IBAT There’s More Upside; Initiate at Outperform

研报英文原文证据摘录

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).

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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