Argen X SE - ADR

Strong Revenue Growth: Argenx reported Q1 2025 total operating income of $807 million, which represents a 99% year-over-year growth in product net sales compared to the previous year's quarter. This translates to $790 million from product sales, indicating significant momentum in their commercial business, particularly in gMG and CIDP markets.

Successful Product Launches: The recent approval of the pre-filled syringe (PFS) for self-injection of VYVGART is viewed as a transformative opportunity to reach more patients. Early feedback indicates that 50% of initial prescriptions are from new patients starting VYVGART, highlighting the potential for market expansion with the PFS launch.

Challenges in Payer Mix and Pricing Dynamics: The transition to Medicare Part D due to regulatory changes has increased gross-to-net pricing pressures; however, this is expected to be offset by patient volume growth as PFS helps attract new patients. The company maintains pricing stability across regions, though a shift in payer mix could create incremental headwinds in the near term.