Takeaways from Corporate Mini Day

Research evidence excerpt

Takeaways from Corporate Mini Day

J P M O R G A N North America Equity Research

02 July 2026

Mirum Overweight

MIRM, MIRM US

Takeaways from Corporate Mini Day Price (01 Jul 26):$120.46

▲Price Target (Dec-27):$125.00

Prior (Dec-26):$115.00

We had the chance to meet with Mirum management for a conversation touching

Biotechnology - Large Capon multiple pipeline assets which we see supporting growth and further

diversifying the revenue base. Over the past 6-9 mos, three near-term launch Jessica Fye AC

opportunities have come into focus: brelovitug (HDV) from the Bluejay (1-212) 622-4165

jessica.m.fye@jpmorgan.com

acquisition (ph III data in 2H26), volixibat for pruritis in PSC (positive pivotal data

Abdul Tahlil

toplined in May), and zilurgisertib for FOP with a Sept PDUFA which was recently

(1-212) 270-9644

acquired from INCY for a modest upfront. We also expect EXPAND data for abdul.tahlil@jpmorgan.com

Livmarli in 4Q26 which could unlock use for pruritis in additional rare cholestatic Silvia Luo

conditions (e.g., biliary atresia and secondary sclerosing cholangitis) and pivotal (1-212) 622-0000

data for volixibat in pruritis in PBC in 1Q27. Net-net, with a growing commercial silvia.luo@jpmorgan.com

platform and the potential for continued disciplined business development, we see Adam Ferrari, Ph.D.

MIRM well positioned for further upside. (1-212) 622-1717

adam.ferrari@jpmorgan.com

Jose Lora, Ph.D.

• Mirum’s sweet spot for BD is ‘misunderstood’ rare disease assets. Mgmt (1-212) 270-4831

noted that there are always interesting assets they are tracking, and a lot comes jose.n.lora@jpmorgan.com

down to the right entry point. Not everything on their radar is late-stage; there J.P. Morgan Securities LLC

are some phase II opptys they spend time on as well. Indeed, given how much