# Mirum Pharmaceuticals, Inc. (MIRM)

> Source: Nexqual · https://nexqual.com/MIRM · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Mirum Pharmaceuticals, Inc. (MIRM), nexqual.com/MIRM" · informational, not investment advice.

**Price:** USD 83.1 (-0.41% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 83.44 · day 82.58–84.86 · 52w 63.23–130 · market cap $5.40B · NGM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $618M, net income -$860M (-139.2% margin), free cash flow -$229M (SEC filings).
- 1 of 80 tracked superinvestors hold MIRM (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 16 Form 4 filings, $18.6M; 2 not under a Rule 10b5-1 plan ($5.0M); 4 by opportunistic insiders (1 outside 10b5-1 plans), 9 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Total return with dividends: 1Y +19.7% vs S&P 500 +14.9%; 5Y +446.4% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD -0.42, revenue estimate $178M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $19.1M | $77.1M | $186M | $337M | $521M | $618M |
| Operating income | -$173M | -$131M | -$109M | -$87.6M | -$22.1M | -$834M |
| Net income | -$84.0M | -$136M | -$163M | -$87.9M | -$23.4M | -$860M |
| EPS (diluted) | -$2.77 | -$4.02 | -$4.00 | -$1.85 | -$0.47 | — |
| Free cash flow | -$133M | -$120M | -$71.1M | $9.3M | $54.9M | -$229M |
| Operating margin | -906.1% | -170.3% | -58.6% | -26.0% | -4.2% | -134.9% |
| Net margin | -438.9% | -176.0% | -87.7% | -26.1% | -4.5% | -139.2% |
| Revenue growth | — | +302.7% | +141.8% | +80.8% | +54.7% | — |
| Cash + short-term investments | $157M | $152M | $286M | $280M | $383M | — |
| Total debt | — | $0K | $306M | $308M | $310M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 8.7x · EV/Sales 9.2x · FCF yield -4.24% · Earnings yield -15.94% · Net debt $312M · EV $5.71B

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold MIRM. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Polen Capital | Polen Capital Management | 0.02% | $2.4M | Added +1.8% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
14 of 16 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-14 | Bjerkholt Eric | CHIEF FINANCIAL OFFICER | 9,943 | $978K | 18.2% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-09-02 | Howe Jolanda | SVP, GLOBAL CONTROLLER | 658 | $66K | 51.6% | Yes (adopted March 18, 2026) | Routine (sold in Jul each year 2023–2025; this trade is outside those months) |
| 2026-09-01 | Peetz Christopher | CHIEF EXECUTIVE OFFICER | 30,000 | $3.0M | 7.3% | Yes (adopted March 2, 2026) | Routine (sold in Jan each year 2023–2025; this trade is outside those months) |
| 2026-08-18 | Howe Jolanda | SVP, GLOBAL CONTROLLER | 40,000 | $4.0M | 96.9% | No | Routine (sold in Jul each year 2023–2025; this trade is outside those months) |
| 2026-08-11 | Bjerkholt Eric | CHIEF FINANCIAL OFFICER | 6,001 | $600K | 14.2% | Yes (adopted March 9, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-10 | Peetz Christopher | CHIEF EXECUTIVE OFFICER | 20,000 | $2.0M | 5% | Yes (adopted March 2, 2026) | Routine (sold in Jan each year 2023–2025; this trade is outside those months) |
| 2026-08-03 | Howe Jolanda | SVP, GLOBAL CONTROLLER | 1,840 | $194K | 59.1% | Yes (adopted March 18, 2026) | Routine (sold in Jul each year 2023–2025; this trade is outside those months) |
| 2026-07-06 | Peetz Christopher | CHIEF EXECUTIVE OFFICER | 20,000 | $2.4M | 5% | Yes (adopted March 2, 2026) | Routine (sold in Jan each year 2023–2025; this trade is outside those months) |
| 2026-07-06 | Bjerkholt Eric | CHIEF FINANCIAL OFFICER | 5,000 | $611K | 10.6% | Yes (adopted March 9, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-07-01 | Howe Jolanda | SVP, GLOBAL CONTROLLER | 2,721 | $327K | 46.6% | Yes (adopted March 18, 2026) | Routine (sold in Jul each year 2023–2025) |
| 2026-06-17 | Howe Jolanda | SVP, GLOBAL CONTROLLER | 2,594 | $264K | 30.8% | Yes (adopted March 18, 2026) | Routine (sold in Jul each year 2023–2025; this trade is outside those months) |
| 2026-06-08 | Bjerkholt Eric | CHIEF FINANCIAL OFFICER | 5,000 | $469K | 9.6% | Yes (adopted March 9, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-01 | Peetz Christopher | CHIEF EXECUTIVE OFFICER | 30,000 | $2.9M | 7.3% | Yes (adopted March 2, 2026) | Routine (sold in Jan each year 2023–2025; this trade is outside those months) |
| 2026-06-01 | Ramasastry Saira | Director | 3,977 | $398K | 100% | Yes (adopted September 18, 2025) | Too little history (no open-market trades in 2023) |
| 2026-05-15 | Ramasastry Saira | Director | 2,000 | $219K | 100% | Yes (adopted September 18, 2025) | Too little history (no open-market trades in 2023) |
| 2026-04-15 | Ramasastry Saira | Director | 2,000 | $194K | 100% | Yes (adopted September 18, 2025) | Too little history (no open-market trades in 2023) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-21 | TD Cowen | Target raised | Buy | $140 → $145 |
| 2026-10-15 | Stifel | Target raised | Buy | $136 → $156 |
| 2026-10-13 | Evercore ISI Group | Target raised | Outperform | $135 → $146 |
| 2026-10-13 | Morgan Stanley | Target raised | Overweight | $137 → $152 |
| 2026-10-12 | Citigroup | Target raised | Buy | $160 → $184 |
| 2026-10-12 | HC Wainwright & Co. | Target raised | Buy | $195 → $200 |
| 2026-10-08 | RBC Capital | Target raised | Outperform | $135 → $155 |
| 2026-09-29 | Citigroup | Target raised | Buy | $145 → $160 |
| 2026-09-29 | Baird | Target raised | Outperform | $123 → $130 |
| 2026-09-28 | HC Wainwright & Co. | Target raised | Buy | $140 → $195 |
| 2026-08-27 | Citizens | Reiterated | Market Outperform | $137 |
| 2026-08-06 | TD Cowen | Target lowered | Buy | $145 → $140 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +19.7% | +446.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +19.8% | +40.3% |
| Volatility (annualized) | 47.8% | 44.8% |
| Max drawdown | -38.4% (Jul 2026→Oct 2026) | -38.3% (Aug 2022→Dec 2022) |

## Peers (Biotechnology)
RYTM (Rhythm Pharmaceuticals, Inc.) USD 90.9 +2.57% · LGND (Ligand Pharmaceuticals Incorpor) USD 307.82 -2.21% · IOVA (Iovance Biotherapeutics, Inc.) USD 14.14 -3.28% · PRAX (Praxis Precision Medicines, Inc) USD 258.92 +0.96% · IONS (Ionis Pharmaceuticals, Inc.) USD 43.91 -0.81% · ABVX (Abivax SA) USD 90.23 -3.49%

## More
Full page: https://nexqual.com/MIRM · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in MIRM's own 10-K filed 2026-02-25 (https://www.sec.gov/Archives/edgar/data/1759425/000175942526000013/mirm-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | General | "General business and economic conditions that could affect our business, financial condition or results of operations include fluctuations in economic growth, inflation and interest rates, debt and equity capital markets…" |
| Partner | Shire International | "We will solely own all inventions and discoveries arising out of activities conducted by us under the Shire License Agreement." |
| Partner | Pfizer (PFE) | "Pursuant to the Shire License Agreement, Shire assigned, transferred and conveyed all of its right, title and interest in and to the license agreement, as amended ("Satiogen Agreement"), with Satiogen Pharmaceuticals, In…" |
| Partner | Lonza | "Manufacturing and License Agreement with Lonza Ltd." |
| Partner | Travere Therapeutics, Inc. (TVTX) | "Asset Purchase Agreement with Travere Therapeutics, Inc." |
| Partner | Sanofi-Aventis Deutschland | "Through the Shire License Agreement, we were assigned the rights to the license agreement, as amended ("Sanofi Agreement"), with Sanofi-Aventis Deutschland GmbH ("Sanofi"), under which we obtained an exclusive, worldwide…" |
| Partner | Enthorin Therapeutics | "On October 22, 2024, we entered into a license agreement (the "MRM-3379 License") with Enthorin Therapeutics, LLC and Dart Neuroscience LLC (collectively "Enthorin")." |
| Partner | Dart Neuroscience | "On October 22, 2024, we entered into a license agreement (the "MRM-3379 License") with Enthorin Therapeutics, LLC and Dart Neuroscience LLC (collectively "Enthorin")." |
| Partner | Satiogen Pharmaceuticals | "We have our license agreement with Shire, Satiogen and Pfizer for our intellectual property rights covering maralixibat." |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Product sales, net | $176.2M | 100.0% | +37.9% |
| — Livmarli (part of Product sales, net) | $128.7M | 73.0% | +46.0% |
| — Bile Acid Medicines (part of Product sales, net) | $47.5M | 27.0% | +19.9% |
| Total revenue | $176.2M | 100% | — |

## Company outlook (8-K filed 2026-08-05)

- "Guidance to $680 Million to $700 Million • Second quarter 2026 global net product sales of $176.2 million. • Second quarter 2026 LIVMARLI ® net product sales were $128.7 million, representing 46% growth over second quarter 2025 net product sales. • Second quarter 2026 Bile Acid Medicines net product sales were $47.5 million, representing 20% growth over second quarter 2025 net product sales."

Analysts expect $177.8M for the current quarter, -74.2% vs the guidance midpoint $690.0M. Source: https://www.sec.gov/Archives/edgar/data/1759425/000175942526000044/mirm-20260805xexx991.htm

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.41 | $-0.69 | -39.5% | $177.8M | 2 |
| Next quarter (ends 2026-12-31) | $-0.44 | $-0.46 | -3.8% | $183.3M | 1 |
| Current fiscal year (ends 2026-12-31) | $-15.23 | $-14.24 | +7.0% | $698.1M | 1 |
| Next fiscal year (ends 2027-12-31) | $-0.70 | $-0.19 | +275.0% | $819.6M | 2 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-04): ±14.2%; last 8 reports averaged ±8%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 62.1% | ±14.2% |
| 2026-12-18 | 56 | 49.6% | ±15.9% |
| 2027-01-15 | 84 | 47.8% | ±18.6% |
| 2027-03-19 | 147 | 62.0% | ±31.6% |
| 2027-04-16 | 175 | 60.1% | ±33.3% |