Mirum Pharmaceuticals Inc to to Acquire Bluejay Therapeutics Inc Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Mani Foroohar - Leerink Partners LLC - Analyst : Congrats on what looks to be another deal at a pretty attractive peak sales multiple. Can we talk a little bit about how you see the competitive dynamics? I know Hepcludex is not approved in the US, but [to] be filed. How about competitive dynamics and positioning? And then one pushback we've gotten from Vir is being, well, could that being approved in the US change some of the nuances of your registrational path forward or regulatory treatment? If you could address those two, that would be really helpful.

Question: Mani Foroohar - Leerink Partners LLC - Analyst : And if I can slip in one commercial follow-up. When we think about the adult side of the rare liver disease franchise, can you give us a sense of how to think about the evolution of operating margins going forward? You should get some operating leverage from these combination of agents together in the same bag, but that mostly depends on how tightly defined some of the call points are. So can you just give us a sense how to think about that?

Question: Josh Schimmer - Cantor Fitzgerald LP - Analyst : Congrats on the transaction. I believe there are royalties and some economics owed from Bluejay to Novartis. Can you summarize those? And then can you discuss your plans for potential international commercialization of the product?

Question: Charlie Moore - Robert W. Baird & Co Inc - Analyst : This is Charlie on for Brian. So really impressive results. Do you guys think at all just based on the competitive space, it's necessary to pair with an siRNA for any additional efficacy? And what are you thinking about in terms of the rest of Bluejay's pipeline going forward? Are you interested in pursuing the HBV functional cure pathway? Or is this more so wholly focused on HDV?

Question: Yesha Patel - Evercore Inc - Analyst : This is Yesha on for Gavin. Congrats on the acquisition. Just a quick question from us. For the at least $750 million worldwide peak sales number that you noted, how much of that do you envision coming from the US? And then what would that correspond to for the number of peak US patients treated? And then how does that kind of compare to what you found in the health care system from your commercial intelligence?

Question: Michael Ulz - Morgan Stanley - Analyst : Congratulations on the deal as well. Maybe just a follow-up on an earlier question, I think, was asking about a competitor out there that's also in Phase 3. If you can maybe talk about some key points of differentiation for your program versus theirs?

Question: Ryan Deschner - Raymond James - Analyst : Congratulations on the new pipeline expansion. A couple of questions. Curious if you could talk a little bit about the IP portfolio associated with brelovitug, when you expect LOE? And was this a competitive deal process?

Question: Ryan Deschner - Raymond James - Analyst : Was this a competitive deal process?

Question: Joseph Thome - Cowen and Company LLC - Analyst : Congrats on the announcement. Maybe one just on the overall addressable population. I guess what are sort of the main blocks right now to kind of increase that addressable market in the US? Is it that patients aren't being seen by their physicians, or they're not being screened for delta? And maybe what can you do over the next couple of years before the drug is available to maybe increase that? And then maybe just one point of clarification on the supportive AZURE 3 and 2 studies for Europe. Are these superiority studies? Or are these non-inferiority studies? Just kind of any color on that would be helpful. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 08, 2025 / 1:30PM, MIRM.OQ - Mirum Pharmaceuticals Inc to to Acquire Bluejay Therapeutics Inc

Question: Catherine Okoukoni, MD, PhD - Citizens JMP Securities LLC - Analyst : This is Catherine on for Jon. I have a quick question about the weekly versus monthly dosing regimen. In particular, how are you looking at the Phase 3 hierarchy? And any differential responses you guys are expecting? And then how important does it have -- both for the commercial launch?

Question: Swayampakula Ramakanth - H C Wainwright & Co LLC (Pre-Merger) - Analyst : This is RK from H.C. Wainwright. Congratulations on this acquisition. And I have a couple of quick questions. One of them is, obviously, the investment thesis here is heavily relying on the success of the Phase 3 asset. So what sort of data makes it -- gives you confidence for not only the clinical profile, but also the probability of success here? And then beyond the clinical program itself, what other execution risks are you kind of looking at to mitigate, especially things like manufacturing or competition or commercial readiness, et cetera?

Question: Swayampakula Ramakanth - H C Wainwright & Co LLC (Pre-Merger) - Analyst : If I may, another question, just on the strategy itself. So once you have this program onboarded, how does this change in the long term, your competitiveness within the rare liver disease landscape?