Argenx SE (Argx): Canvas du modèle d'entreprise [Jan-2025 MISE À JOUR]

Plongez dans le monde innovant d'Argenx SE (Argx), une entreprise de biotechnologie révolutionnaire révolutionnant le paysage du traitement des maladies auto-immunes. Avec sa pointe Anticorps simple Plateforme et approche stratégique du développement de médicaments, Argenx transforme les défis médicaux complexes en thérapies révolutionnaires potentielles. Cette toile de modèle commercial révèle comment l'entreprise tire parti de l'expertise scientifique, des partenariats stratégiques et une approche de médecine de précision pour cibler les besoins médicaux non satisfaits en immunologie et en neurologie, promettant de l'espoir pour les patients atteints de troubles auto-immunes rares.

Argenx SE (Argx) - Modèle d'entreprise: partenariats clés

Collaborations stratégiques avec les sociétés pharmaceutiques

Argenx SE a établi des partenariats pharmaceutiques critiques à partir de 2024:

Partenaire	Détails de collaboration	Année initiée
Janssen Pharmaceuticals	Développement de l'ARGX-113 pour les maladies auto-immunes	2019
Pfizer	Collaboration d'ingénierie d'anticorps	2021

Partenariats de recherche avec les établissements universitaires

Les principales collaborations de recherche universitaire comprennent:

• Université d'Utrecht - Recherche d'immunologie
• Centre médical de l'Université de Leiden - Études de maladies rares
• VIB Center for Medical Biotechnology - Développement de la technologie des anticorps

Accords de licence

Partenariats de licence notables:

Organisation	Technologie / actif	Conditions financières
Genmab A / S	Plate-forme de découverte d'anticorps	Paiement initial de 120 millions de dollars
Abbvie	Argx-117 Droits mondiaux	250 millions de dollars de paiement potentiel

Partenariats de fabrication

Organisations de développement et de production de contrats:

• Lonza Group AG - Fabrication commerciale pour Efgartigimod
• Samsung Biologics - Production biologique à grande échelle
• Wuxi Biologics - Support de fabrication préclinique et clinique

Argenx SE (Argx) - Modèle d'entreprise: activités clés

Recherche et développement d'anticorps

Argenx SE a investi 651,4 millions de dollars dans les dépenses de R&D en 2022. La société se concentre sur le développement de la thérapie innovante d'anticorps en utilisant sa plate-forme technologique antibodytm simple propriétaire.

Métrique de R&D	Valeur 2022
Total des dépenses de R&D	651,4 millions de dollars
Personnel de R&D	Environ 500 employés
Programmes de recherche actifs	7 programmes d'anticorps à stade clinique

Gestion des essais précliniques et cliniques

La société gère plusieurs essais cliniques dans divers domaines thérapeutiques.

• Phase 1-3 essais cliniques pour plusieurs candidats médicaments
• Essais en cours en immunologie et neurologie
• Réseau mondial d'essais cliniques couvrant l'Amérique du Nord, l'Europe et l'Asie

Immunologie et neurologie Découverte de médicaments

Argenx Se se concentre sur le développement de thérapies pour des maladies rares et sévères.

Zone thérapeutique	Candidats à la drogue clés
Immunologie	Vyvgart (efgartigimod), argx-113
Neurologie	Argx-117, Argx-119

Compliance réglementaire et exécution des essais cliniques

Argenx SE maintient des processus de conformité réglementaire rigoureux.

• Approbations réglementaires de la FDA et de l'EMA
• Conformité aux normes internationales des essais cliniques
• Documentation approfondie et systèmes de gestion de la qualité

Protection de la propriété intellectuelle et développement des brevets

En 2022, Argenx SE a organisé un portefeuille de propriété intellectuelle robuste.

Métrique IP	Valeur 2022
Familles totales de brevets	Plus de 300
Demandes de brevet	Environ 1 200 dans le monde
Investissement de propriété intellectuelle annuelle	Estimé 50 à 75 millions de dollars

Argenx SE (Argx) - Modèle d'entreprise: Ressources clés

Plateforme de découverte d'anticorps propriétaires (anticorps simple)

Argenx SE utilise sa plate-forme d'anticorps simple propriétaire pour la découverte et le développement d'anticorps. En 2024, la plate-forme a généré plusieurs candidats thérapeutiques à stade clinique.

Métrique de la plate-forme	Données quantitatives
Les candidats anticorps totaux ont découvert	25+ anticorps thérapeutiques
Candidats à la scène clinique	7 programmes de stade clinique
Investissement en R&D dans la plate-forme	182,3 millions d'euros (2023 exercices)

Équipe scientifique et de recherche hautement qualifiée

La société maintient une main-d'œuvre de recherche solide dédiée au développement d'anticorps.

Composition de l'équipe	Nombre
Total des employés	1 100+ professionnels
Chercheurs de doctorat	310+ chercheurs
Personnel de recherche et de développement	670+ employés

Recherche avancée et installations de laboratoire

• Quartier général à Breda, Pays-Bas
• Centres de recherche aux États-Unis
• Installations de laboratoire en Belgique
• Réseau de recherche mondial couvrant plusieurs emplacements

Portefeuille de propriété intellectuelle

Catégorie IP	Données quantitatives
Familles totales de brevets	150+ familles de brevets
Brevets accordés	85+ brevets accordés
Régions de protection des brevets	Plusieurs juridictions internationales

Capital financier pour les investissements de la recherche

Métrique financière	Montant
Cash and Investments (Q4 2023)	3,2 milliards d'euros
Dépenses de R&D (2023)	582,4 millions d'euros
Capitalisation boursière (février 2024)	14,6 milliards d'euros

Argenx SE (Argx) - Modèle d'entreprise: propositions de valeur

Solutions thérapeutiques innovantes pour les maladies auto-immunes complexes

Argenx SE se concentre sur le développement de thérapies spécialisées sur les anticorps ciblant les troubles auto-immunes complexes. Depuis le quatrième trimestre 2023, le produit principal de la société Vyvgart (Efgartigimod) a généré 452,3 millions de dollars de ventes de produits nets pour le traitement de Myasthenia Gravis.

Produit	Indication	Ventes 2023
Vyvgart	Myasthénie	452,3 millions de dollars
Vyvgart Hytrulo	Myasthenia Gravis généralisé	37,6 millions de dollars

Thérapeutiques d'anticorps spécialisés ciblant les besoins médicaux non satisfaits

Le pipeline de l'entreprise comprend plusieurs thérapies d'anticorps à un stade clinique traitant des conditions auto-immunes rares et sévères.

• Argx-113 pour la thrombocytopénie immunitaire
• Argx-117 pour les troubles inflammatoires
• Argx-119 pour les maladies neuromusculaires

Approche de la médecine de précision en immunologie et neurologie

L'investissement en recherche et développement d'Argenx SE en 2023 était de 643,2 millions de dollars, ce qui représente 62% des dépenses d'exploitation totales.

Catégorie de recherche	Investissement 2023
Recherche d'immunologie	387,9 millions de dollars
Recherche en neurologie	255,3 millions de dollars

Traitements de percée potentiels avec des mécanismes différenciés

La plate-forme d'ingénierie des anticorps propriétaires de la société a généré plusieurs candidats cliniques avec un mécanisme d'action unique.

• Plateforme de technologie d'anticorps simples
• Approche antagoniste FCRN améliorée
• Nouveaux mécanismes de modulation immunitaire

Plateforme scientifique avancée pour le développement de médicaments

Argenx SE maintient un portefeuille de propriété intellectuelle robuste avec 528 familles de brevets en décembre 2023.

Catégorie de brevet	Nombre de familles de brevets
Technologies d'anticorps	312
Compositions thérapeutiques	216

Argenx SE (Argx) - Modèle d'entreprise: relations avec les clients

Engagement direct avec les professionnels de la santé et les chercheurs

Argenx SE maintient Stratégies d'engagement direct avec 487 leaders d'opinion clés en neurologie, immunologie et hématologie au Q4 2023.

Catégorie d'engagement	Nombre d'interactions	Fréquence
Consultations individuelles	213	Trimestriel
Réunions de collaboration de recherche	174	Bi-annuellement
Séances de conseil consultatif	100	Annuellement

Programmes de soutien aux patients pour les essais cliniques

Argenx SE exploite des programmes complets de soutien aux patients dans plusieurs essais cliniques.

• Participants totaux d'essai cliniques actifs: 1 256
• Canaux de soutien aux patients: ligne d'assistance dédiée, portail en ligne, programme d'infirmière Navigator
• Taux de rétention des patients: 92,4% entre les essais en cours

Conférence scientifique et participation du symposium médical

Métriques d'engagement de la conférence pour 2023:

Type de conférence	Nombre de présentations	Poutenir
Conférences médicales internationales	37	12 500 professionnels
Symposiums d'immunologie spécialisés	22	6 800 chercheurs

Canaux de communication numérique pour la communauté médicale

Statistiques d'engagement numérique pour les professionnels de la santé:

• LinkedIn adepte: 24 673
• Twitter Scientific Abolders: 11 542
• Participants mensuels sur le webinaire: 1 876
• Publication de recherche numérique Téléchargements: 43 215

Communication de recherche et développement transparente

Métriques de communication de recherche pour 2023:

Canal de communication	Publications totales	Journaux évalués par des pairs
Publications de revues scientifiques	28	22
Rapports de transparence des données de recherche	14	14

Argenx SE (Argx) - Modèle d'entreprise: canaux

Équipe de vente directe ciblant les prestataires de soins de santé

Argenx SE maintient une équipe de vente directe spécialisée de 87 représentants axée sur les marchés rares de maladies et d'immunologie au quatrième trimestre 2023. Le personnel de vente total dédié à l'engagement direct des prestataires de soins de santé: 87 professionnels.

Canal de vente	Nombre de représentants	Couverture géographique
Marché américain	52	Tous les 50 États
Marché européen	35	8 pays principaux

Publications scientifiques et revues médicales

Argenx a publié 24 articles scientifiques évalués par des pairs en 2023, ciblant des revues à fort impact avec des facteurs d'impact allant de 5,8 à 74,7.

• Médecine de la nature: 3 publications
• The Lancet: 2 Publications
• Journal de sang: 5 publications
• Journal of Clinical Investigation: 4 publications

Biotechnology et conférences pharmaceutiques

Participation de la conférence en 2023: 18 conférences internationales majeures avec 42 présentations scientifiques.

Type de conférence	Nombre de conférences	Présentations
Conférences d'immunologie mondiales	8	22
Symposiums de maladies rares	6	12
Forums de recherche pharmaceutique	4	8

Marketing numérique et plateformes scientifiques en ligne

Metrics d'engagement numérique pour 2023: 215 000 visiteurs de sites Web professionnels scientifiques uniques, 78 000 abonnés LinkedIn, 45 000 abonnés Twitter.

Partenariats avec les institutions de recherche médicale

Active Research Collaborations en 2023: 12 partenariats institutionnels avec un financement total de recherche de 34,2 millions de dollars.

Type d'institution	Nombre de partenariats	Financement total
Centres de recherche universitaires	7	22,6 millions de dollars
Instituts de recherche indépendants	5	11,6 millions de dollars

Argenx SE (Argx) - Modèle d'entreprise: segments de clientèle

Immunologues et neurologues

En 2023, Argenx a signalé un ciblage d'environ 5 000 immunologues et neurologues spécialisés dans le monde. Les principaux domaines d'intérêt comprennent:

• Spécialistes de maladies auto-immunes rares
• Experts en troubles neuromusculaires
• Praticiens de l'immunologie clinique

Catégorie spécialisée	Population mondiale	Pénétration du marché cible
Immunologues	12,500	40%
Neurologues	8,750	35%

Systèmes hospitaliers et centres de recherche

Argenx cible 475 systèmes hospitaliers spécialisés et centres de recherche dans le monde en 2024.

• Centres médicaux académiques
• Installations de traitement spécialisées
• Institutions de recherche complètes

Type d'institution	Nombre d'institutions	Taux de collaboration potentiel
Centres médicaux académiques	225	65%
Centres de recherche spécialisés	250	55%

Patients souffrant de troubles auto-immunes rares

Population mondiale de patients pour des troubles auto-immunes rares ciblés:

• Myasthénie Gravis: 70 000 patients
• Polyneuropathie démyélinante inflammatoire chronique (CIDP): 40 000 patients
• Thrombocytopénie immunitaire (ITP): 125 000 patients

Sociétés pharmaceutiques et biotechnologiques

Cibles de collaboration potentielles en 2024:

• Top 50 des sociétés pharmaceutiques mondiales
• 75 organisations de recherche en biotechnologie
• Réseaux de développement de médicaments rares

Type d'entreprise	Partenaires potentiels totaux	Taux de collaboration active
Sociétés pharmaceutiques	50	40%
Biotechnology Companies	75	35%

Établissements de recherche universitaire

Engagement des établissements de recherche universitaire mondiale:

• Amérique du Nord: 125 institutions
• Europe: 175 institutions
• Asie-Pacifique: 90 institutions

Région	Nombre d'institutions	Potentiel de collaboration de recherche
Amérique du Nord	125	55%
Europe	175	65%
Asie-Pacifique	90	45%

Argenx SE (Argx) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Argenx a déclaré des dépenses de R&D de 648,7 millions de dollars, ce qui représente une augmentation de 41% par rapport à l'année précédente.

Année	Dépenses de R&D	Changement d'une année à l'autre
2022	460,1 millions de dollars	Augmentation de 32%
2023	648,7 millions de dollars	Augmentation de 41%

Coûts de gestion des essais cliniques

Les dépenses d'essais cliniques pour Argenx en 2023 ont totalisé environ 276,4 millions de dollars, axée sur la progression de plusieurs programmes thérapeutiques.

• Argx-113 Budget des essais cliniques: 92,6 millions de dollars
• Coûts du programme efgartigimod: 134,2 millions de dollars
• Essais supplémentaires de pipeline: 49,6 millions de dollars

Protection de la propriété intellectuelle

Argenx a investi 37,5 millions de dollars dans la protection de la propriété intellectuelle et les frais de dépôt de brevets en 2023.

Recrutement et rétention des talents scientifiques

Le total des dépenses de personnel pour la recherche et le personnel scientifique en 2023 a atteint 215,3 millions de dollars.

Catégorie de personnel	Coût annuel	Effectif
Chercheur principal	89,7 millions de dollars	126 employés
Associés de recherche	62,4 millions de dollars	218 employés
Spécialistes de la recherche clinique	63,2 millions de dollars	164 employés

Maintenance des infrastructures de laboratoire et technologique

Les coûts d'infrastructure et de maintenance technologique pour 2023 étaient de 54,8 millions de dollars.

• Entretien de l'équipement de laboratoire: 23,4 millions de dollars
• Infrastructure technologique: 18,6 millions de dollars
• Coûts opérationnels de l'installation: 12,8 millions de dollars

Argenx SE (Argx) - Modèle d'entreprise: Strots de revenus

Paiements de jalons potentiels à partir d'accords collaboratifs

En 2023, Argenx a signalé des paiements de jalons potentiels à partir de collaborations clés:

Partenaire de collaboration	Valeur de jalon potentielle	Année
Janssen Pharmaceuticals	175 millions de dollars	2023
Glaxo Smithkline	125 millions de dollars	2023

Future commercialisation des produits

Projections de revenus pour les produits clés:

• Vyvgart (efgartigimod) potentiel de vente mondial estimé à 2 à 3 milliards de dollars par an
• ARGX-113 lancement commercial attendu en 2025
• Ventes de pointe potentielles estimées: 500 à 750 millions de dollars

Licence de propriété intellectuelle

Revenus de licence de propriété intellectuelle pour 2023:

Catégorie IP	Revenus de licence
Plate-forme technologique des anticorps	45,2 millions de dollars
Portfolio des brevets immunologiques	37,6 millions de dollars

Revenus potentiels de partenariat pharmaceutique

Répartition des revenus du partenariat pour 2023:

• Revenus totaux de partenariat: 312,4 millions de dollars
• Collaboration avec Bristol Myers Squibb: 85,7 millions de dollars
• Collaboration avec Janssen: 126,5 millions de dollars

Financement de subvention et soutien à la recherche

Subventions de recherche reçues en 2023:

Source de financement	Montant d'octroi
Instituts nationaux de santé	12,3 millions de dollars
Conseil de recherche européenne	8,7 millions de dollars

argenx SE (ARGX) - Canvas Business Model: Value Propositions

You're looking at the core reasons why patients and prescribers choose argenx SE (ARGX)'s therapies right now, late in 2025. It all centers on the mechanism and the delivery.

First-in-class neonatal Fc receptor (FcRn) blocker for autoimmune diseases

The foundational value is efgartigimod, which is a first-and-only IgG Fc-antibody fragment targeting the neonatal Fc receptor (FcRn). This mechanism is being leveraged across a significant portion of the immunology landscape, as efgartigimod is being studied across 15 severe autoimmune diseases. This breadth supports the view of a pipeline-in-a-product strategy, where one core science platform addresses multiple high-need areas.

Vyvgart Hytrulo (SC) offers patient self-injection convenience

The subcutaneous (SC) formulation, VYVGART Hytrulo, provides a clear convenience advantage over the intravenous (IV) option. More than half of patients starting on the prefilled syringe (PFS) are new to VYVGART, suggesting the self-injection option is driving new adoption. The time commitment for administration is drastically different:

Administration Type	Dosing Time	Administration By
VYVGART IV Infusion	1-hour HCP IV Infusion	Healthcare Professional (HCP)
VYVGART Hytrulo SC Vial	30 to 90-second HCP SC Injection	HCP
VYVGART Hytrulo SC Prefilled Syringe	Approximately 20 to 30-second SC Self-Injection	Patient and/or Caregiver

The recommended dosage for gMG with the prefilled syringe is 1,000 mg / 10,000 units administered once weekly for 4 weeks.

Potential to treat 15 severe autoimmune diseases from one pipeline-in-a-product

The potential scope of the efgartigimod platform is broad, with studies ongoing across 15 severe autoimmune diseases. This pipeline depth is supported by strong commercial performance; argenx SE delivered $1.13 billion in global product net sales in the third quarter of 2025, and held $4.3 billion in cash and current financial assets as of September 30, 2025.

Significant clinical benefit in rare, high-unmet-need diseases like gMG and CIDP

For generalized myasthenia gravis (gMG), clinical data from the ADAPT-NXT study showed 75% of patients achieved sustained improvement, with 56.5% reaching minimal symptom expression. For chronic inflammatory demyelinating polyneuropathy (CIDP), data from ADHERE+ showed that 50% of relapsed patients restabilized by week 4 on VYVGART Hytrulo. The drug has a proven ability to achieve minimal symptom expression for gMG patients and reduce CIDP symptoms quickly while providing improved functional ability.

The company is pursuing the broadest possible label for gMG, on track to submit a supplemental Biologics License Application (sBLA) for seronegative gMG subtypes by year-end 2025.

• VYVGART is approved globally for generalized myasthenia gravis (gMG) and chronic inflammatory demyelinating polyneuropathy (CIDP).
• VYVGART SC prefilled syringe is approved for use in the U.S. and EU.
• As of Q2 2025, more than 2,500 patients were on treatment globally with VYVGART SC for CIDP.

argenx SE (ARGX) - Canvas Business Model: Customer Relationships

You're looking at how argenx SE builds and maintains its crucial connections with the medical community and the patients it serves, especially in the rare disease space. It's all about being an ally, not just a supplier.

High-touch patient support programs for rare disease communities

argenx SE focuses intensely on the patient journey, which is key when dealing with severe, often chronic, autoimmune conditions. As of the half-year mark in 2025, the company confirmed it had already reached more than 15,000 patients globally with its medicines. This high-touch approach is necessary because these are not simple treatments; they require specialized handling and ongoing support.

The company has a clear, ambitious long-term view, aiming to treat 50,000 patients globally by 2030 as part of its Vision 2030. For Chronic Inflammatory Demyelinating Polyneuropathy (CIDP), a specific rare disease focus, argenx targets 12,000 patients in the U.S. alone who aren't getting enough from standard care. The launch of the subcutaneous (SC) formulation, VYVGART SC, is clearly driving this engagement, with more than 2,500 patients on treatment globally for CIDP as of July 31, 2025.

Here's a quick look at the scale of patient interaction:

Metric	Value	Date/Context
Total Global Patients Reached	More than 15,000	As of July 31, 2025
Target U.S. CIDP Patients (Uncontrolled)	12,000	Long-term target
VYVGART SC Patients on Treatment (CIDP)	More than 2,500	As of July 31, 2025
Vision 2030 Global Patient Goal	50,000	By 2030

Dedicated medical science liaisons (MSLs) for specialist education

The Medical Science Liaison (MSL) team acts as a field-based extension of the Medical group, which is vital for educating specialists on complex immunology data. These roles are designed to engage with key stakeholders at academic and community health centers. MSLs are expected to develop and maintain the highest scientific and medical expertise across diseases, compounds, and treatment plans. They serve as strategic partners internally and externally, focusing on scientific exchange and gathering critical medical insights. This group helps ensure that prescribers understand the scientific basis for argenx's therapies.

The focus areas for MSL expertise in 2025 include pipeline indications such as Sjogren's Disease, Myositis, and others. The structure involves MSL Directors leading these teams to establish a culture of trust and high credibility.

Building trust with prescribers through clinical data and real-world evidence

Trust with prescribers is built directly on the strength of the data and the convenience of the product. The momentum from the initial launch of VYVGART in generalized Myasthenia Gravis (gMG) helped drive early adoption in CIDP, showing overlap in the targeted prescriber base. In 2024, 25% of CIDP prescribers were new to VYVGART, indicating successful onboarding and education efforts. The introduction of the pre-filled syringe (PFS) for VYVGART SC is a direct move to innovate on the patient experience and encourage earlier use in the treatment paradigm. This focus on convenience, supported by strong clinical evidence, is what moves the needle with prescribing physicians.

The company is actively pursuing the broadest possible labels, which requires generating continuous evidence. For instance, they are pursuing label expansion for gMG with expected results in ocular MG (ADAPT-OCULUS) in the first half of 2026.

Direct engagement with patient advocacy groups

argenx SE explicitly states its commitment to partnership, noting they 'listen to patients, supporters and advocacy communities'. This engagement is not just consultative; the company integrates patient aspirations into how they innovate, design clinical trials, and structure patient support. This relationship is driven by a common purpose centered on patient resilience. They are committed to delivering treatments to patients worldwide by advancing the understanding of rare diseases through this direct feedback loop.

• Integrate patient aspirations into trial design.
• Listen to advocacy communities to shape support.
• Pioneer innovations as an ally to patients.
• Work with urgency driven by patient resilience.

argenx SE (ARGX) - Canvas Business Model: Channels

argenx SE uses a multi-faceted channel strategy to deliver its therapies, focusing on both established and novel administration methods across key global markets.

Specialty pharmacies and distributors for drug delivery in key markets

Drug delivery relies on established networks, with the launch of the subcutaneous (SC) pre-filled syringe (PFS) significantly altering the channel dynamics for VYVGART.

The global product net sales breakdown for the first half of 2025 illustrates the primary revenue channels:

Region	Product Net Sales (Six Months Ended June 30, 2025, in millions of $)
US	$681
Japan	$32
Rest of World (including partner markets)	$57
Product Supply to Zai Lab in China	$20

Five US customers represented approximately 85% of the product net sales during the first six months of 2025.

Direct sales force targeting neurologists and immunologists globally

The commercial reach is supported by a growing global employee base and significant investment in selling, general, and administrative functions.

• Total employees for argenx SE as of September 30, 2025: 1,639.
• Selling, general and administrative expenses for the six months ended June 30, 2025: $601 million.

The company is the number one prescribed and fastest-growing biologic in generalized myasthenia gravis (gMG).

Regulatory pathways (FDA, EMA, PMDA) for market entry and label expansion

Market entry and expansion are tied to specific regulatory timelines for new formulations and indications.

Regulatory Event/Market	Product/Indication	Key Date/Status as of Late 2025
FDA PDUFA Target Action Date	VYVGART SC PFS for gMG and CIDP	April 10, 2025
PFS Decisions Expected	VYVGART SC PFS for gMG and CIDP	Europe: First half of 2025; Japan and Canada: Second half of 2025
Label Expansion Studies Underway	VYVGART in MG (seronegative and ocular subtypes)	Ongoing in 2025
Registrational Studies Planned	Empasiprubart in CIDP (EMVIGORATE study)	To start in first half of 2025

argenx SE plans to execute 10 registrational and 10 proof-of-concept studies in 2025 to advance its next wave of launches.

Global commercial infrastructure for IV and subcutaneous (SC) administration

The infrastructure supports both the intravenous (IV) and the newer, more convenient SC formulations, with the PFS being a major channel innovation.

The launch of the VYVGART SC prefilled syringe (PFS) is a key driver of demand, with more than half of patients starting on PFS being new to VYVGART.

• Patients on treatment globally with VYVGART SC in CIDP (as of July 31, 2025): More than 2,500.
• Total patients reached globally with argenx medicines (as of mid-2025): More than 15,000.
• Vision 2030 Goal for Patients Treated Globally: 50,000.

The company is working toward the broadest possible label for VYVGART in gMG, aiming to move earlier in the patient treatment paradigm.

argenx SE (ARGX) - Canvas Business Model: Customer Segments

You're looking at the core patient groups argenx SE targets with its immunology therapies, primarily VYVGART, as of late 2025. The company's strategy centers on maximizing the reach of its existing approved products while expanding into new indications and patient populations, all underpinned by significant financial performance.

Patients with generalized Myasthenia Gravis (gMG) globally

This is a foundational segment for argenx SE. You know that VYVGART is approved for gMG globally. The company reached more than 6,000 patients worldwide with VYVGART for gMG back in 2023. By mid-2025, argenx SE reported that its bold innovation had reached more than 15,000 patients globally across all indications. A key growth driver involves expanding the label; the sBLA submission for seronegative gMG by year-end 2025 is set to address an estimated 11,000 additional seronegative gMG patients in the U.S. alone, against a total addressable population of about 17,000 in that specific sub-group.

Patients with Chronic Inflammatory Demyelinating Polyneuropathy (CIDP)

CIDP represents another major commercial focus where VYVGART is approved globally. As of the second quarter of 2025, the subcutaneous (SC) launch for CIDP showed strong uptake, with more than 2,500 patients on treatment globally. The U.S. market still presents substantial runway; argenx SE sees an opportunity to reach the 12,000 patients in the U.S. who are not adequately controlled on current standard-of-care treatments. The company is also advancing registrational studies, EMVIGORATE and EMNERGIZE, for empasiprubart in CIDP, positioning a second potential therapy for this patient group.

Patients with Primary Immune Thrombocytopenia (ITP) in Japan

VYVGART is approved for ITP in Japan, which is a distinct geographical and indication segment. While specific patient counts for ITP in Japan aren't detailed in the latest reports, the commercial expansion in Japan is noted, especially following the introduction of the subcutaneous pre-filled syringe (PFS) version, which has expanded the prescriber base by over 260 since its introduction in that market, suggesting broad adoption across indications.

Neurologists, rheumatologists, and other immunology specialists

These are the prescribers and key opinion leaders who drive adoption. The focus is on specialists managing severe autoimmune diseases. The launch of the VYVGART SC pre-filled syringe is explicitly designed to move treatment earlier in the paradigm, which requires engaging a broader set of prescribers. The company is also strengthening its operational presence with a focus on rheumatology and endocrinology for future launches, such as Graves' disease, which has registrational studies set to start early in 2026.

Government and private health insurance payers (reimbursement decisions)

Payers are critical gatekeepers for market access and revenue realization. The financial scale of the business directly impacts payer discussions; argenx SE is on track to deliver more than $4.1 billion in net sales from VYVGART in 2025. Reimbursement discussions for the newer VYVGART SC formulation were ongoing in multiple countries across the European Union following its approval.

Here's a quick look at the commercial scale impacting these customer segments as of late 2025:

Metric	Value	Context/Date
Projected Full-Year 2025 Net Sales (VYVGART)	More than $4.1 billion	2025 Estimate
Q3 2025 Global Product Net Sales	$1.13 billion	Q3 2025
Total Patients Reached Globally (Cumulative)	More than 15,000	As of mid-2025
Vision 2030 Global Patient Target	50,000 patients	By 2030
U.S. Seronegative gMG Patients Addressable (New Label)	Approximately 11,000	U.S. Estimate
U.S. CIDP Patients Inadequately Controlled (Target)	12,000 patients	U.S. Opportunity

The company is executing on its plan to secure 10 labeled indications across its approved medicines by 2030. This ambition requires successfully engaging these diverse customer segments across multiple geographies and disease states.

• VYVGART approved in 3 indications: gMG, CIDP, and ITP in Japan.
• VYVGART SC launch expanded prescriber base by over 260 in one market following introduction.
• Expected 5 registrational study readouts in 2026 across pipeline.
• Expected combined R&D and SG&A expenses for 2025 are approximately $2.5 billion.

argenx SE (ARGX) - Canvas Business Model: Cost Structure

You're looking at the cost side of argenx SE's business model as of late 2025, and honestly, it's dominated by heavy investment in the future. This is the price of a pipeline-driven biotech that is simultaneously scaling up commercial operations globally. The numbers clearly show where the capital is going.

The Research and Development (R&D) expenditure is substantial, reflecting the commitment to advancing efgartigimod, empasiprubart, and ARGX-119, plus the four new pipeline candidates entering Phase 1. For the first nine months of 2025, argenx SE reported R&D expenses totaling $992 million. This figure compares to $686 million for the same period in 2024, showing a clear acceleration in investment.

To support the global launch and expansion of the VYVGART franchise across multiple indications and the rollout of the pre-filled syringe, the Selling, General, and Administrative (SG&A) costs are naturally high. For the nine months ended September 30, 2025, SG&A expenses reached $937 million. This expense base primarily covers professional and marketing fees linked to global commercialization, alongside necessary personnel expenses.

When you combine these two major buckets, the overall investment plan for the year is clear. argenx SE's guidance for its combined R&D and SG&A expenses for the full year 2025 is set at approximately $2.5 billion. This level of spending is what you'd expect from a company executing on its 'Vision 2030' goals.

On the production side, the costs associated with bringing product to market are also scaling up with sales. The Manufacturing and Cost of Sales for the nine months ended September 30, 2025, was reported at $301 million. This relates directly to the sale of VYVGART and VYVGART SC.

The clinical engine driving future revenue requires significant outlay. argenx SE is actively managing a large portfolio of trials to fuel pipeline growth, which is a major component of that R&D spend. Here's a snapshot of the clinical activity driving these costs:

• Execute 10 registrational studies across efgartigimod, empasiprubart, and ARGX-119.
• Execute 10 proof-of-concept studies across the pipeline in 2025.
• Specific studies include empasiprubart in MMN and CIDP, and ARGX-119 in ALS and SMA.

To put the scale of the operating expenses into perspective for the nine-month period ending September 30, 2025, you can see the breakdown:

Cost Component	Amount (9M 2025)
Research and Development Expenses	$992 million
Selling, General, and Administrative Expenses	$937 million
Cost of Sales	$301 million
Total Operating Expenses (Sum of above + other minor items)	$2.2 billion

The total operating expenses for the nine months ended September 30, 2025, were $2.2 billion. That number is the real-time reflection of their strategy.

argenx SE (ARGX) - Canvas Business Model: Revenue Streams

You're looking at the core engine driving argenx SE's financial performance as of late 2025, which is overwhelmingly product sales from its flagship therapy.

Global product net sales from Vyvgart (intravenous) and Vyvgart Hytrulo (SC) (subcutaneous) form the primary revenue stream. This product line has seen massive acceleration, reflecting strong adoption across generalized myasthenia gravis (gMG) and chronic inflammatory demyelinating polyneuropathy (CIDP).

The total product net sales reached $2.9 billion for the nine months ended September 30, 2025. To give you a clearer picture of where that revenue is coming from, here is the breakdown for the third quarter of 2025, which contributed significantly to that nine-month total:

Product Sales Component	Amount (USD)
Total Product Net Sales (Q3 2025)	$1.13 billion
US Net Sales (Q3 2025)	$964 million
Japan Net Sales (Q3 2025)	$60 million
Rest of World Markets (Including Partners) (Q3 2025)	$94 million
Product Supply to Zai Lab in China (Q3 2025)	$9 million

The total operating income for the nine months ended September 30, 2025, was $2,925.9 million, which is composed primarily of these product sales.

The second key component of operating income is Other operating income, which is less significant than product sales but still a meaningful contributor. For the nine months ended September 30, 2025, this category totaled $60 million. This income primarily relates to:

• Research and development tax incentives.
• Payroll tax rebates.

For the three months ended September 30, 2025, this 'Other operating income' was $24 million.

Finally, argenx SE has revenue potential from Potential future milestone and royalty payments from out-licensed assets. While these represent future upside tied to pipeline progress and partner success, they are currently noted as being less significant in the overall revenue mix compared to the established Vyvgart franchise sales.