First Read Argenx Forte acquisition - EU sellside call feedback

研报英文原文证据摘录

First Read Argenx Forte acquisition - EU sellside call feedback

Global Research

27 July 2026ab

First Read

EquitiesArgenx

Forte acquisition - EU sellside call feedback Netherlands

Biotechnology

12-month rating Neutral *

Forte acquisition - EU sellside call feedback

Deal rationale: management commented that Forte/FB102 fits well with Argenx 12m price target US$960.00

playbook given its novel biology, into severe autoimmune diseases with high

unmet need, and pipeline in a product potential for FB102. Management believes

Price (24 Jul 2026) US$915.54

the timing of the acquisition is right as well, as the P1b data provides some de-

risking of the asset, but the asset is early stage enough for Argenx to design, and RIC: ARGX.O BBG: ARGX US

develop a comprehensive programme and commercial strategy. Management Trading data and key metrics

highlighted potential to identify more indications, and its expertise in trial design,

52-wk range US$939.68-595.19

experience in developing different formulations for Vyvgart that Argenx could

Market cap. US$56.7b

leverage for FB102.

Shares o/s 61.9m (ORD)

Commercial opportunity: Argenx believes it is too early to comment on specifics Free float 99%

about commercial opportunity, but commented that each vitiligo and celiac Avg. daily volume ('000) 342

disease could be blockbuster opportunities. There are about 2 million vitiligo Avg. daily value (m) US$292

patients, and Argenx believes there is high unmet need especially in more severe Common s/h equity (12/26E) US$9.33b

patients where significant body area is impacted leading to severe photosensitivity. P/BV (12/26E) 6.1x

For celiac disease, management highlighted that about 25% patients that cannot

Net debt to EBITDA (12/26E) NM

manage the disease by diet alone with no approved treatment.