Mirum Pharmaceuticals Inc (MIRM) Reports Q3 2023 Revenue of $47.7 Million, Up 154% YoY
Third quarter 2023 total revenue of $47.7 million, a significant increase from $18.8 million in Q3 2022.
Completed acquisition of CHENODAL and CHOLBAM.
Announced positive Phase 3 RESTORE study results evaluating CHENODAL (chenodiol) in patients with CTX; NDA filing expected in H1 2024.
Global net sales of $38.7 million grew 106% as compared to third quarter 2022.
On November 2, 2023, Mirum Pharmaceuticals Inc (NASDAQ:MIRM) reported its financial results for the third quarter of 2023. The company recorded a total revenue of $47.7 million, a significant increase from $18.8 million in the same quarter of the previous year. This growth was driven by the strong performance of its product LIVMARLI, which saw a 106% increase in global net sales compared to Q3 2022.
Financial Highlights
The company's total net revenue for the quarter ended September 30, 2023, was $47.7 million, compared to $18.8 million for the quarter ended September 30, 2022. Net revenue for the nine months ended September 30, 2023, was $116.8 million compared to $49.2 million for the same period in 2022.
Total operating expenses were $72.9 million for the quarter ended September 30, 2023, compared to $51.7 million for the same period in 2022. For the nine months ended September 30, 2023, total operating expenses were $193.4 million compared to $146.2 million for the same period in 2022.
As of September 30, 2023, Mirum had cash, cash equivalents, and short-term investments of $306.0 million and convertible debt of $316.3 million.
Business Developments
Mirum Pharmaceuticals Inc (NASDAQ:MIRM) also announced the completion of the acquisition of CHENODAL and CHOLBAM. The company also reported positive Phase 3 RESTORE study results evaluating CHENODAL (chenodiol) in patients with CTX, with an NDA filing expected in the first half of 2024.
Financial Tables
The company's financial tables show a strong balance sheet with a significant increase in total revenue compared to the same period last year. The increase in operating expenses reflects the company's continued investment in research and development, as well as selling, general, and administrative expenses.
Company's Performance
The company's strong financial performance is a testament to its successful strategies and the robust demand for its products. The acquisition of CHENODAL and CHOLBAM and the positive results from the Phase 3 RESTORE study further strengthen the company's position in the market.
Despite the increase in operating expenses, the company's significant increase in revenue and strong cash position indicate a healthy financial status. The company's continued investment in research and development is expected to drive future growth.
Explore the complete 8-K earnings release (here) from Mirum Pharmaceuticals Inc for further details.
This article first appeared on GuruFocus.
