Argenx SE (ARGX.BR): 2Q26 first take: solid top and bottom line beats; pipeline progressing ahead of key ALKIVIA trial

研报英文原文证据摘录

Argenx SE (ARGX.BR): 2Q26 first take: solid top and bottom line beats; pipeline progressing ahead of key ALKIVIA trial

Goldman Sachs Argenx SE (ARGX.BR)

complicated and noted the riliprubart trial recruited more refractory patients than

Argenx; 7. Vyvgart benefited from a minor one off benefit in Japan with additional

details to come on the earnings call.

Financial summary: Operating costs in 2Q were $1,048mn, 4% lower than GSe

($1,003mn) and 3% lower than Visible Alpha Consensus Data ($1,015mn). Operating

profit of $494mn (c.32% of sales) was +14% vs GSe and VA consensus data ($433mn),

driven by higher gross margin 91% vs GSe and Visible Alpha Consensus Data forecast of

89%. Basic EPS of $7.58 was 17%/17% ahead of GSe/Cons of $6.49/$6.47, driven by the

higher operating profit. By reminder, unlike in prior years, the company has not provided

opex guidance for 2026.

Updates to clinical, regulatory and other events:

n ALKIVIA Phase 3 trial - Vyvgart in Myositis - readout in 3Q26 (reiterated)

n EMPASSION Phase 3 trial - Empasiprubart in MMN - readout in 4Q26 (reiterated)

n ADVANCE-NEXT Phase 3 trial - Vyvgart in primary ITP - readout in 1H27 (reiterated)

n Phase 1 trials - ARGX-118 and ARGX-125 - expected to initiate in 2026 (reiterated)

n UNITY Phase 3 trial - Vyvgart in Sjogren’s Disease - readout in 2H27 (reiterated)

n EMVIGORATE and EMNERGISE Phase 3 trials - Empasiprubart in CIDP - readouts in

2H27 (reiterated)

Argenx will hold a conference call at 8:30am ET/2:30pm CET. We expect focus on: 1)

Vyvgart dynamics and source of patients for the PFS formulation; 2) commercial update

on seronegative gMG payer coverage negotiations and patient uptake; 3) additional

commentary regarding the Phase 3 ALKIVIA trial of Vyvgart in myositis and efficacy in