argenx (ARGX) 46th Annual William Blair Growth Stock Conference summary

Growth and financial performance

• Achieved 17 consecutive quarters of revenue growth, with recent quarterly growth at 63% and operating profit up 183%, reaching EUR 400 million in the quarter.

• Ended the quarter with EUR 4.9 billion in cash, emphasizing disciplined scaling and flexible P&L management.

• Current revenues are driven by two main indications, MG and CIDP, with differentiated product offerings including IV, subcutaneous, and prefilled syringe options.

• PFS for self-injection is a key competitive advantage, supported by exclusivity on Halozyme technology.

• New patient starts remain strong, supporting ongoing growth in core indications.

Strategic vision and execution

• Ambitious 2030 goal to reach 50,000 patients on treatment, up from 19,000 at the end of last year, with multiple paths to achieve this.

• Targeting 10 labeled indications by 2030, up from two currently, and aiming for five new molecules in phase III beyond the current pipeline.

• Focused on expanding the FcRn class with second-generation assets, combo strategies, and oral formulations.

• Innovation model relies on academic collaborations and a lean internal discovery team.

• Profitability and operating leverage enable reinvestment and potential business development.

Product pipeline and market expansion

• MG and CIDP drive current revenues, with PFS enabling earlier line use and broader patient access.

• Label expansions, such as seronegative and ocular MG, are expected to further increase the addressable market.

• CIDP market includes 42,000 U.S. patients, with data supporting earlier use and significant functional improvement.

• Upcoming phase III readouts in myositis (Q3), Sjögren's (next year), and ITP, with potential to address large patient populations.

• Next-generation FcRn assets (ARGX-213, ARGX-124) and an oral program are in development for lifecycle management and broader indications.