Mirum Pharmaceuticals, Inc.
- Open
- 115.59
- Day high
- 119.57
- Day low
- 113.00
- Prev close
- 117.36
- Volume
- 410K
- Mkt cap
- $7.2B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 29.9
- P/S
- 12.7
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$7.8M over the last 3 months (0 open-market buys, 22 sales)
- 🏛Institutions accumulating (13F)
Mirum Pharmaceuticals, Inc. (MIRM) is a Healthcare company listed on NASDAQ. The stock is up 129% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 22 sales (SEC Form 4).
Mirum Pharmaceuticals, Inc. (MIRM) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 11 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
MIRM earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 6, 2026 | $-0.40 | $-13.43 | -3257.5% | $160M | +7.9% |
| Feb 25, 2026 | $0.02 | $-0.11 | -650.0% | $149M | -0.6% |
| Aug 6, 2025 | $-0.31 | $-0.12 | +61.3% | $128M | -1.8% |
| Feb 26, 2025 | $-0.27 | $-0.49 | -81.5% | $99M | +2.9% |
| Feb 28, 2024 | $-0.34 | $-0.66 | -94.1% | $70M | +2.6% |
| Nov 2, 2023 | $-0.64 | $-0.57 | +10.9% | $48M | -30.1% |
| Aug 3, 2023 | $-0.81 | $-0.92 | -13.6% | $37M | +15.5% |
| May 4, 2023 | $-0.96 | $-0.80 | +16.7% | $32M | +10.1% |
| Mar 8, 2023 | $-0.98 | $-0.99 | -1.0% | $28M | +13.6% |
| Aug 4, 2022 | $-1.05 | $-0.84 | +20.0% | $17M | +13.4% |
| May 5, 2022 | $-1.39 | $-1.17 | +15.8% | $13M | +52.3% |
| Mar 9, 2022 | $-0.61 | $-0.92 | -50.8% | $3M | -95.0% |
MIRM insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 8, 2026 | BJERKHOLT ERICofficer: CHIEF FINANCIAL OFFICER | Sell | 3,124 | $121.67 |
| Jul 8, 2026 | BJERKHOLT ERICofficer: CHIEF FINANCIAL OFFICER | Sell | 1,048 | $122.43 |
| Jul 8, 2026 | Peetz Christopherdirector, officer: CHIEF EXECUTIVE OFFICER | Option | 20,000 | $2.94 |
| Jul 8, 2026 | Peetz Christopherdirector, officer: CHIEF EXECUTIVE OFFICER | Sell | 12,134 | $121.65 |
| Jul 8, 2026 | BJERKHOLT ERICofficer: CHIEF FINANCIAL OFFICER | Sell | 300 | $124.94 |
| Jul 8, 2026 | Peetz Christopherdirector, officer: CHIEF EXECUTIVE OFFICER | Sell | 1,710 | $124.79 |
| Jul 8, 2026 | Peetz Christopherdirector, officer: CHIEF EXECUTIVE OFFICER | Sell | 1,975 | $123.74 |
| Jul 8, 2026 | BJERKHOLT ERICofficer: CHIEF FINANCIAL OFFICER | Sell | 528 | $123.84 |
| Jul 8, 2026 | Peetz Christopherdirector, officer: CHIEF EXECUTIVE OFFICER | Sell | 4,181 | $122.34 |
| Jul 2, 2026 | Howe Jolandaofficer: SVP, GLOBAL CONTROLLER | Sell | 2,721 | $120.00 |
| Jun 18, 2026 | Howe Jolandaofficer: SVP, GLOBAL CONTROLLER | Sell | 2,594 | $101.95 |
| Jun 17, 2026 | Brege Lauradirector | Grant | 3,772 | $101.00 |
| Jun 17, 2026 | Fairey Williamdirector | Grant | 3,772 | $101.00 |
| Jun 17, 2026 | Fischer Laurentdirector | Grant | 3,772 | $101.00 |
| Jun 17, 2026 | Fairey Williamdirector | Grant | 1,980 | — |
Source: MIRM SEC Form 4 filings, latest Jul 8, 2026. For informational purposes only — not investment advice.
See the full MIRM insider & 13F page →Mirum Pharmaceuticals, Inc. company profile
Overview
Mirum Pharmaceuticals, Inc. (NASDAQ:MIRM) is a biopharmaceutical company founded in 2018 and headquartered in Foster City, California. The company went public in July 2019 and focuses on developing and commercializing novel therapies for rare and orphan diseases, particularly those affecting the liver and bile acid metabolism. Since its inception, Mirum has transformed from a clinical-stage company into a commercial-stage biopharmaceutical enterprise with multiple approved products and a growing pipeline of investigational therapies targeting underserved patient populations with debilitating rare diseases.
Business
Mirum Pharmaceuticals operates in the rare disease pharmaceutical sector, specifically focusing on cholestatic liver diseases and bile acid disorders. Cholestatic diseases occur when bile flow from the liver is reduced or blocked, leading to the accumulation of bile acids in the liver and blood, which can cause severe itching (pruritus), liver damage, and other serious complications. The company's primary commercial products include: 1. LIVMARLI (maralixibat) - This is Mirum's flagship product, an oral medication that works as an ileal bile acid transporter (IBAT) inhibitor. LIVMARLI blocks the reabsorption of bile acids in the intestine, allowing them to be eliminated from the body rather than recirculating back to the liver. It is approved for treating Progressive Familial Intrahepatic Cholestasis (PFIC) and Alagille syndrome, two rare genetic liver diseases that primarily affect children. LIVMARLI represents approximately 63% of total product revenue based on recent financial data. 2. CTEXLI (chenodeoxycholic acid) - Previously marketed as CHENODAL, this bile acid replacement therapy is approved for treating cerebrotendinous xanthomatosis (CTX), a rare genetic disorder that affects bile acid synthesis and can lead to neurological problems, cataracts, and other complications. 3. CHOLBAM (cholic acid) - Another bile acid replacement therapy used to treat rare genetic disorders affecting bile acid synthesis. The bile acid medicines (CTEXLI and CHOLBAM) collectively account for approximately 37% of total product revenue. These products work by supplementing or replacing bile acids that patients cannot produce naturally due to genetic defects, helping to restore normal digestive function and prevent disease progression.
Revenue model
Mirum generates revenue primarily through direct product sales of its approved medications to hospitals, specialty pharmacies, and healthcare providers. The company operates in both domestic (United States) and international markets, with the U.S. representing the majority of sales. The business model centers on orphan drug commercialization, where Mirum targets small patient populations with high unmet medical needs. This approach allows the company to command premium pricing due to the lack of alternative treatments and the severity of the conditions treated. For rare diseases like PFIC and Alagille syndrome, patients typically require lifelong treatment, creating a recurring revenue stream. Key customers include pediatric hepatologists, gastroenterologists, and specialized rare disease treatment centers. The company employs a focused commercial strategy with specialized sales teams that target the limited number of physicians who treat these rare conditions. This targeted approach is cost-effective given that relatively few doctors worldwide specialize in these diseases. Factors that could increase margins include: successful market penetration in international markets where Mirum has received regulatory approvals, expansion of approved indications for existing products (such as LIVMARLI's potential use in additional cholestatic conditions), and the introduction of more convenient formulations like the recently approved single-tablet LIVMARLI formulation. The company has demonstrated improving cash contribution margins, rising from 47% to 53% as sales volumes increase and manufacturing efficiencies improve. Factors that could pressure margins include: increased competition from other rare disease companies developing similar treatments, pricing pressure from payers and health systems, higher manufacturing costs due to the specialized nature of these medications, and increased investment in clinical trials for pipeline expansion. The company also faces the challenge of identifying and diagnosing patients with these rare conditions, which requires ongoing investment in disease awareness and medical education programs.
Competitive moat
Mirum's competitive moat is moderately strong but not insurmountable, built primarily on several key factors. The company benefits from orphan drug exclusivity and regulatory protections that provide market exclusivity for several years following approval. This regulatory moat is particularly valuable in rare diseases where the small patient populations make it economically challenging for competitors to justify development costs. The company has developed specialized expertise in bile acid metabolism disorders, creating institutional knowledge and relationships with key opinion leaders in this niche field. Mirum's commercial infrastructure is specifically designed to reach the limited number of specialists who treat these rare conditions, creating operational efficiencies that would be difficult for new entrants to replicate quickly. However, the moat faces several potential threats. Albireo Pharma's Bylvay (odevixibat) represents direct competition in the IBAT inhibitor space, having received approval for PFIC and potentially competing for Alagille syndrome patients. While Mirum management reports no measurable impact on LIVMARLI's growth trajectory, this competition could intensify as both companies expand their indications and geographic reach. The scientific understanding of bile acid disorders continues to evolve, potentially opening pathways for novel therapeutic approaches that could disrupt the current IBAT inhibitor paradigm. Additionally, the small patient populations that currently protect Mirum could become attractive targets for larger pharmaceutical companies with greater resources if market opportunities expand significantly. The company's pipeline diversification into areas like Fragile X syndrome with MRM-3379 represents an attempt to build moats in additional therapeutic areas, though this also introduces execution risk and the need to develop new areas of expertise beyond bile acid metabolism.
Risks & safety
Mirum demonstrates a solid financial position with adequate liquidity and manageable debt levels, though the company remains in investment mode with ongoing losses. • Cash Position: $211.8 million in cash and short-term investments as of Q1 2025, providing substantial runway for operations and clinical development • Debt Level: Debt-to-equity ratio of 1.36, primarily consisting of convertible notes and milestone obligations rather than traditional bank debt • Solvency: Strong current ratio of 3.22 and quick ratio of 3.04, indicating solid short-term liquidity • Cash Flow: Recently achieved positive operating cash flow ($10.3 million in 2024) and expects to remain cash flow positive in 2025, though still GAAP unprofitable • Valuation Metrics: Trading at 9.4x book value and negative EV/EBITDA due to current losses, though revenue growth of 43% year-over-year suggests operational momentum • Burn Rate: Minimal free cash flow burn of $2.0 million in Q1 2025, a significant improvement from historical levels • Other Considerations: Growing revenue base ($337 million in 2024) provides increasing financial stability, though continued investment in pipeline development maintains near-term profitability pressure
Recent development
Over the past several years, Mirum has executed a strategic transformation from a clinical-stage company to a diversified commercial-stage biopharmaceutical enterprise. The company's most significant development was the successful commercialization of LIVMARLI, which has grown from initial launch to over $213 million in annual sales by 2024, representing 50% year-over-year growth. A key strategic move was the acquisition of CHENODAL and CHOLBAM in 2023, which provided immediate revenue diversification and established Mirum as a leader in bile acid therapeutics. This acquisition added $123 million in annual revenue and complemented the company's existing expertise in cholestatic diseases. The company has systematically expanded LIVMARLI's approved indications, securing approvals for both PFIC and Alagille syndrome in the United States and internationally, including recent approval in Japan. The development of a single-tablet LIVMARLI formulation represents an important commercial advancement, making the treatment more convenient for patients over 25 kilograms. Mirum has also diversified its pipeline beyond bile acid disorders through the licensing of MRM-3379 for Fragile X syndrome, representing a potential $1 billion market opportunity in a completely different therapeutic area. This strategic expansion demonstrates the company's ambition to become a broader rare disease platform. The company's clinical pipeline has advanced significantly with volixibat receiving Breakthrough Therapy Designation for cholestatic pruritus in primary biliary cholangitis (PBC), and ongoing Phase 3 studies in primary sclerosing cholangitis (PSC). The initiation of the EXPAND study for LIVMARLI in broader cholestatic pruritus indications represents another potential avenue for growth. Recent regulatory successes include the approval of CTEXLI for cerebrotendinous xanthomatosis, adding another rare disease indication to the company's commercial portfolio and further establishing Mirum's expertise in orphan diseases.
MIRM company profile · for informational purposes only — not investment advice.
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