ARGX financial statements

The full income statement, balance sheet, and cash-flow statement for argenx SE American Depositary Shares (ARGX), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Shares outstanding (point-in-time)

2017-12 32.2M2018-12 36.0M2019-12 42.8M2020-12 47.6M2021-12 51.7M2022-12 55.4M2023-12 59.2M2024-12 60.8M2025-12 61.9M+92.3% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	—	—	35.5M YoY+254.4%	10.0M YoY-98.0%	497M YoY+1105.7%
Cost of revenue	451M YoY+98.3%	227M YoY+92.9%	118M YoY+300.4%	29.4M	—
Research & development	1.36B YoY+38.7%	983M YoY+14.4%	859M YoY+29.6%	663M YoY+14.3%	581M YoY+56.5%
Operating income	1.05B YoY+4966.6%	-21.7M YoY+94.9%	-425M YoY+41.0%	-720M YoY-106.6%	-349M YoY+27.0%
Interest expense	4.08M YoY+65.7%	2.46M YoY+172.0%	906K YoY-76.8%	3.91M YoY-14.7%	4.58M YoY-42.5%
Pre-tax income	1.28B YoY+1401.1%	85.2M YoY+128.0%	-304M YoY+58.2%	-729M YoY-82.4%	-400M YoY+34.0%
Income tax	-13.4M YoY+98.2%	-748M YoY-7819.7%	-9.44M YoY+52.1%	-19.7M YoY-331.4%	8.52M YoY+174.6%
	1.29B YoY+55.1%	833M YoY+382.3%	-295M YoY+58.4%	-710M YoY-73.8%	-408M YoY+32.9%
Net income to common	1.29B YoY+55.1%	833M YoY+382.3%	-295M YoY+58.4%	-710M YoY-73.8%	-408M YoY+32.9%
	$19.57 YoY+53.1%	$12.78 YoY+347.7%	-$5.16 YoY+60.5%	-$13.05 YoY-63.3%	-$7.99 YoY+40.4%
EPS (basic)	$21.08 YoY+51.4%	$13.92 YoY+369.8%	-$5.16 YoY+60.5%	-$13.05 YoY-63.3%	-$7.99 YoY+40.4%
	61.3M YoY+2.4%	59.9M YoY+4.7%	57.2M YoY+5.1%	54.4M YoY+6.5%	51.1M YoY+12.5%
	66.0M YoY+1.3%	65.2M YoY+14.0%	57.2M YoY+5.1%	54.4M	—
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	6.90B YoY+41.3%	4.88B YoY+18.4%	4.12B YoY+48.6%	2.77B YoY+9.1%	2.54B YoY+23.6%
Cash & equivalents	3.49B YoY+132.8%	1.50B YoY-26.8%	2.05B YoY+155.9%	801M YoY-40.0%	1.33B YoY+9.7%
Accounts receivable	1.65B YoY+82.1%	904M YoY+82.1%	497M YoY+80.2%	276M YoY+621.3%	38.2M YoY+447.7%
Inventory	474M YoY+16.3%	407M YoY+31.1%	311M YoY+36.0%	228M YoY+109.4%	109M YoY+332.9%
	8.68B YoY+40.0%	6.20B YoY+36.5%	4.54B YoY+44.9%	3.13B YoY+10.0%	2.85B YoY+25.0%
Property, plant & equipment	—	—	22.7M YoY+39.7%	16.2M YoY+2.5%	15.8M YoY+36.8%
Total non-current assets	1.78B YoY+35.2%	1.32B YoY+215.1%	419M YoY+16.3%	360M YoY+17.2%	307M YoY+38.2%
Total current liabilities	1.32B YoY+97.1%	670M YoY+58.4%	423M YoY+39.9%	302M YoY+0.3%	301M YoY-8.3%
Total liabilities	1.36B YoY+93.1%	704M YoY+58.3%	445M YoY+38.8%	321M YoY+1.4%	316M YoY-47.8%
	7.32B YoY+33.2%	5.50B YoY+34.2%	4.10B YoY+45.6%	2.81B YoY+11.0%	2.53B YoY+51.4%
Total equity incl. non-controlling	7.32B YoY+33.2%	5.50B YoY+34.2%	4.10B YoY+45.6%	2.81B YoY+11.0%	2.53B YoY+51.4%
	61.9M YoY+1.8%	60.8M YoY+2.6%	59.2M YoY+6.9%	55.4M YoY+7.2%	51.7M YoY+8.6%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Cash from operations	685M YoY+928.1%	-82.7M YoY+80.3%	-420M YoY+51.3%	-863M YoY-42.2%	-607M YoY-52.3%
Acquisitions	0.00	0.00	0.00	0.00	0.00
Long-term debt issued	0.00	0.00	0.00	0.00	0.00
Long-term debt repaid	0.00	0.00	0.00	0.00	0.00
Common stock issued	0.00	0.00 YoY-100.0%	1.20B YoY+57.3%	761M YoY-30.3%	1.09B YoY+34.2%
Common stock repurchased	0.00	0.00	0.00	0.00	0.00
Dividends paid	0.00	0.00	0.00	0.00	0.00
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	52.0B YoY+39.3%	37.4B YoY+77.3%	21.1B YoY+7.7%	19.6B YoY+8.2%	18.1B YoY+29.3%
P/E	40.3× YoY-10.2%	44.9×	—	—	—
P/S	1464.6× YoY+39.3%	1051.6× YoY-50.0%	2102.0× YoY+5240.2%	39.4× YoY+8.2%	36.4× YoY-89.3%
P/B	7.1× YoY+4.6%	6.8× YoY-9.3%	7.5× YoY-3.0%	7.7× YoY+8.2%	7.1× YoY-14.6%
	2.5% YoY+11.4%	2.2%	—	—	—
Source filing	20-F	20-F	20-F	20-F	20-F

About this data

Source: ARGX's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all ARGX filings on SEC EDGAR → Not investment advice.