Mirum Pharmaceuticals, Inc.
mirumpharma.comWhat Do They Do?
Sells medicines for rare diseases, including rare liver conditions, through pharmacies and distribution partners.
10-K for FY2025, filed Feb 25, 2026We are a biopharmaceutical company dedicated to transforming the treatment of rare diseases.View ↗
We have three approved medicines: LIVMARLI® (maralixibat) (“Livmarli”), CHOLBAM® (cholic acid) capsules (“Cholbam”), and CTEXLI®…View ↗
Livmarli is a novel, orally administered, minimally-absorbed ileal bile acid transporter (“IBAT”) inhibitor (“IBATi”) that is approved for…View ↗
Our approved medicines are currently distributed in the U.S. and Canada, through a single specialty pharmacy in each country. In other…View ↗
How Do They Make Money?
Mirum sells approved medicines to customers when the products are delivered. License and collaboration agreements can bring upfront fees, milestone payments and royalties on product sales.
10-K for FY2025, filed Feb 25, 2026The Company recognizes product sales, net when the customer obtains control of its product, which occurs at a point in time, typically upon…View ↗
The terms of the Company’s license and collaborative research and development agreements include upfront license fees, research…View ↗
For arrangements that include sales-based royalties, including milestone payments based on the level of sales, the Company recognizes…View ↗
$521.3M
-
10-K for FY2025, filed Feb 25, 2026
$521.3M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Total product sales, net
Sold outright
10-K for FY2025, filed Feb 25, 2026 |
100%
FY2022: 97%
|
Total product sales, net, FY2025
$521.3M Sources
|
Sold outright |
|
License and other revenue
Licensed
|
0.0%
FY2022: 2.6%
|
License and other revenue, FY2025
$0 Sources
|
Licensed |
Who Are Their Customers?
In the U.S. and Canada, approved medicines are distributed through specialty pharmacies. Elsewhere, third-party logistics providers sell directly to pharmacies, while authorized distributors and licensed partners also distribute them.
10-K for FY2025, filed Feb 25, 2026Our approved medicines are currently distributed in the U.S. and Canada, through a single specialty pharmacy in each country. In other…View ↗
Do Revenues Turn Into Profits?
Not on paper. It lost $23.4M in FY2025, but brought in more cash than it spent: $54.9M of free cash flow.
10-K for FY2025, filed Feb 25, 2026
−$22.1MView ↗
10-K for FY2025, filed Feb 25, 2026
−$23.4MView ↗
10-K for FY2025, filed Feb 25, 2026
$54.9MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 5, 2026
−$67.2MView ↗
- ▲ +1047% (Loss)
- vs −$5.9M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 5, 2026
Open tableView ↗
Growing. Revenue grew 27.2x in 4 years, from $19.1M in FY2021 to $521.3M in FY2025, about 128% a year.
More approved medicines
The older report centered on Livmarli as its commercial product; the latest describes Livmarli alongside Cholbam and Ctexli, which Mirum acquired and now markets.
10-K for FY2022, filed Mar 8, 2023 10-K for FY2025, filed Feb 25, 2026Our product, Livmarli, a novel, orally administered, minimally-absorbed ileal bile acid transporter (“IBAT”) inhibitor (“IBATi”), is…View ↗
We have three approved medicines: LIVMARLI® (maralixibat) (“Livmarli”), CHOLBAM® (cholic acid) capsules (“Cholbam”), and CTEXLI®…View ↗
In August 2023, we completed the acquisition of assets of Travere Therapeutics, Inc. (“Travere”) that are primarily related to the…View ↗
The U.S. Food and Drug Administration (“FDA”) approved Cholbam in March 2015 as the first FDA-approved treatment for pediatric and adult…View ↗
Livmarli approved for PFIC
The older report described Livmarli as in development for PFIC; the latest describes it as approved for PFIC in several markets.
10-K for FY2022, filed Mar 8, 2023 10-K for FY2025, filed Feb 25, 2026Our product, Livmarli, a novel, orally administered, minimally-absorbed ileal bile acid transporter (“IBAT”) inhibitor (“IBATi”), is…View ↗
Livmarli is a novel, orally administered, minimally-absorbed ileal bile acid transporter (“IBAT”) inhibitor (“IBATi”) that is approved for…View ↗
Broader pipeline
The latest report adds candidates for chronic hepatitis D and fragile X syndrome to the pipeline described in the older report.
10-K for FY2022, filed Mar 8, 2023 10-K for FY2025, filed Feb 25, 2026
Who Do They Compete With?
Competes with GlaxoSmithKline, Ipsen Pharma, Alfasigma, Gilead Sciences, Zydus Therapeutics, Calliditas Therapeutics, COUR Pharmaceuticals, Umecrine Cognition, Kowa, HighTide Therapeutics, Hepagene Therapeutics, Tharimmune, Cascade Pharmaceuticals, Dr. Falk Pharma, NGM Biopharmaceuticals, Chemomab Therapeutics, LISCure Biosciences, Halo Biosciences, ProQR Therapeutics, and Rectify Pharmaceuticals
10-K for FY2025, filed Feb 25, 2026We are aware of two other companies pursuing clinical development and commercialization of therapies that reduce sBA levels via the IBAT…View ↗
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