MIRM earnings analysis
What we found in MIRM's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
In its Q1 2026 report, Mirum Pharmaceuticals delivered a notable increase in revenue, reaching $159.9 million, up from $111.6 million in Q1 2025, driven by strong sales of Livmarli and the Bile Acid Medicines. Despite a significant net loss of $790.2 million, attributed to heightened R&D expenses and one-time costs related to the Bluejay Acquisition, the company raised its full-year revenue guidance, projecting sales between $660 million and $680 million.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth of 43.3% YoY
- Reported revenue of $159.9 million in Q1 2026, up from $111.6 million in Q1 2025.
- Narrowed Loss per Share
- Loss per share was -$13.43, significantly narrower than the expected loss of -$0.36.
- Increased Guidance
- Full-year revenue guidance raised to $660M-$680M, up from prior guidance.
- Strong Cash Position
- Unrestricted cash increased to $420.6 million as of March 31, 2026.
- Dramatic increase in R&D expenses
- R&D expenses surged to $97.9 million from $41.0 million in Q1 2025.
- Successful Acquisition Impact
- The Bluejay Acquisition significantly expands the drug portfolio, including brelovitug.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Substantial Net Loss
- Net loss increased to $790.2 million in Q1 2026, up from $14.7 million in Q1 2025.
- High Operating Expenses
- Total operating expenses reached $949.3 million for Q1 2026, largely due to increased R&D costs.
- Intellectual Property Risks
- Potential challenges to patents may threaten the competitive edge of Livmarli and volixibat.
What they reported.
What the company itself reported, taken out of the document.
- Segment
- Livmarli sales: $113.8 million, Bile Acid Medicines: $46.1 million
What they said about what is next.
Increased full-year revenue guidance to $660M-$680M from prior guidance.
The filing reads better than the one before it.
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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