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Dec 31, 2025
Mirum Pharmaceuticals Q4 2025 Earnings Report
Mirum Pharmaceuticals Q4 2025 Earnings Report
Key Takeaways
Mirum Pharmaceuticals reported strong revenue growth in the fourth quarter of 2025, driven by significant increases in net product sales of LIVMARLI and Bile Acid Medicines. The company narrowed its net loss compared to the prior year and ended the period with a robust cash position, setting the stage for multiple clinical readouts in 2026.
Q4 2025 net product sales reached $148.9 million, a 50% increase compared to Q4 2024.
Full-year 2025 revenue exceeded $521 million, driven by 69% year-over-year growth in U.S. LIVMARLI sales.
The company expects four potentially registrational clinical readouts over the next 18 months, including Volixibat in PSC in Q2 2026.
Mirum strengthened its pipeline through the acquisition of Bluejay Therapeutics, adding brelovitug for Hepatitis Delta Virus (HDV).
Revenue by Segment
Forward Guidance
Mirum expects continued commercial growth and significant clinical milestones throughout 2026.
Positive Outlook
- 2026 global net product sales guidance of $630 million to $650 million.
- Volixibat VISTAS study topline data expected in Q2 2026.
- LIVMARLI EXPAND study topline data expected in Q4 2026.
- Brelovitug AZURE-1 and AZURE-4 topline data expected in H2 2026.
- Strong cash position following private placements totaling $268.5 million in early 2026.
Challenges Ahead
- Ongoing net losses as the company invests in its clinical pipeline.
- Increased operating expenses compared to the prior year.
- Potential risks and uncertainties associated with clinical trial results.
- Dependence on regulatory approvals for pipeline expansion.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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