argenx SE

Healthcare

ARGXStrong8 of 10 basics passed

$825.03

+0.78%

Market cap $51.9B

$825.03

+0.78%

Market cap $51.9B

Argenx is a Dutch biopharmaceutical company focused on developing antibody-based therapies for rare autoimmune diseases. The company's lead product, Vyvgart (efgartigimod), was approved by the FDA in December 2021 for the treatment of generalized myasthenia gravis (gMG).

It is a $51.9B healthcare company. Revenue grew 88.4% over the last year, it keeps 30¢ of every dollar of sales as profit, and it holds more cash than debt. It trades at 20.1× earnings.

Website: argenx.com
Employees: 1 863
Sector: Healthcare
Founded: 2008

Share price · 3 years

$500.30 → $825.03+64.9%

price only — dividends excluded

Key facts · FY2025

Revenue: total sales; $4.24B
Profit: keeps 30¢ of every $1 sold; $1.29B
Free cash flow: cash left after running the business; $970M
Net cash: more cash than debt; $5.14B
P/E: years of profit in the price; 20.1
EPS: earnings per share, FY2025; $19.57
Shares: up 19% since 2021 — dilution; 66.0M
Volatility: beta vs the market — under 1 swings less; 1.49

Revenue, last 5 years

52-week range

Low $663.93$825.03High $1 058.90

Today's price is 41% of the way from the year's low to its high.

Valuation vs own history

P/E

39.9×

92%

P/S

12.2×

97%

EV/EBITDA

44.1×

83%

P/B

6.1×

44%

FCF yield

1.9%

88%

Share of the last ~5 years that was pricier than today (unusually cheap vs its own history). Based on the daily valuation record.

Standing in Healthcare

Size$51.9Btop 32%
Revenue growth+116%top 2%
Net margin31%top 6%
Return on equity22%top 27%
P/E20.1×top 28%

Ranked against 98 Healthcare companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong profitability and health; Valuation, Growth, Quality and Moat lag behind.

Valuation47

P/E vs own history8th pct · 25/25
FCF yield1.9% · 5/25
P/S6.1x · 12/25
EV/EBITDA29.3x · 5/25

Growth25

Revenue CAGR68.3% · 25/25
Net income CAGRn/a · 0/25
EPS CAGR ~5Yn/a · 0/25
Fwd implied growth-25.6% · 0/25

Profitability95

ROIC39.4% · 25/25
ROE22.4% · 20/25
Net margin30.5% · 25/25
Operating margin28.3% · 25/25

Health75

Altman Z21.86 · 25/25
Current ratio5.12 · 25/25
Interest coverage-81.9x · 0/25
Net cash / debtNet cash · 25/25

Quality42

Piotroski F6/9 · 15/25
Beneish M-1.91 · 12/25
FCF conversion75% · 15/25
Margin stabilityσ 65.8% · 0/25

Moat11

ROIC >12% years1/5 yrs · 0/25
Median gross margin23.0% · 6/25
FCF-positive years2/5 yrs · 5/25
Worst-year net marginworst -160.9% · 0/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2025Financial
Best year on record
$1.29B net income
FY2024Financial
Turned profitable
$833M net income after a loss year
FY2023Financial
Revenue crossed $1B
$1.27B for the year
2008Founded
Argenx, based in Ghent, was founded by three scientists: Tim Van Hauwermeiren, a former executive at Ablynx

Achievements

Verifiable track record, straight from the reported numbers.

#32 largest of 98 Healthcare companies by market cap

$10 000 invested in 2021 would be worth ~$25 436 today — price return only

$4.2B revenue in FY2025

Revenue up 88.4% year over year

1 863 employees

ROIC of 39.4%

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

High gross margin (89.8%)
Strongly profitable — 30.5% net margin
Revenue growing 88.4% year over year
Strong cash conversion — FCF is 22.9% of revenue
Net cash position after subtracting debt from cash

Watch-outs

Thin interest coverage (-81.9×)
Loss-making in 3 of the recent years

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

8 of 10 checks passed

Revenue growing — the company sells more than a year ago+88.4% YoY
Profitable — makes more than it spends$1.29B FY2025
Profit growing — earnings are higher than last year+55.1% YoY
Generates cash — cash left after running and investing$970M FY2025
Debt under control — could handle its obligationsmore cash than debt
Established company — not a micro-cap — lower blow-up risk$51.9B market cap
Not printing shares — share count not ballooning — you keep your slice+19.2% shares over ~5y
Proven track record — years of profitability behind it2/5 profitable years
Financially stable — balance sheet not near distressAltman Z 21.9 — safe
Pays a dividend — returns cash to shareholdersno data
Valuation not extreme — price not wildly above earningsP/E 20.1

Peer comparisonargenx SE vs 6 largest healthcare peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
ARGX this company	$51.9B	20.1	+88.4%	30.5%	Strong
LLY Eli Lilly & Co.	$1.0T	41.6	+49.6%	33.5%	Solid
JNJ Johnson & Johnson	$630.9B	29.9	+8.1%	21.5%	Mixed
ABBV Abbvie Inc.	$488.5B	77.4	+10.4%	9.8%	Mixed
MRK Merck & Co., Inc.	$361.0B	113.2	+4.6%	4.8%	Mixed
UNH UNITEDHEALTH GROUP INCORPORATED (Delaware)	$340.7B	24.1	+6.5%	3.1%	Mixed
NVS Novartis AG	$273.2B	20.3	+9.6%	24.7%	Solid

Head-to-head: ARGX vs LLY · ARGX vs JNJ · ARGX vs ABBV

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 8Buy 14Hold 3

Appendix · Financial records

The full statements behind this CV, FY2021–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $4.24B · net income $1.29B (FY2025)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (FY2025)

$4.24B

YoY 88.4%

Net income (FY2025)

$1.29B

Margin 30.5%

Gross margin

89.8%

Operating margin

28.3%

P/E ratio

20.1

Income statement — full detail

Figures in USD billions · EPS in USD

	2021	2022	2023	2024	2025
Revenue	0.5	0.4	1.3	2.2	4.2
Gross profit	-0.1	-0.3	0.3	1.0	2.4
Operating income (EBIT)	-0.4	-0.7	-0.4	-0.0	1.1
Net income	-0.4	-0.7	-0.3	0.8	1.3
EPS (diluted)	-7.37	-11.99	-4.86	12.78	19.57

Cash flowFree cash flow $970M · operating cash flow $974M (FY2025)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (FY2025)

$970M

Margin 22.9%

Operating cash flow (FY2025)

$974M

FY basis

FCF margin

22.9%

Cash flow statement — full detail

Figures in USD billions

	2021	2022	2023	2024	2025
Operating cash flow	-0.9	-0.4	-0.1	0.7	1.0
Capital expenditure	-0.0	-0.0	-0.0	-0.0	-0.0
Free cash flow	-0.9	-0.4	-0.1	0.7	1.0
FCF margin	-163.5%	-95.5%	-6.7%	30.2%	22.9%

Balance sheetAssets $10.0B · net cash $5.14B (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $10.0B of assets is financed

16%

84%

Liabilities $1.61B — borrowed moneyEquity $8.42B — owners' stake

Cash vs debt

Total debt $47.0M − cash $5.18B = net cash $5.14B

Cash on hand covers all debt.

Altman Z-Score

21.86

Safe zone

Debt repayment

Not needed

Cash already covers all debt

Interest coverage

-81.9x

EBIT ÷ interest expense

ROE

22.4%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2021	2022	2023	2024	2025
Cash & equivalents	2.2	3.2	3.4	4.4	5.2
Total assets	3.1	4.5	6.2	8.7	10.0
Total liabilities	0.3	0.4	0.7	1.4	1.6
Total debt	0.0	0.0	0.0	0.0	0.0
Equity	2.8	4.1	5.5	7.3	8.4
Net debt	-2.2	-3.2	-3.3	-4.4	-5.1

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of ARGX on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $825.03 · market cap $51.9B.