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CRMD vs. MIRM: Which Specialized Biotech Stock is the Better Pick?
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Key Takeaways
CorMedix launched DefenCath in 2024, generating $78.8M in H1 2025 revenues and raising guidance.
CRMD acquired Melinta for $300M, adding seven marketed therapies and diversifying beyond DefenCath.
MIRM's Livmarli posted $161.4M H1 2025 sales, but revenue reliance and competition pose key risks.
CorMedix (CRMD - Free Report) and Mirum Pharmaceuticals (MIRM - Free Report) are pursuing treatments for underserved medical conditions where existing therapies are limited or nonexistent. Both companies are carving out niches in areas often overlooked by larger pharmaceutical players.
CorMedix’s lead product, DefenCath (Taurolidine + Heparin), received FDA approval in late 2023 as the first and only antimicrobial catheter lock solution available in the United States. It is indicated for reducing catheter-related bloodstream infections (CRBSIs) in adult patients with kidney failure undergoing chronic hemodialysis through a central venous catheter.
On the other hand, Mirum Pharmaceuticals’ lead product, Livmarli (maralixibat), is approved for the treatment of cholestatic pruritus (intense itching) in patients with Alagille syndrome (ALGS) worldwide. The drug, an orally administered IBAT inhibitor, is also approved for treating cholestatic pruritus in patients with progressive familial intrahepatic cholestasis (PFIC) in the United States and for treating PFIC in the EU.
Owing to their specialized therapeutic focus, CorMedix and Mirum Pharmaceuticals operate in markets where clinical success can create outsized value relative to their size, but where setbacks also carry heightened risk. This gives CRMD and MIRM a similar risk-reward investment profile, which is highly dependent on regulatory milestones, physician adoption and payer coverage, yet capable of significant upside if they execute well in their respective targeted patient populations.
The Case for CRMD Stock
DefenCath is the first approved product in CorMedix’s marketed portfolio, giving the company a regular income stream. The company launched DefenCath commercially in April 2024 in the inpatient setting and in July 2024 in the outpatient hemodialysis setting.
In the first half of 2025, DefenCath delivered $78.8 million in net revenues, reflecting a solid start to its commercial journey. Owing to the strong performance of DefenCath, CorMedix raised its full-year revenue guidance for 2025. The drug is supported by patent protection through 2033. This exclusivity provides a long runway for revenue generation.
Looking ahead, sales are expected to build steadily as CorMedix expands its commercial footprint and strengthens its marketing infrastructure. Moreover, eligibility for insurance coverage enhances patient access and should serve as a strong catalyst for growth in the years ahead. CorMedix is also planning future potential label expansion of DefenCath into total parenteral nutrition to increase its customer base.
CorMedix recently took a strategic step to diversify its revenues and reduce reliance on a single product through its $300 million acquisition of Melinta Therapeutics.
The deal added seven marketed therapies to its portfolio, strengthening the company’s position in hospital acute care and infectious disease markets and supporting near-term growth opportunities, particularly with Rezzayo, which is currently approved for treating candidemia and invasive candidiasis in adults.
Rezzayo is also being evaluated in a phase III study for prophylaxis of invasive fungal infections in adult patients undergoing allogeneic blood and marrow transplant, with study completion expected in the first half of 2026. If successful, the phase III data will support a regulatory filing for Rezzayo in this additional indication.
CorMedix’s acquisition of Melinta is partly a strategic hedge against potential competition in the CRBSI market from established heparin players like Pfizer (PFE - Free Report) and Amphastar Pharmaceuticals (AMPH - Free Report) . Pfizer and Amphastar Pharmaceuticals market heparin products, Heparin Sodium Injection and Enoxaparin, respectively. PFE and AMPH could leverage their scale, resources and supply chain control to enter CRBSI-specific applications.
The Case for MIRM Stock
Livmarli is the primary top-line driver for Mirum Pharmaceuticals. Its sales have been rising steadily since its approval and launch worldwide. Earlier this year, the FDA approved a new tablet formulation of Livmarli for treating cholestatic pruritus in patients with ALGS and PFIC. The oral tablet was launched in the United States in June and is likely to offer convenience for the older patients.
In the first half of 2025, Livmarli’s net product sales were $161.4 million, up 79.1% year over year, with the momentum expected to continue in the second half. Owing to the strong performance of the drug, MIRM raised its full-year revenue guidance for 2025. Livmarli benefits from patent protection in the United States and broad payer coverage, creating a strong foundation for sustained revenue growth supported by expanded patient access. Mirum Pharmaceuticals is also evaluating Livmarli in the phase III EXPAND study for treating pruritus in rare cholestatic conditions. Enrollment in the study is expected to be completed in 2026.
MIRM’s lead pipeline candidate, volixibat, is currently being evaluated in two phase IIb studies for treating patients with primary biliary cholangitis (the VANTAGE study) and primary sclerosing cholangitis (the VISTAS study).
Enrollment in the VISTAS study has been completed, with top-line data expected to be announced in the second quarter of 2026. The company expects to complete enrollment in the VANTAGE study in 2026 and announce top-line results in the first half of 2027. MIRM also plans to initiate a phase II study on its recently in-licensed PDE4D inhibitor, MRM-3379, for treating Fragile X syndrome later in 2025.
Mirum Pharmaceuticals’ strategic acquisition of Travere Therapeutics’ bile acid products helps the company diversify its revenue stream and positions it as a leader in rare diseases. By adding Cholbam capsules and Ctexli tablets to its lineup, MIRM’s bile acid products generated $78 million in the first half of 2025, up 38% year over year.
However, MIRM remains heavily reliant on Livmarli for its overall revenue growth, making the company vulnerable to any regulatory setbacks for the drug. Competitive pressures are also mounting, particularly from Albireo AB (now part of Ipsen), which markets Bylvay — an IBAT inhibitor directly competing with Livmarli in the PFIC and ALGS markets. Since both therapies work by inhibiting IBAT to lower serum bile acid levels, this sets the stage for intense competition that could impact Mirum Pharmaceuticals’ market share and revenue trajectory.
How Do Estimates Compare for CRMD & MIRM?
The Zacks Consensus Estimate for CorMedix’s 2025 sales and earnings per share (EPS) implies a year-over-year increase of around 411% and 607%, respectively. EPS estimates for both 2025 and 2026 have been trending upward over the past 60 days.
CRMD Estimate Movement
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Mirum Pharmaceuticals’ 2025 sales implies a year-over-year increase of around 51%. Its loss per share in 2025 is expected to narrow by 61% compared to the year-ago figure. Loss estimates for both 2025 and 2026 have been narrowing over the past 60 days.
MIRM Estimate Movement
Image Source: Zacks Investment Research
Price Performance and Valuation of CRMD & MIRM
Year to date, shares of CRMD have gained 39.1%, while those of MIRM have rallied 78.7%. In comparison, the industry has returned 3.5%, as seen in the chart below.
Image Source: Zacks Investment Research
From a valuation standpoint, Mirum Pharmaceuticals is more expensive than CorMedix, going by the price/book (P/B) ratio. MIRM’s shares currently trade at 14.35 times trailing book value, higher than 3.47 for CRMD.
Image Source: Zacks Investment Research
CRMD vs. MIRM: Which Stock Holds the Edge?
Out of the two stocks discussed above, CorMedix, sporting a Zacks Rank #1 (Strong Buy), stands out as the better pick over Mirum Pharmaceuticals, which currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank stocks here.
For CorMedix, the top-line growth momentum of the first half is likely to continue in the second half. Coupled with its Melinta acquisition, which added seven marketed therapies and expanded its hospital infectious disease footprint, the company is well-positioned for strong growth. Analysts expect CRMD’s 2025 sales and EPS to skyrocket on a year-over-year basis, underscoring its strong upside potential.
In contrast, Mirum Pharmaceuticals remains heavily reliant on Livmarli for revenues, exposing the company to regulatory and competitive risks. Although Livmarli sales are rising and the company has diversified somewhat through bile acid products, MIRM faces direct competition from Albireo’s Bylvay in its key PFIC and ALGS markets. Given CorMedix’s first-mover advantage, expanding product portfolio and strong growth trajectory, it presents a more compelling risk-reward profile, justifying its bullish recommendation.
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CRMD vs. MIRM: Which Specialized Biotech Stock is the Better Pick?
Key Takeaways
CorMedix (CRMD - Free Report) and Mirum Pharmaceuticals (MIRM - Free Report) are pursuing treatments for underserved medical conditions where existing therapies are limited or nonexistent. Both companies are carving out niches in areas often overlooked by larger pharmaceutical players.
CorMedix’s lead product, DefenCath (Taurolidine + Heparin), received FDA approval in late 2023 as the first and only antimicrobial catheter lock solution available in the United States. It is indicated for reducing catheter-related bloodstream infections (CRBSIs) in adult patients with kidney failure undergoing chronic hemodialysis through a central venous catheter.
On the other hand, Mirum Pharmaceuticals’ lead product, Livmarli (maralixibat), is approved for the treatment of cholestatic pruritus (intense itching) in patients with Alagille syndrome (ALGS) worldwide. The drug, an orally administered IBAT inhibitor, is also approved for treating cholestatic pruritus in patients with progressive familial intrahepatic cholestasis (PFIC) in the United States and for treating PFIC in the EU.
Owing to their specialized therapeutic focus, CorMedix and Mirum Pharmaceuticals operate in markets where clinical success can create outsized value relative to their size, but where setbacks also carry heightened risk. This gives CRMD and MIRM a similar risk-reward investment profile, which is highly dependent on regulatory milestones, physician adoption and payer coverage, yet capable of significant upside if they execute well in their respective targeted patient populations.
The Case for CRMD Stock
DefenCath is the first approved product in CorMedix’s marketed portfolio, giving the company a regular income stream. The company launched DefenCath commercially in April 2024 in the inpatient setting and in July 2024 in the outpatient hemodialysis setting.
In the first half of 2025, DefenCath delivered $78.8 million in net revenues, reflecting a solid start to its commercial journey. Owing to the strong performance of DefenCath, CorMedix raised its full-year revenue guidance for 2025. The drug is supported by patent protection through 2033. This exclusivity provides a long runway for revenue generation.
Looking ahead, sales are expected to build steadily as CorMedix expands its commercial footprint and strengthens its marketing infrastructure. Moreover, eligibility for insurance coverage enhances patient access and should serve as a strong catalyst for growth in the years ahead. CorMedix is also planning future potential label expansion of DefenCath into total parenteral nutrition to increase its customer base.
CorMedix recently took a strategic step to diversify its revenues and reduce reliance on a single product through its $300 million acquisition of Melinta Therapeutics.
The deal added seven marketed therapies to its portfolio, strengthening the company’s position in hospital acute care and infectious disease markets and supporting near-term growth opportunities, particularly with Rezzayo, which is currently approved for treating candidemia and invasive candidiasis in adults.
Rezzayo is also being evaluated in a phase III study for prophylaxis of invasive fungal infections in adult patients undergoing allogeneic blood and marrow transplant, with study completion expected in the first half of 2026. If successful, the phase III data will support a regulatory filing for Rezzayo in this additional indication.
CorMedix’s acquisition of Melinta is partly a strategic hedge against potential competition in the CRBSI market from established heparin players like Pfizer (PFE - Free Report) and Amphastar Pharmaceuticals (AMPH - Free Report) . Pfizer and Amphastar Pharmaceuticals market heparin products, Heparin Sodium Injection and Enoxaparin, respectively. PFE and AMPH could leverage their scale, resources and supply chain control to enter CRBSI-specific applications.
The Case for MIRM Stock
Livmarli is the primary top-line driver for Mirum Pharmaceuticals. Its sales have been rising steadily since its approval and launch worldwide. Earlier this year, the FDA approved a new tablet formulation of Livmarli for treating cholestatic pruritus in patients with ALGS and PFIC. The oral tablet was launched in the United States in June and is likely to offer convenience for the older patients.
In the first half of 2025, Livmarli’s net product sales were $161.4 million, up 79.1% year over year, with the momentum expected to continue in the second half. Owing to the strong performance of the drug, MIRM raised its full-year revenue guidance for 2025. Livmarli benefits from patent protection in the United States and broad payer coverage, creating a strong foundation for sustained revenue growth supported by expanded patient access. Mirum Pharmaceuticals is also evaluating Livmarli in the phase III EXPAND study for treating pruritus in rare cholestatic conditions. Enrollment in the study is expected to be completed in 2026.
MIRM’s lead pipeline candidate, volixibat, is currently being evaluated in two phase IIb studies for treating patients with primary biliary cholangitis (the VANTAGE study) and primary sclerosing cholangitis (the VISTAS study).
Enrollment in the VISTAS study has been completed, with top-line data expected to be announced in the second quarter of 2026. The company expects to complete enrollment in the VANTAGE study in 2026 and announce top-line results in the first half of 2027. MIRM also plans to initiate a phase II study on its recently in-licensed PDE4D inhibitor, MRM-3379, for treating Fragile X syndrome later in 2025.
Mirum Pharmaceuticals’ strategic acquisition of Travere Therapeutics’ bile acid products helps the company diversify its revenue stream and positions it as a leader in rare diseases. By adding Cholbam capsules and Ctexli tablets to its lineup, MIRM’s bile acid products generated $78 million in the first half of 2025, up 38% year over year.
However, MIRM remains heavily reliant on Livmarli for its overall revenue growth, making the company vulnerable to any regulatory setbacks for the drug. Competitive pressures are also mounting, particularly from Albireo AB (now part of Ipsen), which markets Bylvay — an IBAT inhibitor directly competing with Livmarli in the PFIC and ALGS markets. Since both therapies work by inhibiting IBAT to lower serum bile acid levels, this sets the stage for intense competition that could impact Mirum Pharmaceuticals’ market share and revenue trajectory.
How Do Estimates Compare for CRMD & MIRM?
The Zacks Consensus Estimate for CorMedix’s 2025 sales and earnings per share (EPS) implies a year-over-year increase of around 411% and 607%, respectively. EPS estimates for both 2025 and 2026 have been trending upward over the past 60 days.
CRMD Estimate Movement
The Zacks Consensus Estimate for Mirum Pharmaceuticals’ 2025 sales implies a year-over-year increase of around 51%. Its loss per share in 2025 is expected to narrow by 61% compared to the year-ago figure. Loss estimates for both 2025 and 2026 have been narrowing over the past 60 days.
MIRM Estimate Movement
Price Performance and Valuation of CRMD & MIRM
Year to date, shares of CRMD have gained 39.1%, while those of MIRM have rallied 78.7%. In comparison, the industry has returned 3.5%, as seen in the chart below.
From a valuation standpoint, Mirum Pharmaceuticals is more expensive than CorMedix, going by the price/book (P/B) ratio. MIRM’s shares currently trade at 14.35 times trailing book value, higher than 3.47 for CRMD.
CRMD vs. MIRM: Which Stock Holds the Edge?
Out of the two stocks discussed above, CorMedix, sporting a Zacks Rank #1 (Strong Buy), stands out as the better pick over Mirum Pharmaceuticals, which currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank stocks here.
For CorMedix, the top-line growth momentum of the first half is likely to continue in the second half. Coupled with its Melinta acquisition, which added seven marketed therapies and expanded its hospital infectious disease footprint, the company is well-positioned for strong growth. Analysts expect CRMD’s 2025 sales and EPS to skyrocket on a year-over-year basis, underscoring its strong upside potential.
In contrast, Mirum Pharmaceuticals remains heavily reliant on Livmarli for revenues, exposing the company to regulatory and competitive risks. Although Livmarli sales are rising and the company has diversified somewhat through bile acid products, MIRM faces direct competition from Albireo’s Bylvay in its key PFIC and ALGS markets. Given CorMedix’s first-mover advantage, expanding product portfolio and strong growth trajectory, it presents a more compelling risk-reward profile, justifying its bullish recommendation.