Mirum Pharmaceuticals (MIRM) Q2 2024 earnings summary

Executive summary

• Achieved Q2 2024 global net product sales of $77.8 million, a 139% year-over-year increase, driven by strong growth in LIVMARLI, Chenodal, and Cholbam.

• Net loss for Q2 2024 was $24.6 million, a significant improvement from $74.0 million in Q2 2023, reflecting higher product sales and absence of one-time losses.

• Secured key regulatory milestones, including NDA submission for Chenodal in CTX and label expansion for LIVMARLI in PFIC in the US and Europe.

• Positive interim results from volixibat studies in PSC (VISTAS) and PBC (VANTAGE), supporting continued development and enrollment.

• Operating expenses increased due to higher R&D, SG&A, and cost of sales from new product lines.

Financial highlights

• Q2 2024 net product sales reached $77.8 million, up from $32.5 million in Q2 2023.

• Net loss per share for Q2 2024 was $(0.52), improved from $(1.94) in Q2 2023.

• Total operating expenses were $102.1 million, including $32.7 million R&D, $49.2 million SG&A, and $20.2 million cost of sales.

• Cash, cash equivalents, and investments totaled $295.4 million as of June 30, 2024.

• Q2 2024 included a $10 million milestone payment for FDA approval of LIVMARLI PFIC indication.

Outlook and guidance

• On track to achieve full-year 2024 revenue guidance of $310 million–$320 million.

• Management expects continued annual growth in product sales for approved medicines.

• Sufficient liquidity to fund operations for at least the next 12 months, with ongoing investments in commercialization and clinical development.

• Expect international pricing reference impact to subside by Q4, with demand growth driving top-line results.

• Anticipate PFIC revenue contribution to be modest in 2024, with more significant impact expected in 2025.