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Argenx — ARGX August 2026 Corporate Deck 08 28 26 (company IR deck)
Argenx (ARGX) · 29 slides · Filed Oct 22, 2026
Every slide of this earnings presentation, with the text as published. Open the original deck ↗ · All ARGX deck slides
Slide 1 — innovation in immunology
Leading a new era of innovation in immunology C O R P O R A T E P R E S E N T A T I O N A U G U S T 2 0 2 6
Slide 2 — Forward Looking Statements
Forward Looking Statements This presentation has been prepared by argenx se (“argenx” or the “company”) for informational purposes only and not for any other purpose. Nothing contained in this presentation is, or should be construed as, a recommendation, promise or representation by the presenter or the company or any director, employee, agent, or adviser of the company. This presentation does not purport to be all-inclusive or to contain all of the information you may desire. Certain information contained in this presentation relates to or is based on studies, publications, surveys and other data obtained from third-party sources and the company’s own internal estimates and research. While argenx believes these third-party studies, publications, surveys and other data to be reliable as of the date of this presentation, it has not independently verified, and makes no representation as to the adequacy, fairness, accuracy or completeness of, any information obtained from third-party sources. In addition, no independent source has evaluated the reasonableness or accuracy of argenx’s internal estimates or research, and no reliance should be made on any information or statements made in this presentation relating to or based on such internal estimates and research. The contents of this presentation include statements that are, or may be deemed to be, “forward-looking statements.” These forward-looking statements generally can be identified by the use of forward-looking words, such as “aim”, “anticipate”, “aspire”, “believe”, “can”, “continue”, “could”, “estimate”, “expect”, “entail”, “forecast”, “future”, “goals”, “hope”, “intend”, “is designed to”, “likely”, “may”, “might”, “objective”, “plan”, “possible”, “potential”, “pursue”, “project”, “predict”, “seek”, “should”, “strategy”, “target”, “will” and other words and terms of similar meaning and expression, including in connection with any discussion of future operating or financial performance. By their nature, forward-looking statements involve risks and uncertainties and readers are cautioned that any such forward-looking statements are not guarantees of future performance. argenx’s actual results may differ materially from those predicted by the forward-looking statements as a result of various important factors, including but not limited to, the initiation, timing, progress, development and results of preclinical and clinical trials of argenx’s product candidates, including new indications, alternative dosing regimens, treatment modalities, and methods of administration, including statements regarding when results or interim analysis of the clinical trials will be available or made public; the expansion of argenx’s business, including the further development of argenx’s sales and marketing abilities and its Immunology Innovation Program, and the value of its pipeline; the potential attributes, benefits, and side effects of argenx’s products and product candidates, including new indications, alternative dosing regimens and treatment modalities, and their competitive position with respect to other alternative treatments; argenx’s ability to advance product candidates into, and successfully complete, clinical trials; argenx’s estimates of the number of patients who suffer from the diseases it is targeting and the number of patients that will enroll in its clinical trials; the demand and commercialization of argenx’s products and product candidates, including new indications, alternative dosing regimens, treatment modalities, and methods of administration, if approved; the anticipated timing or likelihood of market or regulatory decisions relating to or of argenx’s products, including new indications, alternative dosing regimens, treatment modalities, and methods of administration; the anticipated pricing and reimbursement of argenx’s products and product candidates, if approved; argenx’s plans to have various programs to help patients afford its products, including patient assistance and co-pay coupon programs for eligible patients; argenx’s ability to establish sales, marketing and distribution capabilities for any of its products and product candidates that achieve regulatory approval; argenx’s regulatory strategy and its ability to establish and maintain manufacturing arrangements for its products and product candidates; the scope and duration of protection, including any exclusivity period, argenx is able to establish and maintain for intellectual property rights covering its products and product candidates, platform and technology, including its intention to seek patent term extensions where available; argenx’s estimates regarding expenses, future revenues, cash flow, capital requirements and its needs for additional financing; argenx’s expectation that it will benefit from the Belgian innovation income deduction; argenx’s financial performance, including potential volatility in the price of its ordinary shares and American Depositary Shares; the competition argenx faces in its drug discovery, development, and commercialization efforts; the rate and degree of market acceptance of argenx’s products and product candidates, if approved, by its patients as safe, effective and cost-effective; the potential benefits of argenx’s current collaborations, including the possibility to access partner technology platforms or capabilities; argenx’s plans and ability to enter into or maintain current collaborations for additional programs or product candidates; argenx’s plans and ability to enter into or maintain current new distribution partnerships; argenx’s long-term growth strategy to develop and market additional products and product candidates, including efgartigimod for new indications, empasiprubart and adimanebart; the impact of government laws and regulations, including tariffs, export controls, sanctions and other regulations on argenx’s business; argenx’s expectations with respect to the timing and amount of any dividends (if any); argenx’s plans regarding its supply chain, including its reliance on third parties, service providers and manufacturers; inflation and deflation and the corresponding fluctuations in interest rates; regional instability and conflicts; and argenx’s business strategies, including Vision 2030, plans, projects, goals and targets and the timing, outcomes and benefits thereof. A further list and description of these and other risks, uncertainties, and factors that could cause actual results to differ materially from those referred to in the forward-looking statements can be found in argenx’s U.S. Securities and Exchange Commission (SEC) filings and reports, including in argenx’s most recent annual report on Form 20-F filed with the SEC as well as subsequent filings and reports filed by argenx with the SEC. Given these risks and uncertainties, the reader is advised not to place undue reliance on such forward-looking statements. These forward-looking statements speak only as of the date of publication of this presentation. argenx undertakes no obligation to publicly update or revise the information in this presentation, including any forward-looking statements, except as may be required by law. This presentation contains trademarks, trade names and service marks of other companies, which are the property of their respective owners. 22
Slide 3 — VISION 2030 is our Engine for Long-term Growth
VISION 2030 is our Engine for Long-term Growth 50k 10 5 patients on treatment labeled indications late-stage molecules Scale VYVGART in MG and CIDP Expand across indications and assets Build diversified immunology portfolio in FcRn and beyond 3
Slide 4 — 2026 Strategic Priorities
2026 Strategic Priorities 4 Impact More Patients with VYVGART Deliver Next Wave of Innovation Deliver broadest MG label AIM and ITP Phase 3 readouts Expand into rheumatology Shape Long-Term Future of FcRn 3 Clinical-stage FcRn molecules Advance combination approaches First empa Phase 3 readout (MMN) 4 Phase 3 molecules 10 Clinical-stage molecules
Slide 5 — & Shape Long-Term Future with FcRn
Impact More Patients with VYVGART & Shape Long-Term Future with FcRn 5
Slide 6 — VYVGART Growth Momentum Continues Across MG and CIDP
VYVGART Growth Momentum Continues Across MG and CIDP 6 Internal argenx data PFS Driving Demand ~80% of PFS patients new to VYVGART in 2Q/26 Increasing Breadth & Depth of Prescription Seronegative gMG Label Expansion >5,000 neurologists Earlier-line use First and only biologic approved across all gMG serotypes
Slide 7 — VYVGART Has the Broadest Label Across all gMG
VYVGART Has the Broadest Label Across all gMG Mary Beth, MG Patient Now Approved VYVGART is the First and Only Targeted Treatment Approved for Adults with gMG across all Serotypes Anti-AChR antibody positive Anti-MuSK antibody positive Anti-LRP4 antibody positive Triple seronegative 7
Slide 8 — +11k
+11k Patients now eligible in U.S. Significant unmet need >80% Of seronegative MG treaters covered ~55% U.S. commercial lives covered Most plans remove serology testing requirement Halo effect on gMG patients PATIENTS PHYSICIANS PAYERS Strong Early Momentum Following gMG Label Expansion 8 “I honestly sat at my computer and cried. Hope. This is finally real hope for the seronegative community.” Zach, seronegative MG patient Internal argenx data
Slide 9 — Path to 60K Addressable Patients
Path to 60K Addressable Patients U.S. Addressable MG Patients Addressable Market at Launch 17K +11K +7K +25K 60K Seronegative Ocular Growth in Biologics Share of Market Source: argenx market research 1. VYVGART and VYVGART Hytrulo are the first and only approved treatments for all serotypes of adult patients living with gMG – anti -AChR-Ab positive, anti- MuSK-Ab positive, anti-LRP4-Ab positive, and triple seronegative Total Addressable Market in 2030 PFS driving expansion Approved for all gMG serotypes1 Submission on track 9
Slide 10 — 12K
For up to 96 weeks Evidence Generation Supports CIDP Market Expansion 42K 12K +12K Diagnosed, ‘Well-Managed’ on Treatment Addressable Market at Launch Total Diagnosed Patients 10 CIDP Market Expansion Opportunity +18K Diagnosed, Not Treated Improved grip strength 1 Successful IVIG switch study 2 87.5% response in treatment-naïve patients 3 1. MDA 2026: ADHERE/ADHERE+ post-hoc analyses; 2. PNS 2026: IVIg to SC Efgartigimod PH20 Transition in CIDP; 3. AAN 2026: Efgartigimod on Treatment-Naïve Participants with CIDP Post-Hoc Analysis CIDP Evidence Generation 10
Slide 11 — Building Our Presence in Rheumatology
Building Our Presence in Rheumatology 20K U.S. Prevalence DM IMNM 230K U.S. Prevalence 60K TOTAL 330K TOTAL Redefining Biology Redefining Patient Outcomes MSAs1 linked to disease severity in IMNM; skin rash and treatment response in DM Anti-Ro/SSA and Anti-La/SSB are hallmarks of disease 1.MSA: myositis specific antibodies (anti-SRP and –HMGCR in IMNM, anti-Mi2 and –MDA5 in DM) Phase 3: First and only positive results in multiple subtypes of AIM Phase 2: Reductions in systemic disease activity No targeted therapies currently approved Potential to reduce steroid burden and reliance on other conventional treatments ALKIVIA Phase 3: Autoimmune Myositis (AIM) UNITY Phase 3: Sjögren’s Disease (SjD) Redefining Treatment 100K Moderate to Severe 40K DM 11
Slide 12 — 40K
Autoimmune Myositis is a Quintessential argenx Opportunity U.S. Prevalence A Multi-blockbuster Opportunity Clear Biology High Unmet Need Zero approved or late-development therapies 20K Heterogeneous disease; Limited treatments 40K Breakthrough Therapy Designation for IMNM DM IMNM 12
Slide 13 — Significant and Sustained Response Through 52 Weeks
Significant and Sustained Response Through 52 Weeks Consistent across primary and secondary endpoints Consistent across core TIS measures with benefit in both muscle and skin domains Consistent with the VYVGART signature: rapid and sustained response Consistent Treatment Effect Mean TIS Improvement in IMNM + DM Through Week 52 Least Square Mean (±SE) Total Improvement Score Week 13 p-value = 0.0011 ALKIVIA Phase 3 topline results, August 17, 2026
Slide 14 — Consistent Response Across IMNM and DM
Consistent Response Across IMNM and DM Baseline Characteristics Mean TIS Evaluated at 52 Weeks IMNM DM Active Placebo Delta p-value 45.05 30.24 14.81 p=0.0048 Active Placebo Delta p-value 51.51 36.96 14.54 p=0.1093 IMNM + DM Combined Population Active Placebo Delta p-value 47.95 32.56 15.39 p=0.0011 Baseline Characteristics Efgartigimod Placebo IMNM (n=46) DM (n=26) IMNM (n=46) DM (n=28) Age (mean, years) 55.5 51.3 54.1 51.3 Gender Female Male 63.0 37.0 69.2 30.8 58.7 41.3 67.9 32.1 MSA+ 95.7% 80.8% 93.5% 78.6% Medication at Baseline • Corticosteroids • Non-steroidal immunosuppressant • Combination 89.1% 67.4% 56.5% 84.6% 84.6% 69.2% 76.1% 80.4% 56.5% 85.7% 89.3% 75% MMT8* (mean) 123.7 118.7 120.6 115.8 14
Slide 15 — Building a Sustainable FcRn Franchise
Building a Sustainable FcRn Franchise Today Differentiated Efficacy and Patient Experience Tomorrow Enduring FcRn Leadership ARGX-213 Phase 3 ready ARGX-124 Phase 1 ARGX-XXX Future molecules PFS approved Autoinjector Est 2027 Small volume delivery Oral peptides Optimizing patient experience Broad immunology pipeline of combination approaches across multiple modalities ADAPT Forward efgartigimod – empasiprubart Exploring combination approaches FcRn 15
Slide 16 — Deliver Next Wave of Innovation
Deliver Next Wave of Innovation 16
Slide 17 — Transformative Potential Across Pipeline Programs
Transformative Potential Across Pipeline Programs Efgartigimod Empasiprubart Adimanebart Potent C2 antibody MuSK agonist antibody First-in-class Fc Fragment ARGX-213 ARGX-121 IgA Sweeping Antibody FcRn: Sustained IgG reduction 15+ Indications 2+ Indications 3+ Indications 3+ Indications 15+ Indications 17
Slide 18 — Attractive De-Risked Profile of Phase 3 Studies
Attractive De-Risked Profile of Phase 3 Studies ITP ADVANCE Phase 3 IV Real world data Japan Cumulative platelet count primary endpoint Autoimmune Myositis Ocular MG MMN Sjogren’s ALKIVIA Phase 3 across multiple AIM subtypes ADAPT ocular domain data Real-world case reports EMPASSION Proof of Concept RHO and DAHLIAS Proof of concept Head-to-head trial vs IVIg Difficult-to-treat patients Challenging primary endpoint MGII novel primary endpoint 18 Primary endpoint met; consistent response across IMNM and DM
Slide 19 — 60%
A Pivotal Year for Empasiprubart 12K patients across key markets 1. PPTA, Takeda, CSL, argenx analysis argenx market research MMN Grip strength change from baseline (kPA) 60% Progression despite treatment 40% Initially misdiagnosed Targeted treatments 0 UNMET NEED Progressive and often misdiagnosed as ALS Severe disability in 20% of patients DISEASE BURDEN ARDA+ Open Label ARDA Phase 2 19 Sustained Grip Strength Improvement in Phase 2 ARDA OLE
Slide 20 — Successfully Advancing Next Wave of Molecules
Successfully Advancing Next Wave of Molecules ARGX-213: Convenient Monthly Dose Achieved in Humans IgA Change from baseline (%) IgG Change from baseline (%) IgA-targeting Fab Fc-ABDEGTM Fc-ABDEGTM α-albumin VHH ARGX-121: Human Data Show Rapid and Total IgA Depletion 20
Slide 21 — the best science
IIP Academic Collaborators Biopharma Partners Acquisitions Licensing Deals We pursue the best science - wherever it originates. Efgartigimod Empasiprubart ARGX-213 ARGX-124 ARGX-121 ARGX-125 ARGX-118 FB102 Adimanebart TSP-101 21 Innovation Engine
Slide 22 — Forte Biosciences is a Strong Strategic Fit for argenx
Forte Biosciences is a Strong Strategic Fit for argenx Complementary to argenx immunology portfolio Proven pipeline-in-a-product development and product presentation playbook Experience in building, shaping and growing markets Novel Biology FB102 is a first-in-class anti-CD122 antibody Clinically Validated Phase 1b POC data in vitiligo, celiac disease Pipeline-in-a-Product Initial indications include vitiligo, celiac disease, and alopecia Why argenx Why Forte 22
Slide 23 — Innovation Model Generating World-Class Pipeline
Innovation Model Generating World-Class Pipeline Approved Registrational PoC Phase 1 IIP/Preclinical Ocular MG ITP Graves’ Disease Sjogren’s Disease Autoimmune Myositis MMN CIDP CMS ARGX-213 25 Active IIP programs Spanning neurology, rheumatology, renal and skin targets ARGX-118 (Galectin) ARGX-124 (FcRn) ARGX-125 TSP-101 (Fn14) AMR Scleroderma AIE DGF* SMA ARGX-121 (IgAN) ARGX-109 (IL6) Efgartigimod Empasiprubart Adimanebart Other PROGRAMS ARGX-213 ARGX-121 ARGX-109 Target of 1 IND per year gMG1 – CIDP – ITP (Japan) 1. VYVGART and VYVGART Hytrulo are the first and only approved treatments for all serotypes of adult patients living with gMG – anti -AChR-Ab positive, anti- MuSK-Ab positive, anti-LRP4-Ab positive, and triple seronegative * Evaluating potential path forward in transplant setting, not DGF 23
Slide 24 — 5 Readouts Over Next 15 Months
5 Readouts Over Next 15 Months Phase 3 Data Readouts Sjogren’s Disease ITP CIDP (2 studies) MMN EFGARTIGIMOD EMPASIPRUBART 2H 2027 1H 2027 4Q 2026 2H 2027 24
Slide 25 — 2Q26 Financials
2Q26 Financials 25
Slide 26 — Product Net Sales of $1.5 Billion in Q2
Product Net Sales of $1.5 Billion in Q2 $’m Year over Year (YoY) growth: 2Q26 vs 2Q25 *All growth is operational and excludes the impact of FX (in millions of $) Q2 2026 Q2 2025 Growth QoQ % Growth * US 1,273 802 472 59% Japan 1) 102 52 50 117% Rest of the World 136 83 53 59% China supply 5 12 (8) (62%) Total 1,516 949 567 60% Total ex-China 1,511 936 575 62% (in millions of $) Q2 2026 Q1 2026 Growth Growth % * US 1,273 1,107 166 15% Japan 1) 102 67 35 55% Rest of the World 136 112 24 22% China supply 5 12 (7) (61%) Total 1,516 1,298 218 17% Quarter over Quarter (QoQ) growth: 2Q26 vs 1Q26 Product Net Sales by Quarter *Product Net sales growth % excludes the impact of FX 1) Japan revenues include approximately $25M for a one-time benefit related to the change in the wholesaler distributor model. Year-over-Year Growth of 60%* Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q1 22 75 131 173 218 269 329 374 398 478 573 737 790 949 1.127 1.286 1.298 1.516 21 China RoW Japan US 26
Slide 27 — Q2 2026 Financial Summary
Q2 2026 Financial Summary Operating profit of $0.5B +146% YoY *Comparative figures have been aligned with the presentation adopted in the current period, reflecting the combination of research and development expenses and loss from investment in a joint venture. $3.6 billion in cash and cash equivalents and $1.6 billion in current financial assets Ended Q2 with cash† of $5.2B † Alternative Performance Measure (APM). Refer to the APM Statement. 27
Slide 28 — to Patients
Innovation Has No Value Unless it Provides Meaningful Benefit to Patients 28
Slide 29 — Alternative Performance Measure Statement
Alternative Performance Measure Statement In this document, argenx's financial results are provided in accordance with IFRS® Accounting Standards (IFRS) and using a non-IFRS financial measure, cash, cash equivalents and current financial assets. This value should not be viewed as a substitute for the company’s IFRS financial information and is provided as a complement to financial information provided in accordance with IFRS and should be read in conjunction with the most directly comparable IFRS financial information as set out below. Management believes this non-IFRS financial measure is useful for securities analysts, investors and other interested parties to gain a more complete understanding of the company's available financial liquidities given that the company’s current financial assets are held in term accounts with an initial maturity of more than three months but less than twelve that may be used to meet its financial obligations. Such non-IFRS financial information, as calculated herein, may not be comparable to similarly named measures used by other companies and should not be considered comparable to IFRS financial measures. Non-IFRS financial measures have limitations as an analytical tool and should not be considered in isolation from, or as a substitute for, an analysis of the company's financial results as reported under IFRS. A reconciliation of the IFRS financial information to non-IFRS financial information is included below: Cash, cash equivalents and current financial assets totaled $5.2 billion as of June 30, 2026, compared to $4.4 billion as of December 31, 2025. The balance as of the period ended June 30, 2026 consisted of $3.6 billion in cash, cash equivalents and $1.6 billion in current financial assets and the balance as of the period ended December 31, 2025 consisted of $3.5 billion in cash and cash equivalents and $0.9 billion in current financial assets. 29 29