Mirum Pharmaceuticals (MIRM) Earnings Date & Reports

Key Takeaways

• Q2 2026 results are expected on Thursday, July 30, before the market opens, followed by a conference call on August 5.
• Consensus revenue estimate stands at approximately $166 million, representing roughly 30% year-over-year growth from $127.8 million in Q2 2025.
• Analysts expect a GAAP loss per share around $0.73 to $0.81, reflecting continued investment in the company's expanding rare disease pipeline.
• Mirum enters this report with strong momentum, having raised full-year 2026 net product sales guidance to $660–$680 million after a Q1 revenue beat.
• Wall Street remains overwhelmingly bullish, with 14 analysts maintaining a consensus Strong Buy rating and an average 12-month price target of $146.50.
• Multiple late-stage pipeline readouts and regulatory milestones in the second half of 2026 make this quarter's management commentary especially consequential.

Earnings Context and Why It Matters

Mirum Pharmaceuticals, a rare disease-focused biopharmaceutical company, approaches its Q2 2026 report at a pivotal juncture. The company's commercial portfolio — led by LIVMARLI (maralixibat), an IBAT (ileal bile acid transporter) inhibitor for cholestatic pruritus in Alagille syndrome and progressive familial intrahepatic cholestasis (PFIC), alongside bile acid medicines Cholbam and Ctexli — has delivered accelerating revenue growth. At the same time, Mirum is advancing a deep pipeline that includes volixibat for primary sclerosing cholangitis (PSC), brelovitug for chronic hepatitis delta virus (HDV), and zilurgisertib for fibrodysplasia ossificans progressiva (FOP). Investors will be closely parsing this quarter's numbers and commentary to gauge whether commercial execution can continue funding an ambitious clinical development roadmap.

Earnings Expectations

For the second quarter of 2026, Wall Street analysts project Mirum will report revenue of approximately $166.04 million, according to consensus estimates compiled from 12 analysts. This compares to net product sales of $127.78 million in the year-ago quarter, reflecting expected year-over-year growth of roughly 30%. The revenue estimate range spans from $160.18 million on the low end to $173.02 million on the high end.

On the earnings per share front, the consensus GAAP estimate sits around a loss of $0.73, with estimates from different aggregators ranging from -$0.73 to -$0.81. The wide range reflects uncertainty around R&D (research and development) spending levels, particularly as the company funds the brelovitug program ahead of an anticipated Biologics License Application (BLA) submission. For context, Mirum reported a GAAP loss of $0.12 per share in Q2 2025 and an adjusted (non-GAAP) loss of $0.39 per share in Q1 2026, excluding one-time Bluejay Therapeutics acquisition charges.

Mirum has a mixed recent earnings surprise history, having beaten consensus revenue estimates in Q1 2026 ($159.9 million versus $148.2 million expected) while recording a GAAP EPS miss due to the Bluejay acquisition's $726.3 million IPR&D (in-process research and development) charge. The company's Q1 2026 adjusted results demonstrated strong underlying commercial trends: LIVMARLI net product sales grew 55% year-over-year to $113.8 million, and bile acid medicine sales rose 20% to $46.1 million.

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Market Reaction and Investor Sentiment

Mirum Pharmaceuticals stock enters the Q2 2026 earnings report with considerable positive momentum. The shares closed at $113.03 on July 24, up approximately 43% year-to-date and roughly 117% over the past twelve months, trading near the midpoint of a 52-week range of $50.25 to $130.00. The stock hit an all-time high of $130.00 on July 9, 2026, but has since pulled back modestly, suggesting some profit-taking and cautious positioning ahead of the earnings event.

Analyst sentiment remains notably constructive. Of 14 analysts covering the stock, 13 rate it a Strong Buy or Buy, with one Sell rating. Price targets range from $115 to $185, with a consensus average of roughly $146.50 — implying approximately 30% upside from recent levels. Several firms, including Raymond James, Evercore ISI, and Citizens JMP, have raised targets in recent months, citing confidence in the pipeline and commercial trajectory. However, the stock's elevated valuation relative to current earnings — with a negative P/E (price-to-earnings) ratio and a market capitalization near $6.9 billion — means any disappointment on revenue, margin trends, or pipeline timelines could trigger disproportionate downside.

Forward Outlook and Key Factors to Monitor

Beyond the headline revenue and EPS figures, Mirum's Q2 earnings call should provide critical updates on several fronts that could shape the stock's trajectory through year-end. Management commentary will be scrutinized as much as the numbers themselves.

First, investors will watch for any update to full-year revenue guidance. Mirum raised its 2026 net product sales outlook to $660–$680 million after Q1 results, reflecting strong PFIC adoption and international LIVMARLI performance. Sustaining or further lifting that range would reinforce confidence in the commercial engine. Conversely, any hint of slowing new patient starts or pricing pressure would raise concerns.

Second, the regulatory and clinical pipeline timeline remains front and center. The company has a September 26, 2026, PDUFA (Prescription Drug User Fee Act) date for zilurgisertib in FOP, with a potential launch by year-end if approved. Additionally, Mirum plans a pre-NDA (New Drug Application) meeting with the FDA for volixibat in PSC this summer, with an NDA submission targeted for the second half of 2026. Brelovitug Phase 3 topline results in HDV are also expected in the second half of 2026, and LIVMARLI EXPAND Phase 3 results are anticipated in Q4 2026. Any shifts in these timelines will move the stock materially.

Third, operating expense trends deserve attention. R&D spending rose significantly in Q1 2026 to $97.9 million, with approximately $21 million attributed to brelovitug development alone. Management has indicated R&D will continue stepping up through 2026, and investors will want confirmation that spending remains on track and fully funded from the company's $420.6 million cash position as of March 31, 2026.

Finally, the company's path to profitability remains a key narrative. Management has guided for operating cash flow positivity in 2027 and GAAP profitability by 2028. The Q2 report and call should offer updated visibility into whether Mirum remains on pace to hit those milestones, especially as it plans to expand its U.S. liver field commercial team from approximately 20 to 60 representatives to support upcoming product launches.

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