0001697862-26-000032
SEC filingargenx SE reported record FY 2025 results, driven by VYVGART franchise growth. Product net sales surged 90% YoY to $4.15B, primarily from U.S. ($3.53B, 85% of total), reflecting strong launches in gMG, CIDP, and PFS self-injection. Operating profit flipped to $1.05B from 2024's $22M loss, fueled by revenue expansion and $725M deferred tax benefit. Net profit reached $1.29B (up 55% YoY from $833M), with basic EPS $21.08 (vs. $13.92). Gross margin stable at ~89%, cost of sales up 98% to $451M on higher volumes. Cash from operations hit $685M (vs. $83M outflow prior), bolstering liquidity to $3.49B cash equivalents + $949M financial assets. Balance sheet strengthened with $8.68B assets, $7.32B equity. Momentum in pipeline (10 Phase 3 trials) and 2026 outlook for 4 readouts position argenx for sustained growth toward Vision 2030 (50K patients, 10 indications).
argenx SE achieved transformative FY 2025 results, with product net sales exploding 90% YoY to $4.15B from $2.19B, propelled by VYVGART expansions in gMG/CIDP and PFS launch. Operating profit swung to $1.05B (vs. $22M loss in 2024), boosted by scale and $725M deferred tax benefit. Net income rose 55% to $1.29B, EPS $21.08 (vs. $13.92). Balance sheet robust: $8.68B assets (+40%), $7.32B equity (+33%), $3.49B cash (+133%). Cash from ops $685M (vs. outflow), FCF $573M. Pipeline advances (10 Ph3 trials) signal sustained momentum.
Product net sales $4.15B (+90% YoY), 85% U.S. ($3.53B, +86%), Japan $207M (+131%), China $68M (+73%), Rest $343M (+113%). Growth from VYVGART approvals/launches (gMG/CIDP/ITP, IV/SC/PFS). No other revenue segments disclosed.
Gross margin 89.1% (stable vs. 89.6% 2024), COGS +98% to $451M on volumes. Op margin 25.4% (from negative). R&D $1.36B (+39%), SG&A $1.37B (+30%) on commercialization/investments. Tax benefit $13M (vs. $748M 2024).
Ops CF $685M (vs. -$83M outflow). Investing CF $984M (investments). Financing $233M (options). Cash $3.49B (+133%). Total assets $8.68B, equity $7.32B. No debt.
2026 priorities: VYVGART expansion (label growth), FcRn innovations, pipeline (4 readouts: Ocular MG Q1, Myositis Q3, MMN/ITP Q4). Vision 2030: 50K patients, 10 indications.