argenx SE
- Open
- 863.35
- Day high
- 871.80
- Day low
- 846.17
- Prev close
- 860.55
- Volume
- 229K
- Mkt cap
- $52.6B
- P/E (TTM)
- 31.7
- EPS (TTM)
- $26.66
- P/B
- 7.2
- P/S
- 8.4
- Yield
- —
- Per share
- —
argenx SE (ARGX) is a Healthcare company listed on NASDAQ. The stock is up 52% over the past year.
argenx SE (ARGX) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 8 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
ARGX earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $6.00 | $5.90 | -1.7% | $2.4B | +67.2% |
| Oct 30, 2025 | $4.37 | $5.18 | +18.5% | $948M | -25.7% |
| May 8, 2025 | $0.98 | $2.58 | +163.3% | $1.3B | +56.2% |
| Mar 31, 2025 | — | $2.58 | — | $791M | — |
| Oct 31, 2024 | $0.10 | $1.39 | +1290.0% | $902M | +35.6% |
| Sep 30, 2024 | — | $1.39 | — | $573M | — |
| May 9, 2024 | $-0.71 | $-1.04 | -46.5% | $758M | +34.4% |
| Mar 31, 2024 | — | $-1.04 | — | $401M | — |
| Oct 31, 2023 | $-1.48 | $-1.25 | +15.5% | $468M | — |
| Sep 30, 2023 | — | $-1.25 | — | $330M | — |
| Jun 21, 2023 | — | $0.82 | — | $-258M | — |
| Oct 27, 2022 | $-3.50 | $-4.26 | -21.7% | $111M | -4.1% |
argenx SE company profile
Overview
argenx SE (NASDAQ:ARGX) is a Dutch biotechnology company founded in 2008 and headquartered in Amsterdam, Netherlands. The company went public on NASDAQ in May 2017. argenx has evolved from a research-stage biotechnology company into a commercial-stage biopharmaceutical company with its flagship product VYVGART achieving significant commercial success. The company specializes in developing antibody-based therapies for autoimmune diseases, with a particular focus on conditions affecting the neuromuscular system. argenx has established itself as a leader in targeting the neonatal Fc receptor (FcRn) pathway, a novel mechanism for treating antibody-mediated autoimmune diseases.
Business
argenx operates in the biotechnology sector, specifically focusing on developing and commercializing treatments for autoimmune diseases. Autoimmune diseases occur when the body's immune system mistakenly attacks healthy tissues, often involving pathogenic antibodies that cause tissue damage and inflammation. The company's core technology platform centers around targeting the neonatal Fc receptor (FcRn), a cellular receptor that plays a crucial role in recycling antibodies in the body. By blocking this receptor, argenx's therapies can reduce levels of disease-causing antibodies, providing therapeutic benefit for patients with antibody-mediated autoimmune conditions. argenx's primary commercial product is VYVGART (efgartigimod), which is available in two formulations: an intravenous version and a subcutaneous version called VYVGART Hytrulo. The company is also developing a prefilled syringe version for patient self-administration. VYVGART is currently approved and marketed for myasthenia gravis (MG), a neuromuscular disorder that causes muscle weakness, and chronic inflammatory demyelinating polyneuropathy (CIDP), a condition affecting peripheral nerves. The company's pipeline includes several other investigational therapies: empasiprubart, which targets the complement system for conditions like multifocal motor neuropathy; ARGX-119 for congenital myasthenic syndrome and amyotrophic lateral sclerosis; and various early-stage molecules targeting different immune pathways. argenx is actively pursuing clinical trials across multiple autoimmune indications including immune thrombocytopenia (ITP), thyroid eye disease, pemphigus vulgaris, myositis, and Sjögren's syndrome. The company generates revenue primarily from product sales (~98% of total revenue), with the remainder coming from collaboration agreements and licensing deals with partners including AbbVie, Zai Lab, LEO Pharma, and others for various geographic territories and indications.
Revenue model
argenx generates revenue primarily through direct product sales of its commercial therapies, particularly VYVGART for myasthenia gravis and CIDP. The company sells its products directly to healthcare providers, specialty pharmacies, and through distribution partners in various geographic markets. In 2024, the company achieved $2.2 billion in product net sales, with the United States representing the largest market at approximately $1.8 billion, followed by Japan, Europe, and China through partnership with Zai Lab. The company's business model is built around premium pricing for its innovative therapies, with VYVGART priced at approximately $450 per treatment cycle based on its clinical value proposition and improved patient outcomes compared to existing treatments. argenx maintains gross margins of approximately 90%, reflecting the high-value nature of its specialized biologic therapies. Key factors that could increase margins include: successful market expansion into earlier lines of therapy where patients may require longer treatment duration; approval of the prefilled syringe formulation enabling patient self-administration and reducing healthcare system costs; successful launches in additional indications expanding the addressable patient population; and geographic expansion into new markets with potentially favorable pricing dynamics. Factors that could pressure margins include: increased competition from biosimilars or alternative mechanisms of action; payer pressure for rebates and discounts as the market matures; potential need for combination therapies that could complicate pricing; regulatory requirements for additional safety monitoring or risk management programs; and manufacturing scale-up challenges as production volumes increase significantly. The company also generates modest revenue from collaboration agreements and milestone payments from partners, though this represents a small fraction of total revenue. argenx's long-term profitability depends on successfully expanding its patient base across multiple indications while maintaining premium pricing for its differentiated therapies.
Competitive moat
argenx possesses a moderate to strong competitive moat built around several key factors. The company's primary moat stems from its first-mover advantage in targeting the FcRn pathway for autoimmune diseases, having established VYVGART as the first approved FcRn antagonist. This provides significant clinical experience and real-world evidence that competitors will need years to replicate. The company's clinical expertise and data package represents another significant barrier to entry. argenx has demonstrated proof-of-concept across nine different autoimmune indications with efgartigimod, creating a broad intellectual property portfolio and deep understanding of patient populations that competitors cannot easily replicate. The company's ability to achieve a 67% response rate in CIDP and consistently strong efficacy data across multiple indications establishes a high clinical bar for competitors. Regulatory and market access advantages provide additional protection, as argenx has established relationships with key opinion leaders, built specialized sales forces familiar with rare autoimmune diseases, and navigated complex payer landscapes. The company's broad FDA labels and established reimbursement policies create switching costs for both physicians and patients. However, the moat faces several potential threats. Competitive pressure is emerging from other companies developing FcRn antagonists and alternative mechanisms targeting similar pathways. The underlying science of FcRn inhibition is well-understood, potentially allowing competitors to develop biosimilars or improved formulations. Additionally, technological disruption could come from novel approaches such as gene therapies, CAR-T cell therapies, or other immune modulation strategies that could provide superior efficacy or convenience. The strength of argenx's moat ultimately depends on its ability to continue expanding into new indications, developing improved formulations, and maintaining its clinical leadership position faster than competitors can catch up. While currently well-positioned, the moat is not insurmountable and requires continued innovation and execution to maintain.
Risks & safety
argenx demonstrates a strong margin of safety from a financial stability perspective, though valuation metrics present mixed signals. **Financial Strength:** - Cash position of $3.4 billion provides substantial runway for operations and development - Minimal debt with debt-to-equity ratio of 0.007, indicating very low financial leverage - Strong current ratio of 7.3x and quick ratio of 6.7x demonstrate excellent liquidity - Company achieved profitability in 2024 with positive operating cash flow, reducing cash burn risk - 2025 operating expense guidance of ~$2.5 billion suggests manageable cash utilization **Valuation Considerations:** - Price-to-earnings ratio of 11.0x appears reasonable for a growing biotech company - Price-to-book ratio of 6.7x reflects premium valuation typical for successful biotech firms - EV/EBITDA of 70.1x indicates high growth expectations are priced in - Graham number analysis suggests potential overvaluation relative to conservative metrics **Other Risk Factors:** - Heavy dependence on single product (VYVGART) for majority of revenue creates concentration risk - Regulatory approval risks for pipeline programs and new indications - Competitive threats from other FcRn antagonists and alternative therapies - Patent cliff risks as key intellectual property approaches expiration - Clinical trial execution risks across multiple simultaneous programs
Recent development
Over the past few years, argenx has executed a strategic transformation from a research-stage company to a profitable commercial enterprise. The company's most significant achievement has been the successful global launch and expansion of VYVGART, which grew from initial U.S. approval in myasthenia gravis to a $2.2 billion annual revenue product serving over 10,000 patients globally across multiple indications. Key strategic developments include the expansion of VYVGART's commercial footprint through the launch of VYVGART Hytrulo (subcutaneous formulation) and the pending approval of a prefilled syringe for patient self-administration. The company has also successfully expanded geographically, establishing commercial operations in the United States, Japan, Europe, and China through partnerships. The company has pursued an aggressive indication expansion strategy, advancing efgartigimod into multiple Phase III trials across different autoimmune diseases. Notable progress includes the successful CIDP launch, positive results in immune thrombocytopenia, and ongoing trials in thyroid eye disease, myositis, and Sjögren's syndrome. This multi-indication approach significantly expands the addressable patient population beyond the initial myasthenia gravis market. argenx has also diversified its pipeline beyond efgartigimod by advancing empasiprubart (targeting the complement pathway) into Phase III development for multifocal motor neuropathy and other indications. The company's Internal Innovation Pipeline has nominated four new molecules, demonstrating continued innovation capability beyond its lead programs. From an operational standpoint, the company has built substantial commercial and manufacturing capabilities, transitioning from reliance on contract manufacturers to establishing its own production capacity. The achievement of profitability in 2024 represents a major milestone, demonstrating the commercial viability of the business model and reducing dependence on external financing for growth initiatives.
ARGX company profile · for informational purposes only — not investment advice.
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