Mirum Pharmaceuticals (MIRM): Assessing Valuation After Strong Q3, Profit Turnaround, and Higher 2025 Revenue Outlook

Mirum Pharmaceuticals (MIRM) raised its full-year revenue guidance for 2025 after reporting third quarter results that highlighted stronger product sales and a shift to net income, which sent an encouraging signal to investors.

See our latest analysis for Mirum Pharmaceuticals.

After this strong quarter and raised revenue outlook, Mirum’s momentum is unmistakable. The stock is up over 61% so far in 2025, fueled by upbeat results, clinical advances, and visible confidence from management. Long-term holders have been rewarded as well, with Mirum’s total shareholder return surging nearly 275% over the past five years.

If Mirum’s latest breakout has your attention, you might want to see what other innovative healthcare stocks are making moves. See the full list for free.

Yet with Mirum’s shares already up sharply and analysts raising their targets, investors are left wondering if the stock is still undervalued or if the market is fully pricing in its next chapter of growth.

Most Popular Narrative: 18.9% Undervalued

Mirum Pharmaceuticals’ fair value is set at $83.55 according to the most popular narrative, which is nearly $16 above its last close at $67.72. This suggests that there is still considerable upside if the narrative plays out. With the fair value gap and recent price momentum, anticipation is high about what is fueling these projections.

Multiple late-stage pipeline catalysts, including three pivotal study readouts (VISTAS, VANTAGE, EXPAND) over the next 24 months and the initiation of the Phase II Fragile X study, set the stage for further product label expansions and new indication launches. These factors underpin future revenue diversification and potential earnings acceleration.

Read the complete narrative.

Want to know why analysts think Mirum could break new ground? The narrative is built on bold forecasts for both top-line growth and a profit turnaround rarely seen in this space. A premium valuation is riding on just a handful of crucial milestones. Find out which assumptions are driving the buzz and if the next move lives up to the hype.

Result: Fair Value of $83.55 (UNDERVALUED)

Have a read of the narrative in full and understand what's behind the forecasts.

However, clinical trial setbacks or unexpected competition could quickly change Mirum’s outlook and challenge the bullish fair value assumptions that are driving current optimism.

Find out about the key risks to this Mirum Pharmaceuticals narrative.

Build Your Own Mirum Pharmaceuticals Narrative

If you think there’s more behind Mirum’s story or want to dive into the numbers yourself, you can craft your own view from scratch in just a few minutes. Do it your way

A good starting point is our analysis highlighting 4 key rewards investors are optimistic about regarding Mirum Pharmaceuticals.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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