MIRM: Highlights from the RBC Healthcare Conference

Research evidence excerpt

MIRM: Highlights from the RBC Healthcare Conference

EQUITY RESEARCH QUICK TAKE

RBC Capital Markets, LLC

Lisa Walter, Ph.D. (Analyst)

Luca Issi, Ph.D. (Analyst)

Shelby Hill, Ph.D. (Senior Associate)

Cassie Yuan, Ph.D. (Senior Associate)

May 20, 2026

Mirum Pharmaceuticals, Inc.

Highlights from the RBC Healthcare Conference

NASDAQ: MIRM | USD 96.95 | Outperform | Price Target USD 142.00

Sentiment: Neutral

We hosted MIRM’s Peter Radovich, President & COO, and Andrew McKibben - Senior VP, Strategic Finance and Investor Relations

for a fireside chat. Our top takeaways include: 1) mgmt sounded highly confident across the commercial outlook for LIVMARLI

(particularly the adult PFIC runway), 2) additional pivotal PSC data at EASL on May 30th will show responder rates and the pruritus

time course improvement, 3), AZURE-1 interim adds further conviction to the HepD pivotals on track to readout 2H26, and thinks

the interim response difference between the 300 mg QW and 900mg 1x monthly arms were likely due to small n/response kinetics,

and 4) Mgmt remains focused on value creation rather than near-term profitability. We reiterate our Outperform rating.

• On regulatory volatility, Mgmt characterized FDA interactions as "business as usual" across liver, rare disease, and now

endocrinology divisions, with review teams consistent throughout. They have sensed no perceived disruption from recent FDA

leadership changes across any of the company’s active programs, which has been consistent messaging with other biotech

companies at our HC conference.

• On commercial, Mgmt. was really happy with the performance in Q1 and noted the beat and 2026 guidance raised ~5% to

$670m at the midpoint was mainly driven by demand. MIRM continues to sound optimistic on growth for Livmarli and reiterated