Annual Report 2025

Annual Report 2025

Summary of NEO Remuneration

NEO Remuneration – Total

(in $)

 

Base pay1)

 

Base pay in % change vs the prior year1)

 

Sign on bonus

 

Corporate bonus2)

 

Variable short-term incentive

 

Variable cash as % of target opportunity

 

Compensation in the form of stock options3)

 

Compensation in the form of RSUs

 

Compensation in the form of PSUs

 

Pension benefits4)

 

Fringe benefits5)

 

Other benefits6)

 

% fixed (of total)7)

 

Total

CEO – Tim Van Hauwermeiren8) 11)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2025

 

827,160

 

5%

 

–

 

–

 

744,444

 

60%

 

2,941,497

 

–

 

2,856,448

 

44,168

 

16,054

 

–

 

12%

 

7,429,771

2024

 

757,680

 

15%

 

–

 

–

 

795,563

 

60%

 

3,194,813

 

3,014,500

 

–

 

29,118

 

16,112

 

–

 

10%

 

7,807,786

2023

 

655,787

 

–%

 

–

 

–

 

590,215

 

60%

 

8,084,605

 

2,575,174

 

–

 

22,821

 

16,233

 

–

 

6%

 

11,944,835

CFO – Karl Gubitz

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2025

 

578,000

 

5%

 

–

 

4,690

 

346,800

 

40%

 

1,562,679

 

–

 

1,675,670

 

21,000

 

46,514

 

3,466

 

15%

 

4,238,819

2024

 

553,000

 

7%

 

–

 

3,636

 

331,800

 

40%

 

2,018,973

 

2,100,610

 

–

 

13,800

 

40,832

 

205,939

 

15%

 

5,268,590

2023

 

516,043

 

6%

 

–

 

3,556

 

260,866

 

40%

 

2,626,062

 

1,287,587

 

–

 

11,600

 

30,597

 

20,601

 

12%

 

4,756,913

COO – Karen Massey9) 12)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2025

 

741,641

 

4%

 

–

 

4,708

 

648,936

 

50%

 

1,792,860

 

–

 

1,922,836

 

181,337

 

184,738

 

843,989

 

31%

 

6,321,045

2024

 

655,657

 

37%

 

–

 

3,636

 

573,593

 

50%

 

2,018,973

 

2,100,610

 

–

 

165,394

 

57,348

 

619,272

 

24%

 

6,194,483

2023

 

481,471

 

N/A

 

338,000

 

2,921

 

467,662

 

50%

 

3,939,093

 

2,296,517

 

–

 

56,550

 

35,100

 

35,743

 

8%

 

7,653,057

COO – Keith Woods10)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2023

 

305,022

 

(48%)

 

–

 

–

 

–

 

–%

 

–

 

–

 

–

 

11,600

 

34,434

 

–

 

100%

 

351,056

1)

The base pay of the CEO is paid in EUR and the base pay of the COO is paid in CHF. For 2025, the base pay exchange rate used in this table is 1.13 EUR/USD and 1.21 CHF/USD.

2)

All employees are eligible to annually earn a performance based corporate bonus with a maximum value of €3,622 ($4,690) per year, based on three equally weighted Company-wide goals. In 2025, the targets focused on (i) our commitment to cybersecurity, (ii) building argenx together, and (iii) simplification and digitalization. A maximum pay-out was made to all employees in 2025. The CEO does not receive the corporate bonus.

3)

Amounts shown represent the expenses with respect to stock options measured using the Black-Scholes model. For a description of the assumptions used in valuing these awards, see “Note 13 Share-Based Payments” to our Consolidated Financial Statements..

4)

Pension benefits include employer pension contributions.

5)

Fringe benefits include company car costs, employer-paid medical insurance premiums, lunch allowances and representation allowances. pension contributions, social security costs and other allowances.

6)

Other benefits consists of social security costs, other allowances and benefits. Employer social security costs were impacted by the increase of share-price at year end against the share-price as of December 31, 2025.

7)

Fixed compensation is considered as base pay, pension benefits, fringe benefits and other benefits.

8)

Based on the approved 2025 equity allocation scheme, the total equity target value for Tim Van Hauwermeiren is equal to $5,790,000. The CEO received its equity grants at target value converted into a number of stock options and PSUs on the Reference Date of the 30-days average share price of $569.17 per share preceding the Reference Date and the Black-Scholes model fair market value of $192.65 per stock option. This results in the number of stock options and PSUs shown above. The amounts shown above represent the actual value received at the grant date of June 30, 2025 at which date the Company’s share price was equal to $561.74. The difference in the price per share is explained by the stock price movement in the intervening period. For more information on the CEO equity grant, please refer to “Determination of target value of CEO equity grant” included in “Equity” above. The fair market value based on the Black-Scholes model for Tim Van Hauwermeiren is $195.75. These amounts do not reflect the actual economic value realized by the beneficiary. Amounts shown represent the expenses with respect to the stock options awards granted in 2025 measured using the Black-Scholes model with unobservable assumptions. The assumptions used in the fair valuation differ between Belgian beneficiary versus non-Belgian beneficiary. For a description of the assumptions used in valuing these awards, see “Note 13 Share-Based Payments” to our Consolidated Financial Statements

9)

Karen Massey joined as COO in March 2023, and consequently no comparison to 2022 is available. Ms. Massey’s remuneration shows the remuneration paid for the period March 13, 2023 through December 31, 2023. Her 2023 variable pay pay-out has been pro-rated to reflect this as well. The increase year over year for 2024 is not representative as it is comparing to a partial work year. In 2023, the Company paid a sign-on bonus to Karen Massey to allow the Company to make an overall competitive offer of employment and in recognition of lost corporate benefits as a result of early departure at Ms. Massey’s previous employer. Ensuring a competitive offer in this way and securing Ms. Massey as the Company’s new COO was deemed by the Board of Directors to be in the best interest of the Company and its stakeholders.

10)

Keith Woods resigned as COO March 2023 and his employment relationship ended on June 30, 2023 and consequently the remuneration numbers show his remuneration for the period January 1, 2023 through June 30, 2023. No equity award or variable pay was paid to Mr. Woods in the year ended December 31, 2023.

11)

Tim Van Hauwermeiren will transition from his current CEO role to the position of Non-Executive chairperson of the Board of Directors, subject to shareholder approval at the 2026 General Meeting.

12)

It is envisaged that Karen Massey, our current COO, will be appointed as an Executive Director at the 2026 General Meeting and subsequently elected as CEO by the Board of Directors.

Stock option overview

The table below shows (i) the stock options held as of January 1, 2025, (ii) the stock options granted to the NEOs which vested during the year ended December 31, 2025, (iii) the number of stock options scheduled to vest in the years ending December 31, 2026, December 31, 2027 and December 31, 2028 and (iv) the respective exercise price of such stock options. Each stock option was granted pursuant to the Equity Incentive Plan.

For the CEO, under the 2021 Remuneration Policy, 1/3rd of the stock options vests on the first anniversary of the date of grant and the remaining 2/3rd vest in monthly installments (24 in total) over the next two years, each time upon the 1st day of each next month. For the CEO, under the new 2025 Remuneration Policy all stock options granted as of 2026 will vest on the third anniversary of the date of grant.

NEO Remuneration – Stock Options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Information regarding the reported financial year

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Opening Balance

 

During the Year

 

Closing balance

Name of Directors, Position

 

Specifica­tion plan

 

Performance Period

 

Award Date

 

Vesting date

 

End of retention period

 

Exercise Period

 

Exercise price of stock option (€)

 

Stock options held at the beginning of the period

 

Stock options awarded

 

Stock options exercised

 

Stock options forfeited

 

Stock options vested

 

Stock options subjected to a service period

 

Stock options awarded and unvested

 

Stock options held at the end of the year

 

Stock options subjected to a retention period

Tim Van Hauwermeiren, CEO

 

Equity incentive plan

 

21/12/2018 – 01/12/2021

 

21/12/2018

 

(1)

 

31/12/2021

 

01/01/2022 – 21/12/2028

 

86.32

 

80,000

 

–

 

–

 

–

 

–

 

–

 

–

 

80,000

 

–

 

 

20/12/2019 – 01/12/2022

 

20/12/2019

 

(1)

 

31/12/2022

 

01/01/2023 – 20/12/2029

 

135.75

 

80,000

 

–

 

–

 

–

 

–

 

–

 

–

 

80,000

 

–

 

 

21/12/2020 – 01/12/2023

 

21/12/2020

 

(1)

 

31/12/2023

 

01/01/2024 – 21/12/2030

 

247.60

 

50,000

 

–

 

–

 

–

 

–

 

–

 

–

 

50,000

 

–

 

 

24/12/2021 – 01/12/2024

 

24/12/2021

 

(1)

 

31/12/2024

 

01/01/2025 – 24/12/2031

 

309.20

 

25,000

 

–

 

–

 

–

 

–

 

–

 

–

 

25,000

 

–

 

 

23/12/2022 – 01/12/2025

 

23/12/2022

 

(1)

 

31/12/2025

 

01/01/2026 – 23/12/2032

 

359.60

 

25,000

 

–

 

–

 

–

 

8,333

 

–

 

–

 

25,000

 

–

 

 

03/07/2023 – 01/07/2026

 

03/07/2023

 

(1)

 

31/12/2026

 

01/01/2027 – 03/07/2033

 

355.40

 

30,000

 

–

 

–

 

–

 

10,000

 

5,833

 

5,833

 

30,000

 

30,000

 

 

28/06/2024 – 01/06/2027

 

28/06/2024

 

(1)

 

31/12/2027

 

01/01/2028 – 28/06/2034

 

416.40

 

18,279

 

–

 

–

 

–

 

9,139

 

9,140

 

9,140

 

18,279

 

18,279

 

 

30/06/2025 – 01/06/2028

 

30/06/2025

 

(1)

 

31/12/2028

 

01/01/2029 – 30/06/2035

 

479.30

 

–

 

15,027

 

–

 

–

 

–

 

15,027

 

15,027

 

15,027

 

15,027

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

308,279

 

15,027

 

–

 

–

 

27,472

 

30,000

 

30,000

 

323,306

 

63,306

Karl Gubitz, CFO

 

Equity incentive plan

 

01/07/2021 – 01/07/2024

 

01/07/2021

 

(1)

 

N/A

 

01/07/2022 – 01/07/2031

 

255.10

 

24,000

 

–

 

24,000

 

–

 

–

 

–

 

–

 

–

 

–

 

 

01/07/2022 – 01/07/2025

 

01/07/2022

 

(1)

 

N/A

 

01/07/2023 – 01/07/2032

 

357.50

 

16,000

 

–

 

–

 

–

 

3,111

 

–

 

–

 

16,000

 

–

 

 

03/07/2023 – 01/07/2026

 

03/07/2023

 

(1)

 

N/A

 

03/07/2024 – 03/07/2033

 

355.40

 

15,000

 

–

 

–

 

–

 

5,000

 

2,917

 

2,917

 

15,000

 

–

 

 

28/06/2024 – 01/06/2027

 

28/06/2024

 

(1)

 

N/A

 

28/06/2025 – 28/06/2034

 

416.40

 

12,738

 

–

 

–

 

–

 

6,369

 

6,369

 

6,369

 

12,738

 

–

 

 

30/06/2025 – 01/06/2028

 

30/06/2025

 

(1)

 

N/A

 

01/01/2029 – 30/06/2035

 

479.30

 

–

 

8,812

 

–

 

–

 

–

 

8,812

 

8,812

 

8,812

 

–

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

67,738

 

8,812

 

24,000

 

–

 

14,480

 

18,098

 

18,098

 

52,550

 

–

Karen Massey, COO

 

Equity incentive plan

 

03/07/2023 – 01/07/2026

 

03/07/2023

 

(1)

 

N/A

 

03/07/2024 – 03/07/2033

 

355.40

 

22,500

 

–

 

12,000

 

–

 

7,500

 

4,375

 

4,375

 

10,500

 

–

 

 

28/06/2024 – 01/06/2027

 

28/06/2024

 

(1)

 

N/A

 

28/06/2025 – 28/06/2034

 

416.40

 

12,738

 

–

 

–

 

–

 

6,369

 

6,369

 

6,369

 

12,738

 

–

 

 

30/06/2025 – 01/06/2028

 

30/06/2025

 

(1)

 

N/A

 

01/01/2029 – 30/06/2035

 

479.30

 

–

 

10,110

 

–

 

–

 

–

 

10,110

 

10,110

 

10,110

 

–

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

35,238

 

10,110

 

12,000

 

–

 

13,869

 

20,854

 

20,854

 

33,348

 

–

(1)

1/3rd of the stock options vests on the first anniversary of the date of grant and the remaining 2/3rd vest in equal installments (24 in total) over the next two years, each time upon the 1st day of each next month.

PSU overview

The table below shows (i) the PSUs held as of January 1, 2025, (ii) the PSUs granted to the NEOs which vested during the year ended December 31, 2025 and (iii) the number of PSUs scheduled to vest in the years ending December 31, 2026, December 31, 2027 and December 31, 2028. Each PSU was granted pursuant to the Equity Incentive Plan:

NEO Remuneration – Performance Stock Units (PSUs)

 

 

 

 

 

 

 

 

 

 

Information regarding the reported financial year

 

 

 

 

Opening balance

 

During the Year

 

Closing balance

Name of Directors, Position

 

Vesting period

 

Award Date

 

Vesting date

 

End of retention period

 

PSUs held at the beginning of the year

 

PSUs awarded

 

PSU Forfeited

 

PSUs vested

 

PSUs subject to a service condition

 

PSUs awarded and unvested

 

PSUs held at the closing of the year

 

PSUs subject to a retention period

Tim van Hauwermeiren, CEO

 

01/01/2025 – 31/12/2027

 

30/06/2025

 

31/12/2027

 

N/A

 

–

 

5,085

 

–

 

–

 

–

 

5,085

 

5,085

 

–

Total

 

 

 

 

 

 

 

 

 

–

 

5,085

 

–

 

–

 

–

 

5,085

 

5,085

 

–

Karl Gubitz, CFO

 

01/01/2025 – 31/12/2027

 

30/06/2025

 

31/12/2027

 

N/A

 

–

 

2,983

 

–

 

–

 

–

 

2,983

 

2,983

 

–

Total

 

 

 

 

 

 

 

 

 

–

 

2,983

 

–

 

–

 

–

 

2,983

 

2,983

 

–

Karen Massey, COO

 

01/01/2025 – 31/12/2027

 

30/06/2025

 

31/12/2027

 

N/A

 

–

 

3,423

 

–

 

–

 

–

 

3,423

 

3,423

 

–

Total

 

 

 

 

 

 

 

 

 

–

 

3,423

 

–

 

–

 

–

 

3,423

 

3,423

 

–

RSU overview

The table below shows (i) the RSUs held as of January 1, 2025, (ii) the RSUs granted to the NEOs which vested during the year ended December 31, 2025 and (iii) the number of RSUs scheduled to vest in the years ending December 31, 2026, December 31, 2027, December 31, 2028 and December 31, 2029. As of 2025, RSUs were no longer granted to the NEOs and replaced by PSUs. Each RSU was granted pursuant to the Equity Incentive Plan:

NEO Remuneration – Restricted Stock Units (RSUs)

 

 

 

 

 

 

 

 

 

 

Information regarding the reported financial year

 

 

 

 

Opening balance

 

During the Year

 

Closing balance

Name of Directors, Position

 

Vesting period

 

Award Date

 

Vesting date

 

End of retention period

 

RSUs held at the beginning of the year

 

RSUs awarded

 

RSU Forfeited

 

RSUs vested

 

RSUs subject to a service condition

 

RSUs awarded and unvested

 

RSUs held at the closing of the year

 

RSUs subject to a retention period

Tim van Hauwermeiren, CEO

 

24/12/2021 – 24/12/2025

 

24/12/2021

 

(1)

 

N/A

 

1,425

 

–

 

–

 

1,425

 

–

 

–

 

–

 

–

 

23/12/2022 – 23/12/2026

 

23/12/2022

 

(1)

 

N/A

 

2,850

 

–

 

–

 

1,425

 

–

 

1,425

 

1,425

 

–

 

03/07/2023 – 03/07/2027

 

03/07/2023

 

(1)

 

N/A

 

5,025

 

–

 

–

 

1,675

 

–

 

3,350

 

3,350

 

–

 

28/06/2024 – 28/06/2028

 

28/06/2024

 

(1)

 

N/A

 

6,762

 

–

 

–

 

1,690

 

–

 

5,072

 

5,072

 

–

Total

 

 

 

 

 

 

 

 

 

16,062

 

–

 

–

 

6,215

 

–

 

9,847

 

9,847

 

–

Karl Gubitz, CFO

 

01/07/2021 – 01/07/2025

 

01/07/2021

 

(1)

 

N/A

 

1,350

 

–

 

–

 

1,350

 

–

 

–

 

–

 

–

 

01/07/2022 – 01/07/2026

 

01/07/2022

 

(1)

 

N/A

 

1,800

 

–

 

–

 

900

 

–

 

900

 

900

 

–

 

03/07/2023 – 03/07/2027

 

03/07/2023

 

(1)

 

N/A

 

2,513

 

–

 

–

 

838

 

–

 

1,675

 

1,675

 

–

 

28/06/2024 – 28/06/2028

 

28/06/2024

 

(1)

 

N/A

 

4,712

 

–

 

–

 

1,178

 

–

 

3,534

 

3,534

 

–

Total

 

 

 

 

 

 

 

 

 

10,375

 

–

 

–

 

4,266

 

–

 

6,109

 

6,109

 

–

Karen Massey, COO

 

03/07/2023 – 03/07/2027

 

03/07/2023

 

(1)

 

N/A

 

3,769

 

–

 

–

 

1,256

 

–

 

2,513

 

2,513

 

–

 

28/06/2024 – 28/06/2028

 

28/06/2024

 

(1)

 

N/A

 

4,712

 

–

 

–

 

1,178

 

–

 

3,534

 

3,534

 

–

Total

 

 

 

 

 

 

 

 

 

8,481

 

–

 

–

 

2,434

 

–

 

6,047

 

6,047

 

–

(1)

RSUs vest over a period of four years with 1/4th of the total grant vesting at each anniversary of the date of grant.