Notes to the Company Financial Statements of argenx SE
1. Accounting information and Policies
1.1 Basis of Preparation
The company financial statements of argenx SE (hereafter: “the Company”) have been prepared in accordance with Part 9, Book 2 of the Dutch Civil Code. In accordance with article 362 sub8, Book 2 of the Dutch Civil Code, the company’s financial statements are prepared based on the accounting principles of recognition, measurement and determination of profit, as applied in the Consolidated IFRS financial statements.
1.2 Summary of Significant Accounting Policies
In case no other policies are mentioned, refer to the accounting policies as described in the summary of significant accounting policies in the Consolidated IFRS financial statements. For an appropriate interpretation, the company’s financial statements argenx SE should be read in conjunction with the Consolidated IFRS financial statements.
Participating Interests in Group Companies
Participating interests in group companies are valued using the equity method, applying the IFRS accounting policies endorsed by the European Union. Following the adoption of IFRS 9 by the group, and our interpretation of the Dutch Accounting Standard 100.108, the company shall, upon identification of a credit loss on an intercompany loan and/or receivable, eliminate the carrying amount of the intercompany loan and/or receivable for the value of the identified credit loss.
Result of Participating Interests
The share in the result of participating interests consists of the share of the Company in the result of these participating interests. In so far as gains or losses on transactions involving the transfer of assets and liabilities between the Company and its participating interests or between participating interests themselves can be considered unrealized, they have not been recognized.
All amounts are presented in thousands of USD, unless stated otherwise. The balance sheet and profit and loss statement references have been included. These refer to the notes herein.
2. Financial Fixed Assets
The Company has a Belgian subsidiary, argenx BV, which carries out the research and development activities of the Group and is the supplier of commercial product to entities within the Group.
argenx B.V. has fifteen subsidiaries: argenx US, Inc., argenx Benelux B.V., argenx Austria Services GmbH, argenx Spain S.L., argenx Spain S.L. – Sucursal em Portugal, argenx Australia Pty. Ltd., argenx Canada Inc., argenx Brasil Produtos Farmacêuticos Ltda, argenx France SAS, argenx Italy S.r.l., argenx Germany GmbH, argenx Japan KK., argenx Netherlands Services B.V., argenx Switzerland, S.A., argenx UK Ltd. and Broteio Pharma B.V.
The financial fixed assets mainly consist of the 100% participation in argenx BV registered at Industriepark-Zwijnaarde 7, 9052 Zwijnaarde, Belgium.
The movement in financial fixed assets is as follows:
|
|
As of December 31, |
||
|---|---|---|---|---|
(in thousands of $) |
|
2025 |
|
2024 |
Investments in Group Companies |
|
|
|
|
Opening balance |
|
4,796,973 |
|
3,703,279 |
Share of result of investments |
|
1,311,353 |
|
852,450 |
Share-based payment expenses of investments |
|
239,921 |
|
228,819 |
Capital increase in subsidiaries |
|
894,199 |
|
– |
Changes booked directly in equity at the subsidiary level |
|
4,403 |
|
12,425 |
Ending balance |
|
7,246,848 |
|
4,796,973 |
|
|
|
|
|
Receivable/(payable) on Group companies |
|
– |
|
– |
|
|
|
|
|
Investments in Group companies |
|
7,246,848 |
|
4,796,973 |
|
|
|
|
|
Other financial assets |
|
|
|
|
Opening balance |
|
– |
|
1 |
Change in the period |
|
– |
|
(1) |
Ending balance |
|
– |
|
– |
|
|
|
|
|
Total financial fixed assets |
|
7,246,848 |
|
4,796,973 |
3. Receivables
|
|
As of December 31, |
||
|---|---|---|---|---|
(in thousands of $) |
|
2025 |
|
2024 |
Other receivables |
|
80,377 |
|
704,814 |
Prepaid expenses |
|
1,140 |
|
1,018 |
Total receivables |
|
81,517 |
|
705,832 |
Receivables fall due in less than one year. The fair value of the receivables approximates the nominal value, due to their short-term character. Other receivables are short-term receivables from argenx BV.
4. Cash
|
|
As of December 31, |
||
|---|---|---|---|---|
(in thousands of $) |
|
2025 |
|
2024 |
Current bank accounts |
|
5 |
|
6 |
Total cash in banks |
|
5 |
|
6 |
5. Equity
(in thousands of $) |
|
Share Capital |
|
Share Premium |
|
Accumulated losses |
|
Share based payment reserves |
|
Other reserves |
|
Translation |
|
Total equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity on December 31, 2023 |
|
7,058 |
|
5,651,497 |
|
(2,404,845) |
|
749,324 |
|
(37,073) |
|
131,543 |
|
4,097,506 |
Result of the year |
|
– |
|
– |
|
833,040 |
|
– |
|
– |
|
– |
|
833,040 |
Share-based payments |
|
– |
|
– |
|
– |
|
235,856 |
|
– |
|
– |
|
235,856 |
Exercised stock options |
|
169 |
|
319,288 |
|
– |
|
– |
|
– |
|
– |
|
319,457 |
Changes booked directly in equity at subsidiary level |
|
– |
|
(21,869) |
|
1 |
|
– |
|
39,004 |
|
(4,711) |
|
12,426 |
Equity on December 31, 2024 |
|
7,227 |
|
5,948,916 |
|
(1,571,804) |
|
985,180 |
|
1,932 |
|
126,832 |
|
5,498,283 |
Result of the year |
|
– |
|
– |
|
1,292,035 |
|
– |
|
– |
|
– |
|
1,292,035 |
Share-based payments |
|
– |
|
– |
|
– |
|
249,349 |
|
– |
|
– |
|
249,349 |
Exercised stock options |
|
127 |
|
278,896 |
|
– |
|
– |
|
– |
|
– |
|
279,023 |
Changes booked directly in equity at subsidiary level |
|
– |
|
(41,258) |
|
– |
|
– |
|
33,922 |
|
11,738 |
|
4,402 |
Equity on December 31, 2025 |
|
7,354 |
|
6,186,554 |
|
(279,769) |
|
1,234,529 |
|
35,854 |
|
138,570 |
|
7,323,092 |
For the details on Share-based payments we refer to “Note 13 Share-Based Payments” of the Consolidated IFRS financial statements. The Company holds no legal reserves as part of its equity other than Translation Reserves.
6. Current Liabilities
|
|
As of December 31, |
||
|---|---|---|---|---|
(in thousands of $) |
|
2025 |
|
2024 |
Accounts payable |
|
824 |
|
388 |
Intercompany payables |
|
3,293 |
|
2,426 |
Taxes payable |
|
– |
|
53 |
Accrued expenses |
|
1,161 |
|
1,660 |
Total current liabilities |
|
5,278 |
|
4,527 |
All current liabilities fall due in less than one year. The fair value of the current liabilities approximates the nominal value, due to their short-term character.
7. Financial Result and exchange Gains/(Losses)
|
|
As of December 31, |
||
|---|---|---|---|---|
(in thousands of $) |
|
2025 |
|
2024 |
Net gains on investments held at FVTPL |
|
2 |
|
88 |
Fees collected from ADS holders |
|
307 |
|
509 |
Interest on intercompany current account |
|
2,600 |
|
6,236 |
Financial income |
|
2,909 |
|
6,833 |
|
|
|
|
|
Other financial expenses |
|
(5) |
|
(8) |
Financial expenses |
|
(5) |
|
(8) |
|
|
|
|
|
Exchange gains/(losses) |
|
1,840 |
|
(4,664) |
|
|
|
|
|
Financial income and expense |
|
4,744 |
|
2,161 |
8. Share in Result of Subsidiaries
The Company has one Belgian subsidiary, argenx BV, which carries out the research and development activities of the Group and its commercial supply.
|
|
Year ended December 31, |
||
|---|---|---|---|---|
(in thousands of $) |
|
2025 |
|
2024 |
argenx BV |
|
1,311,353 |
|
852,450 |
Total share in result of subsidiaries |
|
1,311,353 |
|
852,450 |
9. Other Disclosures
Contingent Liabilities
The contingent liabilities of the Company consist of a rental agreement for office space in Amsterdam for an immaterial amount.
Related-Party Transactions
All legal entities that can be controlled, jointly controlled or significantly influenced are considered as a related party. Also, entities which can control the company are considered a related party. In addition, directors, other key management of argenx SE and close relatives are regarded as related parties. Other than the intercompany cross-charges, there were no related party transactions.
Remuneration
Remuneration of the Executive Director for 2025 and 2024 is as follows:
(in $) |
|
2025 |
|
2024 |
|---|---|---|---|---|
Base pay |
|
827,160 |
|
757,679 |
Variable short-term incentive |
|
744,444 |
|
795,563 |
Stock options granted |
|
2,941,497 |
|
3,194,813 |
Restricted stock units (RSUs) granted |
|
– |
|
3,014,500 |
Performance stock units (PSU) granted |
|
2,856,448 |
|
– |
Pension contributions |
|
44,168 |
|
29,118 |
Fringe benefits |
|
16,054 |
|
16,112 |
Total remuneration of the executive director |
|
7,429,773 |
|
7,807,785 |
Part of the remuneration of the Executive Director is being paid by subsidiaries of argenx SE.
See “Note 25 Related Party Transactions” of the notes to the Consolidated IFRS financial statements for the remuneration of non-executive Board of directors.
Information Relating to Employees
During the year 2025, the Company had an average of 0.25 FTE (2024: 0.25 FTE). The employee is based in Belgium.
Auditor’s Fees
See “Note 28 Audit Fees” of the notes to the Consolidated IFRS financial statements.
Proposal for Appropriation of the Result
The Company reported a net result for the year of $1.3 billion for the year ended on December 31, 2025. The Board of Directors proposes to carry forward the net profit of the year 2025 to the accumulated losses. Anticipating the approval of the financial statements by the shareholders at the annual general meeting of shareholders, this proposal has already been reflected in the 2025 financial statements.
Events after the balance sheet date
For the events after balance sheet date, we refer to “Note 30 Events After the Balance Sheet Date” of the Consolidated IFRS financial statements.
Amsterdam, March 18, 2026
The Director
Tim Van Hauwermeiren, CEO