Mirum Pharmaceuticals Eyes Growth Through Series of Upcoming Phase 3 Readouts

Mirum Pharmaceuticals (NASDAQ: MIRM) is entering a critical phase of its development cycle, with four pivotal clinical readouts scheduled through the first half of 2027. The company has already successfully commercialized three therapies: Livmarli, Ctexli, and Cholbam, targeting rare genetic liver diseases and metabolic disorders. Financial performance has been driven largely by Livmarli, which is approved in the U.S. and Europe. In the fourth quarter of 2025, the company's net product sales rose 50% year-over-year, with Livmarli sales specifically soaring 69% to reach $360 million. This growth allowed the firm to generate positive free cash flow in 2025, though increased R&D spending is expected to result in negative cash flow this year before returning to positive territory in 2027. The company's near-term valuation will likely be driven by a dense pipeline of data releases. Top-line Phase 3 data for volixibat in the treatment of Primary Sclerosing Cholangitis (PSC) is expected in the second quarter of 2026. This will be followed by Phase 3 data for brelovitug (Hepatitis Delta Virus) in the second half of 2026, and results for Livmarli (cholestatic pruritus) in the fourth quarter. Looking further ahead, Mirum anticipates announcing top-line results for volixibat in the treatment of Primary Biliary Cholangitis (PBC) in the first half of 2027. With peak sales estimates for pipeline candidates exceeding $4 billion and a current market cap of approximately $5.8 billion, the successful execution of these trials could significantly alter the company's valuation.