No-Moat Argenx's Growth Led by Vyvgart; Pipeline Brings Long-Term Diversification
Dutch biotech Argenx is hoping to build a portfolio of autoimmune treatments around Vyvgart, which received US Food and Drug Administration approval in 2021 as a treatment for myasthenia gravis. We think the drug will see peak sales of more than $14 billion if approvals can extend into new autoimmune indications in neurology, hematology, dermatology, and nephrology over the next several years, although competitors in testing and uncertainty around future clinical trial results for Vyvgart prevent us from assigning the firm an economic moat.
United States