Upside case
Bull case
$465-42.5%
The bull case prices ARGX at 18x on FY1 earnings, assuming continued execution and no meaningful deceleration in the core business.
Analysis OverviewBuyUpdated May 1, 2026
argenx SE (ARGX) Stock Analysis
Wall Street verdict, consensus price target, and analyst rating breakdown — everything needed to frame the risk/reward at today's price.
Analyst consensus
Buy
Covering
36
analysts
31 bullish · 0 bearish · 36 covering ARGX
Strong Buy
1
Buy
30
Hold
5
Sell
0
Strong Sell
0
Consensus Target
$1052
+30.3% vs today
Scenario Range
$131551 – $465
Model bear to bull value window
Coverage
36
Published analyst ratings
Valuation Context
30.7x
Forward P/E · Market cap $50.0B
ARGX price targets
Three scenarios for where ARGX stock could go
Current
~$808
Confidence
41 / 100
Updated
May 1, 2026
Where we are now
Current · $808
Bear
$131551
Base
$2643
Bull
$465
Market caseClosest to today
Base case
$2643+227.2%
At 101x on FY1 earnings, the base case reflects a reasonable but not stretched valuation. It prices in continued growth without assuming an exceptional setup.
Stress case
Bear case
$131551+16190.1%
The bear case assumes sentiment or fundamentals disappoint enough to push ARGX down roughly 16190% from the current price.
Not financial advice. Model confidence reflects internal scenario assumptions, not a guarantee of returns. Past performance does not predict future results.
argenx SE
ARGX · NASDAQHealthcareBiotechnologyDecember year-end
argenx is a biotechnology company that develops antibody-based therapies for autoimmune diseases. It generates nearly all its revenue from VYVGART — its FcRn blocker for conditions like myasthenia gravis — with additional income from partnerships and licensing. The company's key advantage is its proprietary antibody engineering platform that creates differentiated therapies with potentially better safety and efficacy profiles.
Market Cap
$50.0B
Revenue TTM
$4.0B
Net Income TTM
$923M
Net Margin
23.3%
ARGX Revenue and Earnings Performance
Quarterly beat-or-miss track record against analyst estimates, plus forward revenue and EPS outlook for the next two fiscal years.
EPS Beat Rate
86%Exceptional
12 quarters tracked
Revenue Beat Rate
80%Exceptional
vs consensus estimates
Avg EPS Surprise
+223.8%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q1 2025
Q2 2025
Q4 2025
Q1 2026
Last 4 Quarters
EPS beats: 3 of 4Q1 2025
EPS
$2.58/—
Revenue
$791M/—
Q2 2025
EPS
$2.58/$0.98
Revenue
$1.3B/$862M
Q4 2025
EPS
$5.18/$4.37
Revenue
$948M/$1.3B
Q1 2026
EPS
$8.02/$5.41
Revenue
$2.4B/$1.3B
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| Q1 2025 | $2.58/— | — | $791M/— | — |
| Q2 2025 | $2.58/$0.98 | +163.3% | $1.3B/$862M | +56.2% |
| Q4 2025 | $5.18/$4.37 | +18.5% | $948M/$1.3B | -25.7% |
| Q1 2026 | $8.02/$5.41 | +48.2% | $2.4B/$1.3B | +79.6% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$5.6B
+41.8% YoY
FY2
$7.2B
+28.5% YoY
EPS Outlook
FY1
$32.48
+131.1% YoY
FY2
$41.82
+28.7% YoY
Trailing FCF (TTM)$213M
FCF Margin: 5.4%
Next Earnings
May 7, 2026
Expected EPS
$5.28
Expected Revenue
$1.3B
ARGX beat EPS estimates in 3 of 4 tracked quarters. A strong delivery record supports forward estimate credibility.
ARGX Revenue Breakdown by Segment
Product and geographic revenue mix from the latest annual disclosure, with year-over-year growth by segment.
Latest disclosure
FY 2023
Total disclosed revenue $1.2B
Product Mix
Latest annual revenue by segment or product family
Segment breakdown not available for this company.
Geographic Mix
Latest annual revenue by reported region
United States
87.9%
+177.1% YoY
Tap, hover, or focus a slice to inspect segment detail.
United States is the largest reported region at 87.9%, up 177.1% YoY.
ARGX Valuation Snapshot
Current multiples compared to the S&P 500, the company's sector, and its own five-year average.
Relative Value Signal
Overvalued
Fair value est. $607 — implies -22.6% from today's price.
Premium to Fair Value
22.6%
above fair value
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
ARGX
63.2x
vs
S&P 500
25.2x
+150% premium
vs Healthcare Trailing P/E
ARGX
63.2x
vs
Healthcare
22.1x
+185% premium
vs ARGX 5Y Avg P/E
Today
63.2x
vs
5Y Average
48.1x
+31% premium
Forward PE
30.7x
S&P 500
19.1x
+61%
Healthcare
19.0x
+61%
5Y Avg
—
—
Trailing PE
63.2x
S&P 500
25.2x
+150%
Healthcare
22.1x
+185%
5Y Avg
48.1x
+31%
PEG Ratio
—
S&P 500
1.75x
—
Healthcare
1.52x
—
5Y Avg
—
—
EV/EBITDA
—
S&P 500
15.3x
—
Healthcare
14.1x
—
5Y Avg
—
—
Price/FCF
—
S&P 500
21.3x
—
Healthcare
18.7x
—
5Y Avg
—
—
Price/Sales
22.8x
S&P 500
3.1x
+628%
Healthcare
2.8x
+701%
5Y Avg
24.0x
-5%
Dividend Yield
—
S&P 500
1.88%
—
Healthcare
1.40%
—
5Y Avg
—
—
| Metric | ARGX | S&P 500 | Healthcare | 5Y Avg ARGX |
|---|---|---|---|---|
| Forward PE | 30.7x | 19.1x+61% | 19.0x+61% | — |
| Trailing PE | 63.2x | 25.2x+150% | 22.1x+185% | 48.1x+31% |
| PEG Ratio | — | 1.75x | 1.52x | — |
| EV/EBITDA | — | 15.3x | 14.1x | — |
| Price/FCF | — | 21.3x | 18.7x | — |
| Price/Sales | 22.8x | 3.1x+628% | 2.8x+701% | 24.0x |
| Dividend Yield | — | 1.88% | 1.40% | — |
ARGX trades above S&P 500 benchmarks on 3 of 3 measured multiples — commands a broad premium across most valuation dimensions.
Forward P/E and PEG reflect analyst consensus estimates. Historical averages use trailing ratios where forward data is unavailable.S&P 500 and sector benchmarks both use trailing median P/E — similar readings indicate the broader index and sector are priced alike.
Open valuation toolARGX Financial Health
Verdict
Adequate
Key financial metrics for ARGX are shown below.
Cash Engine
Revenue, margins, and cash generation
Revenue (TTM)
Trailing-twelve-month sales base
$4.0B
Revenue Growth
TTM vs prior year
+335.2%
Gross Margin
Gross profit as a share of revenue
75.5%
Operating Margin
Operating income divided by revenue
-1.0%
Net Margin
Net income divided by revenue
23.3%
EPS (TTM)
Diluted earnings per share, trailing twelve months
$14.06
Free Cash Flow (TTM)
Cash generation after capex
$213M
FCF Margin
FCF as share of revenue — the primary cash quality signal
5.4%
Capital Quality
ROIC, leverage, and debt serviceability
ROIC
Return on invested capital — primary competitive quality signal
-0.5%
ROA
Return on assets, trailing twelve months
12.9%
Cash & Equivalents
Liquid assets on the balance sheet
$1.5B
Net Cash
Cash exceeds total debt — no net leverage
$1.5B
Debt Serviceability
Net debt as a multiple of annual free cash flow
Net cash ✓
ROE *
Return on equity, trailing twelve months
15.1%
* Elevated by buyback-compressed equity — compare ROIC (-0.5%) for an undistorted picture of capital efficiency.
Shareholder Returns
How capital is returned to owners
Total shareholder yield
0.0%
Dividend
—
Buyback
0.0%
Share Repurchases
Trailing buyback outflow — dollar magnitude of capital returned
$0
Dividend / Share
Annualized trailing dividend per share
—
Payout Ratio
Share of earnings distributed as dividends
—
Shares Outstanding
Current diluted share count
65M
All figures from the trailing twelve months. ROIC uses invested capital (equity + net debt). ROE marked * where buyback-compressed equity base may inflate the figure.
Open full ratios pageARGX Stock Risk Factors
Key factors that could pressure the stock price, compress the multiple, or weigh on future results.
AI analysis · updated April 11, 2026
High Risk
Pipeline & Trial Risk
Argenx’s growth hinges on the success of its flagship molecule efgartigimod across multiple indications. A failure or significant delay in any key registrational or proof‑of‑concept study could materially erode future revenue streams and valuation.
High Risk
Regulatory Safety Signal
The FDA has flagged a serious safety signal for Vyvgart (efgartigimod alfa and hyaluronidase‑qvfc), noting a severe worsening of chronic inflammatory demyelinating polyradiculoneuropathy (CIDP). Potential regulatory actions—ranging from label updates to restrictions—could impact market access and sales.
Medium
Global Regulatory Hurdles
Argenx faces complex regulatory and reimbursement landscapes in new markets. Navigating differing healthcare systems increases the risk of delays or denial of market entry, affecting international growth.
Medium
Competitive Landscape
The autoimmune disease market is crowded with other FcRn blockers and emerging biosimilars. Intensifying competition could erode market share and compress margins.
Medium
Valuation Concerns
The stock trades near the top of its 52‑week range and its valuation multiples are stretched compared to peers, suggesting market enthusiasm may outpace fundamentals.
Medium
Negative Operating Cash Flow
Despite recent profitability, Argenx has posted negative operating cash flow, raising concerns about liquidity and the need for future capital infusions.
These are risk mechanisms, not predictions. The key question is which would force a cut to earnings estimates or a lower multiple than the market currently prices in.
Why ARGX Stock Could Outperform
Structural drivers behind the upside case and why the stock could outperform over the next 12 months.
AI analysis · updated April 11, 2026
Strong Commercial Momentum
Vyvgart is projected to generate over $4.1 billion in net sales in 2025, a 90% year‑over‑year increase, and the company achieved its first annual operating profitability in 2025 with an operating profit of $1.1 billion. By the end of 2025, approximately 19,000 patients are on treatment, underscoring the product’s rapid adoption.
Expanding Pipeline & Indications
Argenx plans to have four Phase 3 molecules and a total of ten molecules in clinical development by the end of 2026, with key candidates empasiprubart and adimanebart targeting autoimmune indications. The Vision 2030 strategy aims to treat 50,000 patients globally, secure 10 labeled indications, and advance five pipeline candidates into Phase 3 by 2030.
Innovative SIMPLE Antibody™ Platform
The proprietary SIMPLE Antibody™ technology platform enables the engineering of differentiated therapeutic antibodies, positioning argenx to address severe autoimmune diseases by harnessing the body’s immune system.
Robust Cash Position
As of Q3 2024, argenx holds $3.4 billion in cash, providing financial flexibility to invest in innovation, pipeline development, and business expansion.
Strategic Partnerships
Collaborations with major firms such as AbbVie, Zai Lab, LEO Pharma, and Genmab enhance argenx’s research capabilities and broaden its market reach, supporting both commercial and pipeline growth.
A real bull case compounds — each driver matters most when it strengthens margins, supports capital returns, and keeps the company above the market's minimum growth bar simultaneously.
ARGX Stock Price Performance
52-week range context and price returns across multiple time horizons. Dividend contribution is shown separately in the Capital Return section.
Current Price
$807.55
52W Range Position
70%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$510.06
+58.3% from the low
52-Week High
$934.62
-13.6% from the high
1 Month
+7.93%
3 Month
-0.48%
YTD
-3.9%
1 Year
+31.3%
3Y CAGR
+25.8%
5Y CAGR
+25.6%
10Y CAGR
+42.7%
Range context matters because valuation compression and earnings misses rarely hit from the same starting point. A stock already far below its high can still fall, but it is no longer carrying the same embedded optimism as one pressing a fresh peak.
ARGX vs Peers
Valuation, growth, and margin comparison against the closest publicly traded peers for this company.
Peer Set
Accurate peer set
Forward PE
30.7x
vs 12.7x median
+142% above peer median
Revenue Growth
+41.8%
vs +15.7% median
+166% above peer median
Net Margin
23.3%
vs 3.0% median
+684% above peer median
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
ARG ARGX argenx SE | $50.0B | 30.7x | +41.8% | 23.3% | Buy | +30.3% |
RAR RARE Ultragenyx Pharmaceutical Inc. | $2.5B | — | +16.6% | -91.0% | Buy | +98.6% |
ALN ALNY Alnylam Pharmaceuticals, Inc. | $40.4B | 45.2x | +33.2% | 13.5% | Buy | +47.1% |
SRP SRPT Sarepta Therapeutics, Inc. | $2.4B | 7.7x | +15.7% | 3.0% | Buy | +6.9% |
BMR BMRN BioMarin Pharmaceutical Inc. | $10.5B | 12.7x | +12.9% | 8.3% | Buy | +64.2% |
ION IONS Ionis Pharmaceuticals, Inc. | $12.7B | — | +15.0% | -30.9% | Buy | +39.6% |
This peer comparison reflects companies with similar business models, product lines, or market positioning, supplemented by industry grouping when direct matches are limited.
FAQ
7 questionsARGX Investor Questions
Common questions answered from live analyst data and company financials.
01Is argenx SE (ARGX) stock a buy or sell in 2026?
argenx SE (ARGX) is rated Buy by Wall Street analysts as of 2026. Of 36 analysts covering the stock, 31 rate it Buy or Strong Buy, 5 rate it Hold, and 0 rate it Sell or Strong Sell. The consensus 12-month price target is $1052, implying +30.3% from the current price of $808. The bear case scenario is $131551 and the bull case is $465.
02What is the ARGX stock price target for 2026?
The Wall Street consensus price target for ARGX is $1052 based on 36 analyst estimates. The high-end target is $1317 (+63.1% from today), and the low-end target is $858 (+6.2%). The base case model target is $2643.
03Is argenx SE (ARGX) stock overvalued in 2026?
ARGX trades at 30.7x times forward earnings. The stock trades at a notable premium to the broad market, which is typical for businesses with strong free cash flow and above-average growth expectations. Based on current multiples versus the peer group, the relative model signals overvalued. Whether the stock is over or undervalued ultimately depends on whether consensus earnings estimates are achievable.
04What are the main risks for argenx SE (ARGX) stock in 2026?
The primary risks for ARGX in 2026 are: (1) Pipeline & Trial Risk — Argenx’s growth hinges on the success of its flagship molecule efgartigimod across multiple indications. (2) Regulatory Safety Signal — The FDA has flagged a serious safety signal for Vyvgart (efgartigimod alfa and hyaluronidase‑qvfc), noting a severe worsening of chronic inflammatory demyelinating polyradiculoneuropathy (CIDP). (3) Global Regulatory Hurdles — Argenx faces complex regulatory and reimbursement landscapes in new markets. Each factor has the potential to pressure earnings or compress the stock's valuation multiple.
05What is argenx SE's revenue and earnings forecast?
Analyst consensus estimates ARGX will report consensus revenue of $5.6B (+41.8% year-over-year) and EPS of $32.48 (+131.1% year-over-year) for the upcoming fiscal year. The following year, analysts project $7.2B in revenue.
06When does argenx SE (ARGX) report its next earnings?
argenx SE is expected to report its next earnings on approximately 2026-05-07. Consensus expects EPS of $5.28 and revenue of $1.3B. Over recent quarters, ARGX has beaten EPS estimates 86% of the time.
07How much free cash flow does argenx SE generate?
argenx SE (ARGX) generated $213M in free cash flow over the trailing twelve months — a free cash flow margin of 5.4%. ARGX returns capital to shareholders through and share repurchases ($0 TTM).