MIRM/BCRX Thoughts Into 2Q

Research evidence excerpt

MIRM/BCRX Thoughts Into 2Q

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

03 August 2026

MIRM/BCRX

Thoughts Into 2Q

Ahead of 2Q earnings, we wanted to provide our latest thoughts on MIRM and Biotechnology - Large Cap

ACBCRX. Jessica Fye

(1-212) 622-4165

jessica.m.fye@jpmorgan.com

MIRM Silvia Luo

(1-212) 622-0000

We model 2Q revs for Mirum slightly ahead of cons (JPMe/Cons: $170mm/ silvia.luo@jpmorgan.com

$166mm) supported by continued Livmarli uptake and the bile acid business. Abdul Tahlil

Overall, we see 2026 as a year of commercial and clinical execution as investor (1-212) 270-9644

focus shifts to a catalyst-rich 2H26 into 2027. We expect EXPAND data for abdul.tahlil@jpmorgan.com

Livmarli in 4Q26, phase III brelovitug (HDV) data in 2H26, and pivotal volixibat Adam Ferrari, Ph.D.

data in PBC in 1Q27. Separately, we expect attention to build into the Sep 26 (1-212) 622-1717

PDUFA for zilgursiteb in FOP, which we see as an attractive, high-margin, adam.ferrari@jpmorgan.com

incremental launch opportunity with limited associated commercial investment. Jose Lora, Ph.D.

Bigger picture, with improved visibility on volixibat following the positive (1-212) 270-4831

registrational data in pruritus associated with PSC, and a growing commercial jose.n.lora@jpmorgan.com

J.P. Morgan Securities LLC

platform, we see MIRM positioned for further upside. Reiterate OW.

• On the 2Q call we will listen for: 1) updated color on the underlying drivers

of Livmarli growth; 2) comments on the path to launch for volixibat in PSC- MIRM, MIRM US

associated pruritis, alongside mgmt’s tone/confidence into the PBC pruritis Overweight

pivotal readout in 1Q27; 3) refined timing for brelovitug phase III data and Price (31 Jul 26): $105.95