MIRM
Mirum Pharmaceuticals Inc
NASDAQ: MIRM · HEALTHCARE · BIOTECHNOLOGY
$106.17
+1.07% today
Updated 2026-06-05
Market cap
$6.06B
P/E ratio
—
P/S ratio
10.64x
EPS (TTM)
$-13.60
Dividend yield
—
52W range
$48 – $115
Volume
1.0M
Mirum Pharmaceuticals Inc (MIRM) Financial Forecast & Price Target 2030
Research-backed projections from analyst consensus, management guidance, and sector analysis.
Research-backed MIRM price target 2030 projection accounting for share dilution, balance sheet debt, and time value of money.
Current price
$106.17
Today
Analyst consensus
$137.08
+29.11% · 12M
2030 Base
$75.41
-28.97% future
NPV today
$54.26
@ 7% WACC
15 analysts:
12 Buy0 Hold1 Sell
Management guidance
Management raised FY2026 revenue guidance to $660M-$680M (vs prior $620M-$650M) on May 6, 2026, driven by strong LIVMARLI sales growth and recent Bluejay Therapeutics acquisition. CEO emphasized path to operating cash flow positive in 2027, with volixibat (PSC indication) and brelovitug (hepatitis delta) as material pipeline catalysts expected to drive multi-product revenue growth beyond LIVMARLI.
Sources: Management guidance, analyst consensus, sector analysishigh confidence
MIRM · Mirum Pharmaceuticals Inc · Revenue & price projection · 2023–2030E
Actual / 2030 target Projected revenue Base case price Bull to bear range
Bear case (2030)
$-0.10
NPV today: $-0.10
Base case (2030)
$75.41
NPV today: $54.26
Bull case (2030)
$201.27
NPV today: $144.83
WallStSmart.com
MIRM financial forecast · Research-backed projections
| Metric | 2025 | 2026 (E) | 2027 (E) | 2028 (E) | 2029 (E) | 2030 (E) ★ |
|---|---|---|---|---|---|---|
| Revenue | $0.5B | $0.7B | $0.9B | $1.2B | $1.4B | $1.6B |
| Revenue growth | 54.7% | 28.5% | 35.8% | 27.5% | 19.8% | 13.7% |
| Net margin | — | -7.3% | -1.0% | 2.4% | 4.3% | 5.4% |
| EPS | $-0.49 | $-0.80 | $-0.15 | $0.45 | $0.95 | $1.35 |
| Diluted shares | — | 61M | 62M | 62M | 62M | 63M |
| Net debt | — | $646.40M | $1.10B | $1.68B | $2.38B | $3.17B |
| P/S multiple | — | 5.0x | 5.0x | 5.0x | 5.0x | 5.0x |
| Implied price (base) | — | $44.03 | $55.82 | $66.27 | $73.23 | $75.41 |
★ 2030E is the model's terminal target year. Implied price = (Revenue × P/S − Net debt) ÷ Diluted shares.
Scenario detail · Three drivers, three outcomes
| 2030E driver | Bear | Base | Bull |
|---|---|---|---|
| Revenue | $1.6B | $1.6B | $1.6B |
| P/S multiple | 2.0x | 5.0x | 10.0x |
| Diluted shares | 63M | 63M | 63M |
| Net debt | $3.17B | $3.17B | $3.17B |
| Implied P/E † | -0x | 56x | 149x |
| 2030 Price | $-0.10 | $75.41 | $201.27 |
| NPV @ 7% | $-0.10 | $54.26 | $144.83 |
† Implied P/E: Multiples remain elevated across all three scenarios because MIRM is valued primarily on revenue scale during its growth phase, not near-term earnings power. Lower P/E in the bear case reflects multiple compression, but the absolute level stays high since 2030E still represents a hypergrowth-to-mature transition year.
EV to per-share bridge · How we get to $75.41 base case
MIRM catalysts and risks
Growth catalysts
+ Volixibat PSC Phase 2b trial positive (VISTAS study met primary endpoint, May 2026) — targets FDA submission in 2027 with peak sales potential $1B+
+ Brelovitug HDV Phase 2b positive data (AZURE-1 study, April 2026) — targeting Phase 3 initiation for ~2B hepatitis delta market opportunity
+ LIVMARLI label expansions and geographic penetration (Canada authorized Feb 2026; EXPAND Phase 3 study enrolled) — existing product driving 40%+ YoY growth trajectory
+ Zolergosertib (FOP indication from Bluejay acquisition, NDA accepted with priority review) — expansion into rare genetic diseases beyond cholestatic liver
+ $600M convertible notes offering (May 2026) — extends runway to 2028+ with $420M+ cash position, supports pipeline execution without dilution pressure
Key risks
- Competitive pressure from larger pharma in rare liver disease space (Intercept, other entrants) could compress LIVMARLI pricing or market share post-peak
- Volixibat and brelovitug Phase 3 failure risk — both still in development; early positive data does not guarantee commercial viability or regulatory approval
- High cash burn despite revenue growth ($798M net loss in Q1 2026 driven by acquisition-related R&D charges) — path to profitability dependent on pipeline success and product mix
- Acquisition integration risk (Bluejay) and dilution from convertible notes (30% conversion premium at $138.94/share; 3.2M shares issued in refinance) could pressure near-term EPS
- Small-cap liquidity and volatility (market cap $5.8B, short interest 8.4%) — subject to biotech sentiment swings; single catalyst disappointment could trigger 20%+ drawdown
Methodology · Mirum Pharmaceuticals Inc 2030 stock forecast model
Mirum Pharmaceuticals Inc 2030 price target is calculated using WallStSmart's research model. Revenue projections are derived from analyst consensus across 15 Wall Street analysts, management guidance from the latest earnings call, and sector growth forecasts. The model is built on five core components:
| 1. Share dilution | Projected from per-ticker schedule of SBC + equity raise activity, compounding year by year (3% cumulative for MIRM by 2030) |
| 2. Net debt | EV minus net debt yields equity value; debt projected from capex cycle trajectory ($3.17B by 2030) |
| 3. Time value | NPV calculated using 7% WACC (CAPM: beta 0.519) |
| 4. Multiple framework | P/S compresses with scale: bear 2.0x / base 5.0x / bull 10.0x |
| 5. Scenario design | Bull/Base/Bear vary revenue, margin, shares, debt, and multiple independently |
WallStSmart research model · Not financial advice · Past performance is not indicative of future results · Last researched: May 20, 2026.
MIRM price target FAQ
What is the MIRM price target for 2030?
WallStSmart's Mirum Pharmaceuticals Inc 2030 base case is $75.41 per share, with a bull case of $201.27 and bear case of $-0.10. The NPV of the base case discounted to today at 7% WACC is $54.26.
How is the Mirum Pharmaceuticals Inc 2030 stock forecast calculated?
The MIRM 2030 projection multiplies projected revenue by a growth-adjusted P/S multiple to derive enterprise value, subtracts projected net debt to get equity value, then divides by diluted shares outstanding accounting for dilution from stock-based compensation and equity raises.
Why does the MIRM price target account for dilution?
Mirum Pharmaceuticals Inc is projected to grow diluted share count from 61M to 63M by 2030 (a 3% increase) through stock-based compensation and capital raises. Ignoring this would inflate the price target by approximately 3%.
What is the analyst consensus on MIRM stock?
15 analysts cover MIRM with an average 12-month price target of $137.08. The 2030 projection extends this framework with longer-horizon assumptions including dilution and time value of money.