argenx (ARGX) Morgan Stanley 24th Annual Global Healthcare Conference summary

Industry trends and external environment

• China innovation is seen as an exciting opportunity to explore new biology, leading to investment and a new office in China to enhance business development.

• AI adoption is a major focus, with strategies across discovery, research, tech operations, and commercial functions, aiming to integrate AI into all aspects of operations.

• Policy and pricing pressures remain significant, with ongoing scenario planning and a focus on innovation to address long-term pricing challenges.

Growth drivers and product performance

• Key growth is driven by expansion in MG and CIDP, with 80% of MG patients not yet on biologics and recent seronegative label expansion contributing significantly.

• The company holds the broadest label in MG, with strong growth sustained by continual innovation and new indications.

• Exceptional sequential revenue growth was noted, with consensus expectations of over €6 billion for the year.

Pipeline and regulatory updates

• Strong phase III results in IMNM and DM support regulatory discussions, with a clear commercial opportunity in IMNM due to high unmet need.

• Launch preparations for IMNM are underway, focusing on payer engagement and leveraging experience from previous launches.

• Empasiprubart in MMN is positioned as a potential first-in-class therapy, with phase III data expected later this year and a head-to-head trial against IVIG.