Mirum Pharmaceuticals (MIRM) Earnings Date & Reports

Key Takeaways

• Mirum Pharmaceuticals is scheduled to report third-quarter 2026 results on Tuesday, November 3, 2026, after the market closes, with a conference call at 4:30 PM ET.
• Wall Street consensus calls for a loss of about $0.53 per share and revenue of roughly $178.06 million for the quarter.
• That revenue estimate implies year-over-year growth of about 34% from $133.01 million in the third quarter of 2025.
• Last quarter, Mirum missed earnings-per-share estimates while beating on revenue, a pattern investors will be watching closely.
• LIVMARLI, the company's lead rare liver therapy, recently delivered positive late-stage results in ultra-rare cholestatic liver diseases.

Earnings Context and Why It Matters

Mirum Pharmaceuticals is a biopharmaceutical company focused on rare and orphan liver diseases, with a growing commercial portfolio built around LIVMARLI (maralixibat), approved for Alagille syndrome and progressive familial intrahepatic cholestasis (PFIC), a group of rare genetic conditions that impair bile flow. Because the company is still scaling its franchise toward profitability, each quarterly report carries outsized weight for investors tracking revenue momentum, margin trajectory, and pipeline progress. The third-quarter print arrives after a period of heavy investment, including a transformative acquisition that produced large one-time accounting charges in earlier 2026 quarters, making the underlying commercial performance — rather than the headline loss — the central focus for shareholders.

Earnings Expectations

Analysts expect Mirum to post a net loss of approximately $0.53 per share on revenue near $178.06 million for the third quarter of 2026. That top-line figure compares with $133.01 million in revenue and earnings of $0.05 per share in the same period a year earlier, implying an expected revenue increase of roughly 34% year over year. For context, Mirum reported second-quarter 2026 revenue of $176.24 million, up 37.9% from the prior year, while a loss of $1.06 per share missed the consensus estimate of a $0.74 loss.

Management has already raised full-year 2026 net product sales guidance to a range of $660 million to $680 million, supported by strong PFIC uptake and better-than-expected international performance. Investors will also be listening for updates on the company's bile acid medicines, the volixibat clinical programs in primary sclerosing cholangitis and hepatitis delta, and zolergosertib, which carries a U.S. regulatory decision date tied to its application for fibrodysplasia ossificans progressiva (FOP), a rare disorder that causes abnormal bone growth.

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Market Reaction and Investor Sentiment

Sentiment heading into the report remains broadly constructive, with a consensus "Moderate Buy" rating and an average analyst price target that sits well above recent trading levels. However, the stock has traded below its 50-day and 200-day moving averages, reflecting some investor caution after recent misses on earnings per share. Mirum's post-earnings moves have historically been pronounced: shares have posted double-digit swings following several recent quarterly releases, underscoring the potential for elevated volatility around the November print. Key risk factors heading into the report include the pace of LIVMARLI growth, international sales execution, and the level of operating expenses tied to the company's expanding pipeline and commercial infrastructure.

Forward Outlook and Key Factors to Monitor

Beyond the headline numbers, investors should watch how Mirum frames its path to profitability. Management has signaled expectations of operating cash flow positivity in 2027 and generally accepted accounting principles (GAAP) profitability around 2028, so commentary on expense discipline and cash burn will matter as much as revenue growth.

Commercial execution remains the first key variable. The company has been expanding its U.S. liver field team and broadening its reach to adult liver specialists, a move intended to support both existing products and future launches. Sustained LIVMARLI uptake in PFIC and continued growth in international markets will be central to meeting the raised full-year guidance.

Pipeline catalysts are also in focus. Positive Phase 3 results for LIVMARLI in additional ultra-rare cholestatic liver diseases could support a regulatory submission in 2027, while readouts for volixibat in primary sclerosing cholangitis and hepatitis delta may expand the company's addressable market into larger adult populations. Any update on zolergosertib's regulatory review for FOP could shape the near-term launch outlook.

Finally, investors should monitor margin trends and the pace of research and development spending, given the significant one-time charges recorded earlier in 2026. The degree to which underlying commercial profitability improves, separate from acquisition-related accounting noise, will likely determine how the market interprets this quarter's results.

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