Annual Report
2025
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Annual Report
2025
Menu
Main menu
argenx Group
argenx Group
Shareholder Letter
2025 In Brief
2026 Outlook
Company Profile
Strategy and Objectives
Our Products and Product Candidates
Our Products and Product Candidates
VYVGART
efgartigimod Development
efgartigimod Indications
empasiprubart Development
adimanebart Development
Collaborations and licenses
Manufacturing and Supply
Intellectual Property
Regulation
Regulation
Licensure and Regulation of Biologics in the U.S.
Regulation and Procedures Governing Approval of Medicinal Products in the EU and the UK
Regulation and Procedures Governing Approval of Medicinal Products in Japan
Coverage, Pricing and Reimbursement
Government Pricing and Reimbursement Programs for Marketed Drugs in the U.S.
Healthcare Law and Regulation
Healthcare Reform
Environmental Issues which may Influence the Use of our Material Fixed Assets
Documents on display
Risk Factors
Risk Factors
Summary
Commercialization
Development and Clinical Testing
Dependence on Third Parties
Other Government Regulations
Financial Position
Business and Industry
Intellectual Property
Organization and Operations
American Depository Shares
Being a Foreign Private Issuer or a Dutch Company
Corporate Governance
Corporate Governance
Dutch Corporate Governance Code
Management Structure
Management Structure
General
Statement of the Board of Directors
Board of Directors
Non-Executive Directors
Senior Management Team
Conflict-of-Interest and Related Party Transactions
Code of Business Conduct and Ethics
Report of the Non-Executive Directors
Remuneration Report and Compensation Statement
Remuneration Report and Compensation Statement
Letter of the Chairperson of the Remuneration and Nomination Committee
Remuneration Policy
NEO Remuneration in FY25
Non-Executive Director Remuneration
Pay Ratios
Other Disclosures
Key terms of equity plan applicable to grants in 2025
Summary of NEO Remuneration
Remuneration of Other Members of the Senior Management Team
Summary of other members of the Senior Management Team
Summary of Non-Executive Director Equity compensation
Corporate Governance
Share Ownership
Insider Trading
Cybersecurity
Risk Appetite & Control
Share Capital
Share Capital
Legal Information on the Company
Share Capital
Share Classes and Principal Shareholders
Limitations on the right to hold securities
General Meeting, Voting Rights and Admission
Anti-Takeover Provisions
Change of Control
Exchange Controls
Amendments of Articles of Association
Transparency Directive
Dutch Financial Reporting Supervision Act
Dividends and Other Distributions
Right to a surplus in the event of a liquidation
Material Modifications to the Rights of Security Holders and Use of Proceeds
Enforcement of civil liabilities
Controls and Procedures
Financial Calendar 2026
Financial Review
Financial Review
Overview
Basis of presentation
Critical Accounting Judgements and Major Sources of Estimation Uncertainty
Results of Operation
Liquidity and Capital Resources
Research and development, patents and licenses
Trend information
Off-Balance Sheet Arrangements
Contractual Obligations
Information Regarding the Independent Auditor
Material Contracts and Related Party Transactions
Employees
Insurance
Legal and Arbitration Proceedings
Taxation
Financial Statements
Financial Statements
Consolidated Financial Statements
Consolidated Financial Statements
Consolidated Statements of Financial Position
Consolidated Statements of Profit or Loss
Consolidated Statements of Comprehensive Income or Loss
Consolidated Statements of Cash Flows
Consolidated Statements of Changes in Equity
Notes to the Consolidated Financial Statements
Notes to the Consolidated Financial Statements
1.
General Information about the Company
2.
Material Accounting Policy Information
3.
Critical accounting judgments and major sources of estimation uncertainty
4.
Property, Plant and Equipment
5.
Intangible Assets
6.
Other Non-Current Assets
7.
Inventories
8.
Prepaid Expenses (Current)
9.
Trade and Other Receivables
10.
Financial Assets – Current
11.
Cash and Cash Equivalents
12.
Share Capital and Share Premium
13.
Share-Based Payments
14.
Trade and Other Payables
15.
Other Operating Income
16.
Segment Reporting
17.
Research and Development Expenses
18.
Selling, General and Administrative Expenses
19.
Personnel Expenses
20.
Leases
21.
Exchange Gains/(Losses)
22.
Income taxes
23.
Earnings per Share
24.
Financial Risk Management
25.
Related Party Transactions
26.
Contingencies
27.
Commitments
28.
Audit Fees
29.
Overview of Consolidation Scope
30.
Events After the Balance Sheet Date
Company Financial Statements
Company Financial Statements
Signatures of Executive and Non-Executive Directors
Company Financial Statements for argenx SE
Notes to the Company Financial Statements
Other information
Other information
Provision in the articles of association governing the appropriation of results
Independent Auditor’s report
Independent Auditor’s Report on the Sustainability Statement
Non-Financial Information
Non-Financial Information
Sustainability Statement
Environment
Social
Governance
Appendix
Stories of argenx
Glossary
Glossary
Management Confirmations
Definitions
Quick links
Patient Stories
Year 2025 in Brief
Outlook for Year 2026
Download center
argenx Group
argenx Group
Shareholder Letter
2025 In Brief
2026 Outlook
Company Profile
Strategy and Objectives
Our Products and Product Candidates
Our Products and Product Candidates
VYVGART
efgartigimod Development
efgartigimod Indications
empasiprubart Development
adimanebart Development
Collaborations and licenses
Manufacturing and Supply
Intellectual Property
Regulation
Regulation
Licensure and Regulation of Biologics in the U.S.
Regulation and Procedures Governing Approval of Medicinal Products in the EU and the UK
Regulation and Procedures Governing Approval of Medicinal Products in Japan
Coverage, Pricing and Reimbursement
Government Pricing and Reimbursement Programs for Marketed Drugs in the U.S.
Healthcare Law and Regulation
Healthcare Reform
Environmental Issues which may Influence the Use of our Material Fixed Assets
Documents on display
Risk Factors
Risk Factors
Summary
Commercialization
Development and Clinical Testing
Dependence on Third Parties
Other Government Regulations
Financial Position
Business and Industry
Intellectual Property
Organization and Operations
American Depository Shares
Being a Foreign Private Issuer or a Dutch Company
Corporate Governance
Corporate Governance
Dutch Corporate Governance Code
Management Structure
Management Structure
General
Statement of the Board of Directors
Board of Directors
Non-Executive Directors
Senior Management Team
Conflict-of-Interest and Related Party Transactions
Code of Business Conduct and Ethics
Report of the Non-Executive Directors
Remuneration Report and Compensation Statement
Remuneration Report and Compensation Statement
Letter of the Chairperson of the Remuneration and Nomination Committee
Remuneration Policy
NEO Remuneration in FY25
Non-Executive Director Remuneration
Pay Ratios
Other Disclosures
Key terms of equity plan applicable to grants in 2025
Summary of NEO Remuneration
Remuneration of Other Members of the Senior Management Team
Summary of other members of the Senior Management Team
Summary of Non-Executive Director Equity compensation
Corporate Governance
Share Ownership
Insider Trading
Cybersecurity
Risk Appetite & Control
Share Capital
Share Capital
Legal Information on the Company
Share Capital
Share Classes and Principal Shareholders
Limitations on the right to hold securities
General Meeting, Voting Rights and Admission
Anti-Takeover Provisions
Change of Control
Exchange Controls
Amendments of Articles of Association
Transparency Directive
Dutch Financial Reporting Supervision Act
Dividends and Other Distributions
Right to a surplus in the event of a liquidation
Material Modifications to the Rights of Security Holders and Use of Proceeds
Enforcement of civil liabilities
Controls and Procedures
Financial Calendar 2026
Financial Review
Financial Review
Overview
Basis of presentation
Critical Accounting Judgements and Major Sources of Estimation Uncertainty
Results of Operation
Liquidity and Capital Resources
Research and development, patents and licenses
Trend information
Off-Balance Sheet Arrangements
Contractual Obligations
Information Regarding the Independent Auditor
Material Contracts and Related Party Transactions
Employees
Insurance
Legal and Arbitration Proceedings
Taxation
Financial Statements
Financial Statements
Consolidated Financial Statements
Consolidated Financial Statements
Consolidated Statements of Financial Position
Consolidated Statements of Profit or Loss
Consolidated Statements of Comprehensive Income or Loss
Consolidated Statements of Cash Flows
Consolidated Statements of Changes in Equity
Notes to the Consolidated Financial Statements
Notes to the Consolidated Financial Statements
1.
General Information about the Company
2.
Material Accounting Policy Information
3.
Critical accounting judgments and major sources of estimation uncertainty
4.
Property, Plant and Equipment
5.
Intangible Assets
6.
Other Non-Current Assets
7.
Inventories
8.
Prepaid Expenses (Current)
9.
Trade and Other Receivables
10.
Financial Assets – Current
11.
Cash and Cash Equivalents
12.
Share Capital and Share Premium
13.
Share-Based Payments
14.
Trade and Other Payables
15.
Other Operating Income
16.
Segment Reporting
17.
Research and Development Expenses
18.
Selling, General and Administrative Expenses
19.
Personnel Expenses
20.
Leases
21.
Exchange Gains/(Losses)
22.
Income taxes
23.
Earnings per Share
24.
Financial Risk Management
25.
Related Party Transactions
26.
Contingencies
27.
Commitments
28.
Audit Fees
29.
Overview of Consolidation Scope
30.
Events After the Balance Sheet Date
Company Financial Statements
Company Financial Statements
Signatures of Executive and Non-Executive Directors
Company Financial Statements for argenx SE
Notes to the Company Financial Statements
Other information
Other information
Provision in the articles of association governing the appropriation of results
Independent Auditor’s report
Independent Auditor’s Report on the Sustainability Statement
Non-Financial Information
Non-Financial Information
Sustainability Statement
Environment
Social
Governance
Appendix
Stories of argenx
Glossary
Glossary
Management Confirmations
Definitions
Quick links
Patient Stories
Year 2025 in Brief
Outlook for Year 2026
Download center
argenx Group
argenx Group
Shareholder Letter
2025 In Brief
2026 Outlook
Company Profile
Strategy and Objectives
Our Products and Product Candidates
Our Products and Product Candidates
VYVGART
efgartigimod Development
efgartigimod Indications
empasiprubart Development
adimanebart Development
Collaborations and licenses
Manufacturing and Supply
Intellectual Property
Regulation
Regulation
Licensure and Regulation of Biologics in the U.S.
Regulation and Procedures Governing Approval of Medicinal Products in the EU and the UK
Regulation and Procedures Governing Approval of Medicinal Products in Japan
Coverage, Pricing and Reimbursement
Government Pricing and Reimbursement Programs for Marketed Drugs in the U.S.
Healthcare Law and Regulation
Healthcare Reform
Environmental Issues which may Influence the Use of our Material Fixed Assets
Documents on display
Quick links
Patient Stories
Year 2025 in Brief
Outlook for Year 2026
Download center
Risk Factors
Risk Factors
Summary
Commercialization
Development and Clinical Testing
Dependence on Third Parties
Other Government Regulations
Financial Position
Business and Industry
Intellectual Property
Organization and Operations
American Depository Shares
Being a Foreign Private Issuer or a Dutch Company
Quick links
Patient Stories
Year 2025 in Brief
Outlook for Year 2026
Download center
Corporate Governance
Corporate Governance
Dutch Corporate Governance Code
Management Structure
Management Structure
General
Statement of the Board of Directors
Board of Directors
Non-Executive Directors
Senior Management Team
Conflict-of-Interest and Related Party Transactions
Code of Business Conduct and Ethics
Report of the Non-Executive Directors
Remuneration Report and Compensation Statement
Remuneration Report and Compensation Statement
Letter of the Chairperson of the Remuneration and Nomination Committee
Remuneration Policy
NEO Remuneration in FY25
Non-Executive Director Remuneration
Pay Ratios
Other Disclosures
Key terms of equity plan applicable to grants in 2025
Summary of NEO Remuneration
Remuneration of Other Members of the Senior Management Team
Summary of other members of the Senior Management Team
Summary of Non-Executive Director Equity compensation
Corporate Governance
Share Ownership
Insider Trading
Cybersecurity
Risk Appetite & Control
Quick links
Patient Stories
Year 2025 in Brief
Outlook for Year 2026
Download center
Share Capital
Share Capital
Legal Information on the Company
Share Capital
Share Classes and Principal Shareholders
Limitations on the right to hold securities
General Meeting, Voting Rights and Admission
Anti-Takeover Provisions
Change of Control
Exchange Controls
Amendments of Articles of Association
Transparency Directive
Dutch Financial Reporting Supervision Act
Dividends and Other Distributions
Right to a surplus in the event of a liquidation
Material Modifications to the Rights of Security Holders and Use of Proceeds
Enforcement of civil liabilities
Controls and Procedures
Financial Calendar 2026
Quick links
Patient Stories
Year 2025 in Brief
Outlook for Year 2026
Download center
Financial Review
Financial Review
Overview
Basis of presentation
Critical Accounting Judgements and Major Sources of Estimation Uncertainty
Results of Operation
Liquidity and Capital Resources
Research and development, patents and licenses
Trend information
Off-Balance Sheet Arrangements
Contractual Obligations
Information Regarding the Independent Auditor
Material Contracts and Related Party Transactions
Employees
Insurance
Legal and Arbitration Proceedings
Taxation
Quick links
Patient Stories
Year 2025 in Brief
Outlook for Year 2026
Download center
Financial Statements
Financial Statements
Consolidated Financial Statements
Consolidated Financial Statements
Consolidated Statements of Financial Position
Consolidated Statements of Profit or Loss
Consolidated Statements of Comprehensive Income or Loss
Consolidated Statements of Cash Flows
Consolidated Statements of Changes in Equity
Notes to the Consolidated Financial Statements
Notes to the Consolidated Financial Statements
1.
General Information about the Company
2.
Material Accounting Policy Information
3.
Critical accounting judgments and major sources of estimation uncertainty
4.
Property, Plant and Equipment
5.
Intangible Assets
6.
Other Non-Current Assets
7.
Inventories
8.
Prepaid Expenses (Current)
9.
Trade and Other Receivables
10.
Financial Assets – Current
11.
Cash and Cash Equivalents
12.
Share Capital and Share Premium
13.
Share-Based Payments
14.
Trade and Other Payables
15.
Other Operating Income
16.
Segment Reporting
17.
Research and Development Expenses
18.
Selling, General and Administrative Expenses
19.
Personnel Expenses
20.
Leases
21.
Exchange Gains/(Losses)
22.
Income taxes
23.
Earnings per Share
24.
Financial Risk Management
25.
Related Party Transactions
26.
Contingencies
27.
Commitments
28.
Audit Fees
29.
Overview of Consolidation Scope
30.
Events After the Balance Sheet Date
Company Financial Statements
Company Financial Statements
Signatures of Executive and Non-Executive Directors
Company Financial Statements for argenx SE
Notes to the Company Financial Statements
Other information
Other information
Provision in the articles of association governing the appropriation of results
Independent Auditor’s report
Independent Auditor’s Report on the Sustainability Statement
Quick links
Patient Stories
Year 2025 in Brief
Outlook for Year 2026
Download center
Non-Financial Information
Non-Financial Information
Sustainability Statement
Environment
Social
Governance
Appendix
Quick links
Patient Stories
Year 2025 in Brief
Outlook for Year 2026
Download center
Stories of argenx
Quick links
Patient Stories
Year 2025 in Brief
Outlook for Year 2026
Download center
Glossary
Glossary
Management Confirmations
Definitions
Quick links
Patient Stories
Year 2025 in Brief
Outlook for Year 2026
Download center
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