First Read Argenx Q2‘26 results - sell side call feedback

研报英文原文证据摘录

First Read Argenx Q2‘26 results - sell side call feedback

Global Research

23 July 2026ab

First Read

EquitiesArgenx

Q2'26 results - sell side call feedback Netherlands

Biotechnology

12-month rating Neutral *

Q2'26 results - sell side call feedback

Vyvgart growth driver: PFS is by far the biggest driver, IV RoW is declining but 12m price target US$850.00

stable in the US. Key attraction for physicians is that patients do not need sero-

testing as Vyvgart is approved for all autoantibody subtypes, as well as sero-ve

Price (22 Jul 2026) US$854.64

subtype.

RIC: ARGX.O BBG: ARGX US

Dermatomyositis (DM) filing strategy: Once data is obtained, ARGX will

discuss with the FDA regarding path forward depending on signals from the data. Trading data and key metrics

ARGX sees a potential possibility of running a more focused trial depending on 52-wk range US$939.68-591.74

data and FDA feedback. Market cap. US$52.9b

Shares o/s 61.9m (ORD)

Empa DGF go/no-go: saw interesting signal for empa and is evaluating pathway

Free float 99%

in the transplant setting.

Avg. daily volume ('000) 336

Riliprubart failure readacross to empa in CIDP: ARGX believes empa is a Avg. daily value (m) US$285.2

different molecule from riliprubart and highlighted importance of site selection, Common s/h equity (12/26E) US$9.30b

quality of execution for CIDP trials. ARGX also commented that they enrolled P/BV (12/26E) 5.7x

patients of all spectrum, which is a potential differentiator from riliprubart trial Net debt to EBITDA (12/26E) NM

where more refractory patients are enrolled.

EPS (UBS, diluted) (USD)

Operating margin: CFO commented the margin expansion is the result of UBS Cons.

successful execution of top line growth. The priority for the business is expanding 12/26E 23.80 26.16