Minimal Impact from Competitor's Approval in Chronic Hep D; Maintain OP

Research evidence excerpt

Minimal Impact from Competitor's Approval in Chronic Hep D; Maintain OP

Biotechnology - Oncology & Rare Diseases

Rare Diseases - Market Overweight

MIRUM PHARMACEUTICALS, INC. (MIRM) May 26, 2026

Minimal Impact from Competitor's Approval in Chronic Hep Rating:

D; Maintain OP Outperform

Price:

$98.90

The Wolfe Byte Price Target:

Hepcludex finally secures U.S. approval for chronic HDV. We don't think there is $145

% Upside:a material first mover's advantage here. We continue to believe that brelovitug's 46.6%

superior product profile combined with its longer LOE makes it a more favorable

View MIRM Model

investment case for this market. View Comp Table

Company Information

Gilead's (covered by Alex Hammond) Hepcludex received accelerated approval on 52-Week Range $44 - $111

Friday (5/22). Recall that Hepcludex was approved in the EU in 2020 but received a Market Cap. (MM) $6,031

CRL in the U.S. Oct 2022 due to manufacturing issues. Given Hepcludex's de-risked Enterprise Value (MM) $5,758 Shares Out. (MM) 61.0

clinical profile, we think the competitive readthrough to Mirum's brelovitug had been Avg. Value Traded (MM) $44.88

incrementally priced in, with the recent approval not changing our HDV thesis. In our SI% of Float 17.1%

base case, we had assumed a competitive market for HDV not only from GILD, but

also from VIR's tobevibart + elebsiran combo. As such, we modeled a peak market 120110

share of ~25% in diagnosed, insured HDV patients under care with a ~$670M unadj. 100

WW peak sales. 9080

Exhibit 1 - Gilead Comments Over Time - Hepcludex U.S. Filing 6050

Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26

MIRM

Source: FactSet

Priced as of 05/26/26

Kalpit Patel

kpatel@wolferesearch.com

(646) 419-2570

View Kalpit’s Research

Gugan Raghuraman