Want to see ARGX full AI Analyst Report?
Top Page
Argenx Se
(NASDAQ:ARGX)
Select Model
Select Model
Rating:71Outperform
Price Target:
$905.00
▼(-11.23% Downside)
Action:Reiterated
Date:10/09/26
The score is driven primarily by strong financial performance (notably the exceptionally strong balance sheet and sharp improvement in profitability) and a positive earnings-call outlook with continued commercial momentum and near-term clinical catalysts. These positives are partially offset by weak technicals (price below major moving averages with negative MACD) and a valuation that appears demanding at a ~28.7 P/E without dividend support.
Positive Factors
Rapid revenue growth and profitability
The sharp 2025 revenue acceleration and strong net margin demonstrate that argenx has converted product adoption into substantial earnings power. If commercial expansion continues, this profitability can fund clinical development and commercialization internally while strengthening the company’s competitive position.
Negative Factors
Uneven historical cash conversion
Although cash generation improved materially in 2025, the multiyear history of negative operating and free cash flow shows that earnings have not yet translated consistently into cash. Persistent conversion gaps could limit internally funded investment and make results more dependent on sustained commercial execution.
Read all positive and negative factors
Positive Factors
Negative Factors
Rapid revenue growth and profitability
The sharp 2025 revenue acceleration and strong net margin demonstrate that argenx has converted product adoption into substantial earnings power. If commercial expansion continues, this profitability can fund clinical development and commercialization internally while strengthening the company’s competitive position.
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
$59.21B
Dividend YieldN/A
Average Volume (3M)251.49K
Price to Earnings (P/E)28.7
Beta (1Y)0.33
Revenue Growth70.57%
EPS Growth30.28%
CountryUS
Employees1,863
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)27.74
Shares Outstanding62,886,074
10 Day Avg. Volume305,420
30 Day Avg. Volume251,492
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 Cap0.92
Enterprise Value/Revenue9.07
Enterprise Value/Gross Profit10.11
Enterprise Value/Ebitda29.16
Forecast
1Y Price Target
$1,168.89Price Target Upside14.65% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering21
EPS Forecast (FY)29.36
Revenue Forecast (FY)$6.20B
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 by commercializing its prescription biologic medicines, generating revenue from product sales to healthcare providers and distributors in the regions where its therapies are approved and reimbursed. A major revenue str...
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
Negative
1019.49
Price Trends
957.29
Negative
912.98
Negative
852.10
Negative
Market Momentum
-23.07
Positive
24.05
Positive
29.00
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ARGX, the sentiment is Negative. The current price of 1019.49 is above the 20-day moving average (MA) of 954.62, above the 50-day MA of 957.29, and above the 200-day MA of 852.10, indicating a bearish trend. The MACD of -23.07 indicates Positive momentum. The RSI at 24.05 is Positive, neither overbought nor oversold. The STOCH value of 29.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
72 Outperform | $76.40B | 17.66 | 13.81% | 0.50% | 9.29% | 0.38% | |
71 Outperform | $59.21B | 28.69 | 21.66% | ― | 70.57% | 30.28% | |
66 Neutral | $22.33B | 27.62 | 13.58% | ― | 21.75% | -36.69% | |
57 Neutral | $1.80B | -11.29 | -28.66% | ― | -28.56% | 10.25% | |
55 Neutral | $6.62B | -10.73 | -69.59% | ― | ― | 1.28% | |
54 Neutral | $1.90B | -12.50 | -72.07% | ― | -69.78% | -106.07% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
ARGX
Argenx Se
818.63
21.71
2.72%
REGN
Regeneron
739.57
177.82
31.65%
XNCR
Xencor
24.50
11.47
88.03%
ZYME
Zymeworks
25.26
7.20
39.87%
GMAB
Genmab
36.05
4.24
13.33%
IMVT
Immunovant
30.26
13.23
77.69%
Argenx Se Corporate Events
Argenx Unveils New VYVGART and Pipeline Data at AANEM and MGFA
Sep 29, 2026
On September 29, 2026, Argenx reported new clinical and real‑world data for VYVGART in myasthenia gravis and CIDP, presented at the AANEM and MGFA meetings in Orlando. The results show deeper improvement in ocular MG with additional treatmen...
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.