Recent News
On January 12, 2026, argenx published its 2026 strategic priorities, outlining multiple expected registrational readouts across efgartigimod and empasiprubart in 2026 and a goal of expanding clinical-stage assets to ten by year-end 2026.
argenx confirmed presentations of VYVGART and pipeline data at upcoming medical meetings, including planned data at the 2026 American Academy of Neurology (AAN) Annual Meeting in April 2026.
The company scheduled investor-facing events in early 2026, including a presentation at the January J.P. Morgan healthcare forum.
Technical Analysis
Directional indicators show a clear bearish tilt: DI− at 30.07 increasing while DI+ at 11.78 decreases, signaling downside dominance in directional movement. ADX at 27.53 indicates a developing-to-strong trend strength that amplifies the directional bias.
Momentum measures corroborate downside pressure. MACD sits at −22.81 and trends lower, with the MACD below its signal line at −12.28, indicating continuing bearish momentum rather than an incipient bullish crossover.
MRO registers 4.85 and trends downward; the positive value suggests the current price sits above the model target and therefore implies a propensity for mean reversion toward that target (downward pressure on price).
RSI at 42.57 and falling indicates weakening internals without an oversold extreme, consistent with corrective bias rather than a pronounced capitulation.
Price structure shows short-to-intermediate weakness: the close at $717.80 trades below the 12-day EMA ($770.87, decreasing), below the 20-day average ($793.10), and beneath the 50-day ($817.06) and 200-day ($743.66) averages. The share price sits below the 1x lower Bollinger band ($738.46), signaling pressure near the lower volatility envelope while remaining above the 2x lower band ($683.82).
Volume at 534,842 exceeded the 10-day average of 427,614 and the 200-day average of 371,158, showing above-average participation on recent moves and lending conviction to the technically driven downside bias.
Taken together, technicals project near-term pressure on price that aligns with the valuation gap noted below, with indicators implying corrective action unless momentum indicators stabilize or reverse.
Fundamental Analysis
Profitability and cash generation stand out. Total revenue reached $1,126,961,000 with gross profit of $1,017,535,000, producing a gross margin of 90.29%. EBIT equals $387,046,000 and delivers an EBIT margin of 34.34%, which sits above the industry peer high of 32.71% (industry peer mean −0.84%, median 0.42%).
Operational leverage appears strong: operating margin reached 31.05% with operating margin QoQ improving by 44.417% and YoY expanding by 100.685% (operating margin QoQ = 0.44417; operating margin YoY = 1.00685). R&D expense totaled $355,651,000, reflecting continued investment behind the pipeline.
Earnings and EPS: reported EPS reached $6.79 versus an estimate of $5.36, producing an EPS surprise of 26.68% (EPS difference $1.43). Reported net income from continuing operations totaled $344,258,000 and operating cash flow matched net income, giving a cash-flow-to-earnings ratio of 100% and a cash-flow margin of 30.55%.
Growth reads present mixed signals across horizons. Revenue growth stood at 18.88% on one metric, while revenue growth YoY registered −5.66%; earnings growth shows 36.20% on one measure but earnings growth YoY shows −82.67%. QoQ and YoY figures thus require careful reconciliation when modeling near-term trajectory, but cash conversion and margin strength support current profitability levels.
Return on invested capital remains negative at −8.88%, below the industry peer mean (0.95%) and median (5.883%), indicating capital deployment has yet to generate positive returns on invested capital relative to peers despite strong margins. Interest coverage sits very high at 389.77, reflecting minimal net interest burden.
Valuation markers present a stretched absolute multiple: trailing P/E near 167.99 and forward P/E near 279.79, with a PEG around 4.64 and forward PEG near 7.73. WMDST values the stock as over-valued. Market consensus price target mean sits at $822.75 versus the current close $717.80, implying analyst mean expectations above the current price, but WMDST’s valuation assessment maintains an over-valued stance given the multiple and capital return metrics.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2026-02-26 |
| NEXT REPORT DATE: | 2026-05-28 |
| 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 | $ 5.36 | |
| EPS Actual | $ 6.79 | |
| EPS Difference | $ 1.43 | |
| EPS Surprise | 26.679 % | |
| Forward EPS | $ 8.24 | |
| 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: 4.466 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: -8.57 % 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: -83.918 % 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: -89.694 % 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 % |
|