ARGENX SE (+) : Corporate Contact: Key Takeaways

研报英文原文证据摘录

ARGENX SE (+) : Corporate Contact: Key Takeaways

EQUITIES

PHARMACEUTICALS

ARGENX SE OUTPERFORMPRICE* EUR763.0  TARGET PRICE EUR870 (UPSIDE 14%)

FLASH NOTE

Corporate Contact: Key Takeaways

11 JUNE 2026 Securities Research Report Production time: 14:14* (London time)

Research Analyst & Publishing Entities

Victor Floch BNP Paribas London Branch (+44) 203 430 8707 victor.floch@uk.bnpparibas.com

What happened?

We have spoken to Argenx, which is due to report its 2Q26 earnings on July 23. This report should be read as our

interpretation of the discussion, Rx and FX trends rather than specific company comments. We have slots open today

to discuss our takeaways, please book using this link.

BNPP View:

We report very positive comments across the board with company quite eager to stress continued Vyvgart commercial

momentum across all indications, promising signal from the early US launch of the seronegative label extension and

reassuring comments about emerging competition in MG. We flag that Q2 consensus implies a significant step down

in terms of QoQ incremental sales adds vs. 4Q25 which could leave room for some upside risk. No incremental

comments have been made on myositis which is going to be extensively covered later this month at company’s R&D

event. Finally, we note that comments towards continued margin expansion and profitability have been reiterated.

– Strong momentum across the board & notable excitement over the seronegative launch. We report

positive comments on Vyvgart’s momentum across all indications with company notably stressing consistent

patient growth and a promising early seronegative launch. While Amgen’s recent comments on Uplizna’s

penetration in treatment‑naïve MG patients have raised some concerns, we report that the company feels relaxed