argenx SE (ARGX): A Bull Case Theory 

We came across a bullish thesis on argenx SE on Lux Opes Research’s Substack. In this article, we will summarize the bulls’ thesis on ARGX. argenx SE’s share was trading at $833.16 as of January 26th. ARGX’s trailing and forward P/E were 35.64 and 27.93 respectively according to Yahoo Finance.

argenx SE, a commercial-stage biopharma 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 blockbuster success of VYVGART, which generated over $4.1 billion in 2025, nearly doubling year-on-year.

The growth has been driven by continued uptake in generalized myasthenia gravis (gMG) and chronic inflammatory demyelinating polyneuropathy (CIDP), with the rollout of a prefilled syringe easing administration and expanding adoption across geographies and indications.

VYVGART is no longer a one-off launch success; it has evolved into a durable franchise with multiple levers to drive further growth. Management is now focused on systematically expanding the addressable patient population rather than merely proving demand. Key priorities for 2026 include broadening VYVGART’s global footprint and extending its reach into additional indications such as seronegative and ocular MG, immune thrombocytopenia, myositis, and Sjögren’s disease, each offering incremental optionality rather than binary risk.

Argenx is also committed to defending and advancing its leadership in FcRn biology through next-generation molecules, combination strategies, and new delivery formats, including a planned autoinjector in 2027 that could deepen chronic use adoption. Beyond VYVGART, the company is building a robust pipeline, with approximately ten registrational studies ongoing and ten molecules in clinical development by year-end, including first-in-class programs such as empasiprubart, with a pivotal multifocal motor neuropathy readout expected in late 2026, and ARGX-121 in IgA nephropathy.

Argenx has successfully transitioned from a single-asset biotech into a platform-driven commercial organization, where VYVGART provides scale, cash flow, and credibility, and the growing pipeline reduces concentration risk while extending the growth runway. With continued execution, Argenx is increasingly positioned as a long-duration immunology compounder with multiple opportunities for sustained value creation.

Previously, we covered a bullish thesis on argenx SE (ARGX) by FluentInQuality in May 2025, which highlighted VYVGART’s durable revenue potential, the FcRn platform expansion, and Argenx’s transition into a platform biotech. ARGX’s stock price has appreciated by approximately 32% since our coverage due to strong launch execution and global adoption. Lux Opes Research shares a similar perspective but emphasizes 2025 blockbuster sales and next-generation pipeline growth.

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Disclosure: None.