Mirum Pharmaceuticals reported preliminary and unaudited full-year 2025 figures showing net product sales of approximately 520 million, a year-over-year increase of 53%, driven by strong demand for its core therapies. The company ended the year with a cash, cash equivalents and investments balance of around 392 million, up from 293 million at the end of 2024, and achieved positive cash flow from operations for the first time. Two concurrent private placements, expected to close alongside the planned acquisition of Bluejay Therapeutics, are projected to raise an additional 268.5 million in gross proceeds.

In 2025, Mirum’s lead asset, LIVMARLI, delivered estimated net product sales of 359 million globally, including 243 million in the United States, representing 69% growth versus the prior year. Its other rare disease treatments, CHOLBAM and CTEXLI, combined for approximately 161 million in sales, up 31% year-over-year. Quarterly results showed accelerating momentum, with fourth-quarter net product sales reaching 149 million across all brands. The company expanded its commercial footprint to 33 countries, broadening patient access across North America, Europe and select Asia-Pacific markets.

Mirum provided full-year 2026 guidance expecting net product sales in the range of 630 to 650 million, reflecting continued uptake of existing therapies and contributions from new indications. Key clinical catalysts include topline data from the VISTAS study of volixibat in primary sclerosing cholangitis in the second quarter, and interim results from the AZURE-1 study of brelovitug in hepatitis delta virus during the same period. Enrollment completion for the LIVMARLI EXPAND Phase 3 trial in cholestatic pruritus is now anticipated in the first half, with data readout slated for the fourth quarter.

Mirum’s proposed acquisition of Bluejay Therapeutics, expected to close in mid-to-late January, will add worldwide rights to brelovitug, a late-stage monoclonal antibody targeting chronic hepatitis delta. This transaction aligns with Mirum’s expertise in rare liver diseases and is supported by two planned financing rounds. Beyond brelovitug, the company has secured regulatory approvals for new formulations of LIVMARLI in Japan and for CTEXLI in cerebrotendinous xanthomatosis, and has initiated a Phase 2 study of MRM-3379 in Fragile X syndrome, underscoring a diversified pipeline geared toward multiple orphan and rare indications.