Recent News
Dec. 15, 2025 — argenx confirmed discontinuation of the Phase 3 UplighTED studies of subcutaneous efgartigimod in thyroid eye disease after an Independent Data Monitoring Committee recommended stopping the trials for futility. Nov. 18, 2025 — the company’s Extraordinary General Meeting approved a revised remuneration policy. Jan. 6, 2026 — argenx scheduled a presentation at the 44th Annual J.P. Morgan Healthcare Conference for Jan. 12, 2026.
Technical Analysis
Directional indicators show an emerging trend: ADX reads 22.47, indicating an emerging trend strength while DI+ increased to 23.08 and DI- decreased to 23.44; the rise in DI+ alongside the fall in DI- supports near-term upside pressure relative to the recent consolidation. This directional shift aligns with the introduction of fresh fundamental headlines and the need to reprice clinical risk.
MACD sits at -3.01 with the MACD signal at -9.44 and the MACD_trend increasing; the MACD now sits above its signal line, which signals improving bullish momentum from bearish levels and suggests momentum has shifted toward buyers after the downturn triggered by the trial update.
MRO reads approximately 0.0 with an increasing trend; at zero the oscillator indicates negligible deviation from the regression target today, but the upward trajectory suggests momentum metrics may begin to exert directional influence if sustained.
RSI at 50.7 and rising reflects a neutral-to-favoring-bullish momentum balance rather than overbought conditions, supporting a case for consolidation with upward bias if buyers reinforce recent strength.
Price sits at $847.72, above the 200-day average of $717.04 and above the 20-day average of $819.10 but slightly below the 50-day average of $859.15. The 12-day EMA at $831.12 and 26-day EMA at $832.39 both trend higher, consistent with the MACD crossover and signaling short-term upward pressure against longer-term support near the 200-day average.
Bollinger positioning places the close above the 1x upper band ($843.84) but below the 2x upper band ($868.58), indicating short-term strength that may compress if volatility expands. Volume today (189,641) trails 10-, 50- and 200-day averages, implying the recent move lacks broad trading participation and leaving price vulnerable to reversals on renewed selling.
Fundamental Analysis
Total revenue reached $1,126,961,000 while gross profit equaled $1,017,535,000, yielding a gross margin of 90.29%, above the industry peer mean. Gross margin showed modest QoQ expansion of 2.23% and a YoY increase of 0.66%, reinforcing high product-level profitability relative to peers.
Operating income measured $349,970,000 and EBIT $387,046,000, producing an operating margin of 31.05% and an EBIT margin of 34.34%. The EBIT margin sits above the industry peer range high, reflecting unusually strong operating profitability for the biotechnology group given current comparators.
Net income totaled $344,258,000 with operating cash flow at $344,258,000 and a cash conversion ratio effectively 1.0, producing a cash-flow margin of 30.55%. A decrease in working capital of $344,258,000 provided additional cash flow in the period.
EPS reported $4.44 versus an estimate of $3.54, producing an EPS surprise of +$0.90 or +25.42%. Trailing PE stands at 167.99 while forward PE sits at 279.79 and forward EPS at $8.07; those multiples far exceed typical biotech norms and drive the current WMDST valuation assessment.
Profitability and coverage metrics appear robust: interest coverage reads 389.77, well above the industry peer mean, and interest income ($42,707,000) offsets a modest interest expense ($993,000). Research and development expense amounted to $355,651,000, reflecting sizeable reinvestment into the pipeline despite the discontinued TED program.
Return on invested capital registers at -8.88%, below the industry peer mean and median, reflecting a negative ROIC that contrasts with strong margins—an outcome consistent with invested capital presentation and elevated R&D deployment. Revenue growth stands at 18.88% overall, but quarter-on-quarter revenue declined by 5.07% and year-on-year revenue changed by -5.66%; earnings-growth metrics present mixed signals with an overall earningsGrowth figure of 36.20%, while QoQ and YoY earnings growth read -17.00% and -82.67% respectively.
Valuation: WMDST values the stock as over-valued. The combination of very high PE and forward-PE multiples, a forward PEG above typical comparators, and uneven near-term revenue/earnings trajectories underpin that assessment despite strong gross and operating margins.
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 | $ 8.07 | |
| 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: 4.825 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: 37.749 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: 8.168 % 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: 79.777 % 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: -93.895 % low: -8139.786 % |
|
| 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: -89.913 % 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: 0.945 % ARGX: -8.884 % low: -73.241 % |
|

