Argenx Earnings: Strong Uptake of Vyvgart; Raising Our Fair Value Estimate to EUR 540 From EUR 491

Argenx reported robust year-end results, highlighted by net product sales of $2.2 billion, representing a nearly 84% increase compared to 2023. The company has greatly expanded its global patient reach for Vyvgart to over 10,000 patients across three disease indications - generalized myasthenia gravis, or gMG, primary immune thrombocytopenia, or ITP, and chronic inflammatory demyelinating polyneuropathy, or CIDP. We are raising our fair value estimate to EUR 540/$560 per ADS from EUR 491/$533 per ADS following strong patient uptake.