Mirum Pharmaceuticals, Inc. (MIRM) · Nov 3, 2026 · Earnings
Miss — Diluted EPS $(0.87) vs approximately $(0.49) consensus
Mirum’s third-quarter earnings show commercial momentum and a revenue beat, but heavier pipeline and launch spending drove a much larger-than-expected loss.
Mirum entered the quarter as a growing rare-disease platform: LIVMARLI was expanding commercially, ATEBRIOZ was approaching launch, and the company was building a late-stage liver pipeline around volixibat and brelovitug. At its prior quarterly update, management had raised 2026 net product-sales guidance to $680 million-$700 million and positioned the company for multiple near-term regulatory and clinical milestones.
Commercial execution was ahead of the published bar. Third-quarter product sales reached $185.7 million, above the roughly $178.1 million consensus and up 39.6% from $133.0 million a year earlier. 〔0〕 The revenue beat supports the underlying commercial story, but the filing does not provide a product-by-product sales split, so it is unclear how much came from LIVMARLI versus the newly launched ATEBRIOZ.
| Q3 2026 | Q3 2025 | Consensus | |
|---|---|---|---|
| Product sales, net (Income Statement) | $185.7M (+39.6%) | $133.0M | $178.1M |
| Diluted EPS (Income Statement) | $(0.87) | $0.05 | $(0.49) |
| Total operating expenses (Income Statement) | $245.5M (+88.2%) | $130.4M | |
| Research and development (Income Statement) | $107.9M (+151.3%) | $43.0M |
The earnings miss came from deliberate expansion, but it is still a miss. Mirum posted a diluted loss of $0.87 per share versus approximately $0.49 expected, as research and development, selling costs and launch-related infrastructure rose sharply. Total operating expenses were $245.5 million versus $130.4 million a year earlier. That spending is consistent with advancing several late-stage programs and commercializing ATEBRIOZ, but the quarter shows that revenue growth has not yet translated into operating leverage.
The pipeline news is mostly confirmation rather than a new surprise. The filing highlights ATEBRIOZ’s FDA approval and launch, positive EXPAND results for LIVMARLI, and AZURE-1’s successful primary endpoint; all three developments had already been announced before this earnings release, making the novelty “partly known.” The incremental value is that Mirum is now moving from a single-main-product commercial story toward a broader portfolio with multiple potential approvals and label expansions. 〔1〕
The balance sheet provides funding capacity, but at a higher leverage cost. Cash, cash equivalents and investments totaled roughly $500.5 million at September 30, 2026, versus about $391.4 million at year-end 2025, while convertible notes payable rose to $731.3 million from $309.8 million. Stockholders’ equity moved to a $54.2 million deficit from $314.7 million of positive equity, reflecting the year’s heavy investment and acquisition-related accounting burden. These figures do not indicate an immediate funding problem, but they show that the expansion is being carried with substantially more liabilities.
Bottom line: Mirum’s commercial engine is running ahead of revenue expectations, but the quarter’s much larger loss shows the cost of building the broader platform. The business story is advancing, yet the actual earnings print lands slightly below expectations because spending is scaling faster than profits.
AASLD brelovitug data presentations, November 8
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