ARGX

MKT CAP:$48B

argenx SE

Market Cap

$48B

Healthcare·Biotechnology·🇳🇱 Netherlands·NASDAQ

Healthcare·Biotechnology·🇳🇱·NASDAQ

Stock Price

$780.88-$59.11 (-7.04%)

Apr 24, 2026

Company Details

argenx SE, a biotechnology company, engages in the developing of various therapies for the treatment of autoimmune diseases in the United States, Japan, Europe, Middle East, Africa, and China. Its lead product candidate is efgartigimod for ...

CEO

Timothy Van Hauwermeiren

IPO Date

May 18, 2017

Website

www.argenx.com

Key Metrics TTM

Revenue

$5.1B

+114.0% YoY

Net Income

$2.0B

EPS (Diluted)

$29.39

Free Cash Flow

$187M

Revenue / Share

$77.29

Gross Margin

79.2%

Operating Margin

18.2%

Net Margin

39.1%

FCF Margin

3.7%

P/S

9.4x

P/E

24.1x

Earnings Reports

Q1 2026

May 7, 2026

PENDING

FY 2025

Mar 19, 2026

$4.2B+90.1%EPS $19.63

Q4 2025

Feb 26, 2026

$2.4B+78.7%EPS $13.22

Q1 2025

Mar 31, 2025

$791M+97.2%EPS $2.58

FY 2024

Mar 20, 2025

$2.2BEPS $12.78

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 14	$4M	-$4M	-$6M
Q2 15	$4M	-$5M	-$8M
Q2 16	$7M	-$5M	-$7M
Q4 16	$10M	-$10M	-$15M
Q2 17	$25M	-$2M	-$7M
Q4 19	$31M	-$88M	-$124M
Q4 20	$23M	-$126M	-$209M
Q1 23	-$258M	$550M	$43M
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
Q4 25	$2.4B	$2.1B	$659M

Valuation

Quarter	P/S	P/E
Q4 14	—	—
Q2 15	—	—
Q2 16	27.9x	—
Q4 16	18.5x	—
Q2 17	12.3x	—
Q4 19	87.5x	—
Q4 20	160.7x	—
Q1 23	—	—
Q3 23	227.3x	—
Q4 23	28.8x	—
Q1 24	19.2x	—
Q2 24	12.9x	—
Q3 24	14.6x	—
Q4 24	13.6x	51.0x
Q1 25	11.6x	38.4x
Q4 25	10.0x	25.5x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 13	-$4M	-$4M
Q2 13	-$2M	-$2M
Q4 13	-$8M	-$8M
Q1 14	-$4M	-$4M
Q2 14	$363.5K	$314.1K
Q4 14	-$3M	-$3M
Q2 15	-$5M	-$6M
Q2 16	$22M	$22M
Q4 16	-$12M	-$12M
Q2 17	-$15M	-$16M
Q4 19	-$94M	-$95M
Q4 20	-$204M	-$204M
Q4 23	-$135M	-$135M
Q2 24	-$125M	-$125M
Q4 24	$42M	$41M
Q4 25	$408M	$407M

Capital Expenditures

Quarter	CapEx
Q1 13	$0
Q2 13	$0
Q4 13	$104.9K
Q1 14	$1.6K
Q2 14	$33.6K
Q4 14	$153.0K
Q2 15	$204.0K
Q2 16	$697.0K
Q4 16	$212.0K
Q2 17	$326.0K
Q4 19	$926.0K
Q4 20	$268.0K
Q4 23	$333.0K
Q2 24	$811.0K
Q4 24	$990.0K
Q4 25	$900.2K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 16	+518.8%	+296.8%
Q2 17	+558.3%	+218.8%
Q4 19	+619.5%	+1150.6%
Q4 20	+224.7%	+1519.0%
Q1 23	-2634.4%	-1303.8%
Q3 23	+1242.3%	+1210.2%
Q4 23	+2321.9%	+528.7%
Q1 24	+1671.1%	+113.2%
Q2 24	+449.6%	+446.1%
Q3 24	+73.8%	+36.2%
Q4 24	+77.7%	+25.8%
Q1 25	+97.2%	+31.8%
Q4 25	+166.8%	+67.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 13	$127.3K	—
Q2 13	$126.8K	—
Q4 13	$268.8K	—
Q1 14	$45.0K	—
Q2 14	$545.2K	33.1%
Q4 14	$582.0K	15.6%
Q2 15	$1M	28.7%
Q2 16	$1M	18.1%
Q4 16	$2M	21.1%
Q2 17	$2M	8.7%
Q4 19	$31M	98.5%
Q4 20	$47M	207.8%
Q4 23	$131M	17.3%
Q2 24	$103M	11.4%
Q4 24	$128M	9.5%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q4 14	$8M	$2M	—	—
Q2 15	$10M	$2M	—	—
Q2 16	$13M	$3M	—	—
Q4 16	$20M	$3M	$885.0K	—
Q2 17	$29M	—	—	$5M
Q4 19	$119M	—	—	$37M
Q4 20	$149M	—	—	$85M
Q1 23	—	$507M	$202M	—
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
Q4 25	$725M	—	—	$764M

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 18	$190M	$268M	$458M
Q4 18	$376M	$379M	$755M
Q2 19	$223M	$1.0B	$1.3B
Q4 19	$435M	$1.3B	$1.8B
Q2 20	$1.6B	$962M	$2.5B
Q4 20	$1.4B	$912M	$2.3B
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
Q4 25	$3.5B	$949M	$4.4B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 14	16M	0.0%	—
Q2 15	16M	0.0%	—
Q2 16	17M	+10.5%	—
Q4 16	20M	+16.9%	+29.2%
Q2 17	22M	+7.3%	+38.5%
Q4 19	39M	+81.4%	+151.3%
Q4 20	47M	+19.9%	+172.8%
Q1 23	56M	+17.6%	+174.6%
Q3 23	58M	+4.4%	+167.2%
Q4 23	58M	+0.3%	+47.6%
Q1 24	59M	+1.8%	+25.3%
Q2 24	59M	+0.2%	+6.7%
Q3 24	66M	+10.7%	+13.1%
Q4 24	71M	+7.9%	+21.8%
Q1 25	66M	-7.5%	+10.7%
Q4 25	66M	+0.8%	+11.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 14	—	—
Q2 15	—	—
Q2 16	—	—
Q4 16	—	—
Q2 17	—	—
Q4 19	$166.4K	188
Q4 20	$67.4K	336
Q1 23	-$306.0K	843
Q3 23	$391.2K	843
Q4 23	$660.0K	1K
Q1 24	$349.3K	1K
Q2 24	$785.7K	1K
Q3 24	$499.3K	1K
Q4 24	$841.9K	2K
Q1 25	$494.5K	2K
Q4 25	$1M	2K

Revenue / Employee