Recent News
On November 18, 2025 argenx announced the results of its Extraordinary General Meeting, with shareholders approving a revised remuneration policy by a 95.67% majority. On January 6, 2026 argenx confirmed CEO Tim Van Hauwermeiren will present at the 44th Annual J.P. Morgan Healthcare Conference on January 12, 2026.
Technical Analysis
The ADX at 19.21 indicates no established trend; directional signals supply the directional bias. DI+ sits at 22.89 with a peak-and-reversal, which signals bearish directional pressure, while DI- at 20.42 shows a dip-and-reversal that also indicates increasing downward pressure. Together, these directional indicator moves point to short-term distribution rather than fresh buying conviction.
MACD reads -0.39 with a peak-and-reversal trend, a configuration consistent with bearish momentum; however MACD currently sits above its signal line (-3.81), constituting a technical crossover that tempers the negative momentum signal and suggests the possibility of short-lived mean reversion rather than a durable uptrend.
MRO at 8.08 with a peak-and-reversal indicates the market price sits modestly above WMDST’s target and carries weak downward potential; this suggests limited near-term upside and increased probability of a pullback toward valuation-aligned levels.
RSI at 49.51 near the midpoint shows neutral momentum; the reported peak-and-reversal behavior points to recent selling pressure without oversold conviction, supporting a near-term sideways-to-bearish price bias until momentum indicators re-accelerate upward.
Price relationships amplify the caution: the close at $820.31 sits below the 20-day average ($832.78) and the 50-day average ($851.13) but well above the 200-day average ($723.08), indicating short-to-intermediate consolidation above long-term support. Bollinger bands place one-standard-deviation lower at $811.80 and upper at $853.76, and the super-trend lower at $811.91 offers a proximate technical support zone. Volume at 483,806 exceeds the 10-day and 200-day averages, suggesting recent moves attracted above-normal participation but failed to produce a decisive breakout.
Fundamental Analysis
Total revenue reached $1,126,961,000, supporting operating income of $349,970,000 and EBIT of $387,046,000; WMDST’s figures show strong conversion of top-line into operating profit. Gross margin sits at 90.29%, above the industry peer mean of 79.75%, reflecting a high-margin product mix consistent with specialty-biotech commercial dynamics.
Operating margin equals 31.05% and EBIT margin equals 34.34%; both metrics compare favorably against the industry peer mean for EBIT margin (approximately -0.84%), indicating materially stronger profitability versus the industry peer mean and median. QoQ improvement in operating margin measured +44.417% and EBIT margin improved QoQ by +13.033%, while EBIT margin YoY expanded by +121.946%, reflecting rapid margin expansion as commercialization scales.
EPS came in at $4.44 versus an estimate of $3.54, an EPS surprise of 25.42%, and a positive earnings-growth trajectory versus recent periods. Trailing P/E stands near 168x while forward P/E climbs to about 280x, and forward EPS projects $7.80. The elevated multiples reflect growth expectations baked into the market price and underlie WMDST’s determination that the current valuation ranks as over-valued.
Cash generation appears healthy: operating cash flow equals $344,258,000 with a cash-flow margin of 30.55% and cash flow to earnings at 1.0, signaling tight alignment between reported earnings and cash conversion. Change in working capital of -$344,258,000 contributed positively to cash flow this period. Interest coverage registers at ~389.8x, well above the industry peer mean (~37.68x), indicating negligible financing pressure from interest expense.
Research and development expense totaled $355,651,000, reflecting continued investment in pipeline programs (including Empasiprubart and ARGX-119). Return on invested capital stands negative at -8.88%, below the industry peer mean of ~0.95%, which highlights capital deployment that has yet to yield positive returns on invested capital despite strong current operating margins.
WMDST values the stock as over-valued based on present multiples and cash-flow assumptions; strong margins and recent earnings beats support the commercial case, but forward multiples and negative return on invested capital compress margin for error in future performance versus expectations.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2025-10-30 |
| NEXT REPORT DATE: | 2026-01-29 |
| CASH FLOW | Begin Period Cash Flow | — |
| Operating Cash Flow | $ 344.3 M | |
| Capital Expenditures | — | |
| Change In Working Capital | $ -344.26 M | |
| Dividends Paid | — | |
| Cash Flow Delta | — | |
| End Period Cash Flow | — | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 1.1 B | |
| Forward Revenue | — | |
| COSTS | ||
| Cost Of Revenue | $ 109.4 M | |
| Depreciation | — | |
| Depreciation and Amortization | — | |
| Research and Development | $ 355.7 M | |
| Total Operating Expenses | $ 777.0 M | |
| PROFITABILITY | ||
| Gross Profit | $ 1.0 B | |
| EBITDA | $ 387.0 M | |
| EBIT | $ 387.0 M | |
| Operating Income | $ 350.0 M | |
| Interest Income | $ 42.7 M | |
| Interest Expense | $ 993.0 K | |
| Net Interest Income | $ 41.7 M | |
| Income Before Tax | $ 386.1 M | |
| Tax Provision | $ 41.8 M | |
| Tax Rate | 10.826 % | |
| Net Income | $ 344.3 M | |
| Net Income From Continuing Operations | $ 344.3 M | |
| EARNINGS | ||
| EPS Estimate | $ 3.54 | |
| EPS Actual | $ 4.44 | |
| EPS Difference | $ 0.90 | |
| EPS Surprise | 25.424 % | |
| Forward EPS | $ 7.80 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | — | |
| Intangible Assets | — | |
| Net Tangible Assets | — | |
| Total Current Assets | — | |
| Cash and Short-Term Investments | — | |
| Cash | — | |
| Net Receivables | — | |
| Inventory | — | |
| Long-Term Investments | — | |
| LIABILITIES | ||
| Accounts Payable | — | |
| Short-Term Debt | — | |
| Total Current Liabilities | — | |
| Net Debt | — | |
| Total Debt | — | |
| Total Liabilities | — | |
| EQUITY | ||
| Total Equity | — | |
| Retained Earnings | — | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | — | |
| Shares Outstanding | — | |
| Revenue Per-Share | — | |
| VALUATION | Market Capitalization | — |
| Enterprise Value | — | |
| Enterprise Multiple | — | |
| Enterprise Multiple QoQ | — | |
| Enterprise Multiple YoY | — | |
| Enterprise Multiple IPRWA | — | |
| EV/R | — | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | — | |
| Asset To Liability | — | |
| Debt To Capital | — | |
| Debt To Assets | — | |
| Debt To Assets QoQ | — | |
| Debt To Assets YoY | — | |
| Debt To Assets IPRWA | — | |
| Debt To Equity | — | |
| Debt To Equity QoQ | — | |
| Debt To Equity YoY | — | |
| Debt To Equity IPRWA | — | |
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | — | |
| Price To Book QoQ | — | |
| Price To Book YoY | — | |
| Price To Book IPRWA | — | |
| Price To Earnings (P/E) | 167.986 | |
| Price To Earnings QoQ | -4.833 % | |
| Price To Earnings YoY | -55.52 % | |
| Price To Earnings IPRWA | ARGX: 167.986 high: 56.753 median: 30.96 mean: 4.616 low: -93.179 |
|
| PE/G Ratio | 4.641 | |
| Price To Sales (P/S) | — | |
| Price To Sales QoQ | — | |
| Price To Sales YoY | — | |
| Price To Sales IPRWA | — | |
| FORWARD MULTIPLES | ||
| Forward P/E | 279.794 | |
| Forward PE/G | 7.73 | |
| Forward P/S | — | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 1.821 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | — | |
| Asset Turnover Ratio QoQ | — | |
| Asset Turnover Ratio YoY | — | |
| Asset Turnover Ratio IPRWA | — | |
| Receivables Turnover | — | |
| Receivables Turnover Ratio QoQ | — | |
| Receivables Turnover Ratio YoY | — | |
| Receivables Turnover Ratio IPRWA | — | |
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | — | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 520.898 median: 189.366 mean: 166.152 ARGX: 0 low: -314.885 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | — | |
| CapEx To Revenue | — | |
| CapEx To Depreciation | — | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | — | |
| Net Invested Capital | — | |
| Invested Capital | $ -3.89 B | |
| Net Tangible Assets | — | |
| Net Working Capital | — | |
| LIQUIDITY | ||
| Cash Ratio | — | |
| Current Ratio | — | |
| Current Ratio QoQ | — | |
| Current Ratio YoY | — | |
| Current Ratio IPRWA | — | |
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | — | |
| Cost Of Debt | 2.154 % | |
| Interest Coverage Ratio | 389.774 | |
| Interest Coverage Ratio QoQ | 52.378 % | |
| Interest Coverage Ratio YoY | 197.055 % | |
| Interest Coverage Ratio IPRWA | high: 815.709 ARGX: 389.774 mean: 37.675 median: 6.583 low: -1337.523 |
|
| Operating Cash Flow Ratio | — | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | — | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | — | |
| Revenue Growth | 18.883 % | |
| Revenue Growth QoQ | -5.068 % | |
| Revenue Growth YoY | -5.656 % | |
| Revenue Growth IPRWA | high: 301.849 % ARGX: 18.883 % mean: 8.063 % median: 4.118 % low: -259.856 % |
|
| Earnings Growth | 36.196 % | |
| Earnings Growth QoQ | -17.004 % | |
| Earnings Growth YoY | -82.672 % | |
| Earnings Growth IPRWA | high: 162.5 % ARGX: 36.196 % median: -6.312 % mean: -8.527 % low: -198.545 % |
|
| MARGINS | ||
| Gross Margin | 90.29 % | |
| Gross Margin QoQ | 2.234 % | |
| Gross Margin YoY | 0.663 % | |
| Gross Margin IPRWA | high: 105.39 % ARGX: 90.29 % median: 81.951 % mean: 79.75 % low: -35.147 % |
|
| EBIT Margin | 34.344 % | |
| EBIT Margin QoQ | 13.033 % | |
| EBIT Margin YoY | 121.946 % | |
| EBIT Margin IPRWA | high: 3270.865 % median: 42.325 % ARGX: 34.344 % mean: -83.917 % low: -7772.481 % |
|
| Return On Sales (ROS) | 31.054 % | |
| Return On Sales QoQ | 44.417 % | |
| Return On Sales YoY | 100.685 % | |
| Return On Sales IPRWA | high: 573.037 % ARGX: 31.054 % median: 26.431 % mean: -89.69 % low: -7977.249 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | — | |
| Free Cash Flow Yield | — | |
| Free Cash Flow Yield QoQ | — | |
| Free Cash Flow Yield YoY | — | |
| Free Cash Flow Yield IPRWA | — | |
| Free Cash Growth | — | |
| Free Cash Growth QoQ | — | |
| Free Cash Growth YoY | — | |
| Free Cash Growth IPRWA | — | |
| Free Cash To Net Income | — | |
| Cash Flow Margin | 30.547 % | |
| Cash Flow To Earnings | 1.0 | |
| VALUE & RETURNS | ||
| Economic Value Added | — | |
| Return On Assets (ROA) | — | |
| Return On Assets QoQ | — | |
| Return On Assets YoY | — | |
| Return On Assets IPRWA | — | |
| Return On Capital Employed (ROCE) | — | |
| Return On Equity (ROE) | — | |
| Return On Equity QoQ | — | |
| Return On Equity YoY | — | |
| Return On Equity IPRWA | — | |
| DuPont ROE | — | |
| Return On Invested Capital (ROIC) | -8.884 % | |
| Return On Invested Capital QoQ | -319.847 % | |
| Return On Invested Capital YoY | 184.015 % | |
| Return On Invested Capital IPRWA | high: 31.965 % median: 5.883 % mean: 0.95 % ARGX: -8.884 % low: -73.241 % |
|