argenx (ARGX) Q2 2025 earnings summary

Executive summary

• Achieved 97% year-over-year growth in VYVGART sales, treating 15,000 patients globally, including 2,500 CIDP patients, and launched the prefilled syringe, expanding the prescriber base.

• Robust late-stage pipeline with three phase III assets and four new molecules in phase I, targeting large market opportunities and advancing toward Vision 2030 goals of 50,000 patients and 10 labeled indications.

• Continued expansion into new indications and regions, with strong launches in Japan and Germany and VYVGART SC prefilled syringe introduced in the U.S. and EU.

• Six phase III and six phase II/PoC trial readouts expected by end of 2026.

• Profit for H1 2025 reached $415 million, reversing a prior year loss, with VYVGART becoming the #1 branded biologic for gMG.

Financial highlights

• Q2 2025 product net sales were $949 million, up 97% year-over-year and 19% sequentially; H1 2025 global product net sales reached $1,739 million, up 98% year-over-year.

• Q2 operating profit was $201 million; H1 operating profit reached $340 million, compared to a loss of $139 million in H1 2024.

• Net profit for Q2 2025 was $245 million; profit for H1 2025 was $415 million.

• Cash, cash equivalents, and current financial assets at June 30, 2025, totaled $3.9 billion, up from $3.4 billion at year start.

• Cash flow from operations was $0.4 billion for H1 2025.

Outlook and guidance

• Vision 2030 targets: 50,000 patients globally, 10 labeled indications, and five new molecules in Phase 3.

• Expect continued growth in MG and CIDP, with PFS as a key enabler for market expansion and regulatory decisions for VYVGART SC in Japan and Canada by year-end.

• Gross-to-net adjustments increased to 20% YTD, with future increases expected to be smaller and driven by product mix.

• Net revenue per patient for MG and CIDP expected to remain consistent; no price increases taken in 2025.

• Multiple topline clinical readouts expected through 2026, including for seronegative gMG, ocular MG, primary ITP, myositis, TED, and Sjögren's disease.