Company Reports

Argenx shares fell sharply on Oct. 8 after the company discontinued a phase 3 study of Vyvgart in Sjogren's disease due to futility, with Brussels-listed shares down 16% and ADR shares down 12%. Separately, the company reported positive phase 2 topline data for FB102 in celiac disease.

Dutch biotech Argenx is hoping to build a portfolio of autoimmune treatments around Vyvgart, which received US Food and Drug Administration 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 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.