Argenx: Net Profit Doubles in Q1 2026, VYVGART Sales Up 63%
Argenx released its Q1 2026 results on Thursday, showing a net profit of $366 million, up from $169 million a year earlier, a 116% increase. Basic earnings per share stood at $5.90, up from $2.78 in Q1 2025. This performance is primarily driven by sales of VYVGART, its flagship treatment for autoimmune diseases, which grew 63% to reach $1.3 billion. However, the biotech's future growth depends on key regulatory decisions and the progress of its clinical-stage pipeline.
Strong Growth in VYVGART Sales, Net Profit More Than Doubled
Net revenues for the first quarter of 2026 were $1.3 billion, up 63% from $0.8 billion a year earlier. This increase is part of the momentum of VYVGART, a treatment targeting FcRn, approved for three indications: generalized myasthenia gravis, chronic inflammatory demyelinating polyneuropathy, and primary immune thrombocytopenia in Japan. The net result for the quarter reached $366 million, compared to $169 million in Q1 2025, representing a growth of 116%. Basic earnings per share rose to $5.90, from $2.78 a year earlier. Financial income slightly increased to $44 million from $37 million in Q1 2025.
Enhanced Cash Position Despite Increased Operational Expenses
Total operational expenses for Q1 2026 reached $0.9 billion, up from $0.7 billion in Q1 2025, reflecting increased investment in clinical studies and commercial deployment. Despite this effort, argenx's cash position has strengthened: cash and current financial assets totaled $4.9 billion as of March 31, 2026, up from $4.4 billion as of December 31, 2025. The tax charge on earnings amounted to $60 million for Q1 2026, compared to $33 million in Q1 2025, in line with significantly higher net profit.
Expanded Pipeline and Major Regulatory Catalysts Expected
VYVGART could expand to new populations: the FDA is set to make a decision on May 10, 2026, on expanding the label for seronegative myasthenia gravis (anti-AChR negative). Argenx is also considering a label extension request for ocular myasthenia gravis. The subcutaneous VYVGART SC with auto-injector is expected in 2027. In parallel, the biotech is advancing its pipeline with empasiprubart, a humanized monoclonal antibody targeting complement factor C2, evaluated in registration studies in multifocal motor neuropathy and CIDP, with results expected in Q4 2026 for MMN and the second half of 2027 for CIDP. The pipeline will include ten molecules in clinical development by the end of 2026. Argenx reaffirms its Vision 2030 ambition: to treat 50,000 patients globally, achieve ten approved indications, and advance five candidates into phase 3.
