Shares in Argenx slipped over 3% in premarket trading Monday after the biotech group pre-released fourth-quarter results that came in broadly in line with expectations. The company reported $1.29 billion in fourth-quarter Vyvgart sales, a slight beat against the $1.26 billion analyst consensus and close to buyside estimates near $1.3 billion. UBS analysts called the print effectively in line, suggesting the stock’s modest pullback likely reflects a marginal miss against higher street expectations.

Investors are clearly looking for a bigger beat to justify recent gains, so even a solid quarter wasn't enough to satisfy the market. Management did offer some positive news by narrowing timelines for several key late-stage studies. A Phase 3 trial for Vyvgart in myositis is now targeted for Q3 2026, while a Phase 3 study for empasiprubart in multifocal motor neuropathy is slated for Q4 2026.

Programs in Graves’ disease and Sjogren’s remain on track. With key catalysts now on a clearer schedule, attention will shift to upcoming medical meetings and data on next-generation FcRn candidates.