Mirum Pharmaceuticals Q3 2026: Revenue Beats, Loss Widens on Pipeline Spending
As seen on the 24/7 Wall St. homepage on November 3, 2026.
Management raised full-year net product sales guidance to $715 million to $720 million and flagged five potential approvals and label expansions ahead. The GAAP loss came in well short of expectations, weighed down by a $13.5 million acquired in-process R&D charge and heavy brelovitug spending. With revenue ahead of estimates, pipeline spend is the debate here.
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Mirum Pharmaceuticals posted Q3 2026 revenue of $185.72 million, beating the $178.04 million consensus by 4.3% and marking a 39.6% increase year over year. LIVMARLI drove the bulk of that growth, generating $133.4 million in net product sales, up 45%, while Bile Acid Medicines contributed $52.3 million, up 28%.
GAAP EPS came in at a loss of $0.87, missing expectations of negative $0.415. A non-recurring acquired in-process R&D charge of $13.5 million was part of the drag, as was $42.1 million in R&D spending tied specifically to brelovitug development. The EPS history shows Mirum has missed on the bottom line in most recent quarters as it funds a broadening pipeline.
Management responded to the results by raising full-year 2026 net product sales guidance to $715 million to $720 million, a signal that the commercial engine remains on track even as losses mount. CEO Chris Peetz pointed to the approval and launch of ATEBRIOZ for fibrodysplasia ossificans progressiva in patients aged 12 and older as a defining moment for the quarter, alongside positive Phase 3 data for LIVMARLI in biliary atresia and other rare cholestatic diseases.
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Brelovitug is shaping up as the next major binary event. The AZURE-1 Phase 3 trial in chronic HDV met its primary combined endpoint of virologic response and ALT normalization at Week 24 in both dose arms, and topline data from the separate AZURE-4 Phase 3 study is expected in Q4 2026. A brelovitug BLA submission is planned for the first half of 2027, contingent on supportive AZURE-4 results.
Beyond brelovitug, Mirum has flagged five potential approvals and label expansions on the horizon, including a LIVMARLI supplemental NDA for biliary atresia, an ATEBRIOZ pediatric label extension for patients aged 6 to under 12, and a volixibat NDA for primary sclerosing cholangitis, all targeted for H1 2027. The core debate for investors is whether the commercial revenue trajectory justifies the accelerating pipeline spend, with cash and equivalents standing at $243.2 million at quarter-end.
Mentioned: MIRM