Update shared on29 Aug 2025
Fair value Increased 2.07%argenx’s price target has been raised to €705.90 as analysts cite strong Vyvgart Phase 3 results, raised U.S. sales expectations, visible pipeline catalysts, and resilient uptake despite recent safety concerns.
Analyst Commentary
- Bullish analysts cite Vyvgart’s positive Phase 3 ADAPT SERON results in seronegative generalized myasthenia gravis (gMG), demonstrating clinical improvement and supporting expansion into new patient subtypes.
- Peak U.S. sales estimates for Vyvgart in myasthenia gravis have been raised to $3.8B, with potential for total sales quadrupling by decade's end and cumulative operating cash flows of $10B.
- Planned supplemental Biologics License Application (sBLA) for Vyvgart by year-end 2025, launching PFS presentation, and additional near-term label expansion opportunities highlight continued growth catalysts.
- Bullish analysts view recent FDA safety signal reports (FAERS update) for Vyvgart in chronic inflammatory demyelinating polyneuropathy (CIDP) as overblown, noting lack of confirmed causality and minimal risk of major label impact affecting uptake.
- Continued strong Vyvgart launches, robust performance in approved indications, and the underappreciated value of Argenx’s non-Vyvgart portfolio are expected to drive sustained revenue growth and maintain the company as a top pick.
What's in the News
- Argenx announced positive topline data from the pivotal ADAPT SERON study of VYVGART, meeting its primary endpoint in AChR-Ab seronegative generalized myasthenia gravis (gMG) patients, and plans to submit an sBLA to the FDA for label expansion.
- A strategic multi-target research collaboration was formed with Unnatural Products Inc. to discover and develop oral macrocyclic peptide drugs against hard-to-target disease proteins, with potential milestone payments to UNP totaling up to $1.5 billion and additional royalties.
- Argenx plans to advance ARGX-119, a first-in-class MuSK agonist antibody, to a registrational study in congenital myasthenic syndromes after favorable safety and tolerability data from a Phase 1b study.
- The European Commission approved VYVGART (efgartigimod alfa) subcutaneous injection for adults with progressive or relapsing chronic inflammatory demyelinating polyneuropathy (CIDP) after prior treatment with corticosteroids or immunoglobulins.
- Positive Phase 2 study results for VYVGART in Sjogren's disease and idiopathic inflammatory myopathies were announced, with the FDA granting Fast Track designation for Sjogren's disease and significant clinical improvements observed in myositis.
Valuation Changes
Summary of Valuation Changes for argenx
- The Consensus Analyst Price Target has risen slightly from €691.61 to €705.90.
- The Future P/E for argenx has significantly fallen from 22.87x to 19.91x.
- The Consensus Revenue Growth forecasts for argenx remained effectively unchanged, moving only marginally from 30.2% per annum to 30.6% per annum.
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