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argenx is a premier hyper-growth biotech firm transitioning to a commercial powerhouse. Its lead asset, VYVGART, is rapidly becoming the standard of care in generalized Myasthenia Gravis (gMG) and is successfully expanding into CIDP. The 'pipeline-in-a-product' strategy provides a long-duration growth profile with multiple multi-billion dollar indication opportunities. Fair value range: low $654, high $2709, with mid-point at $1486.
Stock analysis

ARGX fair value $654–$2,709

By StockMarketAgent.AI team· supervised by
تحلیل شد: 2026-05-20به‌روزرسانی بعدی: 2026-08-20Methodology v2.4Data cut-off: Quality gate: passSources: all material sources passed deterministic freshness/provenance gatesReview: automatedArchetype: Hyper-growth
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قیمت
$797.77
▲ +688.71 (+86.33%)
ارزش منصفانه
$1486
$654–$2709
رتبه‌بندی
خرید قوی
confidence 82/100
پتانسیل رشد
+86.3%
upside to fair value
حاشیه ایمنی
$1263.51
MoS level · 15%
ارزش بازار
$49.9B
P/E fwd 21.8
منبع انگلیسیFA
منبع انگلیسی تا زمان ترجمه نمایش داده می‌شود
این گزارش هنوز ترجمه نشده است. پس از چند دقیقه، زمانی که صف ترجمه به‌روز شد، صفحه را تازه کنید.

§1 خلاصه اجرایی

  • Commercial-stage status with visible traction in gMG/CIDP provides a reliable valuation floor.
  • Robust pipeline diversity reduces binary outcome risk compared to single-asset biotechs.
  • Forward earnings captures the massive earnings reset expected as assets reach peak penetration.
Fair value
$1,486
Margin of safety
+46.3%
Confidence
82/100
Moat
6.5/10

Educational analysis only — not financial advice. Always do your own due diligence.

$797.77Price
Low $654.18
Mid $1,486.48
High $2,709.48

argenx is a premier hyper-growth biotech firm transitioning to a commercial powerhouse. Its lead asset, VYVGART, is rapidly becoming the standard of care in generalized Myasthenia Gravis (gMG) and is successfully expanding into CIDP. The 'pipeline-in-a-product' strategy provides a long-duration growth profile with multiple multi-billion dollar indication opportunities.

  • IP-protected antibody platform
    IP-protected antibody platform
  • Pipeline-in-a-product strategy
    Pipeline-in-a-product strategy
  • Cycle upside
    High demand for specialized autoimmune therapeutic platforms.

§2 سناریوی نزولی

In a sustained high-cost environment where CIDP expansion falters, valuation relies entirely on established gMG revenues.

چگونگی شکست این تز

FcRn Class Competition

· Medium

Next-generation competitors outcompete on pricing or efficacy, eroding market share.

FV impact
Severe

Secondary Indication Failures

· Low

Regulatory delays or clinical failures across 3+ secondary indications cap revenue.

FV impact
Moderate

Margin Compression

· Medium

Failure to cross 15% operating margins by FY2027 due to sustained high SG&A.

FV impact
Moderate
سیگنال‌های هشدار اولیه برای پایش
معیارفعلیآستانه فعال‌سازی
Operating margins failing to cross 15% by FY2027.MonitorDeterioration versus the report thesis
Regulatory rejection in secondary indications.MonitorDeterioration versus the report thesis
Clinical failure across more than 3 secondary indications.MonitorDeterioration versus the report thesis
Loss of market share in gMG to competitors.MonitorDeterioration versus the report thesis
Sustained increase in SG&A without revenue growth.MonitorDeterioration versus the report thesis

§3 تاریخچه مالی

صورت سود و زیان — شش دوره اخیر
ردیفT−0T−1T−2T−3نرخ رشد سالانه مرکب
دوره2022-12-312023-12-312024-12-312025-12-31Trend
درآمد$410.7M$1.23B$2.19B$4.15B+116.2%
سود ناخالص$381.3M$1.11B$1.96B$3.70B+113.3%
سود عملیاتی$-723.9M$-420.6M$-17.8M$1.05B—
سود خالص$-709.6M$-295.1M$833.0M$1.29B—
EPS (رقیق‌شده)$-13.05$-5.16$12.78$19.57—
EBITDA$-622.8M$-192.3M$105.2M$1.31B—
تحقیق و توسعه$663.4M$859.5M$983.4M$1.36B+27.2%
هزینه‌های عمومی و فروش$469.9M$709.5M$1.05B$1.36B+42.5%

امتیازات کیفیت

OCF / سود خالص
0.53×
>۱ نشان‌دهنده کیفیت بالای سود
دروازه کیفیت حسابداری
Fail
دروازه تعدیل‌شده بخشی
ROIC
13.8%
بازده سرمایه‌گذاری‌شده
بخش ۳

Numbers analysis

جریان نقدی

Cash-flow quality is reflected in the OCFOperating cash flowCash generated from the company's core operations after working-capital changes but before capital expenditures. The first line of the cash-flow statement. / net incomeNet IncomeNet Income is an income-statement line item used to reconcile revenue to operating profit, pre-tax income, net income, or per-share earnings. It should be compared across periods and against peer disclosure conventions., accounting-quality, and ROICROICReturn on invested capital. Operating profit (after tax) divided by invested capital. The single best gauge of capital-efficiency. Spread over WACC = economic value created. rows above.

تخصیص سرمایه

Capital allocation should be evaluated against reinvestment needs, balance-sheet strength, and shareholder returns.

مشترکان فردی — از §۴ به بعد11 بخش بیشتر

تحلیل کامل را بخوانید — 11 بخش بیشتر.

Competitive moat, industry cycle, peer comparison, intrinsic valuation, sensitivity, scenarios, earnings decision tree, position management, investor perspectives, scorecard, and final recommendation.

گزارش کامل برای هر نماد تحت پوشش
بایگانی ۲۴ ماه رتبه‌بندی
بریفینگ‌های فهرست مشاهده + هشدارهای تغییر رتبه
خروجی PDF + DOCX به هر زبان
شروع آزمایش رایگان
قابل لغو در هر زمان.
REVENUE FAQ

ARGX revenue questions

  1. ARGX (ARGX)'s revenue growth is reported year-over-year across the most recent five fiscal years, with the deceleration or acceleration curve called out in the numbers-analysis subsection of the parent financials tab.

FAQ

ARGX — frequently asked questions

  1. Based on our latest analysis, ARGX looks meaningfully undervalued. The current price is $798 versus a composite fair-value midpoint of $1486 (range $654–$2709), which implies roughly 86.3% upside to the midpoint.

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Same archetype: hyper-growth