Revenue growth accelerated to 37.9% year-over-year in 2026Q2, reaching $176.2M, while gross margin expanded to 82.8% from 74.2% in 2024Q1, though operating margin remained deeply negative at -24.1% due to elevated R&D and SG&A spending.
Mirum Pharmaceuticals, Inc. (MIRM) annual income statement — 8-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Sales/Revenue | 618.07M | 521.31M | 336.89M | 186.37M | 77.06M | 19.14M | 0 | 0 | 0 |
| Revenue Growth % | 44.02% | 54.74% | 80.76% | 141.85% | 302.66% | - | - | - | - |
| Cost of Goods Sold | 113.1M | 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 | 504.96M | 420.73M | 255.25M | 139.34M | 64.69M | 17.23M | -623K | -324K | 0 |
| Gross Margin % | 81.7% | 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 | 612.78M | 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 | 313.84M | 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 | 282.5M | 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 | 1000K | 0 | 0 | 0 | 0 | 0 | -623K | -21K | 0 |
| Operating Income | -107.66M | -22.14M | -87.61M | -109.15M | -131.22M | -173.41M | -104.3M | -54.74M | -2.92M |
| Operating Margin % | -17.42% | -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 | -81.72M | 2.11M | -63.98M | -98.33M | -127.98M | -172.44M | -103.67M | -54.42M | 1.46M |
| EBITDA Margin % | -13.22% | 0.4% | -18.99% | -52.76% | -166.08% | -901.02% | - | - | - |
| EBITDA Growth % | -148.69% | 103.29% | 34.93% | 23.17% | 25.78% | -66.33% | -90.51% | -3832.44% | - |
| D&A (Non-Cash Add-back) | 25.95M | 24.24M | 23.63M | 10.83M | 3.24M | 975K | 623K | 324K | 4.37M |
| EBIT | -802.73M | -7.04M | -72.6M | -147.32M | -126.09M | -66.36M | -102.93M | -52.53M | -17.33M |
| Net Interest Income | 485K | -1.66M | -519K | -1.37M | -12.12M | -17.22M | 1.22M | 2.23M | 0 |
| Interest Income | 13.92M | 12.73M | 13.79M | 13.73M | 3.86M | 366K | 1.56M | 2.23M | 87K |
| Interest Expense | 13.44M | 14.39M | 14.31M | 15.11M | 15.98M | 17.59M | 335K | 0 | 0 |
| Other Income/Expense | -749.87M | 709K | 694K | -53.27M | -10.85M | 89.46M | 1.03M | 2.21M | -14.43M |
| Pretax Income | -857.54M | -21.43M | -86.91M | -162.42M | -142.07M | -83.95M | -103.26M | -52.53M | -17.35M |
| Pretax Margin % | -138.75% | -4.11% | -25.8% | -87.15% | -184.36% | -438.66% | - | - | - |
| Income Tax | 2.67M | 1.94M | 1.03M | 991K | -6.41M | 37K | 6K | 21K | 0 |
| Effective Tax Rate % | -0.31% | -9.04% | -1.19% | -0.61% | 4.51% | -0.04% | -0.01% | -0.04% | 0% |
| Net Income | -860.21M | -23.36M | -87.94M | -163.41M | -135.66M | -83.99M | -103.27M | -52.55M | -17.35M |
| Net Margin % | -139.18% | -4.48% | -26.1% | -87.68% | -176.05% | -438.85% | - | - | - |
| Net Income Growth % | -1368.86% | 73.43% | 46.18% | -20.45% | -61.53% | 18.67% | -96.51% | -202.93% | - |
| Net Income (Continuing) | -860.21M | -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 % | -1103.22% | 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 | 63.37M | 50.2M | 47.52M | 40.89M | 33.98M | 30.32M | 25.25M | 22.99M | 22.99M |
| Basic Shares Outstanding | 63.37M | 50.2M | 47.52M | 40.89M | 33.84M | 30.32M | 25.25M | 22.99M | 22.99M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
SBC dilution and net losses
Metrics are mathematically derived from official filings.
Revenue Momentum Accelerates Sharply
Mirum's revenue surged 37.9% year-over-year to $176.2M in 2026Q2, per the latest quarterly report, marking the tenth consecutive quarter of accelerating growth, driven by robust commercial execution.
Revenue growth has consistently accelerated from 42.9% in 2024Q4 to 64.1% in 2025Q2 and 37.9% in 2026Q2, indicating sustained demand for the company's rare disease therapies. The sequential increase from $159.9M in 2026Q1 to $176.2M in 2026Q2 suggests continued market penetration and possibly new patient starts. This trajectory appears durable given the niche therapeutic areas and expanding label indications, though investors should monitor competitive entry and pricing pressures.
Gross Margin Expansion Reflects Scale
Gross margin improved from 74.2% in 2024Q1 to 82.8% in 2026Q2, as reported in financial statements, indicating favorable product mix and manufacturing efficiencies as volumes scale.
The 860 basis point expansion in gross margin over the period suggests that Mirum is achieving better absorption of fixed costs and possibly benefiting from lower per-unit production costs. While still below peers like PTCT (95.9%) and KRYS (92.6%), the upward trend indicates improving unit economics. However, the absolute level remains moderate for biotech, and further gains may be limited as the product mix stabilizes.
Operating Leverage Emerges but SBC Clouds
Operating margin swung from -38.2% in 2024Q1 to -24.1% in 2026Q2, per the income statement data, yet heavy stock-based compensation of $66.8M in 2026Q2 masks underlying operational improvements.
Excluding SBC, operating income would have been positive in recent quarters, as SBC alone exceeds the operating loss in 2026Q2. The reported operating loss of -$42.5M includes $66.8M of SBC, implying a cash operating profit of roughly $24M. This suggests that the business is approaching cash flow breakeven on an adjusted basis, but the magnitude of SBC dilutes shareholders and raises questions about earnings quality.
Net Losses Distorted by One-Time Charges
Net income swung to a -$790.2M loss in 2026Q1, as per the quarterly report, likely due to a non-cash impairment or fair value adjustment, while other quarters show modest losses or small profits.
The massive loss in 2026Q1 appears anomalous relative to the surrounding quarters, suggesting a one-time non-operating charge, possibly related to an acquisition or asset impairment. Excluding that quarter, net losses have narrowed from -$25.3M in 2024Q1 to -$5.7M in 2025Q4, and the company even posted a small profit in 2025Q3. Investors should focus on operating trends rather than the distorted net income figure, but the volatility warrants caution.
R&D and SG&A Escalate with Commercialization
R&D spending jumped to $90.5M in 2026Q2 from $32.2M in 2024Q1, as reported in the income statement, reflecting increased investment in pipeline expansion, while SG&A grew to $81.5M, indicating commercial infrastructure build-out.
The combined operating expenses have more than doubled over the period, outpacing revenue growth, which explains the persistent operating losses. R&D intensity (R&D as % of revenue) rose from 46.5% in 2024Q1 to 51.4% in 2026Q2, suggesting management is prioritizing long-term growth over near-term profitability. SG&A growth is consistent with a company scaling its sales force and market access efforts, but investors should monitor whether these investments translate into sustained revenue growth.
SBC Dilution and Cash Burn Risks
Stock-based compensation reached $66.8M in 2026Q2, exceeding the operating loss, as per the income statement, implying significant shareholder dilution and raising concerns about the sustainability of reported growth.
The heavy use of SBC, which has grown from $11.4M in 2024Q1 to $66.8M in 2026Q2, suggests that a substantial portion of employee compensation is equity-based, potentially masking true cash costs. If the company continues to rely on SBC to attract talent, existing shareholders will face ongoing dilution. Additionally, despite revenue growth, the company has yet to generate consistent positive operating cash flow, and the large net loss in 2026Q1 may indicate balance sheet strain. Short-sellers could argue that the company's path to profitability is longer than expected, especially if revenue growth decelerates or competition intensifies.