We came across a bullish thesis on argenx SE in the Lux Opes Research Substack. In this article we will summarize the bulls’ thesis on ARGX. The argenx SE stock was trading at $833.16 as of January 26. ARGX’s trailing and forward P/E were 35.64 and 27.93 respectively, according to Yahoo Finance.
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argenx SE, a commercial-stage biopharmaceutical company, develops various therapies for the treatment of autoimmune diseases in the United States, Japan, China, the Netherlands and internationally. ARGX has entered 2026 with strong momentum, building on the huge success of VYVGART, which generated over $4.1 billion in 2025, almost double the previous year.
Growth has been driven by continued acceptance of generalized myasthenia gravis (GGM) and chronic inflammatory demyelinating polyneuropathy (CIDP), with the launch of a prefilled syringe facilitating administration and expanding adoption across geographies and indications.
VYVGART is no longer a successful launch; has evolved into a durable franchise with multiple levers to drive further growth. Management is now focused on systematically expanding the target patient population rather than simply demonstrating demand. Key priorities for 2026 include expanding VYVGART’s global presence and extending its reach to additional indications such as seronegative and ocular MG, immune thrombocytopenia, myositis and Sjögren’s disease, each of which offer incremental optionality rather than binary risk.
Argenx is also committed to championing and advancing its leadership in FcRn biology through next-generation molecules, combination strategies and new delivery formats, including an autoinjector planned for 2027 that could deepen adoption for chronic use. Beyond VYVGART, the company is building a strong pipeline, with approximately ten registration studies underway and ten molecules in clinical development by the end of the year, including first-in-class programs such as empasiprubart, with a pivotal readout in multifocal motor neuropathy expected by the end of 2026, and ARGX-121 in IgA nephropathy.
Argenx has successfully transitioned from a single-asset biotech to a platform-driven commercial organization, where VYVGART provides scale, cash flow and credibility, and the growing portfolio reduces concentration risk while broadening the growth runway. With continued execution, Argenx is increasingly positioned as a long-duration immunology compound with multiple opportunities for sustained value creation.