Executive Summary

Q2 2025 revenue of $127.8M, driven by LIVMARLI and Bile Acid Medicines, with net loss per share improving to -$0.12; full-year revenue guidance raised to $490–$510M, signaling stronger-than-expected commercial momentum .
Against S&P Global consensus, Mirum delivered a material beat: EPS -$0.12 vs -$0.34* and revenue $127.8M vs $108.1M*, with EBITDA slightly above estimates*; management attributed outperformance to international strength and the U.S. PFIC launch .
Management emphasized pipeline milestones into 2026 (VISTAS PSC topline in Q2 2026; VANTAGE PBC enrollment; EXPAND Phase 3) while launching LIVMARLI tablet in the U.S., reinforcing commercial durability and breadth .
Aftermarket stock reaction was positive (+2.99%) as investors responded to the beat and guidance raise, supporting near-52-week highs .

What Went Well and What Went Wrong

Strong top-line growth: total revenue rose to $127.8M (+64% YoY per third-party transcript coverage) with global net product sales of $127.8M and LIVMARLI at $88.2M (+87% YoY), driving a guidance raise to $490–$510M .
Commercial execution in PFIC and international markets: “outperformance from our International business and U.S. PFIC launch” enabled confidence to raise guidance .
Pipeline milestones on track: VISTAS PSC topline expected Q2 2026, VANTAGE PBC enrollment to complete in 2026, and planned Phase 2 initiation for MRM-3379 in FXS in Q4 2025 .

Continued GAAP losses: net loss of $5.9M in Q2 2025 despite improved EPS, reflecting elevated operating expenses ($132.8M) and R&D/S,G&A investments .
Operating expenses grew meaningfully YoY (from $102.1M to $132.8M), including higher non-cash costs ($24.5M vs $17.7M YoY), pressuring operating income (-$5.0M) .
Cost of sales rose to $23.4M from $20.2M YoY amid scaling, partially offset by strong gross margins and improved sequential profitability; investors may watch for margin normalization as tablet launch scales .

Metric (USD)	Q2 2024	Q1 2025	Q2 2025
Revenue ($M)	$77.875	$111.585	$127.785
Net Income ($M)	$(24.638)	$(14.677)	$(5.861)
Diluted EPS ($)	$(0.52)	$(0.30)	$(0.12)
Cost of Sales ($M)	$20.227	$23.018	$23.421
R&D ($M)	$32.672	$46.044	$46.067
SG&A ($M)	$49.208	$57.706	$63.286
Total Operating Expenses ($M)	$102.107	$126.768	$132.774
Operating Income ($M)	$(24.232)	$(15.183)	$(4.989)

Values retrieved from S&P Global.*

Metric	Dec 31, 2024	Jun 30, 2025
Unrestricted Cash, Cash Equivalents & Investments ($M)	$292.8	$321.7
Cash & Cash Equivalents ($M)	$222.5	$228.1
Short-Term Investments ($M)	$57.8	$76.4
Accounts Receivable ($M)	$78.3	$106.8
Convertible Notes (Net, Noncurrent) ($M)	$308.1	$308.9

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue	FY 2025	$435–$450M (raised in Q1 2025)	$490–$510M	Raised
Cash Flow	FY 2025	Positive cash flow expected	Not reiterated in PR; call commentary/coverage notes “cash flow positive”	Maintained (per call coverage)

No explicit guidance provided for margins, OpEx, OI&E, tax rate, or dividends in these materials .

Topic	Previous Mentions (Q4 2024, Q1 2025)	Current Period (Q2 2025)	Trend
Commercial momentum (LIVMARLI, Bile Acid)	2024 net product sales $336.4M; 2025 sales guide $420–$435M	Net product sales $127.8M; LIVMARLI $88.2M; guidance raised to $490–$510M	Strengthening
PFIC launch (U.S.)	LIVMARLI PFIC label expansion noted	PFIC launch cited as a driver of outperformance	Positive ramp
International strength	Global LIVMARLI access expanded (30 countries in 2024)	International business outperformance cited	Accelerating
Pipeline milestones (PSC, PBC)	VISTAS PSC enrollment 2H25; VANTAGE PBC ongoing, breakthrough therapy designation	VISTAS PSC topline Q2 2026; VANTAGE enrollment in 2026	On track
New formulation	LIVMARLI tablet FDA approval in Q1 2025	U.S. tablet launch in June	Launch underway
R&D execution	Consistent investment; EXPAND Phase 3 in rare cholestatic pruritus	Continued execution across PSC/PBC/EXPAND and FXS	Sustained
Call Q&A specifics	N/A	Therapy persistence in ALGS ~70–75% after one year; PSC pruritus prevalence/biology discussed	Constructive engagement

“Our second quarter results once again underscore the strength of our commercial programs with notable outperformance from our International business and U.S. PFIC launch… allowing us to raise guidance with confidence.” — Chris Peetz, CEO .
“We are carrying that same momentum into our pipeline… VISTAS study of volixibat in PSC will complete enrollment this quarter, and we plan to report topline data in the second quarter of next year.” — Chris Peetz, CEO .
“Strong balance sheet and financial independence,” with unrestricted cash, cash equivalents and investments of $321.7M as of June 30, 2025 .

Demand durability: Management cited therapy persistence in ALGS of ~70–75% after one year, underscoring product durability and treatment adherence expectations .
PSC pruritus: Analyst queries focused on prevalence (~65% with active pruritus) and pathophysiology, with management highlighting unmet need and the rationale for volixibat trials .
Commercial scaling: Commentary around U.S. tablet launch and international expansion, consistent with press release themes .
Tone: Confident and execution-focused, emphasizing guidance raise and clear pipeline timelines .

Metric	S&P Global Consensus	Actual	Surprise
Primary EPS	-$0.34*	-$0.12*	+$0.22*
Revenue ($M)	$108.1*	$127.8*	+$19.7*
EBITDA ($M)	$0.11*	$1.07*	+$0.96*
EPS # of Estimates	8*	N/A	N/A
Revenue # of Estimates	8*	N/A	N/A

Values retrieved from S&P Global.*
Actuals per company press release: Revenue $127.785M, EPS -$0.12 .

Material beat and guidance raise: Strong Q2 execution with revenue/EPS ahead of consensus and FY revenue lifted to $490–$510M, likely supporting near-term share strength and estimate revisions .
LIVMARLI growth drivers: U.S. PFIC launch and international momentum are key catalysts; tablet formulation should aid uptake and persistence .
Watch OpEx trajectory: Elevated R&D and SG&A underpin pipeline and commercial scaling; sequential improvement in operating loss suggests leverage as revenue scales .
Pipeline readouts: VISTAS PSC topline in Q2 2026 remains a medium-term thesis lever; VANTAGE PBC and EXPAND Phase 3 progress extend optionality .
Balance sheet: $321.7M in liquidity provides flexibility to fund growth and trials without near-term dilutive capital needs .
Trading implication: Positive surprise and raised guide are incremental bullish; monitor post-earnings drift and any follow-through from sell-side estimate raises .
Risk checks: Margin normalization and scaling costs, regulatory timelines, and competitive dynamics in rare cholestatic diseases warrant ongoing attention .