Argenx SE: 2Q preview: Vyvgart use continues to expand ahead of key 2H catalysts

研报英文原文证据摘录

Argenx SE: 2Q preview: Vyvgart use continues to expand ahead of key 2H catalysts

Accessible version

Argenx SE

2Q preview: Vyvgart use continues to

expand ahead of key 2H catalysts

Maintain Rating: BUY | PO: 1,088.00 USD | Price: 909.49 USD

Catalyst-rich 2H as Vyvgart continues to grow steadily 13 July 2026

Argenx (ARGX) reported 1Q Vyvgart revenues of $1.3bn (+1% q/q). For 2Q, we model Equity

Vyvgart revenues of $1.43bn (+10% q/q; cons: $1.42bn) in-line with management

commentary. We note 1Q was impacted by typical seasonality and we expect continued

steady growth in 2026. We remain confident in the strong trajectory of the Vyvgart

launch in gMG and CIDP support by our survey work (more below). We model $5.96bn in

2026 revenues (+43% y/y). Near-term, we await the topline phase 3 data for

efgartigimod in myosotis in 3Q and empasiprubart in MMN in 4Q, which could

meaningfully expand the commercial opportunity. We highlight our recent note (see, Tazeen Ahmad

Breaking out value for immune-mediated necrotizing myopathy in our model) where we ResearchBofAS Analyst

see potential for $3.4bn in peak sales. ARGX remains a 2026 top pick with a Buy rating +1 646 855 4236

tazeen.ahmad@bofa.com

and $1,088/€955 PO.

Daniel Giraldo

CIDP survey suggests Vyvgart use will continue to expand ResearchBofAS Analyst

daniel.giraldoperez@bofa.com

We surveyed 26 neurologists treating a total of 1,300 CIDP patients and 3,134 gMG

patients. Physicians estimate that ~38% of their CIDP patients will be on Hytrulo at JeremiahResearch AnalystLorentz

peak, up materially from ~21% currently. Respondents reported 63 new Hytrulo scripts BofAS

jeremiah.lorentz@bofa.com

in 1Q and 90 new scripts in 2Q, which we think reflects 1Q seasonality and steady new

Wesley Yon

patient adds each quarter.