argenx (ARGX) Goldman Sachs 47th Annual Global Healthcare Conference 2026 summary

Corporate strategy and business development

• Corporate development focuses on partnerships, alliances, and strategic portfolio decisions, prioritizing novel target biology and first-in-class opportunities in neuromuscular and I&I indications.

• Early-stage pipeline expansion is driven by systematic business development and licensing deals, with a recent example being the option to acquire Tensegrity for its FN14 antibody.

• Value is added through development, commercial execution, and antibody engineering, with a focus on bringing capabilities beyond financial investment.

• Capital allocation prioritizes revenue growth, but investment in innovation is maintained to ensure long-term durable growth.

• OpEx growth is targeted at around 30% year-over-year, with a focus on maintaining operating leverage and profitability.

Commercial performance and growth outlook

• VYVGART achieved 60% year-on-year growth in Q1, with significant potential remaining as biologics represent only 20% of the MG market.

• Growth drivers include expansion into seronegative and ocular MG, self-injection PFS, and early-stage CIDP launch, with a total addressable market of up to 60,000 patients.

• Biologic penetration in MG is expected to increase significantly, driven by efficacy, safety, and convenience.

• Seronegative MG expansion removes payer bureaucracy, enabling faster uptake, especially for triple-negative patients with high unmet need.

• Ocular MG represents an additional 7,000 patients, with strong unmet need and potential for rapid uptake upon approval.

Pipeline development and innovation

• Myositis registrational study readout is expected in Q3, covering dermatomyositis, IMNM, and polymyositis, with IMNM representing a 20,000-patient white space and dermatomyositis a 40,000-patient market.

• Empasiprubart is positioned as a pipeline-in-a-product, with phase III data in MMN expected in Q4 and ongoing development in CIDP and other indications.

• Next-generation FcRn assets (ARGX-213 and ARGX-124) are advancing, with 213 ready for late-stage studies and 124 data expected in the second half of the year.

• Portfolio strategy includes lifecycle management and potential oral FcRn formulations, aiming to extend leadership and address more IgG-driven diseases.

• IgA sweeper asset targets rapid and deep IgA reduction, with IgA nephropathy as the lead indication and plans for broader IgA-driven disease development.