Abstract
Argenx SE will report financial results on February 26, 2026 Pre-Market; this preview outlines consensus expectations for revenue, earnings and margins, recaps last quarter’s performance, evaluates anticipated drivers and risks for the quarter, and synthesizes recent institutional commentary and ratings into a majority view.Market Forecast
Consensus for the current quarter points to revenue of $1.29 billion, a forecast year-over-year increase of 82.85%, with estimated EPS of 5.73 implying year-over-year growth of 335.69% and estimated EBIT of $419.85 million implying year-over-year growth of 396.54%. Forecasts do not specify a gross margin or net margin, and there is no formal net income guidance disclosed; the current view centers on strong top-line expansion with significant operating leverage.The main business—product sales—remains the core earnings engine, with expectations anchored in continued uptake and broader availability of the company’s lead therapy and new market expansions. The most promising growth avenue remains the expansion of core product sales, which contributed $1.13 billion last quarter and benefited from a company-wide revenue growth rate of 95.51% year-over-year.
Last Quarter Review
Argenx SE delivered last quarter revenue of $1.15 billion, a gross profit margin of 59.61%, GAAP net profit attributable to the parent company of $344.00 million, a net profit margin of 29.90%, and adjusted EPS of 5.18, with year-over-year growth of 95.51% for revenue and 272.66% for adjusted EPS.A key financial highlight was net profit quarter-on-quarter growth of 40.31%, reflecting operating scale on a rapidly expanding revenue base. The main business highlight was that product sales generated $1.13 billion, representing 97.88% of total revenue, while company-wide revenue increased 95.51% year-over-year.
Current Quarter Outlook (with major analytical insights)
Main business: Product sales momentum and execution through the quarter
The company’s core revenue stream—product sales—accounted for $1.13 billion last quarter, or 97.88% of total revenue, underscoring that the trajectory of this single line item will largely set the tone for the print and guidance. Consensus looks for $1.29 billion in revenue this quarter, an 82.85% year-over-year increase, and much of that uplift is expected to be driven by continued demand for the company’s lead therapy across approved markets and formulations. Management’s commentary will be important on patient starts, persistency, and any shifts in gross-to-net dynamics, particularly as broader payer coverage and channel flows can influence quarter-to-quarter variability despite a strong underlying demand curve. Operationally, the last quarter’s 59.61% gross margin and 29.90% net margin provide a benchmark for how incremental volume can translate into profitability this quarter. Investors will be looking for evidence of operating leverage consistent with consensus estimates, which imply a 396.54% year-over-year jump in EBIT to $419.85 million and a 335.69% rise in EPS to 5.73. Executional details—such as continued geographic rollout, physician adoption patterns, and supply chain cadence—will be closely parsed to determine whether the company can sustain past scaling efficiencies and whether any seasonal or one-off factors might shape the revenue and margin profile into the first half of 2026.Most promising growth area: Indication and population expansion around the core franchise
The largest incremental growth opportunity over the near-to-medium term remains label and population expansion around the core franchise. The recent acceptance for priority review in the US for a supplemental submission addressing acetylcholine receptor antibody seronegative generalized myasthenia gravis (with a Prescription Drug User Fee Act target date of May 10, 2026) indicates ongoing regulatory momentum. While the decision falls after this quarter, management’s color on how this and related programs could shape 2026 patient reach and ramp dynamics will likely influence the earnings-day narrative and the stock’s post-report reaction. Given that product sales represented 97.88% of last quarter’s revenue base, the top-line uplift expected this quarter (82.85% year-over-year at the consolidated level) effectively reflects momentum within this same commercial engine. The investment case for this quarter’s print will hinge on whether management signals continued expansion in addressable populations and pace of conversion from diagnosis to treatment. Moreover, commentary on channel inventory, wholesaler stocking patterns, and step edits from payers can affect the translation of demand into recognized revenue over a single reporting period, which investors will weigh against a multi-quarter trajectory that remains the primary focus of institutional models.Key stock price drivers this quarter: Top-line vs. margin mix, pipeline updates, and leadership transition
The first determinant of stock reaction will be the gap between reported results and consensus on revenue and EPS. With consensus implying significant acceleration in EBIT and EPS growth alongside a strong revenue print, the market is implicitly expecting continued margin tailwinds from scale. If gross margin deviates from last quarter’s 59.61% benchmark (up or down) due to mix, access programs, or gross-to-net adjustments, the EPS sensitivity could be meaningful given the operating leverage embedded in models. Pipeline disclosures are the second determinant, especially given the recent discontinuation of a phase 3 program in thyroid eye disease on futility guidance in December 2025. Investors will seek clarity on timing and expectations for upcoming late-stage readouts and on how management is allocating resources among the most commercially attractive opportunities. The regulatory milestone scheduled for May 10, 2026 for the seronegative population is a positive forward marker; any incremental visibility on submission strategies, study recruitment, or upcoming label-expansion catalysts will help refine 2026 revenue run-rate assumptions. Leadership transition is the third determinant. The planned appointment of Karen Massey as CEO and the transition of the outgoing CEO to non-executive chairman, subject to shareholder approval on May 6, 2026, will likely prompt questions about strategic continuity through 2026. The market will look for steady execution signals: maintaining commercial focus, prioritizing late-stage programs with the clearest paths to value, and preserving operating discipline that supported last quarter’s 29.90% net margin and 40.31% quarter-on-quarter net profit growth. Clear guidance and reaffirmation of commercial priorities would be supportive for sentiment into mid-2026.Analyst Opinions
The majority of recent published views are bullish, with at least six Buy ratings and two Neutral ratings during the last six months, indicating approximately a 75% bullish skew. The positive camp emphasizes sustained commercial momentum, substantial operating leverage, and a meaningful catalyst path that could broaden the patient pool in 2026, while the neutral voices flag recent pipeline variability and the need for continued execution to meet elevated expectations.Jefferies reaffirmed a Buy rating in mid-February with a $980.00 price target, highlighting the durability of the core commercial ramp and implying confidence that near-term revenue and EPS can track or exceed heightened estimates. The firm’s focus on operating leverage aligns with consensus expectations for EBIT to reach $419.85 million this quarter, a 396.54% year-over-year gain embedded in current forecasts. The Jefferies view effectively frames the quarter as a test of scalability: whether revenue expansion converts into proportionately larger profits, and whether any quarter-specific gross-to-net movements are transitory rather than structural.
Evercore ISI also reiterated a Buy stance (late December) with a $910.00 price target, pointing to continued expansion in the core franchise as the primary driver of 2026 earnings power. Their thesis leans on the consistency of patient demand drivers and an expanding access footprint, supporting the expectation that EPS can grow substantially—consensus implies 335.69% year-over-year growth for this quarter. Evercore’s work suggests that, while quarter-to-quarter noise is possible, the broader trajectory remains favorable if management can sustain patient starts and persistency at recent levels.
RBC Capital has maintained an Outperform rating, most recently paired with an $860.00 target ahead of year-end, arguing that strong commercial fundamentals and upcoming regulatory and clinical catalysts support upward bias to estimates. RBC’s stance coheres with revenue consensus at $1.29 billion for the quarter, an 82.85% increase year-over-year; they highlight that any incremental visibility on broadening the addressable patient population could catalyze further upgrades. RBC’s perspective also underscores the importance of commentary around payer coverage and access, which will influence the sustainability of high top-line growth.
Goldman Sachs retained its Buy rating in late autumn with a $916.00 target, focusing on the quality of revenue growth and the incremental margin profile as the revenue base scales. In this context, last quarter’s 59.61% gross margin and 29.90% net margin are important reference points; Goldman’s constructive stance implies confidence that costs and rebates are well-managed as volumes increase. For this print, Goldman sees the balance of risks as tilted to the upside if management can corroborate strong patient metrics and signal stable gross-to-net trends.
Wedbush reiterated a Buy rating with an $800.00 target in October, discussing the embedded operating leverage and commercial execution. Their framework aligns with the view that as long as product sales continue to dominate the revenue mix—97.88% of last quarter—incremental volumes should have an outsized effect on profitability. The Wedbush thesis suggests that even modest top-line outperformance could translate into a meaningful EPS beat if operating expenses scale in line with plan.
Leerink Partners reiterated a Buy with a $780.00 target in October, focusing on the depth of the commercial opportunity and the potential for indication expansion to extend the growth runway. While the discontinuation of the thyroid eye disease trial in December introduces near-term pipeline noise, the majority of analysts have framed it as a program-specific outcome rather than a change to the core commercial thesis. In this context, the upcoming US regulatory decision for the seronegative population (targeted for May 10, 2026) remains a notable milestone that could underpin 2026 growth if approved.
Balancing these views, the majority buy-side and sell-side stance is that this quarter’s result will be assessed through the dual lenses of top-line delivery and margin translation. The bullish case contends that consensus already acknowledges strong growth, but execution on gross margin and OPEX control can still surprise positively given recent net margin performance and quarter-on-quarter net profit growth of 40.31% last quarter. Furthermore, management’s guidance and qualitative commentary on the commercial trajectory, access environment, and label-expansion roadmap may carry more weight than the print itself, as investors calibrate 2026 revenue and EPS trajectories.
In summary, the predominant institutional opinion is bullish. The expected 82.85% year-over-year revenue increase to $1.29 billion, coupled with forecast EPS growth of 335.69% and EBIT growth of 396.54%, sets up a high bar. If Argenx SE confirms sustained product sales momentum, provides steady margin commentary against the 59.61% gross margin reference point, and offers constructive color on upcoming regulatory milestones and portfolio prioritization, the majority view anticipates a supportive outcome for the shares.
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