Argenx Se (ARGX)
NASDAQ:ARGX
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Argenx Se
(NASDAQ:ARGX)
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Rating:75Outperform
Price Target:
$939.00
▲(10.60% Upside)
Action:ReiteratedDate:03/02/26
Score is driven primarily by strong financial performance (rapid 2025 growth, high margins, and a very conservative balance sheet) and a constructive earnings-call outlook with meaningful label-expansion catalysts. Offsetting factors are weak near-term technical momentum and a premium valuation with no dividend support, plus execution risks from low reported gross margin and rising OpEx.
Positive Factors
Commercial Scale & Revenue Growth
argenx achieved rapid commercial scale with $4.2B product sales in 2025 (+90% YoY) and ~19,000 patients on therapy. Durable uptake, large prescriber base and payer wins support sustainable revenue generation and create a foundation for multi-year expansion across MG and peripheral neuropathies.
Negative Factors
Rising Operating Expenses
Sustained high investment in R&D and commercial expansion (R&D+SG&A $2.7B, +30% YoY) is structural while the company executes multiple trials and launches. Continued elevated OpEx increases the break-even hurdle and could compress margins or require continued cash funding if growth slows.
Read all positive and negative factors
Positive Factors
Negative Factors
Commercial Scale & Revenue Growth
argenx achieved rapid commercial scale with $4.2B product sales in 2025 (+90% YoY) and ~19,000 patients on therapy. Durable uptake, large prescriber base and payer wins support sustainable revenue generation and create a foundation for multi-year expansion across MG and peripheral neuropathies.
Read all positive factors
Argenx Se (ARGX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$47.39B
Dividend YieldN/A
Average Volume (3M)315.07K
Price to Earnings (P/E)14.8
Beta (1Y)0.31
Revenue Growth90.23%
EPS Growth51.88%
CountryUS
Employees1,599
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)8.02
Shares Outstanding61,883,408
10 Day Avg. Volume292,292
30 Day Avg. Volume315,068
Financial Highlights & Ratios
PEG Ratio0.77
Price to Book (P/B)7.04
Price to Sales (P/S)12.38
P/FCF Ratio61.05
Enterprise Value/Market Cap0.93
Enterprise Value/Revenue13.11
Enterprise Value/Gross Profit14.74
Enterprise Value/Ebitda33.76
Forecast
1Y Price Target
$1,038.75Price Target Upside22.34% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering19
EPS Forecast (FY)26.27
Revenue Forecast (FY)$5.96B
Argenx Se Business Overview & Revenue Model
Company Description
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 the tre...
How the Company Makes Money
argenx primarily makes money from sales of its commercial product VYVGART (efgartigimod), where revenue is generated from the distribution and sale of the therapy through specialty channels and healthcare providers in markets where it is approved....
Argenx Se Key Performance Indicators (KPIs)
Argenx Se Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 07, 2026
Earnings Call Sentiment Positive
The call presents a strongly positive commercial and financial picture: exceptional revenue growth (+90% YoY), first full-year operating profitability, a robust cash position (+>$1B YoY), and an expanding patient base (≈19,000). Clinically, the positive Phase III ADAPT OCULUS ocular MG readout (p=0.012; mean improvement 4.04 vs 1.99) and recent seronegative data (with a PDUFA in May) materially expand VYVGART’s addressable market and support label expansion. The company also highlighted a deepening pipeline and strategic investments in next-generation FcRn assets. Offsetting factors include a low gross margin (~11%), significant OpEx and R&D spend (combined R&D+SG&A $2.7B; ~30% YoY increase), a failed ALS study that halts that program, regulatory requests increasing trial burden in Graves, and payer/timing uncertainties that could delay realization of some label expansion benefits. Overall, the positive commercial momentum, profitability milestone, and major clinical win for ocular MG outweigh the challenges and near-term risks.Positive Updates
Strong Revenue Growth and Scale
Product net sales of $1.3B in Q4 2025 and $4.2B for full year 2025, representing year-over-year growth of 90%. U.S. Q4 product sales were $1.1B, up 68% year-over-year. Company achieved its first year of annual operating profitability with operating profit of $367M in Q4 and $1.1B for the year, and profit of $533M in Q4 and $1.3B for the full year.
Negative Updates
Low Gross Margin
Year-to-date gross margin remains low at approximately 11%, which could limit incremental operating leverage despite strong revenue growth.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Revenue Growth and Scale
Product net sales of $1.3B in Q4 2025 and $4.2B for full year 2025, representing year-over-year growth of 90%. U.S. Q4 product sales were $1.1B, up 68% year-over-year. Company achieved its first year of annual operating profitability with operating profit of $367M in Q4 and $1.1B for the year, and profit of $533M in Q4 and $1.3B for the full year.
Read all positive updates
Company Guidance
Management reiterated clear financial and operating guidance and milestone timing: Q4 product net sales were $1.3B and FY2025 sales $4.2B (up 90% YoY) with Q4 regional sales of $1.1B U.S. (+68% YoY), $63M Japan, $110M rest of world and $26M supplied to Zai Lab; Q4 operating expenses were $955M (up $149M vs Q3), cost of sales $150M, year‑to‑date gross margin 11%, combined R&D+SG&A totaled $2.7B for 2025 (~30% increase vs 2024) and operating profit was $367M in Q4 ($1.1B FY) with net profit of $533M Q4 ($1.3B FY); cash and equivalents were $4.4B (>$1B increase YoY) and the effective tax rate is expected in the low‑to‑mid‑teens. They said OpEx will continue to grow at a similar percentage in 2026 with most incremental spend in R&D, plan to progress three Phase I programs in 2026 and advance next‑gen FcRn assets (ARGX‑213/124) and an auto‑injector in 2027; clinical/commercial milestones include a May 10 PDUFA for seronegative MG, intent to file an sBLA for ocular MG after positive ADAPT OCULUS (141 patients; primary endpoint p=0.012; mean MGII ocular improvement 4.04 vs 1.99), an empasiprubart MMN Q4 readout, ~19,000 patients on VYVGART globally, >4,700 prescribers, PFS coverage >90%, and a U.S. target TAM of ~60,000 (seronegative +11,000; ocular +7,000; CIDP initial ~12,000; IMNM ~20,000).Argenx Se Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
95
Very Positive
Cash Flow
74
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 4.16B | 2.19B | 1.23B | 410.75M | 497.28M |
| Gross Profit | 3.71B | 1.96B | 1.11B | 381.31M | 497.28M |
| EBITDA | 972.46M | 105.17M | -192.28M | -622.78M | -392.78M |
| Net Income | 1.30B | 833.04M | -295.05M | -709.59M | -407.63M |
Balance Sheet | |||||
| Total Assets | 8.68B | 6.20B | 4.54B | 3.13B | 2.85B |
| Cash, Cash Equivalents and Short-Term Investments | 4.44B | 3.38B | 3.18B | 2.19B | 2.34B |
| Total Debt | 83.49M | 39.05M | 20.00M | 12.43M | 11.46M |
| Total Liabilities | 1.36B | 704.24M | 444.95M | 320.56M | 316.05M |
| Stockholders Equity | 7.32B | 5.50B | 4.10B | 2.81B | 2.53B |
Cash Flow | |||||
| Free Cash Flow | 844.30M | -151.05M | -464.14M | -966.63M | -728.25M |
| Operating Cash Flow | 850.49M | -82.75M | -420.33M | -862.81M | -606.81M |
| Investing Cash Flow | 823.88M | -717.59M | 308.21M | -461.18M | -347.07M |
| Financing Cash Flow | 233.73M | 279.76M | 1.34B | 843.76M | 1.12B |
Argenx Se Technical Analysis
Positive
849.04
Price Trends
767.39
Positive
810.24
Positive
768.59
Positive
Market Momentum
25.94
Negative
73.43
Negative
90.44
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ARGX, the sentiment is Positive. The current price of 849.04 is above the 20-day moving average (MA) of 754.17, above the 50-day MA of 767.39, and above the 200-day MA of 768.59, indicating a bullish trend. The MACD of 25.94 indicates Negative momentum. The RSI at 73.43 is Negative, neither overbought nor oversold. The STOCH value of 90.44 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ARGX.
Argenx Se Risk Analysis
Argenx Se disclosed 60 risk factors in its most recent earnings report. Argenx Se reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 1 New Risks
1.
We have benefitted from certain research and development incentives. These could be impacted by changes in law (or interpretation), changes of fact (such as a change in ownership), or challenge by tax authorities. Q4, 2023
Argenx Se Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | $19.80B | 15.46 | 29.20% | ― | 21.48% | 1853.63% | |
75 Outperform | $47.39B | 14.76 | 16.82% | ― | 90.23% | 51.88% | |
75 Outperform | $72.55B | 17.92 | 14.32% | 0.45% | 0.99% | 5.49% | |
66 Neutral | $15.44B | 19.86 | 18.99% | ― | 19.49% | -11.88% | |
54 Neutral | $40.19B | 166.04 | 90.35% | ― | 65.19% | ― | |
54 Neutral | $25.53B | -17.95 | -6.03% | ― | 11.42% | -73.28% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
ARGX
Argenx Se
776.02
136.12
21.27%
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GMAB
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BNTX
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-0.84%
Argenx Se Corporate Events
Argenx Showcases Broad VYVGART and Pipeline Gains at AAN 2026 to Bolster Neuromuscular Leadership
Apr 20, 2026
On April 18, 2026, argenx presented new data at the American Academy of Neurology meeting in Chicago showing that VYVGART significantly improved symptoms in ocular myasthenia gravis and demonstrated efficacy across difficult-to-treat generalized M...
Argenx Sets May 6, 2026 AGM and Unveils Board Changes as Jim Daly Retires
Mar 20, 2026
Argenx SE, the Euronext and Nasdaq-listed immunology specialist, has called its Annual General Meeting of shareholders for May 6, 2026, at Schiphol near Amsterdam. Shareholders and other eligible participants can attend in person or by proxy, with...
Argenx Files 2025 Annual Report and Links Dutch Filing to U.S. Registrations
Mar 19, 2026
On March 19, 2026, Argenx SE filed its 2025 Annual Report, including audited consolidated financial statements for the year ended December 31, 2025, with the Dutch Authority for the Financial Markets. The filing, presented under IFRS and in U.S. d...
Argenx Unveils New VYVGART and Neurology Pipeline Data Ahead of 2026 AAN Meeting
Mar 6, 2026
On March 6, 2026, Argenx announced it will present extensive new data on VYVGART and its neurology pipeline at the American Academy of Neurology Annual Meeting in Chicago from April 18-22, 2026. The package includes positive Phase 3 ADAPT OCULUS r...
Argenx Posts First Operating Profit on Surging VYVGART Sales and Expanding Autoimmune Pipeline
Feb 26, 2026
On February 26, 2026, Argenx reported that 2025 marked its first year of operating profitability, delivering $4.2 billion in global product net sales, up 90% year over year, and $1.1 billion in operating income, driven by rapid uptake of VYVGART a...
Argenx Reports Positive Phase 3 VYVGART Data in Ocular Myasthenia Gravis
Feb 26, 2026
On February 26, 2026, Argenx reported positive topline Phase 3 results from its ADAPT OCULUS trial of subcutaneous VYVGART in adults with ocular myasthenia gravis, the first registrational study focused specifically on this under-served form of th...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.