Mirum Pharmaceuticals (NASDAQ:MIRM) Announces Quarterly Earnings Results, Misses Estimates By $0.38 EPS

Mirum Pharmaceuticals (NASDAQ:MIRM) issued its earnings results on Tuesday. The company reported ($0.87) earnings per share for the quarter, missing the consensus estimate of ($0.49) by ($0.38), Zacks reports. Mirum Pharmaceuticals had a negative return on equity of 65.71% and a negative net margin of 134.75%. The firm had revenue of $185.72 million during the quarter, compared to the consensus estimate of $178.07 million. During the same period in the prior year, the company posted $0.05 EPS. The company’s quarterly revenue was up 39.6% on a year-over-year basis.

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

• Third-quarter net product sales rose to $186 million, up from $133 million a year earlier, driven primarily by LIVMARLI and supported by the bile acid medicines. Mirum raised full-year 2026 revenue guidance to $715 million–$720 million.
• LIVMARLI sales reached $133 million, including $100 million in the U.S., with adult PFIC growth the largest contributor to the guidance increase. Management expects the recent $10 million–$15 million quarterly growth cadence to continue through 2027.
• ATEBRIOZ was approved for FOP in September and launched in the U.S. in October, with early engagement from patients, caregivers, and physicians described as strong. Mirum also reported positive pediatric data that could support a label expansion for children ages 6 to under 12.
• The company highlighted multiple upcoming catalysts, including the AZURE-4 hepatitis delta readout this quarter and VANTAGE PBC results in the first quarter of 2027, alongside as many as five potential regulatory submissions or label expansions. Management said the commercial business and pipeline position Mirum to become cash-flow positive in 2027.
• R&D spending remains elevated at roughly 50% of revenue and is expected to stay at that level for about two more quarters, reflecting broad late-stage development and manufacturing investment. In addition, Takeda-related LIVMARLI revenue was minimal in the quarter, with no new orders expected in Q4, while PSC regulatory discussions remain ongoing without a material update beyond the planned first-half 2027 filing.

Mirum Pharmaceuticals Price Performance

MIRM traded down $2.71 during trading on Thursday, hitting $94.25. 493,641 shares of the company traded hands, compared to its average volume of 837,121. The company has a market cap of $6.12 billion, a PE ratio of -6.14 and a beta of 0.75. The stock’s 50-day simple moving average is $89.51 and its two-hundred day simple moving average is $98.44. Mirum Pharmaceuticals has a 1 year low of $63.23 and a 1 year high of $130.00. The company has a current ratio of 2.86, a quick ratio of 2.74 and a debt-to-equity ratio of 1.28.

More Mirum Pharmaceuticals News

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

• Positive Sentiment: Third-quarter revenue increased 39.6% year over year to $185.72 million, beating analysts’ expectations of about $178 million. The revenue growth likely supported investor optimism. Mirum Q3 results
• Positive Sentiment: Analysts maintained a favorable outlook: Citizens JMP raised its target to $167 from $144, HC Wainwright to $202 from $200, and Cantor Fitzgerald to $160 from $155. RBC reaffirmed its “outperform” rating and $155 target. Analyst ratings
• Neutral Sentiment: CEO Christopher Peetz sold 20,000 shares for $1.8 million under a pre-arranged Rule 10b5-1 plan. Such planned sales may be less concerning than discretionary selling, though they can still draw investor attention. He retained 206,637 shares. CEO share sale report
• Negative Sentiment: Mirum reported a third-quarter loss of $0.87 per share, wider than analysts’ expected loss of roughly $0.49–$0.53 and down from a $0.05 per-share profit a year earlier. The earnings miss may offset some of the revenue-growth optimism. Q3 earnings report

Analyst Upgrades and Downgrades

MIRM has been the topic of several research analyst reports. Wall Street Zen downgraded Mirum Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Sunday, September 6th. Cantor Fitzgerald increased their target price on Mirum Pharmaceuticals from $155.00 to $160.00 and gave the stock an “overweight” rating in a research report on Wednesday. Citigroup increased their target price on Mirum Pharmaceuticals from $160.00 to $184.00 and gave the stock a “buy” rating in a research report on Monday, October 12th. Weiss Ratings downgraded Mirum Pharmaceuticals from a “sell (d)” rating to a “sell (d-)” rating in a research note on Thursday, October 22nd. Finally, HC Wainwright boosted their price target on Mirum Pharmaceuticals from $200.00 to $202.00 and gave the stock a “buy” rating in a report on Wednesday. One equities research 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 company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $153.56.

Insider Buying and Selling at Mirum Pharmaceuticals

In other news, CFO Eric Bjerkholt sold 6,001 shares of the firm’s stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $99.90, for a total transaction of $599,499.90. Following the completion of the transaction, the chief financial officer owned 36,355 shares in the company, valued at $3,631,864.50. This trade represents a 14.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Jolanda Howe sold 658 shares of the firm’s stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $100.00, for a total value of $65,800.00. Following the transaction, the senior vice president owned 616 shares of the company’s stock, valued at approximately $61,600. The trade was a 51.65% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 116,659 shares of company stock worth $11,404,100. Insiders own 8.32% of the company’s stock.

Mirum Pharmaceuticals Company Profile

Mirum Pharmaceuticals, Inc is a biopharmaceutical company focused on developing and commercializing treatments for rare diseases, particularly disorders affecting the liver and bile acid pathways. The company’s medicines are designed to address conditions with limited treatment options and to improve outcomes for children and adults living with serious chronic diseases.

Mirum’s lead product is LIVMARLI (maralixibat), an oral bile acid transport inhibitor used to treat cholestatic pruritus, or severe itching caused by impaired bile flow, in patients with Alagille syndrome and progressive familial intrahepatic cholestasis.