Mirum has achieved significant operational efficiency, with gross margins expanding from 64.0% in 2023Q4 to 81.0% in 2025Q4 as commercial scaling outpaces fixed costs.
| Sales/Revenue | 409.73M | 521.31M | 336.89M | 186.37M | 77.06M | 19.14M | 0 | 0 | 0 |
| Revenue Growth % | 8.04% | 54.74% | 80.76% | 141.85% | 302.66% | - | - | - | - |
| Cost of Goods Sold | 832.4M | 100.58M | 81.64M | 47.04M | 12.37M | 1.9M | 623K | 324K | 0 |
| COGS % of Revenue | - | 19.29% | 24.23% | 25.24% | 16.06% | 9.94% | - | - | - |
| Gross Profit | -422.68M | 420.73M | 255.25M | 139.34M | 64.69M | 17.23M | -623K | -324K | 0 |
| Gross Margin % | -103.16% | 80.71% | 75.77% | 74.76% | 83.94% | 90.06% | - | - | - |
| Gross Profit Growth % | - | 64.83% | 83.19% | 115.4% | 275.33% | 2866.45% | -92.28% | - | - |
| Operating Expenses | 533.7M | 443.21M | 342.85M | 248.49M | 195.91M | 190.65M | 103.67M | 54.74M | 2.92M |
| OpEx % of Revenue | - | 85.02% | 101.77% | 133.33% | 254.22% | 996.18% | - | - | - |
| Selling, General & Admin | 295.65M | 257.03M | 202.22M | 145.88M | 89.07M | 59.22M | 22.69M | 11.75M | 585K |
| SG&A % of Revenue | - | 49.3% | 60.03% | 78.27% | 115.58% | 309.44% | - | - | - |
| Research & Development | 238.04M | 186.18M | 140.63M | 102.61M | 106.84M | 131.43M | 81.61M | 42.99M | 2.33M |
| R&D % of Revenue | - | 35.71% | 41.74% | 55.06% | 138.64% | 686.74% | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | -623K | -21K | 0 |
| Operating Income | -796.42M | -22.14M | -87.61M | -109.15M | -131.22M | -173.41M | -104.3M | -54.74M | -2.92M |
| Operating Margin % | -194.38% | -4.25% | -26% | -58.57% | -170.28% | -906.12% | - | - | - |
| Operating Income Growth % | - | 74.73% | 19.74% | 16.82% | 24.33% | -66.27% | -90.52% | -1777.33% | - |
| EBITDA | -778.23M | 2.11M | -63.98M | -98.33M | -127.98M | -172.44M | -103.67M | -54.42M | 1.46M |
| EBITDA Margin % | -189.94% | 0.4% | -18.99% | -52.76% | -166.08% | -901.02% | - | - | - |
| EBITDA Growth % | -1387.89% | 103.29% | 34.93% | 23.17% | 25.78% | -66.33% | -90.51% | -3832.44% | - |
| D&A (Non-Cash Add-back) | 18.19M | 24.24M | 23.63M | 10.83M | 3.24M | 975K | 623K | 324K | 4.37M |
| EBIT | -237K | -7.04M | -72.6M | -147.32M | -126.09M | -66.36M | -102.93M | -52.53M | -17.33M |
| Net Interest Income | -1.09M | -1.66M | -519K | -1.37M | -12.12M | -17.22M | 1.22M | 2.23M | 0 |
| Interest Income | 13.11M | 12.73M | 13.79M | 13.73M | 3.86M | 366K | 1.56M | 2.23M | 87K |
| Interest Expense | 7.18M | 14.39M | 14.31M | 15.11M | 15.98M | 17.59M | 335K | 0 | 0 |
| Other Income/Expense | -1.04M | 709K | 694K | -53.27M | -10.85M | 89.46M | 1.03M | 2.21M | -14.43M |
| Pretax Income | -797.46M | -21.43M | -86.91M | -162.42M | -142.07M | -83.95M | -103.26M | -52.53M | -17.35M |
| Pretax Margin % | -194.63% | -4.11% | -25.8% | -87.15% | -184.36% | -438.66% | - | - | - |
| Income Tax | 1.38M | 1.94M | 1.03M | 991K | -6.41M | 37K | 6K | 21K | 0 |
| Effective Tax Rate % | -0.17% | -9.04% | -1.19% | -0.61% | 4.51% | -0.04% | -0.01% | -0.04% | 0% |
| Net Income | -798.84M | -23.36M | -87.94M | -163.41M | -135.66M | -83.99M | -103.27M | -52.55M | -17.35M |
| Net Margin % | -194.97% | -4.48% | -26.1% | -87.68% | -176.05% | -438.85% | - | - | - |
| Net Income Growth % | -932.9% | 73.43% | 46.18% | -20.45% | -61.53% | 18.67% | -96.51% | -202.93% | - |
| Net Income (Continuing) | -798.84M | -23.36M | -87.94M | -163.41M | -135.66M | -83.99M | -103.27M | -52.55M | -17.35M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -13.57 | -0.47 | -1.85 | -4.00 | -4.02 | -2.77 | -4.09 | -2.29 | -0.75 |
| EPS Growth % | -745.9% | 74.59% | 53.75% | 0.5% | -45.13% | 32.27% | -78.6% | -205.33% | - |
| EPS (Basic) | - | -0.47 | -1.85 | -4.00 | -4.01 | -2.77 | -4.09 | -2.29 | -0.75 |
| Diluted Shares Outstanding | 58.85M | 50.2M | 47.52M | 40.89M | 33.98M | 30.32M | 25.25M | 22.99M | 22.99M |
| Basic Shares Outstanding | 58.85M | 50.2M | 47.52M | 40.89M | 33.84M | 30.32M | 25.25M | 22.99M | 22.99M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Clinical label expansion failure
According to recent financial disclosures, MIRM achieved a 49.8% year-over-year revenue increase in 2025Q4, reflecting the successful commercial scaling of LIVMARLI and the integration of acquired bile acid assets, which collectively suggest a robust trajectory for the company's rare disease hepatology platform in the near term.
The consistent double-digit revenue growth indicates that the company is effectively penetrating its target patient populations for ALGS and PFIC. This expansion appears to be driven by both organic adoption and strategic portfolio diversification, which may reduce reliance on a single asset over time.
As reported in quarterly filings, MIRM has demonstrated significant gross margin improvement, reaching 81.0% in 2025Q4 compared to 64.0% in 2023Q4, which suggests that the company is successfully optimizing its manufacturing and supply chain costs as it scales its commercial orphan drug portfolio.
The expansion in gross margins highlights the inherent operating leverage within the orphan drug business model, where incremental revenue contributes disproportionately to profitability. Investors should monitor whether this trend persists as the company integrates the Sobi assets and potentially faces future pricing pressures.
Based on the income statement data, MIRM's operating margin improved from -46.8% in 2023Q4 to -3.1% in 2025Q4, signaling that the company is nearing a critical inflection point where revenue growth is beginning to effectively outpace the fixed costs of its specialized commercial infrastructure.
The narrowing operating losses suggest that management's investment in a high-touch sales force is yielding tangible results in patient identification and retention. If this trend continues, the company may achieve consistent operating profitability without requiring significant additional overhead, provided that label expansions proceed as anticipated.
Financial statements reveal that stock-based compensation remains a consistent expense, totaling $19.0M in 2025Q4, which warrants careful consideration when evaluating the quality of the company's path toward GAAP profitability and the true economic cost of its human capital investments in the competitive biotech talent market.
While the company is nearing operational break-even, the persistent level of stock-based compensation suggests that reported net income may continue to be impacted by non-cash charges. Analysts should distinguish between operational efficiency and the dilutionary impact of these compensation structures on long-term shareholder value.
Quick answers to the most common questions about buying MIRM stock.
For fiscal year 2025, Mirum Pharmaceuticals, Inc. (MIRM) reported total revenue of $521.3M.
Mirum Pharmaceuticals, Inc. (MIRM) reported a net loss of $23.4M for the fiscal year ending 2025.
Mirum Pharmaceuticals, Inc. (MIRM) reported an operating income of $-22.1M, resulting in an operating profit margin of -4.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Mirum Pharmaceuticals, Inc. (MIRM) generated $420.7M in gross profit for the year, representing a gross profit margin of 80.7%. This demonstrates the company's core pricing power and production efficiency.