argenx SE American Depositary Shares (ARGX) Earnings

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Dec 2026upcoming

Next quarter

Expected to report Feb 25, 2027 — estimated from last year’s reporting date.

Consensus is $7.70 EPS for Dec 2026 across 9 estimates, ranging $6.94 to $9.19.

ARGX Sep 2026

Reported Oct 22, 2026 · before the open

: 4.84%

: $7.44
: $7.80
: —
: —

Highlights

VYVGART sales: Global product net sales reached $1.721 billion, up 54% year over year and 13% quarter over quarter; diluted EPS of $7.80 beat the $7.44 consensus by 4.84%.
Commercial momentum: U.S. sales were $1.5 billion, up 16% quarter over quarter; Japan grew 47% year over year and Rest of World grew 70%. Management said both MG and CIDP continued to add patients.
Broader VYVGART opportunity: The company filed for ocular MG and has a pediatric MG priority-review target date in February 2027. It plans to submit for IMNM by year-end and to run an additional registrational study in dermatomyositis.
Empasiprubart readout: Phase 3 MMN results are expected in December 2026. The study compares empasiprubart with IVIg; management views non-inferiority as meaningful, with superiority an additional potential benefit.
FB102 progress: After positive Phase 2 celiac results, argenx is advancing FB102 to Phase 3 and is developing programs in vitiligo and alopecia areata.
Profit and investment: Operating profit was $486 million, versus $346 million a year ago. R&D and SG&A totaled $1.1 billion, including $150 million of Forte acquisition costs; 2026 combined R&D and SG&A expense guidance is approximately $4 billion.
Liquidity and pipeline: Cash, cash equivalents and current financial assets totaled $3.7 billion after the company paid approximately $2.1 billion net for Forte. Argenx expects 10 molecules in clinical development by year-end and sees up to five potential U.S. launches in 2027.

Analysis

argenx delivered another strong growth quarter, led by VYVGART, with diluted EPS of $7.80 versus consensus of $7.44, a 4.84% beat. Product net sales rose to $1.721 billion from $1.127 billion a year earlier and were up 13% from the second quarter. Profit for the period increased to $506 million from $344 million in Q3 2025; diluted EPS was $5.18 a year ago. The release provides no prior-quarter EPS comparison.

The defining feature of the print was continued uptake across MG and CIDP, alongside expansion of the commercial opportunity into new indications. Management cited strong patient growth, including early traction from the seronegative MG launch, and reported 96% coverage of covered lives for that group. The pipeline also reached important inflection points: the company plans an IMNM filing by year-end, expects the empasiprubart MMN Phase 3 readout in December, and is moving FB102 into Phase 3 for celiac disease. Investment rose with those ambitions: R&D and SG&A included $150 million of Forte transaction costs, while full-year combined expense guidance increased to approximately $4 billion. Cash and current financial assets ended at $3.7 billion after the acquisition payment.

VYVGART commercial momentum

Sales growth: Product net sales were $1.721 billion, up 54% year over year and 13% sequentially. Regional sales included $1.5 billion in the U.S., $81 million in Japan, $158 million in Rest of World and $11 million of product supplied to Zai Lab in China.
U.S. trends: U.S. sales grew 16% quarter over quarter, with net pricing broadly consistent and gross-to-net deductions at 22%, in line with expectations. Management described the quarter as among its strongest for patient growth since launch.
MG and CIDP adoption: Both indications continued to grow, according to management. Five months into the seronegative MG launch, approximately 96% of covered lives had coverage; about 10% of seronegative prescribers were new to VYVGART, and management said the label expansion also supported prescribing in seropositive patients.
Japan and other markets: Japan sales rose 47% year over year, although the sequential comparison was affected by a roughly $25 million one-time benefit in Q2 from a distribution-model change. Rest-of-World sales grew 70% year over year.

VYVGART label expansion

MG expansion: The ocular MG sBLA was submitted to the FDA. The pediatric gMG sBLA received priority review, with a February 2027 target action date. The Hytrulo autoinjector is expected in the second half of 2027 for approved indications.
Myositis: Phase 3 ALKIVIA showed consistent, clinically meaningful effects across IMNM and dermatomyositis, and argenx plans to submit an IMNM sBLA by year-end 2026, supported by Breakthrough Therapy Designation. Management said the FDA requires a confirmatory study for dermatomyositis after the study missed its primary endpoint; the company is designing an additional registrational trial.
Other studies: Topline Phase 3 results in primary ITP are expected in the first half of 2027; Phase 3 studies in Graves’ disease are ongoing.

Empasiprubart in MMN

Near-term catalyst: Topline results from the Phase 3 EMPASSION study are expected in December 2026. The head-to-head trial tests empasiprubart against IVIg, the current standard of care.
Clinical proposition: Management said the study was designed to test whether empasiprubart can provide efficacy comparable to IVIg while reducing treatment burden. It views non-inferiority as a meaningful outcome for patients; superiority would be additional upside. The company has not disclosed the non-inferiority margin.
Wider opportunity: Phase 3 empasiprubart studies in CIDP are expected to read out in the second half of 2027. A Phase 2 gMG study is evaluating the drug both as an add-on to efgartigimod and as monotherapy.

FB102 and pipeline breadth

FB102: Following positive Phase 2 celiac results, argenx is advancing the program to Phase 3. Management highlighted consistent effects across efficacy measures, including symptoms, alongside a favorable safety profile. Further details on the Phase 3 plan are pending.
Additional indications: FB102 programs are ongoing in vitiligo and alopecia areata; management sees potential across other autoimmune diseases as well. The company is also working toward a subcutaneous formulation.
Other assets: Adimanebart is advancing toward Phase 3 in congenital myasthenic syndromes, while its Phase 2 study in spinal muscular atrophy continues. ARGX-121 is in Phase 2 for IgA nephropathy, and several earlier-stage programs are advancing.
Development scale: Argenx expects 10 molecules in clinical development by year-end and reiterated its Vision 2030 goals of treating 50,000 patients, achieving 10 labeled indications and progressing five pipeline candidates into registrational development.

Costs and financial position

Earnings: Operating profit was $486 million, up from $346 million in Q3 2025; profit for the period was $506 million versus $344 million. Diluted EPS increased to $7.80 from $5.18.
Expense growth: Total operating expenses were $1.266 billion, compared with $805 million a year ago. R&D was $503 million and SG&A was $598 million; SG&A included approximately $150 million of Forte transaction-related costs. Management cited a 28% operating margin, or 37% excluding those transaction costs.
2026 investment outlook: Combined R&D and SG&A expense is expected to be approximately $4 billion for 2026, including Forte-related costs. Management attributed the increase to Forte, investment in FB102, pipeline development and commercial preparations following the ALKIVIA results.
Liquidity: Cash and cash equivalents of $2.6 billion plus $1.1 billion of current financial assets totaled $3.7 billion at quarter-end, down from $4.4 billion at year-end 2025 after the approximately $2.1 billion net Forte acquisition payment.

argenx SE American Depositary Shares

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