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What this page is: Delvantic's full research page for argenx SE (ARGX) — AI-driven forensic equity research: mechanical valuation models (DCF, EPV, anchored-PE, scenario) plus three independent AI lenses (Quality / Value / Sentiment). Everything below is rendered server-side; you are not missing content that requires JavaScript. All scores are predictions and research opinions, not financial advice.
Our current read (analysis of 2026-08-23): Designation Low · Gem Score -18 (−100…+100 Quality+Value blend) · Quality 41 · Value -67 · Sentiment 35 (timing only, not weighted) · Composite fair value $509.28 vs $851.29 at analysis
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profile-header/price-overview— company profile, live quote, market capextended-analysis— the core: three AI lens reads with findings, scores, and the analyst memofuture-predictions— our forward price-band predictionsmarket-narrative/ai-findings/gpt-critique— narrative context, cross-model findings, and an adversarial critique of our own analysis (near the end of the document)- Members-only sections (render as login gates for anonymous readers):
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argenx SE
ARGX NASDAQargenx SE is a global, commercial-stage biopharmaceutical company headquartered in Amsterdam, Netherlands, specializing in antibody-based therapies for severe autoimmune diseases. The company developed and commercializes VYVGART (efgartigimod), the first approved neonatal Fc receptor (FcRn) blocker, which is now available in more than 30 countries for treating conditions including generalized myasthenia gravis and chronic inflammatory demyelinating polyneuropathy. argenx leverages its proprietary antibody engineering technologies—including NHANCE, ABDEG, and POTELLIGENT platforms—combined with its Immunology Innovation Program to develop a diverse pipeline of novel medicines. Beyond its lead FcRn program, the company is advancing empasiprubart, a C2 complement inhibitor in Phase 3 development, alongside several earlier-stage experimental candidates targeting various autoimmune indications across neurology, rheumatology, and hematology. Through strategic partnerships with academic researchers and pharmaceutical collaborators, argenx translates immunology breakthroughs into clinical therapies, focusing on rare and serious autoimmune conditions with significant unmet medical needs.
Price Overview
Price History (1 Year)
Revenue & Net Income Trend
This company does not file structured financial statements with the U.S. SEC, so quarterly figures aren't available from our filings-based data engine. Annual figures shown here come from the sources that do cover it.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
EPS (Diluted): 19.57
Total Equity: $7.32B
Shares: 66,029,215
Total Debt: $0.00
Cash: $0.00
EBITDA: $1.08B
Total Debt: $0.00
Cash: $0.00
Revenue: $4.15B
Revenue: $4.15B
Revenue: $4.15B
Total Equity: $7.32B
Tax Rate: -1.1%
Equity: $7.32B
Total Debt: $0.00
Cash: $0.00
Current Liabilities: $1.32B
Long-Term Debt: $0.00
Total Debt: $0.00
Total Equity: $7.32B
Shares: 66,029,215
Shares: 66,029,215
CapEx: -$6.17M
Shares: 66,029,215
Stock Price: $851.48
Net Income: $1.29B
Industry Benchmarks
Income Statement (Annual)
Last updated: Aug 11, 2026 12:52pm (12d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | $400.7M | $1.2B | $2.2B | $4.2B |
| Cost of Revenue | — | $29.4M | $117.8M | $227.3M | $450.7M |
| Gross Profit | — | $371.3M | $1.1B | $2.0B | $3.7B |
| Operating Expenses | $888.2M | $1.1B | $1.5B | $2.0B | $2.6B |
| Operating Income | -$348.7M | -$720.3M | -$425.0M | -$21.7M | $1.1B |
| Net Income | -$408.3M | -$709.6M | -$295.1M | $833.0M | $1.3B |
| EBITDA | -$342.9M | -$616.0M | -$313.7M | -$4.1M | $1.1B |
| EPS | $-7.99 | $-13.05 | $-5.16 | $13.92 | $21.08 |
| EPS (Diluted) | $-7.99 | $-13.05 | $-5.16 | $12.78 | $19.57 |
Balance Sheet (Annual)
Last updated: Aug 11, 2026 12:52pm (12d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $462.0M | $222.3M | $636.0M | — | — |
| 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 | — | — | — | — | — |
| 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: Aug 11, 2026 12:52pm (12d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | -$606.8M | -$862.8M | -$420.3M | -$82.7M | $685.2M |
| Capital Expenditure | -$3.6M | $-837,000 | $-812,000 | -$1.8M | -$6.2M |
| Free Cash Flow | -$610.4M | -$863.6M | -$421.1M | -$84.5M | $679.0M |
| Acquisitions (net) | — | — | — | — | — |
| Net Debt Issued / (Repaid) | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | — | — | — | — | — |
| Net Change in Cash | — | — | — | — | — |
Growth Trends (YoY %)
Last updated: Aug 11, 2026 12:52pm (12d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | — | +197.2% | +83.6% | +89.9% |
| Gross Profit Growth | — | +189.0% | +82.5% | +88.9% |
| Operating Income Growth | -106.6% | +41.0% | +94.9% | +4,966.6% |
| Net Income Growth | -73.8% | +58.4% | +382.3% | +55.1% |
| EBITDA Growth | -79.7% | +49.1% | +98.7% | +26,315.4% |
Deep Analysis
Narrative Economics
market-narrative step).
AI Lens 4th lens · how AI reaches this business · 5-yr
2026-08-16argenx's whole strategy is one validated mechanism pushed across a dozen-plus autoimmune indications; AI that compresses trial design, site/patient selection and translational biomarker work directly lowers the cost and cycle time of each additional label — the exact unit that drives their revenue compounding.
Generative protein/antibody design is commoditizing the engineering layer (NHANCE/ABDEG/POTELLIGENT-style Fc tuning), so the technical distance between argenx and a well-funded fast-follower FcRn or next-gen oral/subQ competitor shrinks; differentiation migrates to clinical data and commercial reach, not molecule cleverness.
AI Lens thesis
What the market may be underestimating
Downside Payer scrutiny is the underrated channel: as AI-driven claims analytics and real-world-evidence tools mature, payers get much better at policing which gMG/CIDP patients justify a high-priced biologic, compressing the effective net price and duration-on-therapy that peak-sales models assume.aIap follow-on antibody design plus AI-run trials could also shorten a competitor's path to a differentiated FcRn far more than history suggests.Watch for that.heaper-and-faster claims from rivals.
Outcome range spread 37
Growth Outlook
Analyzed 2026-08-17 16:37The question every valuation on this page silently assumes: is this company likely to grow? Judged forward — the business, its category, the world — against what's already printed.
Claude Reading
The raw numbers here are genuinely extraordinary and the models are underweighting that. Revenue went from $400M (2022) to $1.19B (2023) to $2.19B (2024) to $4.15B (2025) — that's not "high growth," that's a rocketship launch curve, with the most recent YoY at ~90% off a base that's no longer small. Gross margin is 89.1%, operating margin flipped from -1% in 2024 to +25.4% in 2025, net margin is 31.1%, and FCF is $679M with essentially zero capex ($6M). Equity of $7.32B with zero debt and a 5.2x current ratio means the balance sheet is fortress-grade. The 43x P/E and 12.6x EV/Revenue look expensive in isolation but on 2025 numbers with 90% growth and expanding margins, this is roughly a 0.5 PEG — cheap for what it is, if the trajectory holds even one more year.
Where I part ways with the synthesis: the DCF composite of $464 anchoring to "~$2B peak VYVGART" appears to already be obsolete — VYVGART is doing $4B+ in 2025 revenue and still accelerating. If the DCF's terminal assumption is beneath current run-rate, the fair value output is mechanically broken, not conservative. The narrative layer says the $851 embeds "$5-7B+ peak" — but if trailing is already $4.15B growing 90%, a $6-8B peak in 2027-2028 isn't heroic, it's the base case absent competition shocks. The market-forces "euphoric valuation" framing and the thesis engine's "priced for $8-10B peak" both seem to underestimate how quickly the denominator (revenue) is expanding beneath the multiple. The models are essentially fighting last year's valuation battle.
That said, the contrarian case has teeth. First: the "$1.29B NI on $685M OCF" gap is the real red flag the FCF-quality signal is pointing at — net income exceeds operating cash flow by ~$600M, which suggests either large non-cash tax benefits (DTA release is common at biotech profit inflection), working capital drag from receivables buildup, or accrual-heavy revenue recognition. That's not fraud, but it means the 31% net margin is not a durable cash margin — the cash margin is closer to 16.5%, and EV/FCF is ~78x, which is genuinely expensive. Second: single-asset concentration is real — VYVGART is essentially all the revenue, and gMG + CIDP labels are increasingly crowded (Johnson & Johnson's nipocalimab, UCB's rozanixibart, Immunovant's batoclimab all coming). Third: the balance sheet shows no cash disclosed, which is a data gap that matters for a company that was burning cash 24 months ago.
I land partial-dissent from the synthesis. The $464 fair value is too low — it's anchored to stale peak assumptions and understates the demonstrated commercial execution. But $851 isn't a bargain either; it prices in flawless label expansion (ITP readout, myositis, Sjögren's) and successful defense against three well-capitalized FcRn competitors. Realistic fair value on a blended DCF using $6B peak VYVGART, moderate pipeline success, and normalizing cash conversion is probably $650-750. The stock is 10-20% overvalued, not 45% overvalued. I'd wait for either the ITP Phase 3 readout (binary catalyst that either validates the platform thesis or breaks it) or a pullback to the low-$700s before committing capital. This is a great company at a stretched-but-not-absurd price, and the models are treating it like a bubble stock when the underlying financials are those of a genuine pharma winner mid-inflection.
GPT Reading
argenx looks like a real commercial biotech success, but the stock already values it like a platform-scale autoimmune franchise with very little room for execution slippage. The raw numbers are undeniably strong: revenue went from $400.7M in 2022 to $1.19B in 2023, $2.19B in 2024, and $4.15B in 2025. That is not biotech hype; that is genuine commercial escape velocity. Gross margin at 89.1% is elite, and the income statement inflection is dramatic: operating loss of $720.3M in 2022 became a $21.7M operating loss in 2024 and then $1.05B of operating profit in 2025. Net income reached $1.29B, for a 31.1% net margin. Just as importantly, this is not a balance-sheet-stretched story chasing growth with leverage: debt-to-equity is zero, current ratio is 5.23, and equity is $7.32B. This is a high-quality business model emerging from the biotech phase into something much closer to a specialty pharma compounder.
The issue is not whether argenx is good; it is whether $53.3B is a sensible price for what is still, functionally, a concentrated franchise. At $4.15B of revenue, the market is paying 13.5x sales, 48.2x EV/EBITDA, and 43.5x earnings despite the company already having crossed into meaningful profitability. Those are venture-style multiples being applied after de-risking. If I back into what the market needs, it is not merely continued growth; it is sustained, unusually durable growth. Even assuming revenue doubles again over the next several years to roughly $8B, today’s market cap would still imply around 6.5x that future revenue before considering competitive pressure, indication risk, and eventual normalization of margins. For a commercial biotech with one core mechanism/franchise driving the story, that is rich. The company has earned a premium, but not, in my view, this much premium. The 2025 free cash flow number also does not rescue valuation: $679.0M of FCF is solid, but against a $53.26B market cap that is roughly a 1.3% FCF yield. That is a perfection yield.
What stands out to me is the mismatch between quality and valuation rather than any sign of business weakness. The quantitative labels calling this “high-growth profitable” are correct descriptively and potentially dangerous analytically. Once a biotech reaches this kind of scale, the question shifts from “is commercialization working?” to “how much terminal franchise breadth is already in the stock?” On that basis, the stock looks over-earning investor trust. The move from negative operating income in 2023 to over $1B of operating profit in 2025 is exactly the sort of inflection that can seduce investors into extrapolating a straight line. But biotech revenues rarely remain linear once penetration matures, payer scrutiny rises, and mechanism-level competition appears. A 25.4% operating margin in 2025 is excellent, yet the valuation is not pricing “excellent”; it is pricing several more years of near-flawless indication expansion and category leadership.
The best case against my skepticism is straightforward: maybe this is one of the rare biotechs where the premium is deserved because the platform is still early. If revenue can grow from $4.15B to $6B-$7B faster than the market expects, margins expand from 25.4% operating to something north of 30%, and the company keeps converting that into clean cash without dilution or debt, then 43.5x trailing earnings will compress very quickly. The balance sheet strength matters here: with no leverage burden and strong returns on capital already visible — ROIC 14.5%, ROE 17.6%, ROA 14.9% — argenx has unusual strategic flexibility. A bull would also correctly note that many biotechs never make the jump from science story to cash engine; argenx has. In that framing, paying up for a scarce asset is rational, and 2025’s 89.9% revenue growth suggests the market may still be underestimating duration rather than overestimating it.
What would change my mind is not another year of high growth by itself, but evidence that this is becoming a broader, more durable franchise than the current multiples assume. I would want to see revenue continue above $5.5B-$6.0B within the next year or so while holding gross margin near 88%-89% and converting that into at least $1.2B-$1.5B of annual free cash flow, not just accounting earnings. I would also need proof that growth is diversifying rather than concentrating, because the current valuation only works if future indications materially widen the revenue base. Conversely, if growth slows into the 25%-35% range without a step-up in cash generation, the multiple should compress hard. At $851, the burden of proof is on the bulls.
Grok Reading
The raw numbers describe a biotech that has executed a near-textbook commercial launch and is now printing real scale. Revenue went from $401M in 2022 to $1.19B, $2.19B, then $4.15B in 2025—an 86.7% CAGR and nearly 90% year-over-year growth in the latest period—while gross margin held at 89% and operating income swung from a $22M loss to $1.05B profit. Net income of $1.29B and free cash flow of $679M confirm the company has crossed into self-funding territory with zero debt and $7.3B of equity. At a $53B market cap that equates to 12.6x EV/revenue and 43.5x trailing earnings, the market is already capitalizing VYVGART as a multi-indication franchise rather than a single-product story. What stands out most is the speed of operating leverage: the same platform that lost $720M at the operating line three years ago is now delivering 25% operating margins and 31% net margins, which is elite for any commercial-stage biotech.
That said, the cash-flow quality flag is material and under-discussed. Free cash flow of $679M is only about 53% of reported net income; for a company with negligible capex, that gap implies meaningful working-capital absorption, stock-based compensation, or other non-cash items that make the $1.29B earnings figure less bankable than it appears. The valuation synthesis’s $464–509 fair-value range versus the $851 print is directionally correct once you stop extrapolating 90% growth forever. At current multiples the stock is embedding peak VYVGART sales well north of $8B plus clean Phase 3 wins and durable pricing power—assumptions that leave little room for the class competition and reimbursement pressure already visible in the FcRn space.
The strongest counter-argument is simply the trajectory itself. Revenue has compounded at nearly 90% with high confidence, commercial execution has outrun typical biotech norms, and the balance sheet is fortress-clean. A bull can fairly claim that 43x earnings on a business still growing 40–50% with 89% gross margins and expanding labels is not egregious by growth-biotech standards, and that any modest beat on ITP or CIDP penetration could re-rate the multiple higher still. I weigh this less heavily because the absolute price already capitalizes most of that upside; the incremental dollar of growth is being paid for at a premium that historically compresses once competition arrives and growth inevitably decelerates into the 20s.
I would reverse to a constructive stance if the next two quarters show FCF conversion rising sustainably above 80% of net income while revenue growth remains above 40%, or if a clean, differentiated ITP Phase 3 readout expands the labeled TAM without pricing concessions. Conversely, any sign of share loss or net-price erosion in myasthenia gravis would confirm the multiple is too rich.
Big-3 Panel — where each AI stands
Advanced Analysis Forensic deep-dive · separate lenses
argenx has executed a rare biotech transition: revenue from zero in 2021 to $4.15B in 2025, with gross margins holding at 89-93% and operating margin flipping from -180% (2022) to +25% (2025). Net income swung to $1.29B and FCF turned decisively positive at $679M, so the company is now self-funding without external capital. Altman Z of 25.1 signals no solvency risk, and OCF/NI of 0.91x is reasonable for a company at this stage of scaling. The strengths are the operating leverage inflection and the pharma-grade gross margin structure that comes with a validated FcRn franchise. The concerns are real but secondary: diluted shares grew from 51.1M to 66.0M (roughly 6.6% CAGR), meaning per-share economics lag the business by a meaningful spread; SBC is running around 6% of revenue. The Beneish M of -1.47 is a statistical flag but is exactly what you would expect from a company mid-inflection (rapid margin/revenue change), not necessarily manipulation. Accruals at 7.3% of assets warrant monitoring given the sudden swing to GAAP profit. Durability rests almost entirely on Vyvgart/efgartigimod - a single-asset franchise until pipeline label expansions land, which the raw data does not let me verify.
Verify before trusting this (5)
- Vyvgart concentration - what share of revenue comes from a single indication or geography
- Convertible or warrant overhang that could add to the 6.6% dilution CAGR
- Pipeline label-expansion timing (CIDP, myositis, etc.) that underwrites durability of 25% operating margin
- Working-capital drivers behind the 7.3% accruals ratio - receivables buildup vs deferred revenue
- SBC vesting schedule and whether the 6% of revenue rate is set to decelerate as revenue scales
The composite fair value of $509 and signal-adjusted $464 both imply roughly 40-45% downside from $851. The DCF ($248) and EPV floor ($41) reflect the reality that current cash flows, even post-inflection, cannot support a $53B market cap on their own - you are paying almost entirely for pipeline optionality and Vyvgart peak sales. The anchored-PE of $1,054 is the outlier and should be discounted: it extrapolates from a one-year-old profitability inflection at ~89% gross margins, which is exactly the kind of early-cycle multiple that runaway-methods produce. Adjusting for that, deserved value clusters in the $500-600 range for a Strong-quality business with real optionality but 6-7% annual dilution eating into per-share value. The bull case requires VYVGART peak sales of $5-7B plus successful Phase 3 reads on follow-on programs - plausible but not underwritten. The bear case, that FcRn is less differentiated than marketed and that competitive pressure caps the franchise, is a live risk the price does not compensate for. This is a great business at a full-to-rich price, not a mispricing in your favor.
Verify before trusting this (5)
- VYVGART quarterly run-rate and trajectory toward the $5B+ peak assumption
- Phase 3 readouts on follow-on FcRn programs (efgartigimod in additional indications)
- Share count growth rate - is the 6-7% dilution slowing as the company self-funds
- Competitive dynamics vs eculizumab and emerging FcRn competitors
- Operating leverage - is opex scaling sublinearly with revenue post-inflection
ARGX sits inside a strong, intense visionary-founder narrative built around FcRn platform biology and VYVGART as a multi-indication franchise. That story is doing the heavy lifting on the tape: 86.7% revenue CAGR and a clean momentum print give the bulls a live thesis to defend, and the archetype (platform-cracker with a real launched drug) attracts a sticky specialist-biotech following. Cult coefficient is only medium and durability moderate, so this is not a mania - but the narrative is intact and pointing up. The macro tape is mildly supportive: risk-on regime at +52, VIX 14.3, indices near highs. However ARGX has a near-zero beta (-0.04), so the tape barely touches it either way - this name trades on pipeline headlines and analyst target moves, not SPX ticks. The 10y at 4.63% and a market PE of 26 are a background headwind for long-duration biotech cash flows, but with VYVGART already generating revenue, ARGX is less rate-sensitive than pre-revenue peers. News flow is quiet - just an ADR-wide down-tick Friday, idiosyncratic to nothing. No analyst tone data provided, but the price sitting at $851 versus a $464 DCF anchor tells you sell-side and buy-side are already leaning into the bull narrative. Net: sentiment pressure is upward, but the story is now the floor - any crack in a Phase 3 readout or label expansion would remove the tailwind fast.
Verify before trusting this (5)
- Upcoming VYVGART label-expansion readouts (CIDP, ITP, other indications) - the narrative depends on breadth
- Empasiprubart and pipeline Phase 3 timing - any slip cracks the platform story
- Analyst target revisions post any competitor FcRn or complement data
- Sell-side price target distribution vs the $464 DCF - is consensus already at $850+ or catching up
- Any rotation out of specialty biotech into large-cap pharma if rates back up further
None surfaced.
Verify before trusting this (8)
- Enrollment speed vs competitor trials
- Neurology field-force productivity
- Patient-support program retention
- Oral FcRn Phase 2/3 readouts
- Autoimmune CAR-T durability data
- Prefilled-syringe/at-home conversion rate
- Number of FcRn agents in Phase 2+
- China-originated FcRn licensing deals
Immunology is the largest and fastest-consolidating therapeutic dollar pool, and FcRn blockade converts a previously mechanism-less set of IgG-driven autoimmune diseases into a treatable, repeatable commercial template. argenx is the reference asset in that class, which means the world's direction — more diagnosis, more chronic biologic use, more autoimmune label expansion — flows toward it rather than around it. The offsetting reality is that validation attracts capital: every large-cap immunology franchise now has an FcRn or complement program aimed at the same pools, so the world that created this growth also guarantees it gets shared. Macro headwinds (10y 4.63) matter little to demand for a chronic therapy but do raise the bar for funding the pipeline breadth the structural case assumes.
When we made this prediction on Aug 16, 2026, ARGX was $851.29. We expect it to be $775.00 by Feb 2027, and we consider it great value under $575.00. This is an early model (v0.6.0) — the direction is more reliable than the exact price. Made Aug 16, 2026.
Blue is our prediction, starting the day we made it. Grey is a slower route to the same place — the same destination, taking longer. Black is the actual price, so you can see how we are doing.