Mirum Pharmaceuticals (MIRM) Q4 2025 earnings summary

Executive summary

• Achieved 2025 net product sales of $521.3 million, a 55% increase year-over-year, driven by LIVMARLI, bile acid medicines, and international growth.

• Expanded commercial reach to 33 countries and completed the Bluejay Therapeutics acquisition, adding brelovitug for hepatitis delta to the pipeline.

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

• Advanced late-stage pipeline assets, with four potentially registrational clinical readouts expected in the next 18 months.

Financial highlights

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

• Full year 2025 net product sales grew to $521.3 million from $336.4 million in 2024.

• Operating expenses for 2025 totaled $543.4 million, including $186 million R&D, $257 million SG&A, and $100 million 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 global net product sales guidance is $630–$650 million.

• Four potentially registrational clinical readouts expected by end of 2026, including VISTAS (PSC), EXPAND (pruritus), and AZURE (HDV) studies.

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

• Anticipates a return to positive cash flow in 2027.