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Mirum's (MIRM) Q4 Earnings Lag Estimates, Revenues Beat
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Mirum Pharmaceuticals, Inc. (MIRM - Free Report) reported a fourth-quarter 2023 loss of 66 cents per share, wider than the Zacks Consensus Estimate of a loss of 34 cents. The company reported a loss of 99 cents per share in the year-ago quarter.
Revenues in the fourth quarter totaled $69.6 million, up 149.2% year over year. The figure also beat the Zacks Consensus Estimate of $67 million. The top line comprised Livmarli sales and newly acquired Cholbam and Chenodal sales.
Mirum acquired Travere Therapeutics’ bile acid products in August 2023, which added the latter’s Cholbam capsules and Chenodal tablets to its portfolio of commercialized drugs.
Quarter in Detail
Livmarli’s net product sales were $41.4 million in the fourth quarter, reflecting an increase of almost 63% year over year.
Net product sales of newly acquired Cholbam and Chenodal were $28.1 million, representing the first full quarter sales with these two medicines under Mirum's leadership.
Research and development expenses declined 0.5% year over year to $30.9 million.
Selling, general and administrative expenses totaled $46.2 million, up 74.5% from the year-ago quarter’s level.
As of Dec 31, 2023, Mirum had cash, cash equivalents and marketable securities worth $286.3 million compared with $286.2 million as of Sep 30, 2023.
Shares of Mirum have rallied 21.9% in the past year against the industry’s decline of 4.7%.
Image Source: Zacks Investment Research
Full-Year Results
In 2023, Mirum generated total revenues of $186.4 million, increasing 141.7% year over year.
In the same period, the company recorded a loss of $3.94 per share compared with a loss of $4.02 in 2022.
2024 Guidance
On the fourth-quarter conference call, management stated that considering the strong dynamics in its business, net product sales are expected to be in the range of $310-$320 million in 2024, driven by growth in all three commercial products.
Pipeline Updates
Mirum is seeking a label expansion of Livmarli for the treatment of cholestatic pruritus in progressive familial intrahepatic cholestasis (“PFIC”) patients three months of age and older. A supplemental new drug application (sNDA) for Livmarli in PFIC is currently under review in the United States, with a decision from the FDA expected on Mar 13, 2024.
The company has also filed a similar application for Livmarli with the European Marketing Agency.
We note that while Chenodal is not currently approved for cerebrotendinous xanthomatosis (“CTX”), it has received a medical necessity medicine status from the FDA for the same. A new drug application seeking traditional approval for Chenodal in CTX is expected to be filed in the first half of 2024.
This apart, Mirum is developing volixibat, an oral IBAT inhibitor, in two separate phase IIb studies for the treatment of primary sclerosing cholangitis (VISTAS study) and primary biliary cholangitis (VANTAGE study). Interim analysis results from both studies are expected in the first half of 2024.
Mirum Pharmaceuticals, Inc. Price, Consensus and EPS Surprise
In the past 60 days, estimates for Indivior’s 2024 earnings per share have improved from $1.83 to $1.95. In the past year, shares of INDV have risen 12.6%.
Indivior’s earnings beat estimates in each of the trailing three quarters. INDV delivered an average earnings surprise of 48.06%.
In the past 60 days, the Zacks Consensus Estimate for Vanda Pharmaceuticals’ 2024 bottom line has improved from a loss of 46 cents per share to earnings of 1 cent. In the past year, shares of VNDA have plunged 30.4%.
Vanda Pharmaceuticals’ earnings beat estimates in each of the trailing three quarters. VNDA delivered an average earnings surprise of 92.88%.
In the past 60 days, estimates for Puma Biotechnology’s 2024 earnings per share have improved from 69 cents to 71 cents. In the past year, shares of PBYI have risen 71%.
Earnings of Puma Biotechnology beat estimates in three of the last four quarters while missing the same on the remaining occasion. PBYI delivered a four-quarter average earnings surprise of 76.55%.
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Mirum's (MIRM) Q4 Earnings Lag Estimates, Revenues Beat
Mirum Pharmaceuticals, Inc. (MIRM - Free Report) reported a fourth-quarter 2023 loss of 66 cents per share, wider than the Zacks Consensus Estimate of a loss of 34 cents. The company reported a loss of 99 cents per share in the year-ago quarter.
Revenues in the fourth quarter totaled $69.6 million, up 149.2% year over year. The figure also beat the Zacks Consensus Estimate of $67 million. The top line comprised Livmarli sales and newly acquired Cholbam and Chenodal sales.
Mirum acquired Travere Therapeutics’ bile acid products in August 2023, which added the latter’s Cholbam capsules and Chenodal tablets to its portfolio of commercialized drugs.
Quarter in Detail
Livmarli’s net product sales were $41.4 million in the fourth quarter, reflecting an increase of almost 63% year over year.
Net product sales of newly acquired Cholbam and Chenodal were $28.1 million, representing the first full quarter sales with these two medicines under Mirum's leadership.
Research and development expenses declined 0.5% year over year to $30.9 million.
Selling, general and administrative expenses totaled $46.2 million, up 74.5% from the year-ago quarter’s level.
As of Dec 31, 2023, Mirum had cash, cash equivalents and marketable securities worth $286.3 million compared with $286.2 million as of Sep 30, 2023.
Shares of Mirum have rallied 21.9% in the past year against the industry’s decline of 4.7%.
Image Source: Zacks Investment Research
Full-Year Results
In 2023, Mirum generated total revenues of $186.4 million, increasing 141.7% year over year.
In the same period, the company recorded a loss of $3.94 per share compared with a loss of $4.02 in 2022.
2024 Guidance
On the fourth-quarter conference call, management stated that considering the strong dynamics in its business, net product sales are expected to be in the range of $310-$320 million in 2024, driven by growth in all three commercial products.
Pipeline Updates
Mirum is seeking a label expansion of Livmarli for the treatment of cholestatic pruritus in progressive familial intrahepatic cholestasis (“PFIC”) patients three months of age and older. A supplemental new drug application (sNDA) for Livmarli in PFIC is currently under review in the United States, with a decision from the FDA expected on Mar 13, 2024.
The company has also filed a similar application for Livmarli with the European Marketing Agency.
We note that while Chenodal is not currently approved for cerebrotendinous xanthomatosis (“CTX”), it has received a medical necessity medicine status from the FDA for the same. A new drug application seeking traditional approval for Chenodal in CTX is expected to be filed in the first half of 2024.
This apart, Mirum is developing volixibat, an oral IBAT inhibitor, in two separate phase IIb studies for the treatment of primary sclerosing cholangitis (VISTAS study) and primary biliary cholangitis (VANTAGE study). Interim analysis results from both studies are expected in the first half of 2024.
Mirum Pharmaceuticals, Inc. Price, Consensus and EPS Surprise
Mirum Pharmaceuticals, Inc. price-consensus-eps-surprise-chart | Mirum Pharmaceuticals, Inc. Quote
Zacks Rank & Stocks to Consider
Mirum currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the healthcare sector are Indivior PLC (INDV - Free Report) , Vanda Pharmaceuticals Inc. (VNDA - Free Report) and Puma Biotechnology, Inc. (PBYI - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
In the past 60 days, estimates for Indivior’s 2024 earnings per share have improved from $1.83 to $1.95. In the past year, shares of INDV have risen 12.6%.
Indivior’s earnings beat estimates in each of the trailing three quarters. INDV delivered an average earnings surprise of 48.06%.
In the past 60 days, the Zacks Consensus Estimate for Vanda Pharmaceuticals’ 2024 bottom line has improved from a loss of 46 cents per share to earnings of 1 cent. In the past year, shares of VNDA have plunged 30.4%.
Vanda Pharmaceuticals’ earnings beat estimates in each of the trailing three quarters. VNDA delivered an average earnings surprise of 92.88%.
In the past 60 days, estimates for Puma Biotechnology’s 2024 earnings per share have improved from 69 cents to 71 cents. In the past year, shares of PBYI have risen 71%.
Earnings of Puma Biotechnology beat estimates in three of the last four quarters while missing the same on the remaining occasion. PBYI delivered a four-quarter average earnings surprise of 76.55%.