Revenue growth has accelerated to 197% year-over-year in Q2 2026, driving gross margins to a best-in-class 90.1% and operating margins to 30.1%, demonstrating powerful operating leverage as the commercial model scales.
argenx SE (ARGX) annual income statement — 15-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Sales/Revenue | 8.32B | 4.15B | 2.19B | 1.23B | 410.75M | 497.28M | 41.24M | 78.46M | 24.57M | 43.69M | 15.47M | 7.49M | 4.57M | 3.7M | 2.18M | 1.46M |
| Revenue Growth % | 234.87% | 89.64% | 78.6% | 198.56% | -17.4% | 1105.72% | -47.44% | 219.3% | -43.75% | 182.33% | 106.51% | 64.07% | 23.53% | 69.35% | 49.73% | - |
| Cost of Goods Sold | 1.39B | 450.67M | 227.29M | 117.83M | 29.43M | 580.52M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.02M | 0 | 0 |
| COGS % of Revenue | - | 10.85% | 10.38% | 9.61% | 7.17% | 116.74% | - | - | - | - | - | - | - | 27.59% | - | - |
| Gross Profit | 6.92B | 3.7B | 1.96B | 1.11B | 381.31M | 497.28M | 41.24M | 78.46M | 24.57M | 43.69M | 15.47M | 7.49M | 4.57M | 2.68M | 2.18M | 1.46M |
| Gross Margin % | 83.23% | 89.15% | 89.62% | 90.39% | 92.83% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 72.41% | 100% | 100% |
| Gross Profit Growth % | - | 88.64% | 77.08% | 190.7% | -23.32% | 1105.72% | -47.44% | 219.3% | -43.75% | 182.33% | 106.51% | 64.07% | 70.6% | 22.63% | 49.73% | - |
| Operating Expenses | 4.9B | 2.65B | 1.98B | 1.53B | 1.1B | 846.02M | 518.86M | 277.35M | 118.2M | 71.2M | 38M | 24.55M | 17.63M | 12.3M | 15.48M | 6.18M |
| OpEx % of Revenue | - | 63.76% | 90.61% | 125.05% | 268.21% | 170.13% | 1258.06% | 353.49% | 481.02% | 162.98% | 245.55% | 327.69% | 386.05% | 332.68% | 708.93% | 423.59% |
| Selling, General & Admin | 2.01B | 1.36B | 1.06B | 709.54M | 469.92M | 305.52M | 170.55M | 72.15M | 26.33M | 14.93M | 7.37M | 5.38M | 4.21M | 2.94M | 2.67M | 2.46M |
| SG&A % of Revenue | - | 32.74% | 48.18% | 57.86% | 114.41% | 61.44% | 413.53% | 91.95% | 107.14% | 34.18% | 47.65% | 71.87% | 92.21% | 79.63% | 122.26% | 168.66% |
| Research & Development | 1.55B | 1.36B | 983.42M | 859.49M | 663.37M | 580.52M | 370.49M | 220.77M | 95.64M | 62.07M | 33.19M | 22.56M | 15.37M | 12.91M | 14.63M | 6.25M |
| R&D % of Revenue | - | 32.84% | 44.9% | 70.09% | 161.5% | 116.74% | 898.31% | 281.37% | 389.21% | 142.09% | 214.48% | 301.08% | 336.59% | 349.31% | 670.36% | 428.81% |
| Other Operating Expenses | 0 | -75.91M | -54.16M | -35.5M | -31.63M | -40.02M | -22.18M | -15.56M | -3.77M | -5.81M | -2.56M | -3.39M | -1.97M | -3.56M | -1.83M | -2.54M |
| Operating Income | 2.02B | 1.05B | -21.65M | -425.05M | -720.34M | -348.75M | -477.62M | -198.89M | -93.63M | -27.51M | -22.52M | -17.06M | -13.06M | -8.81M | -13.29M | -4.72M |
| Operating Margin % | 24.28% | 25.39% | -0.99% | -34.66% | -175.37% | -70.13% | -1158.06% | -253.49% | -381.02% | -62.98% | -145.55% | -227.69% | -286.05% | -238.22% | -608.93% | -323.59% |
| Operating Income Growth % | - | 4970.3% | 94.91% | 40.99% | -106.55% | 26.98% | -140.14% | -112.43% | -240.31% | -22.15% | -32.01% | -30.6% | -48.34% | 33.75% | -181.75% | - |
| EBITDA | 2.14B | 1.08B | -4.13M | -313.57M | -616M | -342.88M | -473.7M | -196.47M | -93.06M | -26.99M | -22.17M | -16.85M | -12.9M | -8.64M | -13.03M | -4.43M |
| EBITDA Margin % | 25.78% | 26.07% | -0.19% | -25.57% | -149.97% | -68.95% | -1148.56% | -250.4% | -378.72% | -61.78% | -143.28% | -224.83% | -282.54% | -233.7% | -596.94% | -303.86% |
| EBITDA Growth % | 407.3% | 26334.96% | 98.68% | 49.1% | -79.65% | 27.62% | -141.11% | -111.11% | -244.8% | -21.73% | -31.61% | -30.56% | -49.35% | 33.7% | -194.14% | - |
| D&A (Non-Cash Add-back) | 40.7M | 28.1M | 17.53M | 111.48M | 104.34M | 5.87M | 3.92M | 2.42M | 563.94K | 521.87K | 351.27K | 214.29K | 160.51K | 167.09K | 261.86K | 287.73K |
| EBIT | 1.91B | 1.28B | 87.64M | -303.59M | -727.12M | -398.65M | -604.95M | -175.78M | -93.63M | -32.97M | -22.52M | -16.74M | -12.54M | -8.46M | -12.82M | -4.49M |
| Net Interest Income | 189.98M | 159.01M | 136.28M | 92.06M | 22.55M | 2.39M | 4.75M | 8.67M | 4.23M | 197.95K | 64.15K | 83.09K | 162.94K | 251.32K | 458.91K | 203.49K |
| Interest Income | 194.82M | 163.09M | 138.5M | 92.96M | 24.74M | 3.48M | 5.15M | 8.8M | 4.23M | 197.95K | 64.15K | 83.09K | 166.59K | 256.84K | 460.23K | 204.78K |
| Interest Expense | 4.83M | 4.08M | 2.22M | 904K | 2.19M | 1.1M | 403.66K | 139K | 0 | 0 | 0 | 0 | 3.65K | 5.52K | 2.65K | 1.3K |
| Other Income/Expense | 393.41M | 223.99M | 106.83M | 120.55M | -8.97M | -51M | -127.73M | 22.97M | 18.3M | -5.46M | 44.17K | 320.34K | 521.67K | 2.37M | 466.84K | 226.82K |
| Pretax Income | 2.41B | 1.28B | 85.18M | -304.5M | -729.31M | -399.74M | -605.35M | -175.92M | -75.32M | -32.97M | -22.48M | -16.74M | -12.54M | -8.47M | -12.83M | -4.49M |
| Pretax Margin % | 29.01% | 30.78% | 3.89% | -24.83% | -177.56% | -80.39% | -1467.77% | -224.21% | -306.53% | -75.46% | -145.27% | -223.42% | -274.62% | -229% | -587.54% | -308.02% |
| Income Tax | 138.69M | -13.43M | -747.86M | -9.44M | -19.72M | 8.52M | 3.1M | 5.29M | 908.26K | 716.22K | 0 | 0 | 0 | -303K | 0 | 0 |
| Effective Tax Rate % | 5.75% | -1.05% | -877.98% | 3.1% | 2.7% | -2.13% | -0.51% | -3.01% | -1.21% | -2.17% | 0% | 0% | 0% | 3.58% | 0% | 0% |
| Net Income | 3B | 1.29B | 833.04M | -295.05M | -709.59M | -407.63M | -608.46M | -181.21M | -76.23M | -33.68M | -22.48M | -16.74M | -12.54M | -8.47M | -12.83M | -4.49M |
| Net Margin % | 36.03% | 31.11% | 38.03% | -24.06% | -172.76% | -81.97% | -1475.29% | -230.95% | -310.22% | -77.1% | -145.27% | -223.42% | -274.62% | -229% | -587.54% | -308.02% |
| Net Income Growth % | 638.28% | 55.1% | 382.34% | 58.42% | -74.08% | 33.01% | -235.78% | -137.71% | -126.32% | -49.84% | -34.28% | -33.48% | -48.15% | 33.99% | -185.59% | - |
| Net Income (Continuing) | 2.3B | 1.29B | 833.04M | -295.05M | -709.59M | -408.26M | -608.46M | -181.21M | -76.23M | -33.68M | -22.48M | -16.74M | -12.54M | -6.13M | -12.83M | -4.49M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 46.52 | 19.63 | 12.78 | -5.16 | -13.05 | -7.99 | -13.40 | -4.69 | -2.12 | -1.37 | -1.20 | -1.06 | -0.80 | -0.54 | -0.82 | -0.29 |
| EPS Growth % | 446.7% | 53.6% | 347.67% | 60.46% | -63.33% | 40.37% | -185.71% | -121.23% | -54.74% | -14.17% | -13.21% | -32.5% | -48.15% | 34.15% | -182.76% | - |
| EPS (Basic) | - | 21.14 | 13.92 | -5.16 | -13.05 | -7.99 | -13.40 | -4.69 | -2.12 | -1.37 | -1.19 | -1.06 | -0.80 | -0.54 | -0.82 | -0.29 |
| Diluted Shares Outstanding | 64.41M | 66.03M | 65.18M | 57.17M | 54.38M | 51.08M | 45.41M | 38.62M | 35.98M | 24.61M | 18.82M | 15.73M | 15.71M | 15.71M | 15.71M | 15.71M |
| Basic Shares Outstanding | 62.19M | 61.3M | 59.86M | 57.17M | 54.38M | 51.08M | 45.41M | 38.62M | 35.98M | 24.61M | 18.82M | 15.73M | 15.71M | 15.71M | 15.71M | 15.71M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying ARGX stock.
For fiscal year 2025, argenx SE (ARGX) reported total revenue of $4.15B. This represents a 284775.3% increase compared to $1.5M in 2011.
argenx SE (ARGX) is profitable, generating $1.29B in net income for the fiscal year ending 2025 with a net profit margin of 31.1%.
argenx SE (ARGX) reported an operating income of $1.05B, resulting in an operating profit margin of 25.4%. This margin reflects the operational efficiency of the business before interest and taxes.
argenx SE (ARGX) generated $3.70B in gross profit for the year, representing a gross profit margin of 89.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Pipeline concentration on single molecule
Explosive Growth Driven by VYVGART Adoption
Revenue growth has accelerated dramatically, with TTM revenue surging to over $4 billion and Q2 2026 revenue of $2.8 billion representing a 197% year-over-year increase, indicating rapid commercial uptake of VYVGART across its approved indications.
The growth trajectory has shifted from modest single-digit increases in early 2025 to near-tripling year-over-year by mid-2026, suggesting the commercial launch has entered a phase of rapid market penetration. This acceleration appears driven by the successful expansion into Chronic Inflammatory Demyelinating Polyneuropathy (CIDP) and the conversion of patients to the subcutaneous formulation, which broadens the addressable market. The durability of this growth will depend on the company's ability to maintain pricing power and continue expanding into new autoimmune indications without significant competitive erosion.
Structural Margin Expansion to Best-in-Class Levels
Gross margins have stabilized at an exceptional 89-90% level, while operating margins have expanded from negative territory to over 30% in Q2 2026, demonstrating powerful operating leverage as revenue scales against a largely fixed cost base.
The gross margin profile, consistently near 90% in recent quarters, reflects the high-value, low-variable-cost nature of biologic manufacturing for orphan drugs and appears structurally durable absent major pricing legislation. The more significant development is the rapid expansion in operating margin, which swung from -15.4% in Q2 2024 to +30.1% in Q2 2026. This indicates that incremental revenue is flowing through to profit at a high rate, as the company leverages its existing U.S. commercial infrastructure to launch additional indications without a proportional increase in SG&A or R&D spending.
Operating Leverage Unlocked by Commercial Scale
Operating income has scaled from a loss of $138.9 million in Q2 2024 to a profit of $846.8 million in Q2 2026, demonstrating that the company's high fixed-cost structure is now generating significant incremental profit as revenue grows.
The operating leverage is evident in the relationship between gross profit and operating income. While gross profit grew approximately 5x from Q2 2024 to Q2 2026, operating income swung from a loss to a substantial profit, indicating that SG&A and R&D expenses are not scaling linearly with revenue. This suggests management has successfully built a scalable commercial platform in the U.S. that can support multiple product launches. The key risk is whether this leverage can be maintained as the company invests in global expansion and a broader pipeline, which may require step-function increases in spending.
R&D Dominates Cost Structure Amidst Commercialization
Research and development remains the largest operating expense at $486 million in Q2 2026, reflecting the company's aggressive 'pipeline-in-a-product' strategy to expand efgartigimod's label across numerous autoimmune indications.
The cost structure is heavily weighted towards R&D, which consistently exceeds SG&A in recent quarters, underscoring that argenx is still in a heavy investment phase despite its commercial success. This high R&D spend is necessary to defend and expand the franchise but creates a risk if clinical trials in new indications fail to deliver positive results. SG&A expenses, while substantial, appear more controlled relative to revenue growth, suggesting efficiency in the U.S. sales force. Investors should monitor whether R&D spending continues to grow in absolute terms or if the company begins to demonstrate greater discipline as the core franchise matures.
The 2025 Inflection to Sustainable Profitability
The period from Q4 2024 to Q2 2025 marks the critical inflection point where argenx transitioned from consistent operating losses to sustained profitability, driven by the scaling of VYVGART sales and improved gross margin realization.
The inflection is clearly visible in the data: Q4 2024 showed an operating margin of 8.7%, which expanded to 21.5% by Q2 2025 and further to over 30% by Q2 2026. This shift was driven by a combination of factors, including the resolution of earlier gross margin volatility (which swung wildly in 2023-2024) and the scaling of revenue to a level that could absorb the company's fixed cost base. The lasting impact is the establishment of a profitable commercial model that generates substantial free cash flow, fundamentally changing the company's financial profile from a cash-burning R&D entity to a self-funding commercial powerhouse.
Sustainability of Hyper-Growth Under Scrutiny
The 197% year-over-year revenue growth in Q2 2026 is likely unsustainable, and investors should question whether the current trajectory reflects true underlying demand or potential channel stocking and inventory build ahead of new indication launches.
The most significant analytical challenge is the durability of the current growth rate. Such hyper-growth often includes non-recurring elements like initial stocking orders and may not represent the steady-state refill rate of the drug. Furthermore, the company's heavy reliance on the U.S. market (over 75% of revenue) exposes it to concentrated payer and regulatory risk, particularly from the Inflation Reduction Act's drug pricing provisions. A short-seller would focus on the potential for gross-to-net adjustments to widen as the drug enters broader payer segments, which could pressure net pricing and erode the impressive top-line growth.