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Mirum Pharmaceuticals Inc (MIRM)
NASDAQ:MIRM
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Mirum Pharmaceuticals
(NASDAQ:MIRM)
54Neutral
Positive Factors
Financial Performance
Livmarli revenue continues its growth and outperforms competitive iBAT inhibitor Bylvay.
Product Approval
FDA approval of CTEXLI allows Mirum to market directly to patients with cerebrotendinous xanthomatosis, potentially increasing the number of diagnosed patients.
Negative Factors
Market Penetration
Following FDA approval of Ctexli in cerebrotendinous xanthomatosis, efforts will focus on increasing diagnosis rates as the majority of diagnosed patients are already on drug.
Mirum Pharmaceuticals (MIRM) vs. S&P 500 (SPY)
Market Cap
$2.16B
Dividend YieldN/A
Average Volume (3M)562.57K
Price to Earnings (P/E)―
Beta (1Y)0.78
Revenue Growth80.76%
EPS Growth53.98%
CountryUS
Employees264
SectorHealthcare
Sector Strength78
IndustryBiotechnology
Share Statistics
EPS (TTM)-1.85
Shares Outstanding49,014,190
10 Day Avg. Volume629,186
30 Day Avg. Volume562,572
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)6.41
Price to Cash Flow (P/CF)-106.50
P/FCF Ratio0.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$65.29Price Target Upside44.99% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering7
Mirum Pharmaceuticals Business Overview & Revenue Model
Company DescriptionMirum Pharmaceuticals, Inc. is a biopharmaceutical company. It focuses on the development and commercialization of a late-stage pipeline of novel therapies for debilitating liver diseases. Its product candidates include Maralixibat and Volixibat. The company was founded by Niall O'Donnel, Michael Grey and Christopher Peetz on May 7, 2018 and is headquartered in Foster City, CA.
How the Company Makes MoneyMirum Pharmaceuticals generates revenue primarily through the sale of its specialized pharmaceutical products designed to treat rare liver diseases. The company focuses on the commercialization of its FDA-approved drugs, which are distributed through various channels including direct sales and partnerships with healthcare providers and institutions. Additionally, Mirum may engage in strategic collaborations and licensing agreements with other pharmaceutical entities to expand its market reach and share resources. These partnerships can also lead to milestone and royalty payments, contributing further to the company's earnings.
Mirum Pharmaceuticals Financial Statement Overview
Summary
Mirum Pharmaceuticals shows strong revenue growth, but profitability issues persist with negative EBIT and net income margins. The balance sheet shows high leverage, raising concerns despite improved cash flow management.Income Statement
Mirum Pharmaceuticals has shown strong revenue growth, increasing from $77.06 million in 2022 to $336.89 million in 2024, representing a substantial growth trajectory. However, the company is currently unprofitable, with negative EBIT and net income margins, indicating that while top-line growth is strong, profitability remains a significant challenge.45
Neutral
Balance Sheet
The debt-to-equity ratio is relatively high, reflecting a leveraged position with total debt exceeding equity. The equity ratio is low, indicating a reliance on debt financing. The negative stockholders' equity in previous years has improved but remains a concern for financial stability.40
Negative
Cash Flow
Operating cash flow has improved from negative to positive, indicating better cash management. Free cash flow has also turned positive, a favorable sign. However, the previous high cash burn rates still pose risks to financial sustainability if not managed carefully.50
Neutral
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 336.89M | 186.37M | 77.06M | 19.14M | 0.00 | Gross Profit |
| 255.25M | 139.34M | 64.69M | 17.23M | -623.00K | EBIT |
| -87.61M | -109.15M | -131.22M | -173.41M | -104.30M | EBITDA |
| -48.97M | -136.49M | -122.41M | -65.39M | -102.31M | Net Income Common Stockholders |
| -87.94M | -163.41M | -135.66M | -83.99M | -103.27M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 280.31M | 286.33M | 251.72M | 156.54M | 231.82M | Total Assets |
| 670.75M | 646.62M | 352.91M | 294.65M | 240.86M | Total Debt |
| 317.76M | 308.14M | 2.19M | 2.61M | 3.26M | Net Debt |
| 95.26M | 21.82M | -25.82M | -28.73M | -138.82M | Total Liabilities |
| 445.11M | 397.95M | 210.87M | 174.44M | 68.77M | Stockholders Equity |
| 225.64M | 248.67M | -392.82M | 120.21M | -173.17M |
| Cash Flow | Free Cash Flow | |||
| 9.33M | -91.05M | -120.41M | -151.78M | -89.30M | Operating Cash Flow |
| 10.32M | -70.94M | -120.14M | -132.76M | -89.08M | Investing Cash Flow |
| -90.13M | -107.20M | 7.70M | 48.55M | 37.87M | Financing Cash Flow |
| 17.70M | 336.60M | 109.09M | 73.47M | 181.29M |
Mirum Pharmaceuticals Technical Analysis
Positive
45.03
Price Trends
47.09
Negative
44.63
Positive
40.75
Positive
Market Momentum
-1.30
Positive
41.74
Neutral
28.53
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MIRM, the sentiment is Positive. The current price of 45.03 is below the 20-day moving average (MA) of 48.14, below the 50-day MA of 47.09, and above the 200-day MA of 40.75, indicating a neutral trend. The MACD of -1.30 indicates Positive momentum. The RSI at 41.74 is Neutral, neither overbought nor oversold. The STOCH value of 28.53 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for MIRM.
Mirum Pharmaceuticals Risk Analysis
Mirum Pharmaceuticals disclosed 73 risk factors in its most recent earnings report. Mirum Pharmaceuticals reported the most risks in the “Tech & Innovation” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Mirum Pharmaceuticals Peers Comparison
Overall Rating
UnderperformOutperform
Sector (49)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | $215.04B | 18.82 | 26.33% | 2.87% | 1.08% | -17.73% | |
77 Outperform | $13.45B | 32.05 | 8.05% | ― | 17.35% | 151.40% | |
64 Neutral | $125.40B | ― | -3.15% | ― | 11.64% | -114.72% | |
54 Neutral | $3.55B | ― | -214.50% | ― | 29.01% | 23.93% | |
54 Neutral | $2.16B | ― | -37.08% | ― | 80.76% | 53.98% | |
49 Neutral | $6.90B | 0.02 | -54.05% | 2.46% | 24.91% | -3.14% |
* Healthcare Sector Average
Performance Comparison
MIRM
Mirum Pharmaceuticals
45.03
16.86
59.85%
BMRN
BioMarin Pharmaceutical
70.54
-13.85
-16.41%
NVS
Novartis
108.64
13.40
14.07%
VRTX
Vertex Pharmaceuticals
495.42
86.65
21.20%
RARE
Ultragenyx Pharmaceutical
40.29
-6.36
-13.63%
Mirum Pharmaceuticals Earnings Call Summary
Earnings Call Date: Feb 26, 2025 | % Change Since: -10.87% | Next Earnings Date: May 1, 2025
Earnings Call Sentiment Positive
Mirum Pharmaceuticals demonstrated significant financial growth and strong pipeline advancements, with notable achievements including the approval of CTEXLI and the expansion of LIVMARLI's market. However, high operating expenses and challenges in fully penetrating the Alagille syndrome market were noted. The positive aspects of financial performance and pipeline progress outweigh the challenges, indicating a strong outlook for the company.Highlights
Strong Financial Performance
Mirum Pharmaceuticals reported total net product sales of $336.4 million for 2024, exceeding the upper-end of their revised guidance range. This represents a significant increase from $178.9 million in 2023.
LIVMARLI Sales Growth
LIVMARLI achieved total net product sales of $213.3 million in 2024, representing a 50% increase compared to 2023. The growth was driven by increased demand in Alagille syndrome and PFIC.
New Product Approval
The FDA approved CTEXLI for cerebrotendinous xanthomatosis (CTX) in adults, providing a new treatment option with seven years of exclusivity.
Pipeline Advancements
Positive interim results for Volixibat in VISTAS PSC and VANTAGE PBC studies led to breakthrough designation in PBC. Additionally, the Phase 3 EXPAND study of LIVMARLI in cholestatic pruritus was initiated.
Strong Cash Position
Mirum ended 2024 with $293 million in cash, cash equivalents, and investments, and the company was cash flow positive for the year.
Lowlights
R&D and Operating Expenses
Total operating expenses for 2024 were $424.5 million, including R&D expenses of $140.6 million and SG&A expenses of $202.2 million.
Challenges in Market Penetration
In the US, the penetration of LIVMARLI in the Alagille syndrome market is around 40%, indicating room for growth but also highlighting the challenge of further market penetration.
Company Guidance
During the Mirum Pharmaceuticals fourth quarter and year-end 2024 conference call, the company provided significant guidance for the upcoming year. The 2024 total net product sales reached $336.4 million, surpassing the upper-end of their revised guidance range, with LIVMARLI contributing $213 million. The company expects to increase this by nearly $100 million in 2025, forecasting net product sales between $420 million and $435 million. Mirum plans to expand the global presence of LIVMARLI, particularly in Alagille syndrome and PFIC, and capitalize on the recent approval of CTEXLI for CTX in the US. They also aim to push Volixibat towards pivotal data in adult cholestasis and initiate a Phase 2 study for MRM-3379 in Fragile X syndrome. The company reported ending 2024 with cash and investments totaling $293 million, highlighting a positive cash flow trajectory expected to continue in 2025.Mirum Pharmaceuticals Corporate Events
Product-Related AnnouncementsFinancial Disclosures
Mirum Pharmaceuticals Surpasses 2024 Sales Guidance
Positive
Jan 13, 2025
Mirum Pharmaceuticals reported preliminary net product sales of approximately $336 million for 2024, surpassing the guidance range. The company projects 2025 global net product sales between $420 million and $435 million, highlighting its growth and leadership in rare diseases with significant advancements in treatments such as volixibat and potential new therapies for conditions like Fragile X Syndrome.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.