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.
Profile & Fundamentals
Argen-X: Company identity, ownership, reported financial performance, balance sheets, and corporate actions.
Profile & Fundamentals
Argen-X Profile & Fundamentals
Examine company identity, ownership, reported performance, valuation, balance-sheet resilience, dividends, buybacks, and material corporate events.
Explore this pageJump to a Profile & Fundamentals section
Explore this research
Profile & Fundamentals contents
Jump directly to any section
Company and Market Context
Company Profile & Ownership
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.
Company profile record
Argen-X
Common Stock · Health Care · Biotechnology
Company
- Company / asset
- Argen-X
- Security type
- Common Stock
- Sector
- Health Care
- Industry
- Biotechnology
- HQ
- 🇳🇱 Netherlands
- Head office
- Laarderhoogtweg 25, Amsterdam, Netherlands, 1101 EB
Leadership & scale
- Chief executive
- Ms. Karen Massey
- CEO year born
- 1979
- Full-time employees
- 1.9K
- Fiscal year end
- December
- IPO date
- 2017-05-18
Fundamentals snapshot
- Market Cap
- EUR 53.8B
- P/E
- 25.4x
- Revenue (Q2 26)
- USD 2.8B
- Profit (Q2 26)
- USD 821.2M
- Dividend Yield
- --
- Revenue (FY 25)
- USD 4.2B
- Shares in public float
- 62.4M
- Insider ownership
- 0.01%
Reporting & identifiers
- Symbol
- ARGX.BRU
- Listing
- 🇧🇪 Belgium | Dividend Tax: 30%
- Ticker Currency
- EUR
- Income Statement Currency
- USD
- Balance Sheet Currency
- USD
- Cash Flow Currency
- USD
- EPS Currency
- USD
- Contract Type
- SPOT
- ISIN
- NL0010832176
- Asset ID
- equity_913727ed-97f0-5377-91df-a1068ef091f3
Ownership
Shares Outstanding
Latest: 64.4M | Max: 71.0M | Min: 27.5M
Latest reported ownership snapshot
As of Oct 1, 2026Float Shares
96.93%
62.4M latest reported shares
Insider Ownership
0.01%
Latest reported insider stake
Short Float
--
Latest reported short interest / float
Source tablesView ownership tables
Shares Outstanding
Annual reported shares outstanding; up to 10 reporting dates.
Scroll the table to see every column.
| Reporting date | Shares outstanding |
|---|---|
| 2017-01-01 | 27,462,700 |
| 2018-01-01 | 34,463,600 |
| 2019-01-01 | 39,474,000 |
| 2020-01-01 | 47,344,800 |
| 2021-01-01 | 51,513,000 |
| 2022-01-01 | 55,312,800 |
| 2023-01-01 | 58,647,600 |
| 2024-01-01 | 70,955,400 |
| 2025-01-01 | 66,209,000 |
| 2026-01-01 | 64,409,500 |
Top Holders
Available reported ownership records.
No reported records are available in this preview.
Earnings, Profitability & Valuation
Earnings, Profitability & Valuation
Earnings & Revenue
Earnings and Revenue Trajectory
AI Review
The company has completed a historic turnaround, transitioning from heavy development-stage cash losses into substantial commercial profitability. Product revenue surged 84.7% in fiscal 2025 to 4.15 billion dollars, driven by rapid patient adoption of Vyvgart in generalized myasthenia gravis and chronic inflammatory demyelinating polyneuropathy. Reconstructed financial filings indicate true trailing product sales near 5.2 billion dollars through mid-2026. This explosive trajectory reflects genuine operating leverage rather than transient accounting windfalls. As recurring prescription volumes expand across specialized neurology clinics, operating income and cash flows have turned decisively positive. Patient demand for life-altering therapies remains highly predictable, providing a dependable foundation for long-term cash generation.
The company has completed a historic turnaround, transitioning from heavy development-stage cash losses into substantial commercial profitability. Product revenue surged 84.7% in fiscal 2025 to 4.15 billion dollars, driven by rapid patient adoption of Vyvgart in generalized myasthenia gravis and chronic inflammatory demyelinating polyneuropathy. Reconstructed financial filings indicate true trailing product sales near 5.2 billion dollars through mid-2026. This explosive trajectory reflects genuine operating leverage rather than transient accounting windfalls. As recurring prescription volumes expand across specialized neurology clinics, operating income and cash flows have turned decisively positive. Patient demand for life-altering therapies remains highly predictable, providing a dependable foundation for long-term cash generation.
Revenue, Net Income, and Free Cash Flow
Latest: USD 4.2B | Max: USD 4.2B | Min: USD -966.6M
Valuation
P/E Ratio (TTM)iPublished valuation snapshots use the earnings basis recorded with each observation. Source tables retain that basis.
Latest: 34x
Profitability & Margins
Margins and Operating Efficiency
AI Review
Profitability trends highlight the remarkable economic power of proprietary biologic therapies. Gross margins remained stellar at 89.1% in fiscal 2025, reflecting exceptional pricing power and low incremental manufacturing costs per dose. Operating margins swung dramatically from negative territory in 2024 to 24.8% in 2025, climbing above 30% in mid-2026. This structural margin explosion stems from classic operating leverage. Because marketing and medical affairs teams cover concentrated specialist networks, sales overhead grows much slower than overall revenue. As new indications utilize the same sales infrastructure, incremental revenue drops straight to the bottom line, establishing a durable high-margin profile.
Profitability trends highlight the remarkable economic power of proprietary biologic therapies. Gross margins remained stellar at 89.1% in fiscal 2025, reflecting exceptional pricing power and low incremental manufacturing costs per dose. Operating margins swung dramatically from negative territory in 2024 to 24.8% in 2025, climbing above 30% in mid-2026. This structural margin explosion stems from classic operating leverage. Because marketing and medical affairs teams cover concentrated specialist networks, sales overhead grows much slower than overall revenue. As new indications utilize the same sales infrastructure, incremental revenue drops straight to the bottom line, establishing a durable high-margin profile.
Profitability Margins
Latest: 89.1% | Max: 100.0% | Min: <-100.0%
Latest Profitability Ratios as of 2025-12-31
Gross Margin
89.1%
Gross profit / revenue
Operating Margin
24.8%
Operating income / revenue
Net Margin
32.4%
Net income / revenue
FCF Margin
21.1%
Free cash flow / revenue
Source tablesView earnings, profitability & valuation tables
Revenue, Net Income, and Free Cash Flow
Annual reported results, using the source statement's recorded USD conversion. Up to 10 reporting periods; missing values are not estimated.
Scroll the table to see every column.
| Period end | Revenue (USD) | Net income (USD) | Free cash flow (USD) |
|---|---|---|---|
| 2016-12-31 | 15,473,686 | -22,479,071 | 10,241,470 |
| 2017-12-31 | 43,687,165 | -33,682,846 | -44,265,422 |
| 2018-12-31 | 24,573,324 | -76,230,839 | -62,369,023 |
| 2019-12-31 | 78,462,000 | -181,208,000 | 104,895,000 |
| 2020-12-31 | 36,178,881 | -608,455,000 | -403,602,000 |
| 2021-12-31 | 528,265,999 | -408,265,000 | -728,246,000 |
| 2022-12-31 | 410,747,000 | -709,594,000 | -966,630,000 |
| 2023-12-31 | 1,226,316,000 | -295,053,000 | -464,139,000 |
| 2024-12-31 | 2,248,205,000 | 833,040,000 | -84,548,000 |
| 2025-12-31 | 4,153,482,000 | 1,344,711,182 | 876,012,933 |
Published P/E Ratio
Published valuation snapshots retain each observation's earnings basis.
Scroll the table to see every column.
| Period end | P/E (times earnings) | Earnings basis |
|---|---|---|
| 2025-12-31 | 33.8 | Trailing four quarters |
| 2024-12-31 | 55.09 | Trailing four quarters |
Profitability Margins
Matching annual reporting dates. Values are percentages.
Scroll the table to see every column.
| Period end | Gross margin (%) | Operating margin (%) | Net margin (%) | Free cash flow margin (%) |
|---|---|---|---|---|
| 2016-12-31 | 100 | -145.56 | -145.27 | 66.19 |
| 2017-12-31 | 100 | -62.97 | -77.1 | -101.32 |
| 2018-12-31 | 100 | -381.01 | -310.22 | -253.81 |
| 2019-12-31 | 100 | -253.49 | -230.95 | 133.69 |
| 2020-12-31 | -697 | -1,320.15 | -1,681.8 | -1,115.57 |
| 2021-12-31 | 94.13 | -66.02 | -77.28 | -137.86 |
| 2022-12-31 | 92.83 | -175.37 | -172.76 | -235.33 |
| 2023-12-31 | 90.39 | -34.66 | -24.06 | -37.85 |
| 2024-12-31 | 87.31 | -0.96 | 37.05 | -3.76 |
| 2025-12-31 | 89.15 | 24.82 | 32.38 | 21.09 |
Public data excerpt created by iPulse AI and published by Future Edge Group FZE. Source: eodhd. Snapshot retrieved 2026-09-24.
Use is subject to the iPulse AI Terms of Service and applicable source rights. Missing inputs are not estimated. Full access includes the remaining records, research and interactive tools.
Complete Research Workspace
Unlock the complete Profile & Fundamentals
Sign in to verify your access, or upgrade to the Base plan to open the complete profile & fundamentals and available source data.