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- **Revenue Growth**: Q3 2025 revenue of $133 million (+47% YoY), driven by LIVMARLI U.S. expansion and international growth.
- **Pipeline Momentum**: VISTAS PSC Phase IIb study fully enrolled; interim data supports volixibat efficacy in PSC.
- **Financial Health**: GAAP net income of $3 million, cash balance of $378 million, and updated 2025 guidance of $500-510 million.
- **Strategic Focus**: Rare disease leadership with three $1B+ pipeline candidates (LIVMARLI, volixibat, MRM-3379).

**【CEO Opening Remarks】**
- Q3 2025 revenue: $133 million (47% YoY growth), driven by LIVMARLI U.S. and international expansion.
- Key milestones: VISTAS PSC Phase IIb study fully enrolled, GAAP net income of $3 million, and cash balance of $378 million.
- Strategic focus: Rare disease pipeline expansion, commercial execution, and financial discipline.

**【COO/Peter Radovich: Commercial Performance】**
- LIVMARLI net sales: $92 million (U.S.: $64M, international: $28M).
- Bile acid portfolio: $41 million, supported by CTEXLI FDA approval.
- Tablet formulation adoption: >50% of eligible patients switching from liquid.
- 2025 guidance updated to $500-510 million, reflecting Q4 international variability.

**【CMO/Joanne Quan: Pipeline Updates】**
- **VISTAS (PSC):** Enrollment complete; interim analysis supports efficacy; AASLD case series shows pruritus resolution in 50% of patients.
- **VANTAGE (PBC):** Interim data shows ITCH reduction and fatigue improvement; targeting 2026 readout.
- **EXPAND (cholestatic pruritus):** Enrolling well; BID dosing based on compassionate use success.
- **MRM-3379 (Fragile X):** Phase II initiated; preclinical data shows behavioral improvements.

**【CFO/Eric Bjerkholt: Financial Highlights】**
- Q3 GAAP net income: $3 million (vs. $10.2 million loss YoY).
- Operating expenses: $130 million (R&D: $43M, SG&A: $62M).
- Cash flow: $378 million (up $85 million YoY), enabling growth investments.

**【Q&A Highlights】**
- **LIVMARLI tablet adoption:** 50%+ of eligible patients switching, improving adherence.
- **Volixibat pricing:** Expected in $130-150k annual range, aligned with PBC peers.
- **IP portfolio strength:** Method patents for dosing in rare cholestatic diseases validated.
- **PSC safety:** No GI side effect concerns; DMC未提出修改方案.
- **BD strategy:** High bar for acquisitions, focused on underappreciated rare disease assets.

Mirum Pharmaceuticals, Inc. (MIRM) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

MIRM

MIRM fundamentals

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