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Will Livmarli Continue to Drive Mirum's Top Line in Q3 Earnings?
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Key Takeaways
Livmarli continues to be MIRM's top growth engine, with 1H 2025 sales up 79.1% year over year.
Mirum raised its 2025 revenue guidance to $490-$510 million, citing strong product momentum.
Cholbam and Ctexli sales also rose, adding to Mirum's expanding rare-disease drug portfolio.
Mirum Pharmaceuticals’ (MIRM - Free Report) lead product, Livmarli (maralixibat), has been driving the majority of the company’s revenues. The drug remains a key top-line driver for the company.
Livmarli, an orally administered ileal bile acid transporter (“IBAT”) inhibitor, is approved for the treatment of cholestatic pruritus in patients with Alagille syndrome (“ALGS”) worldwide. The drug is also approved for treating certain patients with progressive familial intrahepatic cholestasis (“PFIC”) in the United States and Europe.
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 is likely to offer convenience for older patients.
In the first half of 2025, Livmarli’s net product sales were $161.4 million, up 79.1% year over year. The continued demand for Livmarli is driving the top line, and the momentum is likely to continue in the second half of 2025.
Sales are expected to grow steadily as management expects Livmarli product revenues to increase in future quarters, owing to the strong global adoption of the product.
Meanwhile, Mirum acquired Travere Therapeutics’ (TVTX - Free Report) bile acid products in 2023, which added the latter’s Cholbam capsules and Ctexli tablets to its portfolio of commercialized drugs. Besides Livmarli, Mirum is also making good progress with Cholbam capsules and Ctexli tablets, which are approved for certain rare diseases. Sales of the bile acid products also increased during the first half of 2025.
The acquisition of Travere Therapeutics’ bile acid products has diversified Mirum’s revenue stream.
Owing to the strong sales performance of Livmarli, Mirum increased its total revenue guidance on the second-quarter earnings call in August. The company now expects revenues to be in the range of $490-$510 million in 2025, compared with the earlier projection of $435-$450 million.
MIRM Faces Competition in the Target Market
Mirum remains heavily dependent on Livmarli for its top-line growth. Any regulatory setback for the drug could hurt the stock.
Competition is also rising from Albireo AB (now part of Ipsen), which markets Bylvay — an IBAT inhibitor directly competing with Livmarli in the PFIC and ALGS indications. Since both therapies work by inhibiting IBAT to lower serum bile acid levels, this is likely to induce acute competition that could impact Mirum’s market share and revenue trajectory.
Meanwhile, 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).
GSK plc (GSK - Free Report) is developing its IBAT inhibitor, linerixibat, for treating adult patients with cholestatic pruritus associated with primary biliary cholangitis. A regulatory filing seeking approval for linerixibat is currently under review in the United States, with a decision from the FDA due on March 24, 2026.
Though still in the early days, the successful development and potential approval of linerixibat is likely to pose stiff competition for Mirum’s volixibat, given the resources available to a large drugmaker like GSK.
MIRM’s Price Performance, Valuation and Estimates
Year to date, shares of Mirum have rallied 74.6% compared with the industry’s rise of 7.4%. The stock has also outperformed the sector and the S&P 500 during the same time frame, as seen in the chart below.
Image Source: Zacks Investment Research
From a valuation standpoint, Mirum is trading at a premium to the industry. Going by the price/book ratio, the company’s shares currently trade at 14.21, higher than 3.35 for the industry. The stock is trading above its five-year mean of 6.34.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for its 2025 loss per share has narrowed from 84 cents to 69 cents over the past 60 days. During the same time frame, estimates for 2026 have improved from a loss of 13 cents per share to earnings of 3 cents.
Image: Bigstock
Will Livmarli Continue to Drive Mirum's Top Line in Q3 Earnings?
Key Takeaways
Mirum Pharmaceuticals’ (MIRM - Free Report) lead product, Livmarli (maralixibat), has been driving the majority of the company’s revenues. The drug remains a key top-line driver for the company.
Livmarli, an orally administered ileal bile acid transporter (“IBAT”) inhibitor, is approved for the treatment of cholestatic pruritus in patients with Alagille syndrome (“ALGS”) worldwide. The drug is also approved for treating certain patients with progressive familial intrahepatic cholestasis (“PFIC”) in the United States and Europe.
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 is likely to offer convenience for older patients.
In the first half of 2025, Livmarli’s net product sales were $161.4 million, up 79.1% year over year. The continued demand for Livmarli is driving the top line, and the momentum is likely to continue in the second half of 2025.
Sales are expected to grow steadily as management expects Livmarli product revenues to increase in future quarters, owing to the strong global adoption of the product.
Meanwhile, Mirum acquired Travere Therapeutics’ (TVTX - Free Report) bile acid products in 2023, which added the latter’s Cholbam capsules and Ctexli tablets to its portfolio of commercialized drugs. Besides Livmarli, Mirum is also making good progress with Cholbam capsules and Ctexli tablets, which are approved for certain rare diseases. Sales of the bile acid products also increased during the first half of 2025.
The acquisition of Travere Therapeutics’ bile acid products has diversified Mirum’s revenue stream.
Owing to the strong sales performance of Livmarli, Mirum increased its total revenue guidance on the second-quarter earnings call in August. The company now expects revenues to be in the range of $490-$510 million in 2025, compared with the earlier projection of $435-$450 million.
MIRM Faces Competition in the Target Market
Mirum remains heavily dependent on Livmarli for its top-line growth. Any regulatory setback for the drug could hurt the stock.
Competition is also rising from Albireo AB (now part of Ipsen), which markets Bylvay — an IBAT inhibitor directly competing with Livmarli in the PFIC and ALGS indications. Since both therapies work by inhibiting IBAT to lower serum bile acid levels, this is likely to induce acute competition that could impact Mirum’s market share and revenue trajectory.
Meanwhile, 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).
GSK plc (GSK - Free Report) is developing its IBAT inhibitor, linerixibat, for treating adult patients with cholestatic pruritus associated with primary biliary cholangitis. A regulatory filing seeking approval for linerixibat is currently under review in the United States, with a decision from the FDA due on March 24, 2026.
Though still in the early days, the successful development and potential approval of linerixibat is likely to pose stiff competition for Mirum’s volixibat, given the resources available to a large drugmaker like GSK.
MIRM’s Price Performance, Valuation and Estimates
Year to date, shares of Mirum have rallied 74.6% compared with the industry’s rise of 7.4%. The stock has also outperformed the sector and the S&P 500 during the same time frame, as seen in the chart below.
Image Source: Zacks Investment Research
From a valuation standpoint, Mirum is trading at a premium to the industry. Going by the price/book ratio, the company’s shares currently trade at 14.21, higher than 3.35 for the industry. The stock is trading above its five-year mean of 6.34.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for its 2025 loss per share has narrowed from 84 cents to 69 cents over the past 60 days. During the same time frame, estimates for 2026 have improved from a loss of 13 cents per share to earnings of 3 cents.
Image Source: Zacks Investment Research
MIRM's Zacks Rank
Mirum currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.