Argenx 2Q’26 Preview: Expect continued strong Vyvgart growth, with our forecasts modestly ahead of Consensus

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Argenx 2Q’26 Preview: Expect continued strong Vyvgart growth, with our forecasts modestly ahead of Consensus

J P M O R G A N Europe Equity Research

26 June 2026

Argenx

2Q’26 Preview: Expect continued strong Vyvgart

growth, with our forecasts modestly ahead of

Consensus

Argenx is due to report 2Q’26 results on July 23, 2026. For 2Q’26, we forecast European Pharmaceuticals &

Vyvgart product sales of $1,439m, reflecting 52% y-o-y growth. We forecast US Biotechnology

Vyvgart sales of $1,209m and ex-US sales of $230m, with sequential acceleration Richard Vosser AC

across both geographies driven by strong Vyvgart uptake in both MG and CIDP, (44-20) 7742-6652

following the typical Q1 seasonal softness. Our product sales forecast is c.1% richard.vosser@jpmorgan.com

ahead of the latest company Cons. at $1,426m and BBG Cons. at $1,421m. On J.P. Morgan Securities plc

Operating Profit, we forecast $457m, at a 31.8% margin, c.9% ahead of BBG Cons. Sophia Graeff Buhl Nielsen AC

at $419m (29.8% Operating Profit margin). Beyond results, we expect continued (44-20) 7742-3918

sophia.graeffbuhlnielsen@jpmorgan.com

focus on upcoming registrational pipeline readouts, in particular the Phase III J.P. Morgan Securities plc

readout for Vyvgart in Myositis anticipated in Q3’26 (our take from the Myositis Zain Ebrahim

R&D Day here). Overall, we expect a solid set of results with our forecasts (44-20) 3493-1163

modestly ahead of Consensus. zain.ebrahim@jpmorgan.com

J.P. Morgan Securities plc

Details Khushi Bihani

(91-22) 6157-4103

• We forecast $1,439m Global sales for Vyvgart in 2Q’26, in line with both khushi.bihani@jpmorgan.com

Company Consensus and BBG Consensus: We forecast 2Q’26 US sales of J.P. Morgan India Private Limited

$1,209m, 2% / $28m ahead of Company Consensus at $1,181m.