Argenx SE: snMG approval supports continued growth of the Vyvgart franchise in MG

研报英文原文证据摘录

Argenx SE: snMG approval supports continued growth of the Vyvgart franchise in MG

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Argenx SE

snMG approval supports continued growth

of the Vyvgart franchise in MG

Reiterate Rating: BUY | PO: 1,016.00 USD | Price: 782.17 USD

snMG approval expands opportunity into ~11K patients 11 May 2026

Argenx (ARGX) announced the approval of Vyvgart and Vyvgart Hytrulo in AChR Equity

seronegative generalized myasthenia gravis (gMG) expanding the label to all MG

serotypes. The approval is in line with our expectations based on the positive results

Key Changesfrom phase 3 SERON trial. ARGX estimates this expands the US addressable patient

population by ~11K. While the label already included ~85% of gMG patients, we think the (US$) Previous Current

expansion into seronegative gMG will support continued growth of Vyvgart. We highlight Price Obj. 1,013.00 1,016.00

Vyvgart also showed positive results in the phase 3 OCULUS trial in ocular MG, which 2026E Rev (m) 6,059.4 6,063.7

could expand the opportunity into an additional 7K patients in the US. ARGX remains a 2027E Rev (m) 6,875.5 6,886.5

top pick in 2026 with a Buy and new $1,016/€863 PO (prev. $1,013/€862). 2028E Rev (m) 8,116.9 8,130.7

2026E EPS 28.08 28.13

2027E EPS 31.35 31.47Focus on myositis readout in 3Q and MMN readout in 4Q

Near-term, we highlight focus is on the phase 3 readouts for efgartigimod in myositis in 2028E EPS 41.00 41.16

3Q and empasiprubart in multifocal motor neuropathy (MMN) in 4Q. Management has

highlighted confidence in demonstrating clinical benefit in all 3 myositis subtypes based Tazeen Ahmad

Research Analyst

on the positive phase 2 data and strong biological rationale, which is in line with BofAS

feedback from our doctor checks.