argenx (ARGX) investor relations material

Executive summary

• Achieved $1.3 billion in global product net sales for Q1 2026, up 63% year-over-year, with strong commercial momentum in MG and CIDP and the 17th consecutive quarter of VYVGART growth.

• Operating profit rose to $394 million, up 183% year-over-year, with net profit at $366 million, a 116% increase.

• Vision 2030 targets 50,000 patients on treatment, 10 labeled indications, and five late-stage molecules by decade's end.

• Expanded global presence with a new affiliate in China and leadership changes, including Karen Massey as CEO and Tim Van Hauwermeiren as Board Chair.

• Pipeline advances include empasiprubart nearing phase III readout in MMN, expansion into rheumatology, and ten molecules in clinical development by end of 2026.

Financial highlights

• Q1 2026 product net sales reached $1.3 billion, up 63% year-over-year; U.S. sales were $1.1 billion, with Japan and Rest of World up 111% and 99%.

• Operating profit was $394 million with a 30% margin; net profit was $366 million, up 116% year-over-year.

• Cash, cash equivalents, and current financial assets totaled $4.9 billion at quarter-end, up from $4.4 billion at year-end 2025.

• SG&A expenses decreased 17% quarter-over-quarter; R&D expenses were $443 million for Q1 2026.

• Basic EPS increased to $5.90 from $2.78 year-over-year.

Outlook and guidance

• Full-year expectations unchanged; growth trajectory consistent with prior years and margin expansion expected to continue.

• Vision 2030 aims for 50,000 patients, 10 labeled indications, and five new molecules in Phase 3.

• Upcoming catalysts include PDUFA date for seronegative MG (May 10, 2026), phase III myositis readout in Q3 2026, and empasiprubart phase III in Q4 2026.

• Topline results from ALKIVIA (myositis) expected Q3 2026; ADVANCE-NEXT (primary ITP) in H1 2027; UNITY (Sjogren's) in H2 2027.

• VYVGART SC autoinjector launch planned for 2027 for all approved indications.