argenx - Public Comps and Valuation Multiples

argenx Overview

About argenx

Argenx is a Dutch biopharmaceutical company focused on developing antibody-based therapies for rare autoimmune diseases. The company’s lead product, Vyvgart (efgartigimod), was approved by the FDA in December 2021 for the treatment of generalized myasthenia gravis (gMG). In 2022, Argenx also received FDA approval for Vyvgart Hytrulo, a subcutaneous formulation of Vyvgart, offering a more convenient option compared with Vyvgart’s intravenous administration. In 2024, the FDA approved Vyvgart Hytrulo for Chronic Inflammatory Demyelinating Polyneuropathy, a rare immune-mediated neuromuscular disorder of the peripheral nervous system. Argenx is focused on innovation and developing its pipeline for treatments such as primary immune thrombocytopenia, thyroid eye disease, and Sjogren's Disease.

Founded

2008

HQ

Employees

2.4K+

Website

argenx.com

Sectors

Drug Development & Therapeutics
BioTech

Financials

LTM Revenue $3.7B

LTM EBITDA $823M

EV

$46.1B

Valuation Multiples

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argenx Financials

As of September 2025, argenx reported last 12-month revenue of $3.7B and EBITDA of $823M.

In the same period, argenx generated $3.3B in LTM gross profit and $971M in net income.

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argenx P&L

In the most recent fiscal year, argenx reported revenue of $2.5B and EBITDA of $122M.

argenx expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$3.7B	XXX	$2.5B	XXX	XXX	XXX
Gross Profit	$3.3B	XXX	$2.3B	XXX	XXX	XXX
Gross Margin	89%	XXX	90%	XXX	XXX	XXX
EBITDA	$823M	XXX	$122M	XXX	XXX	XXX
EBITDA Margin	22%	XXX	5%	XXX	XXX	XXX
EBIT	$782M	XXX	-$20.6M	XXX	XXX	XXX
EBIT Margin	21%	XXX	-1%	XXX	XXX	XXX
Net Profit	$971M	XXX	$963M	XXX	XXX	XXX
Net Margin	26%	XXX	38%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for argenx including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $3.7B. EBITDA for the last twelve months was $823M. In the most recent fiscal year, argenx achieved $2.5B in revenue and $122M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$3.7B	Analyst estimates available to subscribers	$2.5B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$3.3B	Analyst estimates available to subscribers	$2.3B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	89.4% gross margin	Analyst estimates available to subscribers	89.6% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$823M	Analyst estimates available to subscribers	$122M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	22.4% EBITDA margin	Analyst estimates available to subscribers	4.8% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$782M	Analyst estimates available to subscribers	-$20.6M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	21.3% EBIT margin	Analyst estimates available to subscribers	-0.8% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$971M	Analyst estimates available to subscribers	$963M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	26.4% net profit margin	Analyst estimates available to subscribers	38.0% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for argenx

This financial data table provides comprehensive performance metrics for argenx, a company based in Belgium. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

argenx generated $3.7B in revenue over the last twelve months.
The company achieved $823M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $3.3B.
Net income over the last twelve months reached $971M.

Fiscal Year Performance

In the most recent fiscal year, argenx reported $2.5B in total revenue.
Fiscal year EBITDA was $122M.
The company maintained a gross profit margin of 89.6% in the most recent fiscal year.
EBITDA margin for the fiscal year was 4.8%.
Net profit margin reached 38.0% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for argenx. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

argenx Stock Performance

argenx has current market cap of EUR 43.2B (or $50.0B), and EV of EUR 39.8B (or $46.1B).

Market Cap Evolution

argenx Stock Data

As of October 17, 2025, argenx's stock price is EUR 702 (or $811).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$46.1B	$50.0B	XXX	XXX	XXX	XXX	$15.16

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argenx Valuation Multiples

argenx's trades at 18.2x EV/Revenue multiple, and 378.9x EV/EBITDA.

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argenx Financial Valuation Multiples

As of October 17, 2025, argenx has market cap of $50.0B and EV of $46.1B.

Equity research analysts estimate argenx's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

argenx has a P/E ratio of 51.5x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$50.0B	XXX	$50.0B	XXX	XXX	XXX
EV (current)	$46.1B	XXX	$46.1B	XXX	XXX	XXX
EV/Revenue	12.6x	XXX	18.2x	XXX	XXX	XXX
EV/EBITDA	56.0x	XXX	378.9x	XXX	XXX	XXX
EV/EBIT	58.9x	XXX	-2233.1x	XXX	XXX	XXX
EV/Gross Profit	14.0x	XXX	n/a	XXX	XXX	XXX
P/E	51.5x	XXX	51.9x	XXX	XXX	XXX
EV/FCF	146.6x	XXX	-263.8x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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argenx Margins & Growth Rates

argenx's last 12 month revenue growth is 37%

argenx's revenue per employee in the last FY averaged $1.1M, while opex per employee averaged $1.0M for the same period.

argenx's rule of 40 is 22% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

argenx's rule of X is 116% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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argenx Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	37%	XXX	45%	XXX	XXX	XXX
EBITDA Margin	22%	XXX	5%	XXX	XXX	XXX
EBITDA Growth	100%	XXX	n/a	XXX	XXX	XXX
Rule of 40	22%	XXX	42%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	116%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$1.1M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$1.0M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	14%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	45%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	90%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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