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Morgan on for Sean Laaman

Research Analyst at Morgan Stanley

Sean Laaman is an Executive Director at Morgan Stanley, specializing in healthcare equity research with a focus on the medical sector, including biotech, gene therapy, medical products, and drugs. He covers specific companies such as Axsome Therapeutics (AXSM), Exelixis (EXEL), Disc Medicine (IRON), Certara (CERT), Beam Therapeutics (BEAM), Jazz Pharmaceuticals (JAZZ), and argenx, issuing primarily Overweight ratings with an overall average return of 24.4% across 19 ratings and a Smart Score of 79% according to Benzinga, while MarketBeat notes 13 ratings with 76.9% Buy recommendations over 7 companies. Laaman's career details at Morgan Stanley include recent initiations and price target adjustments in 2025, with his expertise in healthcare research highlighted across professional profiles. His professional credentials encompass specialization in healthcare equity research as an Executive Director.

Morgan on for Sean Laaman's questions to ARGENX (ARGX) leadership

Question · Q4 2025

Morgan asked about the sustainability of VYVGART's growth profile, given $4.2 billion in net sales and 90% year-over-year growth, and its first year of operating profitability, as penetration deepens in MG and CIDP.

Answer

Karen Massey, COO, affirmed the building of a long-term, sustainable business. Karl Gubitz, CFO, stated that revenue growth is expected to exceed OpEx growth, leading to increasing operating margins over time. He highlighted the strong balance sheet with $4.4 billion in cash, which is expected to increase, supporting long-term, profitable growth.

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