| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 28 | 21.5x | 17.3x | Bottom tier | |
Growth | 100 | 271.7% | 7.1% | Top tier | |
Quality | 99 | — | 4.5% | Top tier | |
Safety | 95 | — | 2.6x | Top tier | |
Capital Return | 0 | 0.00% | 0.06% | Bottom tier | |
Momentum | 71 | 18.2% | -1.6% | Top tier | |
Sentiment | 80 | 13 | 3 | Top tier |
The floor: what the company is worth if growth stopped today
54% of today's price is what a buyer pays for growth that has not happened yet.
10-year US Treasury yield 4.96% as of 2026-10-22. Estimates computed from company data and analyst targets, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
argenx SE is a biotechnology company specializing in treatments for autoimmune diseases, with VYVGART leading its commercial franchise across generalized myasthenia gravis and chronic inflammatory demyelinating polyneuropathy. The company relies on expanding the number of patients, indications, and administration methods; in Q2 FY2026, VYVGART became the first treatment approved for all serotypes of generalized myasthenia gravis, including triple-seronegative cases, while the prefilled syringe expanded the prescriber base and made treatment initiation easier.
Net product sales reached $1.5 billion in Q2 FY2026, up 60% year over year and 17% from the previous quarter, marking the company’s eighteenth consecutive quarter of growth. Sales were distributed as $1.3 billion in the United States, $102 million in Japan, $136 million in the rest of the world, and $5 million from product supply to Zai Lab in China; therefore, the United States accounted for approximately 87% of net product sales.
Operating profit reached $494 million in Q2 FY2026, up 146% year over year, equivalent to a calculated operating margin of approximately 33% of net product sales. Meanwhile, operating expenses reached $1 billion, including $903 million in research and development and selling, general, and administrative expenses, and the company ended the quarter with cash and current financial assets of $5.2 billion, an increase of more than $744 million since the beginning of FY2026.
The analyst consensus is “Buy,” with an average price target of $1,163.86, within a wide range of $932 to $1,415; the average is above the recorded 52-week range high of $1,058.69, while the range low is $661.85. No price-to-earnings ratio is available in the data, so the valuation depends more heavily on continued VYVGART growth and the success of clinical expansions; Wedbush raised its target on August 18, 2026, to $1,150 from $1,050 following the positive ALKIVIA results.
Figures in the text are as of 2026-08-27; the live price is shown at the top of the page.
Net product sales reached $1.5 billion, up 60% year over year and 17% from the previous quarter. The United States contributed $1.3 billion, where the market grew 15% quarter over quarter, while Japan contributed $102 million and the rest of the world contributed $136 million. Adoption of the prefilled syringe was the main driver, with an early contribution from the approval of VYVGART for seronegative generalized myasthenia gravis.
argenx announced in August 2026 that the Phase 3 ALKIVIA study met its primary endpoint for treating autoimmune myositis with VYVGART Hytrulo. The reported statistical significance was 0.0011, and clinical efficacy continued to be monitored over 52 weeks. The result is particularly important in the IMNM category, for which the company stated there are no approved treatments, but the commercial benefit remains dependent on completing the regulatory pathway.
In FY2026, VYVGART became the first treatment approved for all generalized myasthenia gravis serotypes, including MuSK, triple-seronegative cases, and LRP4. The label expansion added approximately 11 thousand patients to the addressable market, and coverage policies reached approximately 55% of those with U.S. commercial insurance within ten weeks. argenx also had relationships with more than 80% of physicians treating seronegative cases and indicated that most covered plans were removing the serotype testing requirement.
Automated analysis for informational purposes only — not investment advice.
The company began with an addressable U.S. market of 12 thousand patients, versus approximately 24 thousand patients receiving treatment for the disease in the United States. A Phase 4 study showed that 87% of IVIg patients successfully switched to VYVGART, while 87.5% of treatment-naive patients recorded a clinical response in data presented during FY2026. However, management explained that changing IVIg prescribing habits and insurer requirements takes time, which could make the expansion gradual.
The company is developing empasiprubart as a candidate for a second product line, with a registrational study in MMN comparing the drug directly with IVIg and targeting a demonstration of non-inferiority with an opportunity to show superiority. The Phase 2 study showed an 81% reduction in the need for IVIg rescue, alongside a sustained improvement in grip strength during the open-label extension. ARGX-121 also reduced IgA levels by approximately 90% within days after a single dose in Phase 1, with the reduction continuing through day 28, while ARGX-213 was Phase 3-ready and ARGX-124 was in Phase 1 according to the July 23, 2026 call.
The company depends heavily on VYVGART and on the United States, which generated approximately 87% of product sales in Q2 FY2026. Competition is also increasing in generalized myasthenia gravis, and programs such as empasiprubart and new VYVGART expansions need to pass additional clinical and regulatory stages. Operating spending of $1 billion and the wide range of analyst targets between $932 and $1,415 also create high sensitivity to any divergence between actual results and growth expectations.