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]

Core Insights - The partnership between argenx and Monica Seles aims to raise awareness and understanding of myasthenia gravis (MG) through the 'Go for Greater' initiative at the 2025 U.S. Open Tennis Championships [1][2] - Seles publicly shares her experience with MG to empower patients and connect them with support resources [2] - Over 120,000 people in the U.S. are living with MG, which causes various symptoms including muscle weakness and fatigue [3] Company Overview - Argenx is a global immunology company focused on improving the lives of individuals suffering from 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 (FcRn) blocker and is exploring its potential in multiple serious autoimmune diseases [4]

Core Viewpoint - Baron is an asset management firm that specializes in growth equity investment solutions, emphasizing a long-term and fundamental approach to investing [1] Company Overview - Founded in 1982, Baron has established a reputation for its active growth investing strategy [1] - The firm originated as an equity research company, which remains central to its operations [1] Communication Note - The account mentioned is not managed or monitored by Baron Capital, and inquiries should be directed through official channels [1]

Financial Data and Key Metrics Changes - Total operating income for Q2 2025 was $967 million, reflecting a 97% year-over-year growth, driven by significant unmet needs in MG and CIDP [14][20] - Product net sales were $949 million, with a quarter-over-quarter growth of 19% or $158 million compared to Q1 2025 [14][15] - Gross to net increased from 12% at the end of 2024 to approximately 20% by the end of Q2 2025, with net revenue per patient remaining consistent [17][76] Business Line Data and Key Metrics Changes - Plinab achieved a year-over-year growth of 97% across all approved indications, with 15,000 patients globally treated with Vipcart [6][7] - The introduction of the prefilled syringe (PFS) has driven new patient starts, with 50% of PFS patients being new to the product [25][49] - In the U.S., product net sales reached $802 million, with 18% quarter-over-quarter growth driven by strong performance in gMG and CIDP [15][16] Market Data and Key Metrics Changes - The contribution of non-U.S. markets now represents over 15% of global product net sales, with growth seen across all regions except for supply to China [15][16] - The U.S. market specifically saw strong growth across all three presentations of the product, indicating a robust demand [16][17] Company Strategy and Development Direction - The company is focused on long-term value creation through its Vision 2030 roadmap, aiming to expand its pipeline and market reach [6][8] - There is a commitment to innovation, with multiple registrational trials initiated in large market opportunities and a robust late-stage pipeline [6][8] - The company is expanding its immunology innovation platform, with four new molecules in Phase I studies targeting high unmet needs [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential within MG and CIDP, emphasizing the transformative impact of their treatments [31][32] - The company anticipates data from six Phase III and six Phase II trials over the next eighteen months, which could unlock new patient populations [32][33] - Management acknowledged the competitive landscape but believes their innovative approach positions them well for continued leadership [58][59] Other Important Information - The company has a strong cash position of $3.9 billion, up from $3.4 billion at the beginning of the year, driven by operating cash flow [20][88] - Total operating expenses for Q2 were $766 million, reflecting a disciplined investment in innovation [18][19] Q&A Session Summary Question: How have your cycles per year in MG evolved? - Management confirmed that they continue to guide for five cycles per year on average for an MG patient, with high utilization and adherence expected due to the convenience of PFS [38][39] Question: Can you provide a breakdown of the PFS switches between Hytrula and IV? - Management indicated that 50% of PFS patients are new to Vivgut, with the strategy focused on market expansion rather than just switching existing patients [44][45] Question: How much of the gMG patient adds were due to the prefilled syringe? - Management noted that the prefilled syringe significantly contributed to the strong quarter in MG, expanding the prescriber base and allowing for earlier lines of treatment [49][50] Question: What are your thoughts on increasing competition? - Management acknowledged the competitive dynamics but emphasized their commitment to raising treatment expectations and maintaining leadership in the market [58][59] Question: Can you comment on the CIDP launch and patient dynamics? - Management reported strong growth in CIDP, with 85-90% of patients coming from IVIG switches, indicating a long growth trajectory ahead [69][72] Question: What is the outlook for gross margin? - Management expects gross margin to remain around 11%, with decreasing costs offset by increasing royalties [67][68]

Financial Data and Key Metrics Changes - Total operating income for Q2 2025 was $967 million, reflecting a 97% year-over-year growth, driven by significant unmet needs in MG and CIDP [13][14] - Product net sales were $949 million, with a quarter-over-quarter growth of 19% or $158 million compared to Q1 2025 [13][14] - The gross to net ratio increased from 12% in 2024 to approximately 20% by the end of Q2 2025 [16][75] - The company reported a profit after tax of $245 million for the quarter, with a year-to-date profit of $415 million [20] Business Line Data and Key Metrics Changes - Plinab achieved a remarkable year-over-year growth of 97% across all approved indications [4] - The company is treating 15,000 patients globally with Vipcart, including 2,500 CIDP patients just one year post-launch [5] - The introduction of the prefilled syringe (PFS) has driven new patient starts and prescriber demand, with 50% of PFS patients being new to the product [24] Market Data and Key Metrics Changes - In the U.S., product net sales reached $802 million, with an 18% quarter-over-quarter growth [14][15] - The contribution from non-U.S. markets now represents over 15% of global product net sales, indicating successful expansion [14] - The company is seeing strong growth in Japan and Germany, with both markets off to a fast start following recent launches [61] Company Strategy and Development Direction - The company’s Vision 2030 roadmap aims for long-term value creation, with a focus on expanding labeled indications and advancing a robust late-stage pipeline [4] - The strategy includes a commitment to innovation, with multiple registrational trials initiated in large market opportunities [4][6] - The company is expanding its immunology innovation platform, with four new molecules in Phase I studies targeting high unmet needs [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential within MG and CIDP, emphasizing the transformative impact of their treatments [30] - The company anticipates data from six Phase III and six Phase II trials over the next eighteen months, which could unlock new patient populations [31] - Management acknowledged the competitive landscape but remains committed to leading through innovation and maintaining high treatment standards [56] Other Important Information - The company has a strong cash position of $3.9 billion, up from $3.4 billion at the beginning of the year, primarily driven by operating cash flow [20][88] - The effective tax rate for the year to date is reported at 15% [19] Q&A Session Summary Question: How have your cycles per year in MG evolved? - Management confirmed that net revenue per patient remains consistent despite a higher gross to net ratio, with no price increases in 2025 [36][37] Question: Can you provide a breakdown of the PFS switches between Hytrula and IV? - Management indicated that Hytrulo is driving the majority of growth, with 50% of PFS patients being new to the product [42] Question: How much of the gMG patient adds were due to the prefilled syringe? - Management noted that the prefilled syringe significantly contributed to patient growth, with a strong prescriber base established [47] Question: What are your thoughts on increasing competition? - Management acknowledged the competitive dynamics but emphasized their commitment to innovation and maintaining leadership in the market [56] Question: Can you comment on the CIDP launch and patient dynamics? - Management reported strong growth in CIDP, primarily from IVIG switches, and noted that they are still early in the launch curve [68][70] Question: What is the outlook for gross margin? - Management expects gross margin to remain around 11%, with offsetting factors affecting cost of sales [66] Question: Can you provide an update on the FDA spares update from June? - Management stated that they are monitoring the situation and have not observed a significant change in the benefit-risk ratio [98][100]