Watch for Phase 3 MMN data for empasiprubart in December 2026, which could open a new pipeline-in-a-product opportunity. Also monitor the IMNM sBLA submission by year-end and the PDUFA date for pediatric gMG in February 2027.
Price Chart
Executive Summary
argenx reported strong Q3 2026 results with VYVGART product net sales of $1.7 billion, representing 54% year-over-year growth and 13% quarter-over-quarter growth. Operating profit rose to $486 million from $346 million in Q3 2025, while diluted EPS increased to $7.80 from $5.18. The company also highlighted pipeline progress including positive Phase 3 ALKIVIA results in IMNM/DM, an sBLA submission for IMNM on track by year-end, and upcoming Phase 3 MMN data for empasiprubart expected in December 2026.
Key Facts
- Q3 2026 product net sales of $1.7 billion, up 54% YoY and 13% QoQ
- Operating profit of $486 million vs $346 million in Q3 2025
- Diluted EPS of $7.80 vs $5.18 in Q3 2025
- Cash and equivalents of $3.7 billion as of September 30, 2026
- sBLA for VYVGART Hytrulo in IMNM on track for submission by year-end 2026
- Phase 3 EMPASSION study (MMN) topline results expected December 2026
- FB102 advancing to Phase 3 in celiac disease
- Combined R&D and SG&A expenses expected to be approximately $4 billion for full year 2026
Financial Impact
Q3 product net sales of $1.7B (+54% YoY); operating profit $486M (+40% YoY); diluted EPS $7.80 (+51% YoY)
Risk Factors
- Rising SG&A expenses, including $150M in acquisition-related costs for Forte Biosciences
- Pipeline readout risk for empasiprubart Phase 3 MMN data in December 2026
- Regulatory approval risk for IMNM and pediatric gMG sBLAs
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001697862-26-000034 |
| Document: a01coverpageforsecfilingq3.htm | 0001697862-26-000034 |
| Document: argxq326.htm | 0001697862-26-000034 |
| Document: 0001697862-26-000034-index-headers.html | 0001697862-26-000034 |
| Document: 0001697862-26-000034-index.html | 0001697862-26-000034 |
| Document: 0001697862-26-000034.txt | 0001697862-26-000034 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 5d ago | 6-K | $875.76 | awaiting T+20 | — | $882.48 (+0.77%) |
Oct 19, 2026 8d ago | 6-K | $825.61 | awaiting T+20 | — | $882.48 (+6.89%) |
Oct 8, 2026 19d ago | 6-K | $818.63 | awaiting T+20 | — | $882.48 (+7.80%) |
Sep 29, 2026 28d ago | 6-K | $970.66 $871.52 | ▼ −10.21% | ▼ −10.87% | $882.48 (−9.08%) |
Sep 10, 2026 6w ago | Institutional Cluster | $984.04 $818.63 | ▼ −16.81% | ▼ −18.93% | $882.48 (−10.32%) |
Aug 17, 2026 10w ago | 6-K | $987.84 $990.54 | ▲ +0.27% | ▲ +1.80% | $882.48 (−10.67%) |
Aug 6, 2026 11w ago | Press Release | $875.30 $1,053.46 | ▲ +20.35% | ▲ +19.75% | $882.48 (+0.82%) |
Jul 27, 2026 13w ago | 6-K | $888.82 $1,011.11 | ▲ +13.76% | ▲ +10.46% | $882.48 (−0.71%) |
Jul 27, 2026 13w ago | Press Release | $888.82 $1,011.11 | ▲ +13.76% | ▲ +10.46% | $882.48 (−0.71%) |
Jul 23, 2026 13w ago | Press Release | $924.60 $1,038.12 | ▲ +12.28% | ▲ +8.97% | $882.48 (−4.56%) |
US Market Status
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