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Mirum Pharmaceuticals (MIRM) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 3, 2026 · Mirum Pharmaceuticals (MIRM) Q3 2026 earnings results →
Q3 2026 Revenue up 40% year over year to $186M · 22¢ of every $1 of revenue lost · operating margin -32.2%
Mirum Pharmaceuticals made $186M in Q3 2026 (+40% Y/Y): Livmarli $133M, Bile Acid Medicines $52.3M. Operating margin -32.2%, net loss $40.8M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 3, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $185.7M in Q3 2026, up 40% year over year and up 5% from the previous quarter. Livmarli was the largest line at 72% of revenue. Livmarli added $41.2M year over year (up 45%), 78% of the total change.
Operating costs exceeded revenue by $59.7M, an operating margin of -32.2%. Total costs grew 88% against revenue growth of 40%. The fastest-growing cost line was Research & development (+151%). The quarter ended with a net loss of $40.8M, narrower than the previous quarter's $67.2M loss. Non-operating items added $19.5M, -49% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$4.3M. Non-cash charges added back $6.9M of depreciation and amortization and $33.3M of share-based compensation. Working capital and other items used $3.7M. Capital expenditures of $1.3M exceeded it, leaving free cash flow of −$5.6M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 3, 2026 | $186M | +40% | -32.2% | −$40.8M | −$4.3M |
| Q2 2026 | 10-Q | Aug 5, 2026 | $176M | +38% | -24.1% | −$67.2M | −$44.3M |
| Q1 2026 | 10-Q | May 6, 2026 | $160M | +43% | -493.8% | −$790M | −$229M |
| Q4 2025 | 10-K | Feb 25, 2026 | $149M | +50% | -3.1% | −$5.7M | $6.1M |
| Q3 2025 | 10-Q | Nov 4, 2025 | $133M | +47% | 2.0% | $2.9M | $39.7M |
| Q2 2025 | 10-Q | Aug 6, 2025 | $128M | +64% | -3.9% | −$5.9M | $12.0M |
| Q1 2025 | 10-Q | May 7, 2025 | $112M | +61% | -13.6% | −$14.7M | −$2.0M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Mirum Pharmaceuticals
We have three approved medicines: LIVMARLI® (maralixibat) (“Livmarli”), CHOLBAM® (cholic acid) capsules (“Cholbam”), and CTEXLI® (chenodiol) tablets (“Ctexli”). Livmarli is a novel, orally administered, minimally-absorbed ileal bile acid transporter (“IBAT”) inhibitor (“IBATi”) that is approved for the treatment of cholestatic pruritus in patients with Alagille syndrome (“ALGS”) in the United States (“U.S.”), the European Union (“EU”) and various other countries around the world and for cholestatic pruritus in patients with progressive familial intrahepatic cholestasis (“PFIC”) in the U.S., Canada and Japan and for the treatment of PFIC in the EU. We market and commercialize Livmarli in the U.S., Canada and certain countries in Europe through our specialized and focused commercial team.
In its own words, from its 10-K, filed Feb 25, 2026.
Mirum Pharmaceuticals against its Pharmaceutical Preparations peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +40% against the peers' median +10%. Operating margin: -32.2% against the peers' median 20.4%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| MIRM Mirum Pharmaceuticals | Q3 2026 | $186M | +40% | -32.2% |
| JNJ Johnson & Johnson | Q3 2026 | $25.4B | +6% | 0.1% |
| LLY ELI Lilly | Q3 2026 | $24.4B | +39% | 34.5% |
| MRK Merck | Q3 2026 | $18.1B | +5% | 30.7% |
| ABBV AbbVie | Q3 2026 | $17.4B | +10% | 36.0% |
| PFE Pfizer | Q3 2026 | $16.6B | -0.4% | 20.4% |
| BMY Bristol Myers Squibb | Q3 2026 | $13.1B | +7% | 19.4% |
| ABT Abbott Laboratories | Q3 2026 | $13.0B | +14% | 10.4% |
| REGN Regeneron Pharmaceuticals | Q3 2026 | $5.1B | +36% | 40.0% |
Source: Mirum Pharmaceuticals 10-Q on SEC EDGAR · CIK 1759425 · Pharmaceutical Preparations
Guidance and outlook
13F: who owns MIRM and who is buying
More on MIRM
- How Mirum Pharmaceuticals makes money: revenue by segment
- Mirum Pharmaceuticals next earnings date and what analysts expect
- Mirum Pharmaceuticals stock forecast, price target and fair value
- Who owns Mirum Pharmaceuticals stock: holders, funds and Congress trades
- Mirum Pharmaceuticals guidance and outlook
- Mirum Pharmaceuticals recalls, complaints and regulation
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results