Financial Performance - Product net sales for Q2 2025 reached $949 million, demonstrating a 97% growth compared to Q2 2024[13, 14, 15] - US product net sales in Q2 2025 were $802 million, a 97% increase from $407 million in Q2 2024[15] - Japan's product net sales grew significantly to $52 million in Q2 2025, a 138% increase compared to $20 million in Q2 2024[15] - Rest of World (RoW) product net sales increased to $83 million in Q2 2025, a 119% increase from $37 million in Q2 2024[15] - Total operating income for Q2 2025 was $967 million, compared to $489 million in Q2 2024[18] - The company ended Q2 2025 with $3.9 billion in cash, including $2.1 billion in cash and cash equivalents and $1.8 billion in current financial assets[19, 33] Strategic Goals and Pipeline - The company aims to reach 50,000 patients globally across 10 labeled indications by 2030 as part of its Vision 2030 strategy[4, 8] - The company is advancing three new molecules into Phase 1 clinical trials[8] - The company has approximately 15,000 patients treated globally[8] - The company is focused on expanding the addressable market for MG (myasthenia gravis) to up to 60,000 patients by 2030[4, 25, 26]

2025 Half-Year Financial Report Table of Contents | Management report | 2 | | --- | --- | | 1 Main events in the first six months of 2025 | 2 | | 2 Financial highlights | 4 | | 3 Risk factors | 5 | | 4 Forward-looking statements | 5 | | 5 Statement of the board of directors | 6 | | Unaudited condensed consolidated interim financial statements | 7 | | Unaudited condensed consolidated interim statements of financial position | 7 | | Unaudited condensed consolidated interim statements of profit or loss | 9 | | ...

Core Insights - argenx SE has reported significant progress in its product VYVGART, with over 2,500 patients currently receiving treatment globally, and aims to expand its market presence in myasthenia gravis (MG) and chronic inflammatory demyelinating polyneuropathy (CIDP) [1][2] - The company is advancing its Vision 2030 strategy, targeting treatment for 50,000 patients globally and securing 10 labeled indications across its medicines by 2030 [3] Financial Performance - In Q2 2025, argenx generated global product net sales of $949 million, reflecting a 97% year-over-year growth from Q2 2024 and a 19% increase from Q1 2025 [4][18] - Total operating income for the first half of 2025 was $1.775 billion, compared to $901 million in the same period of 2024 [17] - The company reported a profit of $245 million for Q2 2025, compared to a profit of $29 million in Q2 2024, and a profit of $414 million for the first half of 2025, compared to a loss of $33 million in the same period of 2024 [20] Product Development and Pipeline - VYVGART is approved for three indications: generalized myasthenia gravis (gMG), primary immune thrombocytopenia (ITP) in Japan, and CIDP in multiple regions including the U.S. and EU [4] - The company has six registrational and six proof-of-concept readouts expected by the end of 2026, with ongoing studies in various severe autoimmune diseases [6][12] - ARGX-119 is set to advance to a registrational study in congenital myasthenic syndromes (CMS) following positive proof-of-concept data [1][12] Strategic Initiatives - argenx is focused on expanding the global opportunity for VYVGART and has launched the VYVGART SC prefilled syringe, which is expected to drive demand from new patients and prescribers [2][4] - The company has entered a strategic collaboration with Unnatural Products to enhance its discovery capabilities in the oral peptide space, reinforcing its commitment to advancing its pipeline [15] Future Outlook - The company aims to continue its investment in the Immunology Innovation Program (IIP) to drive long-term sustainable pipeline growth, with four new pipeline candidates nominated [10] - Financial guidance for combined research and development and selling, general and administrative expenses remains unchanged at approximately $2.5 billion [22]

Company Overview - argenx is a global immunology company focused on improving the lives of individuals suffering from severe autoimmune diseases [3] - The company is known for developing and commercializing the first approved neonatal Fc receptor (FcRn) blocker, with ongoing evaluations for its potential in various serious autoimmune diseases [3] Upcoming Events - argenx will host a conference call and audio webcast on July 31, 2025, at 2:30 p.m. CET (8:30 a.m. ET) to discuss its half-year 2025 financial results and provide a second-quarter business update [1] - The live call can be accessed via the Investors section of the argenx website, with a replay available for approximately one year [2] Contact Information - Media inquiries can be directed to Ben Petok at bpetok@argenx.com [4] - Investor relations can be contacted through Alexandra Roy at aroy@argenx.com [4]

Core Viewpoint - Pomerantz LLP is investigating claims of potential securities fraud or unlawful business practices involving argenx SE and its officers or directors [1] Group 1: Regulatory Concerns - On June 30, 2025, the FDA issued an alert regarding argenx's Vyvgart Hytrulo product, indicating a potential risk of severe worsening of chronic inflammatory demyelinating polyradiculoneuropathy [3] - Following the FDA alert, argenx's American Depositary Share (ADS) price decreased by $8.92, or 1.59%, closing at $551.22 per ADS on the same day [3] Group 2: Legal Investigation - Pomerantz LLP is actively seeking investors of argenx to discuss potential claims related to the investigation [1] - The firm is recognized for its expertise in corporate, securities, and antitrust class litigation, having a long history of fighting for victims of securities fraud and corporate misconduct [4]

Core Viewpoint - Morgan Stanley's strategy team highlights 15 stocks with short-term catalytic potential, indicating that S&P 500 index earnings growth in Q2 may exceed expectations [1] Earnings Expectations - The market anticipates a 5% year-over-year increase in S&P 500 Q2 earnings per share and over 4% revenue growth, but actual growth may be stronger [1] - The seven major tech companies are expected to see a 14% increase in net profit, while the remaining 493 constituents may experience a 3% decline [1] - Despite analysts lowering earnings expectations from April to May, the earnings revision has rebounded from -25% to approximately 1%, suggesting Q2 earnings will likely exceed expectations, aligning with the historical average of 4%-5% [1] Recommended Stocks - **argenx SE (ARGX.US)**: undervalued R&D pipeline, target price $700 [2] - **Atlassian (TEAM.US)**: continuous revenue growth potential over 20% and expected margin expansion, target price $320 [3] - **Chewy (CHWY.US)**: benefits from marketing and product optimization, expected revenue to maintain or exceed Q1 levels, target price $50 [4] - **CVS Health (CVS.US)**: advantages from competitor store closures and growth in pharmacy benefit management, target price $80 [4] - **DraftKings (DKNG.US)**: potential earnings inflection point in Q2, with actual licensing rates offsetting tax and regulatory pressures, target price $52 [4] - **Eaton Corporation (ETN.US)**: benefits from improved profit margins in U.S. electrical business, target price $375 [5] - **Eli Lilly (LLY.US)**: core products Mounjaro and Zepbound expected to contribute $8.2 billion in revenue, exceeding expectations may lead to 2025 guidance upgrades, target price $1,135 [5] - **F5 (FFIV.US)**: positive outlook due to demand growth in cloud and load balancing products, target price $305 [6] - **NVIDIA (NVDA.US)**: strong end-user demand and accelerated shipments of rack-level products supporting supply-side growth, target price $170 [7] - **Omada Health (OMDA.US)**: operational leverage through technology empowerment and multi-disease sales, target price $25 [8] - **Southwest Airlines (LUV.US)**: potential stock rebound if internal guidance is met and baggage fee impacts are confirmed as limited, target price $38 [9] - **Valley National Bank (VLY.US)**: expected net interest income growth of 3% quarter-over-quarter, target price $11 [10] - **Western Digital (WDC.US)**: undervalued gross margin expansion prospects, target price $85 [11] Cautious Outlook - **National Storage Affiliates Trust (NSA.US)**: cautious due to expected funds from operations (FFO) per share being below market and company guidance, target price $30 [12] - **Teradyne (TER.US)**: revenue and earnings per share forecasts for FY2026 are 7% and 14% below Wall Street expectations, target price $74 [13] Summary - Overall, Morgan Stanley's recommendations combine company fundamentals, industry trends, and market sentiment, providing diversified options for investors [14]

Core Viewpoint - The comparison between Exelixis (EXEL) and argenex SE (ARGX) indicates that EXEL currently presents a better value opportunity for investors based on various financial metrics and rankings [1]. Group 1: Zacks Rank and Earnings Estimates - Exelixis has a Zacks Rank of 2 (Buy), while argenex SE holds a Zacks Rank of 3 (Hold), suggesting that EXEL is likely experiencing a more favorable earnings outlook [3]. - The Zacks Rank system emphasizes companies with positive earnings estimate revisions, which supports the notion that EXEL is in a stronger position compared to ARGX [3]. Group 2: Valuation Metrics - EXEL has a forward P/E ratio of 16.86, significantly lower than ARGX's forward P/E of 44.10, indicating that EXEL may be undervalued relative to its earnings potential [5]. - The PEG ratio for EXEL is 0.80, while ARGX has a PEG ratio of 0.98, further suggesting that EXEL offers better value when considering expected earnings growth [5]. - EXEL's P/B ratio stands at 5.75, compared to ARGX's P/B of 6.24, reinforcing the view that EXEL is more attractively priced based on its book value [6]. Group 3: Overall Value Grades - EXEL has received a Value grade of B, while ARGX has a Value grade of C, indicating that EXEL is perceived as a better investment option by value investors [6].

Core Viewpoint - Pomerantz LLP is investigating claims of potential securities fraud or unlawful business practices involving argenx SE and its officers or directors [1] Group 1: Regulatory Concerns - On June 30, 2025, the FDA issued an alert regarding argenx's Vyvgart Hytrulo product, indicating a potential risk of "severe worsening of chronic inflammatory demyelinating polyradiculoneuropathy" [2] - The FDA is currently evaluating the need for regulatory action based on reports received [2] Group 2: Market Reaction - Following the FDA alert, argenx's American Depositary Share (ADS) price decreased by $8.92, or 1.59%, closing at $551.22 per ADS on June 30, 2025 [2]

Core Viewpoint - Argenx SE's stock is experiencing a decline due to serious safety concerns raised by the FDA regarding its drug Vyvgart Hytrulo, particularly related to chronic inflammatory demyelinating polyradiculoneuropathy (CIDP) [1][2] Group 1: FDA Concerns - The FDA has identified severe risks associated with Vyvgart Hytrulo, specifically the worsening of CIDP, which is characterized by inflammation of nerve roots and peripheral nerves [1] - The FDA is currently evaluating the need for potential regulatory action regarding Vyvgart [2] Group 2: Drug Approval and Usage - The European Commission has recently approved Vyvgart 1000mg for subcutaneous injection as a monotherapy for adult patients with progressive or relapsing active CIDP after prior treatments [2] - In April, the FDA approved a self-injection option for Vyvgart Hytrulo for adult patients with generalized myasthenia gravis (gMG) and CIDP [3] Group 3: Stock Performance and Analyst Ratings - Argenx's stock has an average 1-year price target of $753.23, indicating an expected upside of 43.52% [4][6] - There are no bearish recommendations for Argenx, with 13 analysts providing bullish ratings; the highest price target is $1065.0 from Guggenheim, while the lowest is $680.0 from Baird [5][7] - As of the latest check, Argenx's stock is down 6.56% at $523.37 [7]

Core Insights - argenx SE plans to advance the clinical development of ARGX-119, a first-in-class agonist antibody targeting muscle-specific kinase (MuSK), to a registrational study in patients with congenital myasthenic syndromes (CMS) based on favorable Phase 1b study results [1][4] - The Phase 1b study demonstrated a favorable safety profile and consistent functional improvement across multiple efficacy measures, including the Six-Minute Walk Test (6MWT) and Myasthenia Gravis Activities of Daily Living (MG-ADL) score [4][6] Company Overview - argenx is a global immunology company focused on improving the lives of individuals with severe autoimmune diseases through innovative antibody-based medicines [9] - The company utilizes a collaborative discovery model, the Immunology Innovation Program (IIP), to develop novel therapies, with ARGX-119 being the sixth molecule to show proof-of-concept [3][9] Clinical Study Details - The Phase 1b study was a multicenter, randomized, double-blinded, placebo-controlled trial assessing the safety, tolerability, pharmacokinetics, immunogenicity, and preliminary efficacy of ARGX-119 in DOK7-CMS patients [5] - The study included a 12-week treatment period and a follow-up period of nearly seven months, with participants randomized in a 4:1 ratio to receive either ARGX-119 or placebo [5] Disease Context - Congenital Myasthenic Syndromes (CMS) are ultra-rare neuromuscular disorders characterized by early onset and muscle weakness, with DOK7 variations accounting for approximately 24% of CMS cases [6] - The prevalence of CMS is estimated at 5 per million, with DOK7-CMS estimated at 1.2 per million, and there are currently no approved treatments available [6]