We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Mirum's (MIRM) Q2 Earnings Lag Estimates, Revenues Top
Read MoreHide Full Article
Mirum Pharmaceuticals, Inc. (MIRM - Free Report) incurred second-quarter 2024 loss of 52 cents per share, wider than the Zacks Consensus Estimate of a loss of 48 cents. The company had reported a loss of 92 cents per share in the year-ago quarter.
Revenues in the second quarter totaled $77.9 million, up almost 107.7% year over year. The figure beat the Zacks Consensus Estimate of $75 million. The top line comprised Livmarli (maralixibat) sales, newly acquired Cholbam and Chenodal sales and minimal license and other revenues.
Mirum acquired Travere Therapeutics’ bile acid products in August 2023, which added the latter’s Cholbam capsules and Chenodal tablets to its portfolio of commercialized drugs.
Shares of Mirum have rallied 31.9% so far this year against the industry’s decline of 4.4%.
Image Source: Zacks Investment Research
Quarter in Detail
Livmarli’s net product sales were $47.2 million in the second quarter, reflecting an increase of almost 45% year over year.
Net product sales of newly acquired Cholbam and Chenodal were $30.5 million.
License and other revenues were $0.1 million in the reported quarter compared with $5 million reported in the year-ago quarter.
Research and development expenses increased 48.6% year over year to $32.7 million.
Selling, general and administrative expenses totaled $49.2 million, up almost 49.5% from the year-ago quarter’s level.
As of Jun 30, 2024, Mirum had cash, cash equivalents and marketable securities worth $295.4 million compared with $302.8 million as of Mar 31, 2024.
Recent Updates
Last month, the European Commission approved Livmarli oral solution for the treatment of progressive familial intrahepatic cholestasis (PFIC) in patients aged three months and above. PFIC is a rare genetic disorder that causes liver failure.
During the second quarter, Livmarli was approved for treating cholestatic pruritus in PFIC patients aged 12 months and above in the United States.
The FDA approved a label expansion for Livmarli oral solution to include the treatment of cholestatic pruritus in patients aged five years and older with PFIC in March.
MIRM plans to begin the phase III EXPAND study, a label expansion opportunity for Livmarli in additional settings of cholestatic pruritus, later in the second half of the year.
In June 2024, the new drug application for chenodiol for treating cerebrotendinous xanthomatosis patients was filed in the United States.
In June 2024, MIRM announced positive interim data from two phase IIb studies evaluating its pipeline candidate, volixibat, in patients with primary biliary cholangitis (PBC) and primary sclerosing cholangitis (PSC). The phase IIb VISTAS study investigated volixibat for the treatment of PSC, while the phase IIb VANTAGE study evaluated volixibat for the treatment of PBC.
Interim data from the VANTAGE study showed that treatment with volixibat led to a statistically significant improvement in pruritus and a placebo-adjusted difference of -2.32 points in the primary endpoint of pruritus, as measured by the Adult ItchRO scale.
Per the company, the VISTAS PSC interim analysis exceeded the efficacy threshold for study continuation.
Mirum Pharmaceuticals, Inc. Price, Consensus and EPS Surprise
In the past 60 days, estimates for Exact Sciences’ 2024 loss per share have narrowed from $1.09 to $1.00. Loss per share estimates for 2025 have narrowed from 21 cents to 8 cents. Year to date, shares of EXAS have decreased 24.3%.
EXAS’ earnings beat estimates in three of the trailing four quarters while meeting the same on the remaining occasion, the average surprise being 56.19%.
In the past 60 days, estimates for Fulcrum Therapeutics’ 2024 loss per share have narrowed from $1.24 to 48 cents. Loss per share estimates for 2025 have narrowed from $1.71 to $1.51. Year to date, shares of FULC have increased 22.8%.
FULC’s earnings beat estimates in each of the trailing four quarters, the average surprise being 393.18%.
In the past 60 days, estimates for Entrada Therapeutics’ 2024 loss per share have narrowed from 14 cents to 13 cents. Loss per share estimates for 2025 have narrowed from $3.44 to $3.21. Year to date, shares of TRDA have lost 8.5%.
TRDA’s earnings beat estimates in two of the trailing four quarters while meeting the same on the remaining two occasions, the average surprise being 42.18%.
See More Zacks Research for These Tickers
Pick one free report - opportunity may be withdrawn at any time
Image: Shutterstock
Mirum's (MIRM) Q2 Earnings Lag Estimates, Revenues Top
Mirum Pharmaceuticals, Inc. (MIRM - Free Report) incurred second-quarter 2024 loss of 52 cents per share, wider than the Zacks Consensus Estimate of a loss of 48 cents. The company had reported a loss of 92 cents per share in the year-ago quarter.
Revenues in the second quarter totaled $77.9 million, up almost 107.7% year over year. The figure beat the Zacks Consensus Estimate of $75 million. The top line comprised Livmarli (maralixibat) sales, newly acquired Cholbam and Chenodal sales and minimal license and other revenues.
Mirum acquired Travere Therapeutics’ bile acid products in August 2023, which added the latter’s Cholbam capsules and Chenodal tablets to its portfolio of commercialized drugs.
Shares of Mirum have rallied 31.9% so far this year against the industry’s decline of 4.4%.
Image Source: Zacks Investment Research
Quarter in Detail
Livmarli’s net product sales were $47.2 million in the second quarter, reflecting an increase of almost 45% year over year.
Net product sales of newly acquired Cholbam and Chenodal were $30.5 million.
License and other revenues were $0.1 million in the reported quarter compared with $5 million reported in the year-ago quarter.
Research and development expenses increased 48.6% year over year to $32.7 million.
Selling, general and administrative expenses totaled $49.2 million, up almost 49.5% from the year-ago quarter’s level.
As of Jun 30, 2024, Mirum had cash, cash equivalents and marketable securities worth $295.4 million compared with $302.8 million as of Mar 31, 2024.
Recent Updates
Last month, the European Commission approved Livmarli oral solution for the treatment of progressive familial intrahepatic cholestasis (PFIC) in patients aged three months and above. PFIC is a rare genetic disorder that causes liver failure.
During the second quarter, Livmarli was approved for treating cholestatic pruritus in PFIC patients aged 12 months and above in the United States.
The FDA approved a label expansion for Livmarli oral solution to include the treatment of cholestatic pruritus in patients aged five years and older with PFIC in March.
MIRM plans to begin the phase III EXPAND study, a label expansion opportunity for Livmarli in additional settings of cholestatic pruritus, later in the second half of the year.
In June 2024, the new drug application for chenodiol for treating cerebrotendinous xanthomatosis patients was filed in the United States.
In June 2024, MIRM announced positive interim data from two phase IIb studies evaluating its pipeline candidate, volixibat, in patients with primary biliary cholangitis (PBC) and primary sclerosing cholangitis (PSC). The phase IIb VISTAS study investigated volixibat for the treatment of PSC, while the phase IIb VANTAGE study evaluated volixibat for the treatment of PBC.
Interim data from the VANTAGE study showed that treatment with volixibat led to a statistically significant improvement in pruritus and a placebo-adjusted difference of -2.32 points in the primary endpoint of pruritus, as measured by the Adult ItchRO scale.
Per the company, the VISTAS PSC interim analysis exceeded the efficacy threshold for study continuation.
Mirum Pharmaceuticals, Inc. Price, Consensus and EPS Surprise
Mirum Pharmaceuticals, Inc. price-consensus-eps-surprise-chart | Mirum Pharmaceuticals, Inc. Quote
Zacks Rank & Stocks to Consider
Mirum currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the biotech sector are Exact Sciences Corporation (EXAS - Free Report) , Fulcrum Therapeutics, Inc. (FULC - Free Report) and Entrada Therapeutics, Inc. (TRDA - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
In the past 60 days, estimates for Exact Sciences’ 2024 loss per share have narrowed from $1.09 to $1.00. Loss per share estimates for 2025 have narrowed from 21 cents to 8 cents. Year to date, shares of EXAS have decreased 24.3%.
EXAS’ earnings beat estimates in three of the trailing four quarters while meeting the same on the remaining occasion, the average surprise being 56.19%.
In the past 60 days, estimates for Fulcrum Therapeutics’ 2024 loss per share have narrowed from $1.24 to 48 cents. Loss per share estimates for 2025 have narrowed from $1.71 to $1.51. Year to date, shares of FULC have increased 22.8%.
FULC’s earnings beat estimates in each of the trailing four quarters, the average surprise being 393.18%.
In the past 60 days, estimates for Entrada Therapeutics’ 2024 loss per share have narrowed from 14 cents to 13 cents. Loss per share estimates for 2025 have narrowed from $3.44 to $3.21. Year to date, shares of TRDA have lost 8.5%.
TRDA’s earnings beat estimates in two of the trailing four quarters while meeting the same on the remaining two occasions, the average surprise being 42.18%.