Cash flow argenx SE

Equities

ARGX

NL0010832176

Biotechnology & Medical Research

Market Closed - Euronext Bruxelles Other stock markets 16:55:00 08/05/2026 BST			5-day change	1st Jan Change
670.80 ^EUR	-0.06%		+0.42%	-6.42%

05-08	FDA Approves Label Expansion For Argenx Treatment of Autoimmune Disease	DJ
05-08	Argenx announces U.S. FDA approval expanding Vyvgart and Vyvgart Hytrulo for use in all adult patients living with gMG	RE

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Published financial data: ARGENX SE

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021 (USD)	2022 (USD)	2023 (USD)	2024 (USD)	2025 (USD)
Revenues	497M	411M	1.23B	2.19B	4.15B
Other Revenues, Total	30.99M	30.26M	42.28M	57.97M	85.15M
Total Revenues	528M	441M	1.27B	2.25B	4.24B
Cost of Goods Sold, Total	581M	693M	977M	1.21B	1.81B
Gross Profit	-52.25M	-252M	291M	1.04B	2.42B
Selling General & Admin Expenses, Total	308M	472M	712M	1.06B	1.37B
Other Operating Expenses, Total	308M	472M	712M	1.06B	1.37B
Operating Income	-360M	-724M	-421M	-17.84M	1.05B
Interest Expense, Total	-412K	-1.34M	-693K	-2.07M	-3.18M
Interest And Investment Income	3.49M	24.74M	92.96M	139M	163M
Net Interest Expenses	3.08M	23.4M	92.27M	137M	160M
Income (Loss) On Equity Invest.	-	-677K	-4.41M	-7.64M	-12.39M
Currency Exchange Gains (Loss)	-50.05M	-32.73M	14.07M	-48.21M	65.79M
Other Non Operating Income (Expenses)	10.47M	-852K	-211K	-392K	-907K
EBT, Excl. Unusual Items	-396M	-735M	-319M	62.58M	1.27B
Gain (Loss) On Sale Of Investments	-3.34M	5.47M	14.42M	22.6M	11.58M
EBT, Incl. Unusual Items	-400M	-729M	-304M	85.18M	1.28B
Income Tax Expense	8.52M	-19.72M	-9.44M	-748M	-13.43M
Earnings From Continuing Operations	-408M	-710M	-295M	833M	1.29B
Net Income to Company	-408M	-710M	-295M	833M	1.29B
Net Income - (IS)	-408M	-710M	-295M	833M	1.29B
Net Income to Common Incl Extra Items	-408M	-710M	-295M	833M	1.29B
Net Income to Common Excl. Extra Items	-408M	-710M	-295M	833M	1.29B
Per Share Items
Net EPS - Basic	-7.99	-13.05	-5.16	13.92	21.08
Basic EPS - Continuing Operations	-7.99	-13.05	-5.16	13.92	21.08
Basic Weighted Average Shares Outstanding	51.08M	54.38M	57.17M	59.86M	61.3M
Net EPS - Diluted	-7.99	-13.05	-5.16	12.78	19.57
Diluted EPS - Continuing Operations	-7.99	-13.05	-5.16	12.78	19.57
Diluted Weighted Average Shares Outstanding	51.08M	54.38M	57.17M	65.18M	66.03M
Normalized Basic EPS	-4.85	-8.44	-3.49	0.65	12.92
Normalized Diluted EPS	-4.85	-8.44	-3.49	0.6	11.99
American Depositary Receipts Ratio (ADR)	0.04	0.04	0.04	0.04	0.04
Supplemental Items
EBITDA	-358M	-623M	-317M	-16.32M	1.06B
EBITA	-360M	-625M	-319M	-17.84M	1.06B
EBIT	-360M	-724M	-421M	-17.84M	1.05B
EBITDAR	-358M	-622M	-315M	4.56M	1.08B
Total Revenues (As Reported)	539M	445M	1.27B	2.25B	4.25B
Effective Tax Rate - (Ratio)	-2.13	2.7	3.1	-877.98	-1.05
Total Current Taxes	14.83M	27.17M	11.67M	53.84M	338M
Total Deferred Taxes	-6.3M	-46.89M	-21.12M	-802M	-351M
Normalized Net Income	-248M	-459M	-199M	39.11M	792M
Interest on Long-Term Debt	1.1M	2.19M	904K	2.46M	4.08M
Non-Cash Pension Expense	3.68M	5.81M	8.85M	14.83M	27.03M
Supplemental Operating Expense Items
Marketing Expenses	-	-	-	307M	395M
Selling and Marketing Expenses	-	-	-	307M	395M
General and Administrative Expenses	-	-	-	-	-
Research And Development Expense From Footnotes	581M	663M	859M	983M	1.36B
Net Rental Expense, Total	219K	753K	1.56M	20.89M	16.04M
Imputed Operating Lease Interest Expense	68.35K	677K	532K	11.73M	9.45M
Imputed Operating Lease Depreciation	151K	75.74K	1.02M	9.16M	6.59M
Stock-Based Comp., Other (Total)	179M	157M	233M	235M	248M
Total Stock-Based Compensation	179M	157M	233M	235M	248M

Fiscal Period: December	2021 (USD)	2022 (USD)	2023 (USD)	2024 (USD)	2025 (USD)
Assets
Cash And Equivalents	1.33B	801M	2.05B	1.5B	3.49B
Short Term Investments	1B	1.39B	1.13B	1.88B	949M
Total Cash And Short Term Investments	2.34B	2.19B	3.18B	3.38B	4.44B
Accounts Receivable, Total	28.06M	241M	418M	818M	1.49B
Other Receivables	10.16M	36.05M	81.28M	91.39M	167M
Total Receivables	38.22M	277M	499M	909M	1.66B
Inventory	109M	228M	311M	407M	474M
Prepaid Expenses	58.95M	76.02M	134M	188M	328M
Restricted Cash	-	-	-	-	-
Other Current Assets, Total	-	-1K	-	-	-
Total Current Assets	2.54B	2.77B	4.12B	4.88B	6.9B
Gross Property Plant And Equipment	29.8M	34.28M	45.35M	72.72M	83.97M
Accumulated Depreciation	-13.96M	-18.05M	-22.68M	-29.2M	-35.72M
Net Property Plant And Equipment	15.84M	16.23M	22.68M	43.52M	48.25M
Long-term Investments	53.17M	40.48M	47.16M	49.7M	50.53M
Other Intangibles, Total	172M	175M	125M	181M	272M
Deferred Tax Assets Long-Term	32.19M	79.22M	97.21M	924M	1.3B
Other Long-Term Assets, Total	34.42M	49.23M	126M	120M	117M
Total Assets	2.85B	3.13B	4.54B	6.2B	8.68B
Liabilities
Accounts Payable, Total	45.15M	189M	246M	342M	554M
Accrued Expenses, Total	247M	104M	151M	291M	614M
Current Portion of Leases	3.51M	3.42M	4.65M	6.53M	10.83M
Current Income Taxes Payable	4.32M	3.18M	4.33M	13.39M	42.21M
Unearned Revenue Current, Total	-	-	-	-	-
Other Current Liabilities	828K	3.14M	17.56M	16.47M	98.5M
Total Current Liabilities	301M	302M	423M	670M	1.32B
Long-Term Leases	7.96M	9.01M	15.35M	32.52M	36.33M
Unearned Revenue Non Current	-	-	-	-	-
Pension & Other Post Retirement Benefits	417K	870K	1.45M	1.8M	3.09M
Deferred Tax Liability Non Current	6.44M	8.41M	5.16M	-	-
Total Liabilities	316M	321M	445M	704M	1.36B
Common Stock, Total	6.23M	6.64M	7.06M	7.23M	7.35M
Additional Paid In Capital	3.46B	4.31B	5.65B	5.95B	6.19B
Retained Earnings	-1.4B	-2.11B	-2.4B	-1.57B	-280M
Comprehensive Income and Other	465M	607M	844M	1.11B	1.41B
Total Common Equity	2.53B	2.81B	4.1B	5.5B	7.32B
Total Equity	2.53B	2.81B	4.1B	5.5B	7.32B
Total Liabilities And Equity	2.85B	3.13B	4.54B	6.2B	8.68B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	51.91M	55.57M	59.3M	60.99M	62.06M
ECS Total Common Shares Outstanding	51.67M	55.4M	59.19M	60.76M	61.88M
Book Value / Share	49.05	50.79	69.22	90.49	118.34
Tangible Book Value	2.36B	2.64B	3.97B	5.32B	7.05B
Tangible Book Value Per Share	45.73	47.64	67.11	87.5	113.94
Total Debt	11.46M	12.43M	20M	39.05M	47.16M
Net Debt	-2.33B	-2.18B	-3.16B	-3.34B	-4.39B
Debt Equivalent of Unfunded Proj. Benefit Obligation	-	-	-	-	-
Debt Equivalent Oper. Leases	1.75M	6.02M	12.46M	167M	128M
Equity Method Investments, Total	-	1.32M	9.91M	9.27M	3.38M
Account Code - Inventory Valuation	5	5	3	3	3
Inventories - Raw Materials, Total	70.13M	126M	241M	338M	336M
Inventories - Work In Process, Total	37.7M	65.02M	47.07M	26.36M	55.54M
Inventories - Finished Goods, Total	1.24M	37.29M	22.64M	43.04M	82.46M
Machinery, Total	8.28M	8.51M	9.24M	10.06M	11.69M
Full Time Employees	650	843	1.15K	1.6K	1.86K

Fiscal Period: December	2021 (USD)	2022 (USD)	2023 (USD)	2024 (USD)	2025 (USD)
Net Income	-408M	-710M	-295M	833M	1.29B
Depreciation & Amortization - CF	5.09M	4.58M	5.63M	7.24M	13.24M
Amortization of Goodwill and Intangible Assets - (CF)	306K	99.06M	102M	-	4.45M
Depreciation & Amortization, Total	5.4M	104M	108M	7.24M	17.69M
Amortization of Deferred Charges, Total - (CF)	470K	711K	3.67M	10.28M	10.41M
(Gain) Loss From Sale Of Asset	-	-	-	-	-
(Gain) Loss on Sale of Investments - (CF)	-11.15M	-4.26M	-	-3.83M	-11.58M
(Income) Loss On Equity Investments - (CF)	-	677K	4.41M	7.64M	12.39M
Stock-Based Compensation (CF)	179M	157M	233M	235M	248M
Other Operating Activities, Total	-31.68M	-35.28M	-165M	-847M	-461M
Change In Accounts Receivable	-31.63M	-222M	-186M	-423M	-802M
Change In Inventories	-83.88M	-119M	-83.03M	-96M	-98.95M
Change In Accounts Payable	135M	329K	95.6M	246M	612M
Change in Unearned Revenues	-315M	-	-	-	-
Change in Other Net Operating Assets	-44.96M	-34.51M	-136M	-52.4M	-134M
Cash from Operations	-607M	-863M	-420M	-82.75M	685M
Capital Expenditure	-3.62M	-837K	-812K	-1.8M	-6.16M
Sale (Purchase) of Intangible assets	-118M	-103M	-43M	-66.5M	-106M
Investment in Marketable and Equity Securities, Total	-228M	-371M	259M	-761M	933M
Other Investing Activities, Total	2.6M	13.14M	92.75M	112M	163M
Cash from Investing	-347M	-461M	308M	-718M	984M
Long-Term Debt Repaid, Total	-3.86M	-4.16M	-3.8M	-7.64M	-4.11M
Total Debt Repaid	-3.86M	-4.16M	-3.8M	-7.64M	-4.11M
Issuance of Common Stock	1.12B	854M	1.35B	309M	278M
Repurchase of Common Stock	-	-5.86M	-12.14M	-21.87M	-41.26M
Other Financing Activities, Total	438K	-371K	-2.33M	-	-
Cash from Financing	1.12B	844M	1.34B	280M	233M
Foreign Exchange Rate Adjustments	-49.59M	-53.7M	23.49M	-28.33M	89.15M
Net Change in Cash	118M	-534M	1.25B	-549M	1.99B
Supplemental Items
Cash Interest Paid	684K	851K	211K	392K	900K
Cash Income Tax Paid (Refund)	15.77M	24.14M	37.52M	-7.8M	255M
Levered Free Cash Flow	-334M	-670M	-206M	-143M	513M
Unlevered Free Cash Flow	-334M	-669M	-205M	-142M	515M
Change In Net Working Capital	173M	374M	243M	315M	309M
Net Debt Issued / Repaid	-3.86M	-4.16M	-3.8M	-7.64M	-4.11M

Fiscal Period: December	2021 (USD)	2022 (USD)	2023 (USD)	2024 (USD)	2025 (USD)
Profitability
Return on Assets	-8.77	-15.12	-6.85	-0.21	8.86
Return on Total Capital	-10.64	-16.85	-7.57	-0.23	10.21
Return On Equity %	-19.4	-26.54	-8.54	17.36	20.15
Return on Common Equity	-19.4	-26.54	-8.54	17.36	20.15
Margin Analysis
Gross Profit Margin %	-9.89	-57.09	22.96	46.15	57.16
SG&A Margin	58.24	107.06	56.12	46.94	32.27
EBITDA Margin %	-67.74	-141.31	-24.97	-0.73	25.07
EBITA Margin %	-68.07	-141.69	-25.12	-0.79	25
EBIT Margin %	-68.13	-164.15	-33.16	-0.79	24.89
Income From Continuing Operations Margin %	-77.28	-160.9	-23.26	37.05	30.5
Net Income Margin %	-77.28	-160.9	-23.26	37.05	30.5
Net Avail. For Common Margin %	-77.28	-160.9	-23.26	37.05	30.5
Normalized Net Income Margin	-46.9	-104.13	-15.71	1.74	18.69
Levered Free Cash Flow Margin	-63.3	-151.93	-16.21	-6.38	12.11
Unlevered Free Cash Flow Margin	-63.25	-151.74	-16.17	-6.32	12.15
Asset Turnover
Asset Turnover	0.21	0.15	0.33	0.42	0.57
Fixed Assets Turnover	38.52	27.5	65.21	67.93	92.33
Receivables Turnover (Average Receivables)	35.09	3.05	3.72	3.54	3.6
Inventory Turnover (Average Inventory)	8.65	4.11	3.63	3.37	4.12
Short Term Liquidity
Current Ratio	8.44	9.18	9.75	7.29	5.23
Quick Ratio	7.88	8.17	8.7	6.4	4.62
Operating Cash Flow to Current Liabilities	-2.01	-2.85	-0.99	-0.12	0.52
Days Sales Outstanding (Average Receivables)	10.4	119.65	98.11	103.25	101.43
Days Outstanding Inventory (Average Inventory)	42.21	88.89	100.63	108.49	88.57
Average Days Payable Outstanding	51.36	89.35	74.8	82.27	86.98
Cash Conversion Cycle (Average Days)	1.25	119.19	123.93	129.47	103.03
Long Term Solvency
Total Debt/Equity	0.45	0.44	0.49	0.71	0.64
Total Debt / Total Capital	0.45	0.44	0.49	0.71	0.64
LT Debt/Equity	0.31	0.32	0.37	0.59	0.5
Long-Term Debt / Total Capital	0.31	0.32	0.37	0.59	0.49
Total Liabilities / Total Assets	11.09	10.23	9.8	11.35	15.66
EBIT / Interest Expense	-873.54	-539.03	-606.98	-8.61	332.16
EBITDA / Interest Expense	-860.44	-461.87	-451.67	-5.12	337.74
(EBITDA - Capex) / Interest Expense	-869.23	-462.49	-452.84	-5.98	335.79
Total Debt / EBITDA	-0.03	-0.02	-0.06	-3.68	0.04
Net Debt / EBITDA	6.56	3.51	10.1	315.1	-4.1
Total Debt / (EBITDA - Capex)	-0.03	-0.02	-0.06	-3.15	0.04
Net Debt / (EBITDA - Capex)	6.49	3.51	10.07	269.34	-4.12
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	752.59	-16.52	187.66	77.22	88.44
Gross Profit, 1 Yr. Growth %	-83.09	381.85	-215.68	256.2	133.42
EBITDA, 1 Yr. Growth %	-25.38	74.14	-49.16	-94.85	-6.69K
EBITA, 1 Yr. Growth %	-25.17	73.77	-49.01	-94.4	-6.11K
EBIT, 1 Yr. Growth %	-25.11	101.15	-41.89	-95.76	-6.01K
Earnings From Cont. Operations, 1 Yr. Growth %	-32.9	73.81	-58.42	-382.34	55.1
Net Income, 1 Yr. Growth %	-32.9	73.81	-58.42	-382.34	55.1
Normalized Net Income, 1 Yr. Growth %	-33.84	80.29	-56.6	-119.62	1.46K
Diluted EPS Before Extra, 1 Yr. Growth %	-40.34	63.24	-60.45	-347.62	53.13
Accounts Receivable, 1 Yr. Growth %	9.68K	759.75	73.28	95.63	82.16
Inventory, 1 Yr. Growth %	332.93	109.35	36	31.13	16.28
Net Property, Plant and Equip., 1 Yr. Growth %	36.8	2.46	39.68	91.92	10.87
Total Assets, 1 Yr. Growth %	25.04	9.96	44.93	36.55	39.99
Tangible Book Value, 1 Yr. Growth %	56.8	11.69	50.53	33.85	32.62
Common Equity, 1 Yr. Growth %	51.38	11.03	45.63	34.19	33.19
Cash From Operations, 1 Yr. Growth %	52.29	42.19	-51.28	-80.31	-928.06
Capital Expenditures, 1 Yr. Growth %	239.23	-76.9	-2.99	121.8	242.31
Levered Free Cash Flow, 1 Yr. Growth %	341.32	100.38	-69.31	-30.26	-457.65
Unlevered Free Cash Flow, 1 Yr. Growth %	341.72	100.28	-69.34	-30.75	-462.3
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	138.58	166.79	54.97	125.78	82.74
Gross Profit, 2 Yr. CAGR %	-36.1	-9.72	136.09	102.99	188.34
EBITDA, 2 Yr. CAGR %	33.95	13.99	-5.91	-83.82	83.16
EBITA, 2 Yr. CAGR %	34.05	14.03	-5.87	-83.1	82.39
EBIT, 2 Yr. CAGR %	34.11	22.73	8.11	-84.3	58.34
Earnings From Cont. Operations, 2 Yr. CAGR %	50.1	7.99	-14.99	8.35	109.26
Net Income, 2 Yr. CAGR %	50.1	7.99	-14.99	8.35	109.26
Normalized Net Income, 2 Yr. CAGR %	47.08	10.47	-11.54	-70.82	103.99
Diluted EPS Before Extra, 2 Yr. CAGR %	30.52	-1.32	-19.65	-1.04	94.73
Accounts Receivable, 2 Yr. CAGR %	5.17	2.8K	285.97	84.11	88.78
Inventory, 2 Yr. CAGR %	-	201.06	68.73	33.54	23.48
Net Property, Plant and Equip., 2 Yr. CAGR %	31.41	18.39	19.63	63.73	45.87
Total Assets, 2 Yr. CAGR %	33.05	17.26	26.24	40.67	38.26
Tangible Book Value, 2 Yr. CAGR %	44.26	32.34	29.67	41.95	33.23
Common Equity, 2 Yr. CAGR %	46.52	29.64	27.16	39.79	33.69
Cash From Operations, 2 Yr. CAGR %	100.05	47.15	-16.77	-69.03	27.68
Capital Expenditures, 2 Yr. CAGR %	42.03	-11.47	-52.66	46.69	175.54
Levered Free Cash Flow, 2 Yr. CAGR %	259.56	197.38	-21.58	-53.74	57.93
Unlevered Free Cash Flow, 2 Yr. CAGR %	259.93	197.44	-21.63	-53.92	58.4
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	151.41	68.12	173.57	62.05	112.58
Gross Profit, 3 Yr. CAGR %	-5.46	25.31	-1.94	170.78	112.66
EBITDA, 3 Yr. CAGR %	56.96	46.19	-12.91	-64.27	19.44
EBITA, 3 Yr. CAGR %	56.91	46.16	-12.8	-63.25	19.23
EBIT, 3 Yr. CAGR %	56.95	53.51	-4.34	-63.26	13.36
Earnings From Cont. Operations, 3 Yr. CAGR %	75.3	57.62	-21.44	26.84	22.11
Net Income, 3 Yr. CAGR %	75.3	57.62	-21.44	26.84	22.11
Normalized Net Income, 3 Yr. CAGR %	72.28	58.87	-19.09	-46.45	19.92
Diluted EPS Before Extra, 3 Yr. CAGR %	52.19	40.62	-27.24	16.93	14.46
Accounts Receivable, 3 Yr. CAGR %	386.7	111.86	1.03K	207.74	83.46
Inventory, 3 Yr. CAGR %	-	-	131	55.13	27.52
Net Property, Plant and Equip., 3 Yr. CAGR %	156.66	20.95	25.1	40.04	43.77
Total Assets, 3 Yr. CAGR %	63.02	24.86	25.84	29.59	40.45
Tangible Book Value, 3 Yr. CAGR %	56.85	32.46	38.15	31.05	38.77
Common Equity, 3 Yr. CAGR %	60.56	33.58	34.77	29.46	37.55
Cash From Operations, 3 Yr. CAGR %	114.8	78.53	1.8	-48.53	-7.4
Capital Expenditures, 3 Yr. CAGR %	72.37	-22.47	-8.73	-20.78	94.57
Levered Free Cash Flow, 3 Yr. CAGR %	181.32	195.89	39.49	-24.59	-8.53
Unlevered Free Cash Flow, 3 Yr. CAGR %	181.24	196.04	39.46	-24.8	-8.37
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	93.44	58.5	108.35	89.17	132.8
Gross Profit, 5 Yr. CAGR %	26.11	86.35	37.11	51.98	50.96
EBITDA, 5 Yr. CAGR %	71.69	91.73	28.64	-39.38	17.23
EBITA, 5 Yr. CAGR %	71.33	91.12	28.63	-38.33	17.12
EBIT, 5 Yr. CAGR %	71.36	96.82	35.98	-38.33	17.02
Earnings From Cont. Operations, 5 Yr. CAGR %	75.81	88.26	31.99	35.67	16.25
Net Income, 5 Yr. CAGR %	75.81	88.26	31.99	35.67	16.25
Normalized Net Income, 5 Yr. CAGR %	74.75	88.93	33.45	-19.34	16.04
Diluted EPS Before Extra, 5 Yr. CAGR %	43.99	60.65	18.55	22.19	7.87
Accounts Receivable, 5 Yr. CAGR %	85.67	205.73	346.12	100.29	453.4
Inventory, 5 Yr. CAGR %	-	-	-	-	79.81
Net Property, Plant and Equip., 5 Yr. CAGR %	78.63	86.35	90.21	36.52	33.03
Total Assets, 5 Yr. CAGR %	88.33	51.22	48.01	30.96	30.67
Tangible Book Value, 5 Yr. CAGR %	100.98	48.24	46.18	36.18	36.16
Common Equity, 5 Yr. CAGR %	103.8	50.15	47.09	36.03	34.33
Cash From Operations, 5 Yr. CAGR %	118.97	85.71	47.84	-11.41	11.45
Capital Expenditures, 5 Yr. CAGR %	30.55	17.82	3.38	0.06	41.99
Levered Free Cash Flow, 5 Yr. CAGR %	97.59	147.86	69.73	40.85	46.59
Unlevered Free Cash Flow, 5 Yr. CAGR %	97.56	147.8	69.66	40.68	46.75