Shareholder Letter
Dear Shareholder,
2025 was a remarkable year of execution, grounded in our urgent commitment to deliver meaningful innovation for patients. We delivered across our strategic priorities and continued to make meaningful progress toward our Vision 2030 goal of reaching 50,000 patients – strengthening the core of our business while advancing the science that will define our future.
We treated 19,000 patients globally with VYVGART, and we successfully launched the VYVGART HYTRULO pre-filled syringe in gMG and CIDP, continuing to drive new patient and prescriber demand while underscoring the trust we believe physicians place in our medicine.
At the same time, we built the foundation for our next wave of growth by advancing a robust, diversified pipeline of precision medicines. We enter 2026 with 10 ongoing registrational clinical trials, each in indications of high unmet need, and brought four new molecules into the pipeline in 2025, three of which are already entering patient clinical trials. All of these programs are rooted in our Immunology Innovation Program (IIP), representing more than a decade of disciplined discovery and entrepreneurial investment.
Our progress would not be possible without the dedication of argonauts and our partners across our global organization. This year, our teams worked with focus and urgency – advancing clinical trials, submitting data packages for regulatory approval, scaling commercial operations, preparing for new launches, and building infrastructure to support our long-term sustainable growth.
Looking forward, we have clear strategic priorities to guide our growth strategy into 2026 and beyond. First, we aim to expand the global impact of VYVGART by driving broader adoption and unlocking new opportunities, including expansions in both AChR-antibody seronegative gMG (Seronegative gMG) and ocular MG (Ocular MG) patients, following positive data from both Phase 3 clinical trials. We are also advancing into rheumatology, with pivotal data expected in autoimmune inflammatory myopathies (AIM or Myositis) and Sjögren’s disease (SjD). Second, we plan to shape the long-term future of neonatal Fc receptor (FcRn) medicines through combination strategies, the development of next‑generation FcRn molecules such as ARGX-213 and ARGX-124, and preparations for an autoinjector launch in 2027. Beyond FcRn, we plan to deliver the next wave of immunology innovation, progressing towards the first pivotal readout of empasiprubart in multifocal motor neuropathy (MMN) and bringing three new molecules into Phase 1.
Finally, as we announced in early 2026, Tim Van Hauwermeiren shared his decision to transition out of his role as CEO and into a new role as Non-Executive Chairperson of the Board, subject to shareholder approval at the annual general meeting on May 6, 2026.
Karen Massey, who has served as argenx’ Chief Operating Officer since 2023, will be our next Chief Executive Officer. Over the past three years, Karen has delivered exceptional results – accelerating the VYVGART launch, building a scalable commercial engine, and architecting Vision 2030 to connect today’s business to long-term growth. Her steady leadership and dedication to how we work make her the right person to guide argenx through our next chapter.
To our shareholders: thank you for your continued partnership and confidence in our long-term vision. To our employees: thank you for your dedication and your deep commitment to making a meaningful difference for patients.
We are entering a defining period for our company – and we have the talent, pipeline, and purpose needed to continue building argenx for the long term.
Thank you for your continued support.