The company achieved a significant margin recovery, reaching a 90.7% gross margin in 2025Q4, though revenue growth has normalized to a 3.6% contraction as initial launch momentum stabilizes.
| Metric | 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 | 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 % | 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 | 450.67M | 227.29M | 117.83M | 29.43M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.02M | 0 | 0 |
| COGS % of Revenue | 10.85% | 10.38% | 9.61% | 7.17% | - | - | - | - | - | - | - | - | 27.59% | - | - |
| Gross Profit | 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 % | 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 | 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 | 1.36B | 1.06B | 709.54M | 469.92M | 305.52M | 170.55M | 72.15M | 31.42M | 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% | 127.88% | 34.18% | 47.65% | 71.87% | 92.21% | 79.63% | 122.26% | 168.66% |
| Research & Development | 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 | -75.91M | -54.16M | -35.5M | -31.63M | -40.02M | -22.18M | -15.56M | -8.86M | -5.81M | -2.56M | -3.39M | -1.97M | -3.56M | -1.83M | -2.54M |
| Operating Income | 1.05B | -21.65M | -425.05M | -720.34M | -348.75M | -477.62M | -198.89M | -93.63M | -27.51M | -22.52M | -17.06M | -13.06M | -8.6M | -13.29M | -4.72M |
| Operating Margin % | 25.39% | -0.99% | -34.66% | -175.37% | -70.13% | -1158.06% | -253.49% | -381.02% | -62.98% | -145.55% | -227.69% | -286.05% | -232.7% | -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% | -51.85% | 35.28% | -181.75% | - |
| EBITDA | 1.08B | -4.13M | -313.57M | -616M | -342.88M | -473.7M | -196.47M | -93.06M | -26.99M | -22.17M | -16.85M | -12.9M | -8.44M | -13.03M | -4.43M |
| EBITDA Margin % | 26.07% | -0.19% | -25.57% | -149.97% | -68.95% | -1148.56% | -250.4% | -378.72% | -61.78% | -143.28% | -224.83% | -282.54% | -228.18% | -596.94% | -303.86% |
| EBITDA Growth % | 26334.96% | 98.68% | 49.1% | -79.65% | 27.62% | -141.11% | -111.11% | -244.8% | -21.73% | -31.61% | -30.56% | -52.96% | 35.26% | -194.14% | - |
| D&A (Non-Cash Add-back) | 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 | 1.28B | 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 | 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 | 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 | 4.08M | 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 | 223.99M | 106.83M | 120.55M | -8.97M | -51M | -127.73M | 22.97M | 18.3M | -5.46M | 44.17K | 320.34K | 521.67K | 136.71K | 466.84K | 226.82K |
| Pretax Income | 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 % | 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 | -13.43M | -747.86M | -9.44M | -19.72M | 8.52M | 3.1M | 5.29M | 908.26K | 716.22K | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | -1.05% | -877.98% | 3.1% | 2.7% | -2.13% | -0.51% | -3.01% | -1.21% | -2.17% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | 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 % | 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 % | 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) | 1.29B | 833.04M | -295.05M | -709.59M | -408.26M | -608.46M | -181.21M | -76.23M | -33.68M | -22.48M | -16.74M | -12.54M | -8.47M | -12.83M | -4.49M |
| Discontinued Operations | 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 |
| EPS (Diluted) | 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 % | 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 | 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 | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Indication expansion clinical failure
According to recent financial disclosures, argenx experienced a revenue contraction of 3.6% in 2025Q4, signaling a transition from the rapid, triple-digit growth phases observed in 2023 to a more mature, albeit volatile, commercial trajectory as the initial launch momentum for its primary therapeutic indications begins to stabilize.
The deceleration in top-line growth suggests that the initial market penetration for VYVGART in gMG and CIDP may be reaching a saturation point in core geographies. Investors should monitor whether future revenue expansion will be driven by new indication approvals or if the company faces headwinds from increased competitive intensity in the FcRn space.
As reported in quarterly filings, argenx achieved a gross margin of 90.7% in 2025Q4, reflecting a significant recovery from the highly volatile and negative margins seen in 2022, which suggests the company has successfully transitioned to a high-margin, commercial-stage biologic manufacturing model with substantial operating leverage.
The dramatic improvement in gross margins indicates that the company has effectively optimized its production costs relative to its high-value orphan drug pricing. This structural shift appears to be a direct result of scaling commercial operations, allowing fixed costs to be spread across a larger revenue base.
Based on the latest income statement data, argenx demonstrated improved operating efficiency with an operating margin of 30.4% in 2025Q4, a marked contrast to the negative operating margins that characterized the company's heavy R&D investment phase throughout 2023 and early 2024.
The ability to generate positive operating income while maintaining significant R&D spend suggests that the company is successfully leveraging its existing commercial infrastructure. This trend implies that future revenue growth may disproportionately flow to the bottom line as the company avoids the need for proportional increases in SG&A expenses.
As indicated by the shift to a positive net income of $366 million in 2025Q4, argenx has moved away from the heavy reliance on non-operating items and stock-based compensation that previously obscured the underlying profitability of its core commercial operations during the 2024 fiscal year.
The transition to consistent net profitability suggests that the business model is becoming self-sustaining, reducing the necessity for dilutive capital raises. Analysts should continue to scrutinize the impact of R&D capitalization and potential tax rate fluctuations that could influence the quality of these reported earnings in future periods.
While current margins appear robust, the historical volatility in gross profit, which swung from 142% in 2024Q2 to 50.6% in 2024Q4, warrants caution regarding the sustainability of these figures, as they may be influenced by lumpy collaboration revenue or accounting adjustments rather than pure product sales.
Short-term margin fluctuations suggest that the company's profitability may be more sensitive to non-recurring items than the headline numbers imply. Investors should remain wary of whether the current margin profile can be maintained if competitive pricing pressures or regulatory changes in the U.S. market intensify.
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.