argenx SE · ARGX · FY2025 Q1 · Calendar Q2 2025

argenx: VYVGART momentum continues as pipeline advances

The supplied analysis supports a constructive but qualified view of argenx’s growth trajectory: VYVGART demand, broader access through self-administration and pipeline milestones are supporting expansion, while payer, pricing, competitive and clinical-execution risks remain material.

Reported Before market openNASDAQHealthcare $65.12B market cap
80quality score

Earnings scorecard

Reported versus consensus
Reported EPS — Consensus $0.98
EPS surprise — Reported versus consensus
Reported revenue — Consensus $737.1M
Revenue surprise — Reported versus consensus

Market reaction

prior-close to event-session close
Stock move -8.6% Event window
SPY move +0.7% Same window
Abnormal move -9.3% Stock minus SPY
Volume 5.5× Versus trailing sessions
Subsequent drift +3.0% Up to 20 sessions
ARGXSPY benchmark

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Transcript intelligence

What changed

The current analysis highlights FDA approval of the VYVGART Hytrulo pre-filled syringe in the U.S. and Germany, 99% year-over-year product net-sales growth to $790 million, and continued pipeline progress. Guidance sentiment remained maintained.

Guidance delta

Maintained; the supplied analysis does not indicate a raise or cut.

Key takeaways

  • Management described continued VYVGART share gains in generalized myasthenia gravis and strong CIDP launch momentum.
  • The pre-filled syringe expands self-administration access and management expects it to add patients, while payer mix shifts toward Part D.
  • The pipeline remains active, with Phase III and Phase II readouts planned across seronegative MG, lupus nephritis, delayed graft function and CMS.
  • Management highlighted a favorable safety profile and more than 8,000 patient-years of safety data.

Management priorities

  • Expand global availability and adoption of the VYVGART pre-filled syringe and Hytrulo.
  • Advance the VYVGART auto-injector and broaden development into ocular MG, seronegative MG and other autoimmune indications.
  • Execute the planned clinical readouts and continue commercial expansion across the United States, Europe, Japan, Canada and China.

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Earnings History

Estimate Beat Miss Match
ARGX EPS earnings history estimate and actual scatter chart 7 reported fiscal quarters and 1 future estimate-only quarters. Q4 '23 estimate $-1.23 Q4 '23 actual $-1.68, miss Q1 '24 estimate $-0.71 Q1 '24 actual $-1.04, miss Q2 '24 estimate $-0.89 Q2 '24 actual $0.45, beat Q3 '24 estimate $0.10 Q3 '24 actual $1.39, beat Q2 '25 estimate $4.37 Q2 '25 actual $5.18, beat Q4 '25 estimate $6.27 Q4 '25 actual $5.90, miss Q2 '26 estimate $6.27 Q2 '26 actual $7.32, beat Q4 '26 estimate $8.05

Analyst Consensus ?

ConsensusBuy36 ratings
Bullish3288.9%
Neutral411.1%
Bearish00.0%

Analyst 52W Price Targets

$873.71Current
$326.27Low
$890.81Average
$1,400High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 24, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
RBC Capital Outperform OutperformMaintainOct 20, 2026
Wells Fargo Overweight OverweightMaintainOct 14, 2026
Oppenheimer Outperform OutperformMaintainOct 12, 2026
Evercore ISI Group Outperform OutperformMaintainOct 9, 2026
Baird Neutral NeutralMaintainOct 9, 2026
Wedbush Outperform OutperformMaintainSep 8, 2026
Morgan Stanley Overweight OverweightMaintainAug 31, 2026
UBS Buy NeutralUpgradeAug 26, 2026
Truist Securities Buy BuyMaintainAug 18, 2026
HC Wainwright & Co. Buy BuyMaintainAug 18, 2026
Citizens Market Outperform Market OutperformMaintainAug 18, 2026
Piper Sandler Overweight OverweightMaintainAug 17, 2026
Guggenheim Buy BuyMaintainJul 24, 2026
Citigroup Buy BuyMaintainJul 21, 2026
B of A Securities Buy BuyMaintainJul 2, 2026
Stifel Buy BuyMaintainDec 11, 2025
JP Morgan Overweight OverweightMaintainDec 8, 2025
Wolfe Research Peer Perform OutperformDowngradeNov 24, 2025
TD Cowen Buy BuyMaintainOct 31, 2025
Citizens Capital Markets Outperform OutperformMaintainFeb 28, 2025
JMP Securities Market Outperform Market OutperformMaintainJan 14, 2025
Scotiabank Sector Outperform Sector PerformUpgradeNov 5, 2024
William Blair Outperform Market PerformUpgradeNov 1, 2024
Barclays Overweight Equal WeightUpgradeAug 6, 2024
Raymond James Strong Buy Strong BuyMaintainDec 21, 2023
Jefferies Buy BuyMaintainJul 17, 2023
SVB Leerink Outperform OutperformMaintainMar 3, 2023
Cowen & Co. Outperform OutperformMaintainJan 25, 2023
Credit Suisse Neutral NeutralMaintainDec 20, 2021
Redburn Partners Buy NeutralUpgradeSep 23, 2021
Deutsche Bank Hold HoldMaintainJul 23, 2021
SunTrust Robinson Humphrey Buy BuyMaintainMay 27, 2020
PiperJaffray Overweight OverweightMaintainJan 6, 2020
Nomura Buy BuyMaintainDec 13, 2019
Goldman Sachs Buy BuyMaintainDec 17, 2018
Stifel Nicolaus Buy BuyMaintainSep 14, 2018
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Named analyst price targets

Upside is calculated against the persisted current price $873.7. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
Morgan StanleySean Laaman$1,190$875.76 +36.2%Oct 23, 2026
GuggenheimAnalyst unavailable$1,120$875.76 +28.2%Oct 23, 2026
Robert W. BairdCollen Kusy$861$875.76 -1.5%Oct 23, 2026
Wells FargoAnalyst unavailable$1,336$875.76 +52.9%Oct 23, 2026
Stifel NicolausAlex Thompson$1,200$886.47 +37.3%Oct 22, 2026
Wells FargoAnalyst unavailable$1,356$802.64 +55.2%Oct 14, 2026
OppenheimerLeland Gershell$1,038$822.29 +18.8%Oct 12, 2026
Morgan StanleyAnalyst unavailable$1,140$815.86 +30.5%Oct 9, 2026
Evercore ISIAnalyst unavailable$1,078$817.5 +23.4%Oct 9, 2026
Robert W. BairdCollen Kusy$823$818.63 -5.8%Oct 9, 2026
Wells FargoDerek Archila$1,355$818.63 +55.1%Oct 9, 2026
Stifel NicolausAlex Thompson$1,282$795.7 +46.7%Oct 8, 2026
Morgan StanleyAnalyst unavailable$1,250$1,023.21 +43.1%Aug 31, 2026
Wells FargoDerek Archila$1,415$1,019.49 +62.0%Aug 26, 2026
UBSXian Deng$1,400$1,019.49 +60.2%Aug 26, 2026
Morgan StanleyAnalyst unavailable$1,230$989.79 +40.8%Aug 18, 2026
WedbushAnalyst unavailable$1,150$987.84 +31.6%Aug 18, 2026
OppenheimerAnalyst unavailable$1,100$987.84 +25.9%Aug 18, 2026
RBC CapitalLuca Issi$1,100$987.84 +25.9%Aug 18, 2026
Truist FinancialDanielle Brill$1,095$987.84 +25.3%Aug 18, 2026
H.C. WainwrightAnalyst unavailable$1,202$987.84 +37.6%Aug 18, 2026
Piper SandlerAnalyst unavailable$1,215$851.29 +39.1%Aug 17, 2026
WedbushAnalyst unavailable$1,050$878.42 +20.2%Jul 28, 2026
Robert W. BairdAnalyst unavailable$932$918.22 +6.7%Jul 27, 2026
BarclaysAnalyst unavailable$950$918.8 +8.7%Jul 24, 2026
Morgan StanleyAnalyst unavailable$1,200$916.69 +37.3%Jul 24, 2026
OppenheimerAnalyst unavailable$1,037$923.26 +18.7%Jul 24, 2026
Leerink PartnersAnalyst unavailable$1,065$924.6 +21.9%Jul 24, 2026
GuggenheimAnalyst unavailable$1,185$924.6 +35.6%Jul 24, 2026
Wells FargoAnalyst unavailable$1,350$924.6 +54.5%Jul 24, 2026
RBC CapitalAnalyst unavailable$1,025$924.6 +17.3%Jul 23, 2026
RBC CapitalAnalyst unavailable$945$916.8 +8.2%Jul 7, 2026
RBC CapitalLuca Issi$890$855.84 +1.9%Jun 24, 2026
Morgan StanleySean Laaman$1,180$869.41 +35.1%Jun 24, 2026
H.C. WainwrightDouglas Tsao$940$813.14 +7.6%Jun 4, 2026
Wells FargoAnalyst unavailable$1,291$835.99 +47.8%Jun 1, 2026
Stifel NicolausAlex Thompson$1,255$838.49 +43.6%May 28, 2026
Morgan StanleySean Laaman$1,170$788.73 +33.9%May 8, 2026
GuggenheimYatin Suneja$1,135$787.31 +29.9%May 8, 2026
Wells FargoAnalyst unavailable$1,260$787.31 +44.2%May 8, 2026
Stifel NicolausAnalyst unavailable$1,222$784.96 +39.9%May 7, 2026
Stifel NicolausAlex Thompson$1,227$769.98 +40.4%Feb 26, 2026
Wells FargoAnalyst unavailable$1,317$800.01 +50.7%Jan 20, 2026
Truist FinancialDanielle Brill$1,030$822.94 +17.9%Jan 8, 2026
Morgan StanleySean Laaman$1,160$822.94 +32.8%Jan 8, 2026
GuggenheimYatin Suneja$1,160$850.56 +32.8%Dec 18, 2025
NeedhamAnalyst unavailable$1,006$862.05 +15.1%Dec 18, 2025
Robert W. BairdCollen Kusy$858$862.05 -1.8%Dec 18, 2025
RBC CapitalAnalyst unavailable$925$863.37 +5.9%Dec 17, 2025
Stifel NicolausAnalyst unavailable$1,248$889.76 +42.8%Dec 11, 2025
UBSXian Deng$910$900.76 +4.2%Dec 9, 2025
Morgan StanleySean Laaman$1,110$920.45 +27.0%Dec 4, 2025
Piper SandlerAnalyst unavailable$930$842.67 +6.4%Nov 4, 2025
Evercore ISIAnalyst unavailable$910$812.88 +4.2%Oct 31, 2025
Cowen & Co.Analyst unavailable$1,146$816.82 +31.2%Oct 31, 2025
Robert W. BairdAnalyst unavailable$924$828.84 +5.8%Oct 31, 2025
H.C. WainwrightAnalyst unavailable$915$820.36 +4.7%Oct 31, 2025
WedbushAnalyst unavailable$880$796.92 +0.7%Oct 13, 2025
Morgan StanleyAnalyst unavailable$1,040$737.56 +19.0%Oct 1, 2025
Stifel NicolausAlex Thompson$882$731.77 +0.9%Sep 18, 2025
Piper SandlerAnalyst unavailable$820$698.99 -6.1%Aug 26, 2025
JefferiesAnalyst unavailable$818$698.99 -6.4%Aug 26, 2025
RBC CapitalLuca Issi$850$677.32 -2.7%Aug 25, 2025
JMP SecuritiesJason Butler$699$560.9 -20.0%May 14, 2025
Robert W. BairdAnalyst unavailable$680$621.25 -22.2%Mar 4, 2025
JMP SecuritiesJason Butler$696$648.62 -20.3%Jan 14, 2025
ScotiabankGeorge Farmer$715$602.47 -18.2%Nov 5, 2024
Raymond JamesDanielle Brill$605$520.52 -30.8%Oct 10, 2024
Robert W. BairdJoel Beatty$515$495.92 -41.1%Jul 29, 2024
H.C. WainwrightDouglas Tsao$533$492.06 -39.0%Jul 26, 2024
OppenheimerLeland Gershell$546$461.01 -37.5%Jul 23, 2024
Truist FinancialJoon Lee$540$461.01 -38.2%Jul 22, 2024
Evercore ISIGavin Clark-Gartner$533$461.72 -39.0%Jul 12, 2024
H.C. WainwrightDouglas Tsao$490$451.55 -43.9%Jun 26, 2024
Truist FinancialJoon Lee$480$441.16 -45.1%Jun 24, 2024
ScotiabankGeorge Farmer$416$437.96 -52.4%Jun 24, 2024
Wells FargoDerek Archila$542$394.47 -38.0%Jun 24, 2024
Stifel NicolausAlex Thompson$500$436.79 -42.8%Jun 24, 2024
H.C. WainwrightDouglas Tsao$448$380.9 -48.7%May 10, 2024
Stifel NicolausDerek Archilia$485$382.55 -44.5%May 9, 2024
H.C. WainwrightAnalyst unavailable$480$372.96 -45.1%Jan 10, 2023
Stifel NicolausStifel Stifel$478$378.83 -45.3%Dec 31, 2022
Kepler CapitalDaan Vandenberk$326.27$281.48 -62.7%Jan 20, 2022
WedbushDavid Nierengarten$382$312.58 -56.3%Jan 7, 2022
J.P. MorganJames Gordon$400$344 -54.2%Jan 4, 2022
Bank of America SecuritiesTazeen Ahmad$383$337.51 -56.2%Dec 20, 2021
GuggenheimYatin Suneja$330$280.83 -62.2%Oct 28, 2021
JefferiesAkash Tewari$362$293.3 -58.6%Oct 6, 2021
UBSLaura Sutcliffe$390$318.16 -55.4%Jun 18, 2021
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Company context

Snapshot as of publication

argenx SE, a biotechnology company established in Amsterdam, the Netherlands, in 2008, is dedicated to developing innovative therapies primarily for autoimmune diseases. The company's operations span across key global markets, including the United States, Japan, Europe, the Middle East, Africa, and China. Its leading investigational therapy is efgartigimod, which is being developed to address a broad range of conditions. These include generalized myasthenia gravis, immune thrombocytopenia, pemphigus vulgaris, chronic inflammatory demyelinating polyneuropathy, thyroid eye disease, bullous pemphigoid, myositis, primary Sjögren's syndrome, post-COVID postural orthostatic tachycardia syndrome, membranous nephropathy, lupus nephropathy, ANCA-associated vasculitis, and antibody-mediated rejection. Also noted in connection with its lead product efforts is ENHANZE SC. The company's extensive development pipeline features several other promising candidates.…

Historical context

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Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2025-04-24T00:01:17.206701+00:00
  3. Polygon adjusted daily market bars · 2026-10-24T12:30:48.712507+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-24T12:30:48.709656+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-10-24. For educational purposes only; not investment advice.