Mirum Pharmaceuticals, Inc.
Mirum Pharmaceuticals is a U.S.-based biopharmaceutical company focused on rare diseases, with a commercial portfolio centered on bile acid and cholestatic liver disorder therapies. Its approved medicines include Livmarli, Cholbam and Ctexli, and the company also develops additional rare-disease candidates such as brelovitug and volixibat.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueApproved therapies sold in the U.S. and selected international markets for rare cholestatic and bile acid disorders.
Cholbam and Ctexli products used to treat specific bile acid-related rare diseases.
Investigational programs such as brelovitug and volixibat that may expand future revenue.
Products
Reported · share of revenue- Livmarli69.1 %
- Bile Acid Medicines30.9 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
Mirum sells mainly to specialty pharmacies, authorized distributors and licensed partners that serve patients with rare diseases. End demand comes from physicians treating pediatric and adult patients with cholestatic liver disorders and other ultra-rare conditions, where diagnosis, reimbursement and access support are critical to uptake.
Dispense Livmarli, Cholbam and Ctexli to patients in the U.S. and Canada and are central to fulfillment.
Buy product for resale or distribution in select international markets where Mirum does not fully commercialize directly.
Prescribe the medicines for rare liver diseases and drive diagnosis, initiation and ongoing use.
Influence access through coverage, reimbursement and gross-to-net deductions, especially in the U.S.
End users of the therapies; demand depends on diagnosis, tolerability and long-term disease management.
Strategy
Mirum's strategy is to expand commercial adoption of its approved rare-disease medicines while broadening geographic reach through direct sales and partnerships. At the same time, it is investing in pipeline programs such as brelovitug and seeking label expansion for Livmarli to extend the franchise across additional rare conditions.
Livmarli is the main growth engine and the most important franchise for near-term revenue expansion.
New indications can extend the product lifecycle and increase the number of treatable patients.
Pipeline assets reduce dependence on a small number of commercial products.
Geography
Mirum commercializes directly in the U.S. and Canada and is building its own presence in major European markets, while using partners and distributors in additional countries. Revenue can be lumpy because some markets involve periodic government orders and distributor purchases, which creates quarter-to-quarter variability.
Risks
Mirum depends on a small number of approved medicines, so commercial execution, reimbursement and safety outcomes have an outsized effect on results. The company also faces development risk in its pipeline, foreign-exchange and partner execution risk in international markets, and revenue volatility from periodic distributor and government orders.
- Reimbursement and access riskImpact: HighLikelihood: Medium
Rare-disease therapies require payer coverage and patient support, and unfavorable reimbursement can limit uptake.
Exposure - Clinical development failureImpact: HighLikelihood: Medium
Pipeline assets may not prove safe or effective enough for approval, delaying future growth.
Exposure - Concentration in a small approved-product portfolioImpact: High
Most revenue depends on a few rare-disease medicines, so any demand or safety issue can materially affect sales.
Exposure - Partner and distributor executionImpact: MediumLikelihood: Medium
International commercialization relies partly on third parties, reducing control over sales and market access.
Exposure: Europe and other select geographies
- Revenue timing volatilityImpact: MediumLikelihood: Low
Large periodic orders and government purchasing patterns can shift revenue between quarters.
Exposure: International markets and distributor channels
Accounting
Judgemental itemsManagement estimates consideration and sell-through timing, which can move revenue between periods.
Impact: Quarterly product sales can be volatile, especially during launches
U.S. revenue depends on payor mix, Medicaid and free medicine programs.
Impact: Net sales can differ materially from gross prescription demand
Interest expense includes amortization of debt discount and issuance costs under the if-converted framework.
Impact: Raises reported interest expense versus cash interest paid
International operations create currency gains and losses in other income, net.
Impact: Can add volatility to non-operating results
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Last updated: 24/09/2026