argenx SE (ARGX)

argenx SE, a commercial-stage biopharma company, develops various therapies for the treatment of autoimmune diseases in the United States, Japan, China, the Netherlands, and internationally. The company offers VYVGART for the treatment of gMG and immune thrombocytopenia (ITP), and VYVGART HYTRULO for the treatment of gMG and chronic inflammatory demyelinating polyneuropathy (CIDP). It also develops efgartigimod for the treatment of seronegative gMG, ocular myasthenia gravis (MG), primary ITP, grave's disease, myositis, Sjögren's disease, systemic sclerosis, and AMR; empasiprubart for MMN, delayed graft function, and CIDP; and adimanebart for congenital myasthenic syndrome and spinal muscular atrophy. In addition, the company is developing ARGX-213, a neonatal Fc receptor (FcRn)-targeted antibody engineered for half-life extension and sustained IgG reduction; ARGX-124, a FcRn pipeline candidate; ARGX-109, which targets IL-6 to treat inflammation; ARGX-121, which targets immunoglobulin A; and ARGX-118, which develops antibodies against Galectin-10, as well as cusatuzumab, ARGX-112, ARGX-114, and ARGX-115. It has strategic partnerships and license agreements with Zai Lab to develop and commercialize efgartigimod; Halozyme Therapeutics to its ENHANZE for the prevention and treatment of human diseases; OncoVerity, Inc for cusatuzumab; and AbbVie, Inc. for ARGX-115. argenx SE was incorporated in 2008 and is based in Amsterdam, the Netherlands.

Ticker
ARGX
Exchange
Nasdaq
Sector
Healthcare
Industry
Biotechnology
Market cap
$57.38B
52-week range
$661.85 - $1072.75

Valuation

Share price
$927.21 (close of Nov 6, 2026)
P/E (TTM)
43.99x
Price to book
7.84x
Price to free cash flow
84.50x
Enterprise value
$53.93B
Book value per share
$118.34

Price performance

PeriodChange
1 day+3.63%
5 days+3.85%
1 month-0.36%
3 months+5.93%
6 months+14.82%
Year to date+10.26%
1 year+8.95%
3 years+88.06%
5 years+188.92%
All time+3,931.35%

Short interest

As of
Oct 15, 2026
Short % of float
2.15%
Shares short
1.35M
Days to cover
2.49
Change since prior report
+0.12%
Source
FINRA consolidated short interest

Profitability and growth

Return on equity
17.64%
Return on invested capital
14.30%
Return on assets
14.88%
Return on capital employed
14.31%
Gross margin
89.15%
Net margin
31.11%
EBITDA margin
25.37%
Revenue growth
89.64%
Net income growth
55.10%

Cash flow and balance sheet

Free cash flow yield (TTM)
1.18%
Current ratio
5.23x
Net debt to EBITDA
-2.63x

Latest reported year

Period end
Dec 31, 2025
Fiscal year
2025
Revenue
$4.15B
Cost of revenue
$450.67M
Gross profit
$3.70B
EBITDA
$1.05B
Net income
$1.29B
Earnings per share
$21.08
Research and development
$1.36B
Interest expense
$4.08M
Shares outstanding
61.30M

Income statement by year

Period endRevenueGross profitNet incomeEPS
2025-12-31$4.15B$3.70B$1.29B$21.08
2024-12-31$2.19B$1.96B$833.04M$13.92
2023-12-31$1.23B$1.11B-$295.05M-$5.16
2022-12-31$410.75M$381.31M-$709.59M-$13.05
2021-12-31$497.28M--$408.26M-$7.99
2020-12-31$41.24M--$608.46M-$13.40
2019-12-31$78.46M--$182.54M-$4.69
2018-12-31$21.48M--$78.74M-$2.36
2017-12-31$41.16M--$31.74M-$1.29
2016-12-31$16.29M--$23.67M-$1.26

Margins and returns by year

Period endGross marginNet marginReturn on equityReturn on capital
2025-12-3189.15%31.11%17.64%14.30%
2024-12-3189.62%38.03%15.15%-0.20%
2023-12-3190.39%-24.06%-7.20%-10.09%
2022-12-3192.83%-172.76%-25.22%-24.79%
2021-12-31--82.10%-16.11%-13.70%
2020-12-31--1,475.29%-36.35%-28.37%
2019-12-31--232.65%-15.46%-16.75%
2018-12-31--366.52%-12.77%-13.21%
2017-12-31--77.10%-7.76%-6.34%
2016-12-31--145.27%-35.32%-35.39%

Cash and debt by year

Period endCash
2025-12-31$3.49B
2024-12-31$1.50B
2023-12-31$2.05B
2022-12-31$800.74M
2021-12-31$1.33B
2020-12-31$1.22B
2019-12-31$372.16M
2018-12-31$321.79M
2017-12-31$227.93M
2016-12-31$95.07M

Free cash flow by year

Period endFree cash flowStock-based compensation
2025-12-31$679.03M$248.08M
2024-12-31-$84.55M$235.18M
2023-12-31-$421.14M$232.97M
2022-12-31-$863.64M$157.03M
2021-12-31-$610.43M$179.37M
2020-12-31-$399.53M$96.93M
2019-12-31$149.83M$44.24M
2018-12-31-$64.35M$22.66M
2017-12-31-$41.70M$4.82M
2016-12-31$10.81M$3.16M

Investor relations

Past earnings dates

ReportedFiscal periodEPS estimate
2026-10-22Sep 2026$7.44
2026-07-23Jun 2026$6.13
2026-05-07Mar 2026$5.16
2026-02-26Dec 2025$6.24
2025-10-30Sep 2025$4.37
2025-07-31Jun 2025$2.84
2025-05-08Mar 2025$2.32
2025-02-27Dec 2024$1.83

Filings and sources

Company website
argenx.com
SEC filings
10-K, 10-Q and 8-K on EDGAR
Earnings calendar
All upcoming reports

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