Recent News
January 12, 2026: argenx published its 2026 strategic priorities, flagging planned registrational readouts across efgartigimod and empasiprubart, management succession plans, and a goal to expand the FcRn portfolio and launch additional clinical candidates during 2026. February 26, 2026: the company announced positive Phase‑3 ADAPT OCULUS results for VYVGART SC (ocular myasthenia gravis) and confirmed a PDUFA target action date of May 10, 2026 for the supplemental filing in seronegative gMG; argenx reiterated multiple readouts expected across 2026 and 2027 alongside ongoing development of next‑generation FcRn candidates.
Technical Analysis
ADX / DI+ / DI-: ADX at 40.79 indicates a very strong trend. DIpositive at 13.73 shows a dip & reversal, and DInegative at 37.67 shows a peak & reversal; both directional indicator signals align toward bullish directional pressure within a strong trend, implying near‑term directional conviction despite mixed price placement versus moving averages.
MACD: MACD reads -30.14 with a MACD trend labeled dip & reversal while the MACD signal sits at -29.81; momentum appears to be turning upward from a deeper negative level, but no confirmed MACD crossover above the signal line has occurred, so bullish momentum remains emergent rather than confirmed.
MRO: MRO equals -10.51 with a decreasing trend. The negative MRO indicates the price sits below the model target and therefore carries potential to increase, though the decreasing MRO trend suggests that that potential has softened recently and warrants monitoring.
RSI: RSI at 39.57 with a dip & reversal indicates recovery from weaker momentum without reaching oversold extremes; the reading supports the possibility of a measured bounce rather than an impulsive reversal.
Price vs Averages & Bands: Price closed at $692.83 below the 50‑day average ($783.00) and the 200‑day average ($752.09), with the 12‑day EMA (price12dayEMA) trending decreasing at $699.42; Bollinger bands (1x) span roughly $674.84–$726.93. These placements underline that, while directional indicators signal early bullish shifts, the price remains below key moving averages, tempering the immediacy of any bullish case and implying that follow‑through is required to change the broader technical bias.
Fundamental Analysis
Earnings & Profitability: EPS actual of $6.79 versus an estimate of $5.36 produced an EPS surprise of +26.68% (EPS beat of $1.43), indicating stronger-than-expected per‑share metrics for the period. Operating income and EBIT both show positive operating performance; EBIT equals $387,046,000 and operating margin sits at 31.05% (operating margin QoQ +44.42%, YoY +100.69%).
Margins and Cash Flow: Gross margin stands at 90.29% (gross margin QoQ +2.23%, YoY +0.66%), and cash flow margin equals 30.55% with operating cash flow matching net income ($344,258,000), indicating high conversion in the reported period.
Growth Rates: Reported revenue totaled $1,126,961,000; revenue growth figures in the dataset include 18.88% alongside quarter‑over‑quarter change of -5.07% and year‑over‑year movement of -5.66%, reflecting variable top‑line performance across different measurement windows. Earnings growth reads 36.20% while earnings growth QoQ is -17.00% and earnings growth YoY is -82.67% in the provided fields; these contrasts point to sizeable period‑to‑period swings in profit metrics driven by recent commercial performance and one‑time items in the reporting period.
Capital Efficiency & Coverage: Interest coverage ratio at 389.77 far exceeds the industry peer mean of 37.67, signaling substantial ability to service interest expense. Return on invested capital shows -8.88% versus an industry peer mean near 0.95% and a median of 5.883%; ROIC QoQ shows a marked decline, so capital returns on the current invested base lag peer central tendencies.
Peer Comparisons: EBIT margin at 34.34% sits above the industry peer range high of 32.71%; gross margin at 90.29% sits above the industry peer mean of 79.75%; PEG and PE metrics remain elevated—trailing PE around 167.99 and forward PE near 279.79—placing valuation well above typical peer central values and contributing to WMDST’s assessment.
Valuation: The current valuation as determined by WMDST registers as over‑valued, reflecting a combination of high multiples (PE and forward PE), strong margin performance, and substantial future growth expectations embedded in the pipeline. The EPS beat supports fundamental momentum, but elevated forward multiples and mixed growth signals require upcoming clinical and regulatory catalysts to substantiate that valuation.
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 | $ 8.30 | |
| 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: -8.565 % 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 % |
|