argenx lifts VYVGART revenue 54% in third quarter

argenx said VYVGART product net sales rose 54% year over year to $1.7 billion in the third quarter, on an Oct. 22, 2026 earnings call transcript published by The Motley Fool.

The company’s full-year expense guidance of $4 billion, versus total operating expenses of $1.3 billion in the quarter, frames the investor trade-off: rapid commercial growth alongside higher R&D, SG&A and acquisition costs.

U.S. revenue reached $1.5 billion, up 16% from the prior quarter, as argenx cited uptake in seronegative patients. Japan revenue was $81 million, up 47% year over year, while rest-of-world revenue rose 70% to $158 million.

Operating profit was $486 million, equal to a 28% operating margin for the quarter. Adjusted operating margin was 37%, excluding $150 million of one-time transaction costs tied to the Forte Biosciences acquisition.

Chief Executive Officer Karen Massey tied the quarter to VYVGART’s expanding use in neurology and a push into rheumatology. “Nearly 5 years into launch, we're still early in realizing VYVGART's potential across MG and CIDP,” she said on the call.

MG refers to generalized myasthenia gravis, an autoimmune neuromuscular disease. CIDP refers to chronic inflammatory demyelinating polyneuropathy, a rare autoimmune disorder affecting the peripheral nervous system.

argenx said gross-to-net deductions, the gap between list sales and realized revenue after rebates and discounts, were 22%, consistent with recent quarters and management expectations. The company also said 96% of covered lives in the U.S. had access to VYVGART five months after its seronegative launch.

The Forte acquisition added FB102, which argenx said is moving directly into Phase III development for celiac disease after positive Phase II results. The company said it paid a net $2.1 billion for the FB102 asset and held $3.7 billion in cash, cash equivalents and current financial assets as of Sept. 30.

argenx said it expects 10 molecules in clinical stages by the end of 2026 and is preparing for five potential product launches in 2027. Management also reiterated its Vision 2030 goal of serving 50,000 patients globally with its medicines by 2030.

The transcript also highlighted clinical risk. For dermatomyositis, Chief Medical Officer Luc Truyen said, “we missed the primary endpoint” in the ALKIVIA trial, meaning argenx said another registrational study would be needed rather than a direct supplemental biologics license application, or sBLA, filing.

Massey said the company’s research strategy includes “moving early, moving fast and then also stopping early” when studies fail predefined criteria. The company said a Sjögren’s syndrome study was recently stopped for futility.

The next dated clinical marker is a December 2026 readout for empasiprubart in multifocal motor neuropathy, a condition for which argenx cited a 12,000-patient addressable population across key global regions. Management also said a VYVGART Hytrulo auto-injector remains on track for potential launch in the second half of 2027.

Source: earnings call transcript, The Motley Fool, Oct. 23, 2026