MIRM · Mirum Pharmaceuticals, Inc.

Mirum Pharmaceuticals reported strong first quarter 2026 results, with total net product sales of $159.9 million, a 43% increase year-over-year. LIVMARLI sales grew 55% to $113.8 million, while Bile Acid Medicines (including CHOLBAM and CTEXLI) rose 20% to $46.1 million. The company raised its full-year 2026 net product sales guidance to $660-$680 million, reflecting confidence in commercial execution. Operating expenses surged to $949.3 million, primarily due to a $726.3 million non-recurring in-process research and development (IPR&D) charge from the acquisition of Bluejay Therapeutics, and $34.7 million of non-recurring stock-based compensation related to that acquisition. Excluding these items, operating expenses were approximately $188.3 million. R&D spending of $73.7 million (excluding stock-based compensation) included $20.8 million for brelovitug development. The company ended the quarter with $420.6 million in cash and investments, up from $391.4 million at year-end 2025. Key pipeline catalysts include volixibat's VISTAS Phase 2b success in PSC with NDA submission expected in H2 2026, brelovitug's AZURE-1 Phase 2b meeting its primary endpoint in HDV with Phase 3 topline results expected H2 2026, and the in-license of zilurgisertib for FOP with a PDUFA date of September 26, 2026. Management highlighted strong commercial momentum and disciplined clinical execution. The conference call is scheduled for May 6, 2026 at 1:30 p.m. PT.