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Argenx Se
(NASDAQ:ARGX)
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Rating:73Outperform
Price Target:
$950.00
▲(3.46% Upside)
Action:Reiterated
Date:07/23/26
The score is driven primarily by a strong financial inflection and an exceptionally conservative balance sheet, reinforced by a constructive earnings call highlighting rapid sales/profit growth, a large cash position, and near-term clinical catalysts. Offsetting these positives are weaker near-term technical momentum and a demanding valuation (high P/E with no dividend support).
Positive Factors
Balance Sheet Strength
Extremely low leverage and a large equity/asset base give durable financial flexibility to fund R&D, commercial expansion and absorb clinical setbacks without immediate refinancing. This bolsters strategic optionality and reduces solvency risk over the next several quarters.
Negative Factors
Uneven Cash Conversion
Earnings-to-cash conversion remains inconsistent, with prior multi-year negative free cash flow and 2025 operating cash covering only two-thirds of net income. If growth or pricing pressure emerges, this variability could force slower R&D investment or external funding needs.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance Sheet Strength
Extremely low leverage and a large equity/asset base give durable financial flexibility to fund R&D, commercial expansion and absorb clinical setbacks without immediate refinancing. This bolsters strategic optionality and reduces solvency risk over the next several quarters.
Read all positive factors
Argenx Se Key Performance Indicators (KPIs)
Any
Revenue By Segment
Breaks down revenue by business segment, offering insight into which areas are driving growth, profitability, and strategic focus.
Breaks down revenue by business segment, offering insight into which areas are driving growth, profitability, and strategic focus.
Data provided by:
The Fly
The FlyArgenx Se (ARGX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$55.85B
Dividend YieldN/A
Average Volume (3M)342.57K
Price to Earnings (P/E)31.9
Beta (1Y)0.29
Revenue Growth70.57%
EPS Growth30.28%
CountryUS
Employees1,863
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)27.74
Shares Outstanding62,560,993
10 Day Avg. Volume295,385
30 Day Avg. Volume342,570
Financial Highlights & Ratios
PEG Ratio0.77
Price to Book (P/B)7.04
Price to Sales (P/S)12.41
P/FCF Ratio61.05
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$1,068.45Price Target Upside16.36% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering22
EPS Forecast (FY)28.25
Revenue Forecast (FY)$6.13B
Argenx Se Business Overview & Revenue Model
Company Description
argenx SE, a biotechnology company established in Amsterdam, the Netherlands, in 2008, is dedicated to developing innovative therapies primarily for autoimmune diseases. The company's operations span across key global markets, including the United...
How the Company Makes Money
argenx primarily makes money through product sales of its commercial immunology therapy (including sales in the United States and other markets where it is approved) and through collaboration-related income from strategic partnerships. Product rev...
Argenx Se Earnings Call Summary
Earnings Call Date:Jul 23, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 22, 2026
Earnings Call Sentiment Positive
The call conveyed strong commercial and financial momentum — highlighted by $1.5B in Q2 product sales (+60% YoY), robust operating profit (+146% YoY), a $5.2B cash balance, regulatory wins (seronegative gMG approval) and multiple near-term clinical readouts (myositis, MMN). Offsetting risks include higher operating spending ($903M R&D+SG&A), some one-time contributions in Japan sales, unresolved clinical read-throughs (DGF) and inherent trial complexity in CIDP and myositis subsets plus payer and habit barriers for earlier CIDP adoption. Overall, the positives — substantial revenue/profit growth, strong cash generation, label expansion and a deepening pipeline with imminent catalysts — outweigh the manageable near-term risks and uncertainties.Positive Updates
Record Quarterly Revenue Growth
Product net sales of $1.5B in Q2 FY2026, up 60% year-over-year and 17% quarter-over-quarter; U.S. sales were $1.3B (U.S. market +15% QoQ), Japan $102M, Rest of World $136M, China $5M.
Negative Updates
Rising Operating Expenses and Heavy Investment
Total operating expenses were $1.0B in Q2, up $129M versus Q1; combined R&D and SG&A increased to $903M in the quarter, reflecting stepped-up investment that pressures near-term margin unless offset by revenue growth.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Quarterly Revenue Growth
Product net sales of $1.5B in Q2 FY2026, up 60% year-over-year and 17% quarter-over-quarter; U.S. sales were $1.3B (U.S. market +15% QoQ), Japan $102M, Rest of World $136M, China $5M.
Read all positive updates
Company Guidance
The company reiterated near‑term and medium‑term guidance: two registrational readouts before year‑end (myositis in Q3 and empasiprubart MMN in Q4) supporting its goal of 10 labeled indications and a plan to advance five late‑stage molecules by 2030, with ARGX‑213 Phase‑III ready and ARGX‑124 expected to move toward late‑stage by year‑end and an auto‑injector launch targeted in 2027. Financial and commercial guidance highlighted Q2 product net sales of $1.5B (up 60% YoY, 17% QoQ) — $1.3B U.S., $102M Japan, $136M RoW, $5M China supply — with a $1.0B quarter of operating expenses (R&D+SG&A $903M), operating profit of $494M (up 146% YoY), tax at 11% of PBT, and cash of $5.2B (up >$744M YTD); commercial metrics included >5,000 repeat neurologist prescribers, ~80% of prefilled‑syringe patients in the U.S. new to VYVGART in Q2 (launch‑to‑date ~70%), seronegative label expanding the MG addressable market by ~11,000 patients with ~55% U.S. commercial life coverage within 10 weeks, a 24,000‑patient CIDP treated population vs a 12,000 initial addressable market, an IVIg‑to‑VYVGART switch success rate of 87%, Phase II efficacy signals (60% reaching MSE) and empasiprubart Phase II durability/safety data, and ARGX‑121 lowering IgA ~90% by days and sustaining to day 28 — all backing continued growth and reinvestment plans.Argenx Se Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
95
Very Positive
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 6.02B | 4.15B | 2.19B | 1.23B | 410.75M | 1.08B |
| Gross Profit | 5.40B | 3.70B | 1.96B | 1.11B | 381.31M | 497.28M |
| EBITDA | 1.87B | 1.31B | 105.17M | -192.28M | -622.78M | -392.78M |
| Net Income | 1.89B | 1.29B | 833.04M | -295.05M | -709.59M | -408.26M |
Balance Sheet | ||||||
| Total Assets | 10.03B | 8.68B | 6.20B | 4.54B | 3.13B | 2.85B |
| Cash, Cash Equivalents and Short-Term Investments | 5.18B | 4.44B | 3.38B | 3.18B | 2.19B | 2.34B |
| Total Debt | 47.00M | 83.49M | 39.05M | 20.00M | 12.43M | 11.46M |
| Total Liabilities | 1.61B | 1.36B | 704.24M | 444.95M | 320.56M | 316.05M |
| Stockholders Equity | 8.42B | 7.32B | 5.50B | 4.10B | 2.81B | 2.53B |
Cash Flow | ||||||
| Free Cash Flow | 1.16B | 844.30M | -151.05M | -464.14M | -966.63M | -728.25M |
| Operating Cash Flow | 1.16B | 850.49M | -82.75M | -420.33M | -862.81M | -606.81M |
| Investing Cash Flow | 70.75M | 823.88M | -717.59M | 308.21M | -461.18M | -347.07M |
| Financing Cash Flow | 262.43M | 233.73M | 279.76M | 1.34B | 843.76M | 1.12B |
Argenx Se Technical Analysis
Neutral
918.22
Price Trends
870.60
Positive
817.23
Positive
829.77
Positive
Market Momentum
4.53
Negative
57.93
Neutral
63.73
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ARGX, the sentiment is Neutral. The current price of 918.22 is above the 20-day moving average (MA) of 886.38, above the 50-day MA of 870.60, and above the 200-day MA of 829.77, indicating a neutral trend. The MACD of 4.53 indicates Negative momentum. The RSI at 57.93 is Neutral, neither overbought nor oversold. The STOCH value of 63.73 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
84 Outperform | $25.76B | 15.98 | 29.70% | ― | 26.93% | 80.66% | |
80 Outperform | $72.91B | 16.35 | 14.32% | 0.55% | 5.92% | 1.85% | |
73 Outperform | $55.85B | 31.87 | 21.66% | ― | 70.57% | 30.28% | |
66 Neutral | $38.27B | 66.15 | 98.29% | ― | 82.57% | ― | |
63 Neutral | $17.17B | 21.86 | 14.55% | ― | 21.02% | -24.83% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | $23.51B | -15.83 | -6.67% | ― | 10.01% | -71.78% |
* Healthcare Sector Average
ARGX
Argenx Se
872.58
198.78
29.50%
ALNY
Alnylam Pharma
205.48
-196.32
-48.86%
INCY
Incyte
122.99
47.40
62.71%
REGN
Regeneron
738.34
182.52
32.84%
GMAB
Genmab
28.64
6.86
31.50%
BNTX
BioNTech SE
92.85
-14.49
-13.50%
Argenx Se Corporate Events
Argenx Showcases Autoimmune Myositis R&D in June 23 FcRn Webinar
Jun 23, 2026
On June 23, 2026, Argenx announced it would host a webinar titled “RD Spotlight: Advancing FcRn Leadership into Autoimmune Myositis” at 2:00 p.m. ET, highlighting its research and development focus in autoimmune myositis. The event fea...
Argenx Showcases Durable VYVGART Benefits in Myositis and Sjogren’s at EULAR 2026
Jun 3, 2026
On June 3, 2026, Argenx reported new clinical data for VYVGART presented at the EULAR 2026 Congress, showing long-term, clinically meaningful improvement and durable safety in patients with autoimmune myositis and Sjogren’s disease. Interim ...
Argenx Posts 63% Q1 Sales Surge as New CEO Steers Expansion of Autoimmune Portfolio
May 7, 2026
Argenx SE reported strong first-quarter 2026 results on May 7, posting $1.3 billion in global product net sales, a 63% year-on-year increase driven by the 17th consecutive quarter of VYVGART growth. The company also highlighted a leadership transi...
Argenx Installs New CEO Karen Massey as Van Hauwermeiren Becomes Chair After AGM Approvals
May 6, 2026
On May 6, 2026, argenx SE reported the outcomes of its Annual General Meeting, where 90.9% of share capital was represented and shareholders approved all agenda items, including the 2025 remuneration and annual reports, profit allocation to retain...
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.