argenx SE: ARGX 2Q26 Quick Take: Vyvgart Momentum Drives EPS Beat; OW Reiterated

研报英文原文证据摘录

argenx SE: ARGX 2Q26 Quick Take: Vyvgart Momentum Drives EPS Beat; OW Reiterated

Update

July 23, 2026 10:35 AM GMT

Morgan Stanley & Co. LLCMargenx SE | North America Sean Laaman, Ph.D.

Equity Analyst

ARGX 2Q26 Quick Take: Sean.Laaman@morganstanley.comNatasha Arya +1 212 761-4947

Research Associate

Natasha.Arya@morganstanley.com +1 212 761-6294

Vyvgart Momentum Drives EPS Michael H Riad, Ph.D.

Michael.Riad@morganstanley.com +1 212 761-1309

Beat; OW Reiterated Katherine Sun

Katherine.Sun@morganstanley.com +1 212 761-5968

Key Takeaways

argenx SE (ARGX.O, ARGX US)

2Q26 total Vyvgart sales of $1,516mn (vs. VA cons $1,419mn) Biotechnology | United States of America

Seronegative gMG label expansion now launched; ALKIVIA myositis readout next Stock Rating Overweight

Industry View Attractive

area of focus for 3Q26 Price target $1,180.00

Shr price, close (Jul 22, 2026) $851.72

Mkt cap, curr (mm) $56,937

Argenx reported 2Q26 total revenues above expectations. 2Q26 net Vyvgart sales 52-Week Range $953.58-563.08

were $1,516mn (vs. VA cons. of $1,419mn & MSe $1,472mn). 2Q26 sales grew 17% Q/

Q and represent 60% Y/Y growth. GAAP operating income of $494mn beat MSe by

17.7% and VA by 13.6%, aided by R&D and SG&A running below MSe. GAAP diluted

EPS of $7.32 beat MSe's $5.77 by 26.8% and VA's $6.16 by 18.7%.

On the pipeline, the ALKIVIA study of Vyvgart in myositis is the next area of focus,

with top-line results on track for 3Q26. Additional upcoming registrational readouts

include top-line results from the EMPASSION study of empasiprubart in MMN in

4Q26. Of note, the ADVANCE-NEXT top-line data readout for Vyvgart in primary ITP

is confirmed for 1H27 (delayed from the prior 4Q26 expectation), and two new

readouts have been disclosed: the UNITY study of Vyvgart in Sjogren's disease