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Mirum's (MIRM) Q1 Earnings & Revenues Fall Shy of Estimates
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Mirum Pharmaceuticals, Inc. (MIRM - Free Report) incurred first-quarter 2024 loss of 54 cents per share, wider than the Zacks Consensus Estimate of a loss of 40 cents. The company had reported a loss of 80 cents per share in the year-ago quarter.
Revenues in the first quarter totaled $69.2 million, up almost 118.9% year over year. The figure, however, missed the Zacks Consensus Estimate of $70 million. The top line comprised Livmarli (maralixibat) sales, newly acquired Cholbam and Chenodal sales and minimal license and other revenues.
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 $42.8 million in the first quarter, reflecting an increase of almost 47% year over year.
Net product sales of newly acquired Cholbam and Chenodal were $26.1 million, representing the sales of these two products under Mirum's leadership.
License and other revenues were $0.3 million in the reported quarter compared with $2.5 million reported in the year-ago quarter.
Research and development expenses increased 37% year over year to $32.2 million.
Selling, general and administrative expenses totaled $45.6 million, up almost 51% from the year-ago quarter’s level.
As of Mar 31, 2024, Mirum had cash, cash equivalents and marketable securities worth $302.8 million compared with $286.3 million as of Dec 31, 2023.
Shares of Mirum have plunged 15.2% so far this year compared with the industry’s decline of 6%.
Image Source: Zacks Investment Research
2024 Guidance
Mirum reiterated its revenue guidance for 2024.
The company expects full-year revenues to be in the range of $310-$320 million for 2024. Driven by the continued growth in demand for Livmarli, MIRM believes that it is on track to achieve the total revenue guidance.
Recent Updates
In March 2024, the FDA approved a label expansion for Livmarli oral solution to include the treatment of cholestatic pruritus in patients aged five years and older with progressive familial intrahepatic cholestasis (PFIC).
A regulatory filing seeking label expansion for Livmarli in the EU for patients aged two months and older with PFIC is currently under review. A recommendation from the Committee for Medicinal Products for Human Use is expected later in the first half of 2024.
Meanwhile, 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 later in the first half of 2024.
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). The interim analysis results from both studies are expected next month.
Mirum Pharmaceuticals, Inc. Price, Consensus and EPS Surprise
In the past 60 days, estimates for Third Harmonic Bio’s 2024 loss per share have narrowed from $1.65 to $1.35. Year to date, shares of THRD have rallied 7.5%.
THRD’s earnings beat estimates in three of the trailing four quarters and missed the same once, the average surprise being 37.72%.
In the past 60 days, estimates for Ligand’s 2024 earnings per share have improved from $4.42 to $4.56. Year to date, shares of LGND have risen 12.5%.
Earnings of LGND beat estimates in each of the trailing four quarters, the average surprise being 56.02%.
In the past 60 days, estimates for Entera Bio’s 2024 loss per share have narrowed from 75 cents to 25 cents. Year to date, shares of ENTX have surged 308.3%.
ENTX’s earnings beat estimates in three of the trailing four quarters and missed the same once, the average surprise being 10.66%.
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Mirum's (MIRM) Q1 Earnings & Revenues Fall Shy of Estimates
Mirum Pharmaceuticals, Inc. (MIRM - Free Report) incurred first-quarter 2024 loss of 54 cents per share, wider than the Zacks Consensus Estimate of a loss of 40 cents. The company had reported a loss of 80 cents per share in the year-ago quarter.
Revenues in the first quarter totaled $69.2 million, up almost 118.9% year over year. The figure, however, missed the Zacks Consensus Estimate of $70 million. The top line comprised Livmarli (maralixibat) sales, newly acquired Cholbam and Chenodal sales and minimal license and other revenues.
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 $42.8 million in the first quarter, reflecting an increase of almost 47% year over year.
Net product sales of newly acquired Cholbam and Chenodal were $26.1 million, representing the sales of these two products under Mirum's leadership.
License and other revenues were $0.3 million in the reported quarter compared with $2.5 million reported in the year-ago quarter.
Research and development expenses increased 37% year over year to $32.2 million.
Selling, general and administrative expenses totaled $45.6 million, up almost 51% from the year-ago quarter’s level.
As of Mar 31, 2024, Mirum had cash, cash equivalents and marketable securities worth $302.8 million compared with $286.3 million as of Dec 31, 2023.
Shares of Mirum have plunged 15.2% so far this year compared with the industry’s decline of 6%.
Image Source: Zacks Investment Research
2024 Guidance
Mirum reiterated its revenue guidance for 2024.
The company expects full-year revenues to be in the range of $310-$320 million for 2024. Driven by the continued growth in demand for Livmarli, MIRM believes that it is on track to achieve the total revenue guidance.
Recent Updates
In March 2024, the FDA approved a label expansion for Livmarli oral solution to include the treatment of cholestatic pruritus in patients aged five years and older with progressive familial intrahepatic cholestasis (PFIC).
A regulatory filing seeking label expansion for Livmarli in the EU for patients aged two months and older with PFIC is currently under review. A recommendation from the Committee for Medicinal Products for Human Use is expected later in the first half of 2024.
Meanwhile, 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 later in the first half of 2024.
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). The interim analysis results from both studies are expected next month.
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 has a Zacks Rank #3 (Hold).
Some top-ranked stocks in the healthcare sector are Third Harmonic Bio, Inc. (THRD - Free Report) , Ligand Pharmaceuticals Incorporated (LGND - Free Report) and Entera Bio Ltd. (ENTX - 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 Third Harmonic Bio’s 2024 loss per share have narrowed from $1.65 to $1.35. Year to date, shares of THRD have rallied 7.5%.
THRD’s earnings beat estimates in three of the trailing four quarters and missed the same once, the average surprise being 37.72%.
In the past 60 days, estimates for Ligand’s 2024 earnings per share have improved from $4.42 to $4.56. Year to date, shares of LGND have risen 12.5%.
Earnings of LGND beat estimates in each of the trailing four quarters, the average surprise being 56.02%.
In the past 60 days, estimates for Entera Bio’s 2024 loss per share have narrowed from 75 cents to 25 cents. Year to date, shares of ENTX have surged 308.3%.
ENTX’s earnings beat estimates in three of the trailing four quarters and missed the same once, the average surprise being 10.66%.