Argenx Q2’26 First Take: Vyvgart sales 6% beat vs company cons; key pipeline timings reiterated

研报英文原文证据摘录

Argenx Q2’26 First Take: Vyvgart sales 6% beat vs company cons; key pipeline timings reiterated

J P M O R G A N Europe Equity Research

23 July 2026

Argenx Overweight

ARGX.BR, ARGX BB

Q2’26 First Take: Vyvgart sales 6% beat vs company Price (15 Jul 26):€750.60

cons; key pipeline timings reiterated

European Pharmaceuticals &

Our Take: This morning, Argenx reported detailed Q2’26 results. Q2 Vyvgart Biotechnology

sales were $1,516m, +60% y-o-y, which came in c.6% ahead of company Richard Vosser AC

consensus (c.7% ahead of BBG), driven by strong underlying demand trends in (44-20) 7742-6652

both MG and CIDP, with the pre-filled syringe as a key growth driver and limited richard.vosser@jpmorgan.com

J.P. Morgan Securities plc

contribution from the MG seronegative label expansion so far, while payer policies AC Sophia Graeff Buhl Nielsen

are being put in place. The company also delivered a 32.6% operating margin, with

(44-20) 7742-3918

operating profit c.17% ahead of BBG consensus due to drop-through of c. 7% sophia.graeffbuhlnielsen@jpmorgan.com

higher Revenues, further supported by c. 2% lower Operating Expenses. On the J.P. Morgan Securities plc

pipeline, the Phase 3 ALKIVIA readout for Vyvgart in Myositis was reiterated for Zain Ebrahim

Q3, and the Phase 3 EMPASSION readout for empa in MMN was also reiterated (44-20) 3493-1163

for Q4; all other milestone timings were reiterated and remain unchanged from Q1. zain.ebrahim@jpmorgan.com

Argenx also reported the Phase 2 VARVARA study for empa in delayed graft J.P. Morgan Securities plc

function (DGF) supports further evaluation in the transplant setting, although Khushi Bihani

unlikely to be pursued in DGF specifically: this is not reflected in numbers and (91-22) 6157-4103

khushi.bihani@jpmorgan.com