PresentationSean LaamanHead of Healthcare Research & Equity Analyst Good morning. Welcome to Morgan Stanley's Global Healthcare Conference. I'm Sean Laaman, Head of SMID-cap Biotech Equity Research here at the firm. Before we proceed further, for important disclosures, please see the Morgan Stanley research disclosure website at www.morganstanley.com/researchdisclosures. And if you have any questions, please reach out to your Morgan Stanley sales representative. For this session, we have from argenx, a plea ...

Summary of Argenx SE FY Conference Call Company Overview - **Company**: Argenx SE (NasdaqGS:ARGX) - **Industry**: Biotechnology Key Points and Arguments Financial Performance - Argenx reported Q2 revenues with product net sales of **$949 million**, indicating strong commercial execution [2][3] - Achieved profitability at the end of the previous year, with revenue growth outpacing operating expense (OpEx) growth [3][40] - Operating margin for the last quarter was approximately **20%**, showcasing effective cost management [40] Product Pipeline and Clinical Trials - Successful launch of **Vyvgart** in April, with significant milestones achieved in clinical trials [2][3] - Five phase three trials and several phase two trials are ongoing, with a focus on conditions like myasthenia gravis (MG) and chronic inflammatory demyelinating polyneuropathy (CIDP) [8][14] - EMPA (Empasipruvab) is positioned as a significant opportunity, targeting a **$1 billion market** in CIDP [14] Market Opportunities - The total addressable market (TAM) for MG is estimated at **60,000 patients**, with ongoing efforts to expand the patient base through label expansions [30] - The company is focusing on **seronegative** and **ocular** studies to enhance growth in MG [30][31] Competitive Landscape - Argenx is aware of increasing competition in the market, particularly from novel biologics and complement inhibitors [36] - The company believes that competition will help grow the overall market rather than detract from its share [36] Regulatory and Pricing Strategy - Positive interactions with the FDA, with a focus on maintaining pricing strategies within a narrow band [7] - Pricing for Vyvgart in CIDP is guided at around **$450,000 per patient per year**, which is higher than standard IVIG treatments [24][35] Innovation and Technology - Argenx is leveraging AI for productivity and efficiency improvements across commercial and R&D functions [5][6] - The company is also exploring the development of an autoinjector for Vyvgart, expected to launch in **2027** [33] Future Outlook - Vision 2030 aims to reach **50,000 patients** and achieve **10 on-label indications** [47] - The company is committed to capital allocation focused on innovation, with Vyvgart as a central asset [38] Academic Collaborations - Argenx emphasizes collaborations with academic centers to bring novel biology into its pipeline, which is integral to its innovation strategy [49] Patent Situation - Patents for Vyvgart extend until **2037**, providing a long runway for market exclusivity [51] Conclusion - Argenx is positioned for significant growth with a strong pipeline, effective cost management, and a commitment to innovation, aiming to create disproportionate value for shareholders [52]

argenx SE (ARGX) FY 2025 Conference September 04, 2025 08:00 AM ET Company ParticipantsTim Van Hauwermeiren - Co-Founder, CEO & DirectorKarl Gubitz - CFOConference Call ParticipantsDerek Archila - MD, Co-Head - Therapeutics Research & Senior Biotechnology AnalystDerek ArchilaAll right. Good morning, everyone. I think we'll get started here with the first fireside of the day. My name is Derek Archila. I'm one of the senior biotech analysts here at Wells.I'm very excited to have Argenx leading us off today. F ...

argenx SE (ARGX) FY 2025 Conference September 04, 2025 08:00 AM ET Speaker0All right. Good morning, everyone. I think we'll get started here with the first fireside of the day. My name is Derek Archila. I'm one of the senior biotech analysts here at Wells.I'm very excited to have Argenx leading us off today. From the company, we have Tim Van Hauermuren, CEO and Co Founder as well as the CFO, Karl Gubits. Gentlemen, thank you so much for joining us, and looking forward toSpeaker1the discussion. Thanks for ha ...

指数编制公司ISS Stoxx 9月1日表示，这家德国的银行，将和西门子能源有限公司以及比利时上市的生 物科技公司Argenx SE一道，加入欧元区斯托克50指数。它们取代5G设备制造商诺基亚、汽车制造商 Stellantis NV和干邑生产商保乐力加，这几家公司的股价都受到了美国总统唐纳德·特朗普关税政策的打 击。 来源：商业周刊 被排除在欧元区主要股票基准指数之外七年后，德意志银行重新夺回一席之地。 Stellantis的股价在12个月内下跌了逾46%，关税乱局只会加剧其困境。 这家指数公司9月1日还宣布了对更广泛的斯托克欧洲600指数的调整，其中包括加入法国生物科技公司 Abivax SA、Fraport AG等，剔除Gerresheimer AG等公司。 所有变更将于9月22日欧洲开盘后生效。 德银2018年以来一直没有进入欧元区斯托克50指数，当时被剔除时现任首席执行官Christian Sewing上任 不过几个月时间。直到2025年，欧洲银行股反弹，德银才重新成为成分股，其市值在过去12个月里增长 了一倍多。 另一家德国公司西门子能源自去年9月以来股价已上涨两倍多，在全球电力需求激增的背景下，成 ...

Core Insights - The article compares two companies in the Medical - Biomedical and Genetics sector, Kamada (KMDA) and argenex SE (ARGX), to determine which is the better undervalued stock option for investors [1] Valuation Metrics - Kamada has a Zacks Rank of 2 (Buy), indicating a positive earnings outlook, while argenex SE has a Zacks Rank of 3 (Hold) [3] - Kamada's forward P/E ratio is 18.37, significantly lower than argenex SE's forward P/E of 45.14 [5] - Kamada has a PEG ratio of 0.73, compared to argenex SE's PEG ratio of 0.83, suggesting better value relative to expected earnings growth [5] - Kamada's P/B ratio is 1.53, while argenex SE's P/B ratio is 7.15, indicating that Kamada is more attractively valued [6] - Based on these metrics, Kamada earns a Value grade of A, whereas argenex SE receives a Value grade of C [6] Conclusion - Kamada has demonstrated stronger estimate revision activity and more attractive valuation metrics than argenex SE, making it the superior option for value investors at this time [7]

Core Insights - The healthcare sector requires companies to develop unique technologies or products to maintain long-term success and withstand competition [1] - Identified companies with potential for sustained success include argenx SE, ICON plc, and Edwards Lifesciences Corp [2] Company Summaries Argenx SE - Argenx specializes in treatments for autoimmune diseases, particularly with its FDA-approved drug efgartigimod (VYVGART), which targets chronic autoimmune conditions like myasthenia gravis [2][3] - The company reported a 97% year-over-year increase in product sales, indicating strong market demand and growth potential [4] - All 21 analysts covering argenx have assigned a Buy rating, reflecting confidence in its future performance [4] ICON plc - ICON is a leading contract research organization (CRO) that provides outsourced development and commercialization services, particularly excelling in decentralized clinical trials [6][7] - Following its $12 billion acquisition of PRA Health Sciences, ICON has solidified its position as one of the largest CROs globally [6] - The company has demonstrated revenue resilience, with a commitment to shareholder value through $250 million in share repurchases and an authorization for up to $1 billion in additional buybacks [8] Edwards Lifesciences Corp - Edwards Lifesciences is a leader in medical devices for structural heart disease, particularly known for its transcatheter aortic valve replacement (TAVR) system [9][10] - The company has a strong market share in TAVR, with a favorable shift towards this minimally invasive procedure among surgeons [10] - Despite a slight decline in earnings per share year-over-year, analysts project over 12% earnings growth for the upcoming year, supported by robust R&D investments [11][12]

Argenx SE ARGX stock is trading higher on continued upward momentum after the company released topline data on Monday from the pivotal Phase 3 ADAPT SERON study of Vyvgart (IV: efgartigimod alfa-fcab).The study met its primary endpoint, demonstrating that AChR-Ab seronegative gMG patients treated with Vyvgart achieved a statistically significant and clinically meaningful improvement in MG-ADL (Myasthenia Gravis Activities of Daily Living) total score compared to placebo.Argenx plans to submit a supplemental ...

Core Insights - argenx SE announced positive topline data from the pivotal ADAPT SERON study of VYVGART, demonstrating significant improvement in AChR-Ab seronegative gMG patients compared to placebo with a p-value of 0.0068 [1][7] - The company plans to submit a supplemental Biologics License Application (sBLA) to the U.S. FDA to expand VYVGART's label to include adult AChR-Ab seronegative gMG patients across all three subtypes [2][7] - VYVGART was well tolerated and safe, with no new safety concerns identified, consistent with its established safety profile [3] Study Design and Results - The Phase 3 ADAPT SERON study was a randomized, double-blind, placebo-controlled trial involving 119 participants across North America, Europe, China, and the Middle East [5] - The primary endpoint was the change in MG-ADL total score from baseline to day 29, with participants receiving four once-weekly infusions of efgartigimod or placebo [5] - The study confirmed that VYVGART has the potential to be an effective treatment for gMG patients, regardless of autoantibody status [4] Implications for Treatment - The ADAPT SERON study is the largest to date for AChR-Ab seronegative gMG, indicating a critical advancement in treatment options for patients with limited alternatives [4][8] - Approximately 20% of gMG patients are AChR-Ab seronegative, and current treatments are lacking for those with anti-LRP4 antibodies or triple seronegative status [8] - The positive results from the study highlight VYVGART's ability to provide meaningful benefits across all AChR-Ab seronegative gMG subtypes [4][8] Company Overview - argenx is a global immunology company focused on improving the lives of individuals with severe autoimmune diseases, developing novel antibody-based medicines [18] - The company has developed VYVGART, the first approved neonatal Fc receptor blocker for treating generalized myasthenia gravis [18]

Core Insights - argenx is hosting a webinar on September 16, 2025, focusing on its MuSK biology research and development strategy [1][2] - The webinar will feature discussions on the ARGX-119 program, which targets neuromuscular diseases such as congenital myasthenic syndromes, amyotrophic lateral sclerosis, and spinal muscular atrophy [2] Company Overview - argenx is a global immunology company dedicated to improving the lives of individuals with severe autoimmune diseases [4] - The company collaborates with leading academic researchers through its Immunology Innovation Program to develop novel antibody-based medicines [4] - argenx has developed the first approved neonatal Fc receptor blocker and is exploring its potential across various serious autoimmune diseases [4]