argenx (ARGX) Goldman Sachs 47th Annual Global Healthcare Conference 2026 summary

Commercial performance and growth outlook

• VYVGART achieved 60% year-on-year growth in Q1, with continued momentum expected in myasthenia gravis (MG) and chronic inflammatory demyelinating polyneuropathy (CIDP).

• Biologics represent only 20% of the MG market, with significant room for expansion as VYVGART drives adoption.

• The addition of seronegative and ocular indications could expand the total addressable MG market to 60,000 patients.

• Self-injection formulation (PFS) and label expansion are key growth drivers.

• Early-stage CIDP launch shows low penetration, with focus on physician education and patient activation to drive growth.

Pipeline development and innovation strategy

• Multiple pipeline readouts are expected in the second half of the year, including a registrational myositis study covering dermatomyositis, IMNM, and polymyositis.

• IMNM represents a significant opportunity with 20,000 patients and no current treatment options; dermatomyositis has 40,000 patients but more competition.

• Empasiprubart is being developed for MMN and CIDP, aiming for broad labels and multiple indications, with phase III data expected in Q4.

• Next-generation FcRn assets (ARGX-213, ARGX-124) are advancing, with 213 ready for late-stage studies and 124 data expected in H2.

• IgA sweeper asset targets rapid and deep IgA reduction, with IgA nephropathy as the lead indication.

Business development, partnerships, and capital allocation

• Partnership and co-creation are central to the innovation model, with a focus on early-stage and select later-stage opportunities in neuromuscular and I&I.

• Recent deals include an option to acquire Tensegrity, targeting muscle wasting disorders.

• Value is added through development, commercial execution, and antibody engineering capabilities.

• Capital allocation prioritizes revenue growth, with ongoing investment in innovation to ensure long-term durability.

• OpEx growth is guided at 30% year-over-year, targeting $3.5 billion for the full year, with operating leverage expected to improve margins over time.