FOSTER CITY, Calif. - Mirum Pharmaceuticals, Inc. (NASDAQ:MIRM) today announced its preliminary and unaudited 2024 financial results, surpassing the upper end of its sales guidance with net product sales of approximately $336 million. The company also provided an optimistic outlook for 2025, projecting global net product sales to reach between $420 million and $435 million. This impressive performance follows a remarkable 112% revenue growth over the last twelve months, with the stock delivering a 51% return to investors in the past year. According to InvestingPro analysis, the company currently appears slightly overvalued based on its Fair Value assessment, though analysts maintain a Strong Buy consensus with significant upside potential.
In the past year, Mirum achieved several milestones, including the expanded use of its drug LIVMARLI and positive interim results for its volixibat treatments in cholestatic diseases. The company also submitted a New Drug Application (NDA) for chenodiol and acquired rights to MRM-3379 for Fragile X syndrome, bolstering its rare genetic neurology portfolio.
Mirum's financial strength was highlighted by a year-end cash balance of roughly $287 million, a slight increase from the previous year's $286.3 million. The company also reported positive cash flow from operations in the third quarter of 2024, underscoring its commercial success. InvestingPro data reveals a healthy current ratio of 3.34, indicating strong liquidity, while maintaining a moderate debt level. The company's overall Financial Health Score stands at GOOD, reflecting solid operational fundamentals despite current unprofitability.
The company anticipates significant advancements in its clinical programs, with the VISTAS study of volixibat expected to complete enrollment in the second half of 2025 and topline data anticipated in 2026. Furthermore, the FDA has set a Prescription Drug User Fee Act (PDUFA) date for chenodiol in cerebrotendinous xanthomatosis (CTX) for March 28, 2025, marking a potential expansion in the company's treatment offerings.
Mirum's global reach has grown, with commercial access now spanning 30 countries and successful product launches in major European markets. Regulatory achievements include the FDA's approval of LIVMARLI for cholestatic pruritus in progressive familial intrahepatic cholestasis (PFIC) patients aged 12 months and older, and the commencement of the LIVMARLI EXPAND Phase 3 study.
The company's executive team was also strengthened with the appointment of Dr. Joanne Quan as Chief Medical (TASE:PMCN) Officer. These developments are based on a press release statement and are part of Mirum's strategy to cement its position in the treatment of rare diseases.
Investors will have the opportunity to learn more about Mirum's strategy and performance at the 43rd annual J.P. Morgan Healthcare Conference in San Francisco on Wednesday, January 15, 2025. For deeper insights into Mirum's financial health and growth prospects, InvestingPro subscribers can access comprehensive analysis, including 8 additional ProTips and detailed financial metrics in the Pro Research Report, part of the platform's coverage of over 1,400 US equities.
In other recent news, Mirum Pharmaceuticals reported an impressive 25% quarterly increase in net sales, reaching $59.1 million, up from $47.2 million in the previous quarter. The company's robust sales performance, particularly from its drug LIVMARLI, prompted an upward revision of its 2024 global net product sales guidance to a range of $330 million to $335 million. This revised forecast indicates an 86% annual growth to the midpoint. H.C. Wainwright's analyst reiterated a Buy rating on Mirum, following the company's strong third-quarter sales results.
In addition to its financial success, Mirum has made significant strides in its product portfolio. The company acquired MRM-3379 for Fragile X syndrome treatment, emphasizing its strategic focus on rare genetic diseases. It also received a breakthrough therapy designation for Volixibat for cholestatic pruritus in PBC patients.
Despite a reported net loss for the quarter, Mirum's substantial cash reserves enable continued investment in its pipeline. These recent developments underscore the company's potential for continued growth in the rare disease sector. The company's strategic moves and strong demand for their products, particularly LIVMARLI, have led to increased revenue guidance.
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