Argenx: Sales Increase by 60% in Q2, Profit Reaches $838M in H1
Argenx released its significantly improved results for the first half of the year on July 23, 2026. Operating revenues reached $2.85 billion, up from $1.78 billion a year earlier, while net profit doubled to $838 million from $415 million in the first half of 2025. Basic earnings per share were $13.47, up from $6.80 a year earlier. However, growth remains highly concentrated on the Vyvgart franchise, with further expansion depending on upcoming clinical readings in autoimmune myositis and multifocal motor neuropathy.
Product Sales Increase by 60% in the Second Quarter
Argenx recorded $1.52 billion in net product sales in the second quarter of 2026, a 60% increase year-over-year and 17% up from the previous quarter. Over the first six months of the year, operating revenues reached $2.85 billion, compared to $1.78 billion a year earlier. This acceleration was particularly boosted by the launch of Vyvgart and Vyvgart Hytrulo in patients with generalized myasthenia gravis without anti-acetylcholine receptor antibodies, now extending access to treatment across all serotypes of the disease. Net profit amounted to $472 million in the second quarter and $838 million for the semester, compared to $245 million and $415 million a year earlier, respectively. Basic earnings per share for the six months were $13.47, compared to $6.80 in the first half of 2025.
Growth Still Concentrated on the Vyvgart Franchise
Argenx's revenues remain primarily concentrated on the Vyvgart franchise, marketed in intravenous and subcutaneous formulations for generalized myasthenia gravis, chronic inflammatory demyelinating polyradiculoneuropathy, and primary immune thrombocytopenia in Japan. Operating expenses rose to $1.97 billion in the first half of 2026, up from $1.44 billion a year earlier, due mainly to increased research and development expenses and costs associated with the global commercial rollout of Vyvgart. Empasiprubart, presented as the group's second 'pipeline-in-a-product' opportunity, is being evaluated in registrational studies for multifocal motor neuropathy and chronic inflammatory demyelinating polyradiculoneuropathy. The reading of the study focused on multifocal motor neuropathy is expected in the fourth quarter of 2026. Cash, cash equivalents, and current financial assets totaled $5.2 billion as of June 30, 2026, up from $4.4 billion at the end of 2025. Operational cash flow turned positive at $700 million for the semester, compared to a consumption of $400 million a year earlier.
Two Major Clinical Readouts Expected in the Second Half
As part of its Vision 2030, Argenx aims to treat 50,000 patients globally, secure ten approved indications, and advance five candidates to registrational development. The group plans to have ten molecules in clinical development by the end of 2026, including adimanebart, ARGX-121, and ARGX-109. Two important registrational readouts are expected in the second half: the results of the study on autoimmune myositis in the third quarter of 2026, followed by those on multifocal motor neuropathy in the fourth quarter. Positive results would strengthen the diversification of the portfolio beyond the Vyvgart franchise and support the group's long-term growth ambitions.
