argenx

argenx is an immunology company. Its main product is VYVGART (efgartigimod alfa), an antibody fragment that blocks the neonatal Fc receptor (FcRn) and lowers the IgG antibodies that cause some autoimmune diseases. VYVGART is given into a vein, and VYVGART Hytrulo is given under the skin. They are approved for generalized myasthenia gravis (gMG) and chronic inflammatory demyelinating polyneuropathy (CIDP), and VYVGART for primary immune thrombocytopenia (ITP) in Japan.

In May 2026, the FDA expanded the gMG approval to all adult patients, including those without the most common antibodies. Product net sales were $1,721 million in Q3 2026 and $4,151 million in 2025. Other candidates include empasiprubart (anti-C2), FB102 (anti-CD122) from the purchase of Forte Biosciences in August 2026, adimanebart (MuSK) and ARGX-121 (IgA). argenx had 1,863 full-time employees at December 31, 2025. Its shares trade on Euronext Brussels and, as American depositary shares (ADS), on Nasdaq.

Each ADS represents one share. The head office is in Amsterdam, the Netherlands. Karen Massey is Chief Executive Officer.

argenx trades above its intrinsic value because investors pay for the fast growth of VYVGART and for a pipeline that can add new diseases. In Q3 2026, product net sales rose 54% to $1,721 million, and diluted profit per share was $7.80. Its Vision 2030 targets 50,000 patients, 10 labeled indications and five pipeline candidates in registrational development by 2030.

For the shares to earn this price, three things must be true. VYVGART sales must keep growing fast in gMG and CIDP while other companies sell or develop medicines of the same class. New indications must succeed: the filing for immune-mediated necrotizing myopathy (IMNM) by the end of 2026, the FDA decision for children with gMG in February 2027, and the Phase 3 results in primary ITP in the first half of 2027.

Empasiprubart must show positive Phase 3 results in multifocal motor neuropathy (MMN), expected in December 2026. The full-year 2026 report on February 25, 2027 is the next financial test. A failed trial or slower VYVGART growth can make the premium hard to keep.

1. Oct 22, 2026Passed

   Q3 2026 resultsProduct net sales growth of 40% or more passes; slower growth fails.Outcome: Product net sales rose 54% to $1,721 million.
2. Dec 2026 · est.Pending

   Phase 3 EMPASSION results of empasiprubart in MMNPositive results on the main goal pass; results that miss the main goal fail.
3. Feb 25, 2027Pending

   Full-year 2026 resultsProduct net sales growth of 35% or more in Q4 2026 and a plan for 2027 expenses pass; slower growth fails.

Every passed and failed checkpoint across all picks

• November 9, 2026argenx agreed to buy Unnatural Products, a company that discovers macrocyclic peptides, in which it already held a minority stake. The transaction values Unnatural Products at up to about $1.15 billion in upfront and milestone payments.
• November 7, 2026argenx gave the full Phase 3 ALKIVIA results of VYVGART Hytrulo in autoimmune myositis. In the combined IMNM and dermatomyositis group, the Total Improvement Score at week 52 was 15.4 points better than with placebo (p=0.0011). In IMNM alone, it was 14.8 points better (p=0.0048).
• October 22, 2026argenx reported Q3 2026 results. Product net sales rose 54% to $1,721 million, operating profit was $486 million, and diluted profit per share was $7.80, after about $150 million of costs for the Forte purchase. Cash, cash equivalents and current financial assets were $3.7 billion after the payment of about $2.1 billion for Forte. argenx now expects combined R&D and SG&A expenses of about $4 billion for 2026.

Next earnings

February 25, 2027, as the company confirmed.

• 6-KInterim report for the period ended Jun 30, 2026Filed July 23, 2026 · argx-20260630
• 20-FAnnual report for the period ended Dec 31, 2025Filed March 19, 2026 · argx-20251231
• 6-KInterim report for the period ended Jun 30, 2025Filed July 31, 2025 · argx-20250630
• 20-FAnnual report for the period ended Dec 31, 2024Filed March 20, 2025 · argx-20241231

Every filing on SEC EDGAR (CIK 1697862)

• Almost all revenue comes from VYVGART. Other companies have launched or develop medicines of the same class for gMG and CIDP, and these can slow its growth or lower its prices.
• Much of the value depends on trials that are not finished, such as empasiprubart in MMN and CIDP, VYVGART in ITP, Graves' disease and myositis, and FB102. A failed trial can lower the value fast.
• The base regulatory exclusivity of VYVGART is expected to end in December 2033 in the U.S. and in August 2032 in the EU. After that, biosimilars can compete, and laws can shorten these periods.
• Governments and insurers in the United States, Europe and Japan push for lower drug prices. Lower prices for VYVGART can reduce sales and profit.
• argenx spends much on research and buys companies such as Forte and Unnatural Products. Purchases that do not lead to approved medicines reduce the value per share.

argenx has no material debt. At September 30, 2026, cash and cash equivalents were $2.6 billion and current financial assets $1.1 billion, together $3.7 billion, against $4.4 billion at December 31, 2025. Read more

argenx does not pay a dividend.

Source: company filings and market data, read on November 11, 2026.