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CorMedix vs. Mirum Pharma: Which Rare-Disease Stock is the Better Buy?
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Key Takeaways
Mirum Pharmaceuticals shows a clearer growth narrative with multiple revenue drivers beyond Livmarli.
CRMD's outlook is clouded by conservative guidance, pricing pressure, and reliance on DefenCath.
MIRM's expanding portfolio and pipeline offer a better balance against competition and execution risk.
CorMedix (CRMD - Free Report) and Mirum Pharmaceuticals (MIRM - Free Report) appeal to investors drawn to the rare-disease biotech space, where smaller patient populations can still translate into meaningful revenue opportunities thanks to premium pricing, regulatory incentives, and limited competition. Companies operating in this niche often benefit from clearer clinical endpoints and faster regulatory pathways, which can accelerate time to market compared with traditional mass-market drugs.
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 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.
CRMD and MIRM represent a similar risk-reward profile centered on execution rather than scale. Each company’s valuation is heavily influenced by clinical progress, regulatory milestones, and commercial uptake of a relatively focused product portfolio. That makes both stocks attractive to growth-oriented investors who are comfortable with biotech volatility and are looking for differentiated healthcare plays that are less exposed to broad pharmaceutical competition but highly sensitive to company-specific catalysts.
But which stock presents a better investment opportunity right now? Let’s dive into their fundamentals, growth outlook and potential challenges to make a well-informed comparison.
The Case for CRMD Stock
DefenCath is the first approved product in CorMedix’s marketed portfolio, giving the company a regular income stream. The product was launched in 2024 in both hospital inpatient and outpatient hemodialysis settings and has witnessed strong market adoption since.
In the first nine months of 2025, DefenCath recorded $167.6 million in net sales, reflecting strong uptake in its early commercial journey. Importantly, DefenCath holds a unique market position as the only FDA-approved therapy for a niche condition, supported by patent protection through 2033. CRMD is also planning future potential label expansion of DefenCath into total parenteral nutrition to increase its customer base
Meanwhile, CorMedix took a significant step toward diversifying its revenues and reducing dependence on DefenCath with the $300 million acquisition of Melinta Therapeutics. The acquisition, which closed in August 2025, added seven approved therapies to CRMD’s portfolio, strengthening its presence in hospital acute care and infectious disease markets. The Melinta acquisition underscores CorMedix’s long-term strategy to accelerate growth by expanding its hospital-focused offerings while building a more durable, diversified commercial platform. Reflecting the growing momentum with DefenCath and early Melinta portfolio contributions, the company recently reported preliminary unaudited 2025 pro forma net revenues of about $400 million, meeting its 2025 guidance.
However, CorMedix’s latest future financial outlook has tempered investor expectations around DefenCath’s growth trajectory. Management introduced full-year 2026 revenue guidance of $300-$320 million, but DefenCath sales are expected to be front-loaded in early 2026, with only modest utilization gains offsetting ongoing pricing pressure. More importantly, the company projected 2027 DefenCath revenues of $100-$140 million based on higher net selling prices compared to 2026. Both guidance assumes flat usage among existing customers and excludes any benefit from new accounts, Medicare Advantage contracting, or reimbursement changes — signaling a more conservative, slower-growth outlook than many investors had anticipated and contributing to recent bearish sentiment.
Amid such concerns, CorMedix’s heavy reliance on DefenCath for revenues remains a challenge. Additionally, competition from major players like Pfizer (PFE - Free Report) , Amphastar Pharmaceuticals, B. Braun, Baxter, and Fresenius Kabi USA that already market heparin for multiple uses remains a worry. If either Pfizer or Amphastar expands its anticoagulant portfolio into catheter-related infection prevention, CorMedix could encounter significant competitive pressure within its primary therapeutic space.
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. In 2025, 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 older patients.
In the first nine months of 2025, Livmarli’s net product sales were $161.4 million, $253.6 million, up 70% year over year. MIRM recently reported preliminary Livmarli net sales of $106 million for the fourth quarter, driven by the strong performance of the drug. 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 anticipates completing enrollment in the VANTAGE study in the second half of 2026 and announcing top-line results in the first half of 2027. MIRM has also initiated a phase II study on its newly in-licensed PDE4D inhibitor, MRM-3379, for treating Fragile X syndrome, a rare genetic neurocognitive disorder.
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 $118.8 million in the first nine months of 2025, up 35.3% year over year. The company also recently reported preliminary fourth-quarter net revenues of $43 million from these products. Based on the performance of its commercial portfolio, MIRM expects full-year 2026 net product sales of approximately $630-$650 million.
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 615% and 1040%, respectively. EPS estimates for both 2025 and 2026 have been trending downward 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 52%. Its loss per share in 2025 is expected to narrow by 79% compared to the year-ago figure. Loss estimates have narrowed for 2025 but widened significantly for 2026 over the past 60 days.
MIRM Estimate Movement
Image Source: Zacks Investment Research
Price Performance and Valuation of CRMD & MIRM
In the past six months, shares of CRMD have plunged 38%, while those of MIRM have rallied 75.3%. In comparison, the industry has returned 22.1%, as seen in the chart below.
Image Source: Zacks Investment Research
From a valuation standpoint, Mirum Pharmaceuticals is significantly more expensive than CorMedix, going by the price/book (P/B) ratio. MIRM’s shares currently trade at 16.02 times trailing book value, higher than 1.43 for CRMD.
Image Source: Zacks Investment Research
CRMD vs. MIRM: Which Stock Holds the Edge?
Out of the two stocks discussed above, Mirum Pharmaceuticals, which currently carries a Zacks Rank #3 (Hold), easily stands out as the better pick over CorMedix, which currently carries a Zacks Rank #5 (Strong Sell).
Mirum Pharmaceuticals offers a clearer growth path and improving business mix. Its lead therapy, Livmarli, continues to post strong sales growth, supported by broad insurance coverage, global approvals, and the recent launch of a more patient-friendly tablet formulation. Just as important, MIRM has built a broader revenue base through its bile acid products, allowing the company to project 2026 net product sales of $630-$650 million with greater confidence and less reliance on a single asset.
By comparison, CorMedix faces more near-term uncertainty despite DefenCath’s solid launch. Management’s conservative guidance — highlighting pricing pressure, front-loaded sales, and limited utilization growth — has cooled investor enthusiasm and raised questions about longer-term upside. While CRMD’s story depends heavily on DefenCath’s execution in a competitive hospital setting, Mirum Pharmaceuticals offers investors multiple growth levers, including pipeline readouts for volixibat and continued expansion of its commercial portfolio. Overall, MIRM presents a more balanced and visible growth story, making it the friendlier pick for investors seeking exposure to the rare-disease biotech space right now.
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CorMedix vs. Mirum Pharma: Which Rare-Disease Stock is the Better Buy?
Key Takeaways
CorMedix (CRMD - Free Report) and Mirum Pharmaceuticals (MIRM - Free Report) appeal to investors drawn to the rare-disease biotech space, where smaller patient populations can still translate into meaningful revenue opportunities thanks to premium pricing, regulatory incentives, and limited competition. Companies operating in this niche often benefit from clearer clinical endpoints and faster regulatory pathways, which can accelerate time to market compared with traditional mass-market drugs.
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 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.
CRMD and MIRM represent a similar risk-reward profile centered on execution rather than scale. Each company’s valuation is heavily influenced by clinical progress, regulatory milestones, and commercial uptake of a relatively focused product portfolio. That makes both stocks attractive to growth-oriented investors who are comfortable with biotech volatility and are looking for differentiated healthcare plays that are less exposed to broad pharmaceutical competition but highly sensitive to company-specific catalysts.
But which stock presents a better investment opportunity right now? Let’s dive into their fundamentals, growth outlook and potential challenges to make a well-informed comparison.
The Case for CRMD Stock
DefenCath is the first approved product in CorMedix’s marketed portfolio, giving the company a regular income stream. The product was launched in 2024 in both hospital inpatient and outpatient hemodialysis settings and has witnessed strong market adoption since.
In the first nine months of 2025, DefenCath recorded $167.6 million in net sales, reflecting strong uptake in its early commercial journey. Importantly, DefenCath holds a unique market position as the only FDA-approved therapy for a niche condition, supported by patent protection through 2033. CRMD is also planning future potential label expansion of DefenCath into total parenteral nutrition to increase its customer base
Meanwhile, CorMedix took a significant step toward diversifying its revenues and reducing dependence on DefenCath with the $300 million acquisition of Melinta Therapeutics. The acquisition, which closed in August 2025, added seven approved therapies to CRMD’s portfolio, strengthening its presence in hospital acute care and infectious disease markets. The Melinta acquisition underscores CorMedix’s long-term strategy to accelerate growth by expanding its hospital-focused offerings while building a more durable, diversified commercial platform. Reflecting the growing momentum with DefenCath and early Melinta portfolio contributions, the company recently reported preliminary unaudited 2025 pro forma net revenues of about $400 million, meeting its 2025 guidance.
However, CorMedix’s latest future financial outlook has tempered investor expectations around DefenCath’s growth trajectory. Management introduced full-year 2026 revenue guidance of $300-$320 million, but DefenCath sales are expected to be front-loaded in early 2026, with only modest utilization gains offsetting ongoing pricing pressure. More importantly, the company projected 2027 DefenCath revenues of $100-$140 million based on higher net selling prices compared to 2026. Both guidance assumes flat usage among existing customers and excludes any benefit from new accounts, Medicare Advantage contracting, or reimbursement changes — signaling a more conservative, slower-growth outlook than many investors had anticipated and contributing to recent bearish sentiment.
Amid such concerns, CorMedix’s heavy reliance on DefenCath for revenues remains a challenge. Additionally, competition from major players like Pfizer (PFE - Free Report) , Amphastar Pharmaceuticals, B. Braun, Baxter, and Fresenius Kabi USA that already market heparin for multiple uses remains a worry. If either Pfizer or Amphastar expands its anticoagulant portfolio into catheter-related infection prevention, CorMedix could encounter significant competitive pressure within its primary therapeutic space.
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. In 2025, 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 older patients.
In the first nine months of 2025, Livmarli’s net product sales were $161.4 million, $253.6 million, up 70% year over year. MIRM recently reported preliminary Livmarli net sales of $106 million for the fourth quarter, driven by the strong performance of the drug. 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 anticipates completing enrollment in the VANTAGE study in the second half of 2026 and announcing top-line results in the first half of 2027. MIRM has also initiated a phase II study on its newly in-licensed PDE4D inhibitor, MRM-3379, for treating Fragile X syndrome, a rare genetic neurocognitive disorder.
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 $118.8 million in the first nine months of 2025, up 35.3% year over year. The company also recently reported preliminary fourth-quarter net revenues of $43 million from these products. Based on the performance of its commercial portfolio, MIRM expects full-year 2026 net product sales of approximately $630-$650 million.
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 615% and 1040%, respectively. EPS estimates for both 2025 and 2026 have been trending downward 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 52%. Its loss per share in 2025 is expected to narrow by 79% compared to the year-ago figure. Loss estimates have narrowed for 2025 but widened significantly for 2026 over the past 60 days.
MIRM Estimate Movement
Price Performance and Valuation of CRMD & MIRM
In the past six months, shares of CRMD have plunged 38%, while those of MIRM have rallied 75.3%. In comparison, the industry has returned 22.1%, as seen in the chart below.
From a valuation standpoint, Mirum Pharmaceuticals is significantly more expensive than CorMedix, going by the price/book (P/B) ratio. MIRM’s shares currently trade at 16.02 times trailing book value, higher than 1.43 for CRMD.
CRMD vs. MIRM: Which Stock Holds the Edge?
Out of the two stocks discussed above, Mirum Pharmaceuticals, which currently carries a Zacks Rank #3 (Hold), easily stands out as the better pick over CorMedix, which currently carries a Zacks Rank #5 (Strong Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Mirum Pharmaceuticals offers a clearer growth path and improving business mix. Its lead therapy, Livmarli, continues to post strong sales growth, supported by broad insurance coverage, global approvals, and the recent launch of a more patient-friendly tablet formulation. Just as important, MIRM has built a broader revenue base through its bile acid products, allowing the company to project 2026 net product sales of $630-$650 million with greater confidence and less reliance on a single asset.
By comparison, CorMedix faces more near-term uncertainty despite DefenCath’s solid launch. Management’s conservative guidance — highlighting pricing pressure, front-loaded sales, and limited utilization growth — has cooled investor enthusiasm and raised questions about longer-term upside. While CRMD’s story depends heavily on DefenCath’s execution in a competitive hospital setting, Mirum Pharmaceuticals offers investors multiple growth levers, including pipeline readouts for volixibat and continued expansion of its commercial portfolio. Overall, MIRM presents a more balanced and visible growth story, making it the friendlier pick for investors seeking exposure to the rare-disease biotech space right now.