Company Reports

Argenx announced positive top-line results from its phase 3 trial of Vyvgart in autoimmune myositis, or IIM, with the study meeting its primary endpoint at week 52 in the combined patient population of immune-mediated necrotizing myopathy and dermatomyositis. Shares soared 16% on Aug. 17.

Dutch biotech Argenx is hoping to build a portfolio of autoimmune treatments around Vyvgart, which received FDA approval in 2021 as a treatment for myasthenia gravis. We think the drug will see peak sales of more than $14 billion if approvals can extend into new autoimmune indications in neurology, hematology, dermatology, and nephrology over the next several years, although competitors in testing and uncertainty around future clinical trial results for Vyvgart prevent us from assigning the firm an economic moat.

Argenx reported second-quarter sales of $1.5 billion in global product net sales, representing 60% year-over-year growth. Operating profit in the second quarter was $494 million, an increase of 146% from the prior-year period.

Dutch biotech Argenx is hoping to build a portfolio of autoimmune treatments around Vyvgart, which received FDA approval in 2021 as a treatment for myasthenia gravis. We think the drug will see peak sales of more than $14 billion if approvals can extend into new autoimmune indications in neurology, hematology, dermatology, and nephrology over the next several years, although competitors in testing and uncertainty around future clinical trial results for Vyvgart prevent us from assigning the firm an economic moat.

Argenx delivered $1.3 billion in product net sales for the first quarter, representing 63% year-over-year growth. Revenue expansion is outpacing operating expense growth, driving operating leverage and a 30% operating margin for the quarter as Vyvgart (myasthenia gravis) scales.

Dutch biotech Argenx is hoping to build a portfolio of autoimmune treatments around Vyvgart, which received FDA approval in 2021 as a treatment for myasthenia gravis. We think the drug will see peak sales of more than $14 billion if approvals can extend into new autoimmune indications in neurology, hematology, dermatology, and nephrology over the next several years, although competitors in testing and uncertainty around future clinical trial results for Vyvgart prevent us from assigning the firm an economic moat.

Argenx generated $4.2 billion in revenue in 2025, a 90% increase compared with the previous year, which propelled the firm to its first-ever year of operating profitability, reaching just over $1 billion.

Argenx reported $1.13 billion in third-quarter global net product sales. Vyvgart has reached over 15,000 patients across three indications. Positive data from Argenx's Adapt Seron trial could expand Vyvgart in a subset of generalized myasthenia gravis patients who are seronegative.

Dutch biotech Argenx is hoping to build a portfolio of autoimmune treatments around Vyvgart, which received FDA approval in 2021 as a treatment for myasthenia gravis. We think the drug will see peak sales of more than $9 billion if approvals can extend into new autoimmune indications in neurology, hematology, dermatology, and nephrology over the next several years, although competitors in testing and uncertainty around future clinical trial results for Vyvgart prevent us from assigning the firm an economic moat.

Argenx's Vyvgart has reached over 15,000 patients globally across generalized myasthenia gravis and chronic inflammatory demyelinating polyneuropathy, contributing to the company's second-quarter net product sales of $949 million.

Dutch biotech Argenx is hoping to build a portfolio of autoimmune treatments around Vyvgart, which received FDA approval in 2021 as a treatment for myasthenia gravis. We think the drug will see peak sales of more than $9 billion if approvals can extend into new autoimmune indications in neurology, hematology, dermatology, and nephrology over the next several years, although competitors in testing and uncertainty around future clinical trial results for Vyvgart prevent us from assigning the firm an economic moat.

Argenx reported $949 million in second-quarter net product sales, with Vyvgart reaching over 15,000 patients globally across generalized myasthenia gravis and chronic inflammatory demyelinating polyneuropathy.

No-moat Argenx's first-quarter results were highlighted by a robust uptake of Vyvgart and Vyvgart Hytrulo, with net product sales significantly increasing to $790 million, compared with $398 million in the prior-year period. Argenx continues to grow its patient reach for Vyvgart across generalized myasthenia gravis, or gMG, and chronic inflammatory demyelinating polyneuropathy, or CIDP. Additionally, the recent US approval of Vyvgart Hytrulo as a prefilled syringe for self-injection further enhances patient access and convenience compared with the intravenous infusion of Vyvgart.

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.

Dutch biotech Argenx is hoping to build a portfolio of autoimmune treatments around Vyvgart, which received FDA approval in 2021 as a treatment for myasthenia gravis. We think the drug will see peak sales of more than $9 billion if approvals can extend into new autoimmune indications in neurology, hematology, dermatology, and nephrology over the next several years, although competitors in testing and uncertainty around future clinical trial results for Vyvgart prevent us from assigning the firm an economic moat.

Dutch biotech Argenx is hoping to build a portfolio of autoimmune treatments around Vyvgart, which received FDA approval in 2021 as a treatment for myasthenia gravis. We think the drug will see peak sales of more than $9 billion if approvals can extend into new autoimmune indications in neurology, hematology, dermatology, and nephrology over the next several years, although competitors in testing and uncertainty around future clinical trial results for Vyvgart prevent us from assigning the firm an economic moat.

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.

We’re raising our fair value estimate to EUR 491/$533 per ADR from EUR 425/$466 per ADR following strong second-quarter results for Argenx and data presented at last week’s research and development Day. Our new valuation incorporates higher potential sales for the firm’s sole approved drug, Vyvgart, in myasthenia gravis (both higher market share and a larger pool of patients becoming eligible for therapy over time), recent approval in CIDP, and clinical trial advancement in Sjogren’s disease (probability of approval raised from 30% to 60%), only slightly countered by failure in post-covid-19-mediated postural orthostatic tachycardia syndrome. We’ve also increased our assumptions for sales of pipeline drug empasiprubart after incorporating its advancement to phase 3 trials later this year. We think shares look slightly undervalued at our new fair value estimate. However, uncertainty around the competitive landscape and reliance on a single molecule for most of our forecast sales prevent the firm from establishing an economic moat just yet. We expect Argenx to report solid and expanding profitability beginning in 2025.

Dutch biotech Argenx is hoping to build a portfolio of autoimmune treatments around Vyvgart, which received FDA approval in 2021 as a treatment for myasthenia gravis. We think the drug will see peak sales of more than $9 billion if approvals can extend into new autoimmune indications in neurology, hematology, dermatology, and nephrology over the next several years, although competitors in testing and uncertainty around future clinical trial results for Vyvgart prevent us from assigning the firm an economic moat.

We’re maintaining our $466/EUR 425 fair value estimates for Argenx following first-quarter results that were in line with our expectations, with sales of the firm’s immunology drug Vyvgart amounting to $398 million. We think this puts Argenx on track to surpass $1.8 billion in Vyvgart revenue for the full year, largely from the first approved indication (myasthenia gravis) but also with limited sales expected in CIDP, which could receive US Food and Drug Administration approval in June. While we think CIDP data has been impressive, we expect a slower launch in this indication, given many patients are already established on immunoglobulin treatment. We think Vyvgart sales in both indications combined will surpass $5 billion annually by the end of our 10-year forecast, with another roughly $3 billion in sales coming from potential new indications, including thyroid eye disease (in phase 3) and Sjogren’s disease (entering phase 3) as well as indications that should have data later this year, including post-covid postural orthostatic tachycardia syndrome (data expected by the end of June) and myositis (data in the second half of the year). We think shares look slightly undervalued at recent prices, with investors not fully appreciating the opportunity surrounding new Vyvgart indications and the firm’s expanding pipeline. However, we do not yet assign Argenx an economic moat, given the uncertainty around the breadth of the drug’s potential as well as its profile relative to emerging competition. Competition in the FcRn space is likely to intensify, with UCB’s Rystiggo already launched and promising recent data from J&J’s nipocalimab (positive phase 3 data in myasthenia gravis and phase 2 data in Sjogren’s disease in February 2024) and Immunovant’s IMVT-1402 (entering registrational studies over the next year with a high efficacy and convenient at-home injection).