argenx SE: 2Q26 Results: Vyvgart Momentum Drives EPS Beat; Pipeline Optionality Expands

研报英文原文证据摘录

argenx SE: 2Q26 Results: Vyvgart Momentum Drives EPS Beat; Pipeline Optionality Expands

, all metrics are based on Morgan Stanley ModelWare

framework

Seronegative gMG label expansion launched in May; ~55% of U.S. commercial §**==ConsensusBased on consensusdata is providedmethodologyby Refinitiv Estimates

lives covered within 10 weeks and tracking to ~90% within 3–6 months *e == GAAPMorganorStanleyapproximatedResearchbasedestimateson GAAP

ARGX ended the quarter with $5.2bn in cash & equivalents; ALKIVIA myositis top- Quarterly EPS ($)

2026e 2026e 2027e 2027e

line data in 3Q26 is the next area of focus Quarter 2025 Prior Current Prior Current

Q1 2.58 - 5.52a 5.99 6.88

Argenx reported 2Q26 results above expectations. Argenx reported 2Q26 Q2 3.74 - 7.35a 6.78 7.88

Q3 5.18 5.57 7.46 6.70 8.76

revenues of $1,516mn, above expectations of $1,419mn (via VA cons) and MSe of Q4 8.02 6.35 8.01 7.67 9.36

$1,472mn. 2Q26 total Vyvgart revenues represent ~60% Y/Y growth and ~17% e = Morgan Stanley Research estimates, a = Actual Company reported data

sequential growth, marking the 18th consecutive quarter of growth for the

franchise. Importantly, operating performance continued to scale, with operating

profit of $494mn (+146% Y/Y), reflecting continued operating leverage as R&D and

SG&A ran below MSe. GAAP diluted EPS of $7.32 beat MSe by 26.8% and VA cons

by 18.7%. The company exited the quarter with a strong ~$5.2bn cash balance, up ~

$744mn since year-end, providing substantial flexibility to continue funding

commercial expansion, pipeline investment, and potential business development. Morgan Stanley does and seeks to do business with

companies covered in Morgan Stanley Research. As a result,