Mirum's Q4 Earnings Lag, Higher Product Sales Drive Y/Y Revenues

Mirum Pharmaceuticals MIRM reported a loss of 11 cents per share in fourth-quarter 2025, against the Zacks Consensus Estimate of earnings of 2 cents. The company reported a loss of 49 cents per share in the year-ago quarter.

Revenues in the fourth quarter totaled $148.9 million, up 50.5% year over year. The figure also beat the Zacks Consensus Estimate of $141 million. The top line was driven by the strong growth of its marketed products, Livmarli (maralixibat) and recently acquired bile acid medicines, Cholbam and Ctexli (chenodiol).

Livmarli is approved for treating cholestatic pruritus in patients with Alagille syndrome worldwide. The drug is also approved for treating certain patients with progressive familial intrahepatic cholestasis in the United States and Europe.

Last year, the FDA approved a new tablet formulation of Livmarli for the treatment of cholestatic pruritus in patients with Alagille syndrome and progressive familial intrahepatic cholestasis. The oral tablet was launched in the United States in June 2025 and is likely to offer convenience for older patients.

Mirum acquired Travere Therapeutics’ bile acid products in August 2023, which added the latter’s Cholbam capsules and Ctexli tablets to its portfolio of commercialized drugs.

Shares of Mirum have rallied 45.5% in the past six months compared with the industry’s rise of 23%.

MIRM's Q4 Earnings in Detail

During the fourth quarter, the company did not record any license and other revenues in the year-ago quarter.

Research and development expenses increased almost 16.1% year over year to $51.1 million.

Selling, general and administrative expenses totaled $74.1 million, up almost 30.5% from the year-ago quarter’s level.

As of Dec. 31, 2025, Mirum had cash, cash equivalents and investments worth $391.4 million compared with $378 million as of Sept. 30. 2025.

MIRM's Full-Year Results

For 2025, Mirum generated revenues of $521.3 million compared with $336.9 million recorded in the year-ago quarter.

For the same period, the company reported a loss of 47 cents per share, narrower than a loss of $1.85 in the year-ago period.

MIRM’s 2026 Guidance

Mirum expects worldwide net product sales of approximately $630-$650 million in 2026. The company expects to return to positive cash flow in 2027.

MIRM's Key Pipeline Updates

Mirum is evaluating Livmarli in the phase III EXPAND study for treating pruritus in rare cholestatic conditions. Enrollment in the study is expected to be completed in the first half of 2026, with top-line data from the same expected thereafter in the fourth quarter of 2026.

Mirum’s lead pipeline candidate, volixibat, is currently being evaluated in two phase IIb studies for treating patients with primary biliary cholangitis (the VANTAGE study) and primary sclerosing cholangitis (the VISTAS study).

Enrollment in the VISTAS study was completed in September 2025, with top-line data expected to be announced in the second quarter of 2026. The company expects to complete enrollment in the VANTAGE study in the second half of 2026.

Mirum recently initiated the phase II BLOOM study evaluating its newly in-licensed PDE4D inhibitor, MRM-3379, for treating Fragile X syndrome, a rare genetic neurocognitive disorder.

Mirum recently completed the acquisition of privately held biotech Bluejay Therapeutics. Through this deal, it added brelovitug — a fully human monoclonal antibody being developed to treat chronic hepatitis delta virus (“HDV”) — to its pipeline.

Top-line data from the phase III AZURE-1 and AZURE-4 studies evaluating brelovitug in HDV are expected in the second half of 2026.

Mirum Pharmaceuticals, Inc. Price, Consensus and EPS Surprise

Mirum Pharmaceuticals, Inc. price-consensus-eps-surprise-chart | Mirum Pharmaceuticals, Inc. Quote

MIRM's Zacks Rank & Stocks to Consider

Mirum currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the biotech sector are Castle Biosciences CSTL, Arcus Biosciences RCUS and ADMA Biologics ADMA. While Castle Biosciences currently sports a Zacks Rank #1 (Strong Buy), Arcus Biosciences and ADMA Biologics hold a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.

Over the past 60 days, Castle Biosciences’ 2026 loss per share estimates have narrowed from $1.06 to 96 cents. CSTL’s shares have rallied 44% over the past six months.

Castle Biosciences’ earnings beat estimates in three of the trailing four quarters and missed in the remaining one, with the average surprise being 66.11%.

Over the past 60 days, Arcus Biosciences’ 2026 earnings per share estimates have narrowed from $3.90 to $3.86. RCUS’ shares have soared 95.3% in the past six months.

Arcus Biosciences’ earnings beat estimates in three of the trailing four quarters and missed on one occasion, with the average surprise being 26.18%.

Over the past 60 days, estimates for ADMA Biologics’ 2026 earnings per share have increased from 82 cents to 85 cents. ADMA’s shares have fallen 8.3% in the past six months.

ADMA Biologics’ earnings beat estimates in one of the trailing four quarters, met once and missed in the remaining two quarters, with the average negative surprise being 3.01%.

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This article originally published on Zacks Investment Research (zacks.com).

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