Key Highlights

  • Net product sales were USD 185,721 thousand versus 133,010 thousand; cost of sales was USD 35,172 thousand versus 25,537 thousand.
  • R&D expenses were USD 107,931 thousand versus 42,960 thousand; acquired in-process R&D was USD 13,500 thousand.
  • The operating loss was USD 59,746 thousand versus income of 2,603 thousand; net loss was USD 40,766 thousand.
  • Diluted loss per share was USD 0.87 versus Earnings of USD 0.05; cash was USD 243,188 thousand.

Revenue

Mirum Pharmaceuticals, Inc. (NASDAQ:MIRM), a biopharmaceutical company focused on rare diseases, filed its Quarterly Report for the period ended September 30, 2026. The company has four approved medicines: Livmarli (maralixibat), Cholbam (cholic acid) capsules, Ctexli (chenodiol) tablets and Atebrioz (zilurgisertib). Livmarli is approved for cholestatic pruritus in patients with Alagille syndrome in the United States, the European Union and other countries.

Net product sales were USD 185,721 thousand, compared with USD 133,010 thousand in the third quarter of 2025. Cost of sales was USD 35,172 thousand versus USD 25,537 thousand. For the nine months ended September 30, 2026, net product sales were USD 521,846 thousand versus USD 372,380 thousand, and cost of sales was USD 94,325 thousand versus USD 71,976 thousand.

Analyst estimates were EPS of negative USD 0.49 against reported EPS of negative USD 0.87, and Revenue of USD 178.1 million against reported revenue of USD 185.7 million.

Operating Expenses

Research and development expenses were USD 107,931 thousand versus USD 42,960 thousand. The company recorded acquired in-process Research and Development of USD 13,500 thousand, with none in the prior-year quarter. Selling, general and administrative expenses were USD 88,864 thousand versus USD 61,910 thousand.

Total operating expenses were USD 245,467 thousand versus USD 130,407 thousand. The loss from operations was USD 59,746 thousand, compared with income from operations of USD 2,603 thousand.

For the nine months, acquired in-process research and development was USD 756,237 thousand versus USD 5,000 thousand, total operating expenses were USD 1,413,594 thousand versus USD 389,949 thousand, and the loss from operations was USD 891,748 thousand versus USD 17,569 thousand.

Net Loss and Earnings per Share

Interest income was USD 4,688 thousand versus USD 3,251 thousand, and interest expense was USD 1,606 thousand versus USD 3,606 thousand. Other income, net, was USD 16,436 thousand versus USD 395 thousand. The net loss before income taxes was USD 40,228 thousand, and the provision for income taxes was USD 538 thousand.

The net loss was USD 40,766 thousand, compared with Net Income of USD 2,905 thousand. Basic loss per share was USD 0.62 versus earnings of USD 0.06, and diluted loss per share was USD 0.87 versus earnings of USD 0.05. Diluted weighted average shares were 66,049,776 versus 56,993,841.

For the nine months, the net loss was USD 898,148 thousand versus USD 17,633 thousand, and basic and diluted loss per share were USD 14.35 versus USD 0.35.

Items to Follow

Investors can follow research and development spending, which was USD 107,931 thousand in the quarter, and the LIVMARLI Patent litigations in the United States District Court for the District of Delaware, brought under the Hatch-Waxman Act.

Cash and cash equivalents were USD 243,188 thousand at September 30, 2026, versus USD 296,683 thousand at December 31, 2025, and short-term investments were USD 130,499 thousand versus USD 86,644 thousand. Accounts Receivable were USD 156,348 thousand.