argenx SE

ARGX: XBRU (BEL)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	tZY	LOCK\|CW	LOCK\|qx@<%$

Argenx Earnings: Maintaining Our Fair Value Estimate as Vyvgart Momentum Fuels Growth

Karen Andersen ,

Oct 31, 2024

We are maintaining our EUR 491/$533 fair value estimate for Argenx following third-quarter results that were in line with our expectations, and we view the shares as slightly overvalued relative to their current market price. The sales from the firm's immunology drug Vyvgart amounted to $573 million, indicating 20% quarter-over-quarter growth. However, uncertainty around the competitive landscape and reliance on a single molecule for most of our forecast sales prevents the firm from establishing an economic moat just yet.

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argenx SE

Argenx Earnings: Maintaining Our Fair Value Estimate as Vyvgart Momentum Fuels Growth

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