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.

0,4 %

−4,5 %

+54,7 %

2.67

2.55

— Mirum Pharmaceuticals, Inc.
%
Commercial rare-disease medicines90% Approved therapies sold in the U.S. and selected international markets for rare cholestatic and bile acid disorders.
Bile acid replacement therapies8% Cholbam and Ctexli products used to treat specific bile acid-related rare diseases.
Pipeline and clinical development2% Investigational programs such as brelovitug and volixibat that may expand future revenue.

Mirum sells mainly to specialty pharmacies, authorized distributors and licensed partners that serve patients with rare...

  • Specialty pharmaciesprimary

    Dispense Livmarli, Cholbam and Ctexli to patients in the U.S. and Canada and are central to fulfillment.

  • Licensed partners and distributorsprimary

    Buy product for resale or distribution in select international markets where Mirum does not fully commercialize directly.

  • Physicians and treatment centersprimary

    Prescribe the medicines for rare liver diseases and drive diagnosis, initiation and ongoing use.

  • Payors and government programsprimary

    Influence access through coverage, reimbursement and gross-to-net deductions, especially in the U.S.

  • Patients with rare cholestatic disordersprimary

    End users of the therapies; demand depends on diagnosis, tolerability and long-term disease management.

Mirum commercializes directly in the U.S. and Canada and is building its own presence in major European markets, while...

  • •U.S. is the core commercial market for Livmarli, Cholbam and Ctexli
  • •Canada is served through a single specialty pharmacy
  • •Certain European markets are served by Mirum's own commercial team
  • •Additional countries rely on partners, distributors and licensees
  • •Government orders in some markets can create quarterly revenue swings

Mirum's strategy is to expand commercial adoption of its approved rare-disease medicines while broadening geographic...

01
Expand Livmarli commercializationshort-term

Livmarli is the main growth engine and the most important franchise for near-term revenue expansion.

02
Broaden the addressable market for Livmarlimedium-term

New indications can extend the product lifecycle and increase the number of treatable patients.

03
Advance pipeline diversificationmedium-term

Pipeline assets reduce dependence on a small number of commercial products.

Mirum depends on a small number of approved medicines, so commercial execution, reimbursement and safety outcomes have...

high

Concentration in a small approved-product portfolio

Most revenue depends on a few rare-disease medicines, so any demand or safety issue can materially affect sales.

Scope
Livmarli, Cholbam and Ctexli
Materiality
high
high

Reimbursement and access risk

Rare-disease therapies require payer coverage and patient support, and unfavorable reimbursement can limit uptake.

Scope
U.S. commercial payors, Medicaid and foreign government programs
Materiality
high
high

Clinical development failure

Pipeline assets may not prove safe or effective enough for approval, delaying future growth.

Scope
Brelovitug, volixibat, EXPAND study
Materiality
high
medium

Partner and distributor execution

International commercialization relies partly on third parties, reducing control over sales and market access.

Scope
Europe and other select geographies
Materiality
medium
medium

Revenue timing volatility

Large periodic orders and government purchasing patterns can shift revenue between quarters.

Scope
International markets and distributor channels
Materiality
medium
Revenue recognition for distributor and partner sales
Quarterly product sales can be volatile, especially during launches
Gross-to-net deductions and patient assistance
Net sales can differ materially from gross prescription demand
Convertible notes accounting
Raises reported interest expense versus cash interest paid
Foreign currency translation and transaction effects
Can add volatility to non-operating results

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: 28.4.2026