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Earnings Calls

Last Earnings Call

Fiscal Period
Q2 2026
Call Date
Aug 5, 2026
AI Summary
Q2 2026

Sales: Mirum reported second-quarter net product sales of $176 million, well above the year-ago $128 million, and raised full-year 2026 sales guidance to $680 million to $700 million.

PSC setback: The FDA asked for a Phase 3 study for volixibat in PSC after a pre-NDA discussion, pushing the planned NDA filing into the first half of next year.

Breakthroughs: The FDA granted breakthrough therapy designation for volixibat in PSC, while VANTAGE in PBC is progressing with positive regulatory feedback and over 330 patients randomized.

Launch prep: Mirum said the late-cycle meeting for zilurgisertib went well and it is preparing for a potential fourth-quarter U.S. launch ahead of the September PDUFA date.

Balance sheet: The company issued $690 million of 0% convertible notes due in June 2032, used the proceeds to retire most of its 2029 notes, and ended the quarter with $561 million in cash, cash equivalents and investments.

Key Financials
Net product sales
$176 million
LIVMARLI net product sales
$129 million
U.S. LIVMARLI sales
$92 million
International LIVMARLI sales
$37 million
Bile acid medicines net product sales
$48 million
Cash, cash equivalents and investments
$561 million
Cash contribution margin
high 50s percent
Total operating expense
$219 million
In-process R&D expense
$16 million
R&D expense
$76 million
Brelovitug development expense
$29 million
SG&A expense
$66 million
Cost of sales
$23 million
Stock-based compensation and other noncash expenses
$37 million
Convertible notes issued
$690 million
Net proceeds from offering
$672 million
2029 notes settled
75%
Cash added to balance sheet
$197 million
VISTAS randomized PSC patients
more than 180
VISTAS one-year safety exposure
over 100 PSC patients
Total clinical program subjects
over 600 subjects
VANTAGE randomized patients
over 330 patients
Estimated adult PFIC addressable population in the U.S.
at least 2,000 patients
Potential U.S. adult PFIC population in Europe
likely a similar number
Diagnosed and managed FOP patients in the U.S.
about 300
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