argenx SE

ARGX

Biotechnology · Healthcare

Also trades as: 0QW0.L

Price

$1039.78

+1.66 (+0.16%)

Market Cap

$64.66B

Exchange

NASDAQ

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Strong

Growth

Mixed

Cash Flow

Data not available

Stability

Data not available

Valuation

Good

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Share count rising — dilution

+29.3% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 51.1M (2021) → 66.0M (2025)

Winston Score History

The full picture

argenx SE is a biotechnology company that develops medicines for rare and serious diseases caused by a malfunctioning immune system. Its main product is Vyvgart (efgartigimod), a drug that treats conditions where the body's own antibodies attack healthy tissue. The company focuses on diseases like myasthenia gravis and immune thrombocytopenia, selling primarily to hospitals and specialty clinics.

argenx earns money by selling Vyvgart in multiple forms — an intravenous infusion and a self-injectable version — across the United States, Europe, Japan, and other markets. The company is headquartered in the Netherlands but operates globally, and its high gross margin reflects the premium pricing typical of rare-disease drugs. Its key competitive advantage is a proprietary antibody technology platform that can be applied to multiple diseases, but its main risk is heavy dependence on a single drug franchise, making future approvals in additional indications critical to sustaining growth.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+59.8% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

+96.9% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$1.4B/ year

↑ Rising (+39% vs prior year)

32.8% of revenue

1.8x the sector average (18%)

Investing heavily in future products and technology

Insider Activity

0.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$5.2B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Strong grower

argenx SE is growing revenue at 60% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

168.3%

Premium pricing power — 168.3% gross margin

Profit after running costs

Operating Margin

32.6%

Excellent — 32.6% operating margin

Return on the money invested

ROCE

5.9%

Weak — 5.9% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

N/A

Data not available

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

N/A

Data not available

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

37.5x

Pricey — P/E 37.5

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+16.5

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (37.5 → 21.0)

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Dividends

Not applicable for this business.

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