argenx's second quarter landed at the moment every prior argenx quarter had been building toward: a year-and-a-half of compounding VYVGART revenue met the first year of full operating profitability, and management chose this report to disclose its second pipeline-in-a-product. Global product net sales reached $1.5 billion in the quarter and $2.8 billion in the first half, with second-quarter year-over-year growth of 60% and sequential growth of 17%. The half delivered $0.9 billion of operating profit and $0.8 billion of net income, with first-half operating cash flow of $0.7 billion - already positive for the full year 2025. Cash and current financial assets closed the half at $5.2 billion, up from $4.4 billion at year-end, while diluted EPS of $13.00 for the first half nearly doubled the $6.80 posted a year ago. The market is paying roughly $54 billion for that growth at a trailing earnings multiple in the low 30s and a forward P/S around 10x - the multiple that defines the investment case is whether the second pipeline-in-a-product, empasiprubart, can carry the same launch arc VYVGART did.
The second pipeline story is the new variable. argenx guided the registrational MMN readout for empasiprubart to the fourth quarter of 2026, paired a registrational CIDP program in the second half of 2027, and disclosed positive 52-week Phase 2 VARVARA data in delayed graft function. The first pipeline - VYVGART - added a seronegative gMG label expansion during the quarter (PDUFA hit on May 10, 2026) and disclosed that 19,000 patients were on therapy globally as of year-end 2025. The autoinjector is positioned for 2027 launch. The two next-generation FcRn molecules (ARGX-213, ARGX-124) are Phase-3-ready and end-of-year-Phase-1 respectively. The thesis is that the FcRn franchise is repeatable. The risk is that a single-asset biotech is being priced as a multi-asset one, and the registrational clocks in MMN and myositis are what settle that pricing.