Argenx reported an unexpected setback after its Vyvgart program failed to outperform placebo in a Phase 3 trial in Sjögren’s disease, according to the update. The company characterized the result as a failure of the trial to meet efficacy expectations, and the announcement quickly affected trading sentiment. The read-through for biopharma is that even after strong autoimmune momentum, late-stage efficacy can still diverge from prior signals. Investors will likely scrutinize what was different in the trial population, endpoints, and statistical assumptions. Argenx also flagged progress in celiac disease as a compensating signal, illustrating the risk of trial-to-trial heterogeneity in autoimmune development.