A month has gone by since the last earnings report for Mirum Pharmaceuticals, Inc. (MIRM). Shares have lost about 0.7% in that time frame, underperforming the S&P 500.

Will the recent negative trend continue leading up to its next earnings release, or is Mirum Pharmaceuticals due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts.

Mirum's Q3 Earnings & Revenues Surpass Estimates

Mirum incurred a loss of 30 cents per share in third-quarter 2024, much narrower than the Zacks Consensus Estimate of a loss of 45 cents. The company had reported a loss of 57 cents per share in the year-ago quarter.

Revenues in the third quarter totaled $90.3 million, up 89% year over year. The figure also beat the Zacks Consensus Estimate of $82 million. The top line comprised Livmarli sales, newly acquired Cholbam and Chenodal sales, and minimal license and other revenues.

Quarter in Detail

Livmarli’s net product sales were $59.1 million in the third quarter, reflecting an increase of almost 52.7% year over year.

Net product sales of newly acquired Cholbam and Chenodal were $31.2 million.

License and other revenues were $0.07 million in the reported quarter. The company did not record any such revenues in the year-ago quarter.

Research and development expenses increased 21.5% year over year to $31.7 million.

Selling, general and administrative expenses totaled $50.5 million, up almost 38.3% from the year-ago quarter’s level.

As of Sept. 30, 2024, Mirum had cash, cash equivalents and marketable securities worth $293.8 million compared with $295.4 million as of June 30, 2024.

2024 Guidance

Mirum increased its financial guidance for 2024. The company now expects revenues in the range of $330-$335 million compared with the earlier projection of $310-$320 million.

How Have Estimates Been Moving Since Then?

In the past month, investors have witnessed an upward trend in fresh estimates.

The consensus estimate has shifted 20.69% due to these changes.

VGM Scores

Currently, Mirum Pharmaceuticals has a great Growth Score of A, a grade with the same score on the momentum front. However, the stock was allocated a grade of D on the value side, putting it in the bottom 40% for this investment strategy.

Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. Notably, Mirum Pharmaceuticals has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry Player

Mirum Pharmaceuticals belongs to the Zacks Medical - Biomedical and Genetics industry. Another stock from the same industry, Exact Sciences (EXAS), has gained 24.5% over the past month. More than a month has passed since the company reported results for the quarter ended September 2024.

Exact Sciences reported revenues of $708.66 million in the last reported quarter, representing a year-over-year change of +12.8%. EPS of -$0.21 for the same period compares with $0 a year ago.

For the current quarter, Exact Sciences is expected to post a loss of $0.32 per share, indicating a change of -18.5% from the year-ago quarter. The Zacks Consensus Estimate has changed -16.5% over the last 30 days.

The overall direction and magnitude of estimate revisions translate into a Zacks Rank #4 (Sell) for Exact Sciences. Also, the stock has a VGM Score of F.

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