Deep-dive on myositis, MMN and the landscape: PT to €900, stays Buy

研报英文原文证据摘录

Deep-dive on myositis, MMN and the landscape: PT to €900, stays Buy

Deutsche Bank

Research

Rating Company Date

Buy Argenx 3 July 2026

Breaking News

Europe

Netherlands

Reuters Bloomberg Exchange Ticker Price at 1 Jul 2026 (EUR) 793.60

ARGX.BR ARGX BB BRU ARGX

Price Target (EUR) 900.00

Pharmaceuticals

813.00 -

Pharmaceuticals 52-week range (EUR) 460.40

Deep-dive on myositis, MMN and the

Valuation & Risks landscape: PT to €900, stays Buy

Emmanuel Papadakis, Ph.D., CFA

Summary takes Research Analyst

Argenx has been a unique, disruptive European innovation story. Here, we here +44-20-754-18522

undertake a detailed preview of the company’s two key H2 trial events (Vyvgart in

Niall Alexander

myositis, empasiprubart in MMN) along with those due beyond, plus a review of Research Analyst

recent developments in the competitive landscape (FcRn space and beyond, both +44-20-754-12185

direct and x-reads…) and our takes from recent events (including scientific updates

Shashindra Seresinhe

plus the recent myositis investor event). We also publish our updated and revised

Research Associate

bottom-up FcRn market model (excel available on request). The summary is that

after cutting to Hold in Sep’25 (ARGNX: Cut to Hold on valuation, 655PT unch

(11/09/25)) upgrading to Buy in March (ARGNX: Updating post-Q4 and feeling the Supun Ukwatta

(EM)PASSION: u/g to Buy (10/03/26)), we reiterate our positive stance and lift our Research Associate

PT +20% to €900: we expect myositis to work and unlock the next leg of value

creation for Vyvgart, catapulting it into the $10bn+ asset category. Henrietta Boeg

+44-20-754-10119

Thoughts on Vyvgart’s ALKIVIA in myositis

n The P3 ALKIVIA headline in idiopathic inflammatory myopathy (i.e. Kate Farrelly

myositis) is the next major Vyvgart read out and due Q3.