Argenx SE (ARGX) Stock: Falls Despite $1.7 Billion Sales and Profit Growth

TLDR

• ARGX slips 1.00% as blockbuster VYVGART sales reach $1.7 billion in Q3 2026.
• Argenx profit climbs to $506 million, but ARGX shares still face selling pressure.
• VYVGART sales jump 54% year over year as Argenx expands its treatment pipeline.
• Rising development costs push Argenx quarterly operating expenses to $1.27B.
• December empasiprubart results could mark Argenx’s next major clinical milestone.

Argenx SE (ARGX) shares fell despite stronger third-quarter sales and higher profit. The stock declined 1.00% to $881.15, losing $8.90 during trading. Shares recovered from early lows before renewed selling emerged near $890 during a volatile session.

argenx SE, ARGX

VYVGART Drives Strong Quarterly Sales

Argenx reported $1.72 billion in third-quarter product sales, up 54% from last year. Sales rose 13% sequentially as demand grew across major treatment areas. The company markets VYVGART for autoimmune conditions, including generalized myasthenia gravis and chronic inflammatory demyelinating polyneuropathy.

Total operating income reached $1.75 billion, against $1.15 billion one year earlier. Quarterly operating profit rose to $486 million from $346 million in the comparable period. Net profit increased to $506 million from $344 million, while basic earnings reached $8.07 per share.

Nine-month VYVGART sales totaled $4.53 billion versus $2.87 billion a year earlier. Operating profit doubled to $1.37 billion, reflecting stronger commercial activity over nine months. However, the company increased spending to support development, marketing, and operations.

Rising Expenses Offset Part of Growth

Third-quarter operating expenses climbed to $1.27 billion from $805 million a year earlier. Research and development costs increased to $503 million as argenx advanced clinical programs across multiple diseases. Selling, general and administrative expenses reached $598 million, compared with $336 million last year.

Administrative spending included approximately $150 million in costs related to the Forte Biosciences acquisition. Argenx paid about $2.1 billion for that transaction, net of acquired cash. Combined cash and current financial assets totaled $3.7 billion in September, down from $4.4 billion in December.

Argenx now expects combined research, development, and administrative expenses near $4 billion for 2026. That estimate includes Forte acquisition costs and ongoing commercial expansion. The updated forecast reflects spending on its pipeline alongside VYVGART sales growth worldwide.

Drug Pipeline Sets Up Coming Milestones

Argenx submitted an FDA application to expand VYVGART treatment into ocular myasthenia gravis. The FDA also granted priority review for pediatric generalized myasthenia gravis, targeting February 2027. Additionally, argenx expects a VYVGART Hytrulo autoinjector launch during the second half of 2027.

Positive Phase 3 ALKIVIA results supported further development in immune-mediated muscle diseases. Argenx expects an application for immune-mediated necrotizing myopathy before year-end 2026. Meanwhile, its empasiprubart Phase 3 study in multifocal motor neuropathy should report results in December.

The company plans Phase 3 development for FB102 in celiac disease following promising earlier results. Its Vision 2030 targets 50,000 treated patients, 10 approved indications, and five candidates in registrational development. Despite sales growth and clinical progress, ARGX shares faced continued selling pressure.

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