Mirum Pharmaceuticals (MIRM 2.14%), a mid-cap biotech, performed well last year and is maintaining that momentum so far in 2026. The company's shares have more than doubled over the trailing 12-month period.
However, as is almost always the case with smaller drugmakers, Mirum Pharmaceuticals isn't consistently profitable. If it can make solid progress toward that goal (and elsewhere), the stock might be worth investing in today. Is Mirum close to posting consistent green on the bottom line?
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A step forward
Mirum Pharmaceuticals is a biotech that markets therapies for underserved diseases. The company developed Livmarli, a treatment for severe itching in patients with Alagille syndrome, a rare condition that can lead to liver damage. Mirum's lineup also included Cholbam, a medication indicated for the treatment of bile acid disorders, and Chenodal, which helps treat gallstones in patients undergoing gallbladder surgery. Mirum Pharmaceuticals acquired Cholbam and Chenodal from Travere Therapeutics in 2023.
Through the first nine months ended Sept. 30, 2025, Mirum Pharmaceuticals generated $372.4 million in revenue, up 56.8% year over year. The company remained unprofitable over this period, reporting a loss per share of $0.35, much better than the $1.36 loss per share in the year-ago period.
However, looking solely at the third quarter, Mirum turned in a rare net profit of $2.9 million, compared with a net loss of $14.2 million in the prior-year quarter. With much narrower net losses over the nine-month period and a net income in Q3, Mirum Pharmaceuticals does seem to be making strides toward profitability.
NASDAQ: MIRM
Key Data Points
Should you buy the stock?
Mirum's top line should keep moving in the right direction. It expects $520 million in net product sales for the full 2025 fiscal year (excluding potential license revenue), so its total revenue would grow by at least 54.4% compared to 2024. But note that for 2026, Mirum Pharmaceuticals is guiding for net sales of $630 million to $650 million, or sales growth of 23.1% at the midpoint compared to 2025.
The company recently completed the acquisition of privately held Bluejay Therapeutics for $620 million in a mix of cash and stock, plus sales milestones that could reach up to $200 million. This transaction will likely harm Mirum's bottom line in the short term due to acquisition-related costs. It could boost both revenue and earnings in the long run by expanding its product lineup.
Mirum Pharmaceuticals also has key clinical catalysts on the horizon that could jolt its stock price and later drive strong sales growth. That said, there remains plenty of uncertainty here. After last year's strong run, Mirum's upside now looks more limited, and profitability seems further away given declining sales growth.
My view is that it might take a few more years for the company to turn green on the bottom line. In the meantime, although the stock has strong momentum, there is plenty of risk, too. Investors should keep that in mind before considering initiating a position.
