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Mar 31
Argenx Q1 2025 Earnings Report
argenx reported strong first quarter results with nearly doubled product sales and a return to profitability.
Key Takeaways
argenx delivered robust revenue growth in Q1 2025 with product net sales reaching $790 million and reported a net profit of $169 million, reversing a loss from the previous year. Strong momentum in VYVGART launches and expansion supported commercial performance.
Product net sales grew to $790 million, a 99% increase from Q1 2024.
Reported net income reached $169 million, up from a loss of $62 million in Q1 2024.
Diluted EPS turned positive at $2.58 compared to a loss of $1.04 in Q1 2024.
Global launch of VYVGART-SC PFS and continued pipeline progress supported growth trajectory.
Argenx
Argenx
Argenx Revenue by Segment
Revenue by Segment
VYVGART Franchise Revenue
CapyFin.com Forward Guidance
argenx maintains full-year guidance for combined R&D and SG&A expenses and expects continued momentum from pipeline and product expansion.
Positive Outlook
- VYVGART SC PFS launched in US and Germany, broadening administration options.
- CHMP positive opinion supports further CIDP expansion in Europe.
- Continued clinical momentum across multiple Phase 2 and Phase 3 programs.
- Robust sales growth across all VYVGART indications and geographies.
- Financial guidance for $2.5B in operating expenses reaffirmed.
Challenges Ahead
- Significant R&D and SG&A costs ($668M in Q1) weigh on margins.
- Dependence on success of ongoing and upcoming clinical readouts.
- No revenue breakdown by geography limits regional visibility.
- Profitability improvement partially driven by exchange gains.
- Continued investment in early-stage pipeline impacts short-term earnings.