Mirum 2026 net product sales guided to $630–$650M, implying 21–25% YoY growth deceleration versus 2025.

 

Mirum posts Q4 2025 revenue $148.9M (+50% YoY) beat with EPS -$0.10 miss, tops 2025 net product sales guidance and guides 2026 net product sales to $630–$650M

• 2025 net product sales rose 55% to $521M, exceeding the upper end of company guidance.
• Q4 sales grew to $149M from $99M YoY, driven mainly by LIVMARLI and bile acids.
• 2026 net product sales guided to $630–$650M, implying 21–25% YoY growth deceleration versus 2025.
• Japan’s $22M 2025 inventory build creates a tougher 2026 comparison despite solid launch trends there.
• 2025 operating expenses were $543M, and commercial cash contribution margin improved to approximately 55%.
• 2025 gross margin was about 81% and operating margin about -4%, with first positive operating cash flow.

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