Charles Pitman-King

Charles Pitman-King noted the absence of an updated total patient number and asked about the next milestones for announcing patient counts, specifically if the company has reached 20,000 total or 5,000 for CIDP. He also requested commentary on quarterly patient add dynamics, including when patient adds are expected to peak ahead of the next indication approval.

Answer

Karen Massey, Chief Operating Officer, stated that patient numbers were not provided this quarter, with the last update from Q2 still standing, and that updates occur as certain thresholds are crossed. She highlighted 15 quarters of consistent gMG patient growth, accelerated by the PFS, with 50% of PFS patients being new to VYVGART and 260 new prescribers since its launch, indicating continued momentum and the early stages of the growth curve for both indications.

Charles Pitman-King from Barclays asked for an update on total patient numbers for VYVGART, inquiring about upcoming milestones and if the company had surpassed 20,000 patients across all indications or 5,000 for CIDP. He also sought commentary on quarterly patient add dynamics, considering the launches of gMG, CIDP, and PFS, and when patient adds might peak before the next indication approval.

Answer

Karen Massey, Chief Operating Officer, stated that argenx did not provide patient numbers this quarter, maintaining the previous quarter's figures and noting that patient numbers are provided as certain thresholds are crossed. She highlighted consistent patient growth across all indications for 15 quarters in MG, accelerated by the PFS, with 50% of PFS patients being new to VYVGART and 260 new prescribers since its launch.

Charles Pitman-King from Barclays asked about potential quarterly fluctuations in sales forecasts due to the Medicare discount process and sought confidence in the commentary that the net price per patient will remain flat.

Answer

CEO Tim Van Hauwermeiren and CFO Karl Gubitz chose not to detail the complexities of the US healthcare system but strongly reiterated the key takeaway: the net revenue contribution per MG and CIDP patient is not changing. Management committed to proactively flagging any anticipated changes to this dynamic to the investment community.

Charles Pitman-King from Barclays asked about the drivers for the raised free cash flow guidance, the rationale for reinstating the dividend ahead of other capital allocation options, the growth outlook and pricing pressures for albumin in China, the volatility in the BioSupplies business, and the future pipeline opportunities for the Immunoglobulin (IG) franchise.

Answer

CFO Rahul Srinivasan explained that the improved free cash flow is from multiple factors, not just lower interest, and the dividend reinstatement aligns with their capital allocation framework and deleveraging progress. CEO Nacho Abia attributed albumin pricing pressure to Chinese government policies and noted BioSupplies growth is expected. President of BioPharma Roland Wandeler highlighted secondary immune deficiencies (SID) and CIDP as key near-term growth drivers for the IG franchise.