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ARGENX SE
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
As of December 31,
(in thousands of $)202520242023
Assets
Non‑current assets
Property, plant and equipment$48,247 $43,517 $22,675 
Intangible assets272,103 181,445 125,228 
Deferred tax assets1,295,853 924,299 97,211 
Research and development incentive receivables86,212 94,854 76,706 
Investment in a joint venture3,378 9,268 9,912 
Prepaid expenses25,811 23,643 47,327 
Other non-current assets51,990 42,393 39,662 
Total non‑current assets$1,783,594 $1,319,419 $418,721 
Current assets
Inventories$473,530 $407,233 $310,550 
Prepaid expenses328,476 187,948 134,072 
Trade and other receivables1,646,692 904,471 496,687 
Research and development incentive receivables10,367 4,625 2,584 
Financial assets948,750 1,878,890 1,131,000 
Cash and cash equivalents3,491,289 1,499,936 2,048,844 
Total current assets$6,899,104 $4,883,103 $4,123,737 
Total assets$8,682,698 $6,202,522 $4,542,458 
As of December 31,
(in thousands of $)202520242023
Equity and liabilities
Equity
Equity attributable to owners of the parent
Share capital$7,354 $7,227 $7,058 
Share premium6,186,554 5,948,916 5,651,497 
Translation differences138,570 126,832 131,543 
Accumulated losses(279,769)(1,571,804)(2,404,844)
Other reserves1,270,383 987,112 712,253 
Total equity$7,323,092 $5,498,283 $4,097,507 
Non-current liabilities
Provisions for employee benefits$3,093 $1,803 $1,449 
Lease liabilities36,327 32,520 15,354 
Deferred tax liabilities— — 5,155 
Total non-current liabilities$39,420 $34,323 $21,958 
Current liabilities
Lease liabilities$10,833 $6,533 $4,646 
Trade and other payables1,267,144 649,993 414,013 
Tax liabilities42,209 13,390 4,334 
Total current liabilities$1,320,186 $669,916 $422,993 
Total liabilities$1,359,606 $704,239 $444,951 
Total equity and liabilities$8,682,698 $6,202,522 $4,542,458 


ARGENX SE
UNAUDITED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS
Year Ended December 31,
(in thousands of $ except for shares and EPS)202520242023
Product net sales $4,151,316 $2,185,883 $1,190,783 
Other operating income1)
96,734 66,156 77,811 
Total operating income4,248,050 2,252,039 1,268,594 
Cost of sales(450,665)(227,289)(117,835)
Research and development expenses(1,364,132)(983,423)(859,492)
Selling, general and administrative expenses(1,367,057)(1,055,337)(711,905)
Loss from investment in a joint venture(12,390)(7,644)(4,411)
Total operating expenses(3,194,244)(2,273,693)(1,693,643)
Operating profit/(loss)
$1,053,806 $(21,654)$(425,049)
Financial income163,091 157,509 107,386 
Financial expense(4,082)(2,464)(906)
Exchange gains/(losses)65,792 (48,211)14,073 
Profit/(Loss) for the year before taxes$1,278,607 $85,180 $(304,496)
Income tax benefit$13,428 $747,860 $9,443 
Profit/(Loss) for the year$1,292,035 $833,040 $(295,053)
Profit/(Loss) for the year attributable to:
Owners of the parent1,292,035 833,040 (295,053)
Weighted average number of shares used for basic profit/(loss) per share61,295,149 59,855,585 57,169,253 
Basic profit/(loss) per share (in $)21.08 13.92 (5.16)
Weighted average number of shares used for diluted profit/(loss) per share66,029,215 65,177,815 57,169,253 
Diluted profit/(loss) per share (in $)19.57 12.78 (5.16)
1)Comparative figures have been aligned with the presentation adopted in the current period, reflecting the combination of collaboration revenue and other operating income.

ARGENX SE
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME OR LOSS
Year Ended December 31,
(in thousands of $)202520242023
Profit/(Loss) for the year$1,292,035 $833,040 $(295,053)
Items that may be reclassified subsequently to profit or loss, net of tax
Currency translation differences, arisen from translating foreign activities11,738 (4,711)2,263 
Items that will not be reclassified subsequently to profit or loss, net of tax
Fair value (loss)/gain on investments in equity instruments designated as FVTOCI (4,858)(648)(1,915)
Other comprehensive profit/(loss), net of income tax$6,880 $(5,359)$348 
Total comprehensive profit/(loss) attributable to:
Owners of the parent$1,298,915 $827,681 $(294,705)


ARGENX SE
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended December 31,
(in thousands of $)2025
20241)
20231)
Operating profit/(loss)$1,053,806 $(21,654)$(425,049)
Adjustments for non-cash items
Amortization of intangible assets14,858 10,282 105,674 
Depreciation of property, plant and equipment13,244 7,245 5,633 
Provisions for employee benefits1,151 432 573 
Expense recognized in respect of share-based payments248,079 235,179 232,974 
Fair value gains on financial assets at fair value through profit or loss(11,581)(3,834)— 
Loss from investment in a joint venture12,390 7,644 4,411 
Other non-cash expenses/(benefit)31,628 (277)2,074 
$1,363,575 $235,017 $(73,710)
Movements in current assets/liabilities
(Increase)/decrease in trade and other receivables(802,327)(423,112)(185,694)
(Increase)/decrease in inventories(98,952)(95,996)(83,030)
(Increase)/decrease in current prepaid expenses
(139,992)(54,113)(58,081)
(Increase)/decrease in other current assets(5,742)(2,041)(943)
Increase/(decrease) in trade and other payables612,328 246,336 95,600 
Movements in non-current assets/liabilities
(Increase)/decrease in other non‑current assets14,224 (19,930)(29,416)
(Increase)/decrease in non-current prepaid expense(2,167)23,683 (47,327)
Net cash flows from/(used) in operating activities, before interest and taxes$940,947 $(90,156)$(382,601)
Interest paid(900)(392)(211)
Income taxes (paid)/received(254,855)7,801 (37,515)
Net cash flows from/(used) in operating activities$685,192 $(82,747)$(420,327)
Purchase of intangible assets(105,515)(66,500)(43,000)
Purchase of property, plant and equipment(6,165)(1,801)(812)
Purchase of current financial assets(1,448,930)(2,183,542)(1,271,730)
Sale of current financial assets2,388,445 1,429,600 1,543,999 
Interest received162,670 111,649 92,753 
Investment in a joint venture(6,500)(7,000)(13,000)
Net cash flows from/(used in) investing activities$984,005 $(717,594)$308,210 
Principal elements of lease payments(4,107)(7,638)(3,801)
Proceeds from issue of new shares, gross amount— — 1,196,731 
Issue costs paid— — (821)
Exchange (losses)/gains from currency conversion on proceeds from issue of new shares— — (1,507)
Payment of employee withholding taxes relating to restricted stock unit awards(41,258)(21,868)(12,138)
Proceeds from exercise of stock options278,375 309,265 158,263 
Net cash flows from financing activities$233,010 $279,759 $1,336,727 
Increase/(decrease) in cash and cash equivalents$1,902,207 $(520,582)$1,224,610 
Cash and cash equivalents at the beginning of the year$1,499,936 $2,048,844 $800,740 
Exchange gains/(losses) on cash and cash equivalents$89,146 $(28,326)$23,494 
Cash and cash equivalents at the end of the year$3,491,289 $1,499,936 $2,048,844 
1) Comparative figures have been aligned to the presentation adopted in the current year.


ARGENX SE
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Attributable to owners of the parent
(in thousands of $)Share capitalShare premiumAccumulated lossesTranslation differencesShare-based payment and income tax deduction on share-based paymentsFair value movement on investment in equity instruments designated as at FVTOCITotal equity attributable to owners of the parentTotal equity
Balance on January 1, 2023$6,640 $4,309,880 $(2,109,791)$129,280 $535,247 $(57,557)$2,813,699 $2,813,699 
Loss for the year(295,053)(295,053)(295,053)
Other comprehensive income/(loss)2,263 (1,915)348 348 
Total comprehensive income/(loss) for the year— — (295,053)2,263 — (1,915)(294,705)(294,705)
Income tax benefit from excess tax deductions related to share-based payments2,310 2,310 2,310 
Share-based payment234,168 234,168 234,168 
Issue of share capital288 1,196,444 1,196,732 1,196,732 
Transaction costs for equity issue(821)(821)(821)
Exercise of stock options130 158,133 158,263 158,263 
Ordinary shares withheld for payment of employees’ withholding tax liability(12,139)(12,139)(12,139)
Balance on December 31, 2023$7,058 $5,651,497 $(2,404,844)$131,543 $771,725 $(59,472)$4,097,507 $4,097,507 
Profit for the year833,040 833,040 833,040 
Other comprehensive loss(4,711)(648)(5,359)(5,359)
Total comprehensive income/(loss) for the year— — 833,040 (4,711)— (648)827,681 827,681 
Income tax benefit from excess tax deductions related to share-based payments39,650 39,650 39,650 
Share-based payment235,856 235,856 235,856 
Exercise of stock options 169 319,288 319,457 319,457 
Ordinary shares withheld for payment of employees’ withholding tax liability(21,869)(21,869)(21,869)
Balance on December 31, 2024$7,227 $5,948,916 $(1,571,804)$126,832 $1,047,231 $(60,119)$5,498,283 $5,498,283 
Profit for the year1,292,035 1,292,035 1,292,035 
Other comprehensive income/(loss)11,738 (4,858)6,880 6,880 
Total comprehensive income/(loss) for the year— — 1,292,035 11,738 — (4,858)1,298,915 1,298,915 
Income tax benefit from excess tax deductions related to share-based payments38,780 38,780 38,780 
Share-based payment249,349 249,349 249,349 
Exercise of stock options 127 278,896 279,023 279,023 
Ordinary shares withheld for payment of employees’ withholding tax liability(41,258)(41,258)(41,258)
Balance on December 31, 2025$7,354 $6,186,554 $(279,769)$138,570 $1,335,360 $(64,977)$7,323,092 $7,323,092