argenx SE reported third quarter 2026 product net sales of $1.72 billion, exceeding analyst expectations of $1.63 billion and representing 54% year-over-year growth. The performance was driven by sustained momentum of the VYVGART franchise in the gMG and CIDP markets. During the quarter, the company completed the acquisition of Forte Biosciences, adding a Phase 3-ready program in celiac disease to its immunology pipeline.
Key Highlights
- VYVGART net product sales reached $1.721 billion, surpassing the consensus estimate of $1.628 billion and growing 13% sequentially from the second quarter.
- Basic EPS of $8.07 beat the $7.44 estimate, even after accounting for $150 million in transaction-related expenses from the Forte acquisition.
- Adjusted operating profit margin remained high at 37% when excluding acquisition costs, compared to a 28% IFRS operating margin.
- The company is on track for two major year-end milestones: the Phase 3 empasiprubart readout in MMN and the sBLA submission for VYVGART Hytrulo in IMNM.
- Cash and current financial assets totaled $3.7 billion as of September 30, 2026, following a $2.1 billion net cash payment for the Forte acquisition.