Mirum's Q4 Earnings Lag, Higher Product Sales Drive Y/Y Revenues

Core Insights - Mirum Pharmaceuticals (MIRM) reported a loss of 11 cents per share in Q4 2025, missing the Zacks Consensus Estimate of earnings of 2 cents, but improved from a loss of 49 cents per share in the same quarter last year [1][10] - Revenues for Q4 totaled $148.9 million, representing a 50.5% year-over-year increase, surpassing the Zacks Consensus Estimate of $141 million, driven by strong sales of Livmarli and newly acquired bile acid medicines [2][8] Financial Performance - The company recorded no license and other revenues in the year-ago quarter, while research and development expenses rose by 16.1% year-over-year to $51.1 million [6] - Selling, general and administrative expenses increased by 30.5% to $74.1 million compared to the previous year [9] - For the full year 2025, Mirum generated revenues of $521.3 million, up from $336.9 million in 2024, with a loss of 47 cents per share, an improvement from a loss of $1.85 in the prior year [10] Product and Pipeline Updates - Livmarli is approved for treating cholestatic pruritus in patients with Alagille syndrome and certain patients with progressive familial intrahepatic cholestasis [3] - A new tablet formulation of Livmarli was launched in the U.S. in June 2025, aimed at providing convenience for older patients [4] - Mirum acquired Travere Therapeutics' bile acid products in August 2023, adding Cholbam and Ctexli to its portfolio [4] - The company expects worldwide net product sales of approximately $630-$650 million in 2026 and aims to achieve positive cash flow in 2027 [11] Clinical Trials and Research - Mirum is conducting a phase III EXPAND study for Livmarli to treat pruritus in rare cholestatic conditions, with enrollment expected to complete in the first half of 2026 [12] - The lead pipeline candidate, volixibat, is being evaluated in two phase IIb studies for primary biliary cholangitis and primary sclerosing cholangitis, with top-line data expected in 2026 [13] - The company initiated the phase II BLOOM study for MRM-3379, a PDE4D inhibitor for Fragile X syndrome, and completed the acquisition of Bluejay Therapeutics, adding brelovitug to its pipeline [14] Stock Performance - Mirum's shares have increased by 45.5% over the past six months, outperforming the industry average rise of 23% [5]