Mirum Pharmaceuticals reported fourth‑quarter 2025 net product sales of $149 million, a 51% increase from $99 million in the same period a year earlier. The company posted a loss of $0.11 per share, missing the consensus estimate of $0.02. Full‑year 2025 net product sales totaled $521 million, up 55% from $336 million in 2024, underscoring the strength of its Livmarli and Bile Acid Medicines portfolios.
Livmarli drove the majority of the quarterly growth, with robust demand in both the United States and international markets. The Bile Acid Medicines segment continued to generate stable cash flow, providing a solid foundation for the company’s commercial pipeline. The combination of these two segments contributed to the overall revenue beat, as the company exceeded the $141.27 million consensus estimate for the quarter.
Management guided 2026 global net product sales to $630‑$650 million, reflecting confidence in continued commercial momentum, particularly from Livmarli. The guidance signals that the company expects to sustain its growth trajectory while maintaining a strong cash position, which stood at $391 million at the end of 2025.
Mirum’s pipeline remains a key driver of future growth. The VISTAS Phase 2b study for primary sclerosing cholangitis (PSC) is expected to deliver topline data in Q2 2026, while the EXPAND Phase 3 study for additional cholestatic pruritus indications is slated for a Q4 2026 readout. The company also added brelovitug to its pipeline for chronic hepatitis delta virus (HDV) following the acquisition of Bluejay Therapeutics; brelovitug has received FDA Breakthrough Therapy designation and is expected to provide four potential registrational readouts over the next 18 months.
"2025 was a year of meaningful progress and execution for Mirum, setting the stage for a pivotal 2026," said CEO Chris Peetz. "With the recent addition of brelovitug in HDV, we now expect four potentially registrational readouts over the next 18 months, beginning with topline results from the VISTAS study in PSC in the second quarter." CFO Eric Bjerkholt noted, "Total net product sales in the fourth quarter of 2025 was $149 million compared to $99 million the year before. For the full year 2025, total net product sales was $521 million compared to $336 million the year before, representing 55% year‑over‑year growth." He also added, "Japan revenue in 2025 included $22 million related to inventory buildup, which is expected to pressure reported Japan revenue in 2026 even as the launch 'is going as expected.'"
"The company’s strong revenue growth and positive cash flow demonstrate the effectiveness of our strategic initiatives and operational execution. We are well‑positioned to capitalize on our expanding product portfolio and international market opportunities," added Peetz.
Investors reacted with a muted response, reflecting the EPS miss despite the revenue beat and the company’s forward guidance. The market’s neutral sentiment underscores the importance of the earnings miss in shaping investor perception of Mirum’s near‑term performance.
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