argenx (NASDAQ: ARGX) posts $1.3B Q1 2026 sales with 63% growth and stronger profit
Filing Impact
Filing Sentiment
Form Type
6-K
Rhea-AI Filing Summary
argenx reported a very strong first quarter of 2026, driven by rapid growth of VYVGART. Product net sales reached $1.3 billion, up from $790 million a year earlier, representing 63% year-over-year growth. Total operating income was $1.3 billion, while operating profit rose to $394 million, compared with $139 million in 2025, reflecting margin expansion despite higher research, development and commercial spending.
Profit for the period more than doubled to $366 million from $169 million, with basic earnings of $5.90 per share versus $2.78 a year earlier. Cash, cash equivalents and current financial assets totaled $4.9 billion as of March 31, 2026, providing substantial financial flexibility.
argenx highlighted continued global uptake of VYVGART in generalized myasthenia gravis and chronic inflammatory demyelinating polyneuropathy, along with an active late-stage pipeline. Key upcoming milestones include an FDA decision on seronegative gMG by May 10, 2026, multiple Phase 3 and Phase 2 readouts between 2026 and 2027, and advancement of empasiprubart and other immunology candidates under its “Vision 2030” strategy.
Positive
- Exceptional revenue and profit growth: Q1 2026 product net sales rose to $1.3 billion from $790 million (63% year-over-year), with profit for the period increasing to $366 million from $169 million, indicating strong operating leverage.
- Robust balance sheet: Cash, cash equivalents and current financial assets totaled $4.9 billion as of March 31, 2026, providing significant financial resources to fund ongoing R&D, commercialization and pipeline expansion.
- Rich late-stage pipeline and near-term catalysts: Multiple key milestones are scheduled through 2026–2027, including the May 10, 2026 PDUFA date for seronegative gMG, registrational readouts for empasiprubart in MMN and CIDP, and additional Phase 2/3 studies across myositis, ITP, Graves’ disease and Sjogren’s disease.
Negative
- None.
Insights
Strong VYVGART-driven growth, rising profitability and a busy late-stage pipeline make this an impactful quarter.
argenx delivered product net sales of $1.3 billion in Q1 2026, up 63% year over year. Operating profit climbed to $394 million, more than doubling from 2025, showing that scale benefits are offsetting higher R&D and commercial investments.
Pipeline visibility is high, with a PDUFA date for seronegative gMG on May 10, 2026, myositis data from ALKIVIA expected in Q3 2026, and the MMN registrational EMPASSION readout planned for Q4 2026. Additional readouts through 2027 span ITP, CIDP and Sjogren’s disease, alongside new mechanisms like empasiprubart and ARGX‑121.
Liquidity of $4.9 billion in cash, cash equivalents and current financial assets supports this development agenda without immediate external financing needs based on the excerpt. Overall, the combination of rapid VYVGART growth, expanding indications and a broadened immunology pipeline represents a materially positive update for long-term growth prospects.
Key Figures
Product net sales: $1.3 billion
Product net sales prior year: $790 million
Year-over-year product net sales growth: 63%
+5 more
8 metrics
Product net sales
$1.3 billion
Three months ended March 31, 2026
Product net sales prior year
$790 million
Three months ended March 31, 2025
Year-over-year product net sales growth
63%
Q1 2026 vs Q1 2025
Operating profit
$394 million
Three months ended March 31, 2026
Profit for the period
$366 million
Three months ended March 31, 2026
Basic earnings per share
$5.90
Three months ended March 31, 2026
Cash, cash equivalents and current financial assets
$4.9 billion
As of March 31, 2026
PDUFA date for seronegative gMG
May 10, 2026
FDA target action date for VYVGART label expansion
Key Terms
PDUFA target action date, FcRn blocker, Phase 3 development, Alternative Performance Measure (APM), +2 more
6 terms
PDUFA target action date regulatory
"Prescription Drug User Fee Act (PDUFA) target action date for anti-acetylcholine receptor antibody negative"
The PDUFA target action date is the deadline set by the U.S. Food and Drug Administration (FDA) by which it aims to decide whether to approve or reject a new drug application. This date helps investors gauge when a company’s new medication might reach the market, potentially influencing sales and revenue expectations. It acts as a key milestone signaling progress in the drug approval process.
FcRn blocker medical
"It is the first approved FcRn blocker for the treatment of generalized myasthenia gravis (gMG)"
A fcrn blocker is a type of drug that interferes with the neonatal Fc receptor, a body ‘recycling’ system that preserves antibodies in the blood; by blocking it, the medicine lowers overall antibody levels, including harmful ones. Investors care because these drugs can treat a range of autoimmune and antibody-driven disorders; success or failure in clinical trials, regulatory approvals, or pricing can strongly affect a developer’s commercial prospects and valuation, much like a new technology that cuts demand for a common resource.
Phase 3 development medical
"progress five pipeline candidates into Phase 3 development by 2030"
Alternative Performance Measure (APM) financial
"A non-IFRS Alternative Performance Measure (APM). Refer to the “Alternative Performance Measures Statement”"
seronegative gMG medical
"Anti-AChR antibody negative (“seronegative”) gMG PDUFA is May 10, 2026"
registrational study medical
"Registrational study in Graves’ disease (GD) expected to initiate in 2026"
A registrational study is a late-stage clinical trial designed to give the government regulators the evidence they need to decide whether a drug, therapy, or medical device can be approved for sale. Think of it as the final exam or road test for a medical product: its results largely determine whether the product can reach the market, which directly affects potential revenue, company valuation, and investor risk.
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 | ||||||||||||||
FORM 6-K | ||||||||||||||
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the Month of May 2026 Commission File Number: 001-38097 | ||||||||||||||
| ARGENX SE | ||||||||||||||
| (Translation of registrant’s name into English) | ||||||||||||||
| Laarderhoogtweg 25 1101 EB Amsterdam, the Netherlands | ||||||||||||||
| (Address of principal executive offices) | ||||||||||||||
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F ⌧ Form 40-F ☐ | ||||||||||||||
| Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b) (1): ☐ | ||||||||||||||
| Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐ | ||||||||||||||
| EXPLANATORY NOTE | ||||||||||||||
On May 7, 2026, argenx SE (the “Company”) issued a press release and an investor presentation, copies of which are attached hereto as Exhibits 99.1 and 99.2, respectively, and are incorporated by reference herein. | ||||||||||||||
The information contained in this Current Report on Form 6-K, including Exhibits 99.1 and 99.2, shall be deemed to be incorporated by reference into the Company’s Registration Statements on Form S-8 (File Nos. 333-225375, 333-258253, 333-274721, and 333-292200), and to be part thereof from the date on which this Current Report on Form 6-K is filed, to the extent not superseded by documents or reports subsequently filed or furnished. | ||||||||||||||
| EXHIBITS | ||||||||
| Exhibit | Description | |||||||
99.1 | Press Release dated May 7, 2026 | |||||||
| 99.2 | Investor Presentation dated May 7, 2026 | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| ARGENX SE | ||||||||
Date: May 7, 2026 | By: | /s/ Hemamalini (Malini) Moorthy | ||||||
| Hemamalini (Malini) Moorthy | ||||||||
| General Counsel | ||||||||
argenx Reports First Quarter 2026 Financial Results and Provides Business Update
$1.3 billion in first quarter global product net sales, representing 63% year-over-year growth
Anti-AChR antibody negative (“seronegative”) gMG PDUFA is May 10, 2026
Management to host conference call today at 2:30 PM CET (8:30 AM ET)
May 7, 2026, 7:00AM CET
Amsterdam, the Netherlands – argenx SE (Euronext & Nasdaq: ARGX), a global immunology company committed to improving the lives of people suffering from severe autoimmune diseases, today announced its first quarter 2026 results and provided a business update.
“argenx continues to deliver meaningful impact for patients, reflected by our 17th consecutive quarter of VYVGART growth,” said Karen Massey, Chief Executive Officer of argenx. “Looking ahead, VYVGART has the potential to become the first and only approved therapy across MG, pending FDA decisions on label expansions into seronegative and ocular populations. At the same time, we are extending our leadership in FcRn into rheumatology, beginning with the upcoming myositis readout. Our next pipeline candidate, empasiprubart, is progressing toward its first registrational readout in MMN, and we continue to advance a broad and differentiated pipeline. With these opportunities, we remain focused on delivering transformative outcomes for patients while creating sustained value for all stakeholders.”
Vision 2030
argenx continues to advance its ‘Vision 2030’ anchored in the ambition to treat 50,000 patients globally with its medicines, secure 10 labeled indications, and progress five pipeline candidates into Phase 3 development by 2030.
Expanding global VYVGART opportunity and shaping the long-term future of FcRn
VYVGART® (IV: efgartigimod alfa-fcab and SC: efgartigimod alfa and hyaluronidase-qvfc) is a first-and-only IgG Fc-antibody fragment that targets the neonatal Fc receptor (FcRn). It is approved in three indications, including generalized myasthenia gravis (gMG) and chronic inflammatory demyelinating polyneuropathy (CIDP) globally, and primary immune thrombocytopenia (ITP) in Japan. argenx is driving broad adoption as the leading precision biologic in MG and CIDP while advancing multiple label expansions. argenx is also shaping the future of FcRn medicines by advancing new pipeline candidates and delivery modalities.
•Generated $1.3 billion in global product net sales in the first quarter of 2026, representing an increase of approximately 63% or $0.5 billion in year-over-year growth
•Prescription Drug User Fee Act (PDUFA) target action date for anti-acetylcholine receptor antibody negative (AChR-Ab-) gMG (MuSK+, LRP4+ and triple seronegative) is May 10, 2026
•Positive topline results from ADAPT OCULUS were recently presented at AAN; these data support planned sBLA submission to expand VYVGART label into oMG
•Topline results from ALKIVIA study (myositis) expected in third quarter of 2026
•Topline results from ADVANCE-NEXT study (primary ITP) expected in first half of 2027
•Registrational study in Graves’ disease (GD) expected to initiate in 2026, expanding development into thyroid-driven autoimmunity
•Topline results from UNITY study (Sjogren’s disease) expected in second half of 2027
•VYVGART SC autoinjector expected to launch in 2027 for all approved indications
•Progressing two future FcRn molecules: ARGX‑213 is Phase 3-ready and ARGX‑124 is in Phase 1
Advancing empasiprubart
Empasiprubart is a first‑in‑class, humanized monoclonal antibody designed to inhibit complement factor C2, selectively blocking activation of the classical and lectin complement pathways. It is being evaluated in registrational studies in multifocal motor neuropathy (MMN) and CIDP, and in a combination study with VYVGART in gMG.
•Topline results from EMPASSION study (MMN) expected in fourth quarter of 2026
•Topline results from EMVIGORATE and EMNERGIZE studies (CIDP) expected in second half of 2027
•Decision for Phase 2 VARVARA study (Delayed Graft Function) expected mid-year 2026 following completion of 52-week efficacy analysis
•ADAPT-Forward combination study ongoing to evaluate empasiprubart as an add on therapy to efgartigimod in gMG
Delivering next wave of immunology innovation
By the end of 2026, the argenx pipeline is expected to include a total of ten molecules in clinical development. Beyond efgartigimod and empasiprubart, this includes adimanebart (a MuSK agonist); ARGX‑121 (anti‑IgA), ARGX‑109 (anti‑IL‑6), and three additional molecules from the Immunology Innovation Program (IIP). Collectively, these programs support argenx’s goal of launching, on average, one new pipeline candidate per year.
•Adimanebart CMS registrational study on track to start in third quarter of 2026
•Phase 2 study of ARGX-121 in IgA nephropathy (IgAN) expected to start in 2026
•Three new first-in-class molecules on track to enter Phase 1 in 2026, including ARGX‑118 (Galectin‑10 inhibitor), ARGX‑125 (bispecific antibody), and TSP‑101, the Fn14‑targeting program from the Tensegrity research collaboration
Key business highlights
•On May 6, 2026, Karen Massey was appointed Chief Executive Officer and executive director of the argenx Board of Directors following the Annual General Meeting of Shareholders. Tim Van Hauwermeiren was appointed non-executive director and Chairperson of the Board of Directors
•In March 2026, argenx expanded its global presence in Asia with the establishment of an argenx affiliate in China to broaden its access to novel biology and support early-stage research
FIRST QUARTER 2026 FINANCIAL RESULTS
argenx SE
UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENTS OF PROFIT OR LOSS
| Three Months Ended | ||||||||||||||||||||
| March 31, | ||||||||||||||||||||
| (in millions of $ except for per share data) | 2026 | 2025 | ||||||||||||||||||
| Product net sales | $ | 1,298 | $ | 790 | ||||||||||||||||
| Other operating income* | 15 | 17 | ||||||||||||||||||
| Total operating income | 1,313 | 807 | ||||||||||||||||||
| Cost of sales | $ | (121) | $ | (81) | ||||||||||||||||
| Research and development expenses* | (443) | (311) | ||||||||||||||||||
| Selling, general and administrative expenses | (355) | (276) | ||||||||||||||||||
| Total operating expenses | (919) | (668) | ||||||||||||||||||
| Operating profit | $ | 394 | $ | 139 | ||||||||||||||||
| Financial income | $ | 44 | $ | 37 | ||||||||||||||||
| Financial expense | (1) | (1) | ||||||||||||||||||
| Exchange (losses)/gains | (11) | 27 | ||||||||||||||||||
| Profit for the period before taxes | $ | 426 | $ | 202 | ||||||||||||||||
| Income tax expense | $ | (60) | $ | (33) | ||||||||||||||||
| Profit for the period | $ | 366 | $ | 169 | ||||||||||||||||
| Profit for the period attributable to: | ||||||||||||||||||||
| Owners of the parent | $ | 366 | $ | 169 | ||||||||||||||||
| Weighted average number of shares outstanding | 62,056,886 | 60,983,325 | ||||||||||||||||||
| Basic profit per share (in $) | $ | 5.90 | $ | 2.78 | ||||||||||||||||
| Weighted average number of shares outstanding for diluted profit per share | 66,356,591 | 65,664,300 | ||||||||||||||||||
| Diluted profit per share (in $) | $ | 5.52 | $ | 2.58 | ||||||||||||||||
*Comparative figures have been aligned with the presentation adopted in the current period, reflecting the combination of: collaboration revenue and other operating income, as well as the combination of research and development expenses and loss from investment in a joint venture.
DETAILS OF THE FINANCIAL RESULTS
Total operating income for the three months ended March 31, 2026, was $1.3 billion compared to $0.8 billion for the same period in 2025, and consists of:
•Product net sales of VYVGART for the three months ended March 31, 2026, were $1.3 billion compared to $0.8 billion for the same period in 2025.
•Other operating income for the three months ended March 31, 2026, was $15 million compared to $17 million for the same period in 2025. The other operating income primarily relates to research and development tax incentives and payroll tax rebates.
Total operating expenses for the three months ended March 31, 2026, were $0.9 billion compared to $0.7 billion for the same period in 2025, and mainly consists of:
•Cost of sales for the three months ended March 31, 2026, was $121 million compared to $81 million for the same period in 2025. The cost of sales was recognized with respect to the sale of VYVGART.
•Research and development expenses for the three months ended March 31, 2026, were $0.4 billion compared to $0.3 billion for the same period in 2025. The expenses mainly relate to:
◦Advancing efgartigimod across multiple severe autoimmune diseases;
◦Progressing empasiprubart into multiple indications;
◦Executing studies for adimanebart in rare neuromuscular diseases; and
◦Early-stage discovery and preclinical programs to sustain long-term pipeline growth.
•Selling, general and administrative expenses for the three months ended March 31, 2026, were $0.4 billion compared to $0.3 billion for the same period in 2025. The selling, general and administrative expenses mainly relate to professional and marketing fees linked to global commercialization of the VYVGART franchise, and personnel expenses.
Financial income for the three months ended March 31, 2026, was $44 million compared to $37 million for the same period in 2025.
Income tax expense for the three months ended March 31, 2026 was $60 million compared to $33 million for the same period in 2025. Income tax expense for the three months ended March 31, 2026, consists of $102 million of current income tax expense and $42 million of deferred tax benefit, compared to $29 million of current income tax expense and $4 million of deferred tax expense for the comparable prior period.
Profit for the period of three months ended March 31, 2026, was $366 million compared to $169 million in 2025, representing 116% growth year-over-year. The basic profit per share was $5.90 for the three months ended March 31, 2026 compared to $2.78 in 2025.
Cash, cash equivalents and current financial assets1 consisted of $4.3 billion in cash, cash equivalents and $0.6 billion in current financial assets which totaled $4.9 billion as of March 31, 2026, compared to $3.5 billion in cash and cash equivalents and $0.9 billion in current financial assets which totaled $4.4 billion as of December 31, 2025.
1 A non-IFRS Alternative Performance Measure (APM). Refer to the “Alternative Performance Measures Statement” below for a reconciliation to the IFRS financial information.
EXPECTED 2026 FINANCIAL CALENDAR
•July 23, 2026: Half Year and Second Quarter 2026 Financial Results and Business Update
•October 22, 2026: Third Quarter 2026 Financial Results and Business Update
CONFERENCE CALL DETAILS
The first quarter 2026 financial results and business update will be discussed during a conference call and webcast presentation today at 2:30 PM CET/8:30 AM ET. A webcast of the live call may be accessed on the Investors section of the argenx website at argenx.com/investors. A replay of the webcast will be available on the argenx website.
Dial-in numbers:
Please dial in 15 minutes prior to the live call.
Belgium 32 800 50 201
France 33 800 943355
Netherlands 31 20 795 1090
United Kingdom 44 800 358 0970
United States 1 888 415 4250
Japan 81 3 4578 9081
Switzerland 41 43 210 11 32
France 33 800 943355
Netherlands 31 20 795 1090
United Kingdom 44 800 358 0970
United States 1 888 415 4250
Japan 81 3 4578 9081
Switzerland 41 43 210 11 32
About VYVGART
VYVGART® (efgartigimod alfa fcab) is a human IgG1 antibody fragment that binds to the neonatal Fc receptor (FcRn), resulting in the reduction of circulating IgG autoantibodies. It is the first approved FcRn blocker for the treatment of generalized myasthenia gravis (gMG) and chronic inflammatory demyelinating polyneuropathy (CIDP) globally, and for primary immune thrombocytopenia (ITP) in Japan. VYVGART SC is a subcutaneous combination of efgartigimod alfa and recombinant human hyaluronidase PH20 (rHuPH20), Halozyme’s ENHANZE® drug delivery technology to facilitate subcutaneous injection delivery of biologics. It is marketed as VYVGART® Hytrulo in the U.S., VYVGART SC in Europe, VYVDURA® in Japan, and may be marketed under different proprietary names following approval in other regions.
About argenx
argenx is a global immunology company committed to improving the lives of people suffering from severe autoimmune diseases. Partnering with leading academic researchers through its Immunology Innovation Program (IIP), argenx aims to translate immunology breakthroughs into a world-class portfolio of novel antibody-based medicines. argenx developed and is commercializing the first approved neonatal Fc receptor (FcRn) blocker and is evaluating its broad potential in multiple serious autoimmune diseases while advancing several earlier stage experimental medicines within its therapeutic franchises. For more information, visit www.argenx.com and follow us on LinkedIn, Instagram, Facebook, and YouTube.
This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation (Regulation 596/2014).
For further information, please contact:
Media:
Ben Petok
bpetok@argenx.com
Ben Petok
bpetok@argenx.com
Investors:
Alexandra Roy
aroy@argenx.com
Alexandra Roy
aroy@argenx.com
Forward-looking Statements
The contents of this announcement include statements that are, or may be deemed to be, “forward-looking statements.” These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “advance,” “aim,” “commit,” “continue,” “drive,” “is,” “potential,” “reinforce,” “represent,” and
“will,” and include statements argenx makes concerning its belief in VYVGART’s potential to become the first and only approved therapy across MG, pending FDA decisions on label expansions into seronegative and ocular populations; its extension of its leadership in FcRn into rheumatology, beginning with myositis; the progression of its next pipeline candidate, empasiprubart, towards its first registrational readout in MMN; its advancement of a broad and differentiated pipeline; its focus on delivering transformative outcomes for patients while creating sustained value for all stakeholders; its advancement of its ‘Vision 2030’ anchored in the ambition to treat 50,000 patients globally with its medicines, secure 10 labeled indications, and progress five pipeline candidates into Phase 3 development by 2030; driving broad adoption as the leading precision biologic in MG and CIDP while advancing multiple label expansions; its belief that it is also shaping the future of FcRn medicines by advancing new pipeline candidates and delivery modalities; the Prescription Drug User Fee Act (PDUFA) target action date of May 10, 2026 for anti-acetylcholine receptor antibody negative (AChR-Ab-) gMG (MuSK+, LRP4+ and triple seronegative); its planned sBLA submission to expand VYVGART label into oMG; its topline results from ALKIVIA study (myositis) expected in third quarter of 2026; its topline results expected for primary ITP (ADVANCE-NEXT) in the first half of 2027; its registrational study in Graves’ disease (GD) expected to initiate in 2026, expanding development into thyroid-driven autoimmunity; its topline results from UNITY study (Sjogren’s disease) expected in second half of 2027; its VYVGART SC autoinjector expected to launch in 2027 for all approved indications; its progression of two future FcRn molecules in 2026: ARGX‑213 expected to enter patient studies, and ARGX‑124 expected to complete Phase 1 development; its advancement of empasiprubart, including (1) topline results from EMPASSION study (MMN) expected in fourth quarter of 2026; (2) topline results from EMVIGORATE and EMNERGIZE studies (CIDP) expected in second half of 2027; (3) the decision for Phase 2 VARVARA study (Delayed Graft Function, DGF) expected mid-year 2026 following completion of 52-week efficacy analysis; and (4) the ADAPT-Forward combination study ongoing to evaluate empasiprubart as an add on therapy to efgartigimod in gMG; its expectation that the argenx pipeline will include a total of ten molecules in clinical development, including: adimanebart (a MuSK agonist), which is expected to enter Phase 3 development in congenital myasthenic syndromes (CMS); ARGX‑121 (anti‑IgA) and ARGX‑109 (anti‑IL‑6), both of which are advancing into Phase 2 studies; and three additional molecules from the Immunology Innovation Program (IIP) on track to enter Phase 1 in 2026; its belief that these programs collectively support its goal of launching, on average, one new pipeline candidate per year; and its belief that (1) the CMS registrational study for Adimanebart is on track to start in third quarter of 2026; (2) the Phase 2 study of ARGX-121 in IgA nephropathy (IgAN) is expected to start in 2026; and (3) three new first-in-class molecules are on track to enter Phase 1 in 2026, including ARGX‑118 (Galectin‑10 inhibitor), ARGX‑125 (bispecific antibody), and TSP‑101, the Fn14‑targeting program from the Tensegrity research collaboration. By their nature, forward-looking statements involve risks and uncertainties and readers are cautioned that any such forward-looking statements are not guarantees of future performance. argenx’s actual results may differ materially from those predicted by the forward-looking statements as a result of various important factors, including but not limited to, the results of argenx’s clinical trials; expectations regarding the inherent uncertainties associated with the development of novel drug therapies; preclinical and clinical trial and product development activities and regulatory approval requirements; the acceptance of its products and product candidates by its patients as safe, effective and cost-effective; the impact of governmental laws and regulations, including tariffs, export controls, sanctions and other regulations on its business; its reliance on third-party suppliers, service providers and manufacturers; inflation and deflation and the corresponding fluctuations in interest rates; and regional instability and conflicts. A further list and description of these risks, uncertainties and other risks can be found in argenx’s U.S. Securities and Exchange Commission (SEC) filings and reports, including in argenx’s most recent annual report on Form 20-F filed with the SEC as well as subsequent filings and reports filed by argenx with the SEC. Given these uncertainties, the reader is advised not to place any undue reliance on such forward-looking statements. These forward-looking statements speak only as of the date of publication of this document. argenx undertakes no obligation to publicly update or revise the information in this press release, including any forward-looking statements, except as may be required by law.
Alternative Performance Measures Statement
In this document, argenx's financial results are provided in accordance with IFRS® Accounting Standards (IFRS) and using a non-IFRS financial measure, cash, cash equivalents and current financial assets.
This value should not be viewed as a substitute for the company’s IFRS financial information and is provided as a complement to financial information provided in accordance with IFRS and should be read in conjunction with the most directly comparable IFRS financial information as set out below. Management believes this non-IFRS financial measure is useful for securities analysts, investors and other interested parties to gain a more complete understanding of the company's available financial liquidities given that the company’s current financial assets are held in term accounts with an initial maturity of more than three months but less than twelve that may be used
to meet its financial obligations. Such non-IFRS financial information, as calculated herein, may not be comparable to similarly named measures used by other companies and should not be considered comparable to IFRS financial measures. Non-IFRS financial measures have limitations as an analytical tool and should not be considered in isolation from, or as a substitute for, an analysis of the company's financial results as reported under IFRS.
A reconciliation of the IFRS financial information to non-IFRS financial information is included below:
Cash, cash equivalents and current financial assets totaled $4.9 billion as of March 31, 2026, compared to $4.4 billion as of December 31, 2025. The balance as of the period ended March 31, 2026 consisted of $4.3 billion in cash, cash equivalents and $0.6 billion in current financial assets and the balance as of the period ended December 31, 2025 consisted of $3.5 billion in cash and cash equivalents and $0.9 billion in current financial assets.
Leading a new era of innovation in immunology 1 Q 2 0 2 6 F I N A N C I A L R E S U L T S C A L L M A Y 7 , 2 0 2 6
Forward Looking Statements This presentation has been prepared by argenx se (“argenx” or the “company”) for informational purposes only and not for any other purpose. Nothing contained in this presentation is, or should be construed as, a recommendation, promise or representation by the presenter or the company or any director, employee, agent, or adviser of the company. This presentation does not purport to be all-inclusive or to contain all of the information you may desire. Certain information contained in this presentation relates to or is based on studies, publications, surveys and other data obtained from third-party sources and the company’s own internal estimates and research. While argenx believes these third-party studies, publications, surveys and other data to be reliable as of the date of this presentation, it has not independently verified, and makes no representation as to the adequacy, fairness, accuracy or completeness of, any information obtained from third-party sources. In addition, no independent source has evaluated the reasonableness or accuracy of argenx’s internal estimates or research, and no reliance should be made on any information or statements made in this presentation relating to or based on such internal estimates and research. Certain statements contained in this presentation, other than present and historical facts and conditions independently verifiable at the date hereof, may constitute forward-looking statements. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “bring,” “build,” “commit,” “continue,” “expand,” “expect,” “grow,” “is,” “potential,” and “will,” and include statements argenx makes regarding its commitment to its transformation mission, Vision 2030, with 5 new molecules in Phase 3, 10 labeled indications, and 50,000 patients on treatment; its transformative potential across pipeline programs, including Complement Factor C2, C2-Specific Antibody, and Empasiprubart, with Empasiprubart’s MMN registrational readout expected in 4Q 2026 and CIDP registrational readout expected in the second half of 2027; its commitment to building its presence in rheumatology by redefining biology, treatment, and patient outcomes in Autoimmune Myositis and the potential to reduce steroid burden and reliance on other conventional treatments; its transformative potential across pipeline programs (Efgartigimod, Empasiprubart, Adimanebart, ARGX-213 and ARGX-121); and its ability to sustain and grow MG and CIDP markets and leadership. By their nature, forward-looking statements involve risks and uncertainties and readers are cautioned that any such forward-looking statements are not guarantees of future performance. argenx’s actual results may differ materially from those predicted by the forward-looking statements as a result of various important factors, including the results of argenx's clinical trials; expectations regarding the inherent uncertainties associated with the development of novel drug therapies; preclinical and clinical trial and product development activities and regulatory approval requirements in products and product candidates; the acceptance of argenx's products and product candidates by patients as safe, effective and cost-effective; the impact of governmental laws and regulations on our business, including tariffs, export controls, sanctions and other regulations on its business; disruptions caused on our reliance of third parties suppliers, service provides and manufacturing; inflation and deflation and the corresponding fluctuations in interest rates; and regional instability and conflicts. A further list and description of these risks, uncertainties and other risks can be found in argenx’s U.S. Securities and Exchange Commission (the “SEC”) filings and reports, including in argenx’s most recent annual report on Form 20-F filed with the SEC as well as subsequent filings and reports filed by argenx with the SEC. Given these uncertainties, the reader is advised not to place any undue reliance on such forward-looking statements. These forward-looking statements speak only as of the date of publication of this document. argenx undertakes no obligation to publicly update or revise the information in this presentation, including any forward-looking statements, except as may be required by law. This presentation contains trademarks, trade names and service marks of other companies, which are the property of their respective owners. 2
VISION 2030 5 New Molecules in Phase 310 Labeled Indications50K Patients on Treatment Commitment To Our Transformation Mission Continuous Pipeline of InnovationLeadership in FcRnDisciplined Scaling 3
Empasiprubart: Our Second Potential Medicine MMN Registrational Readout 4Q 2026 Foundational Immune Target Complement Factor C2 First-in-Class Potential Best-in-Class C2-Specific Antibody Pipeline in a Product Opportunity Empasiprubart NHance Explored in Combination CIDP Registrational Readout 2H 2027 Mannose sugarIgG IgM C5 C4 C2 C3 CP LP Intersection of Classical and Lectin Pathways 4
Building our Presence in Rheumatology 40K 20K 10K U.S. Prevalence DM IMNM PM 70K TOTAL Redefining Biology Redefining Patient Outcomes MSAs1 linked to disease severity in IMNM; skin rash and treatment response in DM 1.MSA: myositis specific antibodies (anti-SRP and –HMGCR in IMNM, anti-Mi2 and –MDA5 in DM) Phase 2: Significant improvement in muscle strength (TIS) No targeted therapies currently approved Potential to reduce steroid burden and reliance on other conventional treatments Autoimmune Myositis Redefining Treatment 5 Melissa Living with Myositis
Transformative Potential Across Pipeline Programs Efgartigimod Empasiprubart Adimanebart Potent C2 sweeping antibody MuSK agonist antibody First-in-class Fc Fragment ARGX-213 ARGX-121 IgA Sweeping Antibody FcRn: Sustained IgG reduction 15+ Indications 3+ Indications 3+ Potential indications 3+ Indications 15+ Potential indications 6
Product Net Sales of $1.3 Billion in Q1 $’m Q1 2026 growth vs Q4 2025 *All growth is operational and excludes the impact of FX (in millions of $) Q1 2026 Q4 2025 Growth QoQ % Growth * US 1,107 1,087 20 2% Japan 67 63 4 6% Rest of the World 112 110 2 3% China supply 12 26 (14) (54%) Total 1,298 1,286 12 1% Total ex-China 1,286 1,260 26 2% (in millions of $) Q1 2026 Q1 2025 Growth Growth % * US 1,107 681 426 62% Japan 67 32 35 111% Rest of the World 112 57 55 99% China supply 12 20 (8) (41%) Total 1,298 790 508 63% Q1 2026 growth vs Q1 2025Product Net Sales by Quarter *Product Net sales growth % excludes the impact of FX Year-over-Year Growth of 63%* 7 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26Q1 22 75 131 173 218 269 329 374 398 478 573 737 790 949 1.127 1.286 1.298 21 China RoW Japan US
Q1 2026 Financial Summary Delivering Margin Expansion Operating profit of $394 million, +183% YoY *Comparative figures have been aligned with the presentation adopted in the current period, reflecting the combination of: collaboration revenue and other operating income, as well as the combination of research and development expenses and loss from investment in a joint venture. $4.3 billion in cash and cash equivalents and $0.6 billion in current financial assets Ended Q1 with cash† of $4.9B † Alternative Performance Measure (APM). Refer to the APM Statement. (in million of $) 2026 2025 Product net sales 1,298 790 Other operating income* 15 17 Total operating income 1,313 807 Cost of sales (121) (81) Research and development expenses* (443) (311) Selling, general and administrative expenses (355) (276) Total operating expenses (919) (668) Operating profit 394 139 Financial income 44 37 Financial expense (1) (1) Exchange (losses)/gains (11) 27 Profit for the period before taxes 426 202 Income tax expense (60) (33) Profit for the period 366 169 Three months ended March 31 8
Raising the Standard of Care for Patients Jai, VYVGART Patient Securing broad and simple patient access Driving earlier-line use of VYVGART in MG and CIDP Disciplined, scalable commercial execution 9
2X increase since CIDP launch ~5,000 Prescribers in the US PRESCRIBER EXPANSION Strong Momentum Across MG and CIDP 4/5 Prescribers in the US Source: argenx market research Amongst Highest Achieved since launch EARLIER LINE USE NEW PATIENT STARTS PFS EXPANDING DEMAND Prefer to start with VYVGART as the targeted biologic in gMG As of 1Q 2026 Financial Results Mary Beth, MG Patient 68% of PFS patients new to VYVGART since launch 10
Sustaining MG Leadership U.S. Addressable MG Patients 17K +25K +7K +11K 60K Seronegative Ocular Growth in Biologics Share of Market Addressable Market at Launch Total Addressable Market in 2030 I can carry a bag of potting soil from my car to the patio. I could (and wanted to!) work in my flower beds for longer than I’d been able to prior to treatment with VYVGART.” Pam gMG Patient PFS Driving Expansion PDUFA May 10, 2026 Submission on Track “ 11
Raising the Bar in CIDP 87.5% Clinical responses observed among treatment-naïve patients in ADHERE post hoc analysis 96 wks Mean grip strength continued to improve up to 96 weeks in open-label extension Early-line use Sustained functional benefit AAN Presentation: ADHERE Study post-hoc analysis from open label Stage A Lewis et. al: Impact of Efgartigimod PH20 SC on Grip Strength in CIDP: Post Hoc Analysis of ADHERE/ADHERE+ Scott, CIDP Patient 12
Innovation Has No Value Unless It Provides Meaningful Benefit to Patients 13
Alternative Performance Measure Statement In this document, argenx's financial results are provided in accordance with IFRS® Accounting Standards (IFRS) and using a non-IFRS financial measure, cash, cash equivalents and current financial assets. This value should not be viewed as a substitute for the company’s IFRS financial information and is provided as a complement to financial information provided in accordance with IFRS and should be read in conjunction with the most directly comparable IFRS financial information as set out below. Management believes this non-IFRS financial measure is useful for securities analysts, investors and other interested parties to gain a more complete understanding of the company's available financial liquidities given that the company’s current financial assets are held in term accounts with an initial maturity of more than three months but less than twelve that may be used to meet its financial obligations. Such non-IFRS financial information, as calculated herein, may not be comparable to similarly named measures used by other companies and should not be considered comparable to IFRS financial measures. Non-IFRS financial measures have limitations as an analytical tool and should not be considered in isolation from, or as a substitute for, an analysis of the company's financial results as reported under IFRS. A reconciliation of the IFRS financial information to non-IFRS financial information is included below: Cash, cash equivalents and current financial assets totaled $4.9 billion as of March 31, 2026, compared to $4.4 billion as of December 31, 2025. The balance as of the period ended March 31, 2026 consisted of $4.3 billion in cash, cash equivalents and $0.6 billion in current financial assets and the balance as of the period ended December 31, 2025 consisted of $3.5 billion in cash and cash equivalents and $0.9 billion in current financial assets. 14
FAQ
How did argenx (ARGX) perform financially in the first quarter of 2026?
argenx reported strong growth in the first quarter of 2026. Product net sales reached $1.3 billion, up from $790 million a year earlier, a 63% increase. Operating profit rose to $394 million, and profit for the period grew to $366 million from $169 million.
How much cash and financial assets does argenx (ARGX) have?
As of March 31, 2026, argenx held substantial liquidity. Cash, cash equivalents and current financial assets totaled $4.9 billion, including $4.3 billion in cash and cash equivalents and $0.6 billion in current financial assets, up from $4.4 billion at year-end 2025.
What is driving argenx’s revenue growth in 2026?
Revenue growth is primarily driven by VYVGART. Product net sales were $1.3 billion in Q1 2026 versus $790 million in Q1 2025. argenx highlights continued global adoption in generalized myasthenia gravis and chronic inflammatory demyelinating polyneuropathy, along with ongoing label expansion efforts.
What key regulatory milestone is upcoming for argenx’s VYVGART in gMG?
A major near-term milestone is the FDA decision for seronegative generalized myasthenia gravis. The Prescription Drug User Fee Act (PDUFA) target action date for anti-acetylcholine receptor antibody negative gMG is May 10, 2026, which could expand the approved VYVGART patient population.
Which late-stage clinical readouts are expected from argenx’s pipeline?
argenx expects several important readouts. Topline results from the ALKIVIA myositis study are anticipated in Q3 2026, EMPASSION in multifocal motor neuropathy in Q4 2026, and EMVIGORATE and EMNERGIZE in CIDP plus the UNITY Sjogren’s disease study during 2027, among others.
What is argenx’s Vision 2030 strategy mentioned in the filing?
Vision 2030 is argenx’s long-term ambition. The company aims by 2030 to treat 50,000 patients globally with its medicines, secure 10 labeled indications, and progress five pipeline candidates into Phase 3 development, supported by a continuous pipeline of immunology innovations.