Argenx SE 6-K, filed Jul 31, 2025
Argenx SE (ARGX)
6-K
2025-07-31
For: 2025-06-30
View Original
Added on
April 10, 2026
About this 6-K
Argenx SE filed this 6-K on July 31, 2025.
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 | ||||||||||||||
FORM | ||||||||||||||
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the Month of July Commission File Number: 001-38097 | ||||||||||||||
| (Translation of registrant’s name into English) | ||||||||||||||
| Laarderhoogtweg 25 1101 EB Amsterdam, the Netherlands. | ||||||||||||||
| (Address of principal executive offices) | ||||||||||||||
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F ⌧ Form 40-F ☐ | ||||||||||||||
| Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b) (1): ☐ | ||||||||||||||
| Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐ | ||||||||||||||
argenx SE | ||||||||||||||
On July 31, 2025, argenx SE (the “Company) issued a press release, unaudited first half-year financial results for 2025, which are further described in an Unaudited Interim Report for the Six Months Ended June 30, 2025, and an investor presentation copies of which are attached hereto as Exhibits 99.1, 99.2 and 99.3, respectively, and are incorporated by reference herein. The information contained in this Current Report on Form 6-K, including Exhibit 99.1 and Exhibit 99.2, shall be deemed to be incorporated by reference into the Company’s Registration Statements on Form S-8 (File Nos. 333-225375, 333-258253, and 333-274721), and to be part thereof from the date on which this Current Report on Form 6-K is filed, to the extent not superseded by documents or reports subsequently filed or furnished. | ||||||||||||||
| EXHIBITS | ||||||||
| Exhibit | Description | |||||||
| 99.1 | ||||||||
| 99.2 | ||||||||
| 99.3 | ||||||||
| 101.INS | Inline XBRL Instance Document | |||||||
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document | |||||||
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | |||||||
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | |||||||
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| ARGENX SE | ||||||||
Date: July 31, 2025 | By: | /s/ Hemamalini (Malini) Moorthy | ||||||
Hemamalini (Malini) Moorthy | ||||||||
General Counsel | ||||||||
argenx Reports Half Year 2025 Financial Results and Provides Second Quarter Business Update
$949 million in second quarter global product net sales
VYVGART SC launch in CIDP progresses with more than 2,500 patients on treatment globally
ARGX-119 to advance to registrational study in CMS following positive proof of concept data; three additional topline data readouts across pipeline remain on track for second half of 2025
Management to host conference call today at 2:30 PM CET (8:30 AM ET)
July 31, 2025 7:00 AM CET
Amsterdam, the Netherlands – argenx SE (Euronext & Nasdaq: ARGX), a global immunology company committed to improving the lives of people suffering from severe autoimmune diseases, today announced its half year 2025 results and provided a second quarter business update.
“We continue to make meaningful progress towards our Vision 2030, advancing bold innovation that has already reached more than 15,000 patients globally” said Tim Van Hauwermeiren, Chief Executive Officer of argenx. “VYVGART is delivering strong growth across all indications, formulations and regions. We are still in the early stages of capturing the full market opportunity in MG and CIDP, with the recent launch of the VYVGART SC prefilled syringe driving demand from new patients and prescribers. In MG, we are shaping the market as the fastest growing biologic, moving earlier in the patient treatment paradigm, and working toward the broadest possible label. In CIDP, we continue to see consistent patient growth, with ample runway to reach the 12,000 patients in the U.S. who remain inadequately controlled on standard of care. This is just the beginning of the larger growth opportunity ahead. With six registrational and six proof-of-concept readouts expected by the end of 2026, we are executing on our proven innovation playbook that is delivering pipeline-in-a-product opportunities aimed at transforming care for patients with high unmet need.”
Advancing Towards Vision 2030
argenx has established its strategic priorities to advance Vision 2030, aiming to treat 50,000 patients globally with its medicines, secure 10 labeled indications across all approved medicines, and advance five pipeline candidates into Phase 3 development by 2030.
Expand global VYVGART opportunity and launch VYVGART SC as prefilled syringe
VYVGART® (IV: efgartigimod alfa-fcab and SC: efgartigimod alfa and hyaluronidase-qvfc) is a first-and-only IgG Fc-antibody fragment that targets the neonatal Fc receptor (FcRn). It is approved in three indications, including generalized myasthenia gravis (gMG) globally, primary immune thrombocytopenia (ITP) in Japan, and chronic inflammatory demyelinating polyneuropathy (CIDP) in the U.S., Japan, China, and the EU. The VYVGART-SC prefilled syringe (PFS) is now approved for use in the U.S. and EU.
•Generated global product net sales (inclusive of both VYVGART and VYVGART SC) of $949 million in the second quarter of 2025
◦Strong underlying fundamentals across key patient and prescriber metrics with 97% operational growth in product net sales year-over-year from second quarter 2024, and 19% from the first quarter of 2025
•First patient dosed in Germany following European Commission (EC) approval for VYVGART-SC (vial and PFS) for CIDP
•PFS decision on approval for gMG and CIDP expected in Japan and Canada by end of year
•Evidence generation through label-enabling studies:
◦Topline results expected in second half of 2025 for seronegative gMG (ADAPT-SERON) and first half of 2026 for ocular MG (ADAPT OCULUS)
◦Topline results expected in second half of 2026 to support FDA submission of VYVGART IV for primary ITP (ADVANCE-NEXT)
Execute 10 registrational and 10 proof-of-concept studies across efgartigimod, empasiprubart and ARGX-119 to advance the next wave of launches
argenx continues to demonstrate breadth and depth within its immunology pipeline, advancing multiple first-in-class product candidates with potential across high-need indications.
Efgartigimod Development
Efgartigimod is being studied across 15 severe autoimmune diseases, highlighting the broad potential of FcRn biology in neurology, rheumatology, and beyond.
•Registrational studies are currently ongoing in idiopathic inflammatory myopathies (IIM or myositis), thyroid eye disease (TED), and Sjögren’s disease
◦Topline results from ALKIVIA study evaluating three myositis subsets (immune-mediated necrotizing myopathy (IMNM), anti-synthetase syndrome (ASyS) and dermatomyositis (DM)) expected in second half of 2026
◦Topline results from two registrational UplighTED studies (TED) expected in second half of 2026
◦Topline results from registrational UNITY study (Sjögren’s disease) expected in 2027
•Proof-of-concept studies ongoing in lupus nephritis (LN), systemic sclerosis (SSc) and antibody mediated rejection (AMR); topline results expected for LN in fourth quarter of 2025, SSc in second half of 2026, and AMR in 2027
Empasiprubart Development
Empasiprubart, a first-in-class, humanized, monoclonal antibody that specifically binds to C2, is currently being evaluated in four indications. These include registrational studies in multifocal motor neuropathy (MMN) and CIDP, and proof-of-concept studies in delayed graft function (DGF) and DM.
•Topline results from registrational EMPASSION study (MMN) evaluating empasiprubart head-to-head versus IVIg expected in second half of 2026
•Registrational EMVIGORATE study ongoing in CIDP evaluating empasiprubart head-to-head versus IVIg
•Topline results expected for DGF in the second half of 2025 and for DM in first half of 2026
ARGX-119 Development
ARGX-119, a first-in-class agonist antibody that targets muscle-specific kinase (MuSK), is being evaluated in congenital myasthenic syndromes (CMS), amyotrophic lateral sclerosis (ALS), and spinal muscular atrophy (SMA).
•Registrational study to start in CMS in 2026 following positive Phase 1b proof-of-concept data
•Phase 2a proof-of-concept study ongoing in ALS; topline results expected in first half of 2026
•SMA proof-of-concept study on track to start by end of year
•ARGX-119 R&D webinar to be hosted on September 16, 2025
Advance four new pipeline molecules and generate sustainable value through continued investment in Immunology Innovation Program
argenx continues to invest in its Immunology Innovation Program (IIP) to drive long-term sustainable pipeline growth. Through the IIP, four new pipeline candidates have been nominated, including: ARGX-213, targeting FcRn and further solidifying argenx’s leadership in this biology; ARGX-121, a first-in-class molecule targeting IgA; ARGX-109, targeting IL-6, which plays an important role in inflammation, and a fourth pipeline candidate, a first-in-class sweeping antibody for which the target has not yet been disclosed.
•Phase 1 results from ongoing ARGX-109 study expected in second half of 2025, and from ongoing ARGX-213 and ARGX-121 studies expected in first half of 2026
•Entered strategic collaboration with Unnatural Products (UNP) to expand argenx discovery capabilities into the oral peptide space. This partnership reinforces argenx's commitment to enhance the patient experience and advance its pipeline of precision therapies.
SECOND QUARTER 2025 FINANCIAL RESULTS
argenx SE
UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENTS OF PROFIT OR LOSS
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||
| 30 June, | 30 June, | |||||||||||||||||||||||||||||||||||||
| (in thousands of $ except per share data) | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||||||||||||||||
| Product net sales | $ | 948,594 | $ | 477,635 | $ | 1,738,644 | $ | 875,918 | ||||||||||||||||||||||||||||||
| Other operating income* | 18,593 | 11,793 | 35,913 | 26,023 | ||||||||||||||||||||||||||||||||||
| Total operating income | $ | 967,187 | $ | 489,428 | $ | 1,774,557 | $ | 901,941 | ||||||||||||||||||||||||||||||
| Cost of sales | $ | (110,747) | $ | (52,383) | $ | (191,552) | $ | (95,561) | ||||||||||||||||||||||||||||||
| Research and development expenses | (327,697) | (225,286) | (636,767) | (450,255) | ||||||||||||||||||||||||||||||||||
| Selling, general and administrative expenses | (324,902) | (255,699) | (601,150) | (491,694) | ||||||||||||||||||||||||||||||||||
| Loss from investment in a joint venture | (2,780) | (1,521) | (5,087) | (3,313) | ||||||||||||||||||||||||||||||||||
| Total operating expenses | $ | (766,126) | $ | (534,889) | $ | (1,434,556) | $ | (1,040,823) | ||||||||||||||||||||||||||||||
| Operating profit/(loss) | $ | 201,061 | $ | (45,461) | $ | 340,001 | $ | (138,882) | ||||||||||||||||||||||||||||||
| Financial income | $ | 38,399 | $ | 38,933 | $ | 75,517 | $ | 77,828 | ||||||||||||||||||||||||||||||
| Financial expense | (1,126) | (572) | (2,261) | (1,084) | ||||||||||||||||||||||||||||||||||
| Exchange gains/(losses) | 48,565 | (7,903) | 76,003 | (27,215) | ||||||||||||||||||||||||||||||||||
| Profit/(Loss) for the period before taxes | $ | 286,899 | $ | (15,003) | $ | 489,260 | $ | (89,353) | ||||||||||||||||||||||||||||||
| Income tax (expense)/benefit | $ | (41,541) | $ | 44,069 | $ | (74,433) | $ | 56,822 | ||||||||||||||||||||||||||||||
| Profit/(Loss) for the period | $ | 245,358 | $ | 29,066 | $ | 414,827 | $ | (32,531) | ||||||||||||||||||||||||||||||
| Profit/(Loss) for the period attributable to: | ||||||||||||||||||||||||||||||||||||||
| Owners of the parent | $ | 245,358 | $ | 29,066 | $ | 414,827 | $ | (32,531) | ||||||||||||||||||||||||||||||
| Weighted average number of shares used for basic profit/(loss) per share | 61,084,250 | 59,490,437 | 61,034,202 | 59,400,217 | ||||||||||||||||||||||||||||||||||
| Basic profit/(loss) per share (in $) | 4.02 | 0.49 | 6.80 | (0.55) | ||||||||||||||||||||||||||||||||||
| Weighted average number of shares used for diluted profit/(loss) per share | 65,639,446 | 63,893,007 | 65,653,007 | 59,400,217 | ||||||||||||||||||||||||||||||||||
| Diluted profit/(loss) per share (in $) | 3.74 | 0.45 | 6.32 | (0.55) | ||||||||||||||||||||||||||||||||||
*Comparative figures have been presented to be consistent with the one adopted in the current period with respect to the combination of collaboration revenue and other operating income.
DETAILS OF THE FINANCIAL RESULTS
Total operating income for the three and six months ended June 30, 2025, was $967 million and $1,775 million, respectively, compared to $489 million and $902 million, respectively, for the same periods in 2024, and mainly consists of:
•Product net sales of VYVGART and VYVGART SC for the three and six months ended June 30, 2025, were $949 million and $1,739 million, respectively, compared to $478 million and $876 million, respectively, for the same periods in 2024.
•Other operating income for the three and six months ended June 30, 2025, was $19 million and $36 million, respectively, compared to $12 million and $26 million, respectively, for the same periods in 2024. The other operating income for the three and six months ended June 30, 2025 and 2024, primarily relates to research and development tax incentives and payroll tax rebates.
Total operating expenses for the three and six months ended June 30, 2025 were $766 million and $1,435 million, respectively, compared to $535 million and $1,041 million, respectively, for the same periods in 2024, and mainly consist of:
•Cost of sales for the three and six months ended June 30, 2025, was $111 million and $192 million, respectively, compared to $52 million and $96 million for the same periods in 2024, respectively. The cost of sales was related to the sale of VYVGART and VYVGART SC.
•Research and development expenses for the three and six months ended June 30, 2025, were $328 million and $637 million, respectively, compared to $225 million and $450 million, respectively, for the same periods in 2024. The research and development expenses mainly relate to:
–the clinical development and expansion of efgartigimod in 15 severe autoimmune diseases;
–the ramp-up of studies for the development of empasiprubart into MMN, DGF, DM and CIDP;
–the investments for ARGX-119 in proof-of-concept studies ongoing in ALS, CMS and SMA; and
–other discovery and preclinical pipeline candidates.
•Selling, general and administrative expenses for the three and six months ended June 30, 2025, were $325 million and $601 million, respectively, compared to $256 million and $492 million, respectively, for the same periods in 2024. The selling, general and administrative expenses mainly relate to professional and marketing fees linked to the global commercialization of VYVGART franchise, and personnel expenses.
Financial income for the three and six months ended June 30, 2025, was $38 million and $76 million, respectively, compared to $39 million and $78 million, respectively, for the same periods in 2024.
Exchange gains for the three and six months ended June 30, 2025, were $49 million and $76 million, respectively, compared to $8 million and $27 million, respectively, of exchange losses for the same periods in 2024. Exchange gains/losses are mainly attributable to unrealized exchange rate gains or losses on the cash, cash equivalents and current financial assets denominated in Euro.
Income tax for the three and six months ended June 30, 2025 and 2024 is detailed below:
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||
| 30 June, | 30 June, | |||||||||||||||||||||||||||||||||||||
| (in millions of $) | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||||||||||||||||
| Current tax (expense)/benefit | $ | (41) | $ | (9) | $ | (70) | $ | (16) | ||||||||||||||||||||||||||||||
| Deferred tax (expense)/benefit | (1) | 53 | (4) | 72 | ||||||||||||||||||||||||||||||||||
| Income tax (expense)/benefit | $ | (42) | $ | 44 | $ | (74) | $ | 57 | ||||||||||||||||||||||||||||||
Profit for the three- and six-month periods ended June 30, 2025, was $245 million and $415 million, respectively, compared to a profit of $29 million and a loss of $33 million, respectively, for the same periods in 2024. The basic profit per share was $4.02 for the three months ended June 30, 2025, compared to a basic profit per share of $0.49 for the same period in 2024. The basic profit per share was $6.80 for the six months ended June 30, 2025, compared to a basic loss per share of $0.55 for the same period in 2024.
Cash flow from operating activities for the six months ended June 30, 2025 was $362 million compared to a cash flow used in operating activities for the same period in 2024 of $126 million.
FINANCIAL GUIDANCE
The financial guidance on the combined research and development and selling, general and administrative remains unchanged at approximately $2.5 billion.
EXPECTED 2025 FINANCIAL CALENDAR
•October 30, 2025: Third Quarter 2025 Financial Results and Business Update
•February 26, 2025: Full-year 2025 Financial Results and Fourth Quarter 2025 Business Update
CONFERENCE CALL DETAILS
The half-year 2025 financial results and second quarter business update will be discussed during a conference call and webcast presentation today at 2:30 pm CET/8:30 am ET. A webcast of the live call may be accessed on the Investors section of the argenx website at argenx.com/investors. A replay of the webcast will be available on the argenx website.
Dial-in numbers:
Please dial in 15 minutes prior to the live call.
| Belgium | 32 800 50 201 | |||||||||||||
| France | 33 800 943355 | |||||||||||||
| Netherlands | 31 20 795 1090 | |||||||||||||
| United Kingdom | 44 800 358 0970 | |||||||||||||
| United States | 1 888 415 4250 | |||||||||||||
| Japan | 81 3 4578 9081 | |||||||||||||
| Switzerland | 41 43 210 1132 | |||||||||||||
This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation (Regulation 596/2014).
About argenx
argenx is a global immunology company committed to improving the lives of people suffering from severe autoimmune diseases. Partnering with leading academic researchers through its Immunology Innovation Program (IIP), argenx aims to translate immunology breakthroughs into a world-class portfolio of novel antibody-based medicines. argenx developed and is commercializing the first approved neonatal Fc receptor (FcRn) blocker and is evaluating its broad potential in multiple serious autoimmune diseases while advancing several earlier stage experimental medicines within its therapeutic franchises. For more information, visit www.argenx.com and follow us on LinkedIn, Instagram, Facebook, and YouTube.
For further information, please contact:
Media:
Ben Petok
bpetok@argenx.com
Investors:
Alexandra Roy
aroy@argenx.com
Forward-looking Statements
The contents of this announcement include statements that are, or may be deemed to be, “forward-looking statements.” These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “advance,” “aim,” “committed,” “continue,” “expand,” “expect,” “growth,” and “progress” and include statements argenx makes concerning its innovation agenda and growth strategy, including (i) its Vision 2030 to reach 50,000 patients globally across 10 labeled indications and to advance fix pipeline candidates into Phase 3 development by 2030 across efgartigimod, empasiprubart and ARGX-119 to create significant opportunity to expand into new therapeutic areas and reach broader patient populations and (ii) its goal to transform care for patients with high unmet need; its confidence regarding its growth trajectory; its commitment to improving the lives of people suffering from severe autoimmune diseases; its expectation regarding the insights from proof-of-concept and registrational studies across various programs; the advancement of anticipated clinical development, data readouts and regulatory milestones and plans, including: (1) the PFS decision on approval for gMG and CIDP expected in Japan and Canada by end of 2025, (2) topline results for seronegative gMG (ADAPT-SERON) expected in second half of 2025 and for ocular and pediatric MG (ADAPT-OCULUS, JR) expected in first half of 2026, (3) topline results for ADVANCE-NEXT to support FDA submission of VYVGART IV for primary ITP expected in second half of 2026, (4) new therapeutic areas and ongoing registrational studies in three subsets of myositis, thyroid eye disease (TED), and Sjögren’s disease, with topline results from (a) ALKIVIA expected in second half of 2026, (b) two registrational UplightTED studies expected in second half of 2026 and (c) registrational UNITY study expected in 2027, (5) proof-of-studies ongoing in LN, SSc and AMR, with topline results expected in fourth quarter of 2025, second half of 2026 and 2027, respectively, (6) its plans to develop empasiprubart, including (a) registrational EMPASSION study in MMN, with topline results expected in second half of 2026, (b) registrational EMVIGORATE study in CIDP, expected to start in first half of 2025 and (c) topline results for DGM and DM expected in second half of 2025 and first half of 2026, respectively, (7) its plans to develop ARGX-119, including: (a) the registrational study to start in CMS in 2026; (b) Phase 2a proof-of-concept study in ALS, with topline results expected in first half of 2026; and (c) SMA proof-of-concept study; and (8) its plans to advance four new pipeline molecules and generate sustainable value through continue investment in its IIP, through (a) ongoing studies for ARGX-213 and ARGX-121, with results expected in first half of 2026, (b) ARGX-109, with Phase 1 results expected in second half of 2025, and (c) a fourth pipeline candidate, a first-in-class sweeping antibody for which the target has not yet been disclosed; and its goal of translating immunology breakthroughs into a world-class portfolio of novel antibody-based medicines. By their nature, forward-looking statements involve risks and uncertainties and readers are cautioned that any such forward-looking statements are not guarantees of future performance. argenx’s actual results may differ materially from those predicted by the forward-looking statements as a result of various important factors, including but not limited to, the results of argenx’s clinical trials; expectations regarding the inherent uncertainties associated with the development of novel drug therapies; preclinical and clinical trial and product development activities and regulatory approval requirements; the acceptance of its products and product candidates by its patients as safe, effective and cost-effective; the impact of governmental laws and regulations, including tariffs, export controls, sanctions and other regulations on its business; its reliance on third-party suppliers, service providers and manufacturers; inflation and deflation and the corresponding fluctuations in interest rates; and regional instability and conflicts. A further list and description of these risks, uncertainties and other risks can be found in argenx’s U.S. Securities and Exchange Commission (SEC) filings and reports, including in argenx’s most recent annual report on Form 20-F filed with the SEC as well as subsequent filings and reports filed by argenx with the SEC. Given these uncertainties, the reader is advised not to place any undue reliance on such forward-looking statements. These forward-looking statements speak only as of the date of publication of this document. argenx undertakes no obligation to publicly update or revise the information in this press release, including any forward-looking statements, except as may be required by law.
Reaching Patients Through Immunology Innovation 2 Q 2 0 2 5 F I N A N C I A L R E S U L T S C A L L J U L Y 3 1 , 2 0 2 5
Forward Looking Statements This presentation has been prepared by argenx se (“argenx” or the “company”) for informational purposes only and not for any other purpose. Nothing contained in this presentation is, or should be construed as, a recommendation, promise or representation by the presenter or the company or any director, employee, agent, or adviser of the company. This presentation does not purport to be all- inclusive or to contain all of the information you may desire. Certain information contained in this presentation relates to or is based on studies, publications, surveys and other data obtained from third- party sources and the company’s own internal estimates and research. While argenx believes these third-party studies, publications, surveys and other data to be reliable as of the date of this presentation, it has not independently verified, and makes no representation as to the adequacy, fairness, accuracy or completeness of, any information obtained from third-party sources. In addition, no independent source has evaluated the reasonableness or accuracy of argenx’s internal estimates or research, and no reliance should be made on any information or statements made in this presentation relating to or based on such internal estimates and research. Certain statements contained in this presentation, other than present and historical facts and conditions independently verifiable at July 31, 2025, may constitute forward-looking statements. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “advance,” “growth,” “is,” and “potential” and include statements argenx makes concerning its strategic priorities, including reaching more patients with VYVGART, including through the earlier line use of the PFS; its goal to drive growth of its IIP, including by expanding its technical capabilities through collaboration with other companies; its innovation agenda and growth strategy, including its Vision 2030 to reach 50,000 patients globally across 10 labeled indications and to advance five new molecules in Phase 3 across efgartigimod, empasiprubart and ARGX-119; the advancement and outcome of ongoing registrational studies across efgartigimod and empasiprubart and the new registrational study expected to start for ARGX-119; its goal of delivering innovation for patients; and the potential expansion of its MG opportunity, including through growth of its market share for this biologic and its expectation that the total addressable market for MG will expand to up to 60,000 patients in 2030. By their nature, forward-looking statements involve risks and uncertainties and readers are cautioned that any such forward-looking statements are not guarantees of future performance. argenx’s actual results may differ materially from those predicted by the forward-looking statements as a result of various important factors, including the results of argenx's clinical trials; expectations regarding the inherent uncertainties associated with the development of novel drug therapies; preclinical and clinical trial and product development activities and regulatory approval requirements in products and product candidates; the acceptance of argenx's products and product candidates by patients as safe, effective and cost-effective; the impact of governmental laws and regulations on our business, including tariffs, export controls, sanctions and other regulations on its business; its reliance of third-party suppliers, service providers and manufacturers; inflation and deflation and the corresponding fluctuations in interest rates; and regional instability and conflicts. A further list and description of these risks, uncertainties and other risks can be found in argenx’s U.S. Securities and Exchange Commission (the “SEC”) filings and reports, including in argenx’s most recent annual report on Form 20-F filed with the SEC as well as subsequent filings and reports filed by argenx with the SEC. Given these uncertainties, the reader is advised not to place any undue reliance on such forward-looking statements. These forward-looking statements speak only as of the date of publication of this document. argenx undertakes no obligation to publicly update or revise the information in this presentation, including any forward-looking statements, except as may be required by law. This presentation contains trademarks, trade names and service marks of other companies, which are the property of their respective owners. 2
New Molecules in Phase 3 Patients on TreatmentK Advancing Vision 2030 with Strong 2Q Financial Results 3 Labeled Indications *Globally ex-China as of June 30, 2025 3 New Molecules Entered Phase 1 3 Phase 3 Assets ~15K Patients Treated Globally* V IS ION 2030
Advancing a Late-Stage Pipeline with Transformative Potential Efgartigimod Empasiprubart ARGX-119 indications Potent C2 sweeping antibody MuSK agonist antibody First and only Fc Fragment Ongoing registrational studies Ongoing registrational studies indications indications Registrational study to start 4
Pipeline Growth Driven By Immunology Innovation Program Internal Value Creation Efgartigimod ARGX-119 Empasiprubart ARGX-109 ARGX-213 ARGX-121 ARGX-XXX Expanding Technical Capabilities Through Collaboration 5 Leading Translational Biology Labs DISEASE INSIGHT TECHNOLOGY KNOW-HOW ANTIBODY ENGINEERING CLINICAL DEVELOPMENT External Value Creation OncoVerity (Cusatuzumab) LEO (ARGX-112) AbbVie (ARGX-115) ARGX-118 Agomab (ARGX-114) Dualyx
Product Net Sales: Q2 of $949 million 6 21 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 75 131 173 218 269 329 374 398 478 573 737 790 949 China RoW Japan US 7 7 2 14 11 12 20 12 1 6 11 12 26 24 31 37 45 48 57 83 2 6 8 10 13 15 17 18 20 24 27 32 52 21 73 124 159 197 244 280 326 347 407 492 649 681 802 $’m Q2 2025: growth of 19% vs Q1 2025 *All growth is operational and excludes the impact of FX (in millions of $) Q2 2025 Q1 2025 QoQ % Growth * US 802 681 18% Japan 52 32 55% RoW 83 57 37% China supply 12 20 (39%) Total 949 790 19% Total excluding China 937 770 21% (in millions of $) Q2 2025 Q2 2024 Growth % * US 802 407 97% Japan 52 20 138% RoW 83 37 119% China supply 12 14 (10%) Total 949 478 97% Q2 2025: growth of 97% vs Q2 2024Product Net Sales by Quarter *Net sales growth % excludes the impact of fx.
Q2 2025 Financial Summary Net cash flow from operating activities * Alternative Performance Measure (APM). Refer to the APM Statement. $2.1 billion in cash and cash equivalents and $1.8 billion in current financial assets Ended Q2 with cash* of $3.9B Cash* Growth in Product Net Sales, Operating Profit and Cash Flows 7 Summary Profit or Loss For the six months ended June 30, 2025 $0.4B (in million of $) 2025 2024 2025 2024 Product net sales 949 478 1,739 876 Other operating income 19 12 36 26 Total operating income 967 489 1,775 902 Cost of sales (111) (52) (192) (96) Research and development expenses (328) (225) (637) (450) Selling, general and administrative expenses (325) (256) (601) (492) Loss from investment in joint venture (3) (2) (5) (3) Total operating expenses (766) (535) (1,435) (1,041) Operating profit/(loss) 201 (45) 340 (139) Financial income 38 39 76 78 Financial expense (1) (1) (2) (1) Exchange gains/(losses) 49 (8) 76 (27) Profit/(Loss) for the period before taxes 287 (15) 489 (89) Income tax (expense)/benefit (42) 44 (74) 57 Profit/(Loss) for the period 245 29 415 (33) Comparative figures have been presented to be consistent with the one adopted in the current period with respect to the combination of collaboration revenue and other operating income. June 30 June 30 Three months ended Six months ended
Delivering Innovation for Patients I don’t have to plan travel around my hospital schedule, or sacrifice my treatment timing - or my peace of mind – for the needed time away. Lynn, CIDP Patient For the first time in 8 years 8
Strong Launch Fundamentals Driving Expansion US Reaching Patients Earlier M G P A T I E N T G R O W T H Consistent QoQ New Patient Starts Continued Launch Momentum C I D P P A T I E N T G R O W T H Reaching New Prescribers 1K PFS Prescribers 15% new to VYVGART P R E S C R I B E R E X P A N S I O N PFS Driving Growth B R O A D E S T O F F E R I N G #1 Branded Biologic for gMG 9 Increased Patient Demand
Growing VYVGART Leadership in MG U.S. Addressable MG Patients Addressable Market at Launch 17K +11K +7K +25K 60K Seronegative Ocular Growth in Biologics Share of Market Path to 60K Addressable Patients 10Source: argenx market research Total Addressable Market in 2030 PFS Driving Expansion
Delivering Impact for CIDP Patients 2,500CIDP Patients treated globally Scott, CIDP Patient 11
Innovation has no meaning unless it provides real benefit to patients 12
Alternative Performance Measure In this document, argenx's financial results are provided in accordance with IFRS® Accounting Standards (IFRS) and using a non-IFRS financial measure, cash, cash equivalents and current financial assets. This value should not be viewed as a substitute for the company’s IFRS financial information and is provided as a complement to financial information provided in accordance with IFRS and should be read in conjunction with the most directly comparable IFRS financial information as set out below. Management believes this non-IFRS financial measure is useful for securities analysts, investors and other interested parties to gain a more complete understanding of the company's available financial liquidities given that the company’s current financial assets are held in term accounts with an initial maturity of more than three months but less than twelve that may be used to meet its financial obligations. Such non- IFRS financial information, as calculated herein, may not be comparable to similarly named measures used by other companies and should not be considered comparable to IFRS financial measures. Non-IFRS financial measures have limitations as an analytical tool and should not be considered in isolation from, or as a substitute for, an analysis of the company's financial results as reported under IFRS. A reconciliation of the IFRS financial information to non-IFRS financial information is included below: Cash, cash equivalents and current financial assets totaled $3.9 billion as of June 30, 2025, compared to $3.4 billion as of December 31, 2024. The balance as of the period ended June 30, 2025 consists of $2.1 billion in cash and cash equivalents and $1.8 billion in current financial assets. 13