ARGENX SE
ARGX · Biological Products, (No Diagnostic Substances) · EDGAR filings ↗
Grade
A88Dominant first-in-class FcRn immunology franchise (VYVGART) compounding sales 90% to $4.2B with a fortress balance sheet.
Strengths
- Product sales nearly doubled to $4.2B; second consecutive profitable year (~$1.3B)
- $3.5B cash plus financial assets, deep late-stage pipeline and multiple 2026 readouts
Risks
- Heavy ongoing R&D/SG&A spend and pipeline dependence on efgartigimod label expansion
- Clinical/regulatory binary risk on registrational readouts and FDA timeline uncertainty
Notable findings
- Customer concentration~89% of revenue from one customer/distributor — 68 Table of Contents Results of Operations Comparison of Years Ended December 31, 2025 and 2024 Year Ended December 31, (in thousands of $ except for shares and EPS) 2025 2024
- Strong balance sheetStrong balance sheet — $3.5B cash & investments
- Notable holderHeld by 5 notable fund(s): FMR LLC, CITADEL ADVISORS LLC, GOLDMAN SACHS GROUP INC +2 more (as of 2026-03-31)
- New fund positionNotable fund(s) opened this quarter: Bridgewater Associates, LP
Key metrics
Return on equity
17.6%
Return on assets
14.9%
Net-income growth
55.1%
Interest coverage
258.2×
Current ratio
5.2×
Free cash flow
$679M
Tangible book value
$7.3B
Cash & investments
$3.5B
Supply chain
Customers (0)
Suppliers (1)
Named in the 10-K; linked when we track them.
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-03-19 | 2025-12-31 | 0001697862-26-000032 ↗ |
| 20-F | 2025-03-20 | 2024-12-31 | 0001697862-25-000024 ↗ |
| 20-F | 2024-03-21 | 2023-12-31 | 0001558370-24-003665 ↗ |
| 20-F | 2023-03-16 | 2022-12-31 | 0001558370-23-004027 ↗ |
| 20-F | 2022-03-21 | 2021-12-31 | 0001558370-22-003983 ↗ |
| 20-F | 2021-03-30 | 2020-12-31 | 0001558370-21-003722 ↗ |
| 20-F | 2020-03-31 | 2019-12-31 | 0001558370-20-003438 ↗ |
| 20-F | 2019-03-26 | 2018-12-31 | 0001558370-19-002436 ↗ |
| 20-F | 2018-03-26 | 2017-12-31 | 0001558370-18-002384 ↗ |