Upcoming Clinical Milestones Will Drive Rare Disease Pipeline Expansion Into 2026

Mirum Pharmaceuticals' analyst price target has been raised, with the fair value estimate increasing slightly to $83.55 from $83. Analysts cite continued strong Livmarli performance and upcoming clinical milestones as key factors supporting this upward revision.

Analyst Commentary

Analyst sentiment toward Mirum Pharmaceuticals remains predominantly positive, with recent price target increases reflecting growing confidence in the company’s growth trajectory and execution. The consensus among bullish analysts is rooted in both continued commercial success and anticipated upside from pipeline developments.

• Bullish analysts highlight Mirum's ability to consistently exceed expectations with strong Livmarli sales. This has led to upward revisions in price targets and earnings guidance.
• The company’s rare disease focus, positive cash flow, and diversified commercial pipeline are considered major assets that support a premium valuation.
• Pipeline assets, especially volixibat, are expected to drive the next wave of growth as key clinical milestones approach. Registrational data in primary sclerosing cholangitis is seen as a significant catalyst.
• Confidence remains high regarding Livmarli’s growth prospects. Analysts cite conviction in sustained demand and the potential for further geographic expansion.

• Bearish analysts caution that successful execution on upcoming clinical trials, particularly for volixibat, remains critical to justifying further upside in the stock’s valuation.
• The company’s increased guidance is largely predicated on continued outperformance. Any shortfall in Livmarli sales or delays in pipeline progress could dampen sentiment.
• Some concern exists around competitive dynamics and the need for Mirum to maintain its high-growth profile in order to sustain elevated earnings multiples.

What's in the News

• Completed enrollment in the Phase 2b VISTAS study of volixibat for cholestatic pruritus in patients with primary sclerosing cholangitis. Topline results are expected in the second quarter of 2026. Volixibat is also in a Phase 2b VANTAGE study for primary biliary cholangitis, with enrollment expected to complete in 2026 and results anticipated in the first half of 2027. (Key Developments)
• Raised revenue guidance for 2025 and now forecasts annual revenues between $490 million and $510 million. (Key Developments)

Valuation Changes

• Consensus Analyst Price Target (Fair Value) has risen slightly, increasing from $83.00 to $83.55.
• Discount Rate has increased marginally from 6.93% to 6.98%.
• Revenue Growth projection has dipped slightly, moving from 22.45% to 22.40%.
• Net Profit Margin expectation has decreased modestly, shifting from 14.19% to 14.10%.
• Future P/E Ratio has increased from 51.73x to 52.53x, reflecting a higher valuation multiple.