Core Insights - Mirum Pharmaceuticals is a mid-cap biotech stock that has seen significant gains, with a nearly 70% increase in 2025, and is expected to perform even better in 2026 [2][3] Company Performance - The current market capitalization of Mirum Pharmaceuticals is $4 billion, with a current stock price of $69.88 and a gross margin of 79.85% [3] - Livmarli, one of Mirum's three approved products, is the primary growth driver, with sales increasing by 56% year-over-year in Q3 2025 to $92.2 million, accounting for approximately 69% of total sales [3][4] - Combined sales for Mirum's other two bile acid medicines, Cholbam and Ctexli, rose by 31% year-over-year in Q3 to $40.8 million [6] Product Approvals and Pipeline - Livmarli was first approved by the FDA in September 2021 for treating cholestatic pruritus in patients with Alagille syndrome, a rare genetic disorder [4] - In 2024, Mirum received two additional FDA approvals for Livmarli for treating Progressive Familial Intrahepatic Cholestasis (PFIC) in patients aged five years and older, and for a tablet version of Livmarli [5] - The company has two promising pipeline candidates, voloxibat and MRM-3379, which could also contribute significantly to future revenue [8][10] Future Outlook - The introduction of a tablet formulation of Livmarli is expected to enhance sales, with early indications of strong uptake [7] - Mirum anticipates that Livmarli could generate annual sales exceeding $1 billion [8] - Positive topline data from ongoing Phase 2 studies for voloxibat and MRM-3379 could serve as catalysts for further stock performance [9][10]

Core Insights - Incyte reported a strong quarter, exceeding Wall Street's revenue and earnings expectations, driven by its flagship drug Jakafi and a growing oncology pipeline [1][3] - The company is valued at $18.2 billion and has seen its stock price increase by 31.9% year-to-date, outperforming the broader market [1] Financial Performance - Incyte's total revenue for the third quarter reached $1.37 billion, reflecting a 20% year-over-year growth, attributed to increased demand for its therapies and a robust hematology and oncology portfolio [3] - Adjusted earnings surged by 111.2% to $2.26 per share, indicating significant profitability improvements despite rising costs [3] Product Performance - Jakafi generated $791 million in revenue, a 7% increase from the previous year, driven by strong patient demand and market dominance in myeloproliferative neoplasms [4] - Opzelura, a topical ruxolitinib cream, experienced a 35% revenue increase to $188 million, benefiting from its acceptance in treating atopic dermatitis and vitiligo [4] - The hematology-oncology portfolio, including Niktimvo, contributed $171 million to total revenue, with Niktimvo alone generating $46 million shortly after its launch [5] Financial Position - At the end of the quarter, Incyte maintained a solid financial position with $2.9 billion in cash, cash equivalents, and marketable securities [5]