NASDAQ : ARGX
argenx SE — Financial statements
Healthcare · Biotechnology · Netherlands
Last price 892.87 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 56.37B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
argenx SE (ARGX) reported revenue of 5.92B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 5.82B | 4.15B | 2.19B | 1.19B | 410.75M | 497.28M |
| Other Revenue | 96.15M | 85.15M | 62.32M | 77.81M | 30.27M | 30.99M |
| Revenue | 5.92B | 4.24B | 2.25B | 1.27B | 441.01M | 528.27M |
| Cost of Revenue | 2.38B | 1.81B | 1.21B | 977.33M | 692.80M | 580.52M |
| Gross Profit | 3.54B | 2.42B | 1.04B | 291.27M | -251.79M | -52.25M |
| Selling, General & Admin | 1.65B | 1.37B | 1.06B | 711.90M | 472.13M | 307.64M |
| Operating Expenses | 1.65B | 1.37B | 1.06B | 711.90M | 472.13M | 307.64M |
| Operating Income | 1.89B | 1.05B | -17.84M | -420.64M | -723.92M | -359.90M |
| Interest Expense | -3.17M | -3.17M | -2.07M | -693.00K | -1.34M | -412.00K |
| Interest & Investment Income | 182.09M | 163.09M | 157.51M | 107.39M | 24.74M | 3.49M |
| Earnings From Equity Investments | -12.39M | -12.39M | -7.64M | -4.41M | -677.00K | |
| Currency Exchange Gain (Loss) | -19.21M | 65.79M | -48.21M | 14.07M | -32.73M | -50.05M |
| Other Non Operating Income (Expenses) | 93.00K | -907.00K | -392.00K | -213.00K | -852.00K | -683.00K |
| EBT Excluding Unusual Items | 2.04B | 1.27B | 81.35M | -304.50M | -734.78M | -407.56M |
| Gain (Loss) on Sale of Investments | 11.58M | 11.58M | 3.83M | 5.47M | 7.81M | |
| Pretax Income | 1.90B | 1.28B | 85.18M | -304.50M | -729.31M | -399.74M |
| Income Tax Expense | 21.57M | -13.43M | -747.86M | -9.44M | -19.72M | 8.52M |
| Net Income | 1.88B | 1.29B | 833.04M | -295.05M | -709.59M | -408.26M |
| Net Income to Common | 1.88B | 1.29B | 833.04M | -295.05M | -709.59M | -408.26M |
| Shares Outstanding (Basic) | 62.21M | 61.30M | 59.86M | 57.17M | 54.38M | 51.08M |
| Shares Outstanding (Diluted) | 65.00M | 66.03M | 65.18M | 57.17M | 54.38M | 51.08M |
| EPS (Basic) | 30.17 | 21.08 | 13.92 | -5.16 | -13.05 | -7.99 |
| EPS (Diluted) | 28.88 | 19.57 | 12.78 | -5.16 | -13.05 | -7.99 |
| Free Cash Flow | 679.03M | -84.55M | -421.14M | -863.64M | -610.43M | |
| Free Cash Flow Per Share | 10.28 | -1.30 | -7.37 | -15.88 | -11.95 | |
| Gross Margin | 59.84% | 57.16% | 46.15% | 22.96% | -57.09% | -9.89% |
| Operating Margin | 31.94% | 24.89% | -0.79% | -33.16% | -164.15% | -68.13% |
| Profit Margin | 31.73% | 30.50% | 37.05% | -23.26% | -160.90% | -77.28% |
| Free Cash Flow Margin | 16.03% | -3.76% | -33.20% | -195.83% | -115.55% | |
| EBITDA | 1.90B | 1.06B | -16.11M | -316.53M | -623.20M | -357.87M |
| EBITDA Margin | 32.14% | 25.07% | -0.72% | -24.95% | -141.31% | -67.74% |
| D&A For EBITDA | 11.45M | 7.29M | 1.73M | 104.11M | 100.72M | 2.03M |
| EBIT | 1.89B | 1.05B | -17.84M | -420.64M | -723.92M | -359.90M |
| EBIT Margin | 31.94% | 24.89% | -0.79% | -33.16% | -164.15% | -68.13% |
| Revenue as Reported | 5.93B | 4.25B | 2.25B | 1.27B | 445.27M | 539.42M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 3.49B | 1.50B | 2.05B | 800.74M | 1.33B | |
| Short-Term Investments | 948.75M | 1.88B | 1.13B | 1.39B | 1.00B | |
| Cash & Short-Term Investments | 5.18B | 4.44B | 3.38B | 3.18B | 2.19B | 2.34B |
| Accounts Receivable | 1.49B | 817.71M | 417.99M | 241.23M | 28.06M | |
| Other Receivables | 167.49M | 91.39M | 81.28M | 36.05M | 10.16M | |
| Receivables | 1.66B | 909.10M | 499.27M | 277.27M | 38.22M | |
| Inventory | 473.53M | 407.23M | 310.55M | 228.35M | 109.08M | |
| Prepaid Expenses | 328.48M | 187.95M | 134.07M | 76.02M | 58.95M | |
| Other Current Assets | -1.00K | |||||
| Total Current Assets | 6.90B | 4.88B | 4.12B | 2.77B | 2.54B | |
| Property, Plant & Equipment | 48.25M | 43.52M | 22.68M | 16.23M | 15.84M | |
| Long-Term Investments | 50.53M | 49.70M | 47.16M | 40.48M | 53.17M | |
| Other Intangible Assets | 272.10M | 181.44M | 125.23M | 174.90M | 171.68M | |
| Long-Term Deferred Tax Assets | 1.30B | 924.30M | 97.21M | 79.22M | 32.19M | |
| Other Long-Term Assets | 116.86M | 120.46M | 126.45M | 49.23M | 34.41M | |
| Total Assets | 8.68B | 6.20B | 4.54B | 3.13B | 2.85B | |
| Accounts Payable | 554.27M | 342.23M | 245.56M | 188.72M | 208.85M | |
| Accrued Expenses | 614.38M | 291.29M | 150.89M | 103.81M | 83.74M | |
| Current Portion of Leases | 10.83M | 6.53M | 4.65M | 3.42M | 3.51M | |
| Current Income Taxes Payable | 42.21M | 13.39M | 4.33M | 3.18M | 4.32M | |
| Other Current Liabilities | 98.50M | 16.47M | 17.56M | 3.14M | 828.00K | |
| Total Current Liabilities | 1.32B | 669.92M | 422.99M | 302.28M | 301.24M | |
| Long-Term Leases | 36.33M | 32.52M | 15.35M | 9.01M | 7.96M | |
| Pension & Post-Retirement Benefits | 3.09M | 1.80M | 1.45M | 870.00K | 417.00K | |
| Long-Term Deferred Tax Liabilities | 5.16M | 8.41M | 6.44M | |||
| Total Liabilities | 1.36B | 704.24M | 444.95M | 320.56M | 316.05M | |
| Common Stock | 7.35M | 7.23M | 7.06M | 6.64M | 6.23M | |
| Additional Paid-In Capital | 6.19B | 5.95B | 5.65B | 4.31B | 3.46B | |
| Retained Earnings | -279.77M | -1.57B | -2.40B | -2.11B | -1.40B | |
| Comprehensive Income & Other | 1.41B | 1.11B | 843.80M | 606.97M | 465.41M | |
| Shareholders' Equity | 8.42B | 7.32B | 5.50B | 4.10B | 2.81B | 2.53B |
| Total Liabilities & Equity | 8.68B | 6.20B | 4.54B | 3.13B | 2.85B | |
| Total Debt | 47.00M | 47.16M | 39.05M | 20.00M | 12.43M | 11.46M |
| Net Cash (Debt) | 5.14B | 4.39B | 3.34B | 3.16B | 2.18B | 2.33B |
| Net Cash Per Share | 79.03 | 66.53 | 51.24 | 55.27 | 40.09 | 45.53 |
| Filing Date Shares Outstanding | 62.74M | 62.06M | 60.99M | 59.30M | 55.57M | 51.91M |
| Total Common Shares Outstanding | 62.74M | 61.88M | 60.76M | 59.19M | 55.40M | 51.67M |
| Working Capital | 5.58B | 4.21B | 3.70B | 2.47B | 2.24B | |
| Book Value Per Share | 134.59 | 118.34 | 90.49 | 69.22 | 50.79 | 49.05 |
| Tangible Book Value | 8.15B | 7.05B | 5.32B | 3.97B | 2.64B | 2.36B |
| Tangible Book Value Per Share | 130.34 | 113.94 | 87.50 | 67.11 | 47.64 | 45.73 |
| Machinery | 11.69M | 10.06M | 9.24M | 8.51M | 8.28M | |
| Leasehold Improvements | 7.49M | 2.96M | 1.98M | 1.98M | 1.98M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 1.29B | 833.04M | -295.05M | -709.59M | -408.26M | |
| Depreciation & Amortization | 17.69M | 7.46M | 107.92M | 103.63M | 5.40M | |
| Other Amortization | 10.41M | 10.07M | 3.39M | 711.00K | 470.00K | |
| Loss (Gain) From Sale of Investments | -11.58M | -3.83M | -4.26M | -11.15M | ||
| Loss (Gain) on Equity Investments | 12.39M | 7.64M | 4.41M | 677.00K | ||
| Stock-Based Compensation | 248.08M | 235.18M | 232.97M | 157.03M | 179.37M | |
| Other Operating Activities | -461.20M | -847.13M | -165.07M | -35.28M | -31.68M | |
| Change in Accounts Receivable | -802.33M | -423.11M | -185.69M | -222.26M | -31.63M | |
| Change in Inventory | -98.95M | -96.00M | -83.03M | -119.28M | -83.88M | |
| Change in Accounts Payable | 612.33M | 246.34M | 95.60M | 329.00K | 134.89M | |
| Change in Unearned Revenue | -315.37M | |||||
| Change in Other Net Operating Assets | -133.68M | -52.40M | -135.77M | -34.51M | -44.97M | |
| Operating Cash Flow | 685.19M | -82.75M | -420.33M | -862.81M | -606.81M | |
| Capital Expenditures | -6.17M | -1.80M | -812.00K | -837.00K | -3.62M | |
| Sale (Purchase) of Intangibles | -105.52M | -66.50M | -43.00M | -102.99M | -117.81M | |
| Investment in Securities | 933.01M | -760.94M | 259.27M | -370.51M | -228.24M | |
| Other Investing Activities | 162.67M | 111.65M | 92.75M | 13.14M | 2.60M | |
| Investing Cash Flow | 984.00M | -717.59M | 308.21M | -461.18M | -347.07M | |
| Long-Term Debt Repaid | -4.11M | -7.64M | -3.80M | -4.17M | -3.85M | |
| Lease Payments | -4.11M | -7.64M | -3.80M | -4.17M | -3.85M | |
| Net Debt Issued (Repaid) | -4.11M | -7.64M | -3.80M | -4.17M | -3.85M | |
| Issuance of Common Stock | 278.38M | 309.26M | 1.35B | 854.15M | 1.12B | |
| Repurchase of Common Stock | -41.26M | -21.87M | -12.14M | -5.86M | ||
| Other Financing Activities | -2.33M | -371.00K | 438.00K | |||
| Financing Cash Flow | 233.01M | 279.76M | 1.34B | 843.76M | 1.12B | |
| Foreign Exchange Rate Adjustments | 89.15M | -28.33M | 23.49M | -53.70M | -49.59M | |
| Net Cash Flow | 1.99B | -548.91M | 1.25B | -533.94M | 117.87M | |
| Free Cash Flow | 679.03M | -84.55M | -421.14M | -863.64M | -610.43M | |
| Free Cash Flow Margin | 16.03% | -3.76% | -33.20% | -195.83% | -115.55% | |
| Free Cash Flow Per Share | 10.28 | -1.30 | -7.37 | -15.88 | -11.95 | |
| Levered Free Cash Flow | 512.83M | -143.39M | -205.62M | -670.02M | -334.38M | |
| Unlevered Free Cash Flow | 514.82M | -142.10M | -205.19M | -669.18M | -334.12M | |
| Free Cash Flow After Leases | 674.92M | -92.19M | -424.94M | -867.81M | -614.29M | |
| Cash Interest Paid | 900.00K | 392.00K | 211.00K | 851.00K | 684.00K | |
| Cash Income Tax Paid | 254.85M | -7.80M | 37.52M | 24.14M | 15.77M | |
| Change in Working Capital | -422.63M | -325.17M | -308.89M | -375.72M | -340.95M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 56.37B | 51.51B | 37.50B | 22.43B | 20.59B | 18.53B |
| Enterprise Value | 51.31B | 47.62B | 34.65B | 20.36B | 17.77B | 15.86B |
| Last Close Price | 892.87 | 840.95 | 615.00 | 380.43 | 378.83 | 350.19 |
| PE Ratio | 31.74 | 39.87 | 45.02 | |||
| PS Ratio | 9.53 | 12.16 | 16.68 | 17.68 | 46.70 | 35.07 |
| PB Ratio | 6.70 | 7.03 | 6.82 | 5.47 | 7.32 | 7.31 |
| P/TBV Ratio | 6.92 | 7.30 | 7.05 | 5.65 | 7.80 | 7.84 |
| P/FCF Ratio | 58.11 | 75.85 | ||||
| P/OCF Ratio | 57.86 | 75.17 | ||||
| EV/Sales Ratio | 8.67 | 11.24 | 15.41 | 16.05 | 40.30 | 30.01 |
| EV/EBITDA Ratio | 26.99 | 44.84 | ||||
| EV/EBIT Ratio | 27.16 | 45.15 | ||||
| EV/FCF Ratio | 52.90 | 70.13 | ||||
| Debt / Equity Ratio | 0.01 | 0.01 | 0.01 | 0.01 | 0.00 | 0.01 |
| Debt / EBITDA Ratio | 0.02 | 0.04 | ||||
| Debt / FCF Ratio | 0.07 | |||||
| Net Debt / Equity Ratio | -0.61 | -0.60 | -0.61 | -0.77 | -0.78 | -0.92 |
| Net Debt / EBITDA Ratio | -2.70 | -4.14 | 207.31 | 9.98 | 3.50 | 6.50 |
| Net Debt / FCF Ratio | -6.47 | 39.50 | 7.50 | 2.52 | 3.81 | |
| Asset Turnover | 0.57 | 0.42 | 0.33 | 0.15 | 0.21 | |
| Inventory Turnover | 4.12 | 3.37 | 3.63 | 4.11 | 8.65 | |
| Quick Ratio | 4.62 | 6.40 | 8.70 | 8.17 | 7.88 | |
| Current Ratio | 5.23 | 7.29 | 9.75 | 9.18 | 8.44 | |
| Return on Equity (ROE) | 20.15% | 17.36% | -8.54% | -26.54% | -19.40% | |
| Return on Assets (ROA) | 8.86% | -0.21% | -6.85% | -15.12% | -8.77% | |
| Return on Capital Employed (ROCE) | 14.30% | -0.30% | -10.20% | -25.60% | -14.10% | |
| Earnings Yield | 3.15% | 2.51% | 2.22% | -1.31% | -3.45% | -2.20% |
| FCF Yield | 1.72% | 1.32% | -0.22% | -1.88% | -4.19% | -3.29% |
| Buyback Yield / Dilution | 1.31% | -1.31% | -14.01% | -5.13% | -6.47% | -12.48% |