Argenx (NASDAQ:ARGX) reported global product net sales of $949 million for the second quarter, representing a 97% increase year-over-year and a 19% rise from the previous quarter. The stock surged over 11% in premarket trading on Thursday.
Wolfe Research noted that this figure significantly exceeded market expectations, with some analysts referencing a “$900M threshold,” while others had anticipated around $860 million, consistent with sell-side estimates.
The company credited the strong results to “PFS driving demand from new patients and prescribers,” highlighting minimal patient switching.
“If true, this would alter the bearish narrative of a pricing step-down (and instead, we should be focusing on a volume step-up),” Wolfe analysts commented. “More importantly, this should open up a new prescriber segment, those that cannot buy-and-bill expensive meds.”
Operating income for the quarter climbed to $967 million, nearly doubling from $489 million a year earlier, largely fueled by product net sales of VYVGART and VYVGART SC.
For the first half of the year, operating income reached $1.78 billion, up from $902 million during the same period last year.
Total operating expenses rose to $766 million in Q2, compared with $535 million in Q2 2024. This included $328 million in R&D spending, reflecting ongoing development of the efgartigimod pipeline and investments in ARGX-119 and other candidates.
Selling, general, and administrative (SG&A) costs increased to $325 million due to commercialization activities, while cost of sales more than doubled to $111 million.
The company announced that ARGX-119 will advance into a registrational study for chronic multifocal sensorimotor neuropathy (CMS) following encouraging proof-of-concept data. Additionally, three more top-line results from its pipeline are expected in the second half of 2025.
As part of its Vision 2030 plan, Argenx aims to treat 50,000 patients globally with its therapies, secure 10 labeled indications across approved drugs, and move five pipeline candidates into Phase 3 clinical trials by decade’s end.
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