argenx SE ADR 4000 字深度研报

$Argenx(ARGX.US) recently researched argenx, the leader in the autoimmune field is at a dual inflection point of profitability and cash flow.

🎯 Core logic: Deep cultivation in the golden track of autoimmune diseases (10% of global population affected, CR5 reaching 68%), core product Vyvgart targets FcRn with over 75% market share. Business model relies on patent barriers (covering until the 2030s) and high-priced drugs (annual treatment cost exceeding $100,000), pipeline fission strategy advancing 9 late-stage clinical indications, continuously expanding market space.

📈 Financial highlights: 2024 revenue of 2.19 billion (+78.6%), gross margin of 89.6% maintaining top-tier levels. Net profit margin turned from -24.1% in 2023 to 38%, ROE reached 17.4%. 2025Q2 single-quarter free cash flow of 433 million (2024 full year -151 million), marking the transition from burning cash to self-sustaining. Debt-to-asset ratio 15% (2025Q2), cash reserves of 2.086 billion, supporting high R&D investment (10 Phase III + 10 Phase II clinical trials). New indication CIDP is in the early stage of volume expansion, with clear long-term growth drivers.

$Regeneron Pharma(REGN.US) $Amgen(AMGN.US)