Argenx's Vyvgart: Strong Performance and Growth Potential Drive Buy RatingWe expect continued growth in generalized myasthenia gravis (gMG; rare neuromuscular disease) driven by geographic expansion, label expansion into seronegative patients— supported by ocular MG data expected in 1H26, and the recent approval of the prefilled syringe (PFS). In chronic inflammatory demyelinating polyneuropathy (CIDP; rare neuromuscular disease), management reported ~2,500 patients on Vyvgart at the end of 2Q, and we expect this number to rise as switch rates and first-line use expand, consistent with our CIDP survey results (see below). We remain bullish on Vyvgart’s commercial opportunity, with multiple avenues for growth, and view 3Q as a key milestone as the company approaches >$1bn in quarterly revenue. ARGX remains a 2025 top pick with a Buy rating and new $942/€807 PO (prev. $887/€757; see model changes inside).