Mirum Pharmaceuticals' Q1 2025 Earnings Call: Unpacking Contradictions on LIVMARLI Expansion, Volixibat Data, and Trial Enrollment Progress

Commercial team expansion for LIVMARLI, Volixibat PBC data and pruritus reduction, enrollment progress for VISTAS and VANTAGE trials, and PFIC launch and market access are the key contradictions discussed in Mirum Pharmaceuticals' latest 2025Q1 earnings call.



Revenue Growth and Commercial Success:
- Mirum Pharmaceuticals reported record total revenues of $111.6 million in Q1 2025, representing a 61% growth over Q1 2024.
- This growth was driven by robust performance from all three commercial medicines, strong execution, and strategic progress.

Regulatory Approvals and Market Expansion:
- Mirum received three important regulatory approvals in the first quarter, including FDA approval for CTEXLI and approval of LIVMARLI in Japan, further expanding their global market presence.
- These approvals added growth drivers to the business, supporting long-term growth potential.

Pipeline Progress and Clinical Milestones:
- The VISTAS study of Volixibat in PSC is nearing completion of enrollment, with top-line data expected in Q2 2026.
- Strong data from the VANTAGE study in PBC, with durable 28-week interim results showing a 3.8 point reduction from baseline in pruritus, contributed to pipeline progress.

Commercial Medicine Performance:
- LIVMARLI, with $73.2 million in global net product sales, grew by over 70% compared to Q1 2024, driven by strong new patient demand and the approval of a convenient single tablet formulation.
- CTEXLI, with $38.4 million in net product sales, achieved 47% growth, supported by FDA approval and increased healthcare professional engagement.