argenx SE

VYVGART treats chronic autoimmune conditions (gMG, CIDP) where patients remain on therapy indefinitely, creating strong repeat-purchase dynamics, but revenue is fully transactional rather than contractual. The company guided $5.93B for FY2026 from a FY2025 base of $4.25B, providing directional visibility, though forward predictability is lower than subscription-model peers.

Essentially all FY2025 net product sales derived from VYVGART (efgartigimod), with three approved indications (gMG and CIDP globally; ITP in Japan) all representing the same molecule. Ten pipeline programs including empasiprubart and adimanebart are in clinical development but generate no commercial revenue.

The US accounted for approximately 84.6% of Q4 2025 product revenue at $1.087B per quarter, with Japan ($63M) and rest-of-world ($110M) growing but remaining small contributors. The business is substantially concentrated on US payer decisions, reimbursement, and pricing dynamics.

argenx delivered $1.1B in operating profit in FY2025 on $4.25B revenue, its first profitable year, demonstrating operating leverage as incremental VYVGART volume scales across a largely fixed commercial infrastructure. Sustained investment in 10 clinical-stage programs and four planned Phase 3 molecules will keep R&D spending elevated, moderating near-term margin improvement.

VYVGART addresses debilitating chronic autoimmune diseases (gMG, CIDP) where patients rarely discontinue therapy, creating durable repeat-purchase rates characteristic of mission-critical specialty biologics. Revenue is fully transactional (per infusion or injection dispensing) with no subscription structure, distinguishing it from software-like recurring revenue models.