argenx posts $1.7bn Q3 sales as VYVGART grows 54% year-on-year
argenx has reported third-quarter 2026 product net sales of $1.72 billion for its VYVGART franchise, a 54% increase on the same period in 2025 and 13% ahead of the second quarter. The figures underscore the commercial momentum of efgartigimod, which remains the only approved treatment for all adult patients with generalised myasthenia gravis and has added chronic inflammatory demyelinating polyneuropathy to its label globally.
The Euronext and Nasdaq-listed company posted an operating profit of $486 million for the quarter, up from $346 million a year earlier, on total operating income of $1.75 billion. Research and development expenses rose to $503 million for the quarter as argenx advances a broad clinical slate, while selling, general and administrative costs reached $598 million, partly reflecting approximately $150 million in acquisition-related costs tied to its purchase of Forte Biosciences. Cash, cash equivalents and current financial assets stood at $3.7 billion as of 30 September 2026, reduced from $4.4 billion at the end of 2025 after the $2.1 billion outlay for Forte, net of acquired cash. Full-year combined R&D and SG&A expenditure is now guided at approximately $4 billion.
Regulatory milestones and pipeline catalysts
On the regulatory front, argenx submitted a supplemental biologics licence application to the US Food and Drug Administration for VYVGART in ocular myasthenia gravis during the quarter. A separate sBLA covering VYVGART and VYVGART Hytrulo in paediatric gMG has been accepted for priority review, with a PDUFA target action date set for February 2027. The company also reported positive Phase 3 ALKIVIA results across immune-mediated necrotising myopathy and dermatomyositis; an sBLA for VYVGART Hytrulo in IMNM is on track for submission before year-end, supported by Breakthrough Therapy Designation.
The most closely watched near-term catalyst is the topline readout from the Phase 3 EMPASSION study of empasiprubart in multifocal motor neuropathy, expected in December 2026. Empasiprubart targets the complement pathway at C2, a differentiated mechanism from the FcRn approach underpinning VYVGART. Additional Phase 3 empasiprubart data in CIDP are anticipated in the second half of 2027.
argenx also confirmed it is advancing FB102, acquired through the Forte transaction, into a Phase 3 programme in coeliac disease on the back of positive Phase 2 results. The CD122-targeting antibody also has ongoing programmes in alopecia areata and vitiligo, positioning it as a potential third commercial pillar alongside VYVGART and empasiprubart.
Market context and competitive read-across
The FcRn inhibitor space has become one of the most competitive arenas in immunology. UCB's rozanolixizumab and Johnson and Johnson's nipocalimab are both in late-stage development across overlapping autoimmune indications, while Immunovant's batoclimab continues to generate Phase 2 data. argenx's commercial head start in gMG and CIDP, combined with the breadth of its indication strategy, gives it a structural advantage in the near term, though pricing and reimbursement pressure in European markets remains a variable for 2027 and beyond.
The company's Vision 2030 framework targets 50,000 patients treated, 10 labelled indications and five pipeline candidates in registrational development by the end of the decade. Based on the current trajectory of VYVGART sales and the depth of the clinical calendar, argenx appears well positioned to meet the commercial components of that ambition, though the pipeline catalysts in late 2026 and early 2027 will be decisive in shaping investor confidence in the next phase of growth. Full-year 2026 results are scheduled for 25 February 2027.