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Mirum Pharmaceuticals vs Liquidia: MIRM and LQDA compared
Mirum Pharmaceuticals is the larger company: $186M of revenue in its latest quarter (Q3 2026) against $172M for Liquidia (Q2 2026). Liquidia is growing faster (19× against +40% a year earlier). Liquidia is more profitable, with an operating margin of 49.8% against -32.2%.
Where the money goes: MIRM and LQDA
Mirum Pharmaceuticals (MIRM) · Q3 2026
Mirum Pharmaceuticals, Q3 2026: revenue $186M (+40% year over year), operating margin -32.2%, net loss $40.8M, operating cash flow −$4.3M. The chart follows the revenue to costs, profit and cash.
Liquidia (LQDA) · Q2 2026
Liquidia, Q2 2026: revenue $172M (19× year over year), operating margin 49.8%, net earnings $74.7M, operating cash flow $80.2M. The chart follows the revenue to costs, profit and cash.
| Mirum Pharmaceuticals (MIRM) | Liquidia (LQDA) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q2 2026 |
| Revenue | $186M | $172M |
| Revenue growth, Y/Y | +40% | 19× |
| Operating margin | -32.2% | 49.8% |
| Net earnings | −$40.8M | $74.7M |
| Net margin | -22.0% | 43.5% |
| Operating cash flow | −$4.3M | $80.2M |
| Free cash flow | — | $69.0M |
Where the revenue comes from
Mirum Pharmaceuticals
- Livmarli: $133M (72%)
- Bile Acid Medicines: $52.3M (28%)
Liquidia
- Product sales, net: $170M (99%)
- Service revenue, net: $1.3M (1%)
Questions
Which is bigger, Mirum Pharmaceuticals or Liquidia?
Mirum Pharmaceuticals is the larger company: $186M of revenue in its latest quarter (Q3 2026) against $172M for Liquidia (Q2 2026).
Is Mirum Pharmaceuticals or Liquidia growing faster?
Liquidia is growing faster (19× against +40% a year earlier).
Which is more profitable, Mirum Pharmaceuticals or Liquidia?
Liquidia is more profitable, with an operating margin of 49.8% against -32.2%.
More: Mirum Pharmaceuticals earnings · how Mirum Pharmaceuticals makes money · Liquidia earnings · how Liquidia makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 3, 2026; 10-Q filed Aug 12, 2026). Fiscal quarters can end on different dates. Not investment advice.