argenx (ARGX) 3rd Annual Guggenheim Healthcare Innovation Conference summary

Business development and capital allocation

• UNP acquisition announced the prior day, subject to customary closing conditions; the partnership dates back ~2 years and includes work on an oral peptide.

• Strategy follows biology and differentiated patient impact; peptides and new modalities are viewed as important areas for science-led expansion.

• VYVGART and the FcRn franchise are expected to support growth in the short, medium and long term; Empa, Forte and UNP add growth pillars for this and the next decade under Vision 2030.

• BD will primarily target Phase I/II assets to support next-decade revenue growth, with multi-indication potential and reduced single-indication risk; commercial-stage assets remain possible selectively.

• Strong P&L and balance sheet support continued, disciplined BD and capital allocation.

VYVGART commercial momentum

• MG and CIDP base businesses continue to grow; 20% of MG patients are on a biologic, while 80% remain on older therapies, and VYVGART leads biologic growth.

• Seronegative gMG approval came in May; payer policies now cover >90% of covered lives, supporting Q3 uptake and a prescriber halo that also brought AChR-positive patients to VYVGART.

• MG treatment is typically an add-on, while CIDP requires switching from entrenched IVIG; initial CIDP uptake is strongest in refractory or inadequately treated patients, with a longer-term goal of moving earlier in treatment.

• PFS is the clear US growth driver and is rapidly becoming dominant outside the US; Germany PFS utilization is in the high 90% range, Hytrulo use is declining, and US IV business remains strong and roughly flat.

• Q3 gross-to-net reached 22% and is gradually rising with PFS growth and Medicare Part D rebates; higher drug use per PFS patient offsets the higher gross-to-net, with no net contribution drag.

Pipeline and launch plans

• Potential 2027 launches include pediatric and ocular MG extensions, an autoinjector, IMNM and MMN; pediatric and ocular extensions and the autoinjector are expected to support MG growth.

• Ocular MG could expand the label beyond gMG; the estimated VYVGART-addressable ocular population is 7,000 patients.

• IMNM filing planned before end-2026; a PDUFA date was expected to be announced in early January. The indication includes 20,000 patients with no approved treatment, and was identified as the largest potential growth contribution among launches.

• Empa Phase III MMN results are due in December; if positive, launch is hoped for in the later part of 2027. Non-inferiority versus IVIG is the primary endpoint and considered sufficient for a successful launch; superiority is secondary.

• IMNM requires rheumatology commercial capabilities; marketing and medical affairs roles were being posted, with field-force hiring planned for 2027. DM requires another FDA-requested study, with a potential launch closer to decade-end.

• Multiple Phase III trials for Forte's FB102 are planned to start in 2027 across multiple indications, with additional indications expected over time.