Core Insights - Investors are evaluating Jazz Pharmaceuticals (JAZZ) and argenex SE (ARGX) for potential undervalued stock opportunities in the Medical - Biomedical and Genetics sector [1] Valuation Metrics - JAZZ has a Zacks Rank of 2 (Buy), indicating a stronger earnings outlook compared to ARGX, which has a Zacks Rank of 3 (Hold) [3] - JAZZ's forward P/E ratio is significantly lower at 5.27, while ARGX's forward P/E ratio stands at 47.10 [5] - The PEG ratio for JAZZ is 0.72, suggesting better value relative to its expected earnings growth, compared to ARGX's PEG ratio of 1.45 [5] - JAZZ's P/B ratio is 1.82, indicating a more favorable market value to book value comparison than ARGX's P/B ratio of 6.51 [6] - These metrics contribute to JAZZ receiving a Value grade of A, while ARGX has a Value grade of D [6] Earnings Outlook - JAZZ is noted for its improving earnings outlook, which enhances its attractiveness in the Zacks Rank model [7]

| Table of Contents | | --- | | UNITED STATES | | SECURITIES AND EXCHANGE COMMISSION | | WASHINGTON, D.C. 20549 FORM 20-F | | (Mark One) | | ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES | | EXCHANGE ACT OF 1934 | | OR | | ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE | | ACT OF 1934 | | For the fiscal year ended December 31, 2024 | | OR | | ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES | | EXCHANGE ACT OF 1934 | | For the tr ...

Annual Report 2024 Annual Report 2024 2024 Annual Report including the Annual Financial Statements for the year ended December 31, 2024 This Annual Report is filed with the Dutch Authority for the Financial Markets (Stichting Autoriteit Financiële Markten, AFM). The following main items included in our annual report on Form 20-F for the year ended December 31, 2024 (2024 20-F) filed with the United States Securities and Exchange Commission (SEC) on or about the date of this Annual Report have not been inclu ...

argenex SE (ARGX) shares ended the last trading session 4.1% higher at $604.96. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 10.8% loss over the past four weeks.The stock rallied as optimism grew over the company’s marketed product, Vyvgart Hytrulo (efgartigimod), which is approved for treating adult patients with generalized myasthenia gravis (gMG) and chronic inflammatory demyelinating polyneuropathy (CIDP). T ...

Core Insights - argenx SE is presenting clinical trial and real-world data for VYVGART and VYVGART Hytrulo at the American Academy of Neurology Annual Meeting in April 2025, highlighting their commitment to improving the lives of patients with severe autoimmune diseases [1][2]. Group 1: Product Efficacy and Safety - VYVGART has demonstrated long-term benefits for patients with generalized myasthenia gravis (gMG) and chronic inflammatory demyelinating polyneuropathy (CIDP), achieving minimal symptom expression and rapid symptom reduction with a favorable safety profile [2][4]. - The largest safety data set for FcRn blocking shows a consistent and favorable safety profile for both VYVGART and VYVGART Hytrulo, supporting individualized treatment approaches [4][5]. - New data from the ADAPT-NXT study indicates sustained clinical improvements in gMG through various dosing regimens over 126 weeks, reinforcing the long-term safety and efficacy of VYVGART [5]. Group 2: Clinical Presentations and Studies - Presentations at the AAN will include interim results from the ADHERE+ study, which supports the long-term efficacy and safety of VYVGART Hytrulo in CIDP [3][5]. - The Phase 4 open-label trial is investigating the transition from intravenous immunoglobulin (IVIg) to VYVGART Hytrulo, aiming to establish effective and safe treatment protocols [5][7]. - The program will feature multiple oral and poster presentations detailing the design and results of various studies related to VYVGART and its applications in treating gMG and CIDP [3][6]. Group 3: Company Overview and Commitment - argenx is dedicated to advancing immunology through innovative antibody-based medicines, focusing on severe autoimmune diseases and collaborating with leading academic researchers [29]. - The company has developed the first approved neonatal Fc receptor (FcRn) blocker, VYVGART, which is now being evaluated for its potential in multiple serious autoimmune diseases [29][24].

Financial Data and Key Metrics Changes - Product net sales for Q4 2024 were $737 million, with full-year sales reaching $2.2 billion, representing a 29% quarter-over-quarter growth and a 98% increase year-over-year [21][22] - Total operating income for Q4 was $761 million, and $2.3 billion for the full year [21] - Gross margin remained at 90%, with cost of sales at $73 million for Q4 and $227 million for the full year [23] - Operating profit for Q4 was $103 million, while the full year showed an operating loss of $22 million [25] - Cash balance at year-end was $3.4 billion, an increase of $200 million in 2024 [27] Business Line Data and Key Metrics Changes - VYVGART has significantly impacted the gMG treatment landscape, with strong early adoption in CIDP patients [10][31] - The company plans to advance 10 Phase III studies and 10 proof-of-concept studies across its pipeline in 2025 [12][18] - The launch of VYVGART Hytrulo in CIDP has seen approximately 1,000 patients on treatment, with 25% of prescribers being first-time users [42][44] Market Data and Key Metrics Changes - Product revenue breakdown: $649 million in the U.S., $27 million in Japan, $49 million in the rest of the world, and $12 million supplied to Zai Lab in China [22] - The company is expanding its market access, now reimbursed in 13 countries in Europe, including 4 out of the 5 major markets [45] Company Strategy and Development Direction - The company aims to maximize growth opportunities through innovation and has set a long-term growth vision influenced by its ability to innovate and stay ahead of competition [19][51] - The introduction of the prefilled syringe for self-administration is expected to drive growth in 2025 [10][36] - The company is committed to addressing unmet needs in the MG community by expanding its label into seronegative and ocular MG [36][50] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the upcoming PDUFA date for the prefilled syringe and the potential for continued growth in both MG and CIDP [58][129] - The company anticipates that 2025 will be a year of significant growth, expanding commercial reach and advancing its late-stage pipeline [53] Other Important Information - The company has nominated 4 new molecules for Phase I development, indicating a robust innovation pipeline [16][17] - The recognition of a deferred tax benefit of $802 million contributed to a profit of $774 million in Q4 [26] Q&A Session Summary Question: Can you talk about the pent-up demand for the prefilled syringe (PFS)? - Management noted that there is no significant pent-up demand but expects the PFS to open up new prescriber bases and maintain consistent growth [58][60] Question: How should we think about pricing for the PFS? - Pricing will be discussed closer to the launch, with a focus on providing broad access and sustainability [61][62] Question: What is the expected growth cadence in MG for 2025? - Continued momentum is expected, with Q1 seasonality considered, but overall dynamics remain strong [70][72] Question: How will the expiration of VBAs affect access? - VBAs will need to be renegotiated, and access is expected to remain stable [75] Question: Are physicians assessing improvement in CIDP patients? - Physicians are generally using simple assessments rather than formal scales like INCAT to evaluate patient responses [77] Question: What is the significance of self-administration for VYVGART? - Self-administration has been beneficial in markets outside the U.S., and similar expectations are held for the U.S. market upon approval [84][86] Question: What are the plans for ARGX-213 and its development timeline? - The company is focused on generating Phase I data for ARGX-213, which is expected to provide insights into its potential [102] Question: What are the expectations for proof-of-concept data in CMS? - The company is looking for strong signals that the treatment can effectively address the condition in CMS patients [140]

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$737 million in fourth quarter and $2.2 billion in full year global product net sales Received positive CHMP recommendation for VYVGART pre-filled syringe for gMG, enabling launch in the EU; FDA PDUFA (gMG and CIDP) on track for April 10 10 Phase 3 and 10 Phase 2 studies across pipeline ongoing in 2025, positioning for next wave of growth Recognized one-time tax benefit of $725 million related to previously unrecognized deferred tax assets Management to host conference call today at 2:30 PM CET (8:30 AM E ...

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, which is available in multiple regions including the U.S., Japan, Israel, the EU, the UK, China, and Canada [3] - argenx is actively evaluating its drug efgartigimod in various serious autoimmune diseases and is advancing several earlier-stage experimental medicines within its therapeutic franchises [3] Upcoming Events - Tim Van Hauwermeiren, the Chief Executive Officer of argenx, will present at the TD Cowen 45 Annual Healthcare Conference on March 3, 2025, at 11:50 a.m. ET [1] - A live webcast of the presentation will be accessible on the Investors section of the argenx website, with a replay available for approximately 30 days post-presentation [2]

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, which is available in multiple regions including the U.S., Japan, Israel, the EU, the UK, China, and Canada [3] - argenx is actively evaluating its drug efgartigimod for multiple serious autoimmune diseases and is advancing several earlier-stage experimental medicines [3] Upcoming Events - argenx will host a conference call and audio webcast on February 27, 2025, at 2:30 PM CET (8:30 AM ET) to discuss its full year 2024 financial results and provide a fourth quarter business update [1] - The live call can be accessed via the Investors section of the argenx website, and a replay will be available for approximately one year [2] Contact Information - Media inquiries can be directed to Ben Petok via email [4] - Investor relations contacts include Alexandra Roy for the US and Lynn Elton for the EU [4]