One-glance verdict
Overvalued
$68.07 our estimate vs market $89.70
Wall Street consensus: $138.21 (103.0% higher than our fair-value estimate)
32% above our estimate, beyond the bull case
Fundamentals snapshot
Mirum Pharmaceuticals, Inc.
MIRM · NGM · Healthcare · Biotechnology
Current price
$89.70
52-week range
$63.23 - $130.00
Market cap
$5.82B
Balance sheet
Distressed
-1.54x Concerning
Net debt $324.66M. Interest coverage shows how many times profit covers the interest bill.
What stands out
2 Rewards
1 Risk
2 rewards · 1 risks
- Reward Revenue grew 18.6% last year.
- Reward Free cash flow was positive in 2/10 years.
- Risk Return on equity was -703.0% last year — the company lost money on shareholders' equity.
What this company does
Mirum Pharmaceuticals, Inc.
Mirum Pharmaceuticals is a drug company that develops and sells medicines for rare diseases that often have no other available treatments. Its main source of revenue (money earned from sales) comes from its approved drug LIVMARLI, which helps treat patients with a specific rare liver disease. The company's future success depends on increasing sales of its existing drugs while also getting its new potential medicines through the clinical trial process (the required safety and effectiveness testing for new drugs).
How the company got here
Mirum Pharmaceuticals was founded in 2018 with a specific goal: to develop treatments for rare liver diseases that larger companies had overlooked. They started by licensing a promising drug candidate, which would later become their key product. A major turning point came in 2021 when this drug, LIVMARLI, received its first approval from the U.S. Food and Drug Administration (FDA), transforming Mirum from a development-focused company into a commercial one. In 2023, the company significantly expanded its portfolio by acquiring two additional commercial products, Cholbam and Chenodal, from Travere Therapeutics. This move diversified its revenue and solidified its focus on rare liver and metabolic disorders.
What it actually does
Mirum Pharmaceuticals is a biopharmaceutical company that develops and sells medicines for rare diseases, particularly those affecting the liver in children and adults. These diseases often have few or no treatment options. The company's work focuses on conditions where the body's system for managing bile acids—fluids that help with digestion—doesn't work correctly, leading to serious symptoms. Mirum provides oral medications that aim to correct these underlying issues and improve the quality of life for patients with these overlooked conditions.
LIVMARLI
This is Mirum's flagship product and its main driver of growth. LIVMARLI is an oral medication for patients with rare liver diseases, specifically Alagille syndrome (ALGS) and progressive familial intrahepatic cholestasis (PFIC), who suffer from severe itching caused by the buildup of bile acids. It works by blocking the recycling of bile acids from the intestine back to the liver. This segment represents the largest portion of the company's revenue, with doctors who specialize in liver diseases (hepatologists) prescribing the treatment for their patients.
Bile Acid Products (CHOLBAM and CTEXLI/CHENODAL)
Acquired in 2023, this segment broadened Mirum's commercial offerings and reduced its dependence on a single product. CHOLBAM is a capsule used to treat rare disorders where the body cannot produce bile acids properly. CTEXLI (previously Chenodal) is a tablet used for patients with a rare genetic disorder called cerebrotendinous xanthomatosis (CTX), which affects the body's ability to break down cholesterol. Together, these products make up a significant, secondary stream of revenue and are often prescribed by the same specialists who use LIVMARLI.
What management is betting on now
Mirum's strategy is focused on expanding its leadership in rare liver diseases. A key priority is to increase the use of its approved drugs, LIVMARLI, CHOLBAM, and CTEXLI, in the markets where they are already sold. The company is also heavily invested in its pipeline (a collection of drugs in development), with a particular focus on a new drug candidate called volixibat, which is being tested for other cholestatic liver diseases in adults. Additionally, Mirum is looking to get its existing drugs approved for more diseases and in more countries, and has shown a willingness to acquire other companies or drugs that fit its specialized business model.
Price history
How the share price has moved
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Loading price history…
Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$3.80M
FY2024 Q4
$-5.09M
FY2025 Q1
$-2.00M
FY2025 Q2
$11.91M
FY2025 Q3
$39.49M
FY2025 Q4
$5.47M
FY2026 Q1
$-229.43M
FY2026 Q2
$-44.27M
Revenue
$176.24M
Net income
$-67.23M
Diluted EPS
-1.06
Operating cash flow
$-44.25M
Free cash flow
$-44.27M
Fetching…
Sources
Revenue
$159.88M
Net income
$-790.15M
Diluted EPS
-13.43
Operating cash flow
$-228.76M
Free cash flow
$-229.43M
Fetching…
Sources
Revenue
$148.93M
Net income
$-5.73M
Diluted EPS
-0.10
Operating cash flow
$6.07M
Free cash flow
$5.47M
Fetching…
Sources
Revenue
$133.01M
Net income
$2.90M
Diluted EPS
0.05
Operating cash flow
$39.68M
Free cash flow
$39.49M
Fetching…
Sources
Revenue
$127.78M
Net income
$-5.86M
Diluted EPS
-0.12
Operating cash flow
$12.04M
Free cash flow
$11.91M
Fetching…
Sources
Revenue
$111.58M
Net income
$-14.68M
Diluted EPS
-0.30
Operating cash flow
$-1.96M
Free cash flow
$-2.00M
Fetching…
Sources
Revenue
$99.41M
Net income
$-23.79M
Diluted EPS
-0.49
Operating cash flow
$-5.07M
Free cash flow
$-5.09M
Fetching…
Sources
Revenue
$90.38M
Net income
$-14.23M
Diluted EPS
-0.30
Operating cash flow
$3.98M
Free cash flow
$3.80M
Fetching…
Sources
Is it cheap or expensive?
Fair value $68.07 vs current price $89.70
Wall Street consensus is the average analyst price target: $138.21 (103.0% higher than our fair-value estimate).
Our most-likely fair value is $68.07 a share — about 24.1% below today's price of $89.70, so the stock currently looks expensive (overvalued).
Is it drowning in debt?
Distressed
Net debt $324.7M. Interest coverage -1.5x.
Net debt
$324.66M
Interest coverage
-1.54x
Mirum Pharmaceuticals, Inc.'s profit covers its interest bill about 0.0 times over. which is weaker than most peers shown here and 2 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Distressed
Worse cushion
Baseline
Better cushion
MIRM
BASELINE
Mirum Pharmaceuticals, Inc.
Total debt $762.95M Interest coverage -1.54x This is the baseline the peer rows are being compared against.
Total debt $616.91M Interest coverage -5.85x Neither company has much profit cushion over interest right now.
Total debt $1.20B Interest coverage -8.63x Neither company has much profit cushion over interest right now.
Total debt $4.20B Interest coverage 37.57x This peer still has a real interest-payment cushion, while MIRM does not.
What you should know
The case for and against MIRM
2 Rewards
1 Risk
Rewards
-
Revenue grew 18.6% last year.
-
Free cash flow was positive in 2/10 years.
Risks
-
Return on equity was -703.0% last year — the company lost money on shareholders' equity.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
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Forward P/E
-258.75x
P/B
-557.14x
P/S
9.42x
EV/EBITDA
-87.49x
PEG ratio
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Profitability
How much profit each dollar creates
Gross margin
81.7%
Operating margin
-14.8%
Net margin
-139.2%
ROE
-703.0%
ROA
-6.8%
Health
Liquidity and balance-sheet strength
Debt / equity
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Current ratio
2.86x
Quick ratio
2.62x
Total debt
$762.95M
Total cash
$438.29M
Growth
How the business has been compounding
Revenue TTM
$618.07M
Revenue 5Y CAGR
128.5%
EPS TTM
-14.07
EPS 5Y CAGR
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Cash flow
How much cash the business throws off
Operating CF TTM
$-227.27M
Free CF TTM
$54.87M
FCF margin
8.9%
Dividend
Shareholder payout
Yield
—
Payout ratio
0.0%
Last ex-div date
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