Argenx SE: Breaking out value for immune-mediated necrotizing myopathy in our model

Research evidence excerpt

Argenx SE: Breaking out value for immune-mediated necrotizing myopathy in our model

Lorentz

peak sales in INM, assuming a 30%/15% US/EU peak penetration and assign a 50% LoS Research Analyst

to the program. INM contributes $80/share to our PO. We also adjust our pipeline BofASjeremiah.lorentz@bofa.com

estimates as we breakout value for the program. The pipeline now contributes $65/share Wesley Yon

(prev. $74). These changes result in our new $1,088/€955 PO (prev. $1,016/€863). Research Analyst

BofAS

Positive readout in DM could add further upside wesley.yon@bofa.com Amy Qian

ARGX highlighted that they saw a clear signal in DM in phase 2 although it was not Research Analyst

statistically significant due to the small sample size. However, they think having a larger BofASamy.qian3@bofa.com

sample size and only including DM patients with muscle involvement in phase 3

increases the likelihood of a positive outcome. For now, we do not assign standalone

value for DM in our model as we look for more clarity on the path forward but highlight

Stock Datathat a positive outcome could represent upside to our estimates. We will look for more

details on the clinical profile in DM to better understand the commercial opportunity in Price (ADR / Common) 909.50 USD / 793.60 EUR

this more heterogenous and competitive market. Price Objective 1,088.00 USD / 955.00

EUR

Estimates(Dec) (US$) 2024A 2025A 2026E 2027E 2028E

Date Established 1-Jul-2026 / 1-Jul-2026

EPS 13.92 21.08 28.93 33.87 47.20

EPS Change (YoY) NM 51.4% 37.2% 17.1% 39.4% Investment Opinion B-1-9 / B-1-9

Consensus EPS (Bloomberg) 26.34 34.13 43.21 52-Week Range 536.02 USD - 934.62 USD

Consensus EPS (Visible Alpha) 26.11 35.99 42.94 Market Value (mn) 56,441 USD

Common EPS (EUR) 12.87 18.69 25.39 29.73 41.43 Free Float 0%