argenx - No major surprises in FY23, all eyes on P2 readouts and CIDP decision
*VYVGART net sales (USD 1.2bn) previously shared. OPEX QoQ increase of USD 136m driven by PRV submission. Clinical timeline guidance reiterated.*Cash at end of 2023: USD 3.2bn. FY24 guidance: cash burn of USD 500m*Buy rating reiterated in light of 1/ the imminent P2 readouts in Sjögren's and PC-POTS and 2/ expected CIDP approval. Pref list positioning maintained.Argenx N.V. is a clinical-stage biotechnology company developing a deep pipeline of differentiated antibody-based therapies for the treatment of severe autoimmune diseases and cancer. Utilizing its suite of differentiated technologies, Co. is focused on developing product candidates with the potential to be either first-in-class against novel targets or best-in-class against known, but complex, targets in order to treat diseases with a significant unmet medical need.
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