Did Halting UplighTED Trials in Thyroid Eye Disease Just Shift argenx's (ENXTBR:ARGX) Investment Narrative?

• In December 2025, argenx SE halted its Phase 3 UplighTED studies of subcutaneous efgartigimod in adults with moderate to severe thyroid eye disease after an Independent Data Monitoring Committee concluded the trials were unlikely to meet their primary efficacy endpoint, despite a favorable safety profile.
• This setback in a key late-stage indication may sharpen investor focus on the resilience of argenx’s broader autoimmune pipeline and its reliance on future label expansions to drive growth.
• Next, we will examine how discontinuing the UplighTED Phase 3 program could reshape argenx’s investment narrative around pipeline diversification and growth.

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argenx Investment Narrative Recap

To own argenx, you need to believe its FcRn franchise and broader autoimmune pipeline can offset setbacks in individual indications and justify a premium multiple. The termination of the UplighTED TED program is a disappointment, but it does not appear to alter the near term focus on VYVGART label expansions and managing heavy dependence on a single commercial asset as the key catalyst and risk.

The TED futility decision lands shortly after argenx’s US$2.55 billion shelf registration filing, which gives the company added financial flexibility as it reassesses pipeline priorities. For investors watching how argenx balances ongoing R&D intensity against its reliance on VYVGART, this new funding capacity sits in the background of upcoming data readouts and regulatory decisions.

Yet behind this growth story, investors should be aware that argenx’s heavy dependence on VYVGART...

Read the full narrative on argenx (it's free!)

argenx's narrative projects $6.9 billion revenue and $2.6 billion earnings by 2028. This requires 30.6% yearly revenue growth and a $1.3 billion earnings increase from $1.3 billion today.

Uncover how argenx's forecasts yield a €797.32 fair value, a 11% upside to its current price.

Exploring Other Perspectives

Seven members of the Simply Wall St Community value argenx between €528 and €2,104, reflecting very different expectations for its future. Against this, the loss of the TED indication brings the concentration risk around VYVGART into sharper focus for anyone assessing long term performance.

Explore 7 other fair value estimates on argenx - why the stock might be worth 27% less than the current price!

Build Your Own argenx Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your argenx research is our analysis highlighting 3 key rewards that could impact your investment decision.
• Our free argenx research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate argenx's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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