Business Description
argenx SE, a biotechnology company established in Amsterdam, the Netherlands, in 2008, is dedicated to developing innovative therapies primarily for autoimmune diseases. The company's operations span across key global markets, including the United States, Japan, Europe, the Middle East, Africa, and China. Its leading investigational therapy is efgartigimod, which is being developed to address a broad range of conditions. These include generalized myasthenia gravis, immune thrombocytopenia, pemphigus vulgaris, chronic inflammatory demyelinating polyneuropathy, thyroid eye disease, bullous pemphigoid, myositis, primary Sjögren's syndrome, post-COVID postural orthostatic tachycardia syndrome, membranous nephropathy, lupus nephropathy, ANCA-associated vasculitis, and antibody-mediated rejection. Also noted in connection with its lead product efforts is ENHANZE SC. The company's extensive development pipeline features several other promising candidates. Empasiprubart is in development for multifocal motor neuropathy, delayed graft function, and dermatomyositis. ARGX-119 is being investigated for congenital myasthenic syndrome and amyotrophic lateral sclerosis. Further pipeline assets include ARGX-213, which targets FcRn; ARGX-121 and ARGX-220, both designed to modulate the immune system; ARGX-109, which targets IL-6; and ARGX-118, developed for inflammatory indications. argenx is also advancing cusatuzumab, ARGX-112, ARGX-114, and ARGX-115. The company’s portfolio encompasses several proprietary products and brands, such as VYVGART, VYVGART HYTRULO, VYVDURA, ARGENX, ABDEG, NHANCE, SIMPLE ANTIBODY, and ARGENXMEDHUB. Strategic collaborations are integral to argenx's business model. It maintains partnerships with AbbVie S.À.R.L., Zai Lab Limited, and LEO Pharma A/S, alongside numerous collaboration and license agreements with entities including Genor Biopharma Co. Ltd, Université Catholique de Louvain, Sopartec S.A., NYU Langone Health, Leiden University Medical Center, AgomAb Therapeutics NV, Broteio Pharma B.V., VIB vzw, University of Texas, BioWa, Inc., and Shire International GmbH. A specific collaboration with Genmab A/S focuses on the discovery, development, and commercialization of novel therapeutic antibodies for immunology and oncology applications. Additionally, argenx has a strategic collaboration with IQVIA Holdings Inc. for the provision of safety systems and related services.
Business History
Revenue & Net Income Trend
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
EPS (Diluted): 21.14
Total Equity: $7.32B
Shares: 66,029,214
Total Debt: $47.16M
Cash: $3.49B
EBITDA: $1.31B
Total Debt: $47.16M
Cash: $3.49B
Revenue: $4.15B
Revenue: $4.15B
Revenue: $4.15B
Total Equity: $7.32B
Tax Rate: -1.1%
Equity: $7.32B
Total Debt: $47.16M
Cash: $3.49B
Current Liabilities: $1.32B
Long-Term Debt: $36.33M
Total Debt: $47.16M
Total Equity: $7.32B
Shares: 66,029,214
Shares: 66,029,214
CapEx: -$6.18M
Shares: 66,029,214
Stock Price: $887.18
Net Income: $1.29B
Industry Benchmarks
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
Income Statement (Annual)
Last updated: Jun 21, 2026 7:37pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $497.3M | $410.7M | $1.2B | $2.2B | $4.2B |
| Cost of Revenue | $580.5M | $29.4M | $117.8M | $227.3M | $450.7M |
| Gross Profit | $497.3M | $381.3M | $1.1B | $2.0B | $3.7B |
| Operating Expenses | $846.0M | $1.1B | $1.5B | $2.0B | $2.6B |
| Operating Income | -$348.7M | -$720.3M | -$425.0M | -$21.7M | $1.1B |
| Net Income | -$407.6M | -$709.6M | -$295.1M | $833.0M | $1.3B |
| EBITDA | -$392.8M | -$622.8M | -$192.3M | $105.2M | $1.3B |
| EPS | $-7.99 | $-13.05 | $-5.16 | $13.92 | $21.14 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 21, 2026 7:37pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $1.3B | $800.7M | $2.0B | $1.5B | $3.5B |
| Total Current Assets | $2.5B | $2.8B | $4.1B | $4.9B | $6.9B |
| Total Assets | $2.9B | $3.1B | $4.5B | $6.2B | $8.7B |
| Current Liabilities | $301.2M | $302.3M | $423.0M | $669.9M | $1.3B |
| Long-Term Debt | $0 | $0 | $0 | $0 | $36.3M |
| Total Liabilities | $316.1M | $320.6M | $445.0M | $704.2M | $1.4B |
| Total Equity | $2.5B | $2.8B | $4.1B | $5.5B | $7.3B |
| Retained Earnings | -$1.4B | -$2.1B | -$2.4B | -$1.6B | -$279.8M |
Cash Flow (Annual)
Last updated: Jun 21, 2026 7:37pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | -$606.8M | -$862.8M | -$420.3M | -$82.7M | $850.5M |
| Capital Expenditure | -$121.4M | -$103.8M | -$43.8M | -$68.3M | -$6.2M |
| Free Cash Flow | -$728.2M | -$966.6M | -$464.1M | -$151.0M | $844.3M |
| Acquisitions (net) | $0 | -$2.0M | -$13.0M | -$7.0M | $0 |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | $0 | $0 | $0 | $0 | $0 |
| Net Change in Cash | $117.9M | -$533.9M | $1.2B | -$548.9M | $2.0B |
Analyst Estimates (Annual)
Last updated: Jun 26, 2026 9:51pm (11h ago)| Metric | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|
| Revenue |
$7.3B $7.0B – $8.0B
|
$8.6B $8.1B – $9.6B
|
$9.9B $9.3B – $11.0B
|
$11.2B $10.5B – $12.4B
|
| EBITDA |
-$2.3B -$2.5B – -$2.2B
|
-$2.7B -$3.0B – -$2.6B
|
-$3.1B -$3.5B – -$2.9B
|
-$3.5B -$3.9B – -$3.3B
|
| Net Income |
$2.3B $1.9B – $2.8B
|
$3.0B $2.8B – $3.4B
|
$3.5B $3.3B – $4.0B
|
$4.0B $3.7B – $4.5B
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jun 21, 2026 7:37pm (5d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | -17.4% | +198.6% | +78.6% | +89.6% |
| Gross Profit Growth | -23.3% | +190.7% | +77.1% | +88.6% |
| Operating Income Growth | -106.6% | +41.0% | +94.9% | +4,970.3% |
| Net Income Growth | -74.1% | +58.4% | +382.3% | +55.1% |
| EBITDA Growth | -58.6% | +69.1% | +154.7% | +1,146.3% |
Narrative Economics
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