Vyvgart’s expanding pipeline supports argenx’s long-term sales potential

Dutch immunology company argenx SE (EBR: ARGX) has turned Vyvgart from a single-indication drug into what it calls a “pipeline-in-a-product”, with a series of label expansions potentially extending the treatment’s commercial runway well into the next decade.

Vyvgart was first approved by the US FDA in December 2021 for adults with anti-AChR-antibody-positive generalized myasthenia gravis (gMG), generating $401 million in global net product sales in 2022, its first full year on the market. It subsequently expanded into chronic inflammatory demyelinating polyneuropathy (CIDP), with the FDA approving Vyvgart Hytrulo in June 2024.

The Vyvgart franchise has since scaled rapidly, with global product sales reaching $4.2 billion in 2025, up from $2.2 billion in 2024. Visible Alpha consensus shows analysts expect sales to reach $6.2 billion in 2026.

Vyvgart’s addressable market has expanded further in 2026 with the May FDA approval of Vyvgart and Vyvgart Hytrulo for adults with gMG across all major serotypes, including anti-AChR-, anti-MuSK- and anti-LRP4-positive patients and those who are triple-seronegative. The expansion gives argenx scope to increase penetration of an established drug without relying solely on new molecules.

The next potential leg of growth is autoimmune myositis. Vyvgart Hytrulo met its primary endpoint in Phase 3 trial in August. Analysts now assign an 81.44% probability of success to Vyvgart in myositis. With approval expected next year, risk-adjusted sales are estimated at $51 million in 2027, rising to $301 million in 2028 and $1.3 billion by 2030, before reaching peak sales of $3.1 billion in 2036.

The development programme extends beyond myositis. Vyvgart is being studied in Sjögren’s disease and Graves’ disease, while earlier-stage programmes include systemic sclerosis and other autoimmune conditions. argenx expects Phase 3 data in Sjögren’s disease in the second half of 2027 and plans to initiate a registrational Graves’ disease study in 2026.

Taken together, the expanding indications highlight a substantial increase in the long-term sales opportunity. Visible Alpha consensus points to Vyvgart sales rising from an estimated $6.2 billion in 2026 to $11.7 billion in 2030, with global sales reaching a projected peak of $15.5 billion in 2036.

This article was published by Visible Alpha, part of S&P Global Market Intelligence and not by S&P Global Ratings, which is a separately managed division of S&P Global.