Argenx's (ARGX) Vyvgart sales beat expectations in Q3, with investors focused on upcoming multifocal motor neuropathy data in December, RBC Capital Markets said in a note Thursday.
The analysts said Vyvgart revenue reached $1.72 billion, beating analyst expectations of $1.62 billion. Growth was driven by continued demand in myasthenia gravis and chronic inflammatory demyelinating polyneuropathy, or CIDP, alongside the first full commercial quarter for seronegative MG, they said.
"Argenx reiterated that approval for snMG is creating a halo effect across broader gMG given antibody testing no longer required," the analysts added.
Top-line data for multifocal motor neuropathy are expected in December, while immune thrombocytopenia data are expected in H1 2027 and CIDP data for empasiprubart in H2 2027, the analysts said.
The analysts said they would remain buyers, citing the company's potential to grow revenue from more than $6 billion to $10 billion and its pipeline of 20 ongoing phase 2/3 trials.
RBC has an outperform rating and a $1,025 price target on Argenx.
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