Financial Performance - The company incurred a loss of 30 cents per share in Q3 2024, better than the Zacks Consensus Estimate of a loss of 45 cents, and an improvement from a loss of 57 cents per share in the same quarter last year [1]. - Revenues for the third quarter reached $90.3 million, marking an 89% increase year over year, surpassing the Zacks Consensus Estimate of $82 million [2]. - Livmarli's net product sales were $59.1 million, reflecting a 52.7% year-over-year increase, while newly acquired Cholbam and Chenodal contributed $31.2 million [4]. - Research and development expenses rose by 21.5% year over year to $31.7 million, and selling, general and administrative expenses increased by 38.3% to $50.5 million [4][5]. Guidance and Future Outlook - Mirum has raised its 2024 revenue guidance to a range of $330-$335 million, up from the previous estimate of $310-$320 million [6]. - The company initiated the phase III EXPAND study for Livmarli, aiming for label expansion in cholestatic pruritus [7]. Product Developments - Livmarli received European Commission approval for treating progressive familial intrahepatic cholestasis (PFIC) in patients aged three months and older [7]. - The FDA approved a label expansion for Livmarli to include treatment for cholestatic pruritus in patients aged five years and older with PFIC [8]. - Mirum's pipeline candidate, volixibat, is under evaluation in two phase IIb studies for primary biliary cholangitis and primary sclerosing cholangitis, with Breakthrough Therapy designation granted by the FDA [9]. Recent Acquisitions - Mirum acquired Travere Therapeutics' bile acid products, adding Cholbam and Chenodal to its portfolio [2]. - The company in-licensed a PDE4D inhibitor, MRM-3379, for treating Fragile X syndrome, with a phase II study expected to begin in 2025 [10]. Stock Performance - Shares of Mirum rose in pre-market trading due to better-than-expected results and increased guidance, with a year-to-date stock rally of 40.9% compared to a 1.2% decline in the industry [3].