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Argenx
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Latest analysis
Updated Oct 22, 2026
Argenx Q3 2026: VYVGART delivers $1.7B in quarterly net sales (+54% YoY), Forte acquisition closed, and Phase 3 MMN readout due December 2026.
VYVGART product net sales reached $1.721 billion in Q3 2026, a 54% year-over-year increase and 13% sequential gain, cementing argenx's position as a durable immunology commercial franchise. The $2.1 billion acquisition of Forte Biosciences closed in the period, adding FB102 (CD122) — now advancing to Phase 3 in celiac disease — as argenx's third pipeline-in-a-product candidate. The December 2026 Phase 3 EMPASSION readout for empasiprubart in MMN is the single most consequential near-term catalyst, representing the first binary test of the company's second commercial platform.
Tone: bullishRevenue
$4.2B
ARGX 20-F · FY 2025
Employees
1,863
Revenue growth YoY
+89%
Founded
2008
Profile
ARGX 20-F Item 4.B · Mar 19, 2026argenx SE is a Dutch biopharmaceutical company focused on developing and commercializing antibody-based medicines for severe autoimmune diseases. Its lead product, VYVGART (efgartigimod), is a first-in-class FcRn blocker approved in three indications globally. The company operates its own commercial infrastructure in the U.S., Europe, Japan, and Canada, and advances a pipeline of FcRn, complement, and neuromuscular junction-targeted therapies.
Read filing description ↓ Collapse description ↑
Our legal and commercial name is argenx SE. We were incorporated under the laws of the Netherlands on April 25, 2008. Our objective is to transform the lives of at least 50,000 patients and their communities before 2030 by providing them with life-changing medicines built on scientific breakthroughs in immunology. VYVGART and VYVGART HYTRULO is a first-and-only immunoglobulin G (IgG) Fc-antibody fragment that targets the FcRn. It is approved for the treatment in three indications, including gMG and CIDP globally and ITP in Japan. Our second asset, empasiprubart, is a novel complement inhibitor targeting C2, blocking the function of both the classical and lectin pathways while leaving the alternative pathway intact. Our third clinical asset, adimanebart (ARGX-119), is a humanized agonist monoclonal antibody that specifically targets and activates MuSK to promote maturation and stabilization of the neuromuscular junction. Our IIP (Immunology Innovation Program) is the engine behind our robust and expansive pipeline, fostering deep collaboration between leading academic researchers and our in-house antibody engineers. We have established our own sales force in the U.S., Japan, Europe and Canada for VYVGART for the treatment of gMG and CIDP. We utilize third-party contract manufacturers for the manufacture of drug substances and drug products, partnering with Lonza and FUJIFILM Diosynth Biotechnologies, among others. We compete in this dynamic landscape by aiming to advance differentiated, first-in-class and best-in-class therapies grounded in novel biology, enabled by our deep scientific expertise and our technology platforms.
Primary products
- VYVGART (efgartigimod IV)
- VYVGART HYTRULO (efgartigimod SC)
- VYVDURA (efgartigimod PFS)
- empasiprubart (ARGX-117)
- adimanebart (ARGX-119)
End markets
Geographies
“We compete in this dynamic landscape by aiming to advancing differentiated, first-in-class and best-in-class therapies grounded in novel biology, enabled by our deep scientific expertise and our technology platforms.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Reported in USD. Total operating income grew 89% year-over-year, driven by a 90% increase in product net sales from $2.2 billion in 2024 to $4.2 billion in 2025, reflecting global expansion of the VYVGART franchise across gMG, CIDP, and ITP indications.
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