Cash flow argenx SE

Equities

ARGX

NL0010832176

Biotechnology & Medical Research

Market Closed - Euronext Bruxelles Other stock markets 16:55:00 11/07/2025 BST			After hours 19:11:28
480.50 ^EUR	-1.01%		481.35	+0.18%

07-08	Deutsche Bank Upgrades Argenx to Buy, Raises PT	MT
07-08	European shares flat as investors assess new US tariff proposals	RE

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Published financial data: ARGENX SE

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Revenues	36.42M	497M	411M	1.23B	2.19B
Other Revenues, Total	18.11M	30.99M	30.26M	42.28M	57.97M
Total Revenues	54.53M	528M	441M	1.27B	2.25B
Cost of Goods Sold, Total	325M	581M	693M	977M	1.21B
Gross Profit	-271M	-52.25M	-252M	291M	1.04B
Selling General & Admin Expenses, Total	149M	308M	472M	712M	1.06B
Other Operating Expenses, Total	149M	308M	472M	712M	1.06B
Operating Income	-420M	-360M	-724M	-421M	-17.84M
Interest Expense, Total	-176K	-412K	-1.34M	-693K	-2.07M
Interest And Investment Income	4.52M	3.49M	24.74M	92.96M	139M
Net Interest Expenses	4.34M	3.08M	23.4M	92.27M	137M
Income (Loss) On Equity Invest.	-	-	-677K	-4.41M	-7.64M
Currency Exchange Gains (Loss)	-107M	-50.05M	-32.73M	14.07M	-48.21M
Other Non Operating Income (Expenses)	-174K	10.47M	-852K	-211K	-392K
EBT, Excl. Unusual Items	-523M	-396M	-735M	-319M	62.58M
Gain (Loss) On Sale Of Investments	-3.04M	-3.34M	5.47M	14.42M	22.6M
EBT, Incl. Unusual Items	-526M	-400M	-729M	-304M	85.18M
Income Tax Expense	2.78M	8.52M	-19.72M	-9.44M	-748M
Earnings From Continuing Operations	-529M	-408M	-710M	-295M	833M
Net Income to Company	-529M	-408M	-710M	-295M	833M
Net Income - (IS)	-529M	-408M	-710M	-295M	833M
Net Income to Common Incl Extra Items	-529M	-408M	-710M	-295M	833M
Net Income to Common Excl. Extra Items	-529M	-408M	-710M	-295M	833M
Per Share Items
Net EPS - Basic	-11.65	-7.99	-13.05	-5.16	13.92
Basic EPS - Continuing Operations	-11.65	-7.99	-13.05	-5.16	13.92
Basic Weighted Average Shares Outstanding	45.41M	51.08M	54.38M	57.17M	59.86M
Net EPS - Diluted	-11.65	-7.99	-13.05	-5.16	12.78
Diluted EPS - Continuing Operations	-11.65	-7.99	-13.05	-5.16	12.78
Diluted Weighted Average Shares Outstanding	45.41M	51.08M	54.38M	57.17M	65.18M
Normalized Basic EPS	-7.2	-4.85	-8.44	-3.49	0.65
Normalized Diluted EPS	-7.2	-4.85	-8.44	-3.49	0.6
American Depositary Receipts Ratio (ADR)	0.04	0.04	0.04	0.04	0.04
Supplemental Items
EBITDA	-419M	-358M	-623M	-317M	-16.32M
EBITA	-420M	-360M	-625M	-319M	-17.84M
EBIT	-420M	-360M	-724M	-421M	-17.84M
EBITDAR	-419M	-358M	-622M	-315M	4.56M
Total Revenues (As Reported)	54.53M	539M	445M	1.27B	2.25B
Effective Tax Rate - (Ratio)	-0.53	-2.13	2.7	3.1	-877.98
Total Current Taxes	8.42M	14.83M	27.17M	11.67M	53.84M
Total Deferred Taxes	-5.63M	-6.3M	-46.89M	-21.12M	-802M
Normalized Net Income	-327M	-248M	-459M	-199M	39.11M
Interest on Long-Term Debt	176K	1.1M	2.19M	904K	2.46M
Non-Cash Pension Expense	1.92M	3.68M	5.81M	8.85M	14.83M
Supplemental Operating Expense Items
Marketing Expenses	-	-	-	-	307M
Selling and Marketing Expenses	-	-	-	-	307M
General and Administrative Expenses	-	-	-	-	-
Research And Development Expense From Footnotes	325M	581M	663M	859M	983M
Net Rental Expense, Total	236K	219K	753K	1.56M	20.89M
Imputed Operating Lease Interest Expense	46.21K	68.35K	677K	532K	11.73M
Imputed Operating Lease Depreciation	190K	151K	75.74K	1.02M	9.16M
Stock-Based Comp., COGS (Total)	-	-	-	-	-
Stock-Based Comp., Other (Total)	94.09M	179M	157M	233M	235M
Total Stock-Based Compensation	94.09M	179M	157M	233M	235M

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	992M	1.33B	801M	2.05B	1.5B
Short Term Investments	635M	1B	1.39B	1.13B	1.88B
Total Cash And Short Term Investments	1.63B	2.34B	2.19B	3.18B	3.38B
Accounts Receivable, Total	234K	28.06M	241M	418M	818M
Other Receivables	5.83M	10.16M	36.05M	81.28M	91.39M
Total Receivables	6.06M	38.22M	277M	499M	909M
Inventory	20.53M	109M	228M	311M	407M
Prepaid Expenses	22.75M	58.95M	76.02M	134M	188M
Restricted Cash	-	-	-	-	-
Other Current Assets, Total	-	-	-1K	-	-
Total Current Assets	1.68B	2.54B	2.77B	4.12B	4.88B
Gross Property Plant And Equipment	16.89M	29.8M	34.28M	45.35M	72.72M
Accumulated Depreciation	-7.39M	-13.96M	-18.05M	-22.68M	-29.2M
Net Property Plant And Equipment	9.49M	15.84M	16.23M	22.68M	43.52M
Long-term Investments	5.14M	53.17M	40.48M	47.16M	49.7M
Other Intangibles, Total	136M	172M	175M	125M	181M
Deferred Tax Assets Long-Term	12.26M	32.19M	79.22M	97.21M	924M
Other Long-Term Assets, Total	18.08M	34.42M	49.23M	126M	120M
Total Assets	1.86B	2.85B	3.13B	4.54B	6.2B
Liabilities
Accounts Payable, Total	116M	45.15M	189M	246M	342M
Accrued Expenses, Total	109M	247M	104M	151M	291M
Current Portion of Leases	2.83M	3.51M	3.42M	4.65M	6.53M
Current Income Taxes Payable	2.85M	4.32M	3.18M	4.33M	13.39M
Unearned Revenue Current, Total	37.75M	-	-	-	-
Other Current Liabilities	-	828K	3.14M	17.56M	16.47M
Total Current Liabilities	268M	301M	302M	423M	670M
Long-Term Leases	5.04M	7.96M	9.01M	15.35M	32.52M
Unearned Revenue Non Current	219M	-	-	-	-
Pension & Other Post Retirement Benefits	128K	417K	870K	1.45M	1.8M
Deferred Tax Liability Non Current	1.21M	6.44M	8.41M	5.16M	-
Total Liabilities	493M	316M	321M	445M	704M
Common Stock, Total	4.76M	6.23M	6.64M	7.06M	7.23M
Additional Paid In Capital	2.06B	3.46B	4.31B	5.65B	5.95B
Retained Earnings	-861M	-1.4B	-2.11B	-2.4B	-1.57B
Comprehensive Income and Other	163M	465M	607M	844M	1.11B
Total Common Equity	1.36B	2.53B	2.81B	4.1B	5.5B
Total Equity	1.36B	2.53B	2.81B	4.1B	5.5B
Total Liabilities And Equity	1.86B	2.85B	3.13B	4.54B	6.2B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	51.31M	51.91M	55.57M	59.3M	60.99M
ECS Total Common Shares Outstanding	47.57M	51.67M	55.4M	59.19M	60.76M
Book Value / Share	28.68	49.05	50.79	69.22	90.49
Tangible Book Value	1.23B	2.36B	2.64B	3.97B	5.32B
Tangible Book Value Per Share	25.81	45.73	47.64	67.11	87.5
Total Debt	7.87M	11.46M	12.43M	20M	39.05M
Net Debt	-1.62B	-2.33B	-2.18B	-3.16B	-3.34B
Debt Equivalent of Unfunded Proj. Benefit Obligation	-	-	-	-	-
Debt Equivalent Oper. Leases	1.89M	1.75M	6.02M	12.46M	167M
Equity Method Investments, Total	-	-	1.32M	9.91M	9.27M
Account Code - Inventory Valuation	5	5	5	3	3
Inventories - Raw Materials, Total	15.16M	70.13M	126M	241M	338M
Inventories - Work In Process, Total	5.37M	37.7M	65.02M	47.07M	26.36M
Inventories - Finished Goods, Total	-	1.24M	37.29M	22.64M	43.04M
Machinery, Total	4.27M	8.28M	8.51M	9.24M	10.06M
Full Time Employees	336	650	843	1.15K	1.6K

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	-529M	-408M	-710M	-295M	833M
Depreciation & Amortization - CF	3.21M	5.09M	4.58M	5.63M	7.24M
Amortization of Goodwill and Intangible Assets - (CF)	-	306K	99.06M	102M	-
Depreciation & Amortization, Total	3.21M	5.4M	104M	108M	7.24M
Amortization of Deferred Charges, Total - (CF)	215K	470K	711K	3.67M	10.28M
(Gain) Loss From Sale Of Asset	-	-	-	-	-
(Gain) Loss on Sale of Investments - (CF)	-2.54M	-11.15M	-4.26M	-	-3.83M
(Income) Loss On Equity Investments - (CF)	-	-	677K	4.41M	7.64M
Stock-Based Compensation (CF)	84.48M	179M	157M	233M	235M
Other Operating Activities, Total	108M	-31.68M	-35.28M	-165M	-847M
Change In Accounts Receivable	19.77M	-31.63M	-222M	-186M	-423M
Change In Inventories	-20.53M	-83.88M	-119M	-83.03M	-96M
Change In Accounts Payable	45.65M	135M	329K	95.6M	246M
Change in Unearned Revenues	-33.37M	-315M	-	-	-
Change in Other Net Operating Assets	-22.73M	-44.96M	-34.51M	-136M	-52.4M
Cash from Operations	-346M	-607M	-863M	-420M	-82.75M
Capital Expenditure	-949K	-3.62M	-837K	-812K	-1.8M
Sale (Purchase) of Intangible assets	-3.5M	-118M	-103M	-43M	-66.5M
Investment in Marketable and Equity Securities, Total	308M	-228M	-371M	259M	-761M
Other Investing Activities, Total	7.06M	2.6M	13.14M	92.75M	112M
Cash from Investing	310M	-347M	-461M	308M	-718M
Long-Term Debt Repaid, Total	-2.23M	-3.86M	-4.16M	-3.8M	-7.64M
Total Debt Repaid	-2.23M	-3.86M	-4.16M	-3.8M	-7.64M
Issuance of Common Stock	751M	1.12B	854M	1.35B	309M
Repurchase of Common Stock	-	-	-5.86M	-12.14M	-21.87M
Other Financing Activities, Total	-489K	438K	-371K	-2.33M	-
Cash from Financing	748M	1.12B	844M	1.34B	280M
Foreign Exchange Rate Adjustments	-51.47M	-49.59M	-53.7M	23.49M	-28.33M
Net Change in Cash	660M	118M	-534M	1.25B	-549M
Supplemental Items
Cash Interest Paid	349K	684K	851K	211K	392K
Cash Income Tax Paid (Refund)	2.45M	15.77M	24.14M	37.52M	-7.8M
Levered Free Cash Flow	-74.8M	-334M	-670M	-206M	-143M
Unlevered Free Cash Flow	-74.69M	-334M	-669M	-205M	-142M
Change In Net Working Capital	-94.94M	173M	374M	243M	315M
Net Debt Issued / Repaid	-2.23M	-3.86M	-4.16M	-3.8M	-7.64M

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	-15.96	-8.77	-15.12	-6.85	-0.21
Return on Total Capital	-21.63	-10.64	-16.85	-7.57	-0.23
Return On Equity %	-43.8	-19.4	-26.54	-8.54	17.36
Return on Common Equity	-43.8	-19.4	-26.54	-8.54	17.36
Margin Analysis
Gross Profit Margin %	-496.84	-9.89	-57.09	22.96	46.15
SG&A Margin	273.9	58.24	107.06	56.12	46.94
EBITDA Margin %	-769.18	-67.74	-141.31	-24.97	-0.73
EBITA Margin %	-770.73	-68.07	-141.69	-25.12	-0.79
EBIT Margin %	-770.73	-68.13	-164.15	-33.16	-0.79
Income From Continuing Operations Margin %	-969.9	-77.28	-160.9	-23.26	37.05
Net Income Margin %	-969.9	-77.28	-160.9	-23.26	37.05
Net Avail. For Common Margin %	-969.9	-77.28	-160.9	-23.26	37.05
Normalized Net Income Margin	-599.51	-46.9	-104.13	-15.71	1.74
Levered Free Cash Flow Margin	-137.17	-63.3	-151.93	-16.21	-6.38
Unlevered Free Cash Flow Margin	-136.97	-63.25	-151.74	-16.17	-6.32
Asset Turnover
Asset Turnover	0.03	0.21	0.15	0.33	0.42
Fixed Assets Turnover	6.18	38.52	27.5	65.21	67.93
Receivables Turnover (Average Receivables)	3.19	35.09	3.05	3.72	3.54
Inventory Turnover (Average Inventory)	-	8.65	4.11	3.63	3.37
Short Term Liquidity
Current Ratio	6.26	8.44	9.18	9.75	7.29
Quick Ratio	6.1	7.88	8.17	8.7	6.4
Operating Cash Flow to Current Liabilities	-1.29	-2.01	-2.85	-0.99	-0.12
Days Sales Outstanding (Average Receivables)	114.62	10.4	119.65	98.11	103.25
Days Outstanding Inventory (Average Inventory)	-	42.21	88.89	100.63	108.49
Average Days Payable Outstanding	-	51.36	89.35	74.8	82.27
Cash Conversion Cycle (Average Days)	-	1.25	119.19	123.93	129.47
Long Term Solvency
Total Debt/Equity	0.58	0.45	0.44	0.49	0.71
Total Debt / Total Capital	0.57	0.45	0.44	0.49	0.71
LT Debt/Equity	0.37	0.31	0.32	0.37	0.59
Long-Term Debt / Total Capital	0.37	0.31	0.32	0.37	0.59
Total Liabilities / Total Assets	26.56	11.09	10.23	9.8	11.35
EBIT / Interest Expense	-2.39K	-873.54	-539.03	-606.98	-8.61
EBITDA / Interest Expense	-2.37K	-860.44	-461.87	-451.67	-5.12
(EBITDA - Capex) / Interest Expense	-2.38K	-869.23	-462.49	-452.84	-5.98
Total Debt / EBITDA	-0.02	-0.03	-0.02	-0.06	-3.68
Net Debt / EBITDA	3.88	6.56	3.51	10.1	315.1
Total Debt / (EBITDA - Capex)	-0.02	-0.03	-0.02	-0.06	-3.15
Net Debt / (EBITDA - Capex)	3.87	6.49	3.51	10.07	269.34
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-33.97	752.59	-16.52	187.66	77.22
Gross Profit, 1 Yr. Growth %	135.44	-83.09	381.85	-215.68	256.2
EBITDA, 1 Yr. Growth %	134.25	-25.38	74.14	-49.16	-94.85
EBITA, 1 Yr. Growth %	133.96	-25.17	73.77	-49.01	-94.4
EBIT, 1 Yr. Growth %	133.96	-25.11	101.15	-41.89	-95.76
Earnings From Cont. Operations, 1 Yr. Growth %	224.56	-32.9	73.81	-58.42	-382.34
Net Income, 1 Yr. Growth %	224.56	-32.9	73.81	-58.42	-382.34
Normalized Net Income, 1 Yr. Growth %	215.44	-33.84	80.29	-56.6	-119.62
Diluted EPS Before Extra, 1 Yr. Growth %	176.02	-40.34	63.24	-60.45	-347.62
Accounts Receivable, 1 Yr. Growth %	-98.96	9.68K	759.75	73.28	95.63
Inventory, 1 Yr. Growth %	-	332.93	109.35	36	31.13
Net Property, Plant and Equip., 1 Yr. Growth %	16.25	36.8	2.46	39.68	91.92
Total Assets, 1 Yr. Growth %	29.61	25.04	9.96	44.93	36.55
Tangible Book Value, 1 Yr. Growth %	21.51	56.8	11.69	50.53	33.85
Common Equity, 1 Yr. Growth %	29.85	51.38	11.03	45.63	34.19
Cash From Operations, 1 Yr. Growth %	-357.35	52.29	42.19	-51.28	-80.31
Capital Expenditures, 1 Yr. Growth %	-40.84	239.23	-76.9	-2.99	121.8
Levered Free Cash Flow, 1 Yr. Growth %	381.89	341.32	100.38	-69.31	-30.26
Unlevered Free Cash Flow, 1 Yr. Growth %	383.22	341.72	100.28	-69.34	-30.75
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	36.59	138.58	166.79	54.97	125.78
Gross Profit, 2 Yr. CAGR %	123.22	-36.1	-9.72	136.09	102.99
EBITDA, 2 Yr. CAGR %	127.04	33.95	13.99	-5.91	-83.82
EBITA, 2 Yr. CAGR %	126.61	34.05	14.03	-5.87	-83.1
EBIT, 2 Yr. CAGR %	126.61	34.11	22.73	8.11	-84.3
Earnings From Cont. Operations, 2 Yr. CAGR %	181.72	50.1	7.99	-14.99	8.35
Net Income, 2 Yr. CAGR %	181.72	50.1	7.99	-14.99	8.35
Normalized Net Income, 2 Yr. CAGR %	177.01	47.08	10.47	-11.54	-70.82
Diluted EPS Before Extra, 2 Yr. CAGR %	141.68	30.52	-1.32	-19.65	-1.04
Accounts Receivable, 2 Yr. CAGR %	4.57	5.17	2.8K	285.97	84.11
Inventory, 2 Yr. CAGR %	-	-	201.06	68.73	33.54
Net Property, Plant and Equip., 2 Yr. CAGR %	239.44	31.41	18.39	19.63	63.73
Total Assets, 2 Yr. CAGR %	79.21	33.05	17.26	26.24	40.67
Tangible Book Value, 2 Yr. CAGR %	51.03	44.26	32.34	29.67	41.95
Common Equity, 2 Yr. CAGR %	59.19	46.52	29.64	27.16	39.79
Cash From Operations, 2 Yr. CAGR %	153.63	100.05	47.15	-16.77	-69.03
Capital Expenditures, 2 Yr. CAGR %	23.52	42.03	-11.47	-52.66	46.69
Levered Free Cash Flow, 2 Yr. CAGR %	137.99	259.56	197.38	-21.58	-53.74
Unlevered Free Cash Flow, 2 Yr. CAGR %	137.82	259.93	197.44	-21.63	-53.92
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	9.75	151.41	68.12	173.57	62.05
Gross Profit, 3 Yr. CAGR %	195.65	-5.46	25.31	-1.94	170.78
EBITDA, 3 Yr. CAGR %	165.13	56.96	46.19	-12.91	-64.27
EBITA, 3 Yr. CAGR %	163.66	56.91	46.16	-12.8	-63.25
EBIT, 3 Yr. CAGR %	163.66	56.95	53.51	-4.34	-63.26
Earnings From Cont. Operations, 3 Yr. CAGR %	166.08	75.3	57.62	-21.44	26.84
Net Income, 3 Yr. CAGR %	166.08	75.3	57.62	-21.44	26.84
Normalized Net Income, 3 Yr. CAGR %	163.59	72.28	58.87	-19.09	-46.45
Diluted EPS Before Extra, 3 Yr. CAGR %	116.94	52.19	40.62	-27.24	16.93
Accounts Receivable, 3 Yr. CAGR %	-34.82	386.7	111.86	1.03K	207.74
Inventory, 3 Yr. CAGR %	-	-	-	131	55.13
Net Property, Plant and Equip., 3 Yr. CAGR %	141.27	156.66	20.95	25.1	40.04
Total Assets, 3 Yr. CAGR %	71.09	63.02	24.86	25.84	29.59
Tangible Book Value, 3 Yr. CAGR %	52.69	56.85	32.46	38.15	31.05
Common Equity, 3 Yr. CAGR %	58.15	60.56	33.58	34.77	29.46
Cash From Operations, 3 Yr. CAGR %	111.62	114.8	78.53	1.8	-48.53
Capital Expenditures, 3 Yr. CAGR %	40.11	72.37	-22.47	-8.73	-20.78
Levered Free Cash Flow, 3 Yr. CAGR %	123.49	181.32	195.89	39.49	-24.59
Unlevered Free Cash Flow, 3 Yr. CAGR %	123.38	181.24	196.04	39.46	-24.8
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	40.52	93.44	58.5	108.35	89.17
Gross Profit, 5 Yr. CAGR %	90.92	26.11	86.35	37.11	51.98
EBITDA, 5 Yr. CAGR %	93.62	71.69	91.73	28.64	-39.38
EBITA, 5 Yr. CAGR %	93.22	71.33	91.12	28.63	-38.33
EBIT, 5 Yr. CAGR %	93.22	71.36	96.82	35.98	-38.33
Earnings From Cont. Operations, 5 Yr. CAGR %	103.08	75.81	88.26	31.99	35.67
Net Income, 5 Yr. CAGR %	103.08	75.81	88.26	31.99	35.67
Normalized Net Income, 5 Yr. CAGR %	102.54	74.75	88.93	33.45	-19.34
Diluted EPS Before Extra, 5 Yr. CAGR %	64.29	43.99	60.65	18.55	22.19
Accounts Receivable, 5 Yr. CAGR %	-20.11	85.67	205.73	346.12	100.29
Net Property, Plant and Equip., 5 Yr. CAGR %	107.13	78.63	86.35	90.21	36.52
Total Assets, 5 Yr. CAGR %	109.56	88.33	51.22	48.01	30.96
Tangible Book Value, 5 Yr. CAGR %	101.17	100.98	48.24	46.18	36.18
Common Equity, 5 Yr. CAGR %	105.45	103.8	50.15	47.09	36.03
Cash From Operations, 5 Yr. CAGR %	90.25	118.97	85.71	47.84	-11.41
Capital Expenditures, 5 Yr. CAGR %	28.2	30.55	17.82	3.38	0.06
Levered Free Cash Flow, 5 Yr. CAGR %	57.51	97.59	147.86	69.73	40.85
Unlevered Free Cash Flow, 5 Yr. CAGR %	57.46	97.56	147.8	69.66	40.68