argenx SE

argenx SE reported record FY 2025 results, driven by VYVGART franchise growth. Product net sales surged 90% YoY to $4.15B, primarily from U.S. ($3.53B, 85% of total), reflecting strong launches in gMG, CIDP, and PFS self-injection. Operating profit flipped to $1.05B from 2024's $22M loss, fueled by revenue expansion and $725M deferred tax benefit. Net profit reached $1.29B (up 55% YoY from $833M), with basic EPS $21.08 (vs. $13.92). Gross margin stable at ~89%, cost of sales up 98% to $451M on higher volumes. Cash from operations hit $685M (vs. $83M outflow prior), bolstering liquidity to $3.49B cash equivalents + $949M financial assets. Balance sheet strengthened with $8.68B assets, $7.32B equity. Momentum in pipeline (10 Phase 3 trials) and 2026 outlook for 4 readouts position argenx for sustained growth toward Vision 2030 (50K patients, 10 indications).

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