Abstract
Argenx SE will report quarterly results on January 12, 2026, Pre-Market, with consensus pointing to revenue of 12.83 hundred million US dollars and adjusted EPS of 5.77, following a prior quarter that delivered 11.51 hundred million US dollars in revenue, a 59.61% gross margin, and an adjusted EPS of 5.18.Market Forecast
Consensus expectations for the current quarter indicate revenue of 12.83 hundred million US dollars, up 81.79% year-over-year, EBIT of 4.11 hundred million US dollars with year-over-year growth of 385.53%, and adjusted EPS of 5.77, reflecting year-over-year growth of 338.14%. Margin forecasts are not disclosed in the available datasets, but the previous quarter’s margin framework provides helpful context for modeling.Main business highlights center on Product sales, which contributed 11.27 hundred million US dollars last quarter, accounting for 97.88% of total revenue; the scale achieved by this revenue stream supports visibility into the near-term trajectory. Product sales are also the most promising segment in the near term; last quarter’s revenue of 11.27 hundred million US dollars was accompanied by total company revenue growth of 95.51% year-over-year, and the current quarter’s total revenue is projected to rise 81.79% year-over-year, indicating sustained momentum.
Last Quarter Review
Argenx SE delivered revenue of 11.51 hundred million US dollars, a gross profit margin of 59.61%, GAAP net profit attributable to the parent company of 3.44 hundred million US dollars, a net profit margin of 29.90%, and adjusted EPS of 5.18, up 272.66% year-over-year. Results topped consensus, with a revenue surprise of 1.05 hundred million US dollars, an EPS surprise of 0.79, and quarter-on-quarter net profit growth of 40.31%. Product sales generated 11.27 hundred million US dollars, accounting for 97.88% of total revenue, alongside company-level revenue growth of 95.51% year-over-year, underscoring commercial momentum versus the prior-year base.Current Quarter Outlook
Main Business: Product Sales
Product sales remain the central driver of Argenx SE’s income statement, with last quarter’s 11.27 hundred million US dollars representing 97.88% of total revenue and providing a solid foundation for assessing the current quarter’s setup. The market’s revenue projection of 12.83 hundred million US dollars, up 81.79% year-over-year, implies continued expansion of the same core revenue engine rather than a shift toward ancillary lines. In this context, last quarter’s gross profit margin of 59.61% becomes a critical anchor for expectations; maintaining a similar margin range would help translate top-line growth into robust operating performance. With adjusted EPS forecast at 5.77, up 338.14% year-over-year, models implicitly assume operating leverage from higher scale, where cost-of-goods and fixed overheads dilute as revenue increases. The previous quarter’s net profit margin of 29.90% suggests that the company’s cost structure already supports meaningful profitability at current scale; if revenue hits projections and cost intensity remains consistent, the earnings algorithm should benefit from mix efficiencies within Product sales. Sequential net profit growth of 40.31% last quarter indicates an accelerating trend into the current period, and consensus EBIT of 4.11 hundred million US dollars underwrites expectations for margin resilience through the quarter. As such, the main business is set up to be the primary contributor to both revenue and earnings outperformance if realized, with the performance envelope defined predominantly by volume and mix dynamics inside the Product sales category.Most Promising Business: Product Sales Momentum and Mix
The most promising segment for near-term growth remains Product sales, given its dominance in the revenue mix and its demonstrated scalability in the prior quarter. With last quarter revenue at 11.27 hundred million US dollars and total company revenue growth of 95.51% year-over-year, the run-rate suggests a capacity to sustain high double-digit year-over-year growth as the enterprise executes its commercial plans. The current quarter’s total revenue projection of 12.83 hundred million US dollars, up 81.79% year-over-year, reflects expectations that the momentum within Product sales will persist, even as the base becomes larger. Operating leverage is visible in consensus EPS growth of 338.14% year-over-year, implying a faster rate of earnings growth than revenue, typically linked to favorable product and geographic mix and disciplined cost scaling. The EBIT estimate of 4.11 hundred million US dollars reinforces the view that profitability should expand alongside top-line growth despite incremental investments, provided gross margin remains broadly stable around the recent 59.61% reference point. In practical terms, the revenue dominance of Product sales provides limited dilution from smaller lines, keeping consolidated margin behavior largely tied to the economics of the principal portfolio. If revenue arrives near projections and margin dynamics mirror last quarter, the segment’s contribution should drive both earnings quality and cash generation trends that support the current valuation framework.Key Stock Price Drivers This Quarter
The most immediate stock price drivers this quarter are the degree of revenue beat or miss versus the 12.83 hundred million US dollars consensus, the trajectory of adjusted EPS versus the 5.77 benchmark, and the commentary around margin sustainability relative to the 59.61% gross profit margin and 29.90% net profit margin posted last quarter. Delivering revenue growth of 81.79% year-over-year while maintaining or modestly expanding gross margin would likely affirm the thesis of scale-driven operating leverage implied by the 338.14% adjusted EPS growth estimate. Conversely, any notable margin compression could temper the earnings translation even if top-line meets expectations, which would be a focal point for models that embed a 4.11 hundred million US dollars EBIT outlook. Another pivotal factor is the read-through from last quarter’s revenue and EPS surprises—1.05 hundred million US dollars and 0.79, respectively—into how management frames the demand environment and operational execution during the update. Sequential net profit growth of 40.31% in the prior quarter sets a strong baseline; maintaining that pace or demonstrating consistency in sequential performance would be viewed favorably for earnings quality. Finally, how management characterizes the spend cadence on operating expenses relative to revenue should inform the durability of margin trends, as consensus assumes that scale effects continue to outweigh investment intensity in the near term. The magnitude and balance of these elements—top-line trajectory, margin stability, and operating leverage—will likely define the immediate market reaction to the print.Analyst Opinions
The balance of institutional views collected in the recent period is decisively bullish, with a five-to-zero ratio in favor of Buy recommendations. Evercore ISI maintained a Buy rating with a price target of 910.00 US dollars, highlighting confidence in the earnings and cash-flow profile supported by the scale of Product sales. RBC Capital reiterated a Buy rating with a price target of 860.00 US dollars, indicating positive conviction in the company’s ability to sustain high double-digit year-over-year revenue growth and translate it into earnings power. Goldman Sachs maintained a Buy rating with a price target of 916.00 US dollars, signaling support for the operating leverage thesis reflected in the consensus EPS growth of 338.14% year-over-year and the EBIT projection of 4.11 hundred million US dollars. Wedbush reiterated a Buy rating with a price target of 800.00 US dollars, aligning with the view that last quarter’s gross profit margin of 59.61%, net profit margin of 29.90%, and revenue mix dominated by Product sales offer a favorable setup for margin resilience. Leerink Partners reaffirmed a Buy rating with a price target of 780.00 US dollars, reinforcing the perspective that high year-over-year revenue growth—95.51% in the prior quarter and an estimated 81.79% this quarter—supports continued earnings expansion.These bullish opinions cohere around a common observation: the enterprise’s top-line scale and margin framework provide a clear path for sustained earnings growth if operational execution remains consistent. The prior quarter’s outperformance, characterized by a 1.05 hundred million US dollars revenue surprise and a 0.79 EPS surprise, supplies empirical support for this coordinated view. The weight of consensus numbers—12.83 hundred million US dollars revenue, 4.11 hundred million US dollars EBIT, and 5.77 adjusted EPS—highlights that expectations are anchored to substantial year-over-year acceleration, driven almost entirely by Product sales. Analysts in the bullish camp see potential for upside if margins land near the last quarter’s 59.61% gross margin and 29.90% net margin while revenue meets or exceeds projections. The conviction expressed in price targets from 780.00 US dollars to 916.00 US dollars suggests that the market is prepared to validate ongoing operating leverage, as long as the balance of growth and profitability holds. Taken together, the majority view is that Argenx SE’s current-quarter setup aligns with the prior quarter’s demonstrated momentum and supports the case for durable earnings translation from its principal revenue stream in the near term.
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