Mirum Pharmaceuticals (MIRM) investor relations material

Executive summary

• Achieved Q2 2026 global net product sales of $176.2 million, up from $127.8 million in Q2 2025, driven by strong demand across the portfolio and commercial momentum.

• Increased full-year 2026 net product sales guidance to $680–$700 million, reflecting confidence in continued growth.

• Preparing for the potential launch of zilurgisertib for FOP, with a PDUFA date in September 2026 and positive pivotal Phase 2 results.

• Major acquisition of Bluejay Therapeutics added brelovitug to the pipeline and resulted in a $726.3 million IPR&D charge.

• Strengthened capital structure and financial flexibility through recent financing activities, ending Q2 with $561.3 million in cash, cash equivalents, and investments.

Financial highlights

• Q2 2026 net product sales reached $176.2 million, a 38% increase year-over-year, with LIVMARLI sales up 46% to $128.7 million and Bile Acid Medicines up 20% to $47.5 million.

• Operating expenses for Q2 2026 were $218.8 million, up from $132.8 million in Q2 2025, mainly due to R&D and acquisition costs.

• Net loss for Q2 2026 was $67.2 million, compared to $5.9 million in Q2 2025, reflecting significant R&D and acquisition-related charges.

• Gross margin for Q2 2026 was approximately 83%.

• Cash, cash equivalents, and investments totaled $561.3 million as of June 30, 2026.

Outlook and guidance

• Full-year 2026 net product sales guidance raised to $680–$700 million, excluding potential FOP revenue.

• NDA submission for volixibat in PSC delayed to H1 2027 due to ongoing FDA discussions; topline data from multiple late-stage studies expected in 2026–2027.

• Anticipates initial FOP launch revenue to begin in 2027.

• Sufficient liquidity to fund operations for at least 12 months from the filing date.

• Expect continued annual growth in product sales, but quarterly fluctuations due to large periodic orders and variable consideration.