Financial Performance - Product net sales for Q3 2025 reached $1.127 billion, a 96% increase compared to $573 million in Q3 2024[19, 22] - Q3 2025 sales grew by 19% compared to Q2 2025[23] - U.S sales in Q3 2025 were $964 million, a 96% increase from $492 million in Q3 2024, and a 20% increase from $802 million in Q2 2025[22, 24] - Japan sales in Q3 2025 were $60 million, a 148% increase from $24 million in Q3 2024, and a 19% increase from $52 million in Q2 2025[22, 24] - Cash, cash equivalents, and current financial assets totaled $4.3 billion as of September 30, 2025, compared to $3.4 billion as of December 31, 2024[41] Strategic Priorities and Pipeline - The company is focused on reaching more patients with VYVGART, fueling pipeline growth with 10 Phase 3 and 10 Phase 2 programs, and expanding the next wave of innovation with 4 new molecules in Phase 1[4, 9] - The company is advancing a late-stage pipeline with transformative potential, including Efgartigimod in 15+ indications, Empasiprubart in 4+ indications, and ARGX-119 in 3+ indications[4, 13] - Five registrational readouts are expected in 2026 across Ocular MG, MMN, TED, IMM, and ITP[4, 15] VYVGART Growth and Market Expansion - The company aims to maximize the VYVGART opportunity and globally expand with commercial growth drivers including pre-filled syringe, CIDP, gMG, and ITP[4] - The company is growing VYVGART leadership in MG, including a path to 60,000 addressable patients, with a seronegative sBLA submission planned by the end of 2025 and pre-filled syringe launched in all major markets[4, 31, 32] - First-time VYVGART prescribers have increased since the pre-filled syringe (PFS) launch, with 97% year-over-year revenue growth[30]