argenx SE (ARGX) Q3 FY25 earnings call

A scaled commercial franchise now funds an unusually broad pivot from single-indication launch to platform: PFS-led adoption is pulling VYVGART earlier in the treatment paradigm across MG and CIDP while a fortified balance sheet bankrolls three Phase III assets, five 2026 readouts and disciplined portfolio pruning (DM, lupus nephritis out; Graves in). The stance is invest-through-growth, with near-term margins deliberately traded for optionality.