Q2 2024 Mirum Pharmaceuticals Inc Earnings Call Transcript
Key Points
- Mirum Pharmaceuticals Inc (MIRM) reported a significant increase in total net product sales, reaching $77.8 million, a 139% increase from the same quarter last year.
- The company achieved important regulatory milestones, including the submission of an NDA for Chenodal and CTX, which could lead to orphan exclusivity.
- Livmarli received approval for Cholestasis pruritus and PFIC in the US and Europe, with a US label update to include patients 12 months and older.
- Positive interim results were reported for the VISTAS PSC and VANTAGE PBC studies, indicating potential for volixibat as a treatment for Cholestatic pruritus.
- Mirum Pharmaceuticals Inc (MIRM) is on track to meet its full-year revenue guidance of $310 million to $320 million, driven by strong commercial performance across its product portfolio.
- Despite the revenue growth, Mirum Pharmaceuticals Inc (MIRM) reported a net loss of $24.6 million for the quarter.
- The company experienced a reduction in cash, cash equivalents, and investments, down by $7.4 million from the previous quarter.
- There is a potential risk of price reference impact on international sales due to recent price negotiations in Germany.
- The EXPAND study, targeting a heterogeneous patient population, may face challenges in enrollment and execution, with completion expected only by 2026.
- Concerns about propylene glycol toxicity were raised in the context of the PFIC label expansion, although no toxicity was observed in clinical studies.
Thank you for your patience everyone. The Mirum Pharmaceutics report second quarter 2024 financial results and provide business update will begin shortly. (Operator Instructions)
Good afternoon, everyone and welcome to the Mirum Pharmaceutics report second quarter 2024 financial results and provide business update. My name is Carla and I will be coordinating your call today. (Operator Instructions) I will now hand you over to Andrew Mckibben, Vice President of Investor Relations and Finance to begin. Andrew, please go ahead.
Thanks, Carla and good afternoon, everyone. I'd like to welcome you to Mirum Pharmaceuticals second quarter 2024 conference call. I'm joined today by our CEO, Chris Peetz; our President and Chief Operating Officer, Peter Radovich, our Chief Medical Officer, Joanne Quan; and Eric Bjerkholt, our Chief Financial Officer.
Earlier today, Mirum issued a news release announcing the company's results for the second quarter 2024. Copies of this news release and SEC
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