argenx (ARGX) Morgan Stanley 22nd Annual Global Healthcare Conference summary

Strategic vision and innovation

• Focus remains on innovation, with strong commercial execution and a robust clinical pipeline progressing as planned.

• Vision 2030 emphasizes maximizing current opportunities while expanding the pipeline beyond Vyvgart.

• R&D Day highlighted new molecules and ongoing execution, with four R&D candidates advancing toward the clinic.

• Over $3 billion in cash supports continued R&D investment, with break-even or profitability expected soon.

• Partnerships with CROs and Zai Lab enhance development capacity and global reach.

Vyvgart franchise and market expansion

• Early CIDP launch is on track, with strong awareness and positive feedback from patients, physicians, and payers.

• Metrics for launch success include prescriber breadth/depth, patient phenotype, and payer policy quality.

• In MG, Vyvgart has exceeded expectations, with 50% of patients symptom-free and 80% with minimal ADL scores.

• SubQ Vyvgart (Hytrulo) is expanding the market, attracting new patients and prescribers, especially those without IV access.

• Prefilled syringe (PFS) for self-administration is under FDA review, with a PDUFA date of April 10.

Pipeline development and lifecycle management

• Next-gen FcRn agent aims to replace four weekly infusions with a single administration, entering clinic in H1 2025.

• ALKIVIA basket trial in myositis includes three subtypes, with go/no-go decisions based on early data; commercial potential matches MG.

• TED trial uses PFS and targets differentiation on safety; includes Tepezza-experienced patients.

• EMPA in MMN shows strong phase 2 data, with phase 3 to start by year-end; opportunity seen as transformative.

• EMPA and Vyvgart will both be tested in CIDP, with EMPA given a full opportunity rather than being limited to non-responders.