Mirum Pharmaceuticals MIRM reported a loss of 80 cents per share (excluding certain one-time expenses) for the second quarter of 2026, wider than the Zacks Consensus Estimate of a loss of 77 cents. The company had reported a loss of 12 cents per share in the year-ago quarter.
Revenues in the second quarter totaled $176.2 million, up 37.9% year over year. The figure also beat the Zacks Consensus Estimate of $165 million. The top line was driven by strong growth of its marketed products, Livmarli (maralixibat) and bile acid medicines, Cholbam and Ctexli (chenodiol).
Livmarli is approved for treating cholestatic pruritus in patients with Alagille syndrome worldwide. The drug is also approved for treating certain patients with progressive familial intrahepatic cholestasis in the United States and Europe.
The FDA has also approved a new tablet formulation of Livmarli for the treatment of cholestatic pruritus in patients with Alagille syndrome and progressive familial intrahepatic cholestasis. The oral tablet was launched in the United States in June 2025, which is likely to offer convenience for older patients.
Mirum acquired Travere Therapeutics’ bile acid products in August 2023, which added the latter’s Cholbam capsules and Ctexli tablets to its portfolio of commercialized drugs.
MIRM’s Price Performance
Shares of Mirum have rallied 34% so far this year compared with the industry’s rise of 3.4%.
Image Source: Zacks Investment Research
MIRM's Q2 Earnings in Detail
Livmarli’s net product sales were $128.7 million in the second quarter, reflecting an increase of 46% year over year. Livmarli sales in the United States were $92 million, reflecting strong demand across all indications. In ex-U.S. markets, Livmarli sales were $37 million.
Net product sales of bile acid products, comprising Cholbam and Ctexli tablets, were $47.5 million in the quarter, reflecting an increase of 20% year over year.
The company did not record any license and other revenues in the reported quarter.
Research and development expenses increased almost 96.3% year over year to $90.5 million.
Selling, general and administrative expenses totaled $81.5 million, up almost 28.8% from the year-ago quarter’s level.
As of June 30, 2026, Mirum had cash, cash equivalents and investments worth $561.3 million compared with $420.6 million as of March 31, 2026.
MIRM’s 2026 Guidance Raised
In view of the strong performance of its marketed products, Mirum raised its revenue guidance for 2026.
The company now expects worldwide net product sales of $680-$700 million in 2026 compared with the previous expectation of $660-$680 million.
MIRM's Key Pipeline Updates
In March 2026, Mirum completed enrollment in the phase III EXPAND study evaluating Livmarli for treating additional rare cholestatic conditions. Top-line data from the same is expected in the fourth quarter of 2026.
Mirum’s lead pipeline candidate, volixibat, is currently being evaluated in two phase IIb studies for treating patients with primary biliary cholangitis or PBC (the VANTAGE study) and primary sclerosing cholangitis or PSC (the VISTAS study).
The company recently had a pre-new drug application (NDA) meeting with the FDA for volixibat in cholestatic pruritus due to PSC. Mirum is now planning additional discussions with the FDA before a potential NDA submission for volixibat in PSC in the first half of 2027.
The FDA has granted Breakthrough Therapy designation and Orphan Drug designation to volixibat for the treatment of cholestatic pruritus due to PSC.
Meanwhile, the company expects to report top-line data from the VANTAGE study in the first quarter of 2027.
Mirum recently completed the acquisition of privately held biotech Bluejay Therapeutics. Through this deal, it added brelovitug — a fully human monoclonal antibody being developed to treat chronic hepatitis delta virus (“HDV”) — to its pipeline.
Top-line data from the phase III AZURE-1 and AZURE-4 studies evaluating brelovitug in HDV are expected in the third and fourth quarters of 2026, respectively.
Mirum recently in-licensed exclusive worldwide rights to zilurgisertib, a once-daily oral ALK2 inhibitor from Incyte INCY. The candidate is being developed for treating fibrodysplasia ossificans progressiva (FOP).
In June 2026, Mirum and Incyte announced positive phase II results from Cohort 1 of the PROGRESS study evaluating zilurgisertib in adolescents and adults aged 12 years and older with FOP. Cohort 1 results showed meaningful reductions in total heterotopic ossification (HO) lesion volume, new HO lesions and flare activity in adolescents and adults with FOP.
These results were shared in a late-breaking presentation at ENDO 2026, the Endocrine Society’s annual meeting.
The FDA has accepted the new drug application seeking approval for zilurgisertib in FOP under Priority Review with a target action date of Sept. 26, 2026. Upon potential approval, Mirum expects to launch zilurgisertib in the fourth quarter of 2026.
Also, a marketing application for zilurgisertib in FOP has been submitted in Europe.
Mirum Pharmaceuticals, Inc. Price, Consensus and EPS Surprise
Mirum Pharmaceuticals, Inc. price-consensus-eps-surprise-chart | Mirum Pharmaceuticals, Inc. Quote
MIRM's Zacks Rank & Other Stocks to Consider
Mirum currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the biotech sector are Repligen RGEN and Liquidia Corporation LQDA, each currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Over the past 60 days, estimates for Repligen’s 2026 earnings per share have risen from $1.99 to $2.06, while estimates for 2027 have increased from $2.57 to $2.62 during the same time. RGEN shares have declined 3.4% year to date.
Repligen’s earnings beat estimates in each of the trailing four quarters, with the average surprise being 16.80%.
Over the past 60 days, estimates for Liquidia’s 2026 earnings per share have risen from $2.97 to $3.02, while estimates for 2027 have increased from $4.81 to $5.31 during the same time. LQDA shares have surged 158.4% year to date.
Liquidia’s earnings beat estimates in three of the trailing four quarters, while missing the same on the remaining occasion, with the average surprise being 54.40%.
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