The Dutch immunology firm, argenx SE (ARGX), announced on Thursday that its first-quarter loss attributable to the company's owners significantly increased to $61.60 million, nearly double the previous year's loss of $28.87 million.
The company's loss per share also rose, coming in at $1.04 compared to last year's $0.52 per share. On average, analysts had anticipated a loss of $0.76 per share, based on data gathered by Thomson Reuters. These predictions typically disregard any special items.
Operating expenses for the quarter amounted to $506 million, showing a significant increase from the $334 million recorded during the same period in 2023.
In contrast, the company's total operating income saw an impressive increase, rising to $412.51 million from the previous year's $229.88 million, comfortably beating the Street's revenue predictions of $405.78 million.
Product net sales for VYVGART and VYVGART SC, two of the company's products, reached $398 million for the period, a large jump from the $218 million achieved during the same period in 2023.
In addition to the financial updates, the company announced the appointment of Brian Kotzin as a non-executive director to the Board of Directors. Kotzin will also take up the role of Chair of the Research & Development Committee, with a term set for four years.