15. Other Operating Income
|
|
Year Ended December 31, |
||||||||
|---|---|---|---|---|---|---|---|---|---|---|
(in thousands of $) |
|
2025 |
|
20241) |
|
20231) |
||||
Research and development incentives |
|
62,503 |
|
46,106 |
|
27,815 |
||||
Payroll tax rebates |
|
19,061 |
|
11,855 |
|
11,925 |
||||
Collaboration revenue |
|
2,166 |
|
4,348 |
|
35,533 |
||||
Change in fair value on non-current financial assets |
|
11,581 |
|
3,834 |
|
– |
||||
Other operating income |
|
1,423 |
|
13 |
|
2,538 |
||||
Total other operating income |
|
96,734 |
|
66,156 |
|
77,811 |
||||
|
||||||||||
For the year ended December 31, 2025, the collaboration revenue was generated under the agreement with Zai Lab. This note should be read alongside “Note 2.18 Other operating income – Collaboration and license agreements”.
15.1. Research and development incentives
The Company has accounted for tax incentives following a research and development tax incentive scheme in Belgium according to which the incentive will be refunded after a five years period, if not offset against the current tax payable over the period.
15.2. Payroll tax rebates
The Company accounted for payroll tax rebates as a reduction in withholding income taxes for its highly qualified personnel employed in its research and development department.
15.3. Collaboration revenue – AbbVie
In April 2016, the Company entered into the AbbVie Collaboration Agreement to develop and commercialize ARGX-115 (ABBV-151). In October 2023, the Company achieved the second development milestone upon initiation of a non-pivotal clinical trial, triggering a $30 million payment.
Subject to the continuing progress of ARGX-115 (ABBV-151) by AbbVie, the Company is eligible to receive future development, regulatory and commercial milestone payments in aggregate amounts of up to $50 million, $190 million and $325 million, respectively, as well as tiered royalties on sales at percentages ranging from the mid-single digits to the lower teens, subject to customary reductions.