Argenx: Post-Q1: en route to the North Star?

研报英文原文证据摘录

Argenx: Post-Q1: en route to the North Star?

Deutsche Bank

Research

Rating Company Date

Buy Argenx 14 May 2026

Forecast Change

Europe

Netherlands

Reuters Bloomberg Exchange Ticker Price at 13 May 2026 (EUR) 584.20

ARGX.BR ARGX BB BRU ARGX

Price Target (EUR) 750.00

Pharmaceuticals

803.00 -

Pharmaceuticals 52-week range (EUR) 460.40

Post-Q1: en route to the North Star?

Valuation & Risks

Emmanuel Papadakis, Ph.D., CFA

Summary takes Research Analyst

We update post ARGX uneventful Q1 results (ARGNX: Q1 first take (07/05/26)). We +44-20-754-18522

will provide further detailed preview thoughts into H2’s two key pipeline events

Niall Alexander

(ALKIVIA/EMPASSION P3’s) in due course, but in the interim our perspective Research Analyst

remains unchanged from our recent upgrade to which we refer for further context +44-20-754-12185

(ARGNX: Updating post-Q4 and feeling the (EM)PASSION: u/g to Buy (10/03/26)).

Henrietta Boeg

We do however slightly nudge our multiple-based PT to €750 (+3%, based on 31x

Research Associate

FY26 vs 28x prior), reflecting the recent minor seronegative label expansion and

+44-20-754-10119

more importantly strong recent directional prescription trends for Vyvgart as

captured in our smid tracker (EU Pharmaceuticals: Weekly SMID Tracker Kate Farrelly

(11/05/2026) Research Associate

Key takes from the call Shashindra Seresinhe

Discussion on ALKIVIA focused on conviction on seeing benefit in all subtypes

(i.e. DM/IMNM/PM), to which the answer was reasonably reassuring, as was the

latest assessment of market epidemiology and the belief that the steroid-taper Supun Ukwatta

design will ameliorate placebo response risk. On the commercial outlook we got Research Associate

confirmation Q2 should see a decent seasonal qoq step up, with novel competition

(e.g.