Upside case
Bull case
$1635+86.3%
ARGX would need investors to value it at roughly 61x earnings — about 28x more generous than today's 33x forward P/E. That requires meaningful multiple expansion on top of continued earnings growth.
Analysis OverviewBuyUpdated Jun 18, 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
$1137
+29.5% vs today
Scenario Range
$782 – $1635
Model bear to bull value window
Coverage
36
Published analyst ratings
Valuation Context
33.0x
Forward P/E · Market cap $54.3B
ARGX price targets
Three scenarios for where ARGX stock could go
Current
~$878
Confidence
61 / 100
Updated
Jun 18, 2026
Where we are now
Current · $878
Bear
$782
Base
$1241
Bull
$1635
Market caseClosest to today
Base case
$1241+41.4%
At 47x 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
$782-10.9%
If investor confidence fades or macro conditions deteriorate, a 4x multiple contraction could push ARGX down roughly 11% from where it trades now.
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
$54.3B
Revenue TTM
$4.5B
Net Income TTM
$1.4B
Net Margin
32.1%
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
71%Exceptional
12 quarters tracked
Revenue Beat Rate
83%Exceptional
vs consensus estimates
Avg EPS Surprise
+211.9%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q2 2025
Q4 2025
Q1 2026
Q2 2026
Last 4 Quarters
EPS beats: 3 of 4Q2 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
Q2 2026
EPS
$5.90/$6.27
Revenue
$2.4B/$1.4B
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| 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% |
| Q2 2026 | $5.90/$6.27 | -5.9% | $2.4B/$1.4B | +66.1% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$5.6B
+23.5% YoY
FY2
$6.8B
+23.0% YoY
EPS Outlook
FY1
$20.92
-4.1% YoY
FY2
$27.58
+31.8% YoY
Trailing FCF (TTM)$755M
FCF Margin: 16.8%
Next Earnings
July 23, 2026
Expected EPS
$5.86
Expected Revenue
$1.4B
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 2025
Total disclosed revenue $4.2B
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
85.1%
YoY unavailable
Tap, hover, or focus a slice to inspect segment detail.
UNITED STATES is the largest reported region at 85.1%, with no year-over-year comparison yet.
ARGX Valuation Snapshot
Current multiples compared to the S&P 500, the company's sector, and its own five-year average.
Relative Value Signal
Expensive versus peers
Fair value est. $567 — implies -35.4% from today's price.
Premium to Fair Value
35.4%
above fair value
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
ARGX
44.7x
vs
S&P 500
24.4x
+83% premium
vs Healthcare Trailing P/E
ARGX
44.7x
vs
Healthcare
22.1x
+102% premium
vs ARGX 5Y Avg P/E
Today
44.7x
vs
5Y Average
45.5x
In line with benchmark
Forward PE
33.0x
S&P 500
18.8x
+75%
Healthcare
18.3x
+80%
5Y Avg
—
—
Trailing PE
44.7x
S&P 500
24.4x
+83%
Healthcare
22.1x
+102%
5Y Avg
45.5x
-2%
PEG Ratio
—
S&P 500
1.66x
—
Healthcare
1.59x
—
5Y Avg
—
—
EV/EBITDA
47.0x
S&P 500
15.2x
+209%
Healthcare
14.2x
+231%
5Y Avg
48.1x
-2%
Price/FCF
64.3x
S&P 500
20.7x
+211%
Healthcare
18.5x
+247%
5Y Avg
65.8x
-2%
Price/Sales
13.1x
S&P 500
3.1x
+323%
Healthcare
2.6x
+396%
5Y Avg
21.3x
-39%
Dividend Yield
—
S&P 500
1.91%
—
Healthcare
1.50%
—
5Y Avg
—
—
| Metric | ARGX | S&P 500 | Healthcare | 5Y Avg ARGX |
|---|---|---|---|---|
| Forward PE | 33.0x | 18.8x+75% | 18.3x+80% | — |
| Trailing PE | 44.7x | 24.4x+83% | 22.1x+102% | 45.5x |
| PEG Ratio | — | 1.66x | 1.59x | — |
| EV/EBITDA | 47.0x | 15.2x+209% | 14.2x+231% | 48.1x |
| Price/FCF | 64.3x | 20.7x+211% | 18.5x+247% | 65.8x |
| Price/Sales | 13.1x | 3.1x+323% | 2.6x+396% | 21.3x-39% |
| Dividend Yield | — | 1.91% | 1.50% | — |
ARGX trades above S&P 500 benchmarks on 5 of 5 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
Exceptional
ARGX generates $755M in free cash flow at a 16.8% margin — 19.9% ROIC signals a durable competitive advantage.
Cash Engine
Revenue, margins, and cash generation
Revenue (TTM)
Trailing-twelve-month sales base
$4.5B
Revenue Growth
TTM vs prior year
+174.0%
Gross Margin
Gross profit as a share of revenue
88.5%
Operating Margin
Operating income divided by revenue
12.8%
Net Margin
Net income divided by revenue
32.1%
EPS (TTM)
Diluted earnings per share, trailing twelve months
$21.82
Free Cash Flow (TTM)
Cash generation after capex
$755M
FCF Margin
FCF as share of revenue — the primary cash quality signal
16.8%
Capital Quality
ROIC, leverage, and debt serviceability
ROIC
Return on invested capital — primary competitive quality signal
19.9%
ROA
Return on assets, trailing twelve months
21.5%
Cash & Equivalents
Liquid assets on the balance sheet
$3.5B
Net Cash
Cash exceeds total debt — no net leverage
$3.4B
Debt Serviceability
Net debt as a multiple of annual free cash flow
Net cash ✓
ROE
Return on equity, trailing twelve months
24.9%
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
62M
All figures from the trailing twelve months. ROIC uses invested capital (equity + net debt).
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 June 17, 2026
Medium
Pipeline execution risk
argenx's 2026 outlook depends on successful execution of Phase 3 programs and clinical assets, which carries inherent development risks.
High Risk
VYVGART commercialization risk
The company's growth trajectory relies heavily on VYVGART label expansions and market adoption, which faces competition and reimbursement challenges.
Medium
FcRn innovation uncertainty
argenx's focus on FcRn innovation as a strategic priority carries scientific and clinical development risks in a competitive immunology landscape.
Lower
Stock price volatility
AI models and analyst forecasts show wide price target ranges for 2026, indicating potential market uncertainty and volatility.
Medium
Immunology competition
As a specialist in antibody therapies for immunology, argenx faces intense competition from larger pharma companies with similar pipelines.
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 June 17, 2026
Blockbuster therapy success
VYVGART generated over $4.1 billion in 2025, nearly doubling year-on-year, showcasing strong revenue growth.
Clinical data efficacy
New clinical data presented at the 2026 American Academy of Neurology meeting demonstrated VYVGART's efficacy in treating ocular myasthenia gravis and broader MG subtypes.
Global market presence
argenx SE operates in key international markets including the United States, Japan, China, and the Netherlands, enhancing its revenue potential.
Innovation ecosystem
The company's antibody innovation ecosystem fosters collaboration between scientists and engineers to accelerate discovery of novel targets and disease pathways.
Strong financial metrics
With trailing and forward P/E ratios of 35.64 and 27.93 respectively, argenx SE shows robust valuation metrics.
Autoimmune disease focus
Specializing in antibody therapies for autoimmune diseases, argenx SE addresses a high-demand therapeutic area with significant growth potential.
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
$877.72
52W Range Position
87%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$510.06
+72.1% from the low
52-Week High
$934.62
-6.1% from the high
1 Month
+13.07%
3 Month
+28.18%
YTD
+4.5%
1 Year
+63.2%
3Y CAGR
+29.8%
5Y CAGR
+22.5%
10Y CAGR
+43.9%
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
33.0x
vs 11.1x median
+198% above peer median
Revenue Growth
+23.5%
vs +15.3% median
+53% above peer median
Net Margin
32.1%
vs 3.0% median
+979% above peer median
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
ARG ARGX argenx SE | $54.3B | 33.0x | +23.5% | 32.1% | Buy | +29.5% |
RAR RARE Ultragenyx Pharmaceutical Inc. | $2.7B | — | +15.3% | -91.0% | Buy | +76.2% |
ALN ALNY Alnylam Pharmaceuticals, Inc. | $37.1B | 37.1x | +25.1% | 13.5% | Buy | +63.4% |
SRP SRPT Sarepta Therapeutics, Inc. | $1.9B | 5.0x | +9.3% | 3.0% | Buy | +43.4% |
BMR BMRN BioMarin Pharmaceutical Inc. | $10.5B | 11.1x | +19.2% | 8.3% | Buy | +64.4% |
ION IONS Ionis Pharmaceuticals, Inc. | $12.2B | — | +8.7% | -30.9% | Buy | +47.7% |
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 $1137, implying +29.5% from the current price of $878. The bear case scenario is $782 and the bull case is $1635.
02What is the ARGX stock price target for 2026?
The Wall Street consensus price target for ARGX is $1137 based on 36 analyst estimates. The high-end target is $1291 (+47.1% from today), and the low-end target is $940 (+7.1%). The base case model target is $1241.
03Is argenx SE (ARGX) stock overvalued in 2026?
ARGX trades at 33.0x 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 expensive versus peers. 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) VYVGART commercialization risk — The company's growth trajectory relies heavily on VYVGART label expansions and market adoption, which faces competition and reimbursement challenges. (2) Pipeline execution risk — argenx's 2026 outlook depends on successful execution of Phase 3 programs and clinical assets, which carries inherent development risks. (3) FcRn innovation uncertainty — argenx's focus on FcRn innovation as a strategic priority carries scientific and clinical development risks in a competitive immunology landscape. 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 (+23.5% year-over-year) and EPS of $20.92 (-4.1% year-over-year) for the upcoming fiscal year. The following year, analysts project $6.8B in revenue.
06When does argenx SE (ARGX) report its next earnings?
argenx SE is expected to report its next earnings on approximately 2026-07-23. Consensus expects EPS of $5.86 and revenue of $1.4B. Over recent quarters, ARGX has beaten EPS estimates 71% of the time.
07How much free cash flow does argenx SE generate?
argenx SE (ARGX) generated $755M in free cash flow over the trailing twelve months — a free cash flow margin of 16.8%. ARGX returns capital to shareholders through and share repurchases ($0 TTM).