(ARGX) Argen-X - BR
Sector: Healthcare | Industry: Biotechnology | Exchange: BR (Belgium) | Market Cap: 47.449m EUR | Total Return: 62.1% in 12m
Avg Turnover: 53.0M
Qual. Beats: 0
Rev. Trend: 96.7%
Qual. Beats: 0
Warnings
No concerns identified
Tailwinds
No distinct edge detected
argenx SE is a commercial-stage biotechnology company headquartered in the Netherlands, specializing in antibody-based therapies for autoimmune disorders. Its primary product, efgartigimod (marketed as VYVGART and VYVGART HYTRULO), utilizes neonatal Fc receptor (FcRn) blockade to reduce pathogenic IgG antibodies. This mechanism of action is currently being applied to a broad clinical pipeline targeting indications such as generalized Myasthenia Gravis (gMG), Chronic Inflammatory Demyelinating Polyneuropathy (CIDP), and Immune Thrombocytopenia (ITP).
The company operates within the high-barrier immunology sector, where drug development often focuses on orphan diseases that affect small patient populations but command significant pricing power. argenx employs a collaborative business model, utilizing strategic partnerships with entities like Zai Lab, AbbVie, and Halozyme Therapeutics to scale its drug delivery technologies and expand global commercial reach. Investors looking to deepen their fundamental analysis of biotechnology valuations may find ValueRay a useful starting point.
Beyond its lead assets, argenx is advancing multiple early-stage candidates, including ARGX-109 for inflammation and ARGX-118 for eosinophilic diseases. The company’s portfolio strategy relies on the modular nature of its antibody engineering platform, which allows for the simultaneous investigation of single molecules across diverse therapeutic areas.
- Vyvgart sales growth accelerates following CIDP label expansion approval
- Pipeline diversification hinges on efgartigimod clinical trial data readouts
- Global commercial scaling increases operational expenses and impacts margins
- Competitive pressure intensifies from emerging FcRn class rival therapies
| Net Income: 1.84b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.10 > 0.02 and ΔFCF/TA 11.50 > 1.0 |
| NWC/Revenue: 96.15% < 20% (prev 159.1%; Δ -62.99% < -1%) |
| CFO/TA 0.10 > 3% & CFO 882.4m > Net Income 1.84b |
| Net Debt (-4.31b) to EBITDA (1.64b): -2.63 < 3 |
| Current Ratio: 5.23 > 1.5 & < 3 |
| Outstanding Shares: last quarter (66.2m) vs 12m ago 11.63% < -2% |
| Gross Margin: 89.62% > 18% (prev 80.87%; Δ 8.75% > 0.5%) |
| Asset Turnover: 79.11% > 50% (prev 42.68%; Δ 36.42% > 0%) |
| Interest Coverage Ratio: 325.1 > 6 (EBIT TTM 1.61b / Interest Expense TTM 4.95m) |
| A: 0.64 (Total Current Assets 6.90b - Total Current Liabilities 1.32b) / Total Assets 8.68b |
| B: -0.03 (Retained Earnings -279.8m / Total Assets 8.68b) |
| C: 0.22 (EBIT TTM 1.61b / Avg Total Assets 7.34b) |
| D: 5.39 (Book Value of Equity 7.32b / Total Liabilities 1.36b) |
| Altman-Z'' = 11.24 = AAA |
| DSRI: 0.80 (Receivables 1.66b/909.1m, Revenue 5.80b/2.56b) |
| GMI: 0.90 (GM 80.87% / 89.62%) |
| AQI: 0.97 (AQ_t 0.20 / AQ_t-1 0.21) |
| SGI: 2.27 (Revenue 5.80b / 2.56b) |
| TATA: 0.11 (NI 1.84b - CFO 882.4m) / TA 8.68b) |
| Beneish M = -2.37 (Cap -4..+1) = BBB |
As of June 15, 2026, the stock is trading at EUR 783.60 with a total of 88,275 shares traded.
Over the past week, the price has changed by +0.25%,
over one month by +8.68%,
over three months by +27.05% and
over the past year by +62.10%.
Argen-X has no consensus analysts rating.
Market Cap USD = 54.9b (47.4b EUR * 1.1565 EUR.USD)
P/E Trailing = 39.0082
P/E Forward = 33.0033
P/S = 10.0052
P/B = 7.4165
P/EG = 1.4673
Revenue TTM = 5.80b USD
EBIT TTM = 1.61b USD
EBITDA TTM = 1.64b USD
Long Term Debt = 72.7m USD (estimated: total debt 83.5m - short term 10.8m)
Short Term Debt = 10.8m USD (from shortTermDebt, last quarter)
Debt = 130.7m USD (from shortLongTermDebtTotal, last quarter) + Leases 47.2m
Net Debt = -4.31b USD (calculated: Debt 130.7m - CCE 4.44b)
Enterprise Value = 50.6b USD (54.9b + Debt 130.7m - CCE 4.44b)
Interest Coverage Ratio = 325.1 (Ebit TTM 1.61b / Interest Expense TTM 4.95m)
EV/FCF = 57.72x (Enterprise Value 50.6b / FCF TTM 876.0m)
FCF Yield = 1.73% (FCF TTM 876.0m / Enterprise Value 50.6b)
FCF Margin = 15.10% (FCF TTM 876.0m / Revenue TTM 5.80b)
Net Margin = 31.69% (Net Income TTM 1.84b / Revenue TTM 5.80b)
Gross Margin = 89.62% ((Revenue TTM 5.80b - Cost of Revenue TTM 602.1m) / Revenue TTM)
Gross Margin QoQ = 90.68% (prev 89.26%)
Tobins Q-Ratio = 5.82 (Enterprise Value 50.6b / Total Assets 8.68b)
Interest Expense / Debt = 3.79% (Interest Expense 4.95m / Debt 130.7m)
Taxrate = 0.72% (13.7m / 1.89b)
NOPAT = 1.60b (EBIT 1.61b * (1 - 0.72%))
Current Ratio = 5.23 (Total Current Assets 6.90b / Total Current Liabilities 1.32b)
Debt / Equity = 0.02 (Debt 130.7m / totalStockholderEquity, last quarter 7.32b)
Debt / EBITDA = -2.63 (Net Debt -4.31b / EBITDA 1.64b)
Debt / FCF = -4.92 (Net Debt -4.31b / FCF TTM 876.0m)
Total Stockholder Equity = 5.75b (last 4 quarters mean from totalStockholderEquity)
RoA = 25.07% (Net Income 1.84b / Total Assets 8.68b)
RoE = 32.00% (Net Income TTM 1.84b / Total Stockholder Equity 5.75b)
RoCE = 27.66% (EBIT 1.61b / Capital Employed (Equity 5.75b + L.T.Debt 72.7m))
RoIC = 22.56% (NOPAT 1.60b / Invested Capital 7.08b)
WACC = 6.32% (E(54.9b)/V(55.0b) * Re(6.33%) + D(130.7m)/V(55.0b) * Rd(3.79%) * (1-Tc(0.01)))
Discount Rate = 6.33% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 80.90 | Cagr: 7.99%
[DCF] Terminal Value 75.44% ; FCFF base≈876.0m ; Y1≈879.6m ; Y5≈931.8m
[DCF] Fair Price = 302.4 (EV 14.5b - Net Debt -4.31b = Equity 18.8b / Shares 62.2m; r=8.35% [WACC [floored]]; 5y FCF grow 0.0% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: -0.25 | # QB: 0
Revenue Correlation: 96.68 | Revenue CAGR: 69.65% | SUE: 0.76 | # QB: 0
EPS current Quarter (2026-06-30): EPS=5.49 | Chg30d=-1.82% | Revisions=+14% | Analysts=3
EPS next Quarter (2026-09-30): EPS=6.14 | Chg30d=-3.63% | Revisions=+14% | Analysts=3
EPS current Year (2026-12-31): EPS=23.54 | Chg30d=-1.19% | Revisions=-12% | GrowthEPS=+41.9% | GrowthRev=+41.9%
EPS next Year (2027-12-31): EPS=30.96 | Chg30d=+1.41% | Revisions=-20% | GrowthEPS=+31.5% | GrowthRev=+21.6%
[Analyst] Revisions Ratio: -20%