Key Takeaways Mirum's revenues hinge on Livmarli, which generated $253.6M in the first nine months of 2025.MIRM expects continued Livmarli growth as increasing global adoption supports demand.Cholbam and Ctexli sales also rose, adding to Mirum's expanding rare-disease drug portfolio.Mirum Pharmaceuticals’ (MIRM) revenue base is largely supported by its lead product, Livmarli (maralixibat), which has been witnessing steady sales uptake since its launch. The drug remains a key top-line driver for the company. ...

Core Insights - Mirum Pharmaceuticals has initiated the phase II BLOOM study for MRM-3379, a PDE4D inhibitor aimed at treating Fragile X syndrome (FXS), with the first patient enrolled [1][6] - The study will focus on safety, tolerability, and potential clinical benefits, with top-line data expected in 2027 [2][6] - FXS affects approximately 50,000 males in the U.S. and Europe, and currently, there are no approved therapies for this condition [2] Company Developments - MRM-3379 has shown promise in improving cognitive and behavioral symptoms associated with FXS in preclinical studies, indicating a potential novel treatment approach [3] - Mirum's lead product, Livmarli, is approved for treating cholestatic pruritus in patients with Alagille syndrome and progressive familial intrahepatic cholestasis, generating significant revenue [7][8] - Livmarli's net product sales reached $253.6 million in the first nine months of 2025, reflecting a 70% year-over-year increase [8] Pipeline Progress - Mirum is advancing other products, including Cholbam capsules and Ctexli tablets, which are also approved for rare diseases, contributing to revenue growth [9] - The lead pipeline candidate, volixibat, is undergoing evaluation in two phase IIb studies for primary biliary cholangitis and primary sclerosing cholangitis, with top-line data expected in 2026 [9][10] Market Performance - Year-to-date, Mirum's shares have increased by 69.3%, outperforming the industry average rise of 20.3% [4]

Core Insights - Mirum Pharmaceuticals' lead product, Livmarli, is the primary revenue driver for the company, significantly contributing to its top-line growth [1][3][13] Product Overview - Livmarli is an orally administered ileal bile acid transporter (IBAT) inhibitor approved for treating cholestatic pruritus in patients with Alagille syndrome (ALGS) and certain patients with progressive familial intrahepatic cholestasis (PFIC) [2] - A new tablet formulation of Livmarli was approved by the FDA earlier this year, enhancing convenience for older patients [3] Financial Performance - In the first half of 2025, Livmarli's net product sales reached $161.4 million, reflecting a 79.1% year-over-year increase [3] - Mirum has raised its revenue guidance for 2025 to a range of $490-$510 million, up from the previous estimate of $435-$450 million, due to strong sales performance [6][13] Market Dynamics - Mirum's acquisition of Travere Therapeutics' bile acid products in 2023 has diversified its revenue stream, adding Cholbam capsules and Ctexli tablets to its portfolio [5] - Competition is intensifying in the market, particularly from Albireo AB's Bylvay, which directly competes with Livmarli [8] Pipeline Developments - Mirum's lead pipeline candidate, volixibat, is currently undergoing evaluation in two phase IIb studies for primary biliary cholangitis and primary sclerosing cholangitis [9] Valuation and Stock Performance - Year-to-date, Mirum's shares have increased by 74.6%, outperforming the industry average of 7.4% [14] - The company's shares are trading at a premium, with a price/book ratio of 14.21 compared to the industry average of 3.35 [15] - The Zacks Consensus Estimate for 2025 loss per share has improved from 84 cents to 69 cents, with 2026 estimates shifting from a loss of 13 cents to earnings of 3 cents [16]

Core Insights - Mirum Pharmaceuticals reported a narrower loss of $0.12 per share for Q2 2025, compared to a loss of $0.52 per share in the same quarter last year, and better than the Zacks Consensus Estimate of a loss of $0.31 per share [1][8] - Revenues for Q2 2025 reached $127.8 million, reflecting a year-over-year increase of 64.1%, surpassing the Zacks Consensus Estimate of $108 million, driven by strong sales of Livmarli and newly acquired bile acid products [2][8] - The company raised its revenue guidance for 2025 to a range of $490 million to $510 million, up from the previous estimate of $435 million to $450 million, due to the strong performance of Livmarli [10] Financial Performance - Livmarli's net product sales were $88.2 million in Q2 2025, marking an 87% increase year-over-year, with U.S. sales at $57 million and ex-U.S. sales at $31.2 million [7][8] - Net product sales from bile acid products, including Cholbam and Ctexli, totaled $39.6 million in Q2 2025, reflecting a 30% year-over-year increase [7] - Research and development expenses rose by nearly 41% year-over-year to $46.1 million, while selling, general, and administrative expenses increased by approximately 28.7% to $63.3 million [9] Recent Developments - Mirum is conducting a phase III EXPAND study for Livmarli to treat pruritus in rare cholestatic conditions, with enrollment expected to complete in 2026 [11] - The FDA approved a new tablet formulation of Livmarli, launched in the U.S. in June 2025, aimed at improving convenience for older patients [11] - The lead pipeline candidate, volixibat, is under evaluation in two phase IIb studies for primary biliary cholangitis and primary sclerosing cholangitis, with top-line data expected in Q2 2026 [12] Stock Performance - Mirum's shares increased by 8.6% in after-hours trading on August 6, 2025, following the better-than-expected results and raised revenue guidance [4] - Year-to-date, Mirum's stock has risen by 29.1%, significantly outperforming the industry average increase of 0.2% [6]

Core Insights - Mirum Pharmaceuticals reported a wider loss of 49 cents per share in Q4 2024, compared to the Zacks Consensus Estimate of a loss of 27 cents, and a loss of 66 cents per share in the same quarter last year [1] - The company's revenues for Q4 totaled $99.4 million, reflecting a year-over-year increase of 42.8%, surpassing the Zacks Consensus Estimate of $97 million [2] - Mirum's stock has increased by 70.3% over the past year, while the industry has declined by 9.5% [3] Financial Performance - Research and development expenses rose by 42.4% year-over-year to $44 million, while selling, general, and administrative expenses increased by 22.9% to $56.8 million [4] - As of December 31, 2024, the company had cash, cash equivalents, and marketable securities totaling $292.8 million, slightly down from $293.8 million as of September 30, 2024 [5] - For the full year 2024, Mirum generated revenues of $336.9 million, up from $186.4 million in the previous year, and reported a loss of $1.85 per share, an improvement from a loss of $4.00 per share in the prior year [8] Future Outlook - Mirum anticipates worldwide net product sales of approximately $420-$435 million and expects to achieve positive cash flow in 2025 [9] - The company is conducting a phase III study for Livmarli and has received FDA approval for Ctexli, the first treatment for cerebrotendinous xanthomatosis [10] - Mirum's lead pipeline candidate, volixibat, is under evaluation in two phase IIb studies, with enrollment expected to be completed in 2026 [11] - A phase II study for the PDE4D inhibitor, MRM-3379, is planned for Fragile X syndrome later in 2025 [12]