Mirum Pharmaceuticals (NASDAQ: MIRM) reported preliminary unaudited net product sales of $520 million for 2025, a 54% increase from the $336.89 million recorded in 2024 and a $12.1 million beat over the company’s own guidance of $500 million to $510 million. The figure also outpaced the analyst consensus estimate of $507.9 million, underscoring robust commercial execution.
The revenue lift was driven by a $359 million contribution from LIVMARLI, the company’s flagship hepatology therapy, and an additional $161 million from its bile‑acid medicines CHOLBAM and CTEXLI. LIVMARLI’s sales grew 69% year‑over‑year, reflecting expanded U.S. market penetration and sustained pricing power, while the bile‑acid segment benefited from increased prescriptions in both the U.S. and international markets.
Operating expenses rose to $130.4 million in 2025 from $103.1 million in 2024, largely due to higher marketing spend and investment in clinical development. Despite the expense increase, the revenue growth helped maintain operating margins near 20%, indicating effective cost management amid scaling operations.
For 2026, Mirum guided global net product sales of $630 million to $650 million, representing a 21% to 25% year‑over‑year growth over the preliminary 2025 results. The guidance reflects confidence in continued demand for LIVMARLI and the expected impact of upcoming data from the volixibat VISTAS study in primary sclerosing cholangitis, as well as the strategic acquisition of Bluejay Therapeutics, which adds brelovitug for chronic hepatitis delta virus.
CEO Chris Peetz highlighted the company’s “strong commercial momentum and multiple upcoming catalysts.” He noted that the 2025 results validate the commercial strategy and that the 2026 outlook is supported by both the pipeline and the newly acquired assets, reinforcing the company’s long‑term growth trajectory.
Analysts noted the revenue beat and the upward revision of guidance as evidence of solid execution. The consensus estimate for 2025 sales was $507.9 million; Mirum’s $520 million beat was viewed as a sign of market confidence. The company’s acquisition of Bluejay Therapeutics and the anticipated volixibat data are seen as key drivers of future value.
The earnings release signals that Mirum’s commercial franchise is performing well and that its pipeline strategy is on track. The company’s ability to grow revenue while managing costs positions it favorably for the next fiscal year, and the strategic expansion into hepatitis delta virus broadens its therapeutic portfolio, potentially opening new revenue streams.
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