Mirum Pharmaceuticals Stock Earnings Reports

Mirum reported a strong start to 2026 and raised full-year net product sales guidance to $660M–$680M driven primarily by continued LIVMARLI uptake (notably PFIC, including adults) and stronger-than-expected international performance. Total Q1 net product sales were ~$160M. Clinical momentum: positive Phase II/VISTAS pruritus results for volixibat in PSC and encouraging Phase IIb AZURE-1 data for brelovitug in hepatitis delta — both being positioned as potential expansions of the rare liver franchise into larger adult populations. Mirum licensed zilurgisertib (oral ALK2 inhibitor) from Incyte for FOP; an NDA has been accepted for priority review with a PDUFA date of September 26, 2026, and Mirum expects a potential U.S. launch by year-end if approved. Mirum plans to expand its U.S. liver commercial field team from ~20 to ~60 reps to reach ~4,000 prescribers and leverage existing rare genetics infrastructure to commercialize zilurgisertib (U.S. FOP prevalence ~300 patients; ~900 globally). Q1 balance sheet/cash: cash, equivalents & investments $421M; Bluejay acquisition net cash outflow ~$253M (funded via financing ~ $260M). Q1 operating expense included a one-time $761M acquisition-related expense; R&D spending will increase in 2026 (e.g., $21M in Q1 for brelovitug) but management says the R&D step-up is fully funded. Guidance on profitability: Mirum expects to be operating cash flow positive next year, with GAAP profitability likely pushed to 2028 due to R&D investments. Peak sales expectation for zilurgisertib is >$200M (global).