Mirum Pharmaceuticals (MIRM) Q1 2026 earnings summary

Executive summary

• Q1 2026 net product sales reached $160 million, up from $112 million year-over-year, reflecting strong commercial execution and pipeline progress.

• Expanded rare liver disease business with robust LIVMARLI uptake, especially in PFIC, and strong international performance.

• Added zilurgisertib for FOP to rare genetic disease portfolio, with NDA accepted and potential launch by year-end.

• Completed acquisition of Bluejay Therapeutics, adding brelovitug for hepatitis delta and incurring a $726.3 million IPR&D charge.

• Net loss for Q1 2026 was $790.2 million, driven by the Bluejay acquisition expense.

Financial highlights

• Q1 2026 net product sales were $159.9 million, with LIVMARLI contributing $113.8 million and Bile Acid Medicines $46.1 million.

• Cash, cash equivalents, and investments totaled $420.6 million as of March 31, 2026.

• Total operating expenses for Q1 were $949 million, mainly due to a $726.3 million IPR&D charge from the Bluejay acquisition.

• Cost of sales was $22.1 million, with gross margin impacted by non-recurring expenses.

• Net loss per share was $(13.43), compared to $(0.30) in Q1 2025.

Outlook and guidance

• Full-year 2026 net product sales guidance raised to $660–$680 million, reflecting strong PFIC and international LIVMARLI growth.

• Multiple late-stage clinical readouts and regulatory milestones expected in H2 2026 and Q1 2027.

• R&D expenses expected to increase in 2026 to support brelovitug development ahead of BLA submission.

• Operating cash flow expected to be positive in 2027; GAAP profitability targeted for 2028.

• Management anticipates ongoing net losses as clinical development and commercialization activities expand.