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Belgian biotech developing antibody therapies for autoimmune diseases, led by Vyvgart for myasthenia gravis and other neuromuscular conditions.
Belgian biotech developing antibody therapies for autoimmune diseases, led by Vyvgart for myasthenia gravis and other neuromuscular conditions.
Nearly all revenue is Vyvgart, sold as an intravenous and a self-injected under-the-skin version, mainly in the US through its own commercial team, with partners elsewhere, including Zai Lab in China. Its own antibody-discovery research feeds the pipeline. Incorporated in the Netherlands, it is based in Belgium.
Moat: narrow (IP / patents, regulatory licence). First-in-class FcRn-blocker approved in a growing list of autoimmune indications, protected by patents.
Headquarters: Ghent, Belgium · Founded: 2008 · Employees: 1,863
Size argenx SE Sponsored ADR (ARGX) is a United States Health Care company (Biotechnology) with a market value of $57.5B, the 225th largest of 3,117 United States companies the cockpit tracks. Shares closed at $927.21 on 6 Nov 2026.
Performance Over six months the shares gained 18.5%, against +33.3% for the median peer and -1.1% for the United States market (cap-weighted) — 7th lowest of 15 in its peer set.
Growth Revenue grew 70.6% over the last twelve months (peer median +7.9%); the operating margin is 28.8% (peer median 25.1%).
Valuation It trades at 10.0× enterprise value to sales against a peer median of 7.5× (5th most expensive of 15).
Price implies For today's price to make sense, revenue must grow about 11% a year for seven years (Req g). Recent delivered growth is +151%, so the hurdle is -140 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 29.0 points above its cost of capital (7.3% WACC).
Short interest Short interest is 2.1% of the free float (15 Oct 2026).
Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $5.22B | $4.17B | $2.19B | $1.23B | $411M |
| Revenue growth | — | +91% | +78% | +199% | — |
| Gross profit | $4.67B | $3.69B | $1.95B | $1.00B | $277M |
| EBITDA | $1.54B | $1.02B | -$46.4M | -$340M | -$642M |
| Net income | $1.71B | $1.30B | $832M | -$296M | -$710M |
| Free cash flow | $1.16B | $844M | $27.1M | -$329M | -$851M |
| Capital expenditure | $70.0M | $112M | $68.2M | $43.9M | $104M |
| Total debt | n/a | $47.2M | $39.1M | $20.0M | $12.4M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| argenx SE Sponsored ADR ARGX | $57.5B | +19% | +71% | 29% | 10.0× | 10.9% |
| Johnson & Johnson JNJ | $665B | +26% | +8% | 26% | 7.0× | 3.5% |
| AstraZeneca AZN.L | $291B | +1% | +5% | 23% | 5.1× | 14.5% |
| Immunovant IMVT | $6.31B | +5% | n/a | n/a | n/a | n/a |
| Regeneron Pharmaceuticals REGN | $93.5B | +27% | +19% | 30% | 5.2× | -2.2% |
| Amgen AMGN | $249B | +40% | +9% | 36% | 7.4× | 1.8% |
| Dianthus Therapeutics DNTH | $4.81B | -1% | -61% | -11,441% | 2,087.9× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ARGX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +13.3% | +12.4% | 8th highest of 15 |
| 6-month return | +18.5% | +33.3% | 7th lowest of 15 |
| Distance from 52-week high | -13.6% | -11.6% | 7th lowest of 15 |
| Revenue growth (TTM) | +70.6% | +7.9% | 2nd highest of 15 |
| Operating margin | 28.8% | 25.1% | 7th highest of 15 |
| EV / Sales | 10.0× | 7.5× | 5th most expensive of 15 |
| Growth the price implies (Req g, 7 yrs) | 10.9% | 8.3% | 5th most demanding of 12 |
| Growth delivered (Del g) | +151.4% | +17.6% | highest of 12 |
| Hurdle (Req g minus delivered) | -140.4 pp | -8.4 pp | least demanding of 12 |
| ROIC minus cost of capital | +29.0 pp | +2.8 pp | highest of 15 |
| EV / EBITDA | 34.1× | 16.3× | most expensive of 9 |
| Net debt / EBITDA | -3.3× | 1.5× | least indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| argenx SE Sponsored ADR ARGX | United States | $57.5B | +19% | +71% | 29% | 10.0× | 10.9% | +151.4% |
| Lonza LONN.SW | Switzerland | $55.4B | +39% | -11% | 25% | 7.7× | 15.0% | +7.7% |
| Samsung Biologics 207940.KS | South Korea | $53.7B | +3% | -20% | 43% | 16.7× | 9.6% | +31.4% |
| CSL CSL.AX | Australia | $67.2B | +105% | -2% | 26% | 4.9× | 7.1% | +11.0% |
| Iqvia IQV | United States | $44.8B | +52% | +9% | 14% | 3.4× | 17.3% | +7.5% |
| Natera NTRA | United States | $44.8B | +60% | +38% | -11% | 16.2× | n/a | n/a |
| Celltrion 068270.KS | South Korea | $34.3B | +10% | +40% | 32% | 8.6× | 8.3% | +17.6% |
| Moderna MRNA | United States | $101B | +43% | -28% | -149% | 43.8× | n/a | n/a |
| Genmab A/S GMAB.CO | Denmark | $32.1B | +115% | +14% | 32% | 9.0× | 11.6% | +19.5% |
| Wuxi Bio 2269.HK | Hong Kong | $25.0B | +43% | +22% | 32% | 7.3× | 21.8% | +30.2% |
| United Therapeutics UTHR | United States | $24.1B | -1% | +2% | 44% | 6.9× | -0.4% | +16.5% |
| BioNTech SE Sponsored ADR BNTX | United States | $22.8B | -7% | -1% | -38% | 2.0× | 5.7% | +42.6% |
| Neurocrine Biosciences NBIX | United States | $16.7B | +8% | +38% | 25% | 4.4× | -1.7% | +22.3% |
| Gilead Sciences GILD | United States | $207B | +28% | +7% | 38% | 7.2× | -2.9% | +3.6% |
| BridgeBio Pharma BBIO | United States | $14.5B | +10% | +167% | -37% | 18.3× | n/a | n/a |