Mirum Pharmaceuticals Reports 38% Revenue Growth in Q2 2026, Despite Increased Net Loss

Mirum Pharmaceuticals, Inc. reported significant financial results for the second quarter of 2026, with net product sales reaching $176.2 million, a 38% increase from $127.8 million in the same period last year. For the first half of 2026, total product sales amounted to $336.1 million, compared to $239.4 million in the first half of 2025. The growth in revenue was primarily driven by increased sales of LIVMARLI, which generated $128.7 million in the second quarter, up from $88.2 million a year earlier, and $242.5 million for the first half, compared to $161.4 million in the prior year. The Bile Acid Medicines also contributed to the revenue increase, with sales of $47.5 million in the second quarter, up from $39.6 million.

Despite the revenue growth, Mirum reported a net loss of $67.2 million for the second quarter, compared to a loss of $5.9 million in the same quarter of 2025. The loss for the first half of 2026 was $857.4 million, significantly higher than the $20.5 million loss reported in the first half of 2025. This increase in losses was attributed to substantial operating expenses, which totaled $218.8 million for the second quarter, up from $132.8 million a year earlier. The rise in expenses was driven by increased research and development costs, including a one-time charge of $742.7 million related to acquired in-process research and development from the Bluejay Acquisition.

In terms of strategic developments, Mirum completed the acquisition of Bluejay Therapeutics in January 2026, which added the late-stage product candidate brelovitug for chronic hepatitis D virus to its portfolio. The company also entered into a licensing agreement with Incyte Corporation for zilurgisertib, an oral small molecule in development for fibrodysplasia ossificans progressiva. These acquisitions and partnerships are expected to enhance Mirum's product pipeline and market presence.

Operationally, Mirum's total assets increased to $1.045 billion as of June 30, 2026, up from $842.8 million at the end of 2025. The company reported unrestricted cash, cash equivalents, and investments of $561.3 million, providing a solid liquidity position to support ongoing operations and development efforts. The employee headcount has also increased, reflecting the company's expansion in preparation for the commercialization of its product candidates.

Looking ahead, Mirum anticipates continued revenue growth from its approved medicines, although it expects to incur net losses as it invests in research and development and commercialization activities. The company plans to submit a New Drug Application for volixibat in the first half of 2027 and is focused on advancing its clinical programs while managing its financial resources effectively. The outlook remains cautious, with potential fluctuations in revenue due to the nature of product orders and market conditions.