Argenx earnings climbed to $506 million in the third quarter of 2026 from $344 million a year earlier, as global VYVGART product net sales reached $1.721 billion. In its October 22 results announcement, the immunology company also outlined a planned year-end regulatory filing for another VYVGART Hytrulo indication and a December trial readout for empasiprubart.

Key Takeaways

  • VYVGART generated $1.721 billion in quarterly net sales, with argenx reporting 54% year-over-year and 13% quarter-over-quarter growth.
  • Combined research and development and selling, general and administrative expenses are now expected to total approximately $4 billion in 2026.
  • An IMNM filing remains planned for year-end, while Phase 3 empasiprubart results in multifocal motor neuropathy are expected in December.

Table of Contents

Argenx earnings increase alongside higher spending

For the three months ended September 30, operating profit reached $486 million, compared with $346 million in the same period of 2025. Diluted profit per share increased to $7.80 from $5.18. Over the first nine months, product net sales totaled $4.534 billion and profit reached $1.344 billion.

The sales expansion came with higher development and commercialization costs. Quarterly research and development expenses rose to $503 million from $359 million, while selling, general and administrative expenses increased to $598 million from $336 million.

The latter category included approximately $150 million in expenses associated with the acquisition of Forte Biosciences. Argenx now expects combined research and development and selling, general and administrative expenses of approximately $4 billion for the full year, including Forte transaction-related costs.

Liquidity follows Forte acquisition payment

Argenx ended September with $2.6 billion in cash and cash equivalents and $1.1 billion in current financial assets, a combined $3.7 billion. That compared with $4.4 billion at December 31, 2025.

The September balance followed a payment of approximately $2.1 billion for Forte Biosciences, net of acquired cash. The company presents the combined liquidity figure as a non-IFRS measure.

VYVGART regulatory plans extend into 2027

Argenx has submitted a supplemental Biologics License Application to the U.S. Food and Drug Administration for VYVGART in ocular myasthenia gravis. Separately, the FDA accepted the application for VYVGART and VYVGART Hytrulo in pediatric generalized myasthenia gravis for priority review, with a target action date in February 2027.

Following what the company described as positive Phase 3 ALKIVIA results, argenx remains on track to submit an application for VYVGART Hytrulo in immune-mediated necrotizing myopathy, or IMNM, by year-end 2026. The filing is supported by Breakthrough Therapy Designation. The company also plans an additional registrational study in dermatomyositis.

Other expected milestones include first-half 2027 topline results from the Phase 3 ADVANCE-NEXT study in primary immune thrombocytopenia and a second-half 2027 launch of the VYVGART Hytrulo autoinjector for all approved indications.

Empasiprubart readout and FB102 development

The next scheduled late-stage data release is for empasiprubart, an anti-C2 candidate. Argenx expects topline results from the Phase 3 EMPASSION study in multifocal motor neuropathy in December 2026. Results from the EMVIGORATE and EMNERGIZE Phase 3 studies in chronic inflammatory demyelinating polyneuropathy are anticipated in the second half of 2027.

Argenx is also advancing FB102 toward Phase 3 development in celiac disease following positive Phase 2 results, with programs in alopecia areata and vitiligo ongoing. A Phase 3 study of adimanebart in congenital myasthenic syndromes is expected to begin in 2026.

The company said it remains on track with its Vision 2030 ambitions: treating 50,000 patients globally, securing 10 labeled indications and moving five pipeline candidates into registrational development by 2030. These remain company targets rather than completed milestones.

Conclusion

VYVGART sales supported higher quarterly profit despite rising expenses. Argenx’s next planned milestones include the December empasiprubart readout and a year-end IMNM filing, with further regulatory and clinical updates expected in 2027.

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