Shares of Argenx SE (ARGX) tumbled 12.80% in pre-market trading on Thursday, despite the company reporting better-than-expected first-quarter earnings. The biotechnology firm's stock price reaction highlights investors' concerns over its operating performance, which fell short of analyst projections.
Argenx reported Q1 earnings of $2.58 per diluted share, surpassing the FactSet analyst consensus of $2.41 and marking a significant turnaround from the $1.04 loss per share in the same quarter last year. However, the company's operating income for the quarter ended March 31 came in at $807.4 million, falling short of the $817.6 million expected by analysts surveyed by FactSet.
Adding to investor uncertainty, Argenx maintained its financial guidance for the fiscal year 2025, targeting combined selling, general and administrative (SG&A) and research and development (R&D) expenses of approximately $2.5 billion. The unchanged guidance, coupled with the lower-than-expected operating income, appears to have overshadowed the positive EPS surprise, leading to the sharp pre-market decline in Argenx's stock price.
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