Mirum Pharmaceuticals (MIRM) Q3 2026 earnings summary

Executive summary

• Q3 net product sales were $185.7M; FY 2026 guidance rose to $715M-$720M as commercial growth and pipeline progress continued.

• Four medicines are approved; five potential regulatory actions and portfolio peak revenue potential above $4B were cited.

Financial highlights

• Q3 product sales were $185.7M vs. $133.0M year over year; nine-month sales were $521.8M vs. $372.4M.

• Q3 operating loss was $59.7M vs. operating income of $2.6M; net loss was $40.8M vs. net income of $2.9M.

• Nine-month net loss was $898.1M, including $756.2M of acquired IPR&D expense; nine-month operating loss was $891.7M.

• Q3 operating expenses were $245.5M; cash-adjusted R&D was $93.6M, SG&A $70.4M and cost of sales $27.9M.

• Q3 basic/diluted loss per share was $0.62/$0.87; nine-month basic and diluted loss per share was $14.35.

Outlook and guidance

• FY 2026 net product sales guidance increased to $715M-$720M, reflecting growth across LIVMARLI and bile acid medicines; adult PFIC was the largest growth driver.

• H1 2027 submissions planned for volixibat PSC NDA, LIVMARLI EXPAND sNDA, ATEBRIOZ pediatric sNDA and brelovitug BLA, subject to supportive AZURE-4 results.

• Brelovitug AZURE-4 results expected Q4 2026; volixibat VANTAGE PBC topline data expected Q1 2027; MRM-3379 BLOOM topline data expected in 2027.

• Management expects quarterly total revenue growth of $10M-$15M through 2027 and cash-flow positivity next year; net losses are expected to continue as pipeline investment proceeds.

• If approved, brelovitug U.S. launch is anticipated in Q4 2027.