argenx SE delivered an operating profit of $1.1 billion for 2025 – its first ever annual operating profit. This was due to a near doubling of the company’s net sales even as large outlays were made for research and development. A continuous, high level of spending on R&D has enabled the company to expand the scope of a novel target for llama-derived antibodies for autoimmune diseases. The company’s main focus is neurology and the lead product is Vyvgart (efgartigimod), which has three approved indications. This same product is being investigated in six registrational studies, two of which are in neurology, one each in haematology and endocrinology and two in rheumatology. The company has a second clinical stage product with a different mechanism of action and five others in early clinical and preclinical development.
argenx reported product sales of $4.2 billion in 2025, nearly double the $2.2 billion for the previous year. The operating profit of $1.1 billion followed a year earlier operating loss of $21.6 million. In both years the company spent a large proportion of sales on R&D. In 2025 this percentage was 33% and in 2024 it was 45%. Net profit for 2025 was $1.29 billion after a profit of $833 million the previous year.
Founded in 2008, argenx has described its strategy as ‘building a pipeline from a product.’ Vyvgart, which is sold in both intravenous and subcutaneous formulations, accounted for virtually all of the sales. The product is sold globally for the treatment of generalised myasthenia gravis, a chronic autoimmune neuromuscular disease and for chronic inflammatory demyelinating polyneuropathy, where the immune system attacks the myelin sheaths of peripheral nerves causing chronic weakness. Vyvgart is also approved in Japan for primary immune thrombocytopenia, an autoimmune disorder characterised by low platelet counts. Vyvgart works by targeting the neonatal Fc receptor (FcRn) which normally recycles immunoglobuline G (IgG) and maintains its long half-life. By blocking IgG recycling, it accelerates the clearance of circulating IgG, including pathogenic autoantibodies.
The second clinical-stage product, empasiprubart targets a protein in the complement system to reduce tissue inflammation. This product is in two registrational studies for neurology indications. By the end of 2026, argenx said the pipeline will include four Phase 3 molecules and a total of 10 in clinical development.
On 5 January, the company announced that its founding chief executive Tim Van Hauwermeiren, will become a non-executive director and chairman of the board of directors. He will be succeeded as CEO by Karen Massey, currently the chief operating officer. The transition is scheduled to take place on 6 May.
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