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argenx SE (ARGX)

被高估
HealthcareBiotechnologyNetherlands

基本面

57

价格

$943.45

市值

$60.20B

第一部分 · 这家公司值多少

概览

argenx is a Dutch-Belgian biotechnology company built around one drug family, sold under the brand Vyvgart, that blocks a protein the immune system uses to keep harmful antibodies in circulation. That mechanism treats a growing list of rare autoimmune diseases, starting with a form of myasthenia gravis, a disease that weakens muscles, and expanding into other conditions where the immune system attacks the body's own tissue.

盈利方式

Nearly all revenue comes from selling Vyvgart, in an infused or a self-injectable form, to patients through hospitals, specialty pharmacies and health systems across the United States, Europe and Japan. As a biologic drug for a rare disease, it is priced high per patient and carries very high gross margins; growth now comes mainly from approvals in new indications and new countries rather than from a broader product line.

护城河

专利与许可 · 狭窄

argenx holds patents around its specific antibody and its manufacturing process, and being first to market with an approved drug in each new indication is itself an advantage. But it is not alone: a direct rival already sells a competing drug using the same biological mechanism, and others are in development, so the protection rests on execution and patent life rather than on a durable structural edge.

需求驱动因素

防御型

Demand is driven by diagnosis and treatment of chronic autoimmune diseases, which does not track the economic cycle. It instead depends on how many new patients start treatment, how many indications get regulatory approval, and whether health systems agree to reimburse the drug at its price.

主要风险

  • Dependence on a single drug franchise — Nearly all revenue comes from the Vyvgart franchise. A safety issue, a manufacturing problem, or slower-than-expected adoption in any major indication would affect most of the company's results at once.
  • Competition targeting the same mechanism — A rival company already markets a competing drug that blocks the same protein, and other companies have similar drugs in development, which can pressure both prices and market share.
  • Eventual biosimilar competition — Once patent and regulatory exclusivity expire, biosimilar versions of the drug can enter the market, as regulatory frameworks for biosimilars in autoimmune disease continue to develop.

看多理由

Buyers argue that Vyvgart's mechanism can be extended into a long list of additional autoimmune diseases beyond myasthenia gravis, that being first to market with regulatory approval in each new indication builds a durable prescribing habit among specialists, and that revenue has grown very quickly as new markets and indications open.

看空理由

Sellers fear that a company this dependent on one drug family is fragile to any single setback, that a rival already selling a drug with the same mechanism can erode pricing and share before argenx diversifies its pipeline, and that today's growth rate will be hard to sustain once the easiest new-indication approvals are behind it.

Written by the editors, published on 2026年8月18日

Direct competitors

Who this company fights with for the same customers

Compare

Generated on 2026年8月23日 with claude-opus-5 — shared with all users

P/E: 30.7Score: 63Market cap: $655.37B

Its FcRn blocker Imaavy (nipocalimab) targets the same generalized myasthenia gravis and CIDP patients that the Vyvgart franchise depends on, with a label covering both anti-AChR and anti-MuSK antibody-positive patients.

P/E: —Score: 39Market cap: $6.98B

A pure-play FcRn developer whose batoclimab and next-generation IMVT-1402 are aimed at the same autoimmune indications argenx has built its franchise on, and which argenx itself flags as a near-term competitive risk.

P/E: 24.6Score: 61Market cap: $255.21B

Through Alexion it sells Soliris and Ultomiris (ravulizumab), the complement inhibitors that were the standard specialty treatment in generalized myasthenia gravis before Vyvgart and still compete for the same prescriptions.

P/E: 26.2Score: 74Market cap: $219.52B

Its CD19-targeted B-cell therapy Uplizna (inebilizumab) is approved for generalized myasthenia gravis in the US and Europe and competes on convenience with twice-yearly dosing against Vyvgart's cycles.

UCB SAUCB

UCB fields two approved myasthenia gravis drugs against Vyvgart — the FcRn blocker Rystiggo (rozanolixizumab) and the complement inhibitor Zilbrysq (zilucoplan) — competing for the same neurologists and the same patients in the US and Europe.

Takeda Pharmaceutical Company Limited (武田薬品工業)4502

Its immunoglobulin products, including HyQvia approved for CIDP, hold the treatment slot that Vyvgart Hytrulo is designed to take over in that indication.

资产负债表与流动性

营收

$5.23B

最近12个月(截至2026/6/30)

净利润

$1.72B

最近12个月(截至2026/6/30)

自由现金流

$762M

股东权益合计

$337M

负债合计

$47M

流动比率

5.12

利息覆盖率

-

债务/EBITDA

0.03

每股收益

营收与净利润

自由现金流

收入构成

历史财务表

利润率变化

债务变化

债务负担有多重

增长一览表

增长 — 营业收入

公允价值估算

一般情形被高估

公允价值

$699.80

当前价格

$943.45

安全边际

-34.8%

公允价值区间

$454.87 - $944.73

所用估值方法之间的离散区间,并非经过统计校准的置信区间。

估算方法

分析师目标价:$1180.61
现金流折现法(DCF):$156.40
市盈率法(P/E):$718.04
格雷厄姆成长公式:$432.89
盈利能力价值(EPV):$221.20
合理市净率(P/B):$222.95
股息折现模型(戈登模型):数据不足,无法计算
P/FFO(运营资金):数据不足,无法计算
周期中段收益:数据不足,无法计算
市销率法(P/S):$510.37
分析师共识:强力买入 (22B / 3H / 0S)
最近财报超预期:+16.53%

估值指标

市盈率(P/E)

35.96

ROE

23.6%

市净率(P/B)

178.73

P/FCF

79.02

毛利率

59.1%

ROIC

350.0%

盈利能力雷达图

价值创造(经济护城河)

ROIC异常值

ROIC

350.0%

WACC

13.1%

ROIC − WACC

+337.0 pp

ROIC 超过资本成本:公司正在为股东创造价值。

基本面分析标准

通过(12)

  • Price CAGR 35.09%
  • ROIC 350.0%
  • Gross Margin 59.1%
  • Debt/Equity ratio
  • Positive Free Cash Flow
  • Current Ratio
  • Debt/EBITDA
  • ROE 22.4%
  • Revenue Growth 5Y 151.5%
  • Analyst Consensus 88% Buy
  • Earnings Surprise avg 16.4%
  • Earnings Quality (OCF/NI) 0.75

未通过(6)

  • P/FCF 79.02
  • P/B Ratio 178.73
  • CapEx intensity
  • DCF valuation (Overvalued)
  • Net Margin Trend 30.4% vs 37.0%
  • Piotroski F-Score 1/9

不可用(9)

  • EPS data insufficient
  • Dividend Payout NaN%
  • Operating Margin NaN%
  • Interest Coverage
  • Return on Tangible Assets
  • Low reliance on intangibles
  • Price below Graham Number
  • PEG Ratio (need PE > 0 and growth > 0)
  • Share Dilution (missing shares data)

Piotroski F-评分

1/9

存在严重财务隐患

score
criteria

盈利质量

0.75

中等:利润与现金之间存在一定差距

股权稀释

-

正在回购股份,对股东友好

机构持股

公司治理

管理团队

姓名职位年龄
Mr. Timothy Van Hauwermeiren EMBA, M.Sc.Co-Founder & Non-Independent Non-Executive Chairman of the Board53
Ms. Karen MasseyCEO & Executive Director46
Mr. Karl GubitzChief Financial Officer55
Dr. Peter UlrichtsChief Scientific Officer45
Ms. Malini MoorthyGeneral Counsel & Corporate Secretary55
Mr. Arjen Lemmen M.Sc.VP of Corporate Development & Strategy40
Ms. Andria WilkGlobal Head of Quality52
Dr. Luc TruyenChief Medical Officer60
Prof. Hans de Haard Ir, Ph.D.Co-Founder & Member of Board Advisors65
Mr. Filip BorgionsChief Technology Innovation Officer-

第二部分 · 价格与买入时机

这一部分不判断公司是否值得拥有:它帮助你在基本面说服你之后,选择何时买入。包含:技术分析、潜力、历史回撤、Gamma 敞口。

Latest News

Recent headlines for ARGX, sourced from Markets Gazette.

  • 8/21/2026POSITIVE
    Europe Has Its Own Biotech Star as Argenx Soars on Trial Success

    Argenx SE shares surged following positive results from a Phase 3 trial for its experimental drug, empasireg, in treating a rare autoimmune disorder. The trial met its primary endpoint, demonstrating a statistically significant improvement in patient outcomes compared to placebo. This success positions empasireg for potential regulatory approval and commercialization, significantly boosting argenx's pipeline and future revenue prospects. The strong trial data is a key catalyst, reinforcing argenx's position as a leading European biotech firm and attracting investor attention to its growth potential.

  • 8/17/2026POSITIVE
    Argenx Soars on Latest Trial Success for Autoimmune Drug Vyvgart

    Argenx SE experienced a significant share price increase following the announcement of successful late-stage clinical trial results for its autoimmune disease drug, Vyvgart. The positive outcome from this large-scale trial bolsters confidence in the drug's efficacy and market potential, suggesting strong future revenue streams for the company. Investors are likely to view this development favorably, as it solidifies Vyvgart's position as a blockbuster treatment and reinforces argenx's pipeline strength. This success could lead to upward price target revisions and increased institutional interest.

  • 5/25/2026POSITIVE
    Here's How Much $1000 Invested In argenx 5 Years Ago Would Be Worth Today

    An investment of $1000 in argenx SE five years ago would have yielded a substantial return, growing to approximately $3,500 today. This significant appreciation highlights the company's strong performance and growth trajectory over the past half-decade. argenx, a global immunology company, has seen its stock price surge, driven by the successful development and commercialization of its innovative therapies, particularly in the rare disease space. Investors who held the stock have benefited from the company's pipeline advancements and market penetration, underscoring its potential as a long-term growth investment.

  • 3/25/2026POSITIVE
    $100 Invested In argenx 5 Years Ago Would Be Worth This Much Today

    An investment of $100 in argenx SE five years ago would have yielded a significant return, underscoring the company's strong performance and growth trajectory in the biotechnology sector. While specific figures for the current valuation are not provided in the snippet, the headline implies substantial capital appreciation for shareholders. This suggests successful product development, effective market penetration, and positive clinical trial outcomes, all of which contribute to increased investor confidence and a rising stock price. For potential investors, argenx's historical performance indicates a robust business model and a promising future in the competitive biopharmaceutical landscape.

  • 3/4/2026POSITIVE
    Here's How Much $100 Invested In argenx 5 Years Ago Would Be Worth Today

    An investment of $100 in argenx SE five years ago would be worth approximately $380 today, representing a total return of 280% over that period. This figure highlights the stock's strong performance in the biopharmaceutical sector, driven by therapeutic innovations and product portfolio expansion. For investors, argenx's growth trajectory suggests solid management and continued potential for capital appreciation, especially considering pipeline developments and regulatory approvals.

  • 2/25/2026NEUTRAL
    Insights into argenx's Upcoming Earnings

    Investors in argenx SE (ARGX) are anticipating the company's upcoming earnings report, a pivotal event that could shape the stock's future trajectory. While the announcement provides no specific details or forecasts, market attention will be keenly focused on the biopharmaceutical firm's financial performance. Key data points such as earnings figures, future projections, and updates on clinical progress for pipeline drugs will be crucial for assessing argenx's financial health and growth prospects. The lack of pre-release insights positions this event as a potential catalyst for volatility, with the stock likely to react significantly based on any positive or negative surprises in the reported results.

via Markets Gazette