argenx (NASDAQ: ARGX) grows Q2 sales to $1.5B, profit $838M
Rhea-AI Filing Summary
argenx SE reported strong half-year 2026 results, led by VYVGART. Product net sales reached $1.5 billion in the second quarter, representing 60% year‑over‑year and 17% quarter‑over‑quarter growth, and $2.8 billion for the first six months of 2026.
Total operating income for the half‑year was $2.9 billion and operating profit $887 million, yielding profit of $838 million, up from $415 million a year earlier. Basic earnings per share were $13.47 versus $6.80. Cash, cash equivalents and current financial assets totaled $5.2 billion at June 30, 2026.
Commercially, argenx launched an expanded U.S. label for VYVGART and VYVGART Hytrulo covering all generalized myasthenia gravis serotypes and is advancing registrational studies in myositis, multifocal motor neuropathy and other autoimmune indications, with several topline readouts expected between the third quarter of 2026 and 2027.
Positive
- Product net sales climbed to $2.8 billion for the first half of 2026, up from $1.7 billion a year earlier, reflecting rapid VYVGART adoption across generalized myasthenia gravis and chronic inflammatory demyelinating polyneuropathy.
- Profit for the six‑month period doubled to $838 million, with basic earnings per share of $13.47 versus $6.80 in 2025, showing strong operating leverage alongside higher R&D and selling expenses.
- Liquidity strengthened to $5.2 billion in cash, cash equivalents and current financial assets at June 30, 2026, supported by $0.7 billion of cash flow from operating activities in the first half.
Negative
- None.
Filing Explained
Existing holders face dilution from issued award shares; supply commitments are approximately $1.2 billion, while Halozyme payments remain milestone-contingent.
As a Form 6-K, this filing furnishes argenx’s interim information for the six months ended
Each option converts into one ordinary share on exercise, and each RSU converts into one on vesting; the filing separately reports 18,983 options granted in March and 397,549 in June, which are awards rather than reported issuances.
The interim notes also disclose approximately
Key Figures
Q2 2026 product net sales: $1.5 billion
H1 2026 product net sales: $2.8 billion
H1 2026 profit for the period: $0.8 billion
+5 more
8 metrics
Q2 2026 product net sales
$1.5 billion
Global product net sales in the second quarter of 2026, 60% year-over-year growth
H1 2026 product net sales
$2.8 billion
Product net sales of VYVGART for the six months ended June 30, 2026
H1 2026 profit for the period
$0.8 billion
Profit for the six months ended June 30, 2026, versus $0.4 billion in 2025
Basic EPS H1 2026
$13.47
Basic profit per share for the six months ended June 30, 2026
Operating cash flow H1 2026
$0.7 billion
Cash flow from operating activities for the six months ended June 30, 2026
Cash and current financial assets
$5.2 billion
Cash, cash equivalents and current financial assets as of June 30, 2026
H1 2026 R&D expenses
$0.9 billion
Research and development expenses for the six months ended June 30, 2026
H1 2026 SG&A expenses
$0.8 billion
Selling, general and administrative expenses for the six months ended June 30, 2026
Key Terms
generalized myasthenia gravis (gMG), chronic inflammatory demyelinating polyneuropathy (CIDP), neonatal Fc receptor (FcRn), Alternative Performance Measure (APM), +1 more
5 terms
generalized myasthenia gravis (gMG) medical
"treatment for all serotypes of adult patients living with generalized myasthenia gravis (gMG)"
chronic inflammatory demyelinating polyneuropathy (CIDP) medical
"It is also approved for chronic inflammatory demyelinating polyneuropathy (CIDP) globally"
neonatal Fc receptor (FcRn) medical
"a first-in-class human IgG1 antibody fragment that binds to the neonatal Fc receptor (FcRn)"
Neonatal Fc receptor (FcRn) is a protein in the body that binds and protects certain antibodies from being broken down, effectively acting like a recycling center that extends their lifespan and helps move them between tissues. For investors, FcRn matters because medicines that target or use this receptor can change how long antibody drugs last or reduce harmful antibodies in autoimmune diseases, affecting dosing, effectiveness, safety and commercial value.
Alternative Performance Measure (APM) financial
"A non-IFRS Alternative Performance Measure (APM). Refer to the “Alternative Performance Measures Statement”"
Phase 3 ready medical
"ARGX-213, designed for monthly dosing, is Phase 3 ready"
"Phase 3 ready" means a product, such as a new medicine or treatment, has completed the initial testing stages and is prepared to enter large-scale trials involving many participants. This stage is crucial because it provides the most comprehensive data on whether the product is safe and effective, helping investors assess the potential for widespread use and market success. Being phase 3 ready signals that the product is nearing a key milestone in its development process.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What were argenx (ARGX) product net sales in the second quarter of 2026?
argenx generated $1.5 billion in global product net sales in the second quarter of 2026, representing 60% year‑over‑year growth and 17% quarter‑over‑quarter growth, driven primarily by the VYVGART franchise in generalized myasthenia gravis and CIDP.
How profitable was argenx (ARGX) in the first half of 2026?
argenx reported profit of $838 million for the six months ended June 30, 2026, up from $415 million a year earlier. Basic earnings per share were $13.47 compared with $6.80, and operating profit reached $887 million for the half‑year.
What is argenx (ARGX) cash and liquidity position as of June 30, 2026?
As of June 30, 2026, argenx held $3.6 billion in cash and cash equivalents and $1.6 billion in current financial assets, totaling $5.2 billion. This compares with $4.4 billion at December 31, 2025, reflecting strong operating cash generation.
How are argenx (ARGX) research and development and SG&A expenses trending?
For the first half of 2026, research and development expenses were $0.9 billion versus $0.6 billion in 2025, while selling, general and administrative expenses were $0.8 billion versus $0.6 billion, mainly supporting multiple registrational studies and global commercialization of VYVGART.
What key clinical milestones are upcoming for argenx (ARGX)?
Planned milestones include topline registrational ALKIVIA myositis results in the third quarter of 2026 and EMPASSION MMN results in the fourth quarter of 2026, with additional registrational readouts in primary ITP and Sjogren’s disease expected in 2027.
How did VYVGART’s label expansion impact argenx (ARGX) in 2026?
argenx launched an expanded U.S. label for VYVGART and VYVGART Hytrulo, making them the first‑and‑only approved treatment for all serotypes of adult generalized myasthenia gravis. This broadened the addressable patient base and supported the strong sales growth reported in 2026.
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 | ||||||||||||||
FORM | ||||||||||||||
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the Month of July Commission File Number: 001-38097 | ||||||||||||||
| (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): ☐ | ||||||||||||||
argenx SE | ||||||||||||||
On July 23, 2026, argenx SE (the “Company) issued a press release, unaudited first half-year financial results for 2026, which are further described in an Unaudited Interim Report for the Six Months Ended June 30, 2026, and an investor presentation copies of which are attached hereto as Exhibits 99.1, 99.2 and 99.3, respectively, and are incorporated by reference herein. The information contained in this Current Report on Form 6-K, including Exhibit 99.1 and Exhibit 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 July 23, 2026 | |||||||
| 99.2 | Unaudited Interim Report for the Six Months Ended June 30, 2026 | |||||||
| 99.3 | Investor Presentation dated July 23, 2026 | |||||||
| 101.INS | Inline XBRL Instance Document | |||||||
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document | |||||||
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | |||||||
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | |||||||
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL) | |||||||
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: July 23, 2026 | By: | /s/ Hemamalini (Malini) Moorthy | ||||||
Hemamalini (Malini) Moorthy | ||||||||
General Counsel | ||||||||
argenx Reports Half Year 2026 Financial Results and Provides Second Quarter Business Update
Strong second quarter performance with $1.5 billion in global product net sales, representing 60% year-over-year growth and 17% quarter-over-quarter growth
Successfully launched VYVGART and VYVGART Hytrulo in anti-AChR antibody negative (“seronegative”) gMG, expanding patient reach to all gMG serotypes
Registrational autoimmune myositis study readout on track for 3Q26, marking a key milestone for VYVGART expansion into rheumatology
Registrational MMN study readout for empasiprubart on track for 4Q26, supporting a second pipeline-in-a-product opportunity
Management to host conference call today at 2:30 PM CET (8:30 AM ET)
July 23, 2026 7:00 AM CET
Amsterdam, the Netherlands – argenx SE (Euronext & Nasdaq: ARGX), a global immunology innovation company, today announced its half year 2026 results and provided a second quarter business update.
“Our strong second quarter performance reflects continued execution of our Vision 2030 strategy and our commitment to accelerate immunology innovation,” said Karen Massey, Chief Executive Officer. “During the quarter, we further strengthened our leadership in FcRn with the launch of the expanded label for VYVGART and VYVGART Hytrulo to now include all gMG serotypes, providing physicians with a single treatment option for the broadest adult gMG patient population. With important registrational study readouts in the second half, as well as continued progress with our early-stage pipeline, we are advancing the next wave of innovation, reinforcing our ambition to build a leading multi-asset immunology company.”
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 registrational development by 2030.
Expanding global VYVGART opportunity and shaping the long-term future of FcRn
VYVGART® (IV: efgartigimod alfa-fcab; SC: efgartigimod alfa and hyaluronidase-qvfc) is the first-and-only approved treatment for all serotypes of adult patients living with generalized myasthenia gravis (gMG). It is also approved for chronic inflammatory demyelinating polyneuropathy (CIDP) globally, and primary immune thrombocytopenia (ITP) in Japan. As the leading targeted biologic in MG and CIDP, argenx is progressing multiple label expansions while building the future of FcRn by advancing novel FcRn pipeline candidates and new delivery modalities.
•Generated $1.5 billion in global product net sales in the second quarter of 2026, representing 17% quarter-over-quarter growth, and a year-over-year increase of 60% or $0.6 billion
•Launched expanded label for VYVGART and VYVGART Hytrulo® in the U.S., which now includes all gMG serotypes (anti-AChR-Ab positive, anti-MuSK-Ab positive, anti-LRP4-Ab positive, and triple seronegative)
•On track with plans to expand VYVGART into ocular myasthenia gravis (oMG) following positive ADAPT OCULUS results
•Topline results from registrational ALKIVIA study (myositis) expected in third quarter of 2026
•Topline results from registrational ADVANCE-NEXT study (primary ITP) expected in first half of 2027
•Topline results from registrational UNITY study (Sjogren’s disease) expected in second half of 2027
•Registrational study in Graves’ disease (GD) ongoing, expanding development into thyroid-driven autoimmunity
•VYVGART SC autoinjector positioned to launch in 2027 for all approved indications
•Progressing two future FcRn molecules: ARGX-213, designed for monthly dosing, is Phase 3 ready, and ARGX-124 is expected to complete Phase 1 evaluation by end of 2026
Advancing empasiprubart, argenx’s second pipeline-in-a-product opportunity
Empasiprubart (anti-C2) is argenx’s second pipeline-in-a-product opportunity and 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 registrational EMPASSION study (MMN) expected in fourth quarter of 2026
•Topline results from registrational EMVIGORATE and EMNERGIZE studies (CIDP) expected in second half of 2027
•Data from Phase 2 VARVARA study (delayed graft function, DGF) support further evaluation of empasiprubart in transplant setting based on signal at 52 weeks
•Advancing ADAPT-Forward combination study, evaluating empasiprubart as a potential add-on therapy to efgartigimod in gMG
Delivering next wave of immunology innovation
By the end of 2026, argenx expects to have ten molecules in clinical development across its immunology pipeline, including adimanebart (MuSK agonist), ARGX-121 (anti-IgA), ARGX-109 (anti-IL-6) and additional candidates emerging from the Immunology Innovation Program. Together, these programs support argenx's goal of building a durable pipeline of differentiated medicines.
•Phase 2 study of adimanebart in spinal muscular atrophy (SMA) ongoing; registrational study in congenital myasthenic syndromes (CMS) expected to begin in 2026
•Phase 2 study of ARGX-121 in IgA nephropathy (IgAN) expected to start in 2026
•First-in-human Phase 1 study of TSP-101 (Fn14 inhibitor) is ongoing
•ARGX-118 (Galectin-10 inhibitor) and ARGX-125 (first-in-class bispecific antibody against an undisclosed target) are on track to enter Phase 1 studies in 2026
SECOND QUARTER 2026 FINANCIAL RESULTS
argenx SE
UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENTS OF PROFIT OR LOSS
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||
| 30 June, | 30 June, | |||||||||||||||||||||||||||||||||||||
| (in millions of $ except per share data) | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||||||||||
| Product net sales | $ | 1,516 | $ | 949 | $ | 2,813 | $ | 1,739 | ||||||||||||||||||||||||||||||
| Other operating income | 26 | 19 | 41 | 36 | ||||||||||||||||||||||||||||||||||
| Total operating income | $ | 1,542 | $ | 967 | $ | 2,854 | $ | 1,775 | ||||||||||||||||||||||||||||||
| Cost of sales | $ | (145) | $ | (111) | $ | (266) | $ | (192) | ||||||||||||||||||||||||||||||
| Research and development expenses* | (486) | (330) | (929) | (642) | ||||||||||||||||||||||||||||||||||
| Selling, general and administrative expenses | (417) | (325) | (772) | (601) | ||||||||||||||||||||||||||||||||||
| Total operating expenses | $ | (1,048) | $ | (766) | $ | (1,967) | $ | (1,435) | ||||||||||||||||||||||||||||||
| Operating profit | $ | 494 | $ | 201 | $ | 887 | $ | 340 | ||||||||||||||||||||||||||||||
| Financial income | $ | 48 | $ | 38 | $ | 92 | $ | 76 | ||||||||||||||||||||||||||||||
| Financial expense | (1) | (1) | (2) | (2) | ||||||||||||||||||||||||||||||||||
| Exchange (losses)/gains | (8) | 49 | (19) | 76 | ||||||||||||||||||||||||||||||||||
| Profit for the period before taxes | $ | 532 | $ | 287 | $ | 958 | $ | 489 | ||||||||||||||||||||||||||||||
| Income tax expense | $ | (59) | $ | (42) | $ | (119) | $ | (74) | ||||||||||||||||||||||||||||||
| Profit for the period | $ | 472 | $ | 245 | $ | 838 | $ | 415 | ||||||||||||||||||||||||||||||
| Profit for the period attributable to: | ||||||||||||||||||||||||||||||||||||||
| Owners of the parent | $ | 472 | $ | 245 | $ | 838 | $ | 415 | ||||||||||||||||||||||||||||||
| Weighted average number of shares used for basic profit per share | 62,312,606 | 61,084,250 | 62,185,445 | 61,034,202 | ||||||||||||||||||||||||||||||||||
| Basic profit per share (in $) | 7.58 | 4.02 | 13.47 | 6.80 | ||||||||||||||||||||||||||||||||||
| Weighted average number of shares used for diluted profit per share | 64,524,979 | 65,639,446 | 64,409,488 | 65,653,007 | ||||||||||||||||||||||||||||||||||
| Diluted profit per share (in $) | 7.32 | 3.74 | 13.00 | 6.32 | ||||||||||||||||||||||||||||||||||
*Comparative figures have been aligned with the presentation adopted in the current period, reflecting 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 and six months ended June 30, 2026, was $1.5 billion and $2.9 billion, respectively, compared to $1.0 billion and $1.8 billion, respectively, for the same periods in 2025, and mainly consists of:
•Product net sales of VYVGART for the three and six months ended June 30, 2026, were $1.5 billion and $2.8 billion, respectively, compared to $0.9 billion and $1.7 billion, respectively, for the same periods in 2025.
•Other operating income for the three and six months ended June 30, 2026, was $26 million and $41 million, respectively, compared to $19 million and $36 million, respectively, for the same periods in 2025. The other operating income for the three and six months ended June 30, 2026 and 2025, primarily relates to research and development tax incentives and payroll tax rebates.
Total operating expenses for the three and six months ended June 30, 2026 were $1.0 billion and $2.0 billion, respectively, compared to $0.8 billion and $1.4 billion, respectively, for the same periods in 2025, and mainly consist of:
•Cost of sales for the three and six months ended June 30, 2026, was $145 million and $266 million, respectively, compared to $111 million and $192 million for the same periods in 2025, respectively. The cost of sales was related to the sale of VYVGART.
•Research and development expenses for the three and six months ended June 30, 2026, were $0.5 billion and $0.9 billion, respectively, compared to $0.3 billion and $0.6 billion, respectively, for the same periods in 2025. The research and development expenses mainly relate to advancing efgartigimod, empasiprubart, and adimanebart across multiple registrational studies, plus early-stage pipeline and preclinical programs.
•Selling, general and administrative expenses for the three and six months ended June 30, 2026, were $0.4 billion and $0.8 billion, respectively, compared to $0.3 billion and $0.6 billion, respectively, for the same periods in 2025. The selling, general and administrative expenses mainly relate to professional and marketing fees linked to the global commercialization of the VYVGART franchise, and personnel expenses.
Financial income for the three and six months ended June 30, 2026, was $48 million and $92 million, respectively, compared to $38 million and $76 million, respectively, for the same periods in 2025.
Income tax for the three and six months ended June 30, 2026 and 2025 is detailed below:
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||
| 30 June, | 30 June, | |||||||||||||||||||||||||||||||||||||
| (in millions of $) | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||||||||||
| Current tax expense | $ | (128) | $ | (41) | $ | (230) | $ | (70) | ||||||||||||||||||||||||||||||
| Deferred tax benefit/(expense) | 68 | (1) | 110 | (4) | ||||||||||||||||||||||||||||||||||
| Income tax expense | $ | (59) | $ | (42) | $ | (119) | $ | (74) | ||||||||||||||||||||||||||||||
Profit for the three and six-month periods ended June 30, 2026, was $0.5 billion and $0.8 billion, respectively, compared to a profit of $0.2 billion and $0.4 billion, respectively, for the same periods in 2025. The basic profit per share was $7.58 for the three months ended June 30, 2026, compared to a basic profit per share of $4.02 for the same period in 2025. The basic profit per share was $13.47 for the six months ended June 30, 2026, compared to a basic profit per share of $6.80 for the same period in 2025.
Cash flow from operating activities for the six months ended June 30, 2026 was $0.7 billion compared to a cash flow used in operating activities for the same period in 2025 of $0.4 billion.
Cash, cash equivalents and current financial assets1 consisted of $3.6 billion in cash, cash equivalents and $1.6 billion in current financial assets which totaled $5.2 billion as of June 30, 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.
EXPECTED FINANCIAL CALENDAR
•October 22, 2026: Third Quarter 2026 Financial Results and Business Update
•February 25, 2027: Full-year 2026 Financial Results and Fourth Quarter 2026 Business Update
CONFERENCE CALL DETAILS
The half-year 2026 financial results and second quarter 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.
Participants can access the conference call by dialing 800-590-8290 (United States and Canada) or 240-690-8800 (International). Country specific dial-in numbers are listed below:
| Belgium | 32 2290 4635 | |||||||||||||
| France | 33 172 001717 | |||||||||||||
| Netherlands | 31 20 795 2683 | |||||||||||||
| United Kingdom | 44 203 393 1560 | |||||||||||||
| Japan | 81 3 4520 9761 | |||||||||||||
| Switzerland | 41 43 210 51 68 | |||||||||||||
Use the access code 3810049 to join the call. Please dial in 15 minutes prior to the live call.
A replay of the webcast will be available on the argenx website.
About VYVGART
VYVGART® (efgartigimod alfa fcab) is a first-in-class human IgG1 antibody fragment that binds to the neonatal Fc receptor (FcRn), resulting in the reduction of circulating IgG autoantibodies. VYVGART Hytrulo® is a subcutaneous combination of efgartigimod alfa (VYVGART) and recombinant human hyaluronidase PH20 (rHuPH20), Halozyme’s ENHANZE® drug delivery technology to facilitate subcutaneous injection delivery of biologics. VYVGART is approved for generalized myasthenia gravis (gMG) and immune thrombocytopenia (Japan only). VYVGART Hytrulo is approved for gMG and chronic inflammatory demyelinating polyneuropathy (CIDP). VYVGART Hytrulo may be marketed under different proprietary names 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).
1 A non-IFRS Alternative Performance Measure (APM). Refer to the “Alternative Performance Measures Statement” below for a reconciliation to the IFRS financial information.
Contacts:
Media:
Ben Petok
bpetok@argenx.com
Investors:
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 generally can be identified by the use of forward-looking words, such as “aim”, “anticipate”, “aspire”, “believe”, “can”, “continue”, “could”, “estimate”, “expect”, “entail”, “forecast”, “future”, “goals”, “hope”, “intend”, “is designed to”, “likely”, “may”, “might”, “objective”, “plan”, “possible”, “potential”, “pursue”, “project”, “predict”, “seek”, “should”, “strategy”, “target”, “will” and other words and terms of similar meaning and expression, including in connection with any discussion of future operating or financial performance. 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 initiation, timing, progress, development and results of preclinical and clinical trials of argenx’s product candidates, including new indications, alternative dosing regimens, treatment modalities, and methods of administration, including statements regarding when results or interim analysis of the clinical trials will be available or made public; the expansion of argenx’s business, including the further development of argenx’s sales and marketing abilities and its Immunology Innovation Program, and the value of its pipeline; the potential attributes, benefits, and side effects of argenx’s products and product candidates, including new indications, alternative dosing regimens and treatment modalities, and their competitive position with respect to other alternative treatments; argenx’s ability to advance product candidates into, and successfully complete, clinical trials; argenx’s estimates of the number of patients who suffer from the diseases it is targeting and the number of patients that will enroll in its clinical trials; the demand and commercialization of argenx’s products and product candidates, including new indications, alternative dosing regimens, treatment modalities, and methods of administration, if approved; the anticipated timing or likelihood of market or regulatory decisions relating to or of argenx’s products, including new indications, alternative dosing regimens, treatment modalities, and methods of administration; the anticipated pricing and reimbursement of argenx’s products and product candidates, if approved; argenx’s plans to have various programs to help patients afford its products, including patient assistance and co-pay coupon programs for eligible patients; argenx’s ability to establish sales, marketing and distribution capabilities for any of its products and product candidates that achieve regulatory approval; argenx’s regulatory strategy and its ability to establish and maintain manufacturing arrangements for its products and product candidates; the scope and duration of protection, including any exclusivity period, argenx is able to establish and maintain for intellectual property rights covering its products and product candidates, platform and technology, including its intention to seek patent term extensions where available; argenx’s estimates regarding expenses, future revenues, cash flow, capital requirements and its needs for additional financing; argenx’s expectation that it will benefit from the Belgian innovation income deduction; argenx’s financial performance, including potential volatility in the price of its ordinary shares and American Depositary Shares; the competition argenx faces in its drug discovery, development, and commercialization efforts; the rate and degree of market acceptance of argenx’s products and product candidates, if approved, by its patients as safe, effective and cost-effective; the potential benefits of argenx’s current collaborations, including the possibility to access partner technology platforms or capabilities; argenx’s plans and ability to enter into or maintain current collaborations for additional programs or product candidates; argenx’s plans and ability to enter into or maintain current new distribution partnerships; argenx’s long-term growth strategy to develop and market additional products and product candidates, including efgartigimod for new indications, empasiprubart and adimanebart; the impact of government laws and regulations, including tariffs, export controls, sanctions and other regulations on argenx’s business; argenx’s expectations with respect to the timing and amount of any dividends (if any); argenx’s plans regarding its supply chain, including its reliance on third parties, service providers and manufacturers; inflation and deflation and the corresponding fluctuations in interest rates; regional instability and conflicts; and argenx’s business strategies, including Vision 2030, plans, projects, goals and targets and the timing, outcomes and benefits thereof. A further list and description of these and other risks,
uncertainties, and factors that could cause actual results to differ materially from those referred to in the forward-looking statements 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 risks and uncertainties, the reader is advised not to place undue reliance on such forward-looking statements. These forward-looking statements speak only as of the date of publication of this press release. 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 $5.2 billion as of June 30, 2026, compared to $4.4 billion as of December 31, 2025. The balance as of the period ended June 30, 2026 consisted of $3.6 billion in cash, cash equivalents and $1.6 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 2 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 J U L Y 2 3 , 2 0 2 6 1
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. The contents of this presentation include statements that are, or may be deemed to be, “forward-looking statements.” These forward-looking statements generally can be identified by the use of forward-looking words, such as “aim”, “anticipate”, “aspire”, “believe”, “can”, “continue”, “could”, “estimate”, “expect”, “entail”, “forecast”, “future”, “goals”, “hope”, “intend”, “is designed to”, “likely”, “may”, “might”, “objective”, “plan”, “possible”, “potential”, “pursue”, “project”, “predict”, “seek”, “should”, “strategy”, “target”, “will” and other words and terms of similar meaning and expression, including in connection with any discussion of future operating or financial performance. 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 initiation, timing, progress, development and results of preclinical and clinical trials of argenx’s product candidates, including new indications, alternative dosing regimens, treatment modalities, and methods of administration, including statements regarding when results or interim analysis of the clinical trials will be available or made public; the expansion of argenx’s business, including the further development of argenx’s sales and marketing abilities and its Immunology Innovation Program, and the value of its pipeline; the potential attributes, benefits, and side effects of argenx’s products and product candidates, including new indications, alternative dosing regimens and treatment modalities, and their competitive position with respect to other alternative treatments; argenx’s ability to advance product candidates into, and successfully complete, clinical trials; argenx’s estimates of the number of patients who suffer from the diseases it is targeting and the number of patients that will enroll in its clinical trials; the demand and commercialization of argenx’s products and product candidates, including new indications, alternative dosing regimens, treatment modalities, and methods of administration, if approved; the anticipated timing or likelihood of market or regulatory decisions relating to or of argenx’s products, including new indications, alternative dosing regimens, treatment modalities, and methods of administration; the anticipated pricing and reimbursement of argenx’s products and product candidates, if approved; argenx’s plans to have various programs to help patients afford its products, including patient assistance and co-pay coupon programs for eligible patients; argenx’s ability to establish sales, marketing and distribution capabilities for any of its products and product candidates that achieve regulatory approval; argenx’s regulatory strategy and its ability to establish and maintain manufacturing arrangements for its products and product candidates; the scope and duration of protection, including any exclusivity period, argenx is able to establish and maintain for intellectual property rights covering its products and product candidates, platform and technology, including its intention to seek patent term extensions where available; argenx’s estimates regarding expenses, future revenues, cash flow, capital requirements and its needs for additional financing; argenx’s expectation that it will benefit from the Belgian innovation income deduction; argenx’s financial performance, including potential volatility in the price of its ordinary shares and American Depositary Shares; the competition argenx faces in its drug discovery, development, and commercialization efforts; the rate and degree of market acceptance of argenx’s products and product candidates, if approved, by its patients as safe, effective and cost-effective; the potential benefits of argenx’s current collaborations, including the possibility to access partner technology platforms or capabilities; argenx’s plans and ability to enter into or maintain current collaborations for additional programs or product candidates; argenx’s plans and ability to enter into or maintain current new distribution partnerships; argenx’s long-term growth strategy to develop and market additional products and product candidates, including efgartigimod for new indications, empasiprubart and adimanebart; the impact of government laws and regulations, including tariffs, export controls, sanctions and other regulations on argenx’s business; argenx’s expectations with respect to the timing and amount of any dividends (if any); argenx’s plans regarding its supply chain, including its reliance on third parties, service providers and manufacturers; inflation and deflation and the corresponding fluctuations in interest rates; regional instability and conflicts; and argenx’s business strategies, including Vision 2030, plans, projects, goals and targets and the timing, outcomes and benefits thereof. A further list and description of these and other risks, uncertainties, and factors that could cause actual results to differ materially from those referred to in the forward-looking statements 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 risks and uncertainties, the reader is advised not to place undue reliance on such forward-looking statements. These forward-looking statements speak only as of the date of publication of this presentation. 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 is our Engine for Long-term Growth 50k 10 5 patients on treatment labeled indications late-stage molecules Scale VYVGART in MG and CIDP Expand across indications and assets Build diversified immunology portfolio in FcRn and beyond 3
VYVGART Has the Broadest Label Across all gMG Mary Beth, MG Patient Now Approved VYVGART is the First and Only Targeted Treatment Approved for Adults with gMG across all Serotypes Anti-AChR antibody positive Anti-MuSK antibody positive Anti-LRP4 antibody positive Triple seronegative 4
Autoimmune Myositis is a Quintessential argenx Opportunity U.S. Prevalence A Multi-blockbuster Opportunity Clear Biology High Unmet Need Zero approved or late-development therapies Heterogeneous disease; Limited treatments Breakthrough Therapy Designation for IMNM DM IMNM 5
A Pivotal Year for Empasiprubart 12k patients across key markets 1. PPTA, Takeda, CSL, argenx analysis argenx market research MMN G ri p s tr en g th c h an g e f ro m b as e lin e ( kP A ) 60% Progression despite treatment 40% Initially misdiagnosed Targeted treatments 0 UNMET NEED Progressive and often misdiagnosed as ALS Severe disability in 20% of patients DISEASE BURDEN ARDA+ Open LabelARDA Phase 2 6 Sustained Grip Strength Improvement in Phase 2 ARDA OLE
Innovation Model Generating World-Class Pipeline ApprovedRegistrationalPoCPhase 1IIP/Preclinical Ocular MG ITP Graves’ Disease Sjogren’s Disease Myositis MMN CIDP CMS ARGX-213 25 Active IIP programs Spanning neurology, rheumatology, renal and skin targets ARGX-118 (Galectin) ARGX-124 (FcRn) ARGX-125 TSP-101 (Fn14) AMR Scleroderma AIE DGF* SMA ARGX-121 (IgAN) ARGX-109 (IL6) Efgartigimod Empasiprubart Adimanebart Other PROGRAMS ARGX-213 ARGX-121 ARGX-109 Target of 1 IND per year gMG1 – CIDP – ITP (Japan) 1. VYVGART and VYVGART Hytrulo are the first and only approved treatments for all serotypes of adult patients living with gMG – anti -AChR-Ab positive, anti-MuSK-Ab positive, anti-LRP4-Ab positive, and triple seronegative * Evaluating potential path forward in transplant setting, not DGF 7
Product Net Sales of $1.5 Billion in Q2 $’m Year over Year (YoY) growth: 2Q26 vs 2Q25 *All growth is operational and excludes the impact of FX QoQ % Growth * GrowthQ2 2025Q2 2026(in millions of $) 59%4728021,273US 117%5052102Japan 1) 59%5383136Rest of the World (62%)(8)125China supply 60%5679491,516Total 62%5759361,511Total ex-China Growth % *GrowthQ1 2026Q2 2026(in millions of $) 15%1661,1071,273US 55%3567102Japan 1) 22%24112136Rest of the World (61%)(7)125China supply 17%2181,2981,516Total Quarter over Quarter (QoQ) growth: 2Q26 vs 1Q26Product Net Sales by Quarter *Product Net sales growth % excludes the impact of FX 1) Japan revenues include approximately $25M for a one-time benefit related to the change in the wholesaler distributor model. Year-over-Year Growth of 60%* 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 26 Q2 26Q1 22 75 131 173 218 269 329 374 398 478 573 737 790 949 1.127 1.286 1.298 1.516 21 China RoW Japan US 8
Q2 2026 Financial Summary Operating profit of $0.5B +146% YoY *Comparative figures have been aligned with the presentation adopted in the current period, reflecting the combination of research and development expenses and loss from investment in a joint venture. $3.6 billion in cash and cash equivalents and $1.6 billion in current financial assets Ended Q2 with cash† of $5.2B † Alternative Performance Measure (APM). Refer to the APM Statement. (in million of $) 2026 2025 2026 2025 Product net sales $ 1,516 949 2,813 1,739 Other operating income 26 19 41 36 Total operating income $ 1,542 967 2,854 1,775 Cost of sales $ (145) (111) (266) (192) Research and development expenses* (486) (330) (929) (642) Selling, general and administrative expenses (417) (325) (772) (601) Total operating expenses $ (1,048) (766) (1,967) (1,435) Operating profit $ 494 201 887 340 Financial income $ 48 38 92 76 Financial expense (1) (1) (2) (2) Exchange (losses)/gains (8) 49 (19) 76 Profit for the period before taxes $ 532 287 958 489 Income tax expense $ (59) (42) (119) (74) Profit for the period $ 472 245 838 415 Three months ended Six months ended June 30 June 30 9
Patient-first Commercial Execution Jai, VYVGART Patient More HCPs choosing VYVGART as #1 biologic in MG & CIDP More patients requesting VYVGART Patients staying on VYVGART 10
PFS Driving Demand VYVGART Growth Momentum Continues Across MG and CIDP ~80% of PFS patients new to VYVGART in 2Q/26 Increasing Breadth & Depth of Prescription Seronegative gMG Label Expansion >5,000 neurologists Earlier-line use First and only biologic approved across all gMG serotypes 11 Internal argenx data
+11k Patients now eligible in U.S. Significant unmet need >80% Of seronegative MG treaters covered ~55% U.S. commercial lives covered Most plans remove serology testing requirement Halo effect on gMG patients PATIENTS PHYSICIANS PAYERS Strong Early Momentum Following gMG Label Expansion 12 “I honestly sat at my computer and cried. Hope. This is finally real hope for the seronegative community.” Zach, seronegative MG patient Internal argenx data
For up to 96 weeks Evidence Generation Supports CIDP Market Expansion 42K 12K +12K Diagnosed, ‘Well-Managed’ on Treatment Addressable Market at Launch Total Diagnosed Patients 13 CIDP Market Expansion Opportunity +18K Diagnosed, Not Treated Improved grip strength1 Successful IVIG switch study2 87.5% response in treatment-naïve patients3 1. MDA 2026: ADHERE/ADHERE+ post-hoc analyses; 2. PNS 2026: IVIg to SC Efgartigimod PH20 Transition in CIDP; 3. AAN 2026: Efgartigimod on Treatment-Naïve Participants with CIDP Post-Hoc Analysis CIDP Evidence Generation 13
Augmenting our Commercialization Engine to Prepare for Successful Entry into Rheumatology HCPs Payors Patients Proactive Payor Engagements Best-in-Class Patient Engagement Program Strong Market Access Capabilities Partnerships with AIM Patient Advocacy Groups Expanded MSL Team Engaging with 650 AIM KOLs Sales Field Expansion Planned (rheumatology) Disease State Education Campaign Medical Education 14
Innovation Has No Value Unless it Provides Meaningful Benefit to Patients 15
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 $5.2 billion as of June 30, 2026, compared to $4.4 billion as of December 31, 2025. The balance as of the period ended June 30, 2026 consisted of $3.6 billion in cash, cash equivalents and $1.6 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. 16
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