Mirum Pharmaceuticals (NASDAQ:MIRM) Announces Earnings Results, Misses Estimates By $13.03 EPS

Key Points

• Mirum posted a large GAAP EPS miss of ($13.43) versus consensus ($0.40), primarily driven by non‑operational one‑time items (including Bluejay acquisition costs) that created headline risk.
• Q1 revenue beat at roughly $159.9M (up ~43% YoY) and management raised full‑year revenue guidance to $660–$680M, citing strong LIVMARLI uptake and stronger‑than‑expected international sales.
• Strategic moves include licensing zolegorsertib (NDA in priority review with a PDUFA on Sept 26) and plans to expand the U.S. liver salesforce, while expecting operating cash flow positivity next year and GAAP profitability by 2028 despite near‑term elevated operating expenses.

Mirum Pharmaceuticals (NASDAQ:MIRM - Get Free Report) posted its quarterly earnings results on Wednesday. The company reported ($13.43) EPS for the quarter, missing analysts' consensus estimates of ($0.40) by ($13.03), FiscalAI reports. Mirum Pharmaceuticals had a negative net margin of 4.48% and a negative return on equity of 8.53%. The company had revenue of $159.88 million during the quarter, compared to analyst estimates of $148.21 million. During the same period last year, the firm earned ($0.30) EPS. The firm's revenue for the quarter was up 43.3% compared to the same quarter last year.

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

• Raised full-year revenue guidance to $660M–$680M, driven by strong LIVMARLI uptake (notably PFIC in adults) and stronger-than-expected international sales.
• Clinical progress is expanding Mirum beyond pediatrics — the VISTAS study (volixibat in PSC) showed significant pruritus improvement and the AZURE‑1 Phase IIb (brelovitug in hepatitis delta) supported activity, with late‑breaking presentations expected at EASL.
• Mirum licensed zolegorsertib (ALK2 inhibitor) from Incyte for FOP; an NDA is in priority review with a PDUFA on Sept 26 and Mirum expects a potential launch by year‑end if approved, targeting a strategic fit in its rare genetic franchise and a >$200M peak sales opportunity.
• Q1 shows revenue growth (net product sales ≈ $160M) and cash/investments of ≈ $421M, but operating expense was elevated ($949M) due mainly to one‑time Bluejay acquisition costs; management says R&D investment is funded, expects operating cash flow positive next year and GAAP profitability by 2028.
• Mirum plans to expand its U.S. liver commercial team from ~20 to ~60 field reps to reach >4,000 liver healthcare providers, supporting launches and commercialization in PSC, hepatitis delta and adult liver settings.

Mirum Pharmaceuticals Trading Up 4.0%

Shares of NASDAQ:MIRM traded up $4.27 during mid-day trading on Wednesday, hitting $110.08. The company had a trading volume of 1,005,736 shares, compared to its average volume of 695,247. The firm has a fifty day moving average price of $93.88 and a 200 day moving average price of $85.86. The company has a market capitalization of $6.71 billion, a PE ratio of -229.33 and a beta of 0.52. The company has a debt-to-equity ratio of 0.98, a current ratio of 2.67 and a quick ratio of 2.55. Mirum Pharmaceuticals has a one year low of $40.00 and a one year high of $110.49.

Insider Buying and Selling

In other news, SVP Jolanda Howe sold 4,732 shares of Mirum Pharmaceuticals stock in a transaction on Monday, March 16th. The shares were sold at an average price of $91.98, for a total value of $435,249.36. Following the completion of the sale, the senior vice president owned 8,429 shares in the company, valued at $775,299.42. The trade was a 35.95% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Peter Radovich sold 16,515 shares of the company's stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $91.98, for a total value of $1,519,049.70. Following the transaction, the chief operating officer directly owned 40,272 shares in the company, valued at $3,704,218.56. The trade was a 29.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 76,806 shares of company stock worth $7,064,616 over the last ninety days. 14.36% of the stock is owned by company insiders.

Hedge Funds Weigh In On Mirum Pharmaceuticals

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

Wall Street Analyst Weigh In

MIRM has been the topic of several research reports. Citizens Jmp restated a "market outperform" rating and set a $132.00 price target on shares of Mirum Pharmaceuticals in a report on Tuesday, April 21st. HC Wainwright boosted their price target on Mirum Pharmaceuticals from $150.00 to $175.00 and gave the stock a "buy" rating in a report on Monday. Stifel Nicolaus boosted their price target on Mirum Pharmaceuticals from $125.00 to $130.00 and gave the stock a "buy" rating in a report on Wednesday, April 29th. Robert W. Baird boosted their price target on Mirum Pharmaceuticals from $95.00 to $112.00 and gave the stock an "outperform" rating in a report on Tuesday, April 28th. Finally, TD Cowen boosted their price target on Mirum Pharmaceuticals from $117.00 to $125.00 and gave the stock a "buy" rating in a report on Friday, March 27th. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $125.25.

Mirum Pharmaceuticals News Roundup

Here are the key news stories impacting Mirum Pharmaceuticals this week:

• Positive Sentiment: Topline clinical win: Mirum said the VISTAS study met its primary endpoint for volixibat in primary sclerosing cholangitis — a major development that expands the drug’s market potential and underpins optimism about peak sales and strategic options. Mirum Pharmaceuticals Announces Primary Endpoint Met in VISTAS Study
• Positive Sentiment: Raised fiscal‑year revenue outlook: Management guided FY2026 revenue to $660–$680 million, above consensus (~$644M), signaling stronger commercial traction and helping investor sentiment. Mirum Pharmaceuticals Reports First Quarter 2026 Financial Results
• Positive Sentiment: Revenue beat and solid top‑line growth: Q1 revenue was $159.9M (up ~43% YoY) and topped analyst estimates, showing underlying commercial momentum even as EPS was negative on a GAAP basis. Mirum Reports Q1 Loss, Beats Revenue Estimates
• Neutral Sentiment: Corporate filings and conference call available: Management released the Q1 report and held an earnings call; the press release and transcript give detail on guidance, one‑time items and commercial trends for investors to parse. View Press Release / Conference Materials
• Negative Sentiment: Large GAAP EPS miss: Reported EPS of ($13.43) materially missed consensus (around ($0.40)); the disparity appears tied to non‑operational items disclosed in filings, which created headline risk despite the revenue beat. Earnings Report and Conference Call
• Negative Sentiment: Analyst estimate cuts: HC Wainwright trimmed quarterly and FY2026 EPS forecasts even while maintaining a Buy rating and a $175 target, reflecting model revisions that add near‑term earnings uncertainty. HC Wainwright Lowers EPS Estimates

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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