Key Points
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Argenx’s Vyvgart franchise addresses about 28,000 patients today, with the company targeting 60,000 by 2030.
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The biotech is solidly profitable, with Q3 revenue up 54% and $3.7 billion in cash to fund growth.
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A deep pipeline could drive further growth, though clinical setbacks and valuation remain risks.
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Argenx (NASDAQ: ARGX) has been a winner for investors in recent years. Since early 2022, its shares have soared roughly 180%. That performance is roughly three times the gains delivered by the S&P 500 (SNPINDEX: ^GSPC).
But will Argenx be a top biotech stock over the next decade? Here are three reasons the answer could be a resounding “yes.”
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1. An enormous addressable market for Vyvgart
Argenx can truly boast a pipeline-in-a-product with efgartigimod alfa. The company already markets the drug in two forms — intravenous Vyvgart and subcutaneous Vyvgart Hytrulo, which combines efgartigimod alfa with Halozyme‘s (NASDAQ: HALO) recombinant human hyaluronidase PH20 (rHuPH20).
Vyvgart is currently approved for the treatment of generalized myasthenia gravis (gMG) and, in Japan only, for the treatment of immune thrombocytopenia. Vyvgart Hytrulo is approved for the treatment of gMG and chronic inflammatory demyelinating polyneuropathy (CIDP).
This franchise has an addressable market of around 28,000 patients with its current approvals. However, Argenx has also filed for U.S. Food and Drug Administration (FDA) approval of Vyvgart to treat ocular myasthenia gravis (oMG), an indication with a patient population of at least 7,000. The company expects continued adoption of biologics to expand the total addressable market to 60,000 patients by 2030.
2. A strong financial foundation
Some rising stars in the biopharmaceutical industry must resort to dilutive stock offerings to raise capital for expansion. That shouldn’t be an issue for Argenx.
The company ended the third quarter of 2026 with $3.7 billion in cash, cash equivalents, and current financial assets. This total would have been even higher, but Argenx spent $2.1 billion to acquire Forte Biosciences.
Argenx is profitable, with earnings of $1.3 billion in the first nine months of 2026. Its revenue soared 54% year over year and 13% quarter over quarter in Q3 to $1.7 billion.
The company’s strong operating margins (around 29% in Q3), combined with its hefty cash stockpile, enable it to fund pipeline development without issuing any new shares. Argenx can also make strategic bolt-on acquisitions without causing financial problems, as evidenced by its purchase of Forte.
3. A potent pipeline
Argenx shouldn’t have to rely solely on its Vyvgart franchise for too much longer. The company expects to report data from a late-stage clinical study evaluating empasibart for the treatment of multifocal motor neuropathy (MMN) in December 2026. Results from two Phase 3 studies evaluating the drug for the treatment of CIDP should follow in the second half of 2027.
The biotech innovator’s pipeline also includes several other promising candidates. Argenx is advancing FB102 to late-stage testing targeting celiac disease. It plans to begin a Phase 3 study of adimanebart in the treatment of congenital myasthenic syndromes (CMS) by the end of this year. The company is evaluating ARGX-121 in a Phase 2 study targeting IgA nephropathy, a chronic kidney disease.
Vyvgart has more opportunities, too. Argenx thinks the drug could eventually treat at least 15 types of autoimmune diseases.
A few risks
To be sure, Argenx faces some risks. An obvious one is the risk of clinical failure. The company has recently experienced a significant pipeline setback with Vyvgart Hytrulo flopping in a Phase 3 study targeting moderate-to-severe Sjögren’s disease, a chronic autoimmune condition. This surprising result raised questions about Argenx’s odds of success in adding other autoimmune disease indications for its Vyvgart franchise.
Valuation could also become a concern. Argenx’s shares currently trade at around 26.7 times forward earnings. That’s not a worrisome level if the company’s pipeline programs deliver. If they don’t, though, investors likely won’t think Argenx deserves to trade at a premium forward earnings multiple.
The inherent volatility associated with biotech stocks such as Argenx could turn off some investors. However, Argenx’s risk-reward profile still looks appealing to Wall Street. Of the 20 analysts who have rated the stock over the past three months, 19 recommended buying. I suspect that Wall Street’s optimism about Argenx is warranted.
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Keith Speights has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Argenx Se. The Motley Fool has a disclosure policy.
