ARGX (argenx SE) Stock Financials & Earnings | Market Cap Arena

ARGX (argenx SE) Stock Financials & Earnings | Market Cap Arena

ARGXargenx SE

Mkt Cap$46B

Healthcare·Biotechnology·🇳🇱 Netherlands·NASDAQ

Revenue (TTM)$3.7B

Net Income (TTM)$1.4B

EPS (TTM)$22.54

Free Cash Flow (TTM)$213M

Gross Margin75.0%

Op. Margin12.9%

Net Margin37.5%

FCF Margin5.8%

P/S Ratio (TTM)12.6x

P/E Ratio (TTM)33.6x

YoY Rev Growth+53.0%

Employees—

Earnings Reports

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q2 22	$111M	-$169M	-$379M
Q4 22	$303M	-$78M	-$302M
Q1 23	-$258M	$550M	$43M
Q2 23	$468M	$107M	-$189M
Q3 23	$330M	$294M	-$81M
Q4 23	$758M	$184M	-$219M
Q1 24	$401M	$358M	-$93M
Q2 24	$902M	$1.3B	-$139M
Q3 24	$573M	$514M	$14M
Q4 24	$1.3B	$681M	$117M
Q1 25	$791M	$710M	$139M
Q2 25	$948M	$837M	$201M

Revenue Breakdown

Valuation

Quarter	P/S	P/E
Q2 22	79.3x	—
Q4 22	53.5x	—
Q1 23	252.5x	—
Q2 23	73.7x	—
Q3 23	54.6x	—
Q4 23	35.5x	—
Q1 24	23.5x	—
Q2 24	19.3x	—
Q3 24	17.5x	—
Q4 24	14.3x	53.4x
Q1 25	12.7x	42.1x
Q2 25	12.6x	33.6x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 19	-$94M	-$95M
Q2 20	-$133M	-$134M
Q4 20	-$204M	-$204M
Q2 21	-$190M	-$192M
Q4 21	-$335M	-$336M
Q2 22	-$472M	-$472M
Q4 22	-$344M	-$345M
Q2 23	-$258M	-$262M
Q4 23	-$135M	-$135M
Q2 24	-$125M	-$125M
Q4 24	$42M	$41M
Q2 25	$438M	$433M

Capital Expenditures

CapEx

Quarter	CapEx
Q4 19	$926K
Q2 20	$659K
Q4 20	$268K
Q2 21	$2M
Q4 21	$1M
Q2 22	$175K
Q4 22	$611K
Q2 23	$443K
Q4 23	$333K
Q2 24	$811K
Q4 24	$990K
Q2 25	$5M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	+264.8%	+115.1%
Q4 22	+1237.9%	+160.7%
Q1 23	-161.4%	-188.4%
Q2 23	+1698.1%	+57.9%
Q3 23	+196.2%	-16.3%
Q4 23	+150.1%	+61.6%
Q1 24	+255.4%	+264.4%
Q2 24	+92.6%	+58.5%
Q3 24	+73.8%	+36.2%
Q4 24	+77.7%	+25.8%
Q1 25	+97.2%	+31.8%
Q2 25	+5.1%	-28.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 19	$31M	98.5%
Q2 20	$39M	129.2%
Q4 20	$47M	207.8%
Q2 21	$92M	21.9%
Q4 21	$87M	335.3%
Q2 22	$77M	68.8%
Q4 22	$75M	24.8%
Q2 23	$94M	20.0%
Q4 23	$131M	17.3%
Q2 24	$103M	11.4%
Q4 24	$128M	9.5%
Q2 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q2 22	$276M	—	—	$218M
Q4 22	$384M	—	—	$227M
Q1 23	—	$507M	$202M	—
Q2 23	$331M	—	—	$285M
Q3 23	$192M	—	—	$192M
Q4 23	$397M	$199M	$202M	—
Q1 24	$225M	—	—	$236M
Q2 24	$447M	$341M	$150M	—
Q3 24	$236M	—	—	$278M
Q4 24	$297M	$257M	$307M	—
Q1 25	$309M	—	—	$276M
Q2 25	$328M	$423M	$178M	—

Revenue by Geography

Quarter	Emea	Japan	United States
Q2 23	$23M	$24M	$441M

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 21	$1.6B	$1.1B	$2.7B
Q4 21	$1.3B	$1.0B	$2.3B
Q2 22	$1.4B	$1.2B	$2.6B
Q4 22	$801M	$1.4B	$2.2B
Q2 23	$1.1B	$886M	$2.0B
Q4 23	$2.0B	$1.1B	$3.2B
Q2 24	$1.4B	$1.7B	$3.1B
Q4 24	$1.5B	$1.9B	$3.4B
Q2 25	$2.1B	$1.8B	$3.9B

Shares Outstanding

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q2 22	53M	+3.8%
Q4 22	55M	+3.5%
Q1 23	56M	+0.7%
Q2 23	56M	+0.0%
Q3 23	58M	+4.4%
Q4 23	58M	+0.3%
Q1 24	59M	+1.8%
Q2 24	59M	+0.2%
Q3 24	66M	+10.7%
Q4 24	71M	+7.9%
Q1 25	66M	-7.5%
Q2 25	66M	-0.0%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 21	$765K	650
FY 22	$487K	843
FY 23	$1M	1K
FY 24	$1M	2K