argenx (ARGX) investor relations material

Executive summary

• Achieved record Q3 2025 product net sales of $1.13 billion, up 96–97% year-over-year and 19% sequentially, driven by strong VYVGART demand in gMG and CIDP, with PFS fueling new patient and prescriber adoption globally.

• Net profit for Q3 2025 was $344 million, up from $91 million in Q3 2024; operating profit reached $346 million.

• Pipeline progress includes three phase III assets, four new molecules in phase I by year end, and five registrational readouts expected in 2026 across neurology, rheumatology, and endocrinology.

• Strategic priorities focus on expanding VYVGART reach, advancing a robust pipeline, and scaling manufacturing, with new approvals and label expansion efforts underway.

• Expanded global reach with VYVGART, including new approvals and ongoing launches in Europe, Canada, and Japan.

Financial highlights

• U.S. product net sales reached $964 million, with $60 million in Japan and $94 million in rest of world for Q3 2025.

• Product net sales for the first nine months of 2025 totaled $2.87 billion, up from $1.45 billion in the same period last year.

• Cash, cash equivalents, and current financial assets totaled $4.3 billion as of September 30, 2025, up nearly $1 billion year-to-date.

• Operating expenses for Q3 2025 were $805 million, with R&D at $356 million and SG&A at $336 million, both up year-over-year.

• Operating margin for Q3 2025 was approximately 30.1%.

Outlook and guidance

• Five registrational study readouts are expected in 2026, targeting expansion in multiple indications including myasthenia gravis, multifocal motor neuropathy, thyroid eye disease, and immune thrombocytopenia.

• On track to submit sBLA for seronegative gMG by year-end 2025 and expand addressable MG patient market to 60,000 by 2030.

• Combined R&D and SG&A expenses expected to reach $2.5–$2.7 billion for the year, with single-digit expense growth anticipated.