IBAT There’s More Upside; Initiate at Outperform

Research evidence excerpt

IBAT There’s More Upside; Initiate at Outperform

Biotechnology - Oncology & Rare Diseases

Rare Diseases - Market Overweight

MIRUM PHARMACEUTICALS, INC. (MIRM) May 19, 2026

IBAT There’s More Upside; Initiate at Outperform Rating:

Outperform

The Wolfe Byte Price: $95.49

The stock has rallied over the past year (>100%), and we think momentum will Price Target:

likely continue over the next year with a potential Livmarli label expansion (topline $145

4Q26E), volixibat ptl approval in PSC (2027E) and topline in PBC (1Q27E), and % Upside:

51.8%brelovitug topline in HDV (2H26E).

View MIRM Model

View Comp Table

MIRM stock has outperformed the XBI over the past year, driven by robust Company Information

commercial and clinical execution. With three additional catalysts through year-end, 52-Week Range $44 - $111

we think shares have additional room for upside. Market Cap. (MM) $5,823

Enterprise Value (MM) $5,557

Shares Out. (MM) 61.0

Commercially, we think Livmarli could peak around ~$940M unadj. WW and bile Avg. Value Traded (MM) $175.20

acid medicines at ~$275M. Livmarli is approved in two diseases (ALGS, PFIC) with a SI% of Float 16.8%

potential label expansion (PhIII EXPAND 4Q26E). Within ALGS, we expect Livmarli

to maintain its lead over Bylvay with a ~65% peak market share (~$420M U.S.). In 120110

100contrast, Bylvay leads in PFIC where we think both it will split the market 55/45 with

Livmarli (~$140M U.S.). In the label expansion, we think Livmarli could acquire ~50% 9080

70market share if successful due to limited activity.

Volixibat for PSC/PBC could be the biggest growth driver (~$1.7B peak unadj. 40 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26WW sales). Volixibat has generated highly encouraging efficacy data and could MIRM