Seronegative Approval Reinforces Vyvgart's MG Positioning

Goldman Sachs maintains its Buy rating on Argenx following FDA approval of Vyvgart for seronegative gMG, which expands the addressable market by 15%. The analysts raised price targets to €850/$1,000, citing Vyvgart's dominant positioning ahead of major 2H26 clinical catalysts.

Key Takeaways

• 1.The FDA approved Vyvgart for seronegative generalized myasthenia gravis (gMG), making it the only FcRn antibody approved for this specific population.
• 2.The approval opens an incremental 15% of the gMG market, adding approximately 11,000 addressable patients in the US.
• 3.Goldman Sachs maintains a Buy rating (on Conviction List) and increased the price targets to €850/$1,000 following the de-risking of the gMG label expansion.

Table of Contents

• Argenx SE (ARGX.BR)
• Key Data
• GS Forecast
• GS Factor Profile
• Ratios & Valuation
• Growth & Margins (%)
• Balance Sheet ($ mn)
• Income Statement ($ mn)
• Cash Flow ($ mn)
• Valuation and risks
• Disclosure Appendix
• GS Factor Profile
• M&A Rank
• Quantum
• Price target and rating history chart(s)
• Target price history table(s)
• Ratings, coverage universe and related definitions
• Global product; distributing entities
• General disclosures

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