Start here if you're new
what it is
Mirum sells medicines for rare liver diseases and is trying to turn that into a profitable base.
how it gets paid
Last year Mirum Pharma made $521M in revenue. LIVMARLI was the main engine at $250M, or 48% of sales.
why it's growing
Revenue grew 54.7% last year. Revenue was $372M. That is the proof point that Mirum has real demand.
what just happened
Mirum posted $372M of revenue in the latest quarter, up 180% vs. prior year.
At a glance
B+ balance sheet — decent shape, but not bulletproof
40/100 earnings predictability — expect surprises
-$1.85 fy2024 eps est
$337M fy2024 rev est
4.2% operating margin
xvary composite: 63/100 — average
What they do
Mirum sells medicines for rare liver diseases and is trying to turn that into a profitable base.
Mirum has 3 medicines today. Rare liver diseases -> tiny patient pools -> fewer rivals. That is why $521M in annual revenue is not a typo. If you own the stock, your bet is on a franchise, not a single shot.
How they make money
$521M
annual revenue · their business grew +54.7% last year
LIVMARLI
$250M
Cholbam
$140M
Chenodal
$81M
Other product revenue
$50M
The products that matter
rare liver disease therapy
Livmarli
core franchise
This is still the product investors read first. In a company with $521M in revenue and a ~$5B market cap, that makes concentration part of the valuation whether management says it out loud or not.
core thesis
existing commercial portfolio
Marketed liver portfolio
$521M revenue base
This portfolio got Mirum to $521M in annual revenue, up 54.7% from last year. That is the proof this is a selling organization now, not just a development story.
current engine
hepatitis D pipeline
Acquired pipeline
$820M acquisition
Management is paying $820M for the next growth leg. Against $391M of cash and $317M of long-term debt, that is a company-defining capital allocation decision, not a side quest.
next bet
Key numbers
$521M
annual sales
That is the size of the business now. It is real cash territory, not prelaunch theater.
$317M
debt
The debt stack is 61% of annual revenue, so the balance sheet still gets a vote.
$1.85
2024 EPS
You are still paying for growth with losses, not profits.
4.2%
operating margin
Every $100 of sales leaves $4.20 behind before interest and taxes.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 2 — safer than 80% of stocks
- price stability 25 / 100
- long-term debt $317M (5% of capital)
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for MIRM right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Mirum posted $372M of revenue in the latest quarter, up 180% vs. prior year.
EPS was -$0.35. Sales were strong, but the company still ran a loss while it scaled.
$130M
revenue
$0.35
eps
n/a
n/a
the number that mattered
Revenue was $372M. That is the proof point that Mirum has real demand, even with losses still on the books.
source: company earnings report, 2026
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What could go wrong
The top risk is Livmarli concentration colliding with an $820M hepatitis D acquisition before Mirum has fully earned a platform multiple.
med
Livmarli concentration
This snapshot does not give a clean product revenue split, but the stock still trades like Livmarli is the first line in the script. When one franchise carries that much of the perception, even a small slowdown can hit the multiple fast.
At 6.96x forward sales, you are paying for breadth as well as growth. If breadth is thinner than the market thinks, the stock notices.
med
$820M deal execution
An $820M acquisition is large next to $391M of cash and $317M of long-term debt. Development timing, transaction structure, and spending discipline now matter as much as sales execution.
If costs show up before the new asset earns credibility, the balance-sheet comfort behind the B+ grade gets thinner.
med
guide miss
Management has put $630M–$650M on the table for 2026. That is useful because it tells you exactly what the market will grade. It is also dangerous because there is now a clean line to disappoint against.
Miss the low end and the company can still grow while the stock gets repriced lower.
med
earnings volatility
A 40/100 earnings predictability score and a 25/100 price stability score tell you the path is still uneven. This is not a mature healthcare compounder yet. It is a commercial biotech still proving what the steady-state model looks like.
That lowers the margin for error when the stock has already moved between $37 and $109 in the last year.
An $820M strategic bet against $391M of cash only works if Mirum keeps growth above the low end of the $630M–$650M 2026 frame and proves the story is bigger than one franchise.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
next earnings update
The next print needs to do more than show growth. You want evidence that the business is broadening while management keeps the 2026 revenue frame intact.
trend
Livmarli adoption trend
This is still the fastest read on whether the stock deserves a premium. If the franchise keeps compounding, Mirum buys time. If it slows, the rest of the story gets examined much harder.
risk
deal financing and integration
The hepatitis D move is part of the thesis now. Watch how quickly management translates an $820M headline into financing clarity, development milestones, and spending discipline.
metric
2026 revenue guide
$630M–$650M is the number that matters. Beat it and the premium survives. Miss it and 6.96x forward sales starts to look rich.
Analyst rankings
short-term outlook
thin coverage
analyst target data is thin here. in human-speak, there is no clean consensus to hide behind.
risk profile
event-driven
beta is 0.9, but biotech event risk matters more than index math. This stock moves on Mirum-specific developments first.
chart momentum
volatile
a $37–$109 52-week range tells you this chart is reacting to milestones, not drifting with the market.
earnings predictability
40/100
that score means the model still moves around. good for upside surprises, bad for anyone pretending this is settled.
source: institutional data
Institutional activity
institutional ownership data for MIRM is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$80
current price
n/a
target midpoint · n/a from current
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