argenx SE

Strong financial performance; capacity to invest - Q3’26 product net sales: $1.7B, +54% YoY and +13% QoQ; U.S. $1.5B (U.S. +16% QoQ). - Gross-to-net: 22% (in line with expectations). - Operating profit: $486M, 28% operating margin (or 37% excluding $150M Forte transaction cost). - Cash: $3.7B after paying a net $2.1B for the Forte acquisition. - Full-year 2026 OpEx guidance raised/updated to ~ $4B (combined R&D + SG&A), reflecting Forte-related costs (~+half of the increase), FB102 investment, and ramping commercial/infrastructure after ALKIVIA.

2026–2027 outlook: multiple potential launches; Vision 2030 on track - Company reiterates confidence in Vision 2030: 50,000 patients by end of decade, with the bulk from MG and CIDP; IMNM and possibly MMN are incremental. - 2027 could include up to 5 U.S. launches across the portfolio (including pediatric MG, ocular MG, VYVGART Hytrulo auto-injector, and potentially MMN if December data is positive), plus additional clinical/label expansion. - They expect 5 potential launches in 2027 as “significant progress” toward Vision 2030 and long-term growth.

VYVGART (e.g., efgartigimod) momentum + label expansion catalysts (MG/CIDP) - MG: Momentum continues ~5 years post-launch; seronegative gMG launch driving growth (started with coverage for ~96% of covered lives; payers remove serotype testing hurdles for many). - Halo effect: ~10% of seronegative prescribers are new to VYVGART, and physicians report increased prescribing into seropositive disease too. - Pediatric MG and ocular MG: Supplemental BLA submitted for both; pediatric PDUFA Feb 2027, ocular MG could extend beyond generalized MG for the first time. - CIDP: steady adoption continues; more prescribers/patients gaining experience; prefilled syringe improves convenience and supports uptake. - Opportunity framing: real-world MG data (MGFA cohort cited) suggests patients starting VYVGART within a year of diagnosis have a higher likelihood of reaching minimal symptom expression.