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argenx SE (ARGX)

POSITIVE
HealthcareBiotechnologyNetherlands

Fundamental

63

Price

$1026.88

Market Cap

$64.66B

Part 1 · What the company is worth

Overview

argenx is a Dutch-Belgian biotechnology company built around one drug family, sold under the brand Vyvgart, that blocks a protein the immune system uses to keep harmful antibodies in circulation. That mechanism treats a growing list of rare autoimmune diseases, starting with a form of myasthenia gravis, a disease that weakens muscles, and expanding into other conditions where the immune system attacks the body's own tissue.

How it makes money

Nearly all revenue comes from selling Vyvgart, in an infused or a self-injectable form, to patients through hospitals, specialty pharmacies and health systems across the United States, Europe and Japan. As a biologic drug for a rare disease, it is priced high per patient and carries very high gross margins; growth now comes mainly from approvals in new indications and new countries rather than from a broader product line.

Competitive moat

Patents and licences · Narrow

argenx holds patents around its specific antibody and its manufacturing process, and being first to market with an approved drug in each new indication is itself an advantage. But it is not alone: a direct rival already sells a competing drug using the same biological mechanism, and others are in development, so the protection rests on execution and patent life rather than on a durable structural edge.

What drives demand

Defensive

Demand is driven by diagnosis and treatment of chronic autoimmune diseases, which does not track the economic cycle. It instead depends on how many new patients start treatment, how many indications get regulatory approval, and whether health systems agree to reimburse the drug at its price.

Key risks

  • Dependence on a single drug franchise — Nearly all revenue comes from the Vyvgart franchise. A safety issue, a manufacturing problem, or slower-than-expected adoption in any major indication would affect most of the company's results at once.
  • Competition targeting the same mechanism — A rival company already markets a competing drug that blocks the same protein, and other companies have similar drugs in development, which can pressure both prices and market share.
  • Eventual biosimilar competition — Once patent and regulatory exclusivity expire, biosimilar versions of the drug can enter the market, as regulatory frameworks for biosimilars in autoimmune disease continue to develop.

The case for

Buyers argue that Vyvgart's mechanism can be extended into a long list of additional autoimmune diseases beyond myasthenia gravis, that being first to market with regulatory approval in each new indication builds a durable prescribing habit among specialists, and that revenue has grown very quickly as new markets and indications open.

The case against

Sellers fear that a company this dependent on one drug family is fragile to any single setback, that a rival already selling a drug with the same mechanism can erode pricing and share before argenx diversifies its pipeline, and that today's growth rate will be hard to sustain once the easiest new-indication approvals are behind it.

Written by the editors, published on August 18, 2026

Direct competitors

Who this company fights with for the same customers

Compare

Generated on August 23, 2026 with claude-opus-5 — shared with all users

P/E: —Score: 47Market cap: $9.01B

A pure-play FcRn developer whose batoclimab and next-generation IMVT-1402 are aimed at the same autoimmune indications argenx has built its franchise on, and which argenx itself flags as a near-term competitive risk.

P/E: 25.0Score: 64Market cap: $258.55B

Through Alexion it sells Soliris and Ultomiris (ravulizumab), the complement inhibitors that were the standard specialty treatment in generalized myasthenia gravis before Vyvgart and still compete for the same prescriptions.

P/E: 27.6Score: 72Market cap: $239.95B

Its CD19-targeted B-cell therapy Uplizna (inebilizumab) is approved for generalized myasthenia gravis in the US and Europe and competes on convenience with twice-yearly dosing against Vyvgart's cycles.

Johnson & JohnsonJNJ

Its FcRn blocker Imaavy (nipocalimab) targets the same generalized myasthenia gravis and CIDP patients that the Vyvgart franchise depends on, with a label covering both anti-AChR and anti-MuSK antibody-positive patients.

UCB SAUCB

UCB fields two approved myasthenia gravis drugs against Vyvgart — the FcRn blocker Rystiggo (rozanolixizumab) and the complement inhibitor Zilbrysq (zilucoplan) — competing for the same neurologists and the same patients in the US and Europe.

Takeda Pharmaceutical Company Limited (武田薬品工業)4502

Its immunoglobulin products, including HyQvia approved for CIDP, hold the treatment slot that Vyvgart Hytrulo is designed to take over in that indication.

Balance Sheet & Liquidity

Revenue

$5.23B

Trailing 12 months (through 6/30/2026)

Net Income

$1.72B

Trailing 12 months (through 6/30/2026)

Free Cash Flow

$762M

Total Equity

$335M

Total Liabilities

$47M

Current Ratio

5.12

Interest Coverage

-

Debt/EBITDA

0.03

Earnings Per Share

Revenue & Net Income

Free Cash Flow

Income Breakdown

Historical statement

Margins over time

Debt over time

How heavy the debt is

Growth grid

Growth — Revenue

Fair Value Estimation

Overvalued

Fair Value

$697.53

Current Price

$1026.88

Margin of Safety

-47.2%

Fair Value Range

$453.39 - $941.66

Estimation Methods

Analyst Target:$1172.78
DCF:$163.76
PE-based:$712.41
Graham Growth:$426.54
EPV:$227.93
Analyst Consensus:Strong Buy (23B / 2H / 0S)
Last Earnings Surprise:+16.53%

Valuation Metrics

P/E Ratio

39.69

ROE

23.6%

P/B Ratio

193.14

P/FCF

84.88

Gross Margin

59.1%

ROIC

351.9%

Profitability Radar

Value Creation (Economic Moat)

ROIC

351.9%

WACC

12.7%

ROIC − WACC

+339.2 pp

ROIC exceeds the cost of capital — the company is creating value for shareholders.

Fundamental Analysis Criteria

Passed (12)

  • Price CAGR 36.52%
  • ROIC 351.9%
  • Gross Margin 59.1%
  • Debt/Equity ratio
  • Positive Free Cash Flow
  • Current Ratio
  • Debt/EBITDA
  • ROE 22.4%
  • Revenue Growth 5Y 151.5%
  • Analyst Consensus 92% Buy
  • Earnings Surprise avg 16.4%
  • Earnings Quality (OCF/NI) 0.75

Failed (6)

  • P/FCF 84.88
  • P/B Ratio 193.14
  • CapEx intensity
  • DCF valuation (Overvalued)
  • Net Margin Trend 30.4% vs 37.0%
  • Piotroski F-Score 1/9

Unavailable (9)

  • EPS data insufficient
  • Dividend Payout NaN%
  • Operating Margin NaN%
  • Interest Coverage
  • Return on Tangible Assets
  • Low reliance on intangibles
  • Price below Graham Number
  • PEG Ratio (need PE > 0 and growth > 0)
  • Share Dilution (missing shares data)

Piotroski F-Score

1/9

Serious financial concerns

score
criteria

Earnings Quality

0.75

Moderate: some gap between profits and cash

Share Dilution

-

Buying back shares. Shareholder friendly

Governance

Executive Team

NameTitleAge
Mr. Timothy Van Hauwermeiren EMBA, M.Sc.Co-Founder & Non-Independent Non-Executive Chairman of the Board53
Ms. Karen MasseyCEO & Executive Director46
Mr. Karl GubitzChief Financial Officer55
Dr. Peter UlrichtsChief Scientific Officer45
Ms. Malini MoorthyGeneral Counsel & Corporate Secretary55
Mr. Arjen Lemmen M.Sc.VP of Corporate Development & Strategy40
Ms. Andria WilkGlobal Head of Quality52
Dr. Luc TruyenChief Medical Officer60
Prof. Hans de Haard Ir, Ph.D.Co-Founder & Member of Board Advisors65
Mr. Filip BorgionsChief Technology Innovation Officer-

Part 2 · The price and when to enter

This part won't tell you whether the company is worth owning: it helps you choose when to buy it, once the fundamentals have convinced you. Inside: technical analysis, potential, historical drawdowns, gamma exposure.

Latest News

Recent headlines for ARGX, sourced from Markets Gazette.

  • 4d agoPOSITIVE
    Europe Has Its Own Biotech Star as Argenx Soars on Trial Success

    Argenx SE shares surged following positive results from a Phase 3 trial for its experimental drug, empasireg, in treating a rare autoimmune disorder. The trial met its primary endpoint, demonstrating a statistically significant improvement in patient outcomes compared to placebo. This success positions empasireg for potential regulatory approval and commercialization, significantly boosting argenx's pipeline and future revenue prospects. The strong trial data is a key catalyst, reinforcing argenx's position as a leading European biotech firm and attracting investor attention to its growth potential.

  • 8d agoPOSITIVE
    Argenx Soars on Latest Trial Success for Autoimmune Drug Vyvgart

    Argenx SE experienced a significant share price increase following the announcement of successful late-stage clinical trial results for its autoimmune disease drug, Vyvgart. The positive outcome from this large-scale trial bolsters confidence in the drug's efficacy and market potential, suggesting strong future revenue streams for the company. Investors are likely to view this development favorably, as it solidifies Vyvgart's position as a blockbuster treatment and reinforces argenx's pipeline strength. This success could lead to upward price target revisions and increased institutional interest.

  • 5/25/2026POSITIVE
    Here's How Much $1000 Invested In argenx 5 Years Ago Would Be Worth Today

    An investment of $1000 in argenx SE five years ago would have yielded a substantial return, growing to approximately $3,500 today. This significant appreciation highlights the company's strong performance and growth trajectory over the past half-decade. argenx, a global immunology company, has seen its stock price surge, driven by the successful development and commercialization of its innovative therapies, particularly in the rare disease space. Investors who held the stock have benefited from the company's pipeline advancements and market penetration, underscoring its potential as a long-term growth investment.

  • 3/25/2026POSITIVE
    $100 Invested In argenx 5 Years Ago Would Be Worth This Much Today

    An investment of $100 in argenx SE five years ago would have yielded a significant return, underscoring the company's strong performance and growth trajectory in the biotechnology sector. While specific figures for the current valuation are not provided in the snippet, the headline implies substantial capital appreciation for shareholders. This suggests successful product development, effective market penetration, and positive clinical trial outcomes, all of which contribute to increased investor confidence and a rising stock price. For potential investors, argenx's historical performance indicates a robust business model and a promising future in the competitive biopharmaceutical landscape.

  • 3/4/2026POSITIVE
    Here's How Much $100 Invested In argenx 5 Years Ago Would Be Worth Today

    An investment of $100 in argenx SE five years ago would be worth approximately $380 today, representing a total return of 280% over that period. This figure highlights the stock's strong performance in the biopharmaceutical sector, driven by therapeutic innovations and product portfolio expansion. For investors, argenx's growth trajectory suggests solid management and continued potential for capital appreciation, especially considering pipeline developments and regulatory approvals.

  • 2/25/2026NEUTRAL
    Insights into argenx's Upcoming Earnings

    Investors in argenx SE (ARGX) are anticipating the company's upcoming earnings report, a pivotal event that could shape the stock's future trajectory. While the announcement provides no specific details or forecasts, market attention will be keenly focused on the biopharmaceutical firm's financial performance. Key data points such as earnings figures, future projections, and updates on clinical progress for pipeline drugs will be crucial for assessing argenx's financial health and growth prospects. The lack of pre-release insights positions this event as a potential catalyst for volatility, with the stock likely to react significantly based on any positive or negative surprises in the reported results.

via Markets Gazette