$ARGX · ARGENX SE

argenx reported Q3 2026 financial results with VYVGART global product net sales of $1.7 billion, representing 54% year-over-year growth and 13% quarter-over-quarter growth. Profit for the period was $506 million ($7.80 diluted EPS), up from $344 million ($5.18) in Q3 2025. The company ended the quarter with $3.7 billion in cash, cash equivalents, and current financial assets after paying approximately $2.1 billion for the Forte Biosciences acquisition. Combined R&D and SG&A expenses are now expected to be approximately $4 billion for full-year 2026.

Extended-hours trading shows ARGX at $869.81, down 2.27% from the regular close of ~$890, despite strong Q3 results — possibly reflecting the raised expense guidance (~$4B for 2026) or profit-taking after the +2.34% regular-session gain.

argenx is transitioning from a single-product neurology play to a multi-pillar immunology powerhouse with $1.7B quarterly sales, a pivotal catalyst in December, and a celiac disease pipeline asset now

argenx is cementing its position as the dominant FcRn franchise with VYVGART's $1.7B quarterly run-rate, putting it well ahead of competitors in the neurology-immunology space. The Forte acquisition and FB102 push into celiac disease signal a broadening beyond FcRn into multi-pillar immunology.

R&D and SG&A expenses are ballooning — combined ~$4B expected for 2026, up from $2.2B in the first nine months of 2025 annualized. The Forte acquisition added ~$150M in one-time SG&A costs in Q3 alone. Pipeline execution risk is concentrated: empasiprubart Phase 3 MMN readout in December 2026 is a二元