Mirum Pharmaceuticals (NASDAQ:MIRM) Announces Earnings Results, Misses Estimates By $0.32 EPS

Key Points

• Mirum missed earnings expectations: The company reported a quarterly loss of $1.06 per share, $0.32 below consensus, despite revenue of $176.24 million that exceeded estimates and increased 37.9% year over year.
• Commercial momentum remains strong: Product sales rose to $176 million, prompting Mirum to raise its 2026 revenue guidance to $680 million-$700 million. The company also expects a potential fourth-quarter U.S. launch of zilurgisertib for FOP.
• Pipeline progress is mixed: The FDA requested another Phase III study for volixibat in PSC, delaying a potential filing to the first half of 2027, while the company’s PBC trial has completed enrollment. Mirum ended June with $561 million in cash, cash equivalents, and investments.

Mirum Pharmaceuticals (NASDAQ:MIRM - Get Free Report) issued its quarterly earnings results on Wednesday. The company reported ($1.06) EPS for the quarter, missing the consensus estimate of ($0.74) by ($0.32), FiscalAI reports. Mirum Pharmaceuticals had a negative return on equity of 11.28% and a negative net margin of 140.24%.The business had revenue of $176.24 million during the quarter, compared to the consensus estimate of $166.33 million. During the same quarter last year, the firm posted ($0.12) earnings per share. Mirum Pharmaceuticals's revenue was up 37.9% compared to the same quarter last year.

Here are the key takeaways from Mirum Pharmaceuticals' conference call:

• Strong commercial performance: Second-quarter net product sales rose to $176 million, up from $128 million a year earlier, driven by LIVMARLI and the bile acid medicines. Mirum raised its 2026 sales guidance to $680 million-$700 million.
• Mirum is preparing for a potential fourth-quarter U.S. launch of zilurgisertib for FOP following a favorable late-cycle FDA meeting and a September PDUFA date; launch revenue is not included in current guidance and is expected to contribute primarily in 2027.
• The FDA recommended an additional Phase III study for volixibat in PSC, delaying the planned NDA filing to the first half of 2027. Mirum disagrees that another trial is needed and plans further discussions, supported by the drug’s breakthrough therapy designation.
• The VANTAGE Phase III study of volixibat in PBC has completed enrollment with more than 330 patients, and FDA feedback indicates it may serve as a pivotal study if the first-quarter 2027 results are successful.
• Mirum ended June with $561 million in cash, cash equivalents, and investments after issuing $690 million of 0% convertible notes and restructuring existing debt. Management said the strengthened balance sheet provides flexibility to fund launches, clinical development, and potential business development.

Mirum Pharmaceuticals Stock Performance

NASDAQ MIRM traded up $1.46 on Wednesday, hitting $105.79. 856,163 shares of the company were exchanged, compared to its average volume of 595,946. The company has a debt-to-equity ratio of 1.28, a current ratio of 2.09 and a quick ratio of 1.99. Mirum Pharmaceuticals has a twelve month low of $50.25 and a twelve month high of $130.00. The company's 50 day moving average price is $110.46 and its 200-day moving average price is $101.77.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on MIRM shares. Robert W. Baird lifted their price objective on shares of Mirum Pharmaceuticals from $112.00 to $129.00 and gave the stock an "outperform" rating in a research note on Thursday, May 7th. Raymond James Financial reissued a "strong-buy" rating and set a $165.00 target price on shares of Mirum Pharmaceuticals in a research note on Thursday, May 7th. Royal Bank Of Canada raised their target price on shares of Mirum Pharmaceuticals from $142.00 to $148.00 and gave the stock an "outperform" rating in a report on Tuesday, July 7th. TD Cowen lifted their price target on shares of Mirum Pharmaceuticals from $125.00 to $145.00 and gave the stock a "buy" rating in a research report on Thursday, May 7th. Finally, Citizens Jmp increased their price objective on Mirum Pharmaceuticals from $140.00 to $146.00 and gave the company a "market outperform" rating in a research report on Monday, June 15th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Mirum Pharmaceuticals has a consensus rating of "Moderate Buy" and a consensus target price of $143.40.

Insiders Place Their Bets

In related news, SVP Jolanda Howe sold 2,721 shares of the company's stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $120.00, for a total value of $326,520.00. Following the completion of the sale, the senior vice president owned 3,114 shares in the company, valued at approximately $373,680. This represents a 46.63% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Christopher Peetz sold 30,000 shares of the firm's stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $95.84, for a total transaction of $2,875,200.00. Following the completion of the transaction, the chief executive officer directly owned 194,309 shares of the company's stock, valued at $18,622,574.56. This represents a 13.37% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 67,155 shares of company stock worth $7,185,662 over the last ninety days. 8.32% of the stock is currently owned by company insiders.

Institutional Trading of Mirum Pharmaceuticals

A number of hedge funds have recently modified their holdings of MIRM. Comerica Bank grew its holdings in shares of Mirum Pharmaceuticals by 45.1% during the first quarter. Comerica Bank now owns 895 shares of the company's stock valued at $40,000 after buying an additional 278 shares in the last quarter. AQR Capital Management LLC lifted its stake in Mirum Pharmaceuticals by 307.3% in the 1st quarter. AQR Capital Management LLC now owns 49,076 shares of the company's stock worth $2,211,000 after acquiring an additional 37,028 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Mirum Pharmaceuticals by 7.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 26,047 shares of the company's stock worth $1,176,000 after acquiring an additional 1,720 shares during the period. Caxton Associates LLP acquired a new stake in Mirum Pharmaceuticals during the 1st quarter worth about $217,000. Finally, Empowered Funds LLC grew its stake in Mirum Pharmaceuticals by 15.4% during the 1st quarter. Empowered Funds LLC now owns 38,386 shares of the company's stock valued at $1,729,000 after acquiring an additional 5,120 shares in the last quarter.

Mirum Pharmaceuticals Company Profile

Mirum Pharmaceuticals, Inc is a late-stage biopharmaceutical company dedicated to the development and commercialization of innovative therapies for rare cholestatic liver diseases. The company's primary focus lies in addressing the unmet medical needs of patients suffering from genetic and progressive forms of pediatric liver disorders, where limited treatment options currently exist.

Mirum's lead product candidate, maralixibat (Livmarli), is an ileal bile acid transporter inhibitor designed to reduce systemic bile acid accumulation and alleviate associated pruritus and liver damage.

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