Argenx's (ARGX) Q3 results highlighted continued growth in Vyvgart sales, while its acquisition of Forte Biosciences broadened the company's late-stage pipeline ahead of a potentially important phase 3 readout for empasiprubart in multifocal motor neuropathy, Oppenheimer said Friday in a report.
On Thursday, the company reported Q3 profit rose to $7.80 per diluted share from $5.18 a year earlier, while operating income increased to $1.75 billion from $1.15 billion.
Global Vyvgart sales rose 54% to $1.72 billion from a year earlier, reflecting growth in generalized myasthenia gravis and chronic inflammatory demyelinating polyneuropathy, the report said. Positive phase 3 results have paved the way for a supplemental biologics license application in immune-mediated necrotizing myopathy, and the company plans a new registration study in dermatomyositis, Oppenheimer said.
The Forte acquisition added first-in-class antibody FB102, which is advancing into phase 3 testing for celiac disease and may have additional opportunities in vitiligo and alopecia, the report said.
Oppenheimer said prior data make it optimistic that empasiprubart can demonstrate non-inferiority to the current standard of care in multifocal motor neuropathy and views the drug's phase 3 topline results, expected in December, as a potential stock catalyst.
Oppenheimer reiterated its outperform rating on argenx stock and its $1,038 price target.
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