Mirum Pharmaceuticals (MIRM) Q4 2025 earnings summary

Executive summary

• Achieved 2025 net product sales of $521.3 million, a 55% increase year-over-year, led by LIVMARLI and bile acid medicines, with robust international growth and expansion to 33 countries.

• Entering 2026 with confidence, targeting $630–$650 million in net product sales, supported by pipeline advancements and new clinical programs.

• Integration and completion of the Bluejay acquisition expanded the pipeline and team, adding brelovitug for HDV.

• Four potentially registrational clinical readouts expected in the next 18 months, including VISTAS (PSC), EXPAND (pruritus), and AZURE (HDV) studies.

• Received multiple regulatory approvals for LIVMARLI and CTEXLI across the US, Europe, Canada, and Japan.

Financial highlights

• 2025 net product sales reached $521.3 million, up from $336.4 million in 2024.

• Fourth quarter 2025 net product sales were $149 million, up from $99 million in Q4 2024.

• Operating expenses for 2025 totaled $543.4 million, including $186 million in R&D, $257 million in SG&A, and $100 million in cost of sales.

• Ended 2025 with $391.4 million in cash equivalents and investments, up from $292.8 million at end of 2024.

• Achieved positive cash flow from operations in 2025.

Outlook and guidance

• 2026 net product sales guidance set at $630–$650 million.

• Four potentially registrational clinical readouts expected by end of 2026.

• R&D expenses expected to increase in 2026, mainly due to brelovitug clinical program and manufacturing scale-up.

• Return to positive cash flow anticipated in 2027.