Mirum is transforming rare liver disease momentum into a catalyst-rich commercial growth story with multiple shots on goal and a clearer path to profitability.
Overview
Mirum has evolved into a fast-growing commercial rare-disease biopharma, led by LIVMARLI and its Bile Acid Medicines portfolio. Q1 2026 net product sales rose 43.3% to $159.9 million, beating consensus and prompting higher 2026 guidance of $660–$680 million. Recent acquisitions and licensing deals added brelovitug, zilurgisertib, and volixibat catalysts. A large GAAP loss was driven by non-recurring acquisition-related charges, not operating weakness. With an optimized balance sheet, positive operating cash flow, and a de-risked late-stage pipeline, the report supports a Buy rating and $135 target.