# argenx SE American Depositary Shares (ARGX) — Stock CV

argenx SE 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.

> 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).

## Identity

- **Ticker**: ARGX
- **Sector**: Healthcare
- **Employees**: 1 863
- **Website**: https://www.argenx.com
- **Market cap**: $51.9B
- **Last price**: $825.03
- **Financial profile**: Strong

## Vitals (FY2025)

- **Revenue**: $4.24B
- **Net income**: $1.29B
- **Free cash flow**: $970M
- **Net cash**: $5.14B
- **P/E**: 20.1
- **Revenue growth (YoY)**: 88.4%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 47 |
| Growth | 25 |
| Profitability | 95 |
| Health | 75 |
| Quality | 42 |
| Moat | 11 |

## Qualifications (beginner checklist) — 8 of 10 passed

- [x] Revenue growing — +88.4% YoY
- [x] Profitable — $1.29B FY2025
- [x] Profit growing — +55.1% YoY
- [x] Generates cash — $970M FY2025
- [x] Debt under control — more cash than debt
- [x] Established company — $51.9B market cap
- [ ] Not printing shares — +19.2% shares over ~5y
- [ ] Proven track record — 2/5 profitable years
- [x] Financially stable — Altman Z 21.9 — safe
- [x] Valuation not extreme — P/E 20.1

## Experience (career milestones)

- **FY2025** — Best year on record: $1.29B net income
- **FY2024** — Turned profitable: $833M net income after a loss year
- **FY2023** — Revenue crossed $1B: $1.27B for the year
- **2008** — Argenx, based in Ghent, was founded by three scientists: Tim Van Hauwermeiren, a former executive at Ablynx

## 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

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $528M | -$408M | -$864M |
| FY2022 | $441M | -$710M | -$421M |
| FY2023 | $1.27B | -$295M | -$84.5M |
| FY2024 | $2.25B | $833M | $679M |
| FY2025 | $4.24B | $1.29B | $970M |

---

Source: https://stockcv.com/ARGX — derived from company filings; may be delayed or incomplete. Information, not investment advice.