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olivLaw · US equity research

argenx SE ARGX

Biological Products, (No Diagnostic Substances) · SIC 2836 · Vertical: Biological Products, (No Diagnostic Substances) (SIC 2836)

931.38USD+3.36% · 1 dayClose 04 Nov 2026

argenx SE is an Amsterdam-based biotechnology company that develops and sells VYVGART, an efgartigimod treatment for rare autoimmune diseases. Product net sales reached $4.2 billion in fiscal 2025, and the company reported its second consecutive year of profitability, making the evolution of its pipeline relevant now.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, argenx SE (ARGX) stock was 931.38 USD (+3.36% on the day), with market capitalisation 57.6 bn USD, P/E 47.6 on diluted EPS of 19.57 USD over the last 12 months, beta 0.44, 52-week range 663.93–1,058.90 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
57.6 bn USD
shares as of 31 Dec 2025
P/E (TTM)
47.6
Diluted EPS TTM 19.57 · TTM to 31 Dec 2025
E/P (TTM)
2.10%
TTM to 31 Dec 2025
Dividend yield
unavailable
Beta (2y)
0.44
Volatility (1y) 37%
52-week range
663.931,058.90

Price history

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Technical reading

RSI (14)
58.6
strong (55–70)
Bollinger (20, 2)
789.09 – 932.81
in the upper half of the band · %B 0.99 · band width 16.7%
SMA 50 / 200
936.35 / 856.15
mixed trend
MACD (12, 26, 9)
-3.65 / -14.16
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+2.0%−1.1%+3.1 pp—
3 months+7.3%−0.5%+7.8 pp—
6 months+15.3%+4.4%+10.9 pp—
Year to date+10.8%+12.3%−1.6 pp—
1 year+12.0%+13.5%−1.5 pp−3.8%
3 years+86.3%+76.4%+9.9 pp+18.6%
5 years+190.2%+63.7%+126.5 pp—
Max drawdown (1y)
−28.6%
17 Nov 2025 → 20 Mar 2026
Max drawdown (5y)
−38.2%
21 Jul 2023 → 20 Dec 2023
Compound annual growth (5y)
+23.8%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 50 percentile of its own 2-quarter history (min 43.0, median 45.5, max 48.1; quarters with earnings only).

Fiscal years

Fiscal year2018⚠ 2019202020212022202320242025
Revenue21.5 m78.5 m41.2 m497.3 m10.0 m35.5 munavailableunavailable
Revenue YoY−41.0%—−47.4%+1,105.7%−98.0%+254.4%unavailableunavailable
Net income-66.6 m-163.0 m-608.5 m-408.3 m-709.6 m-295.1 m833.0 m1.3 bn
Net income YoYunavailable—unavailableunavailableunavailableunavailableunavailable+55.1%
Diluted EPSunavailable-4.69-13.40-7.99-13.05-5.1612.7819.57
Diluted EPS YoYunavailable—unavailableunavailableunavailableunavailableunavailable+53.1%
net %-310.2%-207.7%-1,475.3%-82.1%-7,077.5%-830.4%unavailableunavailable
Free cash flowunavailable149.8 m-399.5 m-610.4 m-863.6 m-421.1 m-84.5 m679.0 m

The series breaks before 2019: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
3.5 bn USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
7.3 bn USD
Total assets
8.7 bn USD
Debt / equity
unavailable
Current ratio
5.23x
ROE
20.2%
ROA
17.4%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
35.5 m
2024
—
2025
—

SEC (XBRL)· 21 Mar 2024verified

Cost of revenue
2023
117.8 m
2024
227.3 m
2025
450.7 m

SEC (XBRL)· 19 Mar 2026verified

Gross profit
2023
-82.3 m ≈
2024
—
2025
—

SEC (XBRL)· 21 Mar 2024derived

Research & development
2023
859.5 m
2024
983.4 m
2025
1.4 bn

SEC (XBRL)· 19 Mar 2026verified

Operating income
2023
-425.0 m
2024
-21.7 m
2025
1.1 bn

SEC (XBRL)· 19 Mar 2026verified

Interest expense
2023
906.0 k
2024
2.5 m
2025
4.1 m

SEC (XBRL)· 19 Mar 2026verified

Pre-tax income
2023
-304.5 m
2024
85.2 m
2025
1.3 bn

SEC (XBRL)· 19 Mar 2026verified

Income tax
2023
-9.4 m
2024
-747.9 m
2025
-13.4 m

SEC (XBRL)· 19 Mar 2026verified

Net income
2023
-295.1 m
2024
833.0 m
2025
1.3 bn

SEC (XBRL)· 19 Mar 2026verified

Diluted EPS
2023
-5.16
2024
12.78
2025
19.57

SEC (XBRL)· 19 Mar 2026verified

Weighted average diluted shares
2023
57.2 m
2024
65.2 m
2025
66.0 m

SEC (XBRL)· 19 Mar 2026verified

Balance sheet · USD

Cash
2023
2.0 bn
2024
1.5 bn
2025
3.5 bn

SEC (XBRL)· 19 Mar 2026verified

Receivables
2023
496.7 m
2024
904.5 m
2025
1.6 bn

SEC (XBRL)· 19 Mar 2026verified

Inventories
2023
310.6 m
2024
407.2 m
2025
473.5 m

SEC (XBRL)· 19 Mar 2026verified

Current assets
2023
4.1 bn
2024
4.9 bn
2025
6.9 bn

SEC (XBRL)· 19 Mar 2026verified

Property, plant & equipment, net
2023
22.7 m
2024
—
2025
—

SEC (XBRL)· 21 Mar 2024verified

Intangibles (excl. goodwill)
2023
125.2 m
2024
181.4 m
2025
272.1 m

SEC (XBRL)· 19 Mar 2026verified

Total assets
2023
4.5 bn
2024
6.2 bn
2025
8.7 bn

SEC (XBRL)· 19 Mar 2026verified

Accounts payable
2023
414.0 m
2024
650.0 m
2025
1.3 bn

SEC (XBRL)· 19 Mar 2026verified

Current liabilities
2023
423.0 m
2024
669.9 m
2025
1.3 bn

SEC (XBRL)· 19 Mar 2026verified

Total liabilities
2023
445.0 m
2024
704.2 m
2025
1.4 bn

SEC (XBRL)· 19 Mar 2026verified

Equity
2023
4.1 bn
2024
5.5 bn
2025
7.3 bn

SEC (XBRL)· 19 Mar 2026verified

Shares outstanding at year end
2023
59.2 m
2024
60.8 m
2025
61.9 m

SEC (XBRL)· 19 Mar 2026verified

Cash flow · USD

Operating cash flow
2023
-420.3 m
2024
-82.7 m
2025
685.2 m

SEC (XBRL)· 19 Mar 2026verified

Capex
2023
812.0 k
2024
1.8 m
2025
6.2 m

SEC (XBRL)· 19 Mar 2026verified

Free cash flow
2023
-421.1 m ≈
2024
-84.5 m ≈
2025
679.0 m ≈

SEC (XBRL)· 19 Mar 2026derived

Investing cash flow
2023
308.2 m
2024
-717.6 m
2025
984.0 m

SEC (XBRL)· 19 Mar 2026verified

Financing cash flow
2023
1.3 bn
2024
279.8 m
2025
233.0 m

SEC (XBRL)· 19 Mar 2026verified

Computed indicators

Growth

Revenue growth (YoY)
254.4%
computed by olivLawFY 2023
Revenue CAGR 3Y
-4.8%
computed by olivLawFY 2020 → FY 2023
Revenue CAGR 5Y
10.6%
computed by olivLawFY 2018 → FY 2023
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
unavailable
input data missing
EBIT margin
unavailable
input data missing
Net margin
unavailable
input data missing
FCF margin
unavailable
input data missing

Returns

ROE
20.2%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
17.4%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
unavailable
input data missing
ROCE
14.3%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
258.2x
computed by olivLawFY 2025

Liquidity

Current ratio
5.2x
computed by olivLawbalance sheet at 31 Dec 2025
Quick ratio
4.9x
computed by olivLawbalance sheet at 31 Dec 2025
Cash ratio
2.6x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
685.2 m USD
computed by olivLawFY 2025
Capital expenditure
6.2 m USD
computed by olivLawFY 2025
Free cash flow
679.0 m USD
computed by olivLawFY 2025
FCF conversion
52.6%
computed by olivLawFY 2025
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
357 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Days payables outstanding
776 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
57.6 bn USD
computed by olivLawbalance sheet at 31 Dec 2025
Enterprise value
unavailable
input data missing
Market cap / net income TTM
44.6x
computed by olivLawFY 2025
P/E (TTM)
47.6x
computed by olivLawFY 2025
Earnings yield
2.1%
computed by olivLawFY 2025
P/B
7.9x
computed by olivLawbalance sheet at 31 Dec 2025
P/S
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
84.9x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
FCF yield
1.2%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 43.8% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

931.38 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 57.6 bn USD

Key indicators

Market capitalisation
57.6 bn USD
computed by olivLawbalance sheet at 31 Dec 2025
P/E (TTM)
47.6x
computed by olivLawFY 2025
P/B
7.9x
computed by olivLawbalance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
ROE
20.2%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
unavailable
input data missing
Revenue growth (YoY)
254.4%
computed by olivLawFY 2023
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

28/37 reporting lines present
Latest full fiscal year: 2023
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Share count (cover of the latest filing), as of: 31 Dec 2025
Source: SEC (XBRL)published 19 Mar 2026
verified 199

Score by group

44% · Insufficient data

Estimated value range

Low
425.64
USD per share
Mid
542.85
USD per share
High
751.96
USD per share
Price: 931.38 USD
The price is above the range
Potential to the central value: -41.7% (value / price − 1)
Margin of safety: -71.6% (1 − price / value)
Agreement between methods: single method · 1 methods used · 1 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 425.64 – 751.96 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: P/E425.64 – 751.96 (Mid 542.85)
    5 companies used · median multiple 27.7x · quartiles 21.7x – 38.4x
    ADMA, ALVO, AMGN, EXEL, HALO
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Multiple comparisons use the SIC vertical: Biological Products, (No Diagnostic Substances) (SIC 2836)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: score weight coverage: 43.8% of at least 60%

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Qualityunavailableunavailable—
FCF conversion · Quality52.6%32 (on a fixed band)14%
Revenue CAGR 3Y · Growth-4.8%0 (on a fixed band)19%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet258.2x100 (on a fixed band)14%
Current ratio · Balance sheet5.2x100 (on a fixed band)10%
P/E (TTM) · Valuation47.6x29 (vs peers)24%
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation1.2%15 (on a fixed band)19%
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet100/100 · 2/3 factors with a value
  • Growth· partial0/100 · 1/2 factors with a value
  • Quality· partial32/100 · 1/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation22/100 · 2/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

ARGENX SE (ARGX). Latest full fiscal year: 2023; data up to 2025-12-31.

Figures computed from the financial statements: revenue 35.5 m USD in 2023; YoY growth 254.4%; ROE 20.2%.

The estimated value range is 425.64–751.96 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 542.85 USD, the price of 931.38 USD leaves a potential of -41.7% (value / price − 1) and a margin of safety of -71.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Interest coverage: 258.2x
  • Current ratio: 5.2x

What contradicts it

  • Revenue CAGR 3Y: -4.8%
  • P/E (TTM): 47.6x
  • FCF yield: 1.2%
  • The price is above the estimated value range

Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Biological Products, (No Diagnostic Substances) (SIC 2836) · same industry (4-digit SIC) · compared with 39 companies

Multiples and returns vs the median

P/E
47.6x
vertical median 38.4x
above median (+23.9%)
EV/EBITDA
—
vertical median 19.6x
P/S
—
vertical median 7.6x
P/B
7.9x
vertical median 5.8x
above median (+35.0%)
ROE
20.2%
vertical median -38.1%
above median
Net margin
—
vertical median -122.2%
EBIT margin
—
vertical median -128.0%
Revenue YoY
254.4%
vertical median 4.4%
above median (+5,739.2%)
Net debt/EBITDA
—
vertical median 2.7x
Dividend yield
—
vertical median 0.9%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
AMGNAmgen Inc.258.8 bn27.778.4%24.1%+10.0%+39% / +77%
GILDGilead Sciences, Inc.216.4 bn—-22.3%-12.5%+2.4%+39% / +128%
MRNAModerna, Inc.103.2 bn—-39.0%-141.4%−39.9%+895% / +233%
ARGXArgenx Se57.6 bn47.620.2%—+254.4%+12% / +86%
RVMDRevolution Medicines, Inc.43.2 bn—-93.6%-946.8%unavailable+157% / +756%
BIIBBiogen Inc.37.6 bn108.81.9%3.4%+2.2%+40% / +9%
MESOMesoblast Limited18.5 bn—-19.0%-593.9%+191.4%−17% / +425%
EXELExelixis, Inc.17.8 bn21.744.3%35.5%+7.0%+65% / +234%
HALOHalozyme Therapeutics, Inc.14.8 bn38.4173.7%24.9%+37.6%+83% / +238%
KYMRKymera Therapeutics, Inc.11.6 bn—-27.3%-341.8%−16.7%+101% / +556%
TWSTTwist Bioscience Corporation8.9 bn—-29.6%-31.7%+20.3%+345% / +493%
SCNIScinai Immunotherapeutics Ltd.6.2 bn—-91.9%-633.6%+99.2%−96% / −99%
CGONCG Oncology, Inc.6.0 bn—-26.4%-3,602.7%+254.7%+51% / unavailable
TARSTarsus Pharmaceuticals, Inc.3.4 bn—-319.8%-102.9%+146.7%−14% / +318%
DNLIDenali Therapeutics Inc.3.4 bn—-33.9%-1,470.5%unavailable+8% / +13%
VCELVericel Corporation2.3 bn107.77.2%7.9%+16.5%+13% / +28%
ADMAAdma Biologics, Inc.2.3 bn13.641.9%35.1%+19.6%−45% / +183%
BCRXBiocryst Pharmaceuticals, Inc.2.1 bn——-37.4%+94.1%+15% / +40%
VIRVir Biotechnology, Inc.2.0 bn—-21.8%-61.0%−7.6%+83% / +24%
ALVOAlvotech1.5 bn46.7—4.8%+19.7%−8% / −51%
INBXInhibrx Biosciences, Inc.1.3 bn—-1,773.6%—+550.0%+3% / unavailable
EVAXEvaxion A1.2 bn—-100.2%-102.4%+125.1%−50% / −93%
CADLCandel Therapeutics, Inc.692.5 m—-81.8%—0.0%+90% / +907%
SRZNSurrozen, Inc.372.0 m——-2,885.3%−67.4%+91% / +340%
AUTLAutolus Therapeutics plc367.3 m—-133.0%-238.7%+644.9%−2% / −68%

1- and 3-year price returns: for ARGX from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Scenarios are not available. input data missing

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 19 Mar 2026; since then the company filed 6-K (22 Oct 2026), 6-K (19 Oct 2026), 6-K (08 Oct 2026), 6-K (29 Sept 2026), 6-K (27 Aug 2026), 6-K (17 Aug 2026).

In brief

argenx SE is an Amsterdam-based biotechnology company that develops and sells VYVGART, an efgartigimod treatment for rare autoimmune diseases. Product net sales reached $4.2 billion in fiscal 2025 1, and the company reported its second consecutive year of profitability, making the evolution of its pipeline relevant now.

SWOT

Strengths

  • Rapid sales growth and early operating profitability, supported by a product already on the market.
  • Proprietary antibody discovery platform and an innovation program that generates new candidates.
  • Solid balance sheet providing flexibility to invest in research and global expansion.

Weaknesses

  • Heavy dependence on one main product, VYVGART, for most revenue.
  • Rising research and sales costs that could slow progress toward steady profitability.
  • A history of accumulated losses that has not yet been fully eliminated.

Opportunities

  • Indication expansion for seronegative and other autoimmune diseases could open new patient segments.
  • Launches in new markets and more convenient formulations could increase access to treatment.
  • Pipeline results, including Phase 3 studies, could strengthen the company's long-term position.

Threats

  • Biosimilars or competing products could reduce market share and prices.
  • Pricing reforms and regulations in the US and EU could limit revenue.
  • Competitors using artificial intelligence or new technologies could advance more quickly.

Risks

  • Market acceptancehigh

    Products could fail to achieve sufficient acceptance by physicians and payers to sustain profit.

  • Competitive launcheshigh

    Competitive launches could erode existing sales or lead to product obsolescence.

  • Biosimilarsmedium

    Regulatory exclusivity could be shortened through legislative action, allowing biosimilars to enter sooner.

  • Pricing legislationmedium

    US drug price negotiation programmes could reduce prices and change patient access to products.

  • Clinical developmentmedium

    Negative clinical results for one indication could affect perceptions of other indications.

Investment thesis

What would need to be true (bull case)

  • Rapid growth in VYVGART sales and the first year of operating profitability could support continued development.
  • Results from several Phase 3 studies scheduled for 2026 and 2027 could significantly expand the pipeline.
  • The proprietary discovery platform and partnerships could keep generating new molecules.

What would break the thesis

  • Dependence on a single product could leave revenue exposed to competitive or pricing pressure.
  • Rising research and sales expenses could compress margins if sales slow.
  • Biosimilars or new therapies could erode market position before protection expires.

What to watch

  • Results of the seronegative myasthenia gravis study and the FDA decision2026
  • Results of the empasiprubart MMN study and the efgartigimod primary ITP studyQ4 2026
  • Effects of pricing reforms and biosimilar legislation2027

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 19 Mar 2026; since then the company filed 6-K (22 Oct 2026), 6-K (19 Oct 2026), 6-K (08 Oct 2026), 6-K (29 Sept 2026), 6-K (27 Aug 2026), 6-K (17 Aug 2026).

The business

argenx SE is a Netherlands company incorporated in 2008 whose research and development has been carried out since 2009 through its subsidiary argenx BV 1. The company focuses on biologic medicines for autoimmune diseases, with VYVGART as its lead product, approved for several indications including gMG and CIDP 1. Its strategy relies on its antibody discovery platform and an immunology innovation program feeding the pipeline. The Vision 2030 plan targets five molecules in Phase 3, ten labeled indications and 50,000 patients treated 1.

Segments

VYVGART and its formulations

VYVGART is approved in three active indications and three presentations (IV, SC and prefilled syringe), and is commercialized through its own sales forces in the US, Japan, Europe and Canada 1. Sales grew from $2.2 billion in 2024 to $4.2 billion in 2025 1.

Proprietary pipeline

The pipeline includes empasiprubart, a C2 complement inhibitor in three Phase 3 studies, and adimanebart, in Phase 3 for CMS 1. Several new molecules are planned to enter Phase 1 in 2026 1.

Partnerships and licences

The company out-licensed efgartigimod in Greater China to Zai Lab and out-licensed several candidates from its immunology program to partners under milestone and royalty agreements 1. These generate additional income contingent on sales.

Market context

The source describes the autoimmune treatment market as highly competitive, with many large and biotech companies developing mAbs, other biologics and small molecules 1. VYVGART's market has grown quickly, but the company acknowledges that new launches could erode existing sales 1.

Trends

  • Indication expansiontailwind

    Ongoing studies in seronegative myasthenia gravis and other autoimmune diseases could widen the addressable market if results are favorable 1.

  • Biosimilar competitionheadwind

    If biosimilars or interchangeable products were approved before exclusivity expires, prices and market share could be affected 1.

  • US pricing pressureheadwind

    The IRA could reduce prices and increase rebate obligations, affecting demand, although the programme remains subject to legal challenges 1.

  • Artificial intelligence in discoverymixed

    Competitors using artificial intelligence could advance faster, which could create competitive pressure on the pipeline 1.

Competitive position

The source cites intense competition from large pharmaceutical companies and other biotechs developing therapies for gMG, CIDP and other autoimmune diseases 1. This includes both products in the same class as VYVGART and new alternatives 1.

Competition for future indications is equally fierce, with competitors developing in almost all indications the company is pursuing 1.

  • AstraZenecaAZN

    Large pharmaceutical company listed on several exchanges, named in the source as developing autoimmune therapies.

  • AbbVieABBV

    Major pharmaceutical company with autoimmune products and studies, explicitly named in the source.

  • AmgenAMGN

    Biotechnology company with biologics in development for autoimmune disorders, cited in the competition risks.

  • Johnson & JohnsonJNJ

    Pharmaceutical group named as one of the competitors in immunology.

News & filings

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.