Argenx profits jump as Vyvgart sales beat forecasts

Belgian-Dutch biotech firm Argenx nearly tripled its quarterly operating profit after strong sales of its rare disease treatment Vyvgart.

Vyvgart generated 1.3 billion dollars (1.1 billion euros) in revenue during the first quarter, up 63 per cent from a year earlier. The figure was slightly above analysts’ expectations.

Operating profit rose sharply to 394 million dollars (335 million euros) from 138.9 million dollars a year ago. Net profit also increased to 366 million dollars.

Vyvgart is used to treat several rare immune-related conditions, including myasthenia gravis, CIDP and ITP. The medicine has now recorded sales growth for 17 consecutive quarters.

The results are the first under new chief executive Karen Massey, who officially took over from Tim Van Hauwermeiren at the company’s shareholder meeting on Wednesday. Van Hauwermeiren, a co-founder of the business, has become chairman after leading the company for 18 years.

Argenx is also awaiting a decision from the US Food and Drug Administration on extending approval for Vyvgart to more patients with myasthenia gravis.

^{#FlandersNewsService | EU and Belgian officials visit argenx in Zwijnaarde, February 2024 © BELGA PHOTO BENOIT DOPPAGNE}