# Mirum Pharmaceuticals (MIRM.US)

Canonical: https://gigainvestors.com/s/MIRM

Analysis as of: 2026-10-16T07:30:13.378Z. Financial observations: FY2018–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $82.39 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 0 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 8 years

- Years with declining revenue: 0

- Years with a net loss: 8

- Operating margin variation: 1.16×

Chart: Operating margin; fiscal year observations.

- FY2020: -9.48×

- FY2021: -9.06×

- FY2022: -1.70×

- FY2023: -0.59×

- FY2024: -0.26×

- FY2025: -0.04×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: -39.4%

- ROIC, second-lowest year: -111.5%

- Years with nonpositive capital: 4

- Capital spending / revenue: 1.2%

- ROIC including acquisitions, ten-year median: -41.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2018: 0.0%

- FY2019: -249.4%

- FY2020: -47.0%

- FY2021: -111.5%

- FY2022: -71.9%

- FY2023: -31.9%

- FY2024: -26.3%

- FY2025: -7.0%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$462M

- Net income, five-year total: -$494M

- Return on incremental invested capital: -12.8%

- Working capital / revenue, annual change: 12.0 pp

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: -$100M

- FY2022: -$133M

- FY2023: -$163M

- FY2024: -$65M

- FY2025: -$73K

### management: fail

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -47.0% vs -26.3%

- Per-share earnings: -4.58 to -1.85 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 14.7%

- Diluted shares, 5-year annual growth: 14.7%

- Per-share value change: $2.72

- Per-share value, starting three-year median: -$4.58

- Per-share value, ending three-year median: -$1.85

- Buyback history: 0 years

- Debt-funded buybacks: No

- ROIC, first three-year median: -47.0%

- ROIC, last three-year median: -26.3%

Chart: Earnings per share; fiscal year observations.

- FY2018: -$6.36

- FY2019: -$4.58

- FY2020: -$4.09

- FY2021: -$2.77

- FY2022: -$3.99

- FY2023: -$4.00

- FY2024: -$1.85

- FY2025: -$0.47

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -9.4%

- Receivables to sales index (DSRI): 1.02×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 127.9%

- Earnings backed by cash: Yes

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.83×

Chart: Sloan accruals; fiscal year observations.

- FY2018: -32.7%

- FY2019: -9.0%

- FY2020: -5.9%

- FY2021: 16.6%

- FY2022: -4.4%

- FY2023: -14.3%

- FY2024: -14.7%

- FY2025: -9.4%

## Holders

- [Dan Davidowitz](https://gigainvestors.com/pcm): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 30% since Jun 2026 · sales +54.7%

Story as of 2026-10-16T09:59:09.876Z; price observation 2026-10-15.

- 2025-05-08: Mirum's Q1 Earnings Beat Estimates, 2025 Revenue View Raised ([finance.yahoo.com](https://finance.yahoo.com/news/mirums-q1-earnings-beat-estimates-161300107.html))

- 2025-08-07: MIRM Stock Up on Q2 Earnings and Revenue Beat, Raised 2025 View ([finance.yahoo.com](https://finance.yahoo.com/news/mirm-stock-q2-earnings-revenue-152000811.html))

- 2026-02-06: Health Canada LIVMARLI Decision And Bluejay Deal Shape Mirum Outlook ([finance.yahoo.com](https://finance.yahoo.com/news/health-canada-livmarli-decision-bluejay-210522467.html))

- 2026-04-29: Mirum HDV Trial Success Adds New Late Stage Growth Option ([finance.yahoo.com](https://finance.yahoo.com/sectors/healthcare/articles/mirum-hdv-trial-success-adds-050226329.html))

- 2026-08-06: Mirum's Q2 Earnings Lag Estimates, Revenues Beat, 2026 View Raised ([finance.yahoo.com](https://finance.yahoo.com/healthcare/articles/mirums-q2-earnings-lag-estimates-152100186.html))

### Sales · FY2024–2025

sales +54.7%; source https://www.sec.gov/Archives/edgar/data/1759425/000175942526000013/mirm-20251231.htm; observed 2026-02-25.

- FY2018: $0 

- FY2019: $0 

- FY2020: $11M 

- FY2021: $19M 

- FY2022: $77M 

- FY2023: $186M 

- FY2024: $337M 

- FY2025: $521M 

### Gross margin · FY2025

gross margin 80.7%; source https://www.sec.gov/Archives/edgar/data/1759425/000175942526000013/mirm-20251231.htm; observed 2026-02-25.

- FY2021: 90.1% 

- FY2022: 83.9% 

- FY2023: 74.8% 

- FY2024: 75.8% 

- FY2025: 80.7% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in biotechnology; annual sales are USD 521.3 million.

- Source: https://www.sec.gov/Archives/edgar/data/1759425/000175942526000013/mirm-20251231.htm (filed 2026-02-25); FY2025: revenue 521312000; grossProfit 420728000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MIRM.US: Mirum Pharmaceuticals, Inc., a biopharmaceutical company, focuses on the development and commercialization of novel therapies for debilitating rare and orphan diseases. Its lead product candidate is LIVMARLI (maralixibat), an orally administered and minimally absorbed ileal bile acid transporter (IBAT) inhibitor that is approved for the treatment of cholestatic pruritus in patients with Alagille syndrome in the United States and internationally. The company is also involved in the commercialization of Cholbam, a cholic acid capsule, which is approved as treatment for pediatric and adult patients with bile acid synthesis disorders due to single enzyme defects and for adjunctive treatment of patients with peroxisomal disorders, including peroxisome biogenesis disorder-Zellweger spectrum disorder and Smith-Lemli-Opitz syndrome; and Chenodal, a tablet, which is approved for the treatment of radiolucent stones in the gallbladder, and under development for the treatment cerebrotendinous xanthomatosis. In addition, it develops Volixibat, an oral and minimally absorbed agent designed to inhibit IBAT, currently under Phase 2b clinical trial for the treatment of adult patients with cholestatic liver diseases; Brelovitug, for the treatment of chronic HDV infection, which is in Phase 2 clinical trial; and MRM-3379, that is in Phase 2 clinical study for the treatment of FXS. The company has a collaboration agreement with the Shire International GmbH; License Agreement with Pfizer Inc.; Sanofi-Aventis Deutschland GmbH; Novartis Pharma AG; Lonza Ltd.; Enthorin Therapeutics, LLC and Dart Neuroscience LLC; Asset Purchase Agreement with Asklepion Pharmaceuticals, LLC; License and Manufacturing Agreement with LGM Pharma; and Asset Purchase Agreement with Travere Therapeutics, Inc. The company was incorporated in 2018 and is headquartered in Foster City, California.

### Why customers stay

Margins ranged from 74.8% to 80.7% during 2023–25; it lost 39.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2023: grossProfit / revenue = 74.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2024: grossProfit / revenue = 75.8%.

- Source: https://www.sec.gov/Archives/edgar/data/1759425/000175942526000013/mirm-20251231.htm (filed 2026-02-25); FY2025: grossProfit / revenue = 80.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); 8-year return on capital observations [[2018,0],[2019,-2.494489819461268],[2020,-0.46986074202488626],[2021,-1.1153686515884258],[2022,-0.7187644305772231],[2023,-0.31880267370584797],[2024,-0.26306308155446084],[2025,-0.06972246476486653]]; median -0.3943317078653671. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 1 of 8 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); Dividend observations: [[2018,0],[2019,0],[2020,0],[2021,0],[2022,5552000],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 1.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MIRM.US SharesStats.PercentInsiders = 1.314 percentage points; cache date 2026-10-16.

### What the price says

The price is 7.9 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); Closing price 82.39 USD; reporting-to-trading FX 1; FY2025 annual sales per share 10.385052052754611; price multiple 7.933518251181634. FY2025 cash earnings/share -0.001454232397971055. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2019-07: $13.51 per share

- 2019-08: $12.69 per share

- 2019-09: $10.06 per share

- 2019-10: $7.18 per share

- 2019-11: $7.21 per share

- 2019-12: $24.52 per share

- 2020-01: $15.73 per share

- 2020-02: $16.56 per share

- 2020-03: $14.00 per share

- 2020-04: $16.90 per share

- 2020-05: $16.85 per share

- 2020-06: $19.46 per share

- 2020-07: $22.08 per share

- 2020-08: $25.96 per share

- 2020-09: $19.27 per share

- 2020-10: $15.75 per share

- 2020-11: $23.45 per share

- 2020-12: $17.46 per share

- 2021-01: $18.12 per share

- 2021-02: $18.36 per share

- 2021-03: $19.82 per share

- 2021-04: $19.54 per share

- 2021-05: $16.54 per share

- 2021-06: $17.29 per share

- 2021-07: $14.45 per share

- 2021-08: $16.25 per share

- 2021-09: $19.92 per share

- 2021-10: $15.88 per share

- 2021-11: $14.23 per share

- 2021-12: $15.95 per share

- 2022-01: $19.05 per share

- 2022-02: $23.70 per share

- 2022-03: $22.02 per share

- 2022-04: $23.78 per share

- 2022-05: $23.39 per share

- 2022-06: $19.46 per share

- 2022-07: $25.10 per share

- 2022-08: $24.98 per share

- 2022-09: $21.01 per share

- 2022-10: $22.55 per share

- 2022-11: $18.65 per share

- 2022-12: $19.50 per share

- 2023-01: $23.48 per share

- 2023-02: $23.51 per share

- 2023-03: $24.02 per share

- 2023-04: $26.85 per share

- 2023-05: $26.23 per share

- 2023-06: $25.87 per share

- 2023-07: $25.76 per share

- 2023-08: $26.43 per share

- 2023-09: $31.60 per share

- 2023-10: $27.43 per share

- 2023-11: $32.07 per share

- 2023-12: $29.52 per share

- 2024-01: $26.46 per share

- 2024-02: $28.71 per share

- 2024-03: $25.12 per share

- 2024-04: $25.11 per share

- 2024-05: $24.03 per share

- 2024-06: $34.19 per share

- 2024-07: $40.55 per share

- 2024-08: $43.11 per share

- 2024-09: $39.00 per share

- 2024-10: $38.46 per share

- 2024-11: $46.22 per share

- 2024-12: $41.35 per share

- 2025-01: $48.88 per share

- 2025-02: $47.57 per share

- 2025-03: $45.05 per share

- 2025-04: $43.45 per share

- 2025-05: $44.46 per share

- 2025-06: $50.89 per share

- 2025-07: $51.68 per share

- 2025-08: $73.87 per share

- 2025-09: $73.31 per share

- 2025-10: $72.65 per share

- 2025-11: $73.05 per share

- 2025-12: $78.99 per share

- 2026-01: $103.22 per share

- 2026-02: $92.29 per share

- 2026-03: $92.38 per share

- 2026-04: $97.31 per share

- 2026-05: $101.50 per share

- 2026-06: $117.07 per share

- 2026-07: $105.95 per share

- 2026-08: $98.05 per share

- 2026-09: $85.48 per share

- 2026-10: $82.39 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1759425/000175942526000013/mirm-20251231.htm); period 2025-12-31, filed 2026-02-25.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.