Argenx: Q3 sales of $1.72 billion, up 54%, exceeding expectations

Operating income of $486 million, including acquisition expenses

Total operating revenues amounted to $1,751 million for the quarter, compared to $1,151 million one year earlier. It consists primarily of Vyvgart sales, supplemented by $30 million in other products, principally research tax credits and social charge relief.

Operating expenses reached $1,266 million, compared to $805 million in the third quarter of 2025. Cost of sales increased from $109 million to $165 million and research and development expenses rose from $359 million to $503 million, driven by multiple registration studies on efgartigimod, empasiprubart, adimanebart and FB102. Commercial, general and administrative expenses increased from $336 million to $598 million, an amount that includes approximately $150 million in expenses related to the acquisition of Forte Biosciences.

Operating income stands at $486 million, compared to $346 million one year earlier. Over the first nine months of 2026, it reaches $1,372 million, compared to $686 million over the same period in 2025.

Net income of $506 million, liquidity reduced to $3.7 billion

Income before tax amounts to $538 million, compared to $386 million. It includes $45 million in financial income and a foreign exchange gain of $8 million, compared to a loss of $2 million one year earlier. The tax charge decreased to $32 million, compared to $42 million: current tax increased from $52 million to $129 million, but was offset by a deferred tax benefit of $97 million, compared to $10 million in the third quarter of 2025.

Net income thus reaches $506 million, representing earnings per share of $8.07 ($7.80 after dilution), compared to $5.61 ($5.18 diluted) one year earlier. Over nine months, net income amounts to $1,344 million, compared to $759 million.

On the balance sheet, cash and cash equivalents stand at $2.6 billion as of September 30, 2026, to which is added $1.1 billion in current financial assets, totaling $3.7 billion. At end-2025, this indicator (non-IFRS) reached $4.4 billion, of which $3.5 billion in cash. The decrease occurred following a cash outflow of approximately $2.1 billion, net of acquired cash, devoted to Forte Biosciences.

2026 expenses expected at approximately $4 billion, several clinical milestones through 2027

For fiscal year 2026, Argenx now anticipates cumulative research and development expenses and commercial, general and administrative expenses of approximately $4 billion, including costs related to the Forte transaction. The group confirmed it is on track with its "Vision 2030" objectives: treat 50,000 patients, obtain 10 approved indications and advance five candidates into registration development by 2030.

Clinically, the ALKIVIA phase 3 study produced positive results in immune-mediated necrotizing myopathy and dermatomyositis. The request to expand Vyvgart Hytrulo authorization in the first indication is expected to be submitted by end-2026, supported by a breakthrough therapy designation, while an additional registration study is planned in dermatomyositis. These advances follow the discontinuation, announced on October 8, 2026, of the UNITY phase 3 trial in Sjögren's disease, after an independent committee determined that the study would not be able to meet its primary endpoint.

Initial results from the EMPASSION phase 3 trial of empasiprubart in multifocal motor neuropathy are expected in December 2026. The FDA is expected to rule in February 2027 on the extension of Vyvgart and Vyvgart Hytrulo to pediatric generalized myasthenia gravis, and the Vyvgart Hytrulo auto-injector is scheduled for the second half of 2027.

Karen Massey, Chief Executive Officer, presented Vyvgart as the "cornerstone" of the group's business. Over the first nine months of 2026, its net sales reached $4,534 million, compared to $2,866 million one year earlier.