Stock

argenx SE

ARGX
49
Biotechnology · Healthcare
Also trades as: 0QW0.L GBP 7.35 (-2.44%)
Price
$819.14
-27.13 (-3.21%)
Market Cap
$51.34B
Exchange
NASDAQ
Winston Score
49
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Oct 18, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Strong
22/30
Growth
Mixed
9/20
Cash Flow
Mixed
3/10
Stability
Good
5/10
Valuation
Strong
7/10
Ownership
Weak
1/15
Dividends
Not counted
n/a

47 of 95 counted points = Winston Score 49. Pillars marked n/a do not apply to this company and are left out of the total.

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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Score breakdown

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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
33%
Weak — only 33% of profit becomes cash
Spare cash per sale
FCF Margin
11.7%
Modest free cash flow (11.7%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
0.01
Conservative — low debt load (0.01)
Covers its interest
Interest Cover
N/A
Data not available

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Valuation

Price vs profit
P/E Ratio (TTM)
29.5x
Growth-priced — P/E 29.5

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
+9.1
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (29.5 → 20.5)

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Dividends

Not applicable for this business.
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