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ARGX

argenx SE

ARGX

argenx SE • NASDAQ
$911.98 ▼ -0.62% (-5.65)
Market Cap $55.78 B
52w High $934.13
52w Low $510.06
Dividend Yield 0%
P/E 39.06
Volume 126.23K
Outstanding Shares 61.17M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $947.961M ▲ $636.153M ▲ $245.358M ▲ 25.883% ▲ $6.85 ▲ $513.954M ▲
Q1-2025 $790.683M ▼ $570.938M ▲ $169.469M ▼ 21.433% ▼ $2.78 ▼ $203.496M ▲
Q4-2024 $1.346B ▲ $562.714M ▲ $865.571M ▲ 64.294% ▲ $14.44 ▲ $126.612M ▲
Q3-2024 $573.236M ▼ $499.977M ▲ $91.41M ▲ 15.946% ▲ $1.52 ▲ $88.7M ▲
Q2-2024 $901.941M $495.007M $-32.531M -3.607% $-0.55 $-21.471M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $3.928B ▲ $7.176B ▲ $1.08B ▲ $6.096B ▲
Q4-2024 $3.379B ▲ $6.203B ▲ $704.239M ▲ $5.498B ▲
Q2-2024 $3.102B ▼ $4.797B ▲ $534.311M ▲ $4.262B ▲
Q4-2023 $3.18B ▲ $4.542B ▲ $444.951M ▲ $4.098B ▲
Q2-2023 $1.997B $3.194B $335.74M $2.858B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $418.149M ▼ $437.854M ▲ $-10.308M ▲ $74.078M ▼ $586.04M ▲ $432.606M ▲
Q4-2024 $865.571M ▲ $41.909M ▲ $-203.835M ▲ $239.685M ▲ $61.689M ▲ $40.919M ▲
Q2-2024 $-32.48M ▲ $-124.656M ▲ $-513.759M ▼ $40.074M ▼ $-610.597M ▼ $-125.467M ▲
Q4-2023 $-155.629M ▼ $-134.891M ▲ $-218.807M ▼ $1.274B ▲ $938.277M ▼ $-135.224M ▲
Q2-2023 $-112.936M $-258.498M $482.958M $57.081M $1.111B $-262.013M

Five-Year Company Overview

Income Statement

Income Statement Revenue has ramped up quickly over the past few years, moving the company from an early‑stage biotech profile toward a more commercial one. Gross margins are very high, which is typical for successful biotech products and suggests strong pricing power and product economics. Operating results have been loss‑making for most of the period but are now hovering around break‑even, while reported net income turned clearly positive most recently, likely helped by non‑operating items. Overall, the trend shows a business still investing heavily in growth, but now demonstrating it can support profitability as sales scale.

Balance Sheet

Balance Sheet The balance sheet looks robust, with total assets and shareholders’ equity steadily climbing over time, reflecting repeated capital raises and retained value from growth. Cash remains a major component of assets, giving the company a solid liquidity cushion, even though it has come down from a prior peak. Debt is minimal, so financial leverage is very low and refinancing risk appears limited. In simple terms, the company is funded mostly by equity and cash rather than borrowings, which is generally a conservative structure for a biotech.

Cash Flow

Cash Flow Despite the recent move into accounting profitability, the business is still consuming cash from operations, although the burn has been narrowing over time. Free cash flow remains negative as the company continues to invest in its pipeline and commercial infrastructure, while capital spending is modest relative to overall activity. This pattern—negative cash flow alongside growing revenue—is typical for a high‑growth biotech in the build‑out phase. The key question going forward will be whether growing product sales and potential new indications can fully offset this cash usage.

Competitive Edge

Competitive Edge Argenx has carved out a strong niche in autoimmune diseases, led by its first‑in‑class FcRn blocker VYVGART, which currently anchors its commercial story. The company enjoys a meaningful first‑mover advantage in this drug class, strong relationships with specialists, and flexibility in how the drug is delivered, all of which help differentiate it. Its “pipeline‑in‑a‑product” strategy—testing VYVGART across many autoimmune conditions—could deepen its moat if multiple indications are approved, though it also concentrates risk in a single franchise. Competition from large pharmaceutical companies in autoimmune disorders is intense, so maintaining clinical differentiation, access, and pricing power will be critical.

Innovation and R&D

Innovation and R&D Innovation is a clear strength: argenx has multiple proprietary antibody and Fc engineering platforms that can repeatedly generate new drug candidates. Beyond VYVGART, the company is advancing a range of programs aimed at different immune pathways, which reduces reliance on any one asset over the long term. Its Immunology Innovation Program and “Vision 2030” goals signal a deliberate push to convert scientific capabilities into a broader, multi‑product portfolio. The flip side is classic biotech risk: each new indication or asset depends on clinical and regulatory success, so outcomes can be binary and timing uncertain.

Summary

Argenx has transitioned from a development‑stage biotech to a commercial immunology company, with rapidly growing revenue and high margins now beginning to translate into reported profitability. The balance sheet is equity‑rich and lightly levered, with substantial cash on hand but ongoing cash burn as the company invests for growth. Its competitive position is anchored by VYVGART and reinforced by proprietary platforms and a deep pipeline, offering meaningful upside if label expansions and new drugs succeed. Key risks center on continued dependence on the VYVGART franchise, intense competition in autoimmune diseases, and the inherent uncertainty of late‑stage clinical development. Overall, the story is one of strong scientific differentiation and growing commercial scale, paired with the usual execution and pipeline risks that come with an ambitious, innovation‑driven biotech.

NEWS

October 30, 2025 · 2:00 AM UTC

argenx Reports Third Quarter 2025 Financial Results and Provides Business Update

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October 29, 2025 · 11:00 AM UTC

argenx Presents New Data at AANEM and MGFA Highlighting the Strength and Broad Benefit of VYVGART for Myasthenia Gravis Patients

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October 15, 2025 · 1:00 AM UTC

argenx to Highlight Key Data and Breadth of Immunology Innovation at 2025 AANEM Annual Meeting and MGFA Scientific Session

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October 3, 2025 · 4:01 PM UTC

argenx announces Extraordinary General Meeting of Shareholders on November 18, 2025

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September 18, 2025 · 9:00 AM UTC

FUJIFILM Biotechnologies Expands Strategic Partnership with argenx to Include U.S. Manufacturing Operations

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