argenx: The TAM Is About to Double

Label Expansions Are Coming

This will be a "best ideas only" bio substack providing actionable, highly digestible and high conviction value to investors focused on quality not quantity. Disclaimer: Nothing in this article (or substack) is considered investment advice and is solely the opinion of the author.

*PT Below*

Outside of NVO (which I wrote about a couple of days ago) argenx (ARGX) may be the most compelling (aka sleep-easy compounding) large-cap biotech setup I can identify right now. Not because the stock is cheap (it isn’t on conventional metrics) but because the denominator is about to change dramatically, and the market is still pricing this as though Vyvgart’s growth story is mature.

Let me walk through three things: the TAM inflection, the pipeline architecture, and what I think this company is actually worth in five years.