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1. Company Snapshot

1.a. Company Description

Mirum Pharmaceuticals, Inc., a biopharmaceutical company, focuses on the development and commercialization of novel therapies for debilitating rare and orphan diseases.The company's lead product candidate is LIVMARLI, an investigational oral drug for the treatment of progressive familial intrahepatic cholestasis disease, as well as for the treatment of Alagille syndrome and biliary atresia disease.It also develops Volixibat drug for treatment of intrahepatic cholestasis of pregnancy and primary sclerosing cholangitis.


Mirum Pharmaceuticals, Inc.was incorporated in 2018 and is headquartered in Foster City, California.

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1.b. Last Insights on MIRM

Mirum Pharmaceuticals' recent performance was driven by the strong growth of its flagship drug, Livmarli, which has received approvals in both the US and Europe to treat symptoms of rare liver diseases. The company's Q2 2025 earnings and revenue beat expectations, with a quarterly loss of $0.12 per share versus the estimated loss of $0.31. This momentum led to a raised 2025 outlook. Analysts remain bullish on the stock, with over half a dozen firms raising their price targets following Q2 results. Livmarli continues to be the dominant growth engine.

1.c. Company Highlights

2. Mirum Pharmaceuticals' Q3 2025 Earnings: A Strong Performance

Mirum Pharmaceuticals reported a robust financial performance in Q3 2025, with total net product sales of $133 million, representing a 50% year-over-year increase. The revenue growth was driven by the strength of their commercial portfolio, including the U.S. PFIC launch and expanding demand from international markets. The company's GAAP profitability in the third quarter was notable, generating approximately $3 million in net income. Earnings per share (EPS) came in at $0.05, beating analyst estimates of -$0.1. The cash position also improved, with cash, cash equivalents, and investments reaching $378 million at September 30, an $85 million increase from the beginning of the year.

Publication Date: Nov -30

📋 Highlights
  • Q3 Revenue Surge:: Generated $133M in revenue, a 50% YoY increase, driven by LIVMARLI's $92M in net product sales.
  • 2025 Guidance Update:: Projects annual revenue of $500M–$510M, aiming for the upper end with strong international and U.S. demand.
  • GAAP Profitability:: Achieved $3M net income in Q3, marking its first GAAP profit, with cash reserves rising to $378M (+$85M YoY).
  • Key Pipeline Milestone:: VISTAS Phase IIb study in PSC expects top-line data in Q2 2026, while EXPAND enrollment targets 2026 completion.
  • IP and Competitive Edge:: Confident in LIVMARLI's method patents and volixibat's PBC potential, emphasizing placebo-adjusted ITCH improvements in VANTAGE.

Revenue Growth and Guidance

The company expects to land in the upper end of their prior full-year 2025 guidance range with $500 million to $510 million in revenues. Analysts estimate next year's revenue growth at 20.5%. Peter Radovich, President and Chief Operating Officer, highlighted that the pace of PFIC adds continues to be healthy, driven by a broad patient population. The company's LIVMARLI net product sales totaled $92 million for the quarter, driven by continued robust performance in the U.S. and international markets.

Clinical Pipeline Update

Joanne M. Quan, Chief Medical Officer, provided an update on the clinical pipeline, stating that the VISTAS study in PSC has completed enrollment, and they expect to announce top-line data in the second quarter of 2026. The EXPAND study evaluating LIVMARLI in additional settings of cholestatic pruritus is also enrolling well, targeting enrollment completion in 2026. According to Christopher Peetz, the decision to offer BID dosing for the EXPAND study was based on empirical data from compassionate use settings.

Valuation Metrics

Looking at the valuation metrics, Mirum Pharmaceuticals has a P/S Ratio of 7.64, indicating that the stock may be slightly overvalued given the expected revenue growth. The P/E Ratio is not meaningful at this point due to the company's recent profitability. The EV/EBITDA ratio is -304.82, reflecting the company's current loss-making status at the EBITDA level. The ROE and ROIC are both negative, at -16.47% and -6.79%, respectively.

Business Development Strategy

Christopher Peetz mentioned that the company's BD strategy is focused on finding underappreciated programs, and they have a high bar for new opportunities. With a strong cash position and several launches on the horizon, Mirum is in a fantastic position to be selective in their business development endeavors.

3. NewsRoom

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Prediction: This Stock Has Soared Nearly 70% in 2025 and Will Be an Even Bigger Winner in 2026

Dec -03

Source: fool.com

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Mirum Pharmaceuticals, Inc. (MIRM) Presents at Evercore 8th Annual Healthcare Conference Transcript

Dec -02

Source: seekingalpha.com

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MIRM Enrolls First Patient in Phase II Fragile X Syndrome Study

Dec -02

Source: zacks.com

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Mirum Pharmaceuticals Announces First Patient Enrolled in the BLOOM Phase 2 Clinical Study Evaluating MRM-3379 in Fragile X Syndrome

Dec -01

Source: businesswire.com

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AXQ Capital LP Invests $290,000 in Mirum Pharmaceuticals, Inc. $MIRM

Nov -25

Source: defenseworld.net

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Mirum Pharmaceuticals Showcases Leadership in Liver Disease Innovation With Data From LIVMARLI® and Volixibat Clinical Programs at AASLD's The Liver Meeting®

Nov -07

Source: businesswire.com

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MIRM's Q3 Earnings & Revenues Beat Estimates, 2025 View Tightened

Nov -05

Source: zacks.com

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Mirum Pharmaceuticals, Inc. (MIRM) Q3 2025 Earnings Call Transcript

Nov -04

Source: seekingalpha.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (10.73%)

6. Segments

Novel Therapies

Expected Growth: 10.73%

Mirum Pharmaceuticals' novel therapies drive 10.73% growth, fueled by increasing demand for rare disease treatments, advancements in gene therapy, and strategic partnerships. The company's innovative pipeline, including maralixibat for Alagille syndrome, and volixibat for NASH, address significant unmet medical needs, positioning Mirum for continued growth.

7. Detailed Products

LIVMARLI

LIVMARLI is a medication used to treat Alagille syndrome, a rare genetic disorder that affects the liver, heart, and other organs.

MARALIXIBAT

MARALIXIBAT is an investigational oral ileal bile acid transporter (IBAT) inhibitor being developed to treat cholestatic liver diseases.

8. Mirum Pharmaceuticals, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Mirum Pharmaceuticals, Inc. operates in a niche market with limited substitutes, but the threat of substitutes is still present due to the ongoing research and development in the pharmaceutical industry.

Bargaining Power Of Customers

Mirum Pharmaceuticals, Inc. has a diverse customer base, which reduces the bargaining power of individual customers. Additionally, the company's products are specialized, making it difficult for customers to switch to alternative products.

Bargaining Power Of Suppliers

Mirum Pharmaceuticals, Inc. relies on a few key suppliers for raw materials and services. While the company has some bargaining power due to its size, the suppliers also have some leverage due to the specialized nature of the products.

Threat Of New Entrants

The pharmaceutical industry has high barriers to entry, including significant regulatory hurdles and high research and development costs. This makes it difficult for new entrants to enter the market and compete with established players like Mirum Pharmaceuticals, Inc.

Intensity Of Rivalry

The pharmaceutical industry is highly competitive, with many established players competing for market share. Mirum Pharmaceuticals, Inc. faces intense competition from other companies with similar products and pipelines.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 55.29%
Debt Cost 4.87%
Equity Weight 44.71%
Equity Cost 9.59%
WACC 6.98%
Leverage 123.67%

11. Quality Control: Mirum Pharmaceuticals, Inc. passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Mirum Pharmaceuticals

A-Score: 5.3/10

Value: 6.2

Growth: 7.6

Quality: 3.4

Yield: 0.0

Momentum: 10.0

Volatility: 4.7

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Entrada Therapeutics

A-Score: 4.7/10

Value: 8.2

Growth: 8.0

Quality: 5.1

Yield: 0.0

Momentum: 5.0

Volatility: 2.0

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Karyopharm Therapeutics

A-Score: 3.8/10

Value: 9.8

Growth: 5.8

Quality: 6.0

Yield: 0.0

Momentum: 0.0

Volatility: 1.0

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Spyre Therapeutics

A-Score: 3.6/10

Value: 6.8

Growth: 6.8

Quality: 5.6

Yield: 0.0

Momentum: 1.0

Volatility: 1.3

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Vaxart

A-Score: 3.1/10

Value: 8.2

Growth: 4.3

Quality: 4.8

Yield: 0.0

Momentum: 0.5

Volatility: 1.0

1-Year Total Return ->

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Palisade Bio

A-Score: 2.7/10

Value: 6.4

Growth: 5.7

Quality: 3.5

Yield: 0.0

Momentum: 0.5

Volatility: 0.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

68.48$

Current Price

68.48$

Potential

-0.00%

Expected Cash-Flows