# EDGAR Filing Document

**Accession Number:** 0001697862
**File Stem:** 0001697862-26-000032
**Filing Date:** 2026-3
**Character Count:** 1241308
**Document Hash:** 08b8891550f2adf7f5d96676fc59c680
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001697862-26-000032.hdr.sgml**: 20260319

**ACCESSION NUMBER**: 0001697862-26-000032

**CONFORMED SUBMISSION TYPE**: 20-F

**PUBLIC DOCUMENT COUNT**: 159

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260319

**DATE AS OF CHANGE**: 20260319

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ARGENX SE
- **CENTRAL INDEX KEY:** 0001697862
- **STANDARD INDUSTRIAL CLASSIFICATION:** BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 000000000
- **STATE OF INCORPORATION:** P7
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 20-F
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38097
- **FILM NUMBER:** 26772267

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** INDUSTRIEPARK ZWIJNAARDE 7
- **STREET 2:** BUILDING C B-9052
- **CITY:** ZWIJNAARDE
- **NON US STATE TERRITORY:** GHENT
- **PROVINCE COUNTRY:** C9
- **BUSINESS PHONE:** 32 (9) 310 34 00

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** INDUSTRIEPARK ZWIJNAARDE 7
- **STREET 2:** BUILDING C B-9052
- **CITY:** ZWIJNAARDE
- **NON US STATE TERRITORY:** GHENT
- **PROVINCE COUNTRY:** C9

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** argenx N.V
- **DATE OF NAME CHANGE:** 20170210

?xml version='1.0' encoding='ASCII'? argx-20251231

[**Table of Contents**](#i3fd453e8886f47e8a3bce0ff8daf37b5_4)

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| **UNITED STATES**<br>**SECURITIES AND EXCHANGE COMMISSION**<br>**WASHINGTON, D.C. 20549**<br>**FORM 20-F** | **UNITED STATES**<br>**SECURITIES AND EXCHANGE COMMISSION**<br>**WASHINGTON, D.C. 20549**<br>**FORM 20-F** | **UNITED STATES**<br>**SECURITIES AND EXCHANGE COMMISSION**<br>**WASHINGTON, D.C. 20549**<br>**FORM 20-F** | **UNITED STATES**<br>**SECURITIES AND EXCHANGE COMMISSION**<br>**WASHINGTON, D.C. 20549**<br>**FORM 20-F** | **UNITED STATES**<br>**SECURITIES AND EXCHANGE COMMISSION**<br>**WASHINGTON, D.C. 20549**<br>**FORM 20-F** | **UNITED STATES**<br>**SECURITIES AND EXCHANGE COMMISSION**<br>**WASHINGTON, D.C. 20549**<br>**FORM 20-F** | **UNITED STATES**<br>**SECURITIES AND EXCHANGE COMMISSION**<br>**WASHINGTON, D.C. 20549**<br>**FORM 20-F** | **UNITED STATES**<br>**SECURITIES AND EXCHANGE COMMISSION**<br>**WASHINGTON, D.C. 20549**<br>**FORM 20-F** | **UNITED STATES**<br>**SECURITIES AND EXCHANGE COMMISSION**<br>**WASHINGTON, D.C. 20549**<br>**FORM 20-F** |
| **(Mark One)**<br>**☐REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES** <br>**EXCHANGE ACT OF 1934**<br>**OR**<br>**☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE** <br>**ACT OF 1934**<br>**For the fiscal year ended December 31, 2025**<br>**OR**<br>**☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES** <br>**EXCHANGE ACT OF 1934**<br>**For the transition period from __________ to __________**<br>**OR**<br>**☐SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES** <br>**EXCHANGE ACT OF 1934**<br>**Date of event requiring this shell company report __________**<br>**Commission file number 001-38097** | **(Mark One)**<br>**☐REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES** <br>**EXCHANGE ACT OF 1934**<br>**OR**<br>**☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE** <br>**ACT OF 1934**<br>**For the fiscal year ended December 31, 2025**<br>**OR**<br>**☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES** <br>**EXCHANGE ACT OF 1934**<br>**For the transition period from __________ to __________**<br>**OR**<br>**☐SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES** <br>**EXCHANGE ACT OF 1934**<br>**Date of event requiring this shell company report __________**<br>**Commission file number 001-38097** | **(Mark One)**<br>**☐REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES** <br>**EXCHANGE ACT OF 1934**<br>**OR**<br>**☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE** <br>**ACT OF 1934**<br>**For the fiscal year ended December 31, 2025**<br>**OR**<br>**☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES** <br>**EXCHANGE ACT OF 1934**<br>**For the transition period from __________ to __________**<br>**OR**<br>**☐SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES** <br>**EXCHANGE ACT OF 1934**<br>**Date of event requiring this shell company report __________**<br>**Commission file number 001-38097** | **(Mark One)**<br>**☐REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES** <br>**EXCHANGE ACT OF 1934**<br>**OR**<br>**☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE** <br>**ACT OF 1934**<br>**For the fiscal year ended December 31, 2025**<br>**OR**<br>**☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES** <br>**EXCHANGE ACT OF 1934**<br>**For the transition period from __________ to __________**<br>**OR**<br>**☐SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES** <br>**EXCHANGE ACT OF 1934**<br>**Date of event requiring this shell company report __________**<br>**Commission file number 001-38097** | **(Mark One)**<br>**☐REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES** <br>**EXCHANGE ACT OF 1934**<br>**OR**<br>**☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE** <br>**ACT OF 1934**<br>**For the fiscal year ended December 31, 2025**<br>**OR**<br>**☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES** <br>**EXCHANGE ACT OF 1934**<br>**For the transition period from __________ to __________**<br>**OR**<br>**☐SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES** <br>**EXCHANGE ACT OF 1934**<br>**Date of event requiring this shell company report __________**<br>**Commission file number 001-38097** | **(Mark One)**<br>**☐REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES** <br>**EXCHANGE ACT OF 1934**<br>**OR**<br>**☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE** <br>**ACT OF 1934**<br>**For the fiscal year ended December 31, 2025**<br>**OR**<br>**☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES** <br>**EXCHANGE ACT OF 1934**<br>**For the transition period from __________ to __________**<br>**OR**<br>**☐SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES** <br>**EXCHANGE ACT OF 1934**<br>**Date of event requiring this shell company report __________**<br>**Commission file number 001-38097** | **(Mark One)**<br>**☐REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES** <br>**EXCHANGE ACT OF 1934**<br>**OR**<br>**☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE** <br>**ACT OF 1934**<br>**For the fiscal year ended December 31, 2025**<br>**OR**<br>**☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES** <br>**EXCHANGE ACT OF 1934**<br>**For the transition period from __________ to __________**<br>**OR**<br>**☐SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES** <br>**EXCHANGE ACT OF 1934**<br>**Date of event requiring this shell company report __________**<br>**Commission file number 001-38097** | **(Mark One)**<br>**☐REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES** <br>**EXCHANGE ACT OF 1934**<br>**OR**<br>**☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE** <br>**ACT OF 1934**<br>**For the fiscal year ended December 31, 2025**<br>**OR**<br>**☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES** <br>**EXCHANGE ACT OF 1934**<br>**For the transition period from __________ to __________**<br>**OR**<br>**☐SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES** <br>**EXCHANGE ACT OF 1934**<br>**Date of event requiring this shell company report __________**<br>**Commission file number 001-38097** | **(Mark One)**<br>**☐REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES** <br>**EXCHANGE ACT OF 1934**<br>**OR**<br>**☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE** <br>**ACT OF 1934**<br>**For the fiscal year ended December 31, 2025**<br>**OR**<br>**☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES** <br>**EXCHANGE ACT OF 1934**<br>**For the transition period from __________ to __________**<br>**OR**<br>**☐SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES** <br>**EXCHANGE ACT OF 1934**<br>**Date of event requiring this shell company report __________**<br>**Commission file number 001-38097** |
| **ARGENX SE** | **ARGENX SE** | **ARGENX SE** | **ARGENX SE** | **ARGENX SE** | **ARGENX SE** | **ARGENX SE** | **ARGENX SE** | **ARGENX SE** |
| (Exact name of registrant as specified in its charter and translation of Registrant's name into English)<br>The Netherlands  | (Exact name of registrant as specified in its charter and translation of Registrant's name into English)<br>The Netherlands  | (Exact name of registrant as specified in its charter and translation of Registrant's name into English)<br>The Netherlands  | (Exact name of registrant as specified in its charter and translation of Registrant's name into English)<br>The Netherlands  | (Exact name of registrant as specified in its charter and translation of Registrant's name into English)<br>The Netherlands  | (Exact name of registrant as specified in its charter and translation of Registrant's name into English)<br>The Netherlands  | (Exact name of registrant as specified in its charter and translation of Registrant's name into English)<br>The Netherlands  | (Exact name of registrant as specified in its charter and translation of Registrant's name into English)<br>The Netherlands  | (Exact name of registrant as specified in its charter and translation of Registrant's name into English)<br>The Netherlands  |
| **(**Jurisdiction of incorporation or organization)<br>**Laarderhoogtweg 25**<br>**1101 EB, Amsterdam, The Netherlands** | **(**Jurisdiction of incorporation or organization)<br>**Laarderhoogtweg 25**<br>**1101 EB, Amsterdam, The Netherlands** | **(**Jurisdiction of incorporation or organization)<br>**Laarderhoogtweg 25**<br>**1101 EB, Amsterdam, The Netherlands** | **(**Jurisdiction of incorporation or organization)<br>**Laarderhoogtweg 25**<br>**1101 EB, Amsterdam, The Netherlands** | **(**Jurisdiction of incorporation or organization)<br>**Laarderhoogtweg 25**<br>**1101 EB, Amsterdam, The Netherlands** | **(**Jurisdiction of incorporation or organization)<br>**Laarderhoogtweg 25**<br>**1101 EB, Amsterdam, The Netherlands** | **(**Jurisdiction of incorporation or organization)<br>**Laarderhoogtweg 25**<br>**1101 EB, Amsterdam, The Netherlands** | **(**Jurisdiction of incorporation or organization)<br>**Laarderhoogtweg 25**<br>**1101 EB, Amsterdam, The Netherlands** | **(**Jurisdiction of incorporation or organization)<br>**Laarderhoogtweg 25**<br>**1101 EB, Amsterdam, The Netherlands** |
| (Address of principal executive offices)<br>**Tim Van Hauwermeiren**<br>**argenx BV**<br>**Industriepark Zwijnaarde 7,**<br>**Building C**<br>**9052 Zwijnaarde(Ghent)**<br>**Belgium**<br>**+31(0)10 70 38 441**<br>**TVanHauwermeiren@argenx.com** | (Address of principal executive offices)<br>**Tim Van Hauwermeiren**<br>**argenx BV**<br>**Industriepark Zwijnaarde 7,**<br>**Building C**<br>**9052 Zwijnaarde(Ghent)**<br>**Belgium**<br>**+31(0)10 70 38 441**<br>**TVanHauwermeiren@argenx.com** | (Address of principal executive offices)<br>**Tim Van Hauwermeiren**<br>**argenx BV**<br>**Industriepark Zwijnaarde 7,**<br>**Building C**<br>**9052 Zwijnaarde(Ghent)**<br>**Belgium**<br>**+31(0)10 70 38 441**<br>**TVanHauwermeiren@argenx.com** | (Address of principal executive offices)<br>**Tim Van Hauwermeiren**<br>**argenx BV**<br>**Industriepark Zwijnaarde 7,**<br>**Building C**<br>**9052 Zwijnaarde(Ghent)**<br>**Belgium**<br>**+31(0)10 70 38 441**<br>**TVanHauwermeiren@argenx.com** | (Address of principal executive offices)<br>**Tim Van Hauwermeiren**<br>**argenx BV**<br>**Industriepark Zwijnaarde 7,**<br>**Building C**<br>**9052 Zwijnaarde(Ghent)**<br>**Belgium**<br>**+31(0)10 70 38 441**<br>**TVanHauwermeiren@argenx.com** | (Address of principal executive offices)<br>**Tim Van Hauwermeiren**<br>**argenx BV**<br>**Industriepark Zwijnaarde 7,**<br>**Building C**<br>**9052 Zwijnaarde(Ghent)**<br>**Belgium**<br>**+31(0)10 70 38 441**<br>**TVanHauwermeiren@argenx.com** | (Address of principal executive offices)<br>**Tim Van Hauwermeiren**<br>**argenx BV**<br>**Industriepark Zwijnaarde 7,**<br>**Building C**<br>**9052 Zwijnaarde(Ghent)**<br>**Belgium**<br>**+31(0)10 70 38 441**<br>**TVanHauwermeiren@argenx.com** | (Address of principal executive offices)<br>**Tim Van Hauwermeiren**<br>**argenx BV**<br>**Industriepark Zwijnaarde 7,**<br>**Building C**<br>**9052 Zwijnaarde(Ghent)**<br>**Belgium**<br>**+31(0)10 70 38 441**<br>**TVanHauwermeiren@argenx.com** | (Address of principal executive offices)<br>**Tim Van Hauwermeiren**<br>**argenx BV**<br>**Industriepark Zwijnaarde 7,**<br>**Building C**<br>**9052 Zwijnaarde(Ghent)**<br>**Belgium**<br>**+31(0)10 70 38 441**<br>**TVanHauwermeiren@argenx.com** |
| (Name, telephone, e-mail and/or facsimile number and address of company contact person)<br>Securities registered or to be registered pursuant to Section 12(b) of the Act: | (Name, telephone, e-mail and/or facsimile number and address of company contact person)<br>Securities registered or to be registered pursuant to Section 12(b) of the Act: | (Name, telephone, e-mail and/or facsimile number and address of company contact person)<br>Securities registered or to be registered pursuant to Section 12(b) of the Act: | (Name, telephone, e-mail and/or facsimile number and address of company contact person)<br>Securities registered or to be registered pursuant to Section 12(b) of the Act: | (Name, telephone, e-mail and/or facsimile number and address of company contact person)<br>Securities registered or to be registered pursuant to Section 12(b) of the Act: | (Name, telephone, e-mail and/or facsimile number and address of company contact person)<br>Securities registered or to be registered pursuant to Section 12(b) of the Act: | (Name, telephone, e-mail and/or facsimile number and address of company contact person)<br>Securities registered or to be registered pursuant to Section 12(b) of the Act: | (Name, telephone, e-mail and/or facsimile number and address of company contact person)<br>Securities registered or to be registered pursuant to Section 12(b) of the Act: | (Name, telephone, e-mail and/or facsimile number and address of company contact person)<br>Securities registered or to be registered pursuant to Section 12(b) of the Act: |
| | Title of each class: | Title of each class: | Title of each class: | Trading | Trading | Name of each exchange on which registered: | Name of each exchange on which registered: | Name of each exchange on which registered: |
| | Title of each class: | Title of each class: | Title of each class: | Symbol: | Symbol: | | | |
| | American Depositary Shares, each representing one ordinary share with a nominal value of €0.10 per share | American Depositary Shares, each representing one ordinary share with a nominal value of €0.10 per share | American Depositary Shares, each representing one ordinary share with a nominal value of €0.10 per share | ARGX | ARGX | Nasdaq Global Select Market | Nasdaq Global Select Market | Nasdaq Global Select Market |
| | Ordinary shares with a nominal value of €0.10 per share\* | Ordinary shares with a nominal value of €0.10 per share\* | Ordinary shares with a nominal value of €0.10 per share\* | | | Nasdaq Global Select Market\* | Nasdaq Global Select Market\* | Nasdaq Global Select Market\* |
| \* Not for trading, but only in connection with the registration of the American Depositary Shares.<br>**Securities registered or to be registered pursuant to Section 12(g) of the Act: None.**<br>**Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None.**<br>Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report:<br>**As of December 31, 2025**<br>**61,883,306 ordinary shares were outstanding, including ordinary shares represented by American Depositary Shares.**<br>Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act<br>Yes ☒ No ☐<br>If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.<br>Yes ☐ No ☒<br>Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such <br>shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.<br>Yes ☒ No ☐<br>Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) <br>during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).<br>Yes ☒ No ☐<br>Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See the definitions of "large accelerated filer," <br>"accelerated filer," and "emerging growth company" in Rule 12b-2 of the Exchange Act. | \* Not for trading, but only in connection with the registration of the American Depositary Shares.<br>**Securities registered or to be registered pursuant to Section 12(g) of the Act: None.**<br>**Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None.**<br>Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report:<br>**As of December 31, 2025**<br>**61,883,306 ordinary shares were outstanding, including ordinary shares represented by American Depositary Shares.**<br>Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act<br>Yes ☒ No ☐<br>If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.<br>Yes ☐ No ☒<br>Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such <br>shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.<br>Yes ☒ No ☐<br>Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) <br>during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).<br>Yes ☒ No ☐<br>Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See the definitions of "large accelerated filer," <br>"accelerated filer," and "emerging growth company" in Rule 12b-2 of the Exchange Act. | \* Not for trading, but only in connection with the registration of the American Depositary Shares.<br>**Securities registered or to be registered pursuant to Section 12(g) of the Act: None.**<br>**Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None.**<br>Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report:<br>**As of December 31, 2025**<br>**61,883,306 ordinary shares were outstanding, including ordinary shares represented by American Depositary Shares.**<br>Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act<br>Yes ☒ No ☐<br>If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.<br>Yes ☐ No ☒<br>Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such <br>shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.<br>Yes ☒ No ☐<br>Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) <br>during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).<br>Yes ☒ No ☐<br>Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See the definitions of "large accelerated filer," <br>"accelerated filer," and "emerging growth company" in Rule 12b-2 of the Exchange Act. | \* Not for trading, but only in connection with the registration of the American Depositary Shares.<br>**Securities registered or to be registered pursuant to Section 12(g) of the Act: None.**<br>**Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None.**<br>Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report:<br>**As of December 31, 2025**<br>**61,883,306 ordinary shares were outstanding, including ordinary shares represented by American Depositary Shares.**<br>Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act<br>Yes ☒ No ☐<br>If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.<br>Yes ☐ No ☒<br>Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such <br>shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.<br>Yes ☒ No ☐<br>Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) <br>during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).<br>Yes ☒ No ☐<br>Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See the definitions of "large accelerated filer," <br>"accelerated filer," and "emerging growth company" in Rule 12b-2 of the Exchange Act. | \* Not for trading, but only in connection with the registration of the American Depositary Shares.<br>**Securities registered or to be registered pursuant to Section 12(g) of the Act: None.**<br>**Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None.**<br>Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report:<br>**As of December 31, 2025**<br>**61,883,306 ordinary shares were outstanding, including ordinary shares represented by American Depositary Shares.**<br>Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act<br>Yes ☒ No ☐<br>If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.<br>Yes ☐ No ☒<br>Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such <br>shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.<br>Yes ☒ No ☐<br>Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) <br>during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).<br>Yes ☒ No ☐<br>Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See the definitions of "large accelerated filer," <br>"accelerated filer," and "emerging growth company" in Rule 12b-2 of the Exchange Act. | \* Not for trading, but only in connection with the registration of the American Depositary Shares.<br>**Securities registered or to be registered pursuant to Section 12(g) of the Act: None.**<br>**Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None.**<br>Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report:<br>**As of December 31, 2025**<br>**61,883,306 ordinary shares were outstanding, including ordinary shares represented by American Depositary Shares.**<br>Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act<br>Yes ☒ No ☐<br>If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.<br>Yes ☐ No ☒<br>Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such <br>shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.<br>Yes ☒ No ☐<br>Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) <br>during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).<br>Yes ☒ No ☐<br>Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See the definitions of "large accelerated filer," <br>"accelerated filer," and "emerging growth company" in Rule 12b-2 of the Exchange Act. | \* Not for trading, but only in connection with the registration of the American Depositary Shares.<br>**Securities registered or to be registered pursuant to Section 12(g) of the Act: None.**<br>**Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None.**<br>Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report:<br>**As of December 31, 2025**<br>**61,883,306 ordinary shares were outstanding, including ordinary shares represented by American Depositary Shares.**<br>Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act<br>Yes ☒ No ☐<br>If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.<br>Yes ☐ No ☒<br>Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such <br>shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.<br>Yes ☒ No ☐<br>Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) <br>during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).<br>Yes ☒ No ☐<br>Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See the definitions of "large accelerated filer," <br>"accelerated filer," and "emerging growth company" in Rule 12b-2 of the Exchange Act. | \* Not for trading, but only in connection with the registration of the American Depositary Shares.<br>**Securities registered or to be registered pursuant to Section 12(g) of the Act: None.**<br>**Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None.**<br>Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report:<br>**As of December 31, 2025**<br>**61,883,306 ordinary shares were outstanding, including ordinary shares represented by American Depositary Shares.**<br>Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act<br>Yes ☒ No ☐<br>If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.<br>Yes ☐ No ☒<br>Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such <br>shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.<br>Yes ☒ No ☐<br>Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) <br>during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).<br>Yes ☒ No ☐<br>Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See the definitions of "large accelerated filer," <br>"accelerated filer," and "emerging growth company" in Rule 12b-2 of the Exchange Act. | \* Not for trading, but only in connection with the registration of the American Depositary Shares.<br>**Securities registered or to be registered pursuant to Section 12(g) of the Act: None.**<br>**Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None.**<br>Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report:<br>**As of December 31, 2025**<br>**61,883,306 ordinary shares were outstanding, including ordinary shares represented by American Depositary Shares.**<br>Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act<br>Yes ☒ No ☐<br>If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.<br>Yes ☐ No ☒<br>Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such <br>shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.<br>Yes ☒ No ☐<br>Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) <br>during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).<br>Yes ☒ No ☐<br>Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See the definitions of "large accelerated filer," <br>"accelerated filer," and "emerging growth company" in Rule 12b-2 of the Exchange Act. |
| Large accelerated filer ☒ | Large accelerated filer ☒ | Accelerated filer ☐ | Accelerated filer ☐ | Accelerated filer ☐ | Non-accelerated filer ☐ | Non-accelerated filer ☐ | Non-accelerated filer ☐ | Emerging growth company ☐ |
| If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for <br>complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ☐<br>† The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.<br>Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section <br>404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒<br>If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to <br>previously issued financial statements. ☐<br>Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers <br>during the relevant recovery period pursuant to §240.10D-1(b). ☐<br>Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing: | If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for <br>complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ☐<br>† The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.<br>Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section <br>404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒<br>If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to <br>previously issued financial statements. ☐<br>Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers <br>during the relevant recovery period pursuant to §240.10D-1(b). ☐<br>Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing: | If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for <br>complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ☐<br>† The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.<br>Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section <br>404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒<br>If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to <br>previously issued financial statements. ☐<br>Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers <br>during the relevant recovery period pursuant to §240.10D-1(b). ☐<br>Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing: | If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for <br>complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ☐<br>† The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.<br>Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section <br>404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒<br>If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to <br>previously issued financial statements. ☐<br>Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers <br>during the relevant recovery period pursuant to §240.10D-1(b). ☐<br>Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing: | If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for <br>complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ☐<br>† The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.<br>Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section <br>404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒<br>If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to <br>previously issued financial statements. ☐<br>Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers <br>during the relevant recovery period pursuant to §240.10D-1(b). ☐<br>Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing: | If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for <br>complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ☐<br>† The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.<br>Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section <br>404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒<br>If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to <br>previously issued financial statements. ☐<br>Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers <br>during the relevant recovery period pursuant to §240.10D-1(b). ☐<br>Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing: | If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for <br>complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ☐<br>† The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.<br>Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section <br>404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒<br>If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to <br>previously issued financial statements. ☐<br>Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers <br>during the relevant recovery period pursuant to §240.10D-1(b). ☐<br>Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing: | If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for <br>complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ☐<br>† The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.<br>Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section <br>404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒<br>If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to <br>previously issued financial statements. ☐<br>Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers <br>during the relevant recovery period pursuant to §240.10D-1(b). ☐<br>Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing: | If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for <br>complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ☐<br>† The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.<br>Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section <br>404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒<br>If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to <br>previously issued financial statements. ☐<br>Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers <br>during the relevant recovery period pursuant to §240.10D-1(b). ☐<br>Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing: |
| | | | International Financial Reporting Standards as issued | International Financial Reporting Standards as issued | International Financial Reporting Standards as issued | International Financial Reporting Standards as issued | | |
| U.S. GAAP ☐ | U.S. GAAP ☐ | U.S. GAAP ☐ | by the International Accounting Standards Board ☒ | by the International Accounting Standards Board ☒ | by the International Accounting Standards Board ☒ | by the International Accounting Standards Board ☒ | Other ☐ | Other ☐ |
| If "Other" has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.<br>Item 17 ☐ Item 18 ☐<br>If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).<br>Yes ☐ No ☒<br>(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS.)<br>Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution <br>of securities under a plan confirmed by a court.<br>Yes ☐ No ☐ | If "Other" has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.<br>Item 17 ☐ Item 18 ☐<br>If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).<br>Yes ☐ No ☒<br>(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS.)<br>Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution <br>of securities under a plan confirmed by a court.<br>Yes ☐ No ☐ | If "Other" has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.<br>Item 17 ☐ Item 18 ☐<br>If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).<br>Yes ☐ No ☒<br>(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS.)<br>Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution <br>of securities under a plan confirmed by a court.<br>Yes ☐ No ☐ | If "Other" has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.<br>Item 17 ☐ Item 18 ☐<br>If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).<br>Yes ☐ No ☒<br>(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS.)<br>Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution <br>of securities under a plan confirmed by a court.<br>Yes ☐ No ☐ | If "Other" has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.<br>Item 17 ☐ Item 18 ☐<br>If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).<br>Yes ☐ No ☒<br>(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS.)<br>Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution <br>of securities under a plan confirmed by a court.<br>Yes ☐ No ☐ | If "Other" has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.<br>Item 17 ☐ Item 18 ☐<br>If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).<br>Yes ☐ No ☒<br>(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS.)<br>Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution <br>of securities under a plan confirmed by a court.<br>Yes ☐ No ☐ | If "Other" has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.<br>Item 17 ☐ Item 18 ☐<br>If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).<br>Yes ☐ No ☒<br>(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS.)<br>Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution <br>of securities under a plan confirmed by a court.<br>Yes ☐ No ☐ | If "Other" has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.<br>Item 17 ☐ Item 18 ☐<br>If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).<br>Yes ☐ No ☒<br>(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS.)<br>Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution <br>of securities under a plan confirmed by a court.<br>Yes ☐ No ☐ | If "Other" has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.<br>Item 17 ☐ Item 18 ☐<br>If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).<br>Yes ☐ No ☒<br>(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS.)<br>Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution <br>of securities under a plan confirmed by a court.<br>Yes ☐ No ☐ |

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ii<br>

*<u>[**Table of Contents**](#i3fd453e8886f47e8a3bce0ff8daf37b5_4)</u>*

**TABLE OF CONTENTS**

**Page**<br>

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|:---|:---|
| **[PART I](#i8481d43b9be84c1ba0b7b9203011c59d)** | **[1](#i8481d43b9be84c1ba0b7b9203011c59d)** |
| [ITEM 1.](#i7cfa0af4c6724359a688f3370b803092)[IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS](#i7cfa0af4c6724359a688f3370b803092) | [1](#i7cfa0af4c6724359a688f3370b803092) |
| [ITEM 2.](#i9f8ef9e5c72b4353b6a74c358ead540a)[OFFER STATISTICS AND EXPECTED TIMETABLE](#i9f8ef9e5c72b4353b6a74c358ead540a) | [1](#i9f8ef9e5c72b4353b6a74c358ead540a) |
| [ITEM 3.](#i47f68fb3b12f40b4a10eb3fac0cf7f4a)[KEY INFORMATION](#i47f68fb3b12f40b4a10eb3fac0cf7f4a) | [1](#i47f68fb3b12f40b4a10eb3fac0cf7f4a) |
| [A.](#if2933589bc4b4c78a55502895410b44c)[\[RESERVED\]](#if2933589bc4b4c78a55502895410b44c) | [1](#if2933589bc4b4c78a55502895410b44c) |
| [B.](#i6279a1d42b144b8a8119de716fa8a40a)[CAPITALIZATION AND INDEBTEDNESS](#i6279a1d42b144b8a8119de716fa8a40a) | [1](#i6279a1d42b144b8a8119de716fa8a40a) |
| [C.](#ie2dc48590e6b40dcbb919b3cf0f1a57c)[REASONS FOR THE OFFER AND USE OF PROCEEDS](#ie2dc48590e6b40dcbb919b3cf0f1a57c) | [1](#ie2dc48590e6b40dcbb919b3cf0f1a57c) |
| [D.](#i6fbd7ae6f3954b4da4c415d2d0b3a051)[RISK FACTORS](#i6fbd7ae6f3954b4da4c415d2d0b3a051) | [1](#i6fbd7ae6f3954b4da4c415d2d0b3a051) |
| [ITEM 4.](#iff283c7403ee404d850f253178e579b7)[INFORMATION ON THE COMPANY](#iff283c7403ee404d850f253178e579b7) | [28](#iff283c7403ee404d850f253178e579b7) |
| [A.](#i596adc901f2045e691df29735833e242)[HISTORY AND DEVELOPMENT OF THE COMPANY](#i596adc901f2045e691df29735833e242) | [28](#i596adc901f2045e691df29735833e242) |
| [B.](#iaf8bcb5fc60a4f9a9f98ecf437d15405)[BUSINESS OVERVIEW](#iaf8bcb5fc60a4f9a9f98ecf437d15405) | [29](#iaf8bcb5fc60a4f9a9f98ecf437d15405) |
| [C.](#iceb50a6062d24cb3844e7f89671a931f)[ORGANIZATIONAL STRUCTURE](#iceb50a6062d24cb3844e7f89671a931f) | [64](#iceb50a6062d24cb3844e7f89671a931f) |
| [D.](#i0a4381da522d43a688d29bb0c1504cbf)[PROPERTY, PLANTS AND EQUIPMENT](#i0a4381da522d43a688d29bb0c1504cbf) | [65](#i0a4381da522d43a688d29bb0c1504cbf) |
| [ITEM 4.A.](#i3070118e01274c95b6cca109998fdce1)[UNRESOLVED STAFF COMMENTS](#i3070118e01274c95b6cca109998fdce1) | [65](#i3070118e01274c95b6cca109998fdce1) |
| [ITEM 5.](#icf3c2b1b36b74230ad2b76a56ed4565f)[OPERATING AND FINANCIAL REVIEW AND PROSPECTS](#icf3c2b1b36b74230ad2b76a56ed4565f) | [66](#icf3c2b1b36b74230ad2b76a56ed4565f) |
| [A.](#ie3e69da893bd41b0b1673dc3a60bfd52)[OPERATING RESULTS](#ie3e69da893bd41b0b1673dc3a60bfd52) | [66](#ie3e69da893bd41b0b1673dc3a60bfd52) |
| [B.](#ib0ff78745f4b4a1ebf7a73adbc038a2a)[LIQUIDITY AND CAPITAL RESOURCES](#ib0ff78745f4b4a1ebf7a73adbc038a2a) | [70](#ib0ff78745f4b4a1ebf7a73adbc038a2a) |
| [C.](#i85d2dbad57fb4ebf9d81f5c49299a707)[RESEARCH AND DEVELOPMENT, PATENTS AND LICENSES](#i85d2dbad57fb4ebf9d81f5c49299a707) | [72](#i85d2dbad57fb4ebf9d81f5c49299a707) |
| [D.](#if9c9796a95484107aa61d42197174643)[TREND INFORMATION](#if9c9796a95484107aa61d42197174643) | [72](#if9c9796a95484107aa61d42197174643) |
| [E.](#i0b557d082eb14122b35f4a642dcdced1)[CRITICAL ACCOUNTING ESTIMATES](#i0b557d082eb14122b35f4a642dcdced1) | [73](#i0b557d082eb14122b35f4a642dcdced1) |
| [ITEM 6.](#i9236ac5f4d6d485c9d31b2cc89c35731)[DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES](#i9236ac5f4d6d485c9d31b2cc89c35731) | [73](#i9236ac5f4d6d485c9d31b2cc89c35731) |
| [A.](#i626fdfd2c2184d808646d0a4d6f1f8a7)[DIRECTORS AND SENIOR MANAGEMENT](#i626fdfd2c2184d808646d0a4d6f1f8a7) | [73](#i626fdfd2c2184d808646d0a4d6f1f8a7) |
| [B.](#i0eeb73a5c2f14f4fbb27c9f0c061c2fa)[COMPENSATION](#i0eeb73a5c2f14f4fbb27c9f0c061c2fa) | [80](#i0eeb73a5c2f14f4fbb27c9f0c061c2fa) |
| [C.](#ie6241489b3374b42baaa91e76ba55c96)[BOARD PRACTICES](#ie6241489b3374b42baaa91e76ba55c96) | [113](#ie6241489b3374b42baaa91e76ba55c96) |
| [D.](#i517e12cdbe8247bc96a8a857ccf74eec)[EMPLOYEES](#i517e12cdbe8247bc96a8a857ccf74eec) | [120](#i517e12cdbe8247bc96a8a857ccf74eec) |
| [E.](#i9b5fe9db03ef48f4b31f7d839cb6c6f9)[SHARE OWNERSHIP](#i9b5fe9db03ef48f4b31f7d839cb6c6f9) | [120](#i9b5fe9db03ef48f4b31f7d839cb6c6f9) |
| [F.](#i3ed8ea06fde342958a58a98cb31a0d54)[DISCLOSURE OF A REGISTRANT'S ACTION TO RECOVER ERRONEOUSLY AWARDED](#i3ed8ea06fde342958a58a98cb31a0d54)<br>[COMPENSATION](#i3ed8ea06fde342958a58a98cb31a0d54)<br>| [120](#i3ed8ea06fde342958a58a98cb31a0d54) |
| [ITEM 7.](#i165d348422b5407fabf6e8332cf12f07)[MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS](#i165d348422b5407fabf6e8332cf12f07) | [120](#i165d348422b5407fabf6e8332cf12f07) |
| [A.](#ib7541bbc0c7c4c9fb1cbdec459f14213)[MAJOR SHAREHOLDERS](#ib7541bbc0c7c4c9fb1cbdec459f14213) | [120](#ib7541bbc0c7c4c9fb1cbdec459f14213) |
| [B.](#ic050ad7936ad4911896b78b05dadf235)[RELATED PARTY TRANSACTIONS](#ic050ad7936ad4911896b78b05dadf235) | [123](#ic050ad7936ad4911896b78b05dadf235) |
| [C.](#if52b1f3662f649f89d0a970d2dbbd1a8)[INTERESTS OF EXPERTS AND COUNSEL](#if52b1f3662f649f89d0a970d2dbbd1a8) | [124](#if52b1f3662f649f89d0a970d2dbbd1a8) |
| [ITEM 8.](#i1b1bede00963492d8c451588e58675e2)[FINANCIAL INFORMATION](#i1b1bede00963492d8c451588e58675e2) | [124](#i1b1bede00963492d8c451588e58675e2) |
| [A.](#i8ed80aabacde458f81e3adbf19ad5a5a)[CONSOLIDATED STATEMENTS AND OTHER FINANCIAL INFORMATION](#i8ed80aabacde458f81e3adbf19ad5a5a) | [124](#i8ed80aabacde458f81e3adbf19ad5a5a) |
| [B.](#i2ac90210e9af4ddfa85edef5f9ddec6b)[SIGNIFICANT CHANGES](#i2ac90210e9af4ddfa85edef5f9ddec6b) | [125](#i2ac90210e9af4ddfa85edef5f9ddec6b) |
| [ITEM 9.](#i495d357031d24e19896107bfbb76a483)[THE OFFER AND LISTING](#i495d357031d24e19896107bfbb76a483) | [125](#i495d357031d24e19896107bfbb76a483) |
| [A.](#i189c780e2c8041218dacba530c98a0fa)[OFFER AND LISTING DETAILS](#i189c780e2c8041218dacba530c98a0fa) | [125](#i189c780e2c8041218dacba530c98a0fa) |
| [B.](#ic71f14cb08aa4286a69b7f1178fa22ad)[PLAN OF DISTRIBUTION](#ic71f14cb08aa4286a69b7f1178fa22ad) | [125](#ic71f14cb08aa4286a69b7f1178fa22ad) |
| [C.](#i88769dd1cae94669a8e2e94c9cd2b0a1)[MARKETS](#i88769dd1cae94669a8e2e94c9cd2b0a1) | [125](#i88769dd1cae94669a8e2e94c9cd2b0a1) |
| [D.](#ib7bf7b0c604047afad1e87e1a6281bfe)[SELLING SHAREHOLDERS](#ib7bf7b0c604047afad1e87e1a6281bfe) | [125](#ib7bf7b0c604047afad1e87e1a6281bfe) |
| [E.](#i6362a7c3352848a6b0b2105b44d11396)[DILUTION](#i6362a7c3352848a6b0b2105b44d11396) | [125](#i6362a7c3352848a6b0b2105b44d11396) |
| [F.](#i7ddd086185c04ac5843f0709e6ff4022)[EXPENSES OF THE ISSUE](#i7ddd086185c04ac5843f0709e6ff4022) | [125](#i7ddd086185c04ac5843f0709e6ff4022) |
| [ITEM 10.](#i7ac74f6b8180442daeb754c18352b08e)[ADDITIONAL INFORMATION](#i7ac74f6b8180442daeb754c18352b08e) | [125](#i7ac74f6b8180442daeb754c18352b08e) |
| [A.](#ica01b55e73f04f2f9284bd317044ccf9)[SHARE CAPITAL](#ica01b55e73f04f2f9284bd317044ccf9) | [125](#ica01b55e73f04f2f9284bd317044ccf9) |
| [B.](#i85b7e48eca75454d8270de05a5178eba)[MEMORANDUM AND ARTICLES OF ASSOCIATION](#i85b7e48eca75454d8270de05a5178eba) | [125](#i85b7e48eca75454d8270de05a5178eba) |
| [C.](#ia9f6a36335404674b2b09cedb1e8a03a)[MATERIAL CONTRACTS](#ia9f6a36335404674b2b09cedb1e8a03a) | [128](#ia9f6a36335404674b2b09cedb1e8a03a) |
| [D.](#i574fb53c771c4b48a49664403249afd1)[EXCHANGE CONTROLS](#i574fb53c771c4b48a49664403249afd1) | [128](#i574fb53c771c4b48a49664403249afd1) |

---

iii<br>

*<u>[**Table of Contents**](#i3fd453e8886f47e8a3bce0ff8daf37b5_4)</u>*

---

| | |
|:---|:---|
| [E.](#ibc5a101ce6ee42278abc0eced12bba24)[TAXATION](#ibc5a101ce6ee42278abc0eced12bba24) | [128](#ibc5a101ce6ee42278abc0eced12bba24) |
| [F.](#i1cae462522cd468faee9c706b033757a)[DIVIDENDS AND PAYING AGENTS](#i1cae462522cd468faee9c706b033757a) | [144](#i1cae462522cd468faee9c706b033757a) |
| [G.](#i4391a5a4ded44b52b111d6ff59be82e3)[STATEMENT BY EXPERTS](#i4391a5a4ded44b52b111d6ff59be82e3) | [144](#i4391a5a4ded44b52b111d6ff59be82e3) |
| [H.](#i33a55f236a5f449fb46cdac9afadea49)[DOCUMENTS ON DISPLAY](#i33a55f236a5f449fb46cdac9afadea49) | [144](#i33a55f236a5f449fb46cdac9afadea49) |
| [I.](#i7499d8df2b314fabb4805100841cb194)[SUBSIDIARY INFORMATION](#i7499d8df2b314fabb4805100841cb194) | [145](#i7499d8df2b314fabb4805100841cb194) |
| [ITEM 11.](#if66a96320cf3494481c2000e3216f772)[QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](#if66a96320cf3494481c2000e3216f772) | [145](#if66a96320cf3494481c2000e3216f772) |
| [ITEM 12.](#iaf6dfabeaaac493a901f0639149d0de2)[DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES](#iaf6dfabeaaac493a901f0639149d0de2) | [146](#iaf6dfabeaaac493a901f0639149d0de2) |
| [A.](#i1a22d92545314dd7a7ac41c2b2ea4f31)[DEBT SECURITIES](#i1a22d92545314dd7a7ac41c2b2ea4f31) | [146](#i1a22d92545314dd7a7ac41c2b2ea4f31) |
| [B.](#i1a065345b757459a9d20c40bb2be034b)[WARRANTS AND RIGHTS](#i1a065345b757459a9d20c40bb2be034b) | [146](#i1a065345b757459a9d20c40bb2be034b) |
| [C.](#ib09959fcb6084bd2bb7b68bbea4abf4a)[OTHER SECURITIES](#ib09959fcb6084bd2bb7b68bbea4abf4a) | [146](#ib09959fcb6084bd2bb7b68bbea4abf4a) |
| [D.](#i6e3c1afe0027486cb74a3da71662bc40)[AMERICAN DEPOSITARY SHARES](#i6e3c1afe0027486cb74a3da71662bc40) | [147](#i6e3c1afe0027486cb74a3da71662bc40) |
| **[PART II](#i825ec8a680a748ea8e9a377efdc72d41)** | **[149](#i825ec8a680a748ea8e9a377efdc72d41)** |
| [ITEM 13.](#ia36e74f0b0784459ae13d60e6e878055)[DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES](#ia36e74f0b0784459ae13d60e6e878055) | [149](#ia36e74f0b0784459ae13d60e6e878055) |
| [ITEM 14.](#ie9d50347297e4c1682c05e3a1328ced7)[MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE](#ie9d50347297e4c1682c05e3a1328ced7)<br>[OF PROCEEDS](#ie9d50347297e4c1682c05e3a1328ced7)<br>| [149](#ie9d50347297e4c1682c05e3a1328ced7) |
| [ITEM 15.](#ib473ae6e8e0e4ae68e5a74eb237cdfb0)[CONTROLS AND PROCEDURES](#ib473ae6e8e0e4ae68e5a74eb237cdfb0) | [149](#ib473ae6e8e0e4ae68e5a74eb237cdfb0) |
| [A.](#ief1615ba8a064565b79feba137b5251c)[DISCLOSURE CONTROLS AND PROCEDURES](#ief1615ba8a064565b79feba137b5251c) | [149](#ief1615ba8a064565b79feba137b5251c) |
| [B.](#i7711a8717e5042a18ec5e267473efd6d)[MANAGEMENT'S ANNUAL REPORT ON INTERNAL CONTROL OVER FINANCIAL](#i7711a8717e5042a18ec5e267473efd6d)<br>[REPORTING](#i7711a8717e5042a18ec5e267473efd6d)<br>| [149](#i7711a8717e5042a18ec5e267473efd6d) |
| [C.](#ic4e2259ff34c4ea2ab138bc98ac6b5fa)[ATTESTATION OF THE REGISTERED PUBLIC ACCOUNTING FIRM](#ic4e2259ff34c4ea2ab138bc98ac6b5fa) | [150](#ic4e2259ff34c4ea2ab138bc98ac6b5fa) |
| [D.](#ic677b2b198464865b307ff826ef9c2e0)[CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING](#ic677b2b198464865b307ff826ef9c2e0) | [150](#ic677b2b198464865b307ff826ef9c2e0) |
| [ITEM 16.](#i2a5bbfd06b1f48ccb5321614d412eb13)[\[RESERVED\]](#i2a5bbfd06b1f48ccb5321614d412eb13) | [150](#i2a5bbfd06b1f48ccb5321614d412eb13) |
| [ITEM 16.A.](#ie9b94a782c7c4c87a494fecdc0719267)[AUDIT COMMITTEE FINANCIAL EXPERT](#ie9b94a782c7c4c87a494fecdc0719267) | [150](#ie9b94a782c7c4c87a494fecdc0719267) |
| [ITEM 16.B.](#i9a9fa41684f941e39162b6e1f551431a)[CODE OF ETHICS](#i9a9fa41684f941e39162b6e1f551431a) | [150](#i9a9fa41684f941e39162b6e1f551431a) |
| [ITEM 16.C.](#ia36d785e0d4549a78e82ae7dadae8572)[PRINCIPAL ACCOUNTANT FEES AND SERVICES](#ia36d785e0d4549a78e82ae7dadae8572) | [150](#ia36d785e0d4549a78e82ae7dadae8572) |
| [ITEM 16.D.](#i9331f3feff7a49229558f83319554008)[EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES](#i9331f3feff7a49229558f83319554008) | [151](#i9331f3feff7a49229558f83319554008) |
| [ITEM 16.E.](#i2bf00ca7d7dc4e389ca383c66446afcf)[PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED](#i2bf00ca7d7dc4e389ca383c66446afcf)<br>[PURCHASERS](#i2bf00ca7d7dc4e389ca383c66446afcf)<br>| [151](#i2bf00ca7d7dc4e389ca383c66446afcf) |
| [ITEM 16.F.](#ib0da5ef9d242424c84bc690777a57e86)[CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT](#ib0da5ef9d242424c84bc690777a57e86) | [151](#ib0da5ef9d242424c84bc690777a57e86) |
| [ITEM 16.G.](#i537eeb0e48ac4ee6bd03573983cb1c2c)[CORPORATE GOVERNANCE](#i537eeb0e48ac4ee6bd03573983cb1c2c) | [151](#i537eeb0e48ac4ee6bd03573983cb1c2c) |
| [ITEM 16.H.](#i4fcdc790a1c74199acc02cff3d68d254)[MINE SAFETY DISCLOSURE](#i4fcdc790a1c74199acc02cff3d68d254) | [152](#i4fcdc790a1c74199acc02cff3d68d254) |
| [ITEM 16.I.](#i35086703e9984ec1a498ea574815c4a7)[DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT](#i35086703e9984ec1a498ea574815c4a7)<br>[INSPECTIONS](#i35086703e9984ec1a498ea574815c4a7)<br>| [152](#i35086703e9984ec1a498ea574815c4a7) |
| [ITEM 16.J.](#i03bcd1b5c9404c4aad108467d88f0e3c)[INSIDER TRADING POLICIES](#i03bcd1b5c9404c4aad108467d88f0e3c) | [152](#i03bcd1b5c9404c4aad108467d88f0e3c) |
| [ITEM 16.K.](#i6713a24b30a34adeb165f962ab1ad29d)[CYBERSECURITY](#i6713a24b30a34adeb165f962ab1ad29d) | [152](#i6713a24b30a34adeb165f962ab1ad29d) |
| **[PART III](#iacff0f85535f45d79171ae302f6b2695)** | **[154](#iacff0f85535f45d79171ae302f6b2695)** |
| [ITEM 17.](#ia858929817be4a72b4e1797f3da221de)[FINANCIAL STATEMENTS](#ia858929817be4a72b4e1797f3da221de) | [154](#ia858929817be4a72b4e1797f3da221de) |
| [ITEM 18.](#i3efad3854daa4e728c852d1f89c25bd2)[FINANCIAL STATEMENTS](#i3efad3854daa4e728c852d1f89c25bd2) | [154](#i3efad3854daa4e728c852d1f89c25bd2) |
| [ITEM 19.](#i2cd8da6c6a4c48688d1d12e6b3348f91)[EXHIBITS](#i2cd8da6c6a4c48688d1d12e6b3348f91) | [154](#i2cd8da6c6a4c48688d1d12e6b3348f91) |

---

iv<br>

*<u>[**Table of Contents**](#i3fd453e8886f47e8a3bce0ff8daf37b5_4)</u>*

**Introduction**

Unless otherwise indicated, "argenx," "argenx SE," "the Company," "our company," "we," "us", "our" our "Group"

refer to argenx SE and its consolidated subsidiaries.

We own various trademark registrations and applications, and unregistered trademarks, including but not limited to

VYVGART<sup>®</sup>, VYVGART HYTRULO™, VYVDURA<sup>®</sup>, ARGENX™, ABDEG™, NHANCE™, SIMPLE

ANTIBODY™, ARGENXMEDHUB™, MG UNITED™, SHINING THROUGH CIDP™, VYVIDLY™ and our

corporate logo. Trade names, trademarks and service marks of other companies appearing in this Annual Report are the

property of their respective holders. Solely for convenience, the trademarks and trade names in this Annual Report may

be referred to without the <sup>®</sup> and™ symbols, but such references should not be construed as any indicator that their

respective owners will not assert, to the fullest extent under applicable law, their rights thereto. We do not intend to use

or display other companies' trademarks and trade names to imply a relationship with, or endorsement or sponsorship,

any other companies.

VYVGART<sup>®</sup> (efgartigimod alfa-fcab) (VYVGART) has been approved in the U.S., Japan, the European Union (the EU)

and several other countries such as the United Kingdom (UK), Switzerland, Israel, mainland China (Mainland China),

Canada, South Korea and United Arab Emirates for the intravenous treatment of generalized myasthenia gravis (gMG).

VYVGART is approved in Japan for the treatment of immune thrombocytopenia (ITP).

VYVGART subcutaneous (SC) (efgartigimod alfa + hyaluronidase qvfc) (VYVGART SC) has been approved in the

U.S. and China as VYVGART HYTRULO™ (VYVGART HYTRULO) and in several other countries, in Japan as

VYVDURA<sup>®</sup> (VYVDURA) and in the EU and the UK as VYVGART for the treatment of gMG. VYVGART SC has

also been approved in the U.S., China, Japan and the EU for the treatment of chronic inflammatory demyelinating

polyneuropathy (CIDP).

Lastly, VYVGART HYTRULO has also been approved as a prefilled syringe (PFS) in the U.S. for self-injection by

adult patients with gMG and CIDP.

For more information on the approval and commercialization status in several jurisdictions, please refer to "*<u>[Item 4.B -](#i3fd453e8886f47e8a3bce0ff8daf37b5_304)</u>*

*<u>[Our Products and Product Candidates](#i3fd453e8886f47e8a3bce0ff8daf37b5_304)</u>*".

Unless otherwise specified, references in this Annual Report to VYVGART should be read as references to VYVGART

and/or VYVGART SC, including VYVGART HYTRULO in relation to the U.S. and China, VYVGART in relation to

the EU and the UK and VYVDURA in relation to Japan, depending on the context.

Our consolidated financial statements are prepared in accordance with the IFRS<sup>®</sup> Accounting Standards (**IFRS**) as issued

by the International Accounting Standards Board (**IASB**).

Our consolidated financial statements are presented in this Annual Report in U.S. dollars. All references in this Annual

Report to "$," "US$," "U.S.$," "U.S. dollars," "dollars" and "USD" mean U.S. dollars and all references to "€," "EUR,"

and "euros" mean euros, unless otherwise noted. Throughout this Annual Report, references to ADSs mean American

depositary shares (ADSs) or ordinary shares represented by ADSs, as the case may be.

**Cautionary Statement with Respect to Forward-Looking Statements**

This Annual Report contains certain forward-looking statements. A forward-looking statement is any statement that does

not relate to historical facts or events or to facts or events as of the date of this Annual Report or that are derived from

our management's beliefs and assumptions based on information currently available to our management. Forward-

looking statements are generally identified by the use of forward-looking words, such as "aim", "anticipate", "aspire",

"believe", "can", "continue", "could", "estimate", "expect", "entail", "forecast", "future", "goals", "hope", "intend", "is

designed to", "likely", "may", "might", "objective", "plan", "potential", "pursue", "project", "predict", "seek", "should",

"strategy", "target", "will" or other or comparable variations or the negative of such terms, or by discussion of strategy,

plans, objectives, goals, future events or intentions, although not all forward-looking statements contain these identifying

words. These statements relate to our future results of operations and financial positions, prospects, developments,

growth, business strategies, plans and our objectives for future operations, results of clinical trials and regulatory

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approvals, and are based on analyses or forecasts of future developments and estimates of amounts not yet determinable.

These forward-looking statements represent the view of management only as of the date of this Annual Report, and we

expressly disclaim any obligation or undertaking to update, review or revise forward-looking statements (whether as a

result of new information, future developments or otherwise), except as may be otherwise required by applicable law.

The forward-looking statements in this Annual Report involve known and unknown risks, future events, assumptions,

uncertainties and other factors that could cause our actual future results of operations and financial positions, prospects,

developments, growth, business strategies, plans and our objectives for future operations, results of clinical trials and

regulatory approvals to differ materially from those forecasted or suggested herein.

Forward-looking statements include, but are not limited to, statements about:

• the initiation, timing, progress, development and results of clinical trials of our product candidates, including new

indications, alternative dosing regimens, treatment modalities, and methods of administration, including statements

regarding when results or interim analysis of the clinical trials will be available or made public;

• the expansion of our business, including the further development of our sales and marketing abilities and our IIP, and

the value of our pipeline;

• the potential attributes, benefits, and side effects of our products and product candidates, including new indications,

alternative dosing regimens and treatment modalities, and their competitive position with respect to other alternative

treatments;

• our ability to advance product candidates into, and successfully complete, clinical trials;

• our estimates of the number of patients who suffer from the diseases we are targeting and the number of patients that

will enroll in our clinical trials;

• the demand and commercialization of our products and product candidates, including new indications, alternative

dosing regimens, treatment modalities, and methods of administration, if approved;

• the anticipated timing or likelihood of market or regulatory decisions relating to or of our products, including new

indications, alternative dosing regimens, treatment modalities, and methods of administration;

• the anticipated pricing and reimbursement of our products and product candidates, if approved;

• our plans to have various programs to help patients afford our products, including patient assistance and co-pay

coupon programs for eligible patients;

• our ability to establish sales, marketing and distribution capabilities for any of our products and product candidates

that achieve regulatory approval;

• our regulatory strategy and our ability to establish and maintain manufacturing arrangements for our products and

product candidates;

• the scope and duration of protection, including any exclusivity period, we are able to establish and maintain for

intellectual property rights covering our products and product candidates, platform and technology, including our

intention to seek patent term extensions where available;

• our estimates regarding expenses, future revenues, cash flow, capital requirements and our needs for additional

financing;

• our expectation that we will benefit from the Belgian innovation income deduction;

• our financial performance, including potential volatility in the price of our ordinary shares and ADSs;

• the competition we face in our drug discovery, development, and commercialization efforts;

• the rate and degree of market acceptance of our products and product candidates, if approved;

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• the potential benefits of our current collaborations, including the possibility to access partner technology platforms or

capabilities;

• our plans and ability to enter into or maintain current collaborations for additional programs or product candidates;

• our plans and ability to enter into or maintain current new distribution partnerships;

• our long-term growth strategy to develop and market additional products and product candidates, including

efgartigimod for new indications, empasiprubart and adimanebart;

• the impact of government laws and regulations on our business;

• our expectations with respect to the timing and amount of any dividends (if any);

• our plans regarding our supply chain, including our reliance on third parties, including contract manufacturing

organizations (CMOs); and

• our business strategies, including Vision 2030, plans, projects, goals and targets and the timing, outcomes and

benefits thereof.

These include changes in general economic and business conditions. You should refer to *<u>"Item 3.D —</u> <u>Risk Factors</u>*" of

this Annual Report for a discussion of important factors that may cause our actual results to differ materially from those

expressed or implied by our forward-looking statements. As a result of these factors, we cannot assure you that the

forward-looking statements in this Annual Report will prove to be accurate. Furthermore, if our forward-looking

statements prove to be inaccurate, the inaccuracy may be material. In light of the significant uncertainties in these

forward-looking statements, you should not regard these statements as a representation or warranty by us or any other

person that we will achieve our objectives and plans in any specified time frame or at all. We undertake no obligation to

publicly update any forward-looking statements, whether as a result of new information, future events or otherwise,

except as required by law.

You should read this Annual Report and the documents that we reference in this Annual Report and have filed as

exhibits to the Annual Report completely and with the understanding that our actual future results may be materially

different from what we expect. We qualify all of our forward-looking statements by these cautionary statements.

Information regarding market and industry statistics contained in this Annual Report is included based on information

available to us that we believe is accurate. Forecasts and other forward-looking information obtained from this available

information is subject to the same qualifications and the additional uncertainties accompanying any estimates of future

market size, revenue and market acceptance of products and services.

In addition, statements that include "we believe" and similar statements reflect our beliefs and opinions on the relevant

subject. These statements are based upon information available to us as of the date of this Annual Report, and while we

believe such information forms a reasonable basis for such statements, such information may be limited or incomplete,

and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all

potentially available relevant information. These statements are inherently uncertain and you are cautioned not to unduly

rely upon these statements.

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**Summary Risk Factors**

Our ability to implement our business strategy is subject to numerous risks that you should be aware of before making an

investment decision. These risks are described more fully below. These risks include, among others:

• The commercial success of our products and product candidates, including in new indications or methods of

administration, will depend on the degree of market acceptance.

• We face significant competition for our drug discovery and development efforts.

• We will face significant challenges in successfully commercializing our products and additional product candidates

after they are launched.

• Our products and product candidates for which we have obtained or intend to seek approval as biological products,

including for new indications, may face biosimilar competition.

• Enacted and future legislation and regulations could impact demand for our products which could impact our business

and future results of operations.

• We are subject to government pricing laws, regulation and enforcement, which affect the prices we may charge the

government for our products and the reimbursement our customers may obtain from the government. Changes in such

laws, regulation, and enforcement may place downward pressure on the prices we can charge in the marketplace, and

our failure to comply with these laws could harm our results, operations and/or financial conditions.

• We may not obtain or maintain adequate pricing and coverage or reimbursement status for our products and product

candidates.

• If we fail to obtain orphan drug designation or we do not have valid and enforceable patents covering our products

and their uses and product candidates and fail to obtain and/or maintain orphan drug exclusivity for our products or

product candidates, our competitors may be able to sell products to treat the same conditions and our revenue may be

reduced.

• Failure to successfully identify, select and develop our products in other indications, or additional products or product

candidates could impair our ability to grow.

• Failure to successfully develop or obtain marketing approval for our products and product candidates could

negatively impact our business.

• Certain of our clinical trials have not succeeded, and may in the future also not succeed, and even if they succeed, we

may not obtain regulatory approval for our products or product candidates or regulatory approval may be delayed.

• If we decide to pursue accelerated approval for any of our product candidates, it may not lead to faster development

or regulatory review or approval and we may still need to conduct additional clinical trials, which could increase the

expense of obtaining, if at all, necessary marketing approvals.

• Our products and product candidates may have serious adverse, undesirable or unacceptable side effects, and we or

others may identify undesirable or unacceptable side effects caused by any of our products or product candidates

before and after they have received marketing approval.

• If our target patient population is smaller than expected, we are unable to successfully enroll and retain patients in our

clinical trials, or experience significant delays in doing so, we may not realize the full commercial potential of any

products or product candidates.

• We rely, and expect to continue to rely, on third parties to conduct some of our research activities, manufacturing and

clinical trials and for parts of the development and commercialization of our existing and future research programs,

products and product candidates. If our relationships with such third parties are not successful, our business may be

adversely affected.

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• Disruptions caused by our reliance on third parties for our raw materials and manufacturing process may delay or

disrupt our business, product development and commercialization efforts.

• Accuracy and timing of our financial reporting is partially dependent on information received from third-party

partners, which we do not control.

• We and our third-party manufacturers and suppliers may become exposed to liability, fines, penalties or other

sanctions and substantial expenses in connection with environmental compliance or remediation activities.

• We are subject to healthcare laws, regulation and potential enforcement. The failure to comply with these laws could

harm our results, operations and/or financial condition.

• Our performance tracked by our Environmental, Social and Governance metrics is subject to risks and the outcomes

may not achieve the anticipated benefits or align with new regulations and stakeholders' expectations.

• We may not be able to be profitable or sustain net profitability in the future and may require additional financing to

fund our operations.

• We may become exposed to costly and damaging liability claims.

• We may engage in strategic transactions, including acquisitions, collaborations, licenses or investments in other

companies or technologies, and we may not realize the benefits of such transactions.

• Our business and operations could suffer in the event of system failures or unauthorized or inappropriate use of or

access to our systems.

• We may be unable to adequately maintain, enforce or protect our intellectual property rights in products, product

candidates and platform technologies which could adversely affect our ability to maximize the value for patients in

our marketed products and product candidates.

• Intellectual property litigation could lead to substantial resource diversion or issued patents could be found invalid,

not infringed, or unenforceable if challenged in the applicable patent office or court.

• Our future growth and ability to compete depends on maintaining our culture, retaining our key personnel and

recruiting additional qualified personnel.

• Global geo- and socio-political threats and macro-economic uncertainty and other unforeseen political crises could

materially and adversely affect our business and financial performance.

• Holders of our ADSs have fewer rights than our ordinary shareholders.

• The price of our ADSs may be volatile and may fluctuate due to factors beyond our control. An active public trading

market may not be sustained.

• Claims of U.S. civil liabilities may not be enforceable against us or the members of our Senior Management Team

and our Board of Directors.

• As a foreign private issuer, we are exempt from various rules and regulations that a U.S. domestic public company

would be required to follow, including those requirements under U.S. securities laws and Nasdaq listing standards.

• We may lose our foreign private issuer status which would then require us to comply with the Exchange Act's

domestic reporting regime and cause us to incur significant legal, accounting and other expenses.

• If we were to be classified as a passive foreign investment company for U.S. federal income tax purposes, this could

result in adverse U.S. tax consequences to certain U.S. holders.

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**PART I**

**ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS**

Not applicable.

**ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE**

Not applicable.

**ITEM 3. KEY INFORMATION**

**A.[RESERVED]**

**B.CAPITALIZATION AND INDEBTEDNESS**

Not applicable.

**C.REASONS FOR THE OFFER AND USE OF PROCEEDS**

Not applicable.

**D.RISK FACTORS**

Our business faces significant risks, including those described below. You should carefully consider all of the

information set forth in this Annual Report and in our other filings with the SEC, including the following risk factors.

Our business, financial condition or results of operations could be materially and adversely affected if any of these risks

occur. These are not the only risks argenx faces. Additional risks and uncertainties not presently known to argenx or that

it currently considers immaterial or not specific may also impair its business, results of operation and financial condition.

This report also contains forward-looking statements that involve risks and uncertainties. Our actual results could differ

materially and adversely from those anticipated in these forward-looking statements as a result of certain factors

including the risks described below and elsewhere in this Annual Report and as may be described in our subsequent SEC

filings. See "*<u>Cautionary Statement with Respect to</u> <u>Forward-Looking Statements</u>*".

**Risk Factors Related to Commercialization of argenx's Products and Product Candidates, Including for New** 

**Indications**

***The commercial success of our products and product candidates, including in new indications or methods of***

***administration, will depend on the degree of market acceptance.***

Our products and product candidates, including for any new indications or methods of administration, if and when

approved and available on the market, may never achieve an adequate level of acceptance by physicians, patients, the

medical community, or healthcare payors for us to be profitable or sustain net profitability in the future. This will depend

on a number of factors, many of which are beyond our control, including, but not limited to:

• consumer perceptions or publicity regarding our business or the efficacy, safety and quality of the products and

product candidates in our profile, our clinical trials for new indications, or any similar products distributed by other

companies, and the prevalence and severity of any adverse effects discovered before or after marketing approval has

been received;

• approval may be for indications, dosage and methods of administration or patient populations that are not as broad as

intended or desired;

• changes in the standard of care for the targeted indications for any product and product candidate;

• relative availability, cost, and convenience of alternative approved therapies;

• labeling may require significant use or distribution restrictions or safety warnings;

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• acceptance by physicians, public health bodies, patients and healthcare payors of each product as safe, effective and

cost-effective; and

• patients continued commitment required to receive periodic in-center infusions.

In addition, because we are developing our products and product candidates for the treatment of different indications,

negative results in a clinical trial evaluating the efficacy and safety of a product or product candidate for one indication,

including by one of our competitors, could negatively impact the perception of the efficacy and safety of such product or

product candidate in a different indication, which could have an adverse effect on our reputation, commercialization

efforts and financial condition.

Moreover, efforts to educate the medical community and third-party payors on the benefits of our products and product

candidates may require significant resources and may never be successful. If our product candidates or methods of use of

existing products or new indications fail to gain market acceptance, it will have a material adverse impact on our ability

to generate revenues. Even if some products achieve market acceptance, they may not be able to retain market

acceptance and/or the market may prove not to be large enough to allow us to generate significant revenues.

***We face significant competition for our drug discovery and development efforts.***

The market for pharmaceutical products is highly competitive and characterized by rapidly growing understanding of

disease biology, quickly changing technologies, strong intellectual property barriers to entry, and a multitude of

companies involved in the creation, development, and commercialization of novel therapeutics. Many of these

companies are highly sophisticated and often strategically collaborate with each other.

Competition in the autoimmune field is intense and involves multiple mAbs, other biologics and small molecules either

already marketed or in development by many different companies including, but not limited to, large pharmaceutical

companies such as AstraZeneca plc, AbbVie, Inc., Amgen, Inc., Biogen Inc., GlaxoSmithKline plc, F. Hoffman-La

Roche AG, Johnson & Johnson Innovation, Inc. and Novartis AG. In addition, these and other pharmaceutical

companies have mAbs or other biologics in clinical development for the treatment of autoimmune diseases.

Currently, our commercial revenue is generated by VYVGART and VYVGART SC in gMG, CIDP and ITP

(Japan only). We face and expect to continue to face intense competition from other biopharmaceutical companies, who

have launched or are developing products for the treatment of gMG and/or CIDP and other autoimmune diseases,

including products that are in the same class as VYVGART, as well as products that are similar to some of our product

candidates. Competition for other potential future indications is also fierce, with significant development by competitors

in almost all of the indications we are currently developing or planning to develop for our product or product candidates.

For example, we are aware of certain biopharmaceutical companies selling products for the treatment of adult patients

with gMG, and several biopharmaceutical companies are developing drugs that may have utility for the treatment of

gMG and/or CIDP.

Competitive product launches may erode future sales of our products, including our existing products and those currently

under development, or result in unanticipated product obsolescence. Such launches continue to occur, and potentially

competitive products are in various stages of development. We could also face competition for use of limited

international infusion sites, particularly in new markets as competitors launch new products. We cannot predict with

accuracy the timing or impact of the introduction of competitive products that treat diseases and conditions like those

treated by our products or product candidates. In addition, our competitors and potential competitors compete with us in

recruiting and retaining qualified personnel in all areas of our business, establishing clinical trial sites, registering

patients for clinical trials, as well as in acquiring technologies complementary to, or necessary for, the development of

our products.

Competition is also increasing from companies that are utilizing artificial intelligence and other computational

approaches for the development of products. These competitors may incorporate artificial intelligence into their

businesses more quickly or more successfully than us, which could impair our ability to compete effectively and

adversely affect our results of operations. We anticipate that we will continue to face increasing competition in the future

as new companies enter our market and scientific developments surrounding the pharmaceutical market continue to

accelerate. We cannot predict the extent to which these developments will impact potential future sales of our products

or our product candidates. There can be no assurance that our competitors are not currently developing, or will not in the

future develop, technologies and products that are equally or more effective, are more economically attractive, and can

be administered more easily than any of our current or future technologies or products.

Such competing products or technology platforms may gain faster or greater market acceptance than our products or

technology platforms. If we, our products and product candidates or our technology platforms do not compete

effectively, it is likely to have a material adverse effect on our business, financial condition and results of operation.

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***We will face significant challenges in successfully commercializing our products and additional product candidates***

***after they are launched.***

The commercialization of VYVGART in new indications or other product candidates if and when approved, or entrance

of any of our products or product candidates into new markets will require us to further expand our sales and marketing

organization, enter into collaboration arrangements with third parties, outsource certain functions to third parties, or use

some combination of each. We have built, and continue to expand, our sales force in certain of the countries where

VYVGART is approved and plan to further develop our sales and marketing capabilities to promote our products, and

product candidates, including new indications, if and when marketing approval has been obtained in other relevant

jurisdictions.

Even if we successfully expand our sales and marketing capabilities, either on our own or in collaboration with third

parties, we may fail to launch or market our products effectively. Recruiting and training a specialized sales force is

expensive and the costs of expanding an independent sales, marketing and/or promotion organization could be greater

than we anticipate.

We could further encounter difficulties in our sales or marketing, due to regulatory actions, shut-downs, work stoppages

or strikes, approval delays, withdrawals, recalls, penalties, supply disruptions, shortages or stock-outs at our facilities or

third-party facilities that we rely on, reputational harm, the impact to our facilities due to natural or man-made disasters,

product liability, and/or unanticipated costs. In addition, recruiting and training a sales force is time-consuming and

could delay any product launch. In the event that any such launch is delayed or does not occur for any reason, we would

have prematurely or unnecessarily incurred these commercialization expenses, and our investment would be lost if we

cannot retain or reposition our sales and marketing personnel.

***Our products and product candidates for which we have obtained or intend to seek approval as biological products,***

***including for new indications, may face biosimilar competition.***

In the U.S., the Biologics Price Competition and Innovation Act (BPCIA) created an abbreviated approval pathway for

biological products that are demonstrated to be "biosimilar" to or interchangeable with a U.S. FDA-licensed reference

biological product. However, during the 12-year regulatory exclusivity period applicable to reference biological

products, another company may still market a competing version of the reference product if the FDA approves a full

BLA for the competing product containing the sponsor's own preclinical data and data from adequate and well-

controlled clinical trials of their product.

We believe that any of our product candidates approved as a biological product under a BLA in the U.S. should qualify

for the Biologics Price Competition and Innovation Act 12-year period of exclusivity, as is the case with VYVGART.

The base regulatory exclusivity period for VYVGART is expected to extend until December 2033 in the U.S. whereas

regulatory protection in the EU is expected to expire in August 2032. However, in the U.S., there is a risk that this

exclusivity could be shortened due to congressional action or otherwise, or that the FDA will not consider our product

candidates to be reference products for competing products, potentially creating the opportunity for competition by

biosimilar products sooner than anticipated. The same applies to the EU, as there is also a risk that this exclusivity could

be shortened due to legislative actions.

We are aware that some of our competitors may be actively developing competing or biosimilar products for

VYVGART. It is possible our competitors will be successful in developing biosimilar or interchangeable products for

our products and product candidates, and the approval of such competing products may lead to substantial competition in

the market, a decrease in sales, or force us to make VYVGART available at lower prices due to competitive pressures.

Moreover, an interchangeable biosimilar product, once approved, may be substituted under existing state laws for any

one of our reference products. In addition, the Further Consolidated Appropriations Act, 2020, which incorporated the

framework from the Creating and Restoring Equal Access To Equivalent Samples (CREATES) legislation, allows

biosimilar developers to obtain access to reference biological products, which may facilitate the development of

biosimilars to our products. The FDA has also recently issued guidance eliminating the need for data from comparative

clinical efficiency studies to demonstrate biosimilarity in many circumstances, which may accelerate biosimilar market

entry. If competing or biosimilar products are approved, the market position of our products for existing and recently

approved indications may be adversely affected.

In the EU, biosimilars are evaluated for marketing authorization pursuant to a set of general and product class-specific

guidelines. Moreover, the EU's legislative bodies are currently working toward finalizing a reform of the EU

Pharmaceutical Legislation, likely shortening the baseline of market exclusivity periods for medicinal products. In

addition, some EU Member States have adopted, or are considering the adoption of, biosimilar uptake measures or may

impose automatic price reductions upon market entry of one or more biosimilar competitors. While the degree of

competitive effects of biosimilar competition among EU Member States may vary, continuation of policies promoting

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biosimilar products in the EU and in EU Member States could erode market share or introduce competitive pricing

pressures for our products and product candidates.

***Enacted and future legislation and regulations could impact demand for our products which could impact our***

***business and future results of operations.***

In the U.S. and the EU and other jurisdictions, there have been a number of legislative and regulatory changes to

healthcare systems that could affect our future results of operations. Governmental regulations that mandate price

controls or limitations on patient access to our products or establish prices paid by government entities or programs for

our products could impact our business, and our future results of operations could be adversely affected by changes in

such regulations or policies.

In particular, there have been and continue to be a number of initiatives at the U.S. federal and state levels that seek to

reduce healthcare costs in general and the cost of pharmaceuticals in particular, including pharmaceutical pricing reforms

under the IRA. The IRA authorizes Medicare drug price negotiation, imposes inflation-based rebate obligations and

significantly redesigns the Medicare Part D benefit, including establishing manufacturer discount requirements and

capping beneficiary out-of-pocket costs. Although the program remains subject to legal challenges, the IRA is being

implemented and may materially reduce the prices we are able to charge for our products, increase our rebate and

discount obligations, and affect coverage, formulary placement and demand for our products and product candidates. See

"*<u>Item 4.B. — Business Overview — Intellectual property — Regulation — Coverage, Pricing and Reimbursement</u>*" for

additional details.

The HHS has and will continue to issue and update guidance and rulemaking as these IRA programs are implemented.

We cannot predict how the HHS will interpret the IRA in the future, or whether the U.S. Congress will enact legislation

that further amends the law. However, at this time, the Trump administration is continuing to implement the IRA.

Manufacturers that fail to comply with the IRA may be subject to significant penalties, including civil monetary

penalties and excise taxes. The IRA also extends enhanced subsidies for individuals purchasing health insurance

coverage in ACA (as defined below) marketplaces through plan year 2025. To date, none of the legislative attempts to

extend the subsidies has been enacted. While the full economic impact of IRA is unknown at this time, the law's passage

is likely to affect the pricing of our products and product candidates. The adoption of restrictive price controls in new

jurisdictions, more restrictive controls in existing jurisdictions, the adoption of these lower prices by commercial payors,

or the failure to obtain or maintain timely or adequate pricing could also adversely impact revenue. We expect pricing

pressures will continue globally.

Further, at the U.S. state level, legislatures are increasingly enacting laws and implementing regulations designed to

control pharmaceutical and biological product pricing, including price or reimbursement constraints, discount

requirements, price transparency reporting, and programs designed to encourage importation from other countries and

bulk purchasing. States are also enacting laws modeled on federal policies, such as the IRA and the 340B drug discount

program. We expect that additional state and federal healthcare reform measures will be adopted in the future, any of

which could limit the amounts that federal and state governments will pay for healthcare products and services, including

pharmaceuticals, which could result in reduced demand for our products and product candidates or additional pricing

pressures.

The EU, on the other hand, is in the final stages of adopting new EU Pharmaceutical Legislation in 2026, reforming its

legislative framework for medicinal products (see "*<u>Item 3.D — Risk Factors —</u> <u>[Agreement on new EU Pharmaceutical](#i3fd453e8886f47e8a3bce0ff8daf37b5_709)</u>*

*<u>[Legislation](#i3fd453e8886f47e8a3bce0ff8daf37b5_709)</u>*").

Depending on the final text, which has yet to be published and is still subject to formal approval, the impact could be

positive with respect to certain regulatory processes. Other aspects may, however, have a negative impact on innovative

pharma and biotech companies such as argenx. In particular, this may be the case for the envisaged shorter baseline

market exclusivity periods. In any case, these legislative changes will only enter into effect after a (not yet specified)

transitional period, which will most likely conclude in 2028 the earliest.

***We are subject to government pricing laws, regulation and enforcement, which affect the prices we may charge the***

***government for our products and the reimbursement our customers may obtain from the government. Changes in***

***such laws, regulation, and enforcement may place downward pressure on the prices we can charge in the***

***marketplace, and our failure to comply with these laws could harm our results, operations and/or financial***

***conditions.***

In the U.S., we are required to participate in various government programs for our products to be reimbursed or

purchased by the federal government. We participate in programs such as the Medicaid Drug Rebate Program, the 340B

drug discount program, Medicare Part B, Medicare Part D and the U.S. Department of Veterans Affairs Federal Supply

Schedule pricing program. The requirements vary by program, but we are, among other things, required to enter into

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agreements with and calculate and report prices and other information to certain government agencies, charge no more

than statutorily mandated ceiling prices and calculate and pay rebates and refunds for certain products.

The calculations are complex and are often subject to interpretation by us, governmental agencies and the courts. If we

determine that the prices we reported were in error, we may be required to restate those prices and pay additional rebates

or refunds to the extent we understated the rebate or overcharged the government due to the error. Additionally, there are

penalties associated with submission of incorrect pricing or other data by the specified deadline, as well as potential

allegations under the False Claims Act and other laws and regulations.

Statutory or regulatory changes, including changes in CMS guidance, could affect the average sales price calculations

and the resulting Medicare payment rate for VYVGART and our potential future products. Any such measures may

increase our financial obligations to government payors, reduce net realized prices, and adversely affect the demand,

coverage and overall sales of our products. In addition, maintaining compliance with these government price reporting

and discounting obligations is time-consuming and costly, and a failure to comply can result in substantial fines,

penalties, all of which could adversely impact our financial results. See "*<u>Item 4.B. — Business Overview — Intellectual</u>*

*<u>property — Regulation — Coverage, Pricing and Reimbursement</u>*" for additional details on the regulatory framework

regarding the coverage, pricing and reimbursement of our products and product candidates.

In addition, the current U.S. Presidential administration has taken several steps to try to align U.S. drug prices with drug

prices in other countries through an approach known as MFN pricing, On November 6, 2025, CMS announced the

GENEROUS Model under its CMMI authority. The GENEROUS Model is a voluntary model that tests the impact of

CMS-facilitated supplemental rebate agreements that align the Medicaid net price with a defined MFN price. In

December 2025, CMS issued proposed rules for the GLOBE Model and the GUARD Model under its CMMI authority.

The GLOBE and GUARD Models are mandatory models that, if finalized, would require manufacturers of certain drugs

to pay additional rebates based on the difference between the Medicare price and the price in market basket countries.

CMS proposes that the new rebate would apply to utilization by approximately 25% of Medicare Part B fee-for-service

beneficiaries and 25% of Medicare Part D enrollees. In Congress, there also are pending legislative proposals that, if

enacted, would require MFN pricing in certain healthcare programs.

It is also currently uncertain how these U.S. policy efforts to align US pharmaceutical pricing more closely to

international benchmarks from countries with competing healthcare cost containment measures will affect our business.

Any expansion, finalization or implementation of these or similar MFN-based pricing initiatives could subject our

products to additional rebate obligations, negatively impact our pricing strategies, product demand, or competitive

positioning across global markets, and may result in reduced revenue in critical markets.

***We may not obtain or maintain adequate pricing and coverage or reimbursement status for our products and product***

***candidates.***

Sales of VYVGART and our product candidates, if approved, will depend, in part, on the extent to which third-party

payors, including government health programs in the U.S. (such as Medicare Parts B and D and Medicaid) and other

countries, commercial health insurers, and managed care organizations, provide coverage and establish adequate

reimbursement levels for such products and product candidates. Patients generally rely on third-party payors to

reimburse all or part of the associated healthcare costs, and are unlikely to use our products unless coverage is provided

and reimbursement is adequate to cover a significant portion of the cost of our products.

In the U.S., no uniform policy of coverage and reimbursement for products exists among commercial third-party payors.

Commercial third-party payors decide which products they will pay for and establish reimbursement levels, often relying

upon Medicare coverage policy and payment limitations. However, decisions regarding the extent of coverage,

formulary tier placement, utilization management requirements (including step therapy), and the amount of

reimbursement to be provided for any product candidate that we develop through approval will be made on a plan-by-

plan basis. Even under U.S. government healthcare programs such as Medicare and Medicaid, coverage and

reimbursement policies can vary significantly. Medicare Part D is administered by commercial insurance companies

under contract with the CMS, and their coverage and reimbursement policies may vary, subject to certain statutory and

regulatory requirements. Additionally, Medicaid programs vary from state to state in their coverage policies and

reimbursement rates, subject to certain federal requirements. Further, from time to time, typically on an annual basis,

payment rates are updated and revised by third-party payors. Such updates could impact the demand for our products, to

the extent that patients who are prescribed our products, if approved, are not separately reimbursed for the cost of the

product.

The process for determining whether a third-party payor will provide coverage for a product may be separate from the

process for setting the price of a product or for establishing the reimbursement rate that such a payor will pay for the

product. Even if we do obtain adequate levels of reimbursement, third-party payors, such as government or private

healthcare insurers, carefully review and increasingly question the coverage of, and challenge the prices charged for,

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products. Increasingly, third-party payors are requiring that biopharmaceutical companies provide them with

predetermined discounts from list prices and are challenging the prices charged for products. We may also be required to

conduct expensive pharmacoeconomic studies to justify the coverage and the amount of reimbursement for particular

medications. We cannot be sure that coverage and reimbursement will be available for any product that we

commercialize and, if reimbursement is available, what the level of reimbursement will be.

Moreover, coverage policies and third-party payor reimbursement rates may change at any time. Therefore, even if

favorable coverage and reimbursement status is attained for one or more products for which we receive marketing

approval in one or more indications, less favorable coverage policies and reimbursement rates may be implemented in

the future. For instance, even though favorable coverage and reimbursement status has been attained for VYVGART for

the treatment of gMG and CIDP in the U.S., access to VYVGART for any other indication may be reduced or restricted

by limited payor coverage due to treatment criteria, which may prevent us from realizing its full commercial potential. In

addition, the coverage and reimbursement levels for our products for the treatment in one indication may have an adverse

impact on the coverage and reimbursement levels of such products or product candidates in other indications for which

marketing approval has previously been or may subsequently be obtained. Inadequate coverage or reimbursement may

diminish or prevent altogether any significant demand for our products and/or may prevent us entirely from entering

certain markets or indications, which would prevent us from generating significant revenues or sustaining net

profitability in the future, which would adversely affect our business, financials and results of operations.

In many foreign countries, pricing, coverage, and level of reimbursement of prescription drugs are subject to

governmental and/or third-party payor control, and we and our collaborators may be unable to obtain coverage, pricing,

and/or reimbursement on terms that are favorable to us or necessary for us or our collaborators to successfully

commercialize our marketed products in those countries. In some foreign countries, the proposed pricing for a drug must

be approved before it may be lawfully marketed. The requirements governing drug pricing and reimbursement vary

widely from country to country, and may take into account the clinical effectiveness, cost, and service impact of existing,

new, and emerging drugs and treatments. For example, in the EU, pricing and reimbursement of medicinal products, is

almost exclusively a matter for national, rather than EU, provisions and regulations. EU Member States may restrict the

range of medicinal products for which their national health insurance systems provide reimbursement and may control

the prices of medicinal products for human use. An EU Member State may approve a specific price for the medicinal

product or it may instead adopt a system of direct or indirect controls on the profitability of the company placing the

medicinal product on the market. Our results of operations may suffer if we or our collaborators are unable to market our

products in foreign countries or if coverage and reimbursement for our marketed products in foreign countries is limited

or delayed. Downward price pressures in the EU and other countries may, in turn, contribute to downward price pressure

in the U.S. because of MFN initiatives.

***If we fail to obtain orphan drug designation or we do not have valid and enforceable patents covering our products***

***and their uses and product candidates and fail to obtain and/or maintain orphan drug exclusivity for our products or***

***product candidates, our competitors may be able to sell products to treat the same conditions and our revenue may be***

***reduced.***

We have and may from time to time seek orphan drug designation in the U.S., Japan and, the EU for certain indications

addressed by our products and product candidates. With regard to these designations or future designations we may

obtain, we may not be the first to obtain marketing approval of these drugs for such indication due to the uncertainties

associated with developing therapeutic products, and we may not obtain orphan exclusivity upon approval. In the U.S.,

orphan drug exclusivity applies only to the specific uses or indications for which a drug is approved within the

designated rare disease or condition, and therefore may be narrower than the scope of the original orphan designation. In

addition, exclusive marketing rights in the U.S. may be limited if we seek approval for an indication broader than the

orphan-designated indication, or may be lost if the FDA later determines that the request for designation was materially

defective or if we are unable to assure sufficient quantities of the product to meet the needs of patients with the rare

disease or condition. Further, even if we obtain orphan drug exclusivity for a product, that exclusivity may not

effectively protect the product from competition because different drugs with different active moieties or different

principal molecular structural features can be approved for the same condition. Even after an orphan drug is approved,

the MHRA, the EMA, respectively the European Commission, the FDA, the MHLW (collectively, the Relevant

Regulatory Authorities) or other comparable regulatory authorities can subsequently approve the same drug with the

same principal molecular structural features for the same condition if the regulator concludes that the later drug is safer,

more effective, or makes a major contribution to patient care.

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**Risk Factors Related to the Development and Clinical Testing of argenx's Products and Product Candidates**

***Failure to successfully identify, select and develop our products in other indications, or additional products or***

***product candidates could impair our ability to grow.***

Our long-term growth strategy entails developing and marketing additional products and product candidates, including

efgartigimod for new indications, empasiprubart and adimanebart. This requires substantial resources, whether or not

any product candidates or new indications are ultimately identified. The success of this strategy depends partly upon our

ability to identify, select, develop, and ultimately, commercialize promising product candidates. We are heavily

dependent on precise, accurate and reliable scientific data to identify, select and develop promising product candidates

and products. Our business decisions may therefore be adversely influenced by inaccurate, improper or fraudulent

scientific data, including data sourced from third parties. Even with accurate scientific data, our technology platforms

may fail to discover and to generate additional products and products candidates, that are suitable for further

development.

Even if we identify additional product candidates, they may not be suitable for clinical development as a result of

harmful side effects, limited efficacy or other characteristics that indicate that it is unlikely to be a product that will

receive approval by the Relevant Regulatory Authorities, and other comparable regulatory authorities or achieve market

acceptance. If we do not successfully identify, develop and commercialize product candidates and VYVGART in new

indications based upon our technological approach, we may not be able to obtain product or collaboration revenues in

future periods.

Obtaining regulatory approval for our products and product candidates is inherently uncertain. To obtain the requisite

regulatory approvals to market and sell any of our products and product candidates, we or our collaborators for such

candidates must successfully demonstrate that our products are safe and effective in humans. Clinical trials are expensive

and can take many years to complete, and their outcome is inherently uncertain. Further, success in early clinical trials or

in one indication does not guarantee success in later clinical trials or in other indications.

***Failure to successfully develop or obtain marketing approval for our products and product candidates could***

***negatively impact our business.***

The time required to obtain approval by the Relevant Regulatory Authorities and other comparable regulatory authorities

is unpredictable but typically takes many years, if obtained at all, following the commencement of clinical trials and

depends upon numerous factors, including the substantial discretion or interpretation of the regulatory authorities. This

lengthy approval process as well as the unpredictability of future clinical trial results may result in our failing to obtain

regulatory approval to market any of our product candidates, including for new indications. We have experienced delays

in our prior clinical trials, and we may experience delays in our ongoing or planned clinical trials, for a large variety of

reasons outside our control in complying with regulatory approvals which can adversely affect the timing of clinical

trials, including as described in *<u>"Item 3.D. — Risk Factors —</u> <u>Risk Factors Related to Other Government Regulations —</u>*

*<u>All aspects of our business ranging from preclinical, clinical trials, marketing and commercialization are highly</u>*

*<u>regulated and any delay by relevant regulatory authorities could jeopardize our development and approval process or</u>*

*<u>result in other suspensions, refusals or withdrawal of approvals.</u>*"

Over the last several years, the U.S. government has shut down several times and average review times at the FDA have

fluctuated in recent years as a result. If a prolonged government shutdown occurs it could significantly impact the ability

of the FDA to timely review and process our regulatory submissions. Inadequate funding for the FDA and other

government agencies, or other disruptions to these agencies' operations, could also prevent new products and services

from being developed or commercialized in a timely manner or otherwise prevent those agencies from performing

normal functions on which the operation of our business may rely, which could negatively impact our business.

In addition, ongoing efforts by the current U.S. Presidential administration to limit the size of the FDA and other

agencies of HHS, including through reductions in staff, may further increase the unpredictability in approval timelines

for our products and product candidates. In 2025, HHS announced and implemented a restructuring that included

significant reductions in the FDA's workforce pursuant to an executive order directing federal workforce optimization.

These staffing reductions together with resignations, resulting in leadership turnover and loss of institutional knowledge,

may disrupt agency operations and adversely affect the timing, consistency or outcome of regulatory review. Ongoing

initiatives by the current U.S. Presidential administration to deregulate and to review the scientific basis for, and

otherwise attempt to influence, FDA decisions and policies create regulatory uncertainty for pharmaceutical companies.

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Additionally, uncertainty remains as to how the FDA's agency-wide implementation of ELSA, a generative artificial

intelligence tool, including for review of drug product applications, as well as its deployment of agentic artificial

intelligence capabilities, will impact the outcomes and timeliness of FDA reviews and other activities. In addition, the

future of the currently applicable Prescription Drug User Fee Act construct to ensure timely FDA review of applications

may be impacted due to expressed concerns about the effect on industry-FDA relations, and staffing shortages.

If we are unable to obtain regulatory approval of our products and product candidates on a timely basis or at all, our

business, financial operations and/or financial condition may be impacted.

***Certain of our clinical trials have not succeeded, and may in the future also not succeed, and even if they succeed, we***

***may not obtain regulatory approval for our products or product candidates or regulatory approval may be delayed.***

Certain of our clinical trials have not succeeded, and may in the future also not succeed. We could experience

operational challenges as we undertake an increasing number of clinical trials, including those conducted in countries

outside the EU, UK and the U.S. that may subject us to further delays and expenses as a result of increased shipment

costs, additional regulatory requirements and the engagement of non-EU, non-UK and non-U.S. contract research

organizations (CROs). Such trials may also expose us to risks associated with clinical investigators and institutions who

apply different standards of diagnosis, screening and medical care or are otherwise unfamiliar with standards and

requirements imposed by the Relevant Regulatory Authorities.

If we experience delays in the completion of, or termination of, any clinical trial of our products or product candidates,

may increase our costs, slow down our product candidate development and approval process and jeopardize our ability to

commence product sales and generate revenues. Many of the factors that cause, or lead to, a delay in the commencement

or completion of clinical trials may also ultimately lead to the denial of regulatory approval of our product candidates or

result in the development of our product candidates being stopped early. Significant clinical trial delays could also allow

our competitors to bring products to market before we do or shorten any periods during which we have the exclusive

right to commercialize our products and product candidates.

Even if clinical trials are initiated, our development efforts may not be successful. Even if we obtain positive results from

preclinical trials or initial clinical trials, we may not achieve the same success in future clinical trials, which may

negatively impact the price of our ordinary shares or ADSs.

Regulatory approval of our products or product candidates may be delayed or refused for many reasons, including for

reasons outside our control. Some of the reasons for regulatory delay or refusal include:

• the Relevant Regulatory Authorities or other comparable regulatory authorities may disagree with the design or

implementation of our clinical trials;

• we may be unable to demonstrate, to the satisfaction of the Relevant Regulatory Authorities or other comparable

regulatory authorities, that our product candidates are safe, pure, potent and effective for any of their proposed

indications;

• the results of clinical trials may not meet the level of statistical significance required by the Relevant Regulatory

Authorities or other comparable regulatory authorities for approval;

• the chemistry, manufacturing and controls information submitted in an application is insufficient; and

• the facilities of third-party manufacturers with which we contract for the manufacture of our product candidates are

not adequate to support approval of our product candidates.

Any of these occurrences may harm our business, results of operations and financial condition significantly.

***If we decide to pursue accelerated approval for any of our product candidates, it may not lead to faster development***

***or regulatory review or approval and we may still need to conduct additional clinical trials, which could increase the***

***expense of obtaining, if at all, necessary marketing approvals.***

The accelerated approval pathway has come under scrutiny by various stakeholders, and the Food and Drug Omnibus

Reform Act of 2022 (FDORA) revised the requirements for this pathway. Although this legislation did not change the

standard for accelerated approval, it authorized the FDA to require a post-approval clinical trial to be underway prior to

approval or within a specified time period following approval, and must specify conditions of any required post-approval

clinical trial. FDORA also requires sponsors to submit progress reports for required post-approval studies. Failure to

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conduct due diligence for required post-approval studies is deemed a prohibited act under the FDCA. FDORA also

details procedures the FDA must follow to withdraw an accelerated approval on an expedited basis, including where the

required post-approval studies are not conducted with due diligence or fail to verify clinical benefit, other evidence

demonstrates that the product is not shown to be safe or effective under the conditions of use, or the sponsor

disseminates false or misleading promotional materials with respect to the product. FDA has been exercising these

authorities and has issued guidance documents regarding the accelerated approval pathway. If we decide to pursue

accelerated approval for any of our product candidates, the failure to obtain accelerated approval (or the withdrawal of

any accelerated approval) could result in a longer time period to commercialization of such product candidate, if any,

and could increase the cost of development of such product candidate and harm our competitive position in the

marketplace. For example, if standard of care were to evolve or if any of our competitors were to receive approval for a

drug or biological product for a disease or condition for which we are seeking accelerated approval before we receive

accelerated approval, we may not be able to demonstrate that our product candidate provides a meaningful advantage

over other available therapies and accelerated approval may not occur.

***Our products and product candidates may have adverse, undesirable or unacceptable side effects, and we or others***

***may identify undesirable or unacceptable side effects caused by any of our products or product candidates before and***

***after they have received marketing approval.***

Undesirable side effects that may be caused by our product candidates, or by the combination of our product candidates

with other medical products, could cause us or regulatory authorities to interrupt, delay or halt clinical trials and could

result in more restrictive labeling or the delay or denial of regulatory approval by the Relevant Regulatory Authorities or

other comparable regulatory authorities. We have observed adverse events and treatment emergent adverse events in our

clinical trials, and we may see additional adverse events and treatment emergent adverse events in our ongoing and

future clinical trials. Such side effects may be more serious than those observed to date, and as a result, our ongoing and

future clinical trials may be negatively impacted. Moreover, as we seek to develop product candidates, including

products in new indications, patients may experience new or more serious effects. Drug-related side effects caused by

any of our products or product candidates that we or others identify could, among other things, affect patient recruitment,

the ability of enrolled patients to complete the clinical trial, result in potential product liability claims, damage sales of

our existing products, result in significant reputational damage for us and our product development, and other issues

including the delay of other programs.

Any undesirable drug-related side effects can also cause the Relevant Regulatory Authorities or other comparable

regulatory authorities to withdraw approvals or revoke licenses of such products and require us to take such products off

the market, require the addition of labeling statements, specific warnings, or a contraindication or other modification of

the product labeling, request the issuance of safety alerts, require a REMS to ensure that the benefits of the product

outweigh its risks, and/or require us to change the way the product is administered, conduct additional clinical trials or

change the labeling of the product.

***If our target patient population is smaller than expected, we are unable to successfully enroll and retain patients in***

***our clinical trials, or experience significant delays in doing so, we may not realize the full commercial potential of***

***any products or product candidates.***

Currently, we mainly develop products or product candidates for the treatment of rare diseases for which the target

patient population can be small. If the actual number of patients with these disorders is smaller than we expected, we

may encounter difficulties in enrolling sufficient patients in our clinical trials, thereby delaying or preventing

development and approval of our products or product candidates. Physicians, who are an important source of patients for

clinical trials, may also be less familiar with these rare diseases and may therefore fail to identify these conditions in

their patients and therefore may not refer them to our clinical trials.

Patient enrollment, a significant factor in the timing of clinical trials, depends on many factors, including the size and

nature of the patient population, eligibility criteria for the clinical trial, the proximity of patients to clinical sites,

competition for patient recruitment from competing clinical trials, the design of the clinical trial, the availability of

alternate approved therapies for the indication the clinical trial is investigating, and clinicians' and patients' perceptions

as to the potential advantages of the drug being studied in relation to other available therapies. We compete with other

companies to enroll target patient populations, as set forth in "*<u>Item 3.D. Risk Factors —</u> <u>Risk Factors Related to</u>*

*<u>Commercialization of argenx's Products and Product Candidates, Including for New Indications—We face significant</u>*

*<u>competition for our drug discovery and development efforts.</u>*" Even if product candidates obtain significant market share

for their approved indications, because certain potential target populations are small, we may never recoup our

investment in such product candidate without obtaining regulatory approval for additional indications for such product

candidates.

Even once enrolled, we may be unable to retain a sufficient number of patients to complete any of our clinical trials. In

addition, any negative results we may report in clinical trials of our drug candidates may make it difficult or impossible

to recruit and retain patients in other clinical trials of that same drug candidate. Delays in the completion of any clinical

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trial of our product candidates will increase our costs, slow down our product candidate development and approval

process and delay or potentially jeopardize our ability to commence product sales and generate revenue. In addition,

some of the factors that cause, or lead to, a delay in the commencement or completion of clinical trials may also

ultimately lead to the denial of regulatory approval of our product candidates.

**Risk Factors Related to argenx's Dependence on Third Parties**

***We rely, and expect to continue to rely, on third parties to conduct some of our research activities, manufacturing and***

***clinical trials and for parts of the development and commercialization of our existing and future research programs,***

***products and product candidates. If our relationships with such third parties are not successful, our business may be***

***adversely affected.***

We have relied upon and plan to continue to rely upon third parties, including independent clinical investigators, CROs,

CMOs and other third-party service providers with the applicable protocol, legal and regulatory requirements and

scientific standards, and our reliance on these third parties does not relieve us of our regulatory responsibilities. To the

extent our collaborators or the CROs or investigators fail to enroll participants for our clinical trials, fail to conduct the

clinical trial to GCP standards or in full compliance with legal and regulatory requirements or are delayed for a

significant time in the execution of clinical trials, including achieving full enrollment, we may be affected by increased

costs, program delays or both, which may harm our business.

In addition, we are, and expect to continue to be, dependent on partnerships with partners and licensees relating to the

development and commercialization of our existing and future research programs, products and product candidates. We

currently have collaborative research relationships with various pharmaceutical companies such as AbbVie, Zai Lab and

with various academic and research institutions worldwide for the development of product candidates resulting from

such collaborations. We also have distribution agreements in place with several distribution partners for VYVGART. We

have and will continue to have discussions on potential partnering opportunities with various pharmaceutical companies.

If we fail to enter into or maintain collaborations on reasonable terms or at all, our ability to develop our existing or

future research programs and product candidates and to commercialize our existing or future products could be delayed,

the commercial potential of our products could change and our costs of development and commercialization could

increase.

While we have agreements governing our relationships with these third parties, we have limited influence over their

actual performance and control only certain aspects of their activities. If independent investigators, third-party service

providers or CROs fail to devote sufficient resources to the development of our product candidates, or if their

performance is substandard, it may delay or compromise the prospects for approval and commercialization of any

product candidates that we develop. In addition, our collaborators, CROs, CMOs, distributors, and other third-party

service providers are subject to extensive healthcare, regulatory, data privacy, manufacturing, anti-corruption and other

laws and regulations. Although we seek to structure our relationships in compliance with applicable laws and regulations

and monitor the activities of these third parties, we do not control their day-to-day operations and cannot guarantee that

they will comply with all applicable legal and regulatory requirements. Any failure by our third-party partners to comply

with such requirements could result in regulatory enforcement actions, monetary penalties, exclusion from government

healthcare programs, reputational harm, delays in development or commercialization, or other adverse consequences. In

particular, regulatory authorities enforce GCP requirements through periodic inspections of clinical trial sponsors,

principal investigators and clinical trial sites. If we, our investigators or any of our CROs fail to comply with applicable

GCPs, the clinical data generated in our clinical trials may be deemed unreliable and the Relevant Regulatory Authorities

or comparable regulatory authorities may require us to perform additional clinical trials before approving our marketing

applications. In addition, our collaborative partners may not adhere to, or may terminate collaboration agreements with,

all associated consequences or disagree on the interpretation of contractual terms. We may not be able to control our

collaborative partners' compliance with all applicable requirements for the commercialization of our products, which

could adversely affect such commercialization and the profitability of such products. Failures by our collaborative

partners to meet their contractual, regulatory, or other obligations to us, or any disruption in the relationships between us

and our collaborative partners, could have a material adverse effect on our product pipeline and business.

We face significant competition in establishing successful relationships with third-party service providers and

appropriate collaborative partners. These third-party service providers may have contractual relationships with other

entities, some of which may be our competitors, which may draw their time and resources away from our programs. In

addition, some of our third-party service providers or CROs have the ability to terminate their respective agreements

with us, and if such agreements terminate, we may not be able to enter into arrangements with alternative CROs or

investigators or to do so on commercially reasonable terms. In addition, we may not be able to find appropriate

collaboration partners.

***Disruptions caused by our reliance on third parties for our raw materials and manufacturing process may delay or***

***disrupt our business, product development and commercialization efforts.***

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We do not have the ability to internally source the raw materials necessary to produce our products or product

candidates, and do not currently have, nor do we plan to acquire, the infrastructure or capability internally to

manufacture our products or product candidates and depend on a worldwide supply chain and third parties for both.

Disruptions caused by our reliance on such third-party suppliers, service providers and manufacturers may delay or

disrupt our business, product development and commercialization efforts.

*Reliance on Third-Party Suppliers and Service Providers*

For some of our raw materials, we rely on a single source of supply and there are limited supplies of the raw materials. If

prices increased, or we were to experience an unexpected loss of supply of or if any supplier was unable to meet our

demand for any of our products and product candidates, including increased demand if VYVGART is approved for

additional indications, we could experience delays in our research or planned clinical trials or risk shortages in

commercial supply which could materially impact our revenue potential. These issues could be exacerbated by pressure

on the supply chain, for example due to power shortages, natural disasters, extreme weather conditions, public health

crises, changed laws or regulations, military conflicts, executive orders, or geopolitical events, including trade disputes,

embargoes or economic or financial sanctions enacted as a result of international conflict. The cost of our raw materials

may also increase based on actual or threatened trade restrictions or increased tariffs on foreign exports. As we continue

to grow our business we may need to establish additional sources of supply for our products. The lead time needed to

establish a relationship with a new supplier can be lengthy and require us to devote substantial time and resources, which

could result in additional costs, or delays and adversely affect our business.

Additionally, certain of the raw materials required in the manufacture and the formulation of our products and product

candidates may be derived from biological sources, including mammalian tissues, bovine serum and human serum

albumin. There are certain European regulatory restrictions on using these biological source materials including rigorous

testing requirements, which could limit or delay production. Regulatory authorities may require additional studies if we

adopt a new supplier. If there are changes in the regulation requirements that our suppliers are unable to meet, our

clinical development or commercial activities may be delayed or interrupted.

We may not be able to engage a back-up or alternative supplier or service provider in a timely manner or at all if any of

these third parties were to cease or interrupt production or otherwise fail to supply these materials, products, or services

to us for any reasons, including due to regulatory requirements or actions (including recalls), adverse financial

developments at or affecting the supplier, failure by the supplier to comply with cGMPs, contamination, business

interruptions, or labor shortages or disputes. Interruptions in the supply of these materials, products or services may also

result from international conflict, trade disputes, embargoes or economic or financial sanctions imposed, administered or

enforced by the UN Security Council, the U.S., the UK, the EU, or the respective governmental institutions of any of the

foregoing including, without limitation, the Office of Foreign Assets Control of the US Department of the Treasury, the

US Department of Commerce, the US Department of State and any other agency of the US government.

*Reliance on Third-Party Manufacturing*

We rely on and expect to continue to rely on CMOs. We also rely on certain third parties to perform filling, finishing,

distribution, laboratory testing and other services related to the manufacture and supply of our products and product

candidates.

We do not control the manufacturing process at our CMOs and are completely dependent on them for the production of

our products and product candidates in accordance with relevant regulations (such as cGMPs), although we are

responsible for ensuring that our products comply with regulatory requirements. If our CMOs cannot successfully

manufacture material that conforms to our specifications and the strict regulatory requirements of the Relevant

Regulatory Authorities or other comparable regulatory authorities, our business could be adversely affected, including an

inability to initiate or continue clinical trials of product candidates under development, delay in submitting regulatory

applications, or receiving regulatory approvals for product candidates, including new indications, subjecting third-party

manufacturing facilities to additional inspections by regulatory authorities, requirements to cease distribution or to recall

batches of our products or product candidates and an inability to meet commercial demands for our marketed products.

Most notably, we contract with Lonza for their manufacturing sites in Slough, UK, Portsmouth, U.S., Singapore and

Visp, Switzerland as well as with Fujifilm, based in Denmark, for activities relating to the development of cell banks,

development of our manufacturing processes and the manufacturing of drug substance. We use additional contract

manufacturers to fill, test, label, package, store and distribute our (investigational) drug products. Our products and

product candidates are biologics and require multiple processing steps that are more difficult than those required for most

small molecule chemical pharmaceuticals. While we work with our CMOs and partners on optimization, strengthening

and upscaling our manufacturing, problems with these manufacturing processes, such as capacity issues, or even minor

deviations from the normal process or from the materials used in the manufacturing process, which may not be

detectable by us in a timely manner, could lead to manufacturing failures or product defects, resulting in lot failures,

product recalls, product liability claims and insufficient inventory.

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We face risks inherent in relying on limited CMOs, as any failure in their ability to successfully manufacture our

products or product candidates as described above or any disruption, such as supply shortages or disruptions of raw

materials, fires, pandemics, natural hazards or acts of vandalism at the CMO could significantly interrupt our

manufacturing capability. Alternative production plans in place or disaster-recovery facilities available to us may not be

sufficient. In case of a disruption, we may have to establish additional alternative manufacturing sources. This would

require substantial investment on our part, which we may not be able to obtain on commercially acceptable terms or at

all. Additionally, we may experience significant manufacturing delays as we build or locate replacement facilities and

seek and obtain necessary regulatory approvals. If this occurs, we will be unable to satisfy manufacturing needs on a

timely basis, if at all. Also, operating any new facilities may be more expensive than operating at our current facilities.

Further, business interruption insurance may not adequately compensate us for any losses that may occur, and we would

have to bear the additional cost of any disruption. For these reasons, a significant disruptive event of the manufacturing

facility could have drastic consequences, including placing our financial stability at risk.

***Accuracy and timing of our financial reporting is partially dependent on information received from third-party***

***partners, which we do not control.***

We have collaborated, and plan to continue to collaborate, with third parties, including distributor and licensing partners,

on certain product candidates. As part of some of these collaborations, our collaboration partners are responsible for

providing us with financial information regarding specific projects, including funds spent, liabilities incurred and

expected future costs, on which we rely for our own financial reporting. If our collaboration partners fail to provide us

with the necessary financial information within the agreed upon timeframes, or if such financial information proves

inaccurate, it would adversely impact the timing and accuracy of our own financial reporting. Any inaccuracy in our

financial reporting could cause investors to lose confidence in our financial reporting, reputational damage or affect our

ability to obtain, and the terms of, any future financing, which may harm our business.

**Risk Factors Related to Other Government Regulations**

***We are subject to healthcare laws, regulation and enforcement. The failure to comply with these laws could harm our***

***results, operations and/or financial condition.***

Our current and future operations are and may become directly, or indirectly through our customers and third-party

payors, subject to various U.S. federal and state, EU and EU Member State, Japanese, Chinese, UK, Canadian and Israeli

healthcare laws, and healthcare laws of other jurisdictions in which we conduct our business. This includes, but is not

limited to, the U.S. FDCA, the U.S. False Claims Act and EU Directive 2001/83/EC.

In particular, our sales, marketing and business arrangements are subject to healthcare fraud and abuse, anti-kickback

and similar laws designed to prevent fraud, misconduct, improper inducements and other abusive practices. For example,

EU Directive 2001/83/EC restricts the provision of gifts, pecuniary advantages or other benefits to persons qualified to

prescribe or supply medicinal products, subject to limited exceptions. Compliance with these complex and evolving

requirements requires significant resources and may constrain our commercial activities.

Any action against us for violation of these laws, even if we successfully defend against it, could cause us to incur

significant legal expenses and divert our management's attention from the operation of our business.

The shifting compliance environment and the need to maintain robust and expandable systems to comply with multiple

jurisdictions with different compliance or reporting requirements increases the possibility that we or our collaborative

partners may run afoul of one or more of these requirements. We continue to expand, enhance and refine our internal

ethics and compliance function and program to ensure compliance with the different healthcare laws and regulations. As

we continue to grow our headcount to support our business, we face increased compliance risk as we need to train and

supervise additional personnel to comply with relevant healthcare laws and regulations. This involves substantial costs

and, notwithstanding our investment, there can be no assurance that our policies and procedures will be followed at all

times or will effectively detect and/or prevent all compliance violations by our employees, consultants, subcontractors,

agents and partners.

It is possible that governmental authorities will conclude that our business practices do not comply with current or future

statutes, regulations or case law involving applicable fraud and abuse or other healthcare laws and regulations. If our

operations are found to be in violation of any of these laws or any other governmental regulations applicable to us, we

may be subject to significant civil, criminal and administrative investigations, penalties, damages, fines, disgorgement,

imprisonment, exclusion of drugs from government funded healthcare programs, such as Medicare and Medicaid in the

U.S., additional reporting requirements and oversight, reputational harm and the curtailment or restructuring of our

operations. Managing such investigations and defending against or appealing any such actions or penalties can be costly

and time-consuming and may require significant financial and personnel resources. Therefore, even if we are successful

in managing any such governmental investigations and/or defending against or appealing any such actions or penalties

that may be brought against or imposed upon us, our business may be impaired. Efforts to ensure that our business

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arrangements with third parties comply with applicable healthcare laws and regulations also involve substantial costs,

and because we do not fully control the operations or compliance practices of these third parties, we cannot assure you

that they will comply with all applicable healthcare laws and regulatory requirements.

The scope, interpretation and enforcement of healthcare laws remain uncertain and subject to change, particularly in the

current environment of healthcare reform. Federal and state authorities in the U.S. have increased scrutiny of interactions

between healthcare companies and healthcare providers, as well as promotional practices, including direct-to-consumer

prescription drug advertising and manufacturer-sponsored platforms that facilitate patient access to products. The FDA

has also heightened its review of the data supporting advertising and promotional claims. Compliance with these

evolving requirements, and responding to investigations or enforcement actions, may require significant time and

resources and could divert management attention, result in penalties or otherwise adversely affect our business.

***All aspects of our business, including preclinical research, clinical trials, marketing and commercialization, are***

***highly regulated, and any delay by relevant regulatory authorities could jeopardize our development and approval***

***process and/or result in suspensions of marketing authorizations, refusals to approve our products, or withdrawal of***

***existing approvals.***

Before we can commence clinical trials for a product candidate, we must complete extensive preclinical testing to

support our IND or planned IND applications in the U.S. or Japan, or our clinical trial applications (CTAs) in the EU, or

comparable applications in other jurisdictions. We cannot be sure that we will be able to submit INDs or CTAs or

comparable applications for our development programs on the timelines we expect, if at all. We also cannot guarantee

that submission of INDs or CTAs or comparable applications will result in the Relevant Regulatory Authorities or other

regulatory authorities allowing clinical trials to begin.

Clinical trials must be conducted in accordance with applicable laws and regulations, Relevant Regulatory Authorities'

and other comparable regulatory authorities' legal requirements and regulations and are subject to oversight by Relevant

Regulatory Authorities and other comparable regulatory authorities as well as IRBs and ethics committees. In particular,

clinical trials must be conducted in compliance with GCPs and clinical supplies of our products and product candidates

must be produced under cGMPs and other regulations. We could encounter delays if a clinical trial is suspended or

terminated, by us, by the IRB or ethics committee, by the data review committee or data safety monitoring board for

such clinical trial, or by the Relevant Regulatory Authorities or other comparable regulatory authorities. Such authorities

may impose a suspension or termination due to a number of factors, including failure to conduct the clinical trial in

accordance with regulatory requirements or our clinical protocols, inspection of the clinical trial operations or clinical

trial site by the Relevant Regulatory Authorities or other comparable regulatory authorities resulting in the imposition of

a clinical hold, unforeseen safety issues or adverse side effects, including those relating to the class to which our

products and product candidates belong, failure to demonstrate a benefit from using the product or product candidate,

changes in governmental regulations or administrative actions, or lack of adequate funding to continue the clinical trial.

If we experience delays in the completion of, or termination of, any clinical trial of our products or product candidates,

the costs of our clinical programs may increase, the commercial prospects of our products and product candidates may be

harmed, and our ability to generate product revenues from any of these products and product candidates may be delayed.

Significant clinical trial delays could also allow our competitors to bring products to market before we do, or shorten any

periods during which we have the exclusive right to commercialize our products and product candidates.

Moreover, we must obtain separate regulatory approvals in each jurisdiction where we want to market, and approval by

one regulatory authority does not ensure approval by any other regulatory authority. As approval procedures can vary

among countries and may change over time, this can require additional clinical testing, and the time required to obtain

approval may differ. We can provide no assurances that such approval will be obtained on the timeline that we expect or

at all. In addition, we anticipate submitting applications for approval of VYVGART in new indications, but can provide

no assurances that such applications will be accepted or that we will receive approval on our anticipated timeline, or at

all.

If VYVGART or any new formulations of VYVGART are not approved in one or more jurisdictions including beyond

the countries where VYVGART is approved, or if such approvals are significantly delayed, it could have a material

adverse effect on our business. It is possible that none of our other existing product candidates or any product candidates

we may seek to develop in the future will ever obtain regulatory approval in any other jurisdiction for any indication.

Even if approval is obtained, the Relevant Regulatory Authorities or other comparable regulatory authorities may

approve the product for fewer or more limited indications or patient sub-segments than requested and/or with a label that

does not include the labeling claims necessary or desirable for the successful commercialization of that product. Further,

the Relevant Regulatory Authorities or other comparable regulatory authorities may impose extensive and ongoing

unique regulatory requirements, such as granting approval contingent on the performance of costly post-marketing

clinical trials, including Phase 4 clinical trials, and surveillance to monitor the safety and efficacy of the product.

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The costs of compliance with all Relevant Regulatory Authorities' and other applicable authorities' regulations,

requirements or guidelines could be substantial, and failure to comply could result in sanctions, including fines,

injunctions, civil penalties, denial of applications for marketing authorization of our products, delays, suspension or

withdrawal of approvals, license revocation, seizures or recalls of products, operating restrictions and criminal

prosecutions, any of which could significantly increase our and/or our collaborative partners' costs or delay or prevent

the development and commercialization of our product candidates. At this time, we cannot guarantee or know the exact

nature, precise timing and detailed costs of the efforts that will be necessary to complete the remainder of the

development of our research programs and product candidates.

***We are subject to privacy, cybersecurity and AI laws, regulation and potential enforcement. The failure to comply***

***with these laws could harm our results, operations and/or financial conditions.***

Privacy laws, regulations and related enforcement are particularly relevant to our business as we collect, store and

process personal data and in particular data of vulnerable groups such as patients, and sensitive information including

health data as well as human biological samples. We also collaborate with third parties where we may seek to use data

collected by third parties on our or their behalf, or we may seek to share data collected by us with such third parties to

further our research or commercial initiatives.

The GDPR imposes strict requirements, including access controls, impact assessment and safeguards on cross-border

transfers of personal data and imposes substantial penalties in the event of non-compliance. We face uncertainty as to the

exact interpretation of the requirements under the GDPR, and we may be unsuccessful in implementing all measures

required by data protection authorities or courts. Any investigation by a data protection authority could result in fines

and other penalties.

The data privacy landscape is complex and fragmented. In the EU, national laws may impose stricter obligations than

the GDPR, particularly for sensitive genetic, ethnic origin or race data, while regulations like the Directive 2002/58/EC

of the European Parliament and of the Council of July 12, 2002 (as amended, the

e-Privacy Directive) add further compliance risks.

This trend expands globally, with evolving laws in countries such as the U.S., Japan, Canada and China. For example,

China has passed a number of laws concerning data protection and the collection, use and transfer of personal data

(including data considered to be relevant as Chinese human genetic resources), and restricting the transfer of this data

outside of China. These evolving laws and regulations impose increasing restrictions on the processing of personal data,

which may require us to modify our data collection or processing practices and to incur significant expenses associated

with our compliance efforts.

Moreover, in the current digital and regulatory landscape, privacy obligations are increasingly interconnected with

broader cybersecurity laws and requirements, reflecting the close link between the protection of personal data and the

security of information systems. Failure to comply with applicable cybersecurity frameworks and directives, including

Directive (EU) 2022/2555 on Network and Information Security (NIS2), could result in significant legal, regulatory, and

operational risks. In addition, inadequate cybersecurity and non-compliance with data protection laws and regulations

increases the risk of personal data breaches, potentially resulting in regulatory sanctions, civil claims, reputational

damage and loss of trust.

Furthermore, our integration of AI solutions into certain of aspects our business, introduce a new layer of regulatory risk.

Most significantly, Regulation (EU) 2024/1689 (AI Act) establishes the world's first comprehensive legal framework for

AI, impacting how we develop and deploy AI systems in the future. In particular, high-risk AI systems must comply

with strict regulatory requirements to ensure safety, transparency, and fundamental rights protection. Non-compliance

with the AI Act may result in significant penalties. As most provisions will take effect from August 2, 2026, we must

continuously assess and adapt our compliance strategy to mitigate risks from this evolving legal landscape.

If we violate existing laws and regulations or fail to comply with changing laws and regulations, we might be subject to

fines, penalties and other adverse consequences, which could have a material adverse effect on our reputation, business,

results of operations, cash flows or financial condition.

***Failure to comply with anti-corruption laws and regulations, anti-money laundering laws and regulations, economic***

***or financial sanctions, trade embargoes and/or export control regulations and other laws governing our operations***

***could have an adverse impact on our business, financial conditions and operations.***

We are or may become subject to various laws and regulations regarding anti-corruption, anti-money laundering,

economic or financial sanctions, trade embargoes, investment restrictions, anti-fraud, other comprehensive prohibitions

against transaction activity pursuant to anti-terrorism laws or export control laws and regulations issued by multiple

jurisdictions. These include the UK Bribery Act 2010 and the U.S. Foreign Corrupt Practices Act of 1977, in each case,

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as amended, as well as comparable laws and regulations in other countries in which we do business, including in the

European Union and China, which prohibit, among other things, payments, offers, or promises made for the purpose of

improperly influencing any act or decision of a foreign government official. In the UK, since September 1, 2025, it is an

offense under the Economic Crime and Corporate Transparency Act 2023 for a large organization to fail to prevent

certain fraudulent activities by an associated person (such as an employee, agent, or subsidiary), unless it can

demonstrate that it had reasonable prevention procedures in place to prevent the fraudulent activity. The nature of our

business means that we engage in significant interactions with foreign officials. Compliance with these laws and

regulations in the U.S. and in foreign jurisdictions is complex, and may increase our cost of doing business

internationally.

We are also subject to economic and financial sanctions, trade embargoes, other comprehensive prohibitions against

transaction activity pursuant to anti-terrorism laws and export control rules and regulations, including those imposed,

administered or enforced by the UN Security Council, the, U.S., the UK, and the EU. Any change in export or import

regulations, economic or financial sanctions regulations, trade embargo regulations or related legislation, shift in the

enforcement or scope of existing regulations, or change in the countries, governments, persons or technologies targeted

by such regulations, could decrease our ability to conduct our planned research and development activities and to

manufacture, import, export or sell our products internationally, which could require us to expend additional resources to

achieve our goals and adversely affect our business, financial conditions and operations.

We have mechanisms in place to promote compliance with such rules and regulations. However, there can be no

assurance that our policies and procedures will be followed at all times or will effectively detect and/or prevent

violations of applicable compliance regimes by our employees, consultants, sub-contractors, agents and partners. In the

event of non-compliance, we could be subject to substantial civil or criminal penalties, including sanctions against us,

incarceration for responsible employees and managers, the possible loss of export or import privileges, debarment from

participation in government contracting, reputational harm, and resulting loss of revenue and profits, which could have a

material adverse impact on our business, financial conditions and operations.

***Our performance tracked by our Environmental, Social and Governance metrics is subject to risks and the outcomes***

***may not achieve the anticipated benefits or align with new regulations and stakeholders' expectations.***

There has been an increasing focus from stakeholders and regulators relating to environmental, social and governance

(ESG) matters across all industries in recent years. The standards and stakeholder expectations continue to evolve,

sometimes with contradictory expectations, and criteria to evaluate ESG practices may change rapidly. We are subject to

evolving rules, including the European Union's Corporate Sustainability Reporting Directive (CSRD) and ancillary

European Union legislation. The SEC adopted rules in 2024 requiring enhanced climate-related disclosures, but after

legal challenges, subsequently announced that it would end its defense of such climate disclosure rule. As a result,

various U.S. states have enacted or proposed climate- and sustainability-related disclosure laws that may apply to

companies doing business in those jurisdictions, such as California's climate and carbon market disclosure laws, which

would require in-scope companies to report on greenhouse gas emissions, climate-related financial risks, and the use of

carbon offsets and emissions reduction claims relating to their operations or products. The future of the California

climate disclosure laws is uncertain, as these laws are subject to ongoing litigation.

In response to new ESG initiatives and regulations we may voluntarily elect, or be required, to adopt strategies, policies,

or procedures related to ESG matters. Such efforts could divert management's attention from central operational matters

and cause us to expend significant capital and human resources. Moreover, increasingly, different stakeholder groups

and regulators have divergent views, particularly in the U.S., on ESG matters, which increases the risk that any action or

lack thereof with respect to sustainability or ESG matters will be perceived negatively by at least some stakeholders and

regulators and adversely impact our business and reputation. The current sociopolitical landscape has led to rapid and

unpredictable shifts in public sentiment, which has resulted in dynamics that increase the risk of reputational damage,

boycotts and shifts in consumer behavior that could adversely affect our business and reputation. Reports could also lead

to the disclosure of information that may have a negative impact on our operations and reputation which may lead to

additional exposure. In addition,

any required disclosures and measurements of ESG metrics are highly dependent on third-parties, such as our suppliers

and CROs, that we do not control. Failure to accurately comply with any sustainability reporting obligations may result

in enforcement actions, sanctions, fines and penalties, reputational harm or private litigation.

***We may become exposed to liability and substantial expenses in connection with environmental compliance or***

***remediation activities.***

Our operations, including our research, development and testing, and our third-party manufacturers' and suppliers'

operations, are subject to numerous environmental, health and safety laws and regulations and for which we may become

liable. These laws and regulations govern, among other things, the controlled use, handling, release and disposal of and

the maintenance of a registry for, hazardous materials and biological materials, laboratory procedures and exposure to

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pathogens. We do not have control over our manufacturers' or suppliers' compliance with environmental, health and

safety laws and regulations.

If we or one of our CMOs or third-party distributors, manufacturers, suppliers, licensees or co-marketers fail to comply

with such laws and regulations, such failure could result in substantial liability, fines, penalties or other sanctions and

incur substantial expenses, and could also face significant reputational loss.

We face a risk of environmental liability inherent in our current and historical activities, including liability relating to

releases of our exposure to hazardous or biological materials. Furthermore, environmental, health and safety laws and

regulations are becoming more stringent. Both us and our third-party manufacturers and suppliers may be required to

incur substantial expenses in connection with future environmental compliance or remediation activities, in which case,

our production and development efforts may be interrupted or delayed, and our financial condition and results of

operations may be materially adversely affected.

**Risk Factors Related to argenx's Financial Position**

***We may not be able to be profitable or sustain net profitability in the future and may require additional financing to***

***fund our operations.***

To be profitable or sustain net profitability in the future, we must continue to succeed in commercializing products that

generate significant product net sales. Our future results of operations and profitability may fluctuate from period to

period, and we will need to generate significant revenues to be profitable or sustain net profitability in the future. We

may not be able to generate these revenues, and we may never achieve profitability on a sustained basis in the future. If

we do not succeed in sustaining profitability or in funding our operations, we would not be able to use deferred tax assets

against taxable profits which would result in a de-recognition of our deferred tax asset balance.

In addition, we intend to continue to conduct research and development, preclinical testing, clinical trials and regulatory

compliance activities as well as the continued commercialization of VYVGART and other products candidates, for

current and future indications, and we intend to continue our efforts to expand our sales, marketing and distribution

infrastructure. As a result, we anticipate that our operating expenses will increase as we execute on our strategic

objectives and could increase more significantly if we experience delays or encounter issues relating thereto, including

failed clinical trials, ambiguous clinical trial results, safety issues or other regulatory challenges.

To finance our operations, particularly if we are unable to generate sufficient product net sales or otherwise control

expenses, we may need to raise additional capital through a combination of public or private equity or debt financings or

other sources, which may include collaborations with third parties. Our ability to raise additional funds on acceptable

terms or at all will depend on financial, economic and market conditions and other factors, over which we may have no

or limited control. If we cannot raise additional capital when needed on acceptable terms, we may be required to delay,

reduce or terminate research and development programs; defer or forego commercialization of our products and product

candidates (including for new indications); and limit expansion or otherwise fail to capitalize on business opportunities,

any of which could have a material adverse effect on our business, financial condition and results of operations.

***Our assets, earnings and cash flows and the investment of our cash and cash equivalents may be subject to risks***

***which may cause losses and affect the liquidity of these investments.***

We invest our cash in accordance with an established internal investment policy. Currently, substantially all of our

available cash and cash equivalents and current financial assets are invested in either current accounts, savings accounts,

term accounts or highly liquid money market funds. Any future investments may include term deposits, corporate bonds,

commercial paper, certificates of deposit, government securities and money market funds in accordance with our cash

investment policy. These investments may be subject to general credit, liquidity, market, inflation, foreign currency and

interest rate risks and we may realize losses in the fair value of these investments or a complete loss of these

investments. The aforementioned risks associated with our cash flows and investment portfolio may adversely affect our

results of operations, liquidity and financial condition.

Due to the international scope of our operations, our assets, earnings and cash flows are influenced by movements in

exchange rates of several currencies, particularly the euro and Japanese Yen, versus the U.S. dollar. Our revenue from

outside of the U.S. will increase as our products, whether commercialized by us or our business partners or our

collaborators gain marketing approval in such jurisdictions. If the U.S. dollar weakens against a specific foreign

currency, our revenues will increase, having a positive impact on net income, but our overall expenses will increase,

having a negative impact on expenses. Conversely, if the U.S. dollar strengthens against a specific foreign currency, our

revenues will decrease, having a negative impact on net income, but our overall expenses will decrease, having a positive

impact on expenses. Continued volatility in foreign exchange rates is likely to impact our operating results and financial

condition.

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**Risk Factors Related to argenx's Business and Industry**

***We may become exposed to costly and damaging liability claims.***

We are exposed to potential product liability and professional indemnity risks that are inherent in the research,

development, manufacturing, marketing and use of pharmaceutical products and marketing of human therapeutic

products. The current and future use of products and product candidates by us and our collaborators in clinical trials and

the sale of any approved products may further expose us to liability claims. If any of our products or product candidates

were to cause adverse side effects during clinical trials or after approval of the product candidate, we may be exposed to

substantial liabilities. These claims might be made by patients who use the product, healthcare providers, pharmaceutical

companies, physicians, payors, caregivers, investors, employees, government agencies, or our collaborators or others

selling such products. Physicians and patients may not comply with any warnings that identify known potential adverse

effects and patients who should not use our product candidates. Any claims against us, regardless of their merit, could be

difficult and costly to defend and could materially adversely affect the market for our products and product candidates or

any prospects for commercialization of our products and product candidates. Any such claims, regardless of their merit,

could also adversely affect our reputation and the trust that physician and patients place in our products.

Product liability risk in the EU will increase in the future once plaintiff-friendly reforms, such as Directive (EU)

2024/2853 (the new Product Liability Directive), take effect. The new Product Liability Directive introduces claimant-

friendly changes. This includes, for instance, the expansion of the definition of "damage" (e.g. by including medically

recognized psychological harm), creating rebuttable presumptions as to defect and causation to help claimants prove

their case (e.g. if the claimant faces excessive difficulties to prove this due to scientific complexity) and abolishing

minimum or maximum financial thresholds for claims. The new Product Liability Directive, like its predecessor,

provides that claims shall expire if the injured person does not initiate proceedings within ten years after the defective

product was placed on the market. However, it extends this long stop period (a statute of limitations) to 25 years if this is

due to the latency of the underlying personal injury. Member States must transpose the Product Liability Directive into

national law by December 2026.

Regardless of the merits or eventual outcome, litigation or liability claims may result in:

• decreased demand for our products due to negative public perception;

• damage to our reputation;

• withdrawal of clinical trial participants or difficulties in recruiting new clinical trial participants;

• initiation of investigations by regulators;

• costs to defend or settle the related litigation;

• a diversion of management's time and our resources;

• substantial monetary awards to clinical trial participants or patients;

• product recalls, withdrawals or labeling, marketing or promotional restrictions;

• loss of revenues from product sales; and

• the inability to successfully commercialize our product candidates, if approved.

Although we maintain product liability insurance, we may not be able to maintain insurance coverage at a reasonable

cost or to obtain adequate insurance coverage to satisfy any liability that may arise. Product liability claims could delay

or prevent completion of our clinical development programs. In addition, claims made by patients, healthcare

professionals or others might not be fully covered by product liability insurance and could result in investigations of the

safety of our products or product candidates or may result in recalls. If a successful product liability claim or series of

claims is brought against us for uninsured liabilities or in excess of insured liabilities, our assets may not be sufficient to

cover such claims and our business, financial condition and results of operations would be adversely affected.

In the ordinary course of business we may also face substantial, complex or extended litigation that could cause us to

incur significant costs and distract our management. This is especially relevant for biopharmaceutical companies. Such

litigation or proceedings could substantially increase our operating expenses and could adversely affect our business.

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***We may engage in strategic transactions, including acquisitions, collaborations, licenses or investments in other***

***companies or technologies, and we may not realize the benefits of such transactions.***

We may enter into strategic transactions, including acquisitions, collaborations, licenses or investments for or in other

companies or technologies that complement or augment our existing business and facilitate our access to new products,

research projects or geographical areas. However, we may not be able to identify appropriate targets or enter into such

transactions under satisfactory conditions. We may be unable to complete a proposed transaction if we or our

shareholders are unable to obtain required regulatory approvals in the various jurisdictions in which we or a potential

acquisition target or acquirer operate. In addition, we may need additional funding to finance these transactions including

through issuances of public or private equity or convertible debt securities, which could be dilutive to our shareholders

and ADS holders.

Integrating any newly acquired companies, business, technologies or products could be expensive, time-consuming, and

may never be successful. Integration efforts often take a significant amount of time, place a significant strain on

managerial, operational and financial resources, result in loss of key personnel and could prove to be more difficult or

expensive than we predict. The diversion of our management's attention and any delay or difficulties encountered in

connection with any future transactions we may consummate could result in the disruption of our ongoing business or

inconsistencies in standards and controls that could negatively affect our ability to maintain third-party relationships. We

cannot assure that we will achieve the expected synergies to justify any such transaction, which could have a material

adverse effect on our business, financial condition, results of operations and future growth prospects and our investors'

ability to realize on their investment.

***Our business and operations could suffer in the event of system failures or unauthorized or inappropriate use of or***

***access to our systems.***

We are increasingly dependent on our and our third-party partners' information technology systems and infrastructure

for our business. We collect, store and transmit sensitive information including intellectual property, proprietary business

information, including highly sensitive clinical trial data, and personal data in connection with business operations. The

secure maintenance of this information is critical to our operations and business strategy. Some of this information could

be an attractive target of criminal attack or unauthorized access and use by third parties with a wide range of motives and

expertise, including organized criminal groups, "hacktivists", patient groups, disgruntled current or former employees

and others. Cyber-attacks are of ever-increasing levels of sophistication, and despite our security measures, our

information technology and infrastructure may be vulnerable to such attacks or may be breached, including due to

employee error or malfeasance.

In addition to these threats, we are subject to stringent cybersecurity laws, most notably NIS2 with respect to our

activities in the European Union. As a company involved in the development and manufacturing of pharmaceutical and

medicinal products, our operations could be brought within the scope of NIS2. This would require us to implement

robust measures to secure our network and information systems. We are also subject to cybersecurity laws in other

international jurisdictions in which we conduct our operations, such as the Cybersecurity Review Measures in China.

Failure to comply with these cybersecurity standards could result in significant penalties. See *<u>"Item 3.D. Risk Factors—</u>*

*<u>Risk Factors Related to Other Government Regulations—We are subject to privacy, cybersecurity and AI laws,</u>*

*<u>regulation and potential enforcement. The failure to comply with these laws could harm our results, operations and/or</u>*

*<u>financial conditions.</u>*"

Although we are making significant efforts to maintain the security and integrity of our information systems and the

information systems of our third-party partners and are exploring various measures to manage the risk of a security

breach or disruption, there can be no assurance that our security efforts and measures will be effective or that attempted

security breaches or disruptions would not be successful or damaging. Despite the implementation of security measures,

our internal computer systems and those of our third-party partners, contractors and consultants are vulnerable to damage

or interruption from computer viruses, unauthorized or inappropriate access or use, natural disasters, pandemics,

terrorism, war (including the ongoing conflict in Ukraine and conflict in the Middle East), and telecommunication and

electrical failures. For example, the loss of pre-clinical trial data or data from completed or ongoing clinical trials for our

product candidates could result in delays in our regulatory filings and development efforts, as well as delays in the

commercialization of our products, and significantly increase our costs. To the extent that any disruption, security breach

or unauthorized or inappropriate use or access to our systems were to result in a loss of or damage to our data, or

inappropriate disclosure of confidential, personal or proprietary information, we could incur notification obligations to

affected individuals and government agencies, liability, including potential lawsuits from patients, collaborators,

employees, stockholders or other third parties and liability under foreign, federal and state laws that protect the privacy

and security of personal data, and the development and potential commercialization of our product candidates could be

delayed. Disruptions in the our and our third-party partners' information technology systems could adversely affect our

business operations and harm our competitive position.

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Not all of our contracts contain limitations of liability, and even where they do, there can be no assurance that limitations

of liability in our contracts are sufficient to protect us from liabilities, damages or claims related to our data privacy and

security obligations. We cannot be sure that our insurance coverage will be adequate or sufficient to protect us from or to

mitigate liabilities arising out of our privacy and security practices.

**Risk Factors Related to argenx's Intellectual Property**

***We may be unable to adequately maintain, enforce or protect our intellectual property rights in products, product***

***candidates and platform technologies which could adversely affect our ability to maximize the value for patients in***

***our marketed products and product candidates.***

Our commercial success depends in part on obtaining and maintaining patents and other forms of intellectual property

rights for our products, product candidates and platform technologies. Failure to obtain, maintain, enforce, protect, or

extend adequate patent and other intellectual property rights, which can be challenging and costly, could adversely affect

our ability to develop and market our products and product candidates and reduce any competitive advantage we may

have.

We cannot be certain that patents will be issued or granted with respect to applications that are currently pending and we

may not be the first to file patent applications related to our product candidates and products. The scope of patent

protection that the European Patent Office and the USPTO will grant with respect to products in our product pipeline is

uncertain and may vary. It is possible that the European Patent Office and USPTO will not allow broad claims that cover

molecules closely related to our products and product candidates as well as the specific molecule, and competitors may

be free to market substantially similar molecules if granted approval, thereby reducing our market potential. We and our

current or future licensors, licensees or collaboration partners may not be able to prepare, file, prosecute and maintain all

necessary or desirable patent applications at a reasonable cost or in a timely manner. Our current and future licensors',

licensees' or collaboration partners' ability to ensure the issuance, scope, validity, enforceability and commercial value

of technology licenses is uncertain and we may need to rely on them to obtain costly additional IP licenses. Additionally,

such parties may not fully comply with applicable patent rules or laws, which could result in loss of patent rights, or such

parties may disagree with us as to the strategy for prosecution, maintenance or enforcement of any such patent rights.

Filing, prosecuting, and defending patents on product candidates in all jurisdictions throughout the world would be

prohibitively expensive and the laws of certain jurisdictions may not protect our rights to the same extent as the laws of

the U.S., UK or EU. We may face difficulties in enforcing patent rights in the future, including in certain jurisdictions

where we have not yet filed patent applications.

Competitors may use our and our licensors' or collaboration partners' technologies in jurisdictions where we have not

obtained patent protection, or where broad research exemptions are available, to develop their own products. Third

parties may export otherwise infringing products to territories where we, our licensors or collaboration partners have

patent protection, but where enforcement is not as strong as that in the U.S., UK and the EU. In such cases, we would

have little effective recourse to prevent such products from competing with ours.

In addition, some countries have compulsory licensing laws under which a patent owner may be compelled to grant

licenses to third parties, and other countries limit the enforceability of patents against government agencies or

government contractors. In these countries, the patent owner may have limited remedies, which could materially

diminish the value of such patent.

***Intellectual property litigation could lead to substantial resource diversion or issued patents could be found invalid,***

***not infringed, or unenforceable if challenged in the applicable patent office or court.***

Our patents may remain open to invalidity challenges after allowance or grant, whereby third parties can challenge the

scope or validity of such granted patent. In the course of such proceedings, we may be compelled to limit the scope of

patent claims thus challenged or may lose the claims altogether.

We may elect to initiate adversarial proceedings in order to enforce or defend any intellectual property rights owned by

or licensed to us, or to determine or challenge the scope or validity of intellectual property rights of third parties to

protect our competitive position. We may need to divert substantial time and resources to the enforcement and protection

of our or our collaboration partners' intellectual property rights. In addition, the outcomes of any proceedings could be

uncertain and any remedies or damages awarded may not be meaningful. An adverse ruling of non-infringement,

limiting claim scope, or invalidating one or more of our issued patents could allow third parties to commercialize our

products after the expiration of our market exclusivity or use our platform technologies to compete directly with us,

without payment to us.

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In many jurisdictions (including the Unified Patent Court), an action to enforce a patent may not be brought until

immediately before, or even after, the infringing product of a competitor has been launched in the market. In these

jurisdictions, infringement rulings and injunctions (even in preliminary injunction proceedings) are often issued only

after the competing product has already been launched and potentially impaired the competitive advantage on the

market.

***We may be subject to claims challenging the inventorship or ownership of our intellectual property or be required to***

***make additional payments to secure intellectual property from collaborators.***

Many of our consultants and employees, including in the senior management team (consisting of our CEO and senior

personnel reporting directly to the CEO) (Senior Management Team), were previously employed at other competing or

potentially competing biotechnology or pharmaceutical companies and some have executed proprietary rights, non-

disclosure and non-competition agreements in connection with such previous employment. Although we take measures

to ensure third parties, consultants and employees do not use such proprietary information in their work for us, we may

be subject to claims that we or these consultants and employees have improperly used or disclosed confidential

information or intellectual property of their former employer.

Additionally, many of our collaborators do not commit to assigning all intellectual property arising out of our

collaborations to us and, instead, grant us options to acquire intellectual property or commit to making such intellectual

property available to us at a fair price. As such, we may be required to make additional payments to secure valuable

intellectual property rights under our existing collaborations or become subject to inventorship disputes.

In addition, although we take steps to ensure that our collaborators do not use our intellectual property rights other than

for the purposes of our collaboration, there may be instances where former or current collaborators or other third parties

nevertheless apply for or obtain patent protection for inventions to which we believe we have rights, in whole or in part.

In such cases, we may elect to assert our ownership of such intellectual property. There is no guarantee that we will be

successful in asserting such claims.

In addition, while it is our policy to require our employees and contractors who may be involved in the development of

intellectual property to execute agreements assigning such intellectual property to us, we may be unsuccessful in

ensuring effective assignment of intellectual property under such agreements. Our assignment agreements may not be

self-executing, or may be breached, and we may be forced to bring or defend against claims to assert ownership of such

intellectual property. There is no guarantee we will be successful in pursuing such claims, which could result in us

paying monetary damages or losing valuable personnel or intellectual property rights.

***Third-party intellectual property rights could adversely affect our ability to commercialize our products and product***

***candidates.***

Our revenue generated may suffer if valid and enforceable third-party intellectual property rights cover our products,

product candidates, manufacturing processes, or those of our partners. In such cases, our freedom to develop or

commercialize products or product candidates may require obtaining a license, designing around third party intellectual

property rights with significant time and materials costs, or invalidating the third party rights. If our products are found

to infringe a valid and enforceable patent claim, we and our partners could be prevented from continuing to develop or

commercialize the affected product without an appropriate license, which may be costly or unavailable on commercially

reasonable terms, if at all. Similarly, other companies may have filed patent applications or have patents directed toward

molecules and/or uses of those molecules that modulate similar targets modulated by our products and we may not be

aware of unpublished pending patent applications or patent applications that are amended to cover our products or

platform technologies.

Even if we or our partners can obtain the appropriate license, it may be non-exclusive, thereby providing third parties

with the opportunity to access the same licensed technology. If the breadth and scope of protection provided by our or

our partners' patents, licensed patents, or patent applications is threatened or limited, it could dissuade companies from

future collaborations with us to license, develop, or commercialize products and product candidates which would have

an adverse effect on our business position.

Furthermore, because of the substantial amount of discovery required in connection with intellectual property litigation,

some of our confidential information could be disclosed in any such proceedings.

***We may not be successful in obtaining or maintaining necessary rights to our products and product candidates***

***through acquisitions and in-licenses.***

We may be unable to acquire or in-license third-party intellectual property rights necessary or useful for development or

commercialization of our product, product candidates or technology. We sometimes collaborate with U.S. and non-U.S.

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academic institutions and typically receive an option to negotiate a license to the institution's proprietary interest in any

collaboration technology. However, we may be unable to successfully negotiate such license and the institution may

offer such intellectual property rights to third parties thereby devaluing our exclusive rights to pursue the applicable

program.

In addition, our competitor companies may be unwilling to license desirable or necessary intellectual property rights to

us, or we may be otherwise unable to license or acquire other third party intellectual property rights on commercially

reasonable terms which could negatively impact current development or hinder our ability to pursue development of new

programs.

Under our existing licenses, failure to comply with our obligations thereunder could result in termination of such

licenses, thereby limiting our ability to develop and commercialize products covered by such licensed technology.

Moreover, despite our efforts to comply with our contractual obligations, our licensors could conclude we have

materially breached any such agreement and we could incur significant costs and disruption to our business defending

against any breach alleged by the licensor.

Moreover, several of our existing license agreements are sub-licenses from third parties. We have little control if our

licensors fail to comply with their obligations under their upstream license agreements, whereby the original third-party

licensor may have the right to terminate the original license and possibly our sub-license. In such cases, we may not be

able to procure a direct license covering such intellectual property possibly materially affecting our ability to develop

and commercialize certain products and product candidates.

***If our brand protection strategies, including the filing, prosecution and enforcement of trademarks and trade names,***

***are not adequately executed, we may not be able to build name recognition for approved products in our markets of***

***interest in line with our strategic priorities.***

Third parties may seek to oppose, attempt to cancel our trademark applications, or challenge, infringe or circumvent our

registered and unregistered trademarks, including through counterfeiting of our products. In the event that our

trademarks are successfully challenged, we may not be able to use these trademarks to continue to effectively market our

branded products and could be forced to rebrand them, which could result in loss of their brand recognition or require us

to devote resources to develop new brand profiles. Such efforts could also hinder our efforts to commit to and deliver on

strategic internal initiatives.

If we attempt to enforce our trademarks or assert trademark infringement claims, a court may determine that our

trademarks are invalid or unenforceable or that the party against whom we have asserted trademark infringement has

superior rights with respect to such marks. If we are unable to establish name recognition and adequately protect and

enforce our trademark portfolio, we may not be able to compete effectively in the market or build brand recognition for

new products globally.

***We may not be able to obtain protection under the U.S. Drug Price Competition and Patent Term Restoration Act of***

***1984 (Hatch-Waxman Act) and similar non-U.S. legislation for extending the term of patents covering each of our***

***products and product candidates.***

Depending upon the timing, duration and conditions of FDA marketing approval of our product candidates, one or more

of our U.S. patents may be eligible for limited patent term extension under the Hatch-Waxman Act and similar

legislation in the EU and the Asia Pacific region. However, the patent term extension under the Hatch Waxman Act

cannot extend the remaining term of a patent beyond a total of 14 years from the date of product approval, and only one

patent applicable to an approved drug may be extended.

If we are unable to obtain patent term extension, the term of any such extension is less than we request, or the statutes

governing patent term extension are amended to reduce the term of such extensions, our patent exclusivity for that

product will be shortened and our competitors may obtain approval to market competing products sooner than we expect.

***Changes in patent laws or patent jurisprudence could diminish the value of patents in general thereby impairing our***

***ability to protect our products.***

Changes in patent law across jurisdictions, or changes in any relevant government's enforcement procedure may weaken

our ability to obtain new patents or to enforce rights in our owned and licensed patents. For example, the U.S. Supreme

Court has ruled on several patent cases in recent years, either narrowing the scope of patent protection available in

certain circumstances or weakening the rights of patent owners in certain situations. Relatedly, the U.S. Congress is

considering multiple draft bills that, if passed, may have a significant impact on U.S. patent laws. Any such changes by

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the U.S. Congress or U.S. courts and the relevant law-making bodies in other countries may materially affect our patents

or patent applications and we cannot predict the effects of future changes in patent law.

***We may be unable to protect the confidentiality of our trade secrets and their disclosure to competitors, harming our***

***market position.***

In addition to patent protection, we rely on trade secret protection to preserve the value of our proprietary information

supporting our business model. We take balanced measures to preserve the commercial value of our trade secrets and

prevent their misappropriation. However,despite these measures, which include segregation of key files, requiring our

licensors, collaborators, suppliers, consultants and advisors to execute confidentiality agreements, we cannot fully

protect against willful or inadvertent unauthorized disclosure of our trade secrets. Trade secret enforcement proceedings

can be unpredictable and vary across geographies and we may not be able to secure adequate legal or equitable remedies

to prevent lost value in our misappropriated trade secrets. Any misappropriation and use, whether willful or inadvertent,

could result in lost value to the company and enable our competitors to duplicate or build upon our technology.

**Risk Factors Related to argenx's Organization and Operations**

***Our future growth and ability to compete depends on maintaining our culture, retaining our key personnel and***

***recruiting additional qualified personnel.***

We believe that our corporate culture has been, and will continue to be a key contributor to our success. However, as we

implement more complex organizational structures, and increase our headcount to support the growth in our business,

our ability to foster our key values - innovation, co-creation, empowerment, excellence and humility that we believe are

important to support our growth - may be impacted. We may find it increasingly difficult to maintain the beneficial

aspects of our corporate culture, which could similarly negatively impact our ability to attract, retain and motivate

qualified employees and our future success.

As a global organization in a highly competitive and specialized industry, our success also depends upon the continued

contributions of our key management, scientific, medical and technical personnel, many of whom have been

instrumental for us and have substantial experience with our product and related technologies. These key management

individuals include the members of the Board of Directors and Senior Management Team. Difficulties in recruiting or

the loss of key managers, scientific, medical or technical personnel could delay our research and development activities.

In addition, it may be difficult to attract and retain highly qualified management, scientific and medical personnel,

particularly if we expand into fields that will require additional skills. In addition, future leadership transitions and

management changes may cause uncertainty in, or a disruption to, our business, and may increase the likelihood of

senior management or other employee turnover. We are currently undergoing a leadership transition, as in early January

2026, we announced that Karen Massey, our current COO, will transition to the role of CEO and Executive Director and

Tim Van Hauwermeiren, our current CEO, will transition to the role of Non-Executive Director and Chairperson of the

Board of Directors. Both transitions are subject to shareholder approval at the 2026 General Meeting. Any failure to

ensure an effective transition or any future management changes could adversely affect our business, and we cannot

predict the likelihood, timing or effect of future transitions among our executive leadership.

As a Dutch company listed on Euronext Brussels and Nasdaq, our remuneration practices and policies may be limited by

local governance rules or shareholder guidance for EU companies. Such limitations may make it more difficult to

successfully compete for key talent in a number of markets with differing remuneration practices and policies compared

to our competitors. For example, the Dutch Corporate Governance Code 2025 (DCGC) places certain limitations on the

ability to grant equity incentives to Non-Executive Directors, while Belgian law requires Non-Executive Directors to

receive part of their remuneration in the forms of shares, but not stock options. The DCGC also places limitations on

amount of severance payment permitted in the event of dismissal.

Many other biotechnology and pharmaceutical companies and academic institutions that we compete against for

qualified personnel have greater financial and other resources, different risk profiles and a longer history in the industry

than we do. Additionally, inflationary pressures and a tight labor market for skilled workers may increase compensation

expectations, requiring us to raise operating costs in order to attract and retain employees. Therefore, we might not be

able to attract or retain these key persons or other employees on conditions that are economically acceptable.

***Global geo- and socio-political threats and macro-economic uncertainty and other unforeseen political crises could***

***materially and adversely affect our business and financial performance.***

Many geo- and socio-political threats and macro-economic uncertainties are outside of our control and could adversely

affect consumer confidence and disposable income levels, increase difficulty in forecasting our financial results and have

other impacts on our business and financial performance. Such geo- and socio-political threats could also result in

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volatility in stock markets in general, causing our stock to have extreme price and volume fluctuations unrelated to our

business and financial performance.

Such geo- and socio-political threats and uncertainties include:

• general economic and market conditions, including government shutdowns, including the U.S. government shutdown,

instability resulting from inflationary pressures, and increasing interest rates;

• geopolitical events, including natural disasters, public health emergencies, acts of war, and terrorism;

• economic and financial sanctions, trade embargoes, import and export regulations, tariffs, customs, and inbound and

outbound investment restrictions;

• restrictions, changes in trade agreements, trade barriers or other restrictions on foreign trade, and changes in trade

regulations and restrictions, including between the U.S. and other countries;

• global or regional economic conditions that impact companies and customers with which we do business;

• political or social unrest, economic instability, repression, or human rights issues;

• disruptions in supply chains;

• risks related to other government regulation or required compliance with local laws;

• consumer and commercial credit availability, unemployment, and consumer debt levels; and

• local licensing and reporting obligations.

Due to our international operations and the fact that we run clinical trials across multiple jurisdictions, geopolitical

conflicts and related sanctions may, in certain circumstances, impact our ability to conduct or complete clinical trials in

the affected regions. For example, General License 6D issued by the U.S. Department of the Treasury's Office of

Foreign Assets Control currently authorizes certain clinical trial and medical research activities that would otherwise be

restricted by U.S. sanctions targeting Russia, the scope, availability, or duration of such authorizations may change.

We also perform development activities in a number of countries exposed to geopolitical risk and if conflicts in those

countries were to escalate further and impact neighboring countries, it could impact our development activities in those

countries.

Changes in U.S.-Mainland China relations, including tariffs, export controls, economic and financial sanctions, and other

regulations may adversely impact our collaboration with Zai Lab in Mainland China, Hong Kong, Taiwan and Macau

(together, Greater China). The U.S. government has taken steps and continues to take steps with regard to U.S.-Mainland

China relations that will impact companies with connections to the U.S. or Mainland China, including by imposing

tariffs affecting certain products manufactured in Mainland China, imposing economic and financial sanctions on certain

individuals and entities in the Mainland China, and issuing statements indicating enhanced review of companies with

significant Mainland China-based operations. The U.S. government has also passed laws, including the BIOSECURE

Act, which was signed into law on December 18, 2025, that could limit or restrict our ability to purchase products or

services from, or otherwise collaborate with, certain Chinese biotechnology companies without losing our ability to

contract with or receive funding from the U.S. government. Such restrictions could have an adverse impact on our

operations.

Several countries are considering or have implemented tariffs, trade barriers or restrictions, as well as other measures

impacting cross-border commerce, which could negatively affect our business, financial conditions and results of

operations, including by disrupting our research and development activities, affecting our suppliers and negatively

impacting our supply chain, impacting our ability to sell our products outside of the United States and negatively

impacting our revenues from product sales or our cost of goods sold. The U.S. federal government has implemented

tariffs on certain foreign goods and may implement additional or revised tariffs in the future. Such actions could give rise

to retaliatory tariffs imposed by foreign governments and an escalation of trade measures by the U.S. and impacted

countries. Developments with regard to the timing and manner in which tariffs will be implemented; the amount, scope,

and nature of tariffs; the countries subject to new or additional tariffs imposed by the U.S.; tariffs imposed by other

countries on goods imported from the U.S.; and other wide-ranging retaliatory measures are rapidly evolving and may

change unexpectedly at any time. For example, the U.S. President has repeatedly announced plans to impose 100%

tariffs on imported branded or patented pharmaceuticals, unless the importing company is building U.S. manufacturing

capacity. It is not yet clear whether these tariffs would apply to the importation of active pharmaceutical ingredients and

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possibly bulk drug products that are intended for use in clinical trials and not for commercial sale, which could increase

the costs of materials for our clinical trials. Any direct tariffs, if imposed on pharmaceutical products, may result in

increased costs for raw materials and contract manufacturing services, reduced ability to source critical CMOs, and a

delay in our development timelines. Although on February 20, 2026, the U.S. Supreme Court struck down certain tariffs

imposed by the Trump Administration pursuant to the International Emergency Economic Powers Act, the Trump

Administration responded by announcing new tariffs pursuant to another statute. Other countries may, in turn, retaliate

with new tariffs against US exports. These events increase the uncertainty and the risks we face resulting from tariffs

described above.

Any new legislation, executive orders, tariffs, export controls, economic and financial sanctions, trade embargoes and/or

other regulations that may be implemented, any unfavorable government policies on international trade, including tariffs

and export controls, the renegotiation of existing trade agreements, any increased scrutiny on companies with significant

Mainland China-based operations, and any retaliatory actions taken by the U.S., EU, Chinese or other governments due

to trade tensions could have an adverse effect on our business, including the development and commercialization of

products containing argenx-licensed material. Further, general political uncertainty may have an adverse impact on our

business, financial condition and results of operations.

***We face risks related to natural disasters and public health issues, that could negatively affect our business and***

***financial condition.***

Our business could be adversely impacted by the effects of catastrophic global events including natural disasters such as

earthquakes, fires, hurricanes, tornados, floods or significant power outages and public health crises.

For example, the manufacturing of all of our products and product candidates requires using cells which are stored in a

cell bank. We have one master cell bank for each product manufactured in accordance with cGMPs. However, it is

possible that we could lose multiple cell banks and have our manufacturing significantly impacted by the need to replace

these cell banks, which could materially adversely affect our business, prospects, financial condition and results of

operations. Public health issues could also negatively affect our business and financial condition. We operate and

conduct our clinical trials globally. We cannot presently predict the scope and severity of any potential future business

shutdowns or disruptions as a result of public health issues. If we or any of the third parties with whom we engage,

including the suppliers, contract manufacturers, clinical trial sites, regulators and other third parties, were to experience

shutdowns, quarantines, or other business disruptions due to natural disasters or global public health issues, it may

impair our or our third-party partners' ability to initiate clinical trials and recruit and retain patients, particularly if

quarantine or travel restrictions impede healthcare provider or patient movement, impact the usability of the data due to

treatment interruptions and require protocol amendments. In addition, regulatory authorities may restrict their operations

or be delayed in their operations during a pandemic, the outbreak of new variants or other public health issues, including

further to travel restrictions which could adversely affect our ability to obtain regulatory approval for and to

commercialize our products and product candidates and have a material adverse effect on our business and financial

results.

***We are exposed globally to unanticipated changes in tax laws and regulations, adjustments to our tax provisions,***

***exposure to additional tax liabilities, or adjustments of our tax assets.***

As a company active in research and development, we have benefited from certain research and development tax

incentives including tax credits and a payroll withholding tax exemption. We also expect to benefit from the Belgian

innovation income deduction.

The determination of our provision for income taxes and other tax liabilities requires judgment, including the adoption of

certain accounting policies and our determination of whether our deferred tax assets are, and will remain, fully available

in future periods. We cannot guarantee that our interpretation of applicable tax laws (including with respect to our

eligibility for, or our calculation of, tax incentives such as the Belgian R&D tax credit, the Belgian payroll withholding

tax exemption for R&D personnel, the Belgian innovation income deduction and similar tax incentives in other

jurisdictions in which we have material operations or sales), our transfer pricing policies or our organizational and

operational structure will not be questioned by the relevant tax authorities, or that the relevant tax laws and regulations,

or the interpretation thereof, including through tax rulings, will not be subject to change. Our effective tax rates could be

adversely affected, now or in the future, by changes in tax laws, treaties and regulations or the interpretation thereof by

the relevant tax authorities in countries where we have material operations. A successful challenge to tax positions in

Belgium or other country where we have material operations may lead to adjustments in the amounts recorded in our

financial statements and could have a significant impact on our effective tax rate and on our deferred tax assets. An

increase of the effective tax rates could have an adverse effect on our business, financial position, results of operations

and cash flows.

In case of a change of control, we could be exposed to the risk of losing any unused tax credit and innovation income

deduction. Furthermore, if any legislator decides to eliminate, or change the conditions for claiming such tax incentives,

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or reduce the scope or the rate of such incentives, any of which it could decide to do at any time, our results of operations

could be adversely affected including through the de-recognition of deferred tax assets.

***We may encounter difficulties efficiently managing our growth and our increasing development, regulatory, and sales***

***and marketing capabilities, which could disrupt our operations.***

We have grown, and expect to continue to grow globally, significantly in the number of employees and scope of

operations over recent years, particularly in the areas of drug research, drug development, regulatory affairs, and sales

and marketing. To manage our anticipated future growth and support our expanding global footprint, we must continue

to enhance our managerial, operational and financial systems, expand our facilities and recruit and train additional

qualified personnel and build the internal infrastructure necessary. Any inability to manage growth effectively could

delay the execution of our strategic objectives or disrupt our operations, which in turn could materially harm our

business and prospects.

In particular, our planned international expansion subjects us to a number of risks, including risks following complexities

in monitoring and coordinating research and development, marketing, supply chain and other operations in a large

number of jurisdictions, risks related to laws, regulations and policies, including those implemented following changes in

political leadership and trade, risks related to varying standards and practices in the legal, regulatory and business

cultures in which we operate, risks related to capital and exchange controls, cross-border taxes and tariffs, cross-border

data transfer restrictions, and complex sanctions regimes in various countries such as the U.S., the EU and other

jurisdictions, violations of which could lead to fines or other penalties, risks related to geopolitical and local political

instability and uncertain business environments and risks related to complexities associated with managing local

personnel and preventing misconduct by local third-party partners.

The application of laws and regulations impacting global business operations is often unclear and may at times conflict.

Compliance with these laws and regulations may involve significant costs or require changes in our business practices

that result in reduced revenue and profitability. Non-compliance could also result in fines, damages, criminal sanctions,

prohibited business conduct, and damage to our reputation.

**Risk Factors Related to the ADSs**

***Holders of our ADSs have fewer rights than our ordinary shareholders.***

Except as described in this Annual Report or any deposit agreements, holders of ADSs are not treated as our

shareholders unless they withdraw the ordinary shares underlying their ADSs in accordance with the deposit agreement

and applicable laws and regulations. The depositary, or its nominee, is the holder of the ordinary shares underlying the

ADSs. ADSs are transferable on the books of the depositary. The depositary may refuse to deliver, transfer or register

transfers of ADSs. Temporary delays in the cancellation of ADSs and withdrawal of the underlying ordinary shares may

arise. In addition, ADS holders may not be able to cancel their ADSs and withdraw the underlying ordinary shares when

they owe money for fees, taxes and similar charges and when it is necessary to prohibit withdrawals in order to comply

with any laws or governmental regulations that apply to ADSs or to the withdrawal of ordinary shares or other deposited

securities.

Holders of ADSs may vote them in person or by proxy in accordance with applicable laws and regulations and our

articles of association (Articles of Association). We cannot guarantee that holders of ADSs will receive the voting

materials in time to ensure that they can instruct the depositary to vote the ordinary shares underlying their ADSs.

Holders of our ADSs may not be able to exercise their right to give voting instructions or to vote in person or by proxy

and they may not have any recourse against the depositary or us if their ordinary shares are not voted as they have

requested or if their shares cannot be voted.

***The price of our ADSs may be volatile and may fluctuate due to factors beyond our control. An active public trading***

***market may not be sustained.***

The stock markets in general, and biopharmaceutical companies in particular, have experienced extreme price and

volume fluctuations that have often been unrelated or disproportionate to the operating performance of these companies.

The trading price of our ADSs depends on a number of factors, including those described elsewhere in this "Risk

Factors" section, many of which are beyond our control and may not be related to our operating performance, which may

limit or prevent investors from readily selling their ADSs or ordinary shares and may otherwise negatively affect the

liquidity of our ADSs and ordinary shares. We provide guidance regarding our cash and expenses, which are inherently

uncertain. Any guidance that we provide may not always be accurate or may vary. If we fail to meet our guidance, or if

we have to revise such guidance, the price of our ADSs or ordinary shares could decline. Sales of a substantial number

of ADSs or our ordinary shares in the public market, or the perception that these sales might occur, could depress the

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market price of ADSs or our ordinary shares and could impair the market price of our securities or our ability to raise

capital through the sale of additional equity securities.

In addition, an active public trading market for our ADSs may not be sustained. Further, fluctuations in exchange rates

may also impact the price of our ADSs and ordinary shares which may result in heavy trading by investors seeking to

exploit such differences, or impact the proceeds holders receive.

***If securities or industry analysts cease coverage of us, or publish inaccurate or unfavorable research about our***

***business, the price of our ADSs or ordinary shares and our trading volume could decline.***

The trading market for the ADSs and ordinary shares depends in part on the research and reports that securities or

industry analysts publish about us or our business. We do not have control over these analysts. If no or too few securities

or industry analysts cover us, the trading price of our ADSs and ordinary shares would likely be negatively affected. If

one or more of the analysts who cover us downgrade our ADSs or ordinary shares or publish inaccurate or unfavorable

research about our business, the price of our ADSs or ordinary shares would likely decline.

***If we fail to maintain an effective system of disclosure controls and internal control over financial reporting, our***

***ability to comply with applicable regulations could be impaired, and the trading price of our ADSs may be negatively***

***impacted.***

We are required to comply with various corporate governance and financial requirements under the Sarbanes-Oxley Act

of 2002, the Dodd-Frank Wall Street Reform and Consumer Protection Act, the listing rules of the Nasdaq Global

Market (the Nasdaq Listing Rules) and requirements, and other applicable securities rules and regulations. We are

required to furnish a report by management on, among other things, the effectiveness of our internal control over

financial reporting and an attestation report on internal control over financial reporting issued by our independent

registered public accounting firm. Undetected material weaknesses in our internal controls could lead to financial

statement restatements and require us to incur the expense of remediation. Moreover, any failure to maintain internal

control over financial reporting or any material weaknesses or significant deficiency thereover, could result in a loss of

investors' in the accuracy, completeness and reliability of our financial statements, subject us to sanctions or

investigations, or negatively impact the trading price of our ADSs or ordinary shares.

**Risk Factors Related to being a Foreign Private Issuer or a Dutch Company**

The risks in this subsection that relate to our status as a foreign private issuer will change if we lose our status as a

foreign private issuer under U.S. law.

***We are a Dutch European public company with limited liability. The rights of our shareholders may be different from***

***the rights of shareholders in companies governed by the laws of U.S. jurisdictions.***

We are a Dutch European public company with limited liability (Societas Europeae). The rights of shareholders and the

responsibilities of members of our Board of Directors may be different from the rights and obligations of shareholders in

companies governed by the laws of U.S. jurisdictions.

As a result of these differences between Dutch corporate law and our Articles of Association, on the one hand, and the

U.S. federal and state laws, on the other hand, in certain instances, our shareholders and holders of our ADSs could

receive less protection than they would as shareholders or ADS holders of a listed U.S. company.

For example, provisions of our Articles of Association may make it more difficult for a third party to acquire control of

us or effect a change in our Board of Directors. We have adopted several provisions that may have the effect of making a

takeover of our Company more difficult or less attractive. These provisions could discourage potential takeover attempts

that other shareholders may consider to be in their best interest and could adversely affect the market price of our

securities.

***Holders of our ordinary shares outside the Netherlands, and holders of ADSs may not be able to exercise pre-emptive***

***rights or preferential subscription rights, respectively.***

In the event of an increase in our share capital, holders of our ordinary shares are generally entitled under Dutch law to

full pre-emptive rights, unless these rights are excluded either by a resolution of the shareholders at a General Meeting,

or by a resolution of the Board of Directors (if the Board of Directors has been designated by the shareholders at a

General Meeting for this purpose).

However, making pre-emptive rights available to holders of ordinary shares or ADSs representing ordinary shares also

requires compliance with applicable securities laws in the jurisdictions where holders of those securities are located,

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which we may be unable or unwilling to do. In particular, holders of ordinary shares or ADSs located in the U.S. would

not be able to participate in a pre-emptive rights offering unless we registered the securities to which the rights relate

under the U.S. Securities Act of 1933, as amended (Securities Act) or an exemption from the registration requirements.

In addition, ADS holders would not be able to participate in a pre-emptive rights offering unless we made arrangements

with the depositary to extend that offering to holders of ADSs, which we are not required to do.

***Claims of U.S. civil liabilities may not be enforceable against us or the members of our Senior Management Team***

***and our Board of Directors.***

A significant amount of our assets are located outside the U.S. The majority of the members of our Senior Management

Team and our directors are not U.S. residents and we do not have significant assets in the U.S. As a result, it may not be

possible, or more difficult, for investors to enforce against them or us in U.S. courts, including judgments predicated

upon the civil liability provisions of the U.S. federal securities laws. There are no treaties between the U.S. with either

the Netherlands or Belgium providing for the reciprocal recognition and enforcement of judgments, other than arbitration

awards, in civil and commercial matters. Consequently, a final judgment for payment given by a court in the U.S. based

on civil liability, whether or not predicated solely upon U.S. securities laws, would not automatically be recognized or

enforceable in the Netherlands or in Belgium unless the underlying claim was re-litigated before a Dutch or Belgian

court of competent jurisdiction. This will depend on the applicable Dutch or Belgian national rules. In addition, there is

doubt as to whether a Dutch or Belgian court would impose civil liability on us or the members of our management or of

our Board of Directors in an original action predicated solely upon the U.S. federal securities laws brought in a court of

competent jurisdiction against us, our management or directors.

***As a foreign private issuer, we are exempt from various rules and regulations that a U.S. domestic public company***

***would be required to follow, including those requirements under U.S. securities laws and Nasdaq listing standards.***

As a "foreign private issuer" defined in the SEC's rules and regulations, we are not subject to all of the disclosure and

corporate governance requirements applicable to companies organized within the United States. For example, we are

exempt from certain provisions of the U.S. Securities Exchange Act of 1934, as amended (Exchange Act), that are

applicable to U.S. domestic public companies. In addition, our executive officers, directors and principal shareholders

are exempt from the short-swing profit and recovery provisions contained in Section 16(b) of the Exchange Act. We are

subject to Dutch laws and regulations with regard to such matters. While we furnish quarterly unaudited financial

information to the SEC on Form 6-K, the information we furnish to the SEC is less extensive and less timely compared

to that required to be filed with the SEC by U.S. domestic issuers.

As a foreign private issuer listed on Nasdaq, we are subject to corporate governance listing standards. However, we are

permitted to rely on home country governance requirements and certain exemptions thereunder. Certain of our corporate

governance practices may differ significantly from the Nasdaq corporate governance listing standards. These practices

may afford less protection to shareholders than they would enjoy if we complied fully with corporate governance listing

standards.

As a Dutch public company with limited liability, we are not obligated to, and do not comply with, all the best practice

provisions of the DCGC, which may affect shareholders' rights. We are required to disclose in our annual report, filed in

the Netherlands, whether we comply with the provisions of the DCGC. If we do not comply with the provisions of the

DCGC, we must list the reasons for any deviation from the DCGC in our annual report filed in the Netherlands.

***We may lose our foreign private issuer status which would then require us to comply with the Exchange Act's***

***domestic reporting regime and cause us to incur significant legal, accounting and other expenses.***

In order to maintain our current status as a foreign private issuer, either (a) a majority of our ordinary shares must be

either directly or indirectly owned of record by non-residents of the U.S. or (b) none of the following conditions may be

true: (i) a majority of our executive officers or directors are U.S. citizens or residents, (ii) more than 50% of our assets

are located in the U.S. and (iii) our business is administered principally in the U.S. As of February 19, 2025, we believe

at least 50% of our outstanding ordinary shares were held by U.S. residents (assuming that all our ordinary shares

represented by ADSs were held by residents of the U.S.).

In June 2025, the SEC issued a concept release soliciting public comment on potential changes to the definition of a

foreign private issuer. This release is the first review of the foreign private issuer framework since 2008, and the SEC is

considering revisions that could significantly impact which foreign companies qualify for the more accommodative U.S.

reporting, corporate governance requirements afforded to foreign private issuers, as well as the lack of Section 16(b)

liability for certain FPI officers, directors and shareholders. The SEC may revise the requirements to qualify as a foreign

private issuer in a way that changes our status as a foreign private issuer and results in us qualifying as a U.S. domestic

issuer. This could cause us to have to comply with regulations applicable to U.S. domestic issuers in a very compressed

timeframe. The regulatory and compliance costs to us as a U.S. domestic issuer may be significantly higher than those

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we incur as a foreign private issuer. We also expect that if we were required to comply with the rules and regulations

applicable to U.S. domestic issuers, it would make it more difficult and expensive for us to obtain director and officer

liability insurance, and we may be required to accept reduced coverage or incur substantially higher costs to obtain

coverage. These rules and regulations could also make it more difficult for us to attract and retain qualified members of

our Board of Directors.

***If we were to be classified as a passive foreign investment company for U.S. federal income tax purposes, this could***

***result in adverse U.S. tax consequences to certain U.S. holders.***

If the Company is classified as a passive foreign investment company (PFIC) for any taxable year, U.S. investors may be

subject to adverse U.S. federal income tax consequences described below under "*<u>Item 10.E Taxation — Certain Material</u>*

*<u>U.S. Federal Income Tax Considerations for U.S. Holders</u>*" The Company will be classified as a PFIC for U.S. federal

income tax purposes for any taxable year in which, taking into account a pro rata portion of the income and assets of

25% or more owned subsidiaries, either (i) at least 75% of its gross income consists of "passive income" or (ii) at least

50% of the average quarterly value of its assets is attributable to assets that produce, or are held for the production of,

passive income.

Based on our historic and anticipated operations, the composition of our income and the projected composition and

estimated fair market values of our assets, we do not believe that we were a PFIC for our most recent taxable year and do

not expect to be classified as a PFIC for the current taxable year or for the foreseeable future. However, our status as a

PFIC is a factual determination made on an annual basis, and we cannot provide any assurances regarding our PFIC

status for the current or future taxable years.

**ITEM 4. INFORMATION ON THE COMPANY**

**A.HISTORY AND DEVELOPMENT OF THE COMPANY**

Our legal and commercial name is argenx SE. We were incorporated under the laws of the Netherlands on April 25,

2008, as a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid). From

incorporation until August 28, 2009, our research and development activities were initially performed in the Netherlands,

then Belgium, by argenx N.V. and its legal predecessors. Since August 28, 2009, all our research and development

activities have been performed by our wholly-owned subsidiary, argenx BV, under a license provided by argenx N.V.

Throughout this time, argenx BV assigned all resulting intellectual property to argenx N.V. On May 28, 2014, we

converted to a Dutch public company with limited liability (naamloze vennootschap). On April 26, 2017, we converted

to a Dutch European public company with limited liability (Societas Europaea or SE). On May 5, 2017, we transferred

the legal ownership of all intellectual property rights of argenx SE to argenx BV, effective retroactively as of January 1,

2017. As a result, since January 1, 2017, (i) argenx BV holds all legal and economic ownership of our intellectual

property rights, and (ii) the research and development agreement between argenx SE and argenx BV has been

terminated.

Our official seat is in Amsterdam, the Netherlands, and our registered office is at Laarderhoogtweg 25,

1101 EB Amsterdam, the Netherlands. We are registered with the trade register of the Dutch Chamber of Commerce

under number 24435214. Our European legal entity identifier number (LEI) is 7245009C5FZE6G9ODQ71. Our

telephone number is +31 (0) 10 70 38 441. Our website address is www.argenx.com. This website is not incorporated by

reference in this Annual Report. The SEC maintains an Internet site that contains reports, proxy and information

statements, and other information regarding issuers that file electronically with the SEC at www.sec.gov. The registered

agent for service of process in the U.S. is CT Corporation System, with an address at 111 8th Avenue, New York, NY

10011. For information on our capital expenditure for the years ended December 31, 2025, 2024 and 2023, please see

"*<u>Note 4 — Property, Plant and Equipment</u>*" and "*<u>Note 5 — Intangible Assets</u>*" in our consolidated financial statements

which are included at the end of this Annual Report on Form 20-F for the period ended December 31, 2025. We

anticipate our capital expenditure in 2026 to be financed from the cash flows from operating activities and cash reserves.

For more information on our capital expenditures and requirements, see "*<u>Item 5.B. — Liquidity and Capital Resources —</u>*

*<u>Cash Flows — Operating and Capital Expenditure Requirements</u>*" in our Annual Report for the period ended

December 31, 2025.

No takeover bid has been instigated by third parties in respect of our equity during the current or previous fiscal years.

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**B.BUSINESS OVERVIEW**

Our legal and commercial name is argenx SE. We were incorporated under the laws of the Netherlands on April 25,

2008, as a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid). From

incorporation until August 28, 2009, our research and development activities were initially performed in the Netherlands,

then Belgium, by argenx N.V. and its legal predecessors. Since August 28, 2009, all our research and development

activities have been performed by our wholly-owned subsidiary, argenx BV, under a license provided by argenx N.V.

Throughout this time, argenx BV assigned all resulting intellectual property to argenx N.V. On May 28, 2014, we

converted to a Dutch public company with limited liability (naamloze vennootschap). On April 26, 2017, we converted

to a Dutch European public company with limited liability (Societas Europaea or SE). On May 5, 2017, we transferred

the legal ownership of all intellectual property rights of argenx SE to argenx BV, effective retroactively as of January 1,

2017. As a result, since January 1, 2017, (i) argenx BV holds all legal and economic ownership of our intellectual

property rights, and (ii) the research and development agreement between argenx SE and argenx BV has been

terminated.

For additional information regarding our Company's principal markets and revenue breakdown, see "*<u>Item 5.A. —</u>*

*<u>Operating Results</u>*" in our Annual Report for the period ended December 31, 2025.

**2025 In Brief**

***Operational Highlights***

2025 was a year of strong execution as we advanced our long-term commitment to patients under Vision 2030: aiming to

treat 50,000 patients globally, secure 10 labeled indications across all approved medicines, and advance five pipeline

candidates into Phase 3 development by 2030. We made significant progress executing against this goal throughout the

year, by expanding our global reach with VYVGART in two blockbuster indications, advancing 10 ongoing

registrational clinical trials, and completed our goal to bring forward four Phase 1 molecules by the end of the decade.

Throughout 2025, VYVGART continued to deliver meaningful impact for patients globally, reaching more than 19,000

patients across three indications (gMG, CIDP, and ITP) and three product presentations. We successfully launched our

PFS, which expanded access to new patient segments and enabled more convenient treatment options. In gMG, we

strengthened our position as the #1 prescribed and fastest-growing biologic, supported by increasingly earlier use in the

treatment paradigm and continued expansion into broader patient populations. Positive topline data from the

Seronegative gMG clinical trial strengthened our ambition to be the treatment of choice and to pursue the broadest MG

label to date. In CIDP, real-world outcomes continued to validate the ADHERE results, with physicians reporting

sustained functional improvement and patients experiencing greater independence and quality of life. This strong

commercial execution resulted in a milestone for the Company, with VYVGART surpassing $1 billion in product net

sales in a single quarter for the first time in the third quarter of 2025.

Across the pipeline, we made meaningful progress on a broad set of programs. We advanced efgartigimod through

additional Phase 3 clinical trials that are expected to read out in 2026: Myositis and ITP, each supported by compelling

biology and robust clinical or proof-of-concept data. Together, we believe these programs strengthen efgartigimod's

position as a foundational FcRn-based therapy with potential across multiple high-need autoimmune diseases.

Our second asset, empasiprubart, advanced notably with three Phase 3 clinical trials underway in MMN and CIDP. As a

first-in-class antibody targeting complement C2, we further expanded our understanding of C2 biology and its potential

to set a new bar for treatment outcomes in immune-mediated neuromuscular diseases. Momentum also continued with

adimanebart (ARGX-119), which entered Phase 3 development in CMS and progressed in a proof-of-concept clinical

trial in spinal muscular atrophy (SMA). Across our early-stage portfolio, we advanced key next-generation programs,

which include ARGX-213 and ARGX-124. We have a highly productive IIP, our engine for sourcing novel biology and

accelerating differentiated medicines, with over 25 active programs. Together, these achievements and the progress

across our pipeline position us well for the year ahead as we prepare for multiple registrational readouts and continued

expansion of our global patient impact.

***Corporate Achievements***

• Subject to shareholder approval, Karen Massey, current COO, will transition to CEO and Executive Director and Tim

Van Hauwermeiren, current CEO, will transition to Non-Executive Chairperson of the Board of Directors.

• In 2025, Sandrine Piret-Gérard was appointed Chief Commercialization Officer. Sandrine joins from Gilead, where

she lead the U.S. commercial organization.

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• Anthony Rosenberg, who has served as a non-executive director since April 2017, was reappointed as a non-

executive director and vice-chairperson of the Board of Directors for a term of 2 years.

• Expansion to 1,863 full-time employees (as of December 31, 2025) to support further growth of our business,

including fully staffed commercial teams in the U.S., Europe, Japan and Canada.

***2025 Financial Highlights***

• Product net sales of $4.2 billion

• Research & development of $1.4 billion

• Financial Strength to Invest in Sustainable innovation.

***2026*** Outlook

2026 marks a defining year on the path to Vision 2030 with three strategic priorities:

• Impact more patients globally with VYVGART, driving broader adoption across current patient populations and

unlocking new opportunities with potential label expansions

• Shape the long-term future of FcRn medicines, advancing future FcRn molecules, innovative delivery modalities and

combination approaches designed to transform patient outcomes

• Deliver next wave of immunology innovation, accelerating empasiprubart and diversified pipeline of first-in-class

molecules to drive sustainable value creation

![2026 outlook.jpg](argx-20251231_g1.jpg)

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The table above is subject to risks and uncertainties that may materially impact the achievement of our 2026 outlook. For

more information, please refer to "*<u>Item 3.D. — Risk Factors</u>*" of this Annual Report for a discussion of such risks and

uncertainties.

***Our Medicines***

VYVGART and VYVGART HYTRULO is a first-and-only immunoglobulin G (IgG) Fc-antibody fragment that targets

the FcRn. It is approved for the treatment in three indications, including gMG and CIDP globally and ITP in Japan (as

VYVDURA).

***Our Pipeline***

• efgartigimod is an IgG1 antibody Fc fragment that has been engineered for increased affinity to FcRn compared to

endogenous IgG. Efgartigimod selectively reduces IgG by blocking FcRn-mediated IgG recycling without impacting

antibody production or affecting other parts of the immune system. It is approved in three indications, including

gMG, CIDP and ITP, and is being evaluated in more than ten additional serious autoimmune indications.

• empasiprubart (C2 inhibitor) is a novel complement inhibitor targeting C2, blocking the function of both the classical

and lectin pathways while leaving the alternative pathway intact. We believe empasiprubart has the potential to be a

pipeline-in-a-product candidate and is being evaluated in two indications currently in Phase 3 clinical trials.

• adimanebart (MusK agonist): adimanebart is an agonist SIMPLE ANTIBODY™ to the MuSK receptor with potential

in multiple neuromuscular indications. It is currently in clinical trials for CMS (Phase 3 clinical trial) and SMA

(Phase 2).

• Earlier Stage Programs:

◦ Two future FcRn molecules are progressing: ARGX-213, an FcRn-targeted antibody engineered for half-life

extension and sustained IgG reduction, and ARGX-124, a first-in-class FcRn pipeline candidate.

◦ ARGX-109 (targeting IL-6) and ARGX-121 (a first-in-class molecule targeting immunoglobulin A (IgA)) are also

progressing.

◦ Entered into a research collaboration with Tensegrity Pharma, including an option for future acquisition, to

advance Tensegrity's lead program TSP-101 in autoimmune disease and other indications.

◦ Three new molecules expected to enter Phase 1 clinical trials in 2026, including ARGX-118, a first-in-class

molecule targeting Galectin-10, ARGX-125, a first-in-class bispecific antibody, and TSP-101, targeting Fn14.

• In addition to our wholly-owned pipeline, we have candidates that emerged from our IIP that we out-licensed to a

partner for further development and for which we have milestone, royalty or profit-share agreements. These

candidates include, amongst others: cusatuzumab (anti-CD70 antibody – OncoVerity), ARGX-112 (LP-0145 – anti-

IL-22R antibody – LEO Pharma), ARGX-114 (AGMB-101 – agonistic anti-MET antibody – Agomab) and

ARGX-115 (ABBV-151 – anti-GARP antibody – AbbVie).

***Immunology Innovation Program (IIP)***

Our IIP is the engine behind our robust and expansive pipeline. By fostering deep, ongoing collaboration between

leading academic researchers and our in-house antibody engineers, we aim to translate breakthrough science into first-in-

class therapies across multiple indications. This co-creation model has enabled every candidate in our wholly owned and

partnered pipelines to emerge from IIP collaborations, underscoring our ability to identify and advance novel targets with

speed and precision.

Our approach is designed for scale and sustainability: we run parallel development programs, optimize trial design for

efficiency, and maintain a relentless focus on unmet patient needs. This strategy has delivered measurable results –

accelerating our path to profitability, driving strong commercial growth, and positioning argenx as a leader in

immunology innovation. By integrating the aspirations of patients and the insights of healthcare professionals into every

stage of discovery and development, we are not only building a differentiated pipeline but also setting new standards for

impact and value creation in the sector.We bring to the collaboration our unique suite of antibody discovery and

antibody engineering technologies and experience in clinical development to complement our partners' expertise in

disease and target biology. Our suite of technologies includes amongst others our SIMPLE ANTIBODY™ platform

technology and NHANCE™, ABDEG™, POTELLIGENT<sup>®</sup>, and DHS mutations that focus on engineering the Fc region

of antibodies in order to augment their intrinsic therapeutic properties.

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***Our Suite of Technologies***

• SIMPLE ANTIBODY™ platform technology: Our proprietary SIMPLE ANTIBODY™ platform technology, based

on the powerful llama immune system, allows us to exploit novel and complex disease biology targets. The platform

sources antibody variable regions (V-regions) from the immune system of outbred llamas, each of which has a

different genetic background. The llama produces highly diverse panels of antibodies with a high human homology,

or similarity, in their V-regions when immunized with targets of human disease. Our SIMPLE ANTIBODY™

platform technology allows us to access and explore a broad target universe while potentially minimizing the long

timelines associated with generating antibody candidates using traditional methods.

• NHANCE™, ABDEG™, POTELLIGENT<sup>®</sup>, and DHS mutations focus on engineering the Fc region of antibodies in

order to augment their intrinsic therapeutic properties. In addition, we obtained a non-exclusive research license and

option from Chugai Pharmaceutical Co., Ltd. for the SMART-Ig<sup>®</sup> ("Recycling Antibody" and part of "Sweeping

Antibody") and ACT-Ig<sup>®</sup> (Antibody half-life extending) technologies. These technologies are designed to enable us to

expand the therapeutic index of our product candidates, which is the ratio between toxic and therapeutic dose, by

potentially modifying their half-life, tissue penetration, rate of disease target clearance and potency.

***Our Products and Product Candidates***

The following table summarizes key information on our portfolio of lead products and product candidates as of the date

of this Annual Report.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Program** | **Indication** | **Preclinical** | **Phase 1** | **Proof of Concept** | **Registrational** | **Commercial** |
| VYVGART | gMG |  |  |  |  |  |
| VYVGART | ITP (Japan) |  |  |  |  |  |
| VYVGART <br>HYTRULO | gMG |  |  |  |  |  |
| VYVGART <br>HYTRULO | CIDP |  |  |  |  |  |
| efgartigimod | Seronegative gMG |  |  |  |  |  |
| efgartigimod | Ocular MG |  |  |  |  |  |
| efgartigimod | Primary ITP |  |  |  |  |  |
| efgartigimod | Graves' Disease |  |  |  |  |  |
| efgartigimod | Myositis |  |  |  |  |  |
| efgartigimod | SjD |  |  |  |  |  |
| efgartigimod | Systemic Sclerosis |  |  |  |  |  |
| efgartigimod | AMR |  |  |  |  |  |
| empasiprubart | MMN |  |  |  |  |  |
| empasiprubart | DGF |  |  |  |  |  |
| empasiprubart | CIDP |  |  |  |  |  |
| adimanebart | CMS |  |  |  |  |  |
| adimanebart | SMA |  |  |  |  |  |
| ARGX-213 | Undisclosed |  |  |  |  |  |
| ARGX-121 | IgA Nephropathy |  |  |  |  |  |
| ARGX-124 | Undisclosed |  |  |  |  |  |
| ARGX-109 | Undisclosed |  |  |  |  |  |
| TSP-101 | Undisclosed |  |  |  |  |  |
| ARGX-118 | Undisclosed |  |  |  |  |  |
| ARGX-125 | Undisclosed |  |  |  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| NEUROLOGY | NEPHROLOGY AND HEMATOLOGY  | ENDOCRINOLOGY | RHEUMATOLOGY | UNDISCLOSED |

---

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***Our Programs***

***VYVGART***

*\Approvals and Regulatory Plan*

VYVGART is approved in more than 30 countries with three active indications (gMG, CIDP and ITP) and three

presentations (IV, SC, PFS). More approvals and launches of VYVGART in multiple jurisdictions and countries are

planned following pricing and reimbursement negotiations. The following table summarizes the status of regulatory

approvals for VYVGART as of February 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Product** | **Indication** | **Geography**  | **Regulatory Status** |
| VYVGART IV | VYVGART  | gMG | US | Approved |
| VYVGART IV | VYVGART  | gMG | Europe | Approved |
| VYVGART IV | VYVGART  | gMG | Canada  | Approved |
| VYVGART IV | VYVGART  | gMG | Israel | Approved |
| VYVGART IV | VYVGART  | gMG | Japan | Approved |
| VYVGART IV | VYVGART  | gMG | The UK  | Approved |
| VYVGART IV | VYVGART  | gMG | China  | Approved |
| VYVGART IV | VYVGART | gMG | Australia  | Approved |
| VYVGART IV | VYVGART | gMG | Kuwait  | Approved |
| VYVGART IV | VYVGART  | gMG | Saudi Arabia  | Approved |
| VYVGART IV | VYVGART | gMG | Korea (the Republic of) | Approved |
| VYVGART IV | VYVGART  | gMG | United Arab Emirates | Approved |
| VYVGART IV | VYVGART  | gMG | Switzerland | Approved |
| VYVGART IV | Pending | gMG | Brazil | Submitted |
| VYVGART IV | VYVGART | gMG | Singapore | Approved |
| VYVGART IV | VYVGART | ITP | Japan | Approved |
| VYVGART SC | VYVGART HYTRULO | gMG | US  | Approved |
| VYVGART SC | VYVGART HYTRULO  | CIDP  | US  | Approved |
| VYVGART SC | VYVGART | gMG | Australia  | Approved |
| VYVGART SC | VYVGART | CIDP | Australia | Submitted |
| VYVGART SC | VYVGART | gMG | Europe  | Approved |
| VYVGART SC | VYVGART | CIDP | Europe | Approved |
| VYVGART SC | VYVGART | gMG | Switzerland | Approved |
| VYVGART SC | VYVGART | CIDP | Switzerland | Submitted |
| VYVGART SC | VYVGART | gMG | The UK | Approved |
| VYVGART SC | VYVGART | CIDP | The UK | Approved |
| VYVGART SC | VYVGART SC | gMG | Israel | Approved |
| VYVGART SC | VYVGART HYTRULO | gMG | China  | Approved |
| VYVGART SC | VYVGART HYTRULO | CIDP | China  | Approved |
| VYVGART SC | VYVDURA  | gMG | Japan  | Approved |
| VYVGART SC | VYVDURA  | CIDP  | Japan  | Approved |
| PFS | VYVDURA  | gMG  | Japan  | Approved |
| PFS | VYVDURA  | CIDP  | Japan  | Approved |
| PFS | VYVGART HYTRULO | gMG | U.S. | Approved |
| PFS | VYVGART HYTRULO | CIDP  | U.S. | Approved |
| PFS | VYVGART | gMG | Europe | Approved |
| PFS | VYVGART | CIDP | Europe | Approved |
| PFS | VYVGART SC | gMG | Canada  | Approved |
| PFS | VYVGART SC | CIDP | Canada  | Approved |
| PFS | VYVGART | gMG | The UK | Approved |
| PFS | VYVGART | CIDP | The UK | Approved |
| PFS | VYVGART | gMG | Australia | Approved |
| PFS | VYVGART | CIDP | Australia | Submitted |
| PFS | VYVGART |  | Switzerland | Submitted |
| PFS | VYVGART | gMG | Israel | Submitted |
| PFS | VYVGART | CIDP | Israel | Submitted |

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*Commercialization* 

We have established our own sales force in the U.S., Japan, Europe and Canada for VYVGART for the treatment of

gMG and CIDP (where approved). We plan to expand our own sales and marketing capabilities and promote our

products and product candidates in other regions if we decide there is a business case to do so after regulatory approval

has been obtained.

Development and commercialization may also be done through collaborations with third parties. In January 2021, we

entered into an exclusive out-license agreement with Zai Lab (Zai Lab Agreement), a commercial-stage

biopharmaceutical company, for the development and commercialization of efgartigimod in Greater China, (which

includes Mainland China, Hong Kong, Taiwan and Macau, Greater China). Zai Lab announced approval of VYVGART

in Mainland China in June 2023 for the treatment of adult gMG patients and in 2024 Zai Lab also announced the

approval of VYVGART SC for gMG and CIDP. Under the Zai Lab Agreement, we received and continue to be eligible

for certain sales-based milestone payments and royalties based on annual product net sales of efgartigimod in Greater

China.

We intend to continue expanding into new markets and will evaluate the most appropriate commercialization approach

for each territory, whether through our own commercial organization or through additional distribution partnerships.

In the U.S., argenx advertises certain products via digital and traditional media channels, including the internet and

television.

For a discussion of total revenues by geographic market, please see "*<u>Note 16 — Segment Reporting</u>*" in our consolidated

financial statements which are included in our Annual Report for the period ended December 31, 2025.

*Pre-Approval Access Program*

We are committed to improving the lives of people suffering from rare diseases. We are driven to discover new

treatment approaches fueled by the resilience of patients to urgently deliver them. We aim to do this in partnership; we

listen to patients, supporters and advocacy communities, and we hear their stories. Their insights guide us as we develop

our investigational therapies and motivate us to advance the understanding of rare diseases.

We have a Pre-Approval Access program (PAA) for patients with gMG which opened on February 21, 2021 for patients

who are unable to participate in an ongoing clinical trial. In 2024, we approved access to this PAA for over 403 gMG

patients in 14 countries. The PAA program remains open in countries where VYVGART is not yet launched or

reimbursed.

***efgartigimod (ARGX-113) Development***

*Mechanism of Action*

As shown in Figure 1, efgartigimod is a human IgG1 Fc fragment equipped with our ABDEG™ mutations that is

designed to target the FcRn and reduce IgG. FcRn is foundational to the immune system and functions to recycle IgG,

extending its serum half-life over other IgGs that are not recycled by FcRn. IgGs that bind to FcRn are rescued from

lysosomal degradation. By binding to FcRn, efgartigimod can reduce IgG recycling and increase IgG degradation.

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![efgartigimod's mechanism of action.jpg](argx-20251231_g2.jpg)

*Figure 1: efgartigimod's mechanism of action blocks the recycling of IgG antibodies and removes them from circulation.* 

*FcRn, neonatal Fc receptor; Ig, immunoglobulin; LDL, low-density lipoprotein.*

*1) Ulrichts P, et al. J Clin Invest. 2018;128:4372–86* 

*6) Roopenian DC, Akilesh S. Nat Rev Immunol. 2007;7:715–25.* 

*7) Ward ES, Ober RJ. Trends Pharmacol Sci. 2018;39:892–904.*

***Formulations***

*Overview*

We are developing two formulations of efgartigimod to address the needs of patients, physicians, and payers across

indications and geographies, including efgartigimod IV (VYVGART) and efgartigimod SC (VYVGART SC).

**efgartigimod Indications**

**Clinical trial overview**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Clinical** <br>**Trial**<br>| **Stage** | **Indication** | **Patients** | **Primary Endpoint** | **Status** |
| ADAPT | Registrational | gMG |  | The proportion of responders based on the <br>Myasthenia Gravis Activities of Daily <br>Living (MG-ADL) score<br>| Marketed |
| ADAPT-SC | Registrational | gMG |  | The proportion of responders based on the <br>Myasthenia Gravis Activities of Daily <br>Living (MG-ADL) score<br>| Marketed |
| ADAPT-<br>SERON<br>| Registrational | Seronegative <br>gMG <br>| 119 | MG-ADL total score change from baseline <br>to day 29 (w4) <br>| Positive clinical trial <br>results reported in <br>2025 with expected <br>PDUFA date of <br>May 10, 2026<br>|
| ADAPT-<br>OCULUS<br>| Registrational | Ocular MG | 141 | Change in MGII PRO ocular score from <br>baseline to day 29 (w4) <br>| Positive clinical trial <br>results reported in <br>February 2026<br>|
| ADHERE | Registrational | CIDP | 322 | The hazard ratio for the time to first adjusted <br>INCAT deterioration<br>| Marketed  |
| ADVANCE-<br>IV<br>| Registrational | ITP |  | The proportion of patients that achieved <br>sustained platelet response<br>| Marketed  |

---

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Clinical** <br>**Trial**<br>| **Stage** | **Indication** | **Patients** | **Primary Endpoint** | **Status** |
| ADVANCE-<br>NXT<br>| Registrational | ITP | 63 | Extent of disease control (cumulative <br>number of weeks over the planned 24-week <br>treatment period with platelet counts of ≥ <br>50×109/L<br>| Ongoing clinical <br>trial results expected <br>in 4Q 2026 <br>|
| ALKIVIA | Registrational | Myositis | Target 240 | The total improvement score (TIS) at the <br>end of treatment period<br>| Ongoing clinical <br>trial results expected <br>in 3Q 2026<br>|
| UNITY | Registrational | SjD  | Target 580 | The change from baseline on the <br>ClinESSDAI score (w48) <br>| Ongoing clinical <br>trial results expected <br>in 2H 2027<br>|
| In <br>partnership <br>with Zai Lab<br>| PoC | LN | Target 60 | The change in urine protein creatinine ratio <br>from baseline to end of the treatment period<br>| Clinical trial <br>discontinued in <br>2025<br>|
| uplighTED  | Registrational | TED | Target 108/<br>trial <br>| Percentage of participants who were <br>proptosis responders at week 24 <br>| Clinical trial <br>discontinued in <br>2025<br>|
| shAMRock  | PoC | AMR | Target 30  | Safety and tolerability. Efficacy measures <br>such as estimated glomerular filtration rate, <br>histology and urine protein creatinine ratio <br>are captured in the secondary endpoints<br>| Ongoing clinical <br>trial<br>|
| ADAPT-<br>JUNIOR IV<br>| Phase 2/3 | gMG | Target over <br>12<br>| To confirm an age-adjusted optimum dose <br>of efgartigimod IV and provide (model-<br>predicted) evidence for a treatment response<br>| Ongoing clinical <br>trial<br>|
| ADAPT-<br>JUNIOR SC<br>| Phase 2/3 | gMG | Target over <br>12<br>| To confirm an appropriate dose of <br>efgartigimod PH20 SC in pediatric <br>participants with gMG<br>| Ongoing clinical <br>trial<br>|
| Other clinical <br>trials  | PoC | AIE | To be <br>confirmed<br>|  | Ongoing clinical <br>trial<br>|
| Other clinical <br>trials  | PoC | AIM | To be <br>confirmed<br>| To be confirmed | Ongoing clinical <br>trial<br>|

---

**gMG**

***Overview***

gMG is a rare, chronic autoimmune disease in which pathogenic IgG autoantibodies disrupt neuromuscular signaling,

leading to fluctuating and sometimes life-threatening muscle weakness. Autoantibodies block or remove acetylcholine

receptors and activate complement, damaging the neuromuscular junction. MG often begins with ocular symptoms such

as ptosis and diplopia, and approximately 85% of patients progress to generalized MG (gMG), which can impair bulbar,

limb, and respiratory function. Respiratory crises occur in 15–20% of patients. MG prevalence in the U.S. is estimated at

approximately 20 per 100,000, and roughly 85% of gMG patients have detectable AChR antibodies.

efgartigimod has demonstrated consistent and robust clinical benefit across MG populations. Pivotal ADAPT data

formed the basis for global approvals of VYVGART IV, and positive ADAPT-SC results supported approval of the

subcutaneous formulation. In 2025, we reported positive topline results from ADAPT-SERON, our Phase 3 clinical trial

in anti-AChR antibody-negative gMG, demonstrating a clear treatment effect and reinforcing the broad applicability of

FcRn across MG subtypes. These data support our supplemental regulatory submission to expand VYVGART into the

seronegative population, which was accpeted for priority review with an expected PDUFA target action date of May 10,

2026. We also reported positive data from our ADAPT OCULUS clinical trial, which met its primary endpoint, showing

that patients living with oMG and treated with VYVGART demonstrated statistically significant improvement from

baseline in Myasthenia Impairment Index (MGII) Patient Reported Outcome (PRO) ocular scores at Week 4 compared

to placebo. The results support our supplemental regulatory submissions to expand VYVGART into the ocular MG

population. We also have ongoing clinical trials in pediatric gMG patients (ADAPT-JUNIOR) with efgartigimod IV and

efgartigimod SC.

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**CIDP**

***Overview***

CIDP is a chronic autoimmune disorder of peripheral nerves and nerve roots caused by an autoimmune-mediated

destruction of the myelin sheath, or myelin producing cells, insulating the axon of the nerves and enabling speed of

signal transduction. The cause of CIDP is unknown, but abnormalities in both cellular and humoral immunity have been

shown. CIDP is a chronic and progressive disease: onset and progression occur over at least eight weeks in contrast with

the more acute Guillain-Barré-syndrome. Demyelination and axonal damage in CIDP lead to loss of sensory and/or

motor neuron function, which can lead to weakness, sensory loss, imbalance and/or pain. The U.S. prevalence is

estimated at approximately 42,000 patients, of whom roughly 24,000 receive treatment. Most patients rely on IVIg as

first-line therapy, while glucocorticoids, plasma exchange, and other immunosuppressants are used less frequently given

safety, tolerability, and access limitations.

In July 2023, the pivotal ADHERE clinical trial demonstrated that VYVGART SC significantly reduced the risk of

relapse compared to placebo and provided evidence that pathogenic IgG autoantibodies play an important role in CIDP

biology. Sixty-seven percent of patients entering the open-label Stage A improved clinically, and efgartigimod SC was

well tolerated with a safety profile consistent with prior clinical trials. Nearly all eligible patients (99%) continued into

the ADHERE-Plus OLE. Based on these data, VYVGART SC received regulatory approvals in the U.S. in June 2024, in

China in November 2024, and in Japan in December 2024, with regulatory review ongoing in additional jurisdictions,

including the EU.

**Primary ITP**

***Overview***

Primary ITP is an acquired autoimmune bleeding disorder, characterized by a low platelet count

(<100×109/L) in the absence of other causes associated with thrombocytopenia. In most patients, IgG autoantibodies

directed against platelet receptors can be detected. They accelerate platelet clearance and destruction, inhibit platelet

production, and impair platelet function, resulting in increased risk of bleeding and impaired quality of life. Primary ITP

is differentiated from secondary ITP, which is associated with other illnesses, such as infections or autoimmune diseases,

or which occurs after transfusion or taking other drugs, such as cancer drugs. Platelet deficiency, or thrombocytopenia,

can cause bleeding in tissues, bruising and slow blood clotting after injury. Patients may suffer from depression and

fatigue as well as side effects of existing therapies, impairing their quality of life. Current therapeutic approaches include

non-specific immunosuppression (e.g., steroids and rituximab), inhibition of platelet clearance (e.g., splenectomy, IVIg,

anti-D globulin, and spleen tyrosine kinase inhibitor fostamatinib13) or stimulation of platelet production (e.g.,

thrombopoietin receptor agonist TPO-RA). Splenectomy remains the only treatment that provides sustained remission

off therapy for one year or longer for a high proportion of patients. ITP affects approximately 72,000 patients in the U.S.

In 2022, the Phase 3 ADVANCE (IV) clinical trial met its primary endpoint, demonstrating that a higher proportion of

chronic ITP patients receiving efgartigimod achieved a sustained platelet count response compared to placebo. These

results supported approval of efgartigimod for ITP in Japan. In 2023, the accompanying subcutaneous clinical trial,

ADVANCE-SC, did not meet its primary endpoint. To fulfill the requirement for two well-controlled trials needed for

global registration, argenx is now conducting ADVANCE-NEXT, a Phase 3, randomized, double-blinded,

placebo-controlled trial evaluating efgartigimod IV in adults with primary ITP. ADVANCE-NEXT remains ongoing,

with topline Phase 3 results expected in the fourth quarter of 2026.

***AIM***

*Overview*

AIM are a rare and heterogeneous group of autoimmune diseases that can affect muscle alone or multiple organ systems,

including the skin, joints, lungs, gastrointestinal tract, and heart. These conditions are severe, disabling, and materially

impact quality of life. Advances in understanding disease biology and the discovery of characteristic autoantibodies have

led to clearer differentiation of AIM into clinically meaningful subtypes, including immune-mediated necrotizing

myopathy (IMNM), antisynthetase syndrome (ASyS), and dermatomyositis (DM). Each subtype presents with distinct

autoantibody profiles and manifestations, though proximal muscle weakness remains a defining feature across AIM.

Today, there are no FDA-approved therapies for IMNM or ASyS, and treatment is largely dependent on steroids or

broad immunosuppressants; IVIg was approved for DM in 2021.

argenx is advancing the registrational ALKIVIA clinical trial of efgartigimod SC for the treatment of AIM. ALKIVIA is

a seamless Phase 2/3 clinical trial enrolling approximately 240 patients across IMNM, ASyS, and DM, with Total

Improvement Score (TIS) as the primary endpoint and a broad set of functional and quality-of-life secondary measures.

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In November 2024, following achievement of statistical significance on the primary endpoint in the Phase 2 portion and

consistent improvement across all six core components of the TIS, argenx announced a 'GO' decision to proceed with

the Phase 3 portion in all three AIM subtypes. Safety and tolerability were consistent with the known profile of

efgartigimod. ALKIVIA remains ongoing, with topline Phase 3 results expected in the third quarter of 2026.

***SjD***

*Overview*

SjD is a chronic, progressive autoimmune disease, characterized by lymphocytic infiltration and progressive destruction

of exocrine glands. B-cells play a pivotal role in the development of the disease and this results amongst others in

production of IgG autoantibodies, especially those which target SSA/Ro, SSB/La ribonuclear complexes. In addition to

symptoms of dry eyes, dry mouth, chronic pain and fatigue, a substantial subset of patients suffer from extraglandular

systemic disease. There are no FDA-approved treatments currently registered for the treatment of SjD.

argenx is advancing the registrational UNITY clinical trial of efgartigimod SC for the treatment of SjD. UNITY is a

Phase 3, randomized, placebo-controlled, double-blind clinical trial assessing the safety and efficacy of efgartigimod SC

in 480 patients with at least moderate systemic disease (ClinESSDAI ≥6) who are on stable background therapy and

positive for anti-SSA/Ro. After the 48-week treatment period, eligible participants may roll over into an OLE. The

primary endpoint is change from baseline in clinESSDAI, with key secondary endpoints focused on patient-reported

outcomes, ESSDAI, and STAR. UNITY remains ongoing, with topline Phase 3 results expected in the second half of

2027. **empasiprubart (ARGX-117) Development**

***Mechanism of Action***

empasiprubart is a differentiated therapeutic mAb targeting C2 equipped with our proprietary NHANCE™ mutations.

By addressing a novel target at the intersection of the complement and lectin pathways of the complement cascade, we

believe empasiprubart represents a broad pipeline opportunity across several severe autoimmune indications. Activation

of the classical and lectin pathway of complement may contribute to tissue damage and organ dysfunction in a number of

autoimmune inflammatory diseases and ischemia-reperfusion conditions. Targeting C2 also leaves the alternative

pathway of the complement system intact, which is an important component of the innate defense system.

empasiprubart exhibits both pH- and calcium dependent binding. These unique characteristics enable empasiprubart to

capture free C2 in circulation and release it in the endosome to be sorted for degradation in the lysosome. empasiprubart

is equipped with NHANCE™ mutations increasing its affinity for FcRn and allowing it to recycle back into circulation

to capture more C2.

In addition to an IV formulation, we have exclusive access to Halozyme's ENHANZE<sup>®</sup> SC drug delivery technology for

the C2 target.

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![empasiprubart mechanism of action.jpg](argx-20251231_g3.jpg)

*Figure 2: empasiprubart mechanism of action. C2, complement component 2; FcRn, neonatal Fc receptor; IgG,* 

*immunoglobulin G.* 

*1) Van de Walle I, et al. J Allergy Clin Immunol. 2021;147:1420–9.* 

*2) Vaccaro C, et al. Proc Natl Acad Sci. 2006;103:18709–14.* 

*3) Brinkhaus M, et al. Nat Commun. 2022;13:6073.*

**empasiprubart Indications**

***MMN***

*Overview*

MMN is a debilitating neuromuscular autoimmune disorder that is characterized by slowly progressive muscle weakness

due to motor neuron degeneration. It mainly affects hands and forearms, mainly in males, and the median age of

diagnosis is around 40 years. Diagnosis takes about a year and a half and is often misdiagnosed as ALS. There are

estimated to be around 12,000 patients across key markets.

Specific pathophysiologic characteristics of MMN include the presence of IgM autoantibodies against the ganglioside

GM1 and conduction block, i.e., impaired propagation of action potentials along the axon.

GM1 is widely expressed in the nervous system by neurons, particularly around the nodes of Ranvier, and Schwann

cells.

IVIg is the only approved treatment for MMN and needs to be dosed frequently to address the disease's progressive

nature.

*Phase 2 POC ARDA Clinical Trial*

The Phase 2 POC ARDA clinical trial was a randomized, double-blinded, placebo-controlled multicenter clinical trial

evaluating the safety and tolerability, efficacy, PK, PD, and immunogenicity of two dose regimens of empasiprubart in

adults with MMN. Safety and tolerability were the primary endpoint and additional endpoints included time to IVIg

retreatment, biomarker analyses of C2 levels, and changes in key functional scores (modified medical research

council-10 sum score, grip strength, MMN-RODS) as well as several patient-reported quality-of-life measures (fatigue

severity score (FSS), chronic acquired polyneuropathy patient-reported index (CAP-PRI), and patient global impression

change scale). In 2024, argenx announced positive data from the first cohort (n=16), which were confirmed with the

second cohort (n=16) in July 2024, establishing POC in MMN, with empasiprubart demonstrating a 91% reduction in the

need for IVIg rescue compared to placebo [HR (95% CI)=0.09 (0.02; 0.44)] in cohort 1 and an 84% reduction in IVIg

rescue compared to placebo [HR (95% CI)=0.16 (0.02; 1.54)] in cohort 2.

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Based on these results argenx initiated the EMPASSION Phase 3 clinical trial evaluating empasiprubart in MMN head to

head with IVIg at the end of 2024.

*Phase 3 EMPASSION Clinical Trial Design* 

A Phase 3, randomized, double-blinded, double-dummy clinical trial evaluating the efficacy and safety

of empasiprubart versus intravenous immunoglobulin in adults with multifocal motor neuropathy. The clinical trial

comprises a screening period of up to 15 weeks, including a minimum of 2 IVIg cycles; a

24-week (6-month), randomized, double-blinded, double-dummy treatment period (part A) evaluating the efficacy and

safety of empasiprubart vs IVIg continuation; a 24-month OLE period (part B); and a 15-month safety follow-up period

starting after the last dose of IMP. The primary objective is to demonstrate the efficacy of empasiprubart compared to

IVIg in improving functional ability. This will be measured by change from baseline in the 25-item MMN-RODS centile

score at week 24. Additional key secondary endpoints include changes in measurements on key functional scores

(modified medical research council -14 sum score, grip strength) as well as patient-reported quality of life outcome

measures (polyneuropathy patient-reported index, and values of the patient global impression change scale and

evaluation of manual dexterity using 9HPT.

***DGF***

Delayed graft function (DGF), defined as the need for dialysis in the first week after kidney transplant, affects up to 40%

of deceased-donor recipients and is associated with poorer long-term outcomes. Decision for Phase 2 VARVARA

clinical trial is now expected mid-year 2026 to complete 52-week efficacy analysis

***CIDP***

***Overview***

Please refer to "*<u>Item 4.B — efgartigimod Indications</u>*" (CIDP) for more information on CIDP.

***Phase 3 EMVIGORATE and EMNERGIZE Clinical Trials***

argenx is advancing two Phase 3 clinical trials of empasiprubart in CIDP: EMVIGORATE and EMNERGIZE.

EMVIGORATE is a head-to-head clinical trial comparing empasiprubart to IVIg in adults with CIDP. EMNERGIZE is a

randomized, placebo-controlled clinical trial evaluating the efficacy and safety of empasiprubart. Topline results from

both EMVIGORATE and EMNERGIZE are expected in the second half of 2027.

***adimanebart (ARGX-119) Development***

adimanebart is a humanized agonist monoclonal antibody that specifically targets and activates MuSK to promote

maturation and stabilization of the NMJ, with planned development across severe neuromuscular diseases including

CMS, ALS, and SMA. It is the first highly specific agonist mAb targeting human MuSK and was developed using the

SIMPLE ANTIBODY™ platform in collaboration with leading experts, with preclinical proof-of-concept demonstrated

in a DOK7-CMS model.

A Phase 3 clinical trial in CMS is expected to initiate in the third quarter of 2026, following positive results from the

Phase 1b clinical trial.

A proof-of-concept clinical trial is also ongoing in SMA.

**Strategy and Objectives**

**Company's Strategies**

Our objective is to transform the lives of at least 50,000 patients and their communities before 2030 by providing them

with life-changing medicines built on scientific breakthroughs in immunology. To reach this, we aim to deliver on a set

of different goals:

• Transform the lives of 50,000 patients, by redefining treatment expectations in MG & CIDP and delivering at least

eight additional labeled indications and a second self-administered FcRn medicine by 2030.

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• Be the precision complement inhibitor that sets a new SOC and improves patient experience and outcomes across

indications, with 3+ labeled indications and five total indications in development by 2030.

• Be the leader in neuromuscular junction (NMJ) therapeutics, redefining patient expectations and reigniting hope in

one labeled indication and at least four total indications by 2030.

• Expand our pipeline of transformational innovation to enable consistent cadence of value creation for patients; >5

new molecules in late stage by 2030.

• Scale in The argenx Way to remain a unique, independent company.

• Solidify our place in the biotech ecosystem as the benchmark for entrepreneurial science delivering value for patients.

***Competitive position***

We participate in a highly innovative industry characterized by a rapidly growing understanding of disease biology,

quickly changing technologies, strong intellectual property barriers to entry, and a multitude of companies involved in

the creation, development and commercialization of novel therapeutics. Many of these companies are highly

sophisticated and often strategically collaborate with each other.

Competition in the autoimmune field is intense and involves multiple monoclonal antibodies (mAbs), other biologics and

small molecules either already marketed or in development by many different companies, including large pharmaceutical

companies. We compete with a wide range of biopharmaceutical companies that are developing products for the

treatment of gMG, CIDP, ITP and other autoimmune diseases, including products that are in the same class as

VYVGART, as well as products that are similar to some of our product candidates. We are aware of several FcRn

inhibitors that are in clinical development or marketed.

In addition, we may face future competition from biosimilar versions of approved biologics in the autoimmune and

immunology fields. The regulatory frameworks in the United States, Europe and other key markets could evolve in ways

that may facilitate the entry of biosimilars once reference products lose market exclusivity. While FcRn inhibitors are a

relatively new therapeutic class, the broader biologics market has seen an increase in biosimilar development and

commercial activity, supported by maturing regulatory pathways, expanding manufacturing capabilities and ongoing

payer and health-system initiatives aimed at reducing the cost of care.

Competitive product launches may erode future sales of our products, including our existing products and those currently

under development, or result in unanticipated product obsolescence. Such launches continue to occur, and potentially

competitive products are in various stages of development. We could also face competition for use of limited

international infusion sites, particularly in new markets as competitors launch new products. We cannot predict with

accuracy the timing or impact of the introduction of competitive products that treat diseases and conditions like those

treated by our products or product candidates. In addition, our competitors compete with us to recruit and retain qualified

scientific and management personnel, establish clinical trial sites and patient registration for clinical trials, as well as in

acquiring technologies complementary to, or necessary for, the development of our products. Please refer to "*<u>Item 3.D.</u>*

*<u>— Risk Factors — Risk Factors Related to Commercialization of argenx's Products and Product Candidates, Including</u>*

*<u>for New Indications — We face significant competition for our drug discovery and development efforts"</u>*

We compete in this dynamic landscape by aiming to advancing differentiated, first-in-class and best-in-class therapies

grounded in novel biology, enabled by our deep scientific expertise and our technology platforms. Our strategy is to

innovate ahead of the field—identifying new pathways, engineering unique mechanisms of action, and continuously

expanding our understanding of Fc-mediated biology and related immunology. We also actively protect and strengthen

our intellectual property through a comprehensive global portfolio of patents, trade secrets and proprietary know-how

covering our product candidates, platforms and manufacturing processes. This commitment to scientific innovation and

robust IP protection is central to sustaining our competitive position and delivering long-term value.

**Manufacturing and Supply**

At argenx, our manufacturing and supply strategy is built for scale, resilience, and speed, reflecting our commitment to

move science forward and deliver for patients worldwide. We utilize third-party contract manufacturers who act in

accordance with the FDA's current good manufacturing practices (cGMPs) for the manufacture of drug substances and

drug products. We partner with a global network of contract manufacturers who share our standards for quality and

innovation, with the goal that every step, from cell bank development to large-scale drug substance production, meets the

highest industry benchmarks. Our global supply chain and distribution strategy is to serve patients in region for that

region. We work with Lonza teams based in Slough, UK, Portsmouth, U.S., Singapore and Visp, Switzerland for

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activities relating to the development of cell banks, development of our manufacturing processes and the manufacturing

of drug substance, thereby using validated and scalable systems broadly accepted in our industry. In 2022, we started our

collaboration with FUJIFILM Diosynth Biotechnologies Denmark ApS (Fujifilm) based in Hillerød, Denmark, for

activities relating to the large-scale manufacturing of efgartigimod drug substance. In 2025, we expanded our partnership

with Fujifilm to include new manufacturing site in North Carolina, U.S., strengthening our global supply chain and

supporting anticipated growth in efgartigimod and pipeline assets.

We use additional contract manufacturers to fill, label, package, store and distribute (investigational) drug products.

**Intellectual Property**

***Introduction***

We strive to protect and maintain exclusivity for the proprietary technologies that we believe are important to our

patients, business, and shareholders. We continue to pursue and maintain patent protection intended to cover core

platform technologies incorporated into, or used to produce, our product candidates and commercial products. We will

seek protection for our patient innovations in key global jurisdictions. We continue to focus our exclusivity strategies on

all aspects of our assets, including our compositions of matter, methods of use for our approved products, and other

inventions that are important to our business (e.g., the patient innovations described in our product labels/product inserts

and our core manufacturing technologies).

Our intellectual property portfolio continues to grow and keep pace with the innovations arising from our discovery,

development, and commercial efforts. We expect the total volume of patent positions under our management to increase

each year as our pipeline evolves. We currently oversee more than 500 pending applications and granted patents. More

importantly, as we continue to innovate for patients, we will work to protect our patient innovations with new intellectual

property filings to enable future reinvestment for patients.

In addition to patent protection, we rely on trademarks and trade secrets to protect aspects of our business that are not

amenable to, or that we do not consider appropriate for, patent protection, including certain aspects of our llama

immunization and antibody affinity maturation approaches.

Our commercial success depends in part upon our ability to obtain and maintain exclusivity, including regulatory

exclusivities, patent, trade secret, and other proprietary protection for commercially important technologies, inventions

and know-how related to our business. We will defend and enforce our intellectual property rights, particularly our

patent rights, and preserve the confidentiality of our trade secrets while operating without infringing valid and

enforceable intellectual property rights of others. Specifically, we are materially dependent on elements of our

regulatory, patent and other proprietary protection, including certain of those related to our core platform technologies,

described in "*<u>[Item 4.B. — Business Overview](#i3fd453e8886f47e8a3bce0ff8daf37b5_265)</u> <u>—</u> <u>[Intellectual Property](#i3fd453e8886f47e8a3bce0ff8daf37b5_547)</u> <u>—</u> <u>[Platform Technologies](#i3fd453e8886f47e8a3bce0ff8daf37b5_553)</u>*" below and our product

candidates, as described in "*<u>[Item 4.B.](#i3fd453e8886f47e8a3bce0ff8daf37b5_265)</u><u>—</u><u>[Business Overview](#i3fd453e8886f47e8a3bce0ff8daf37b5_265)</u> <u>—</u> <u>[Intellectual Property](#i3fd453e8886f47e8a3bce0ff8daf37b5_547)</u> <u>—</u> <u>[Our internal Programs](#i3fd453e8886f47e8a3bce0ff8daf37b5_556)</u>*" below

and "*<u>[Item 4.B.](#i3fd453e8886f47e8a3bce0ff8daf37b5_265)</u><u>—</u> <u>[Business Overview](#i3fd453e8886f47e8a3bce0ff8daf37b5_265)</u> <u>—</u> <u>[Intellectual Property](#i3fd453e8886f47e8a3bce0ff8daf37b5_547)</u> <u>—</u> <u>[Our Partnered Programs](#i3fd453e8886f47e8a3bce0ff8daf37b5_574)</u>*" below.

The patent positions for biotechnology companies like us are generally uncertain and can involve complex legal,

scientific, and factual issues. In addition, the coverage recited in the claims in a patent application can be significantly

reduced before a patent is issued, and claim scope can be reinterpreted and even challenged after issuance. As a result,

we cannot guarantee that any of our platform technologies and product candidates, or products will be protectable or

remain protected by valid and enforceable patents. We cannot accurately predict whether pending patent applications

will issue as patents in any particular jurisdiction or whether the claims of any issued patents will provide sufficient

protection from infringing competitors. Any patents we hold may be challenged, circumvented, limited or invalidated by

third parties.

The term of individual patents depends on the patent laws in the countries in which they are obtained. In most countries,

the patent term is 20 years from the earliest date of filing a non-provisional patent application.

In the U.S., the term of a patent covering an FDA-approved drug may be eligible for a limited patent term extension

under the Drug Price Competition and Patent Term Restoration Act of 1984 (Hatch-Waxman Act) as compensation for

the loss of patent term during the FDA regulatory review process as described in "*<u>[Item 4.B. — Business Overview](#i3fd453e8886f47e8a3bce0ff8daf37b5_265)</u> <u>—</u>*

*<u>[Regulation](#i3fd453e8886f47e8a3bce0ff8daf37b5_649)</u> <u>—</u> <u>[Licensure and Regulation of Biologics in the U.S.](#i3fd453e8886f47e8a3bce0ff8daf37b5_652)</u>*" below. Similar provisions are available in the EU and

in other jurisdictions to extend the term of a patent that covers an approved drug and/or its use. It is possible that issued

U.S. patents covering each of our products/product candidates may be entitled to patent term extensions. If our product

candidates receive FDA approval, we intend to apply for patent term extensions, if available, to extend the term of

patents that cover the approved product candidates and/or their uses. We also intend to seek patent term extensions in

any jurisdictions where available. There is no guarantee that the applicable authorities, including the FDA, will agree

with our assessment of whether such extensions should be granted, and if granted, the length of such extensions.

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***Platform Technologies***

With regard to our platform technologies, we own or control intellectual property rights directed to our SIMPLE

ANTIBODY™ discovery platform, the ABDEG™ and NHANCE™ technologies.

With regard to our SIMPLE ANTIBODY™ discovery platform, we have a broad patent portfolio providing exclusivity

on the SIMPLE ANTIBODY™ platform. We expect to enjoy exclusivity under this patent portfolio until between 2029

and 2033.

With regard to the ABDEG™ platform, we co-own the technology with the University of Texas Southwestern Medical

Center and enjoy certain exclusive license rights. We have a broad patent portfolio covering the composition of matter

and uses of certain FcRn antagonists to achieve certain biological effects. A composition of matter patent expires in 2036

in the U.S., whereas in many other countries the base expiry date is 2034.

With regard to the NHANCE™ platform, we exclusively licensed two U.S. patents from the University of Texas

Southwestern Medical Center with composition of matter claims directed to an IgG molecule comprising a variant

human Fc domain, and method of use claims directed to a method of blocking FcRn function in a subject by providing to

the subject such an IgG molecule. The U.S. patents are expected to expire between 2027 to 2028. The patent family also

includes a granted European patent.

***Our Internal Programs***

*efgartigimod*

efgartigimod incorporates the ABDEG™ platform technology, for which we co-own the technology with the University

of Texas Southwestern Medical Center and enjoy certain exclusive license rights. We have a broad patent portfolio with

multiple patent families covering the composition of matter and uses of certain FcRn antagonists to achieve disease-

modifying effects. A composition of matter and other relevant patents arising from the same patent family in the U.S.

expire in 2036 and 2037 in Europe whereas in many other countries the base expiry date is 2034. We anticipate several

more patient innovations to evolve during development and commercialization for which we will seek additional patent

protection with later expiration dates.

*Our ARGX-109 Product Candidate*

With regard to our wholly-owned ARGX-109 product candidate, we have one patent family with composition of matter

claims directed to ARGX-109. The patent family has a base expiry date in 2033. We anticipate several more patient

innovations to evolve during development for which we will seek additional patent protection. Furthermore, ARGX-109

incorporates or employs the SIMPLE ANTIBODY™ platform technology and the NHANCE™ platform technology.

*empasiprubart Product Candidate*

With regard to the empasiprubart product candidate, we own or have rights to multiple patent families (with several

granted patents and pending patent applications in multiple jurisdictions in North America, South America, the EU and

Asia, directed to composition of matter claims and method of treatment claims. The patent families have base expiry

dates in 2034, 2039 and 2040. We anticipate several more patient innovations to evolve during development for which

we will seek additional patent protection. empasiprubart product candidate incorporates or employs the NHANCE™

platform technology.

*adimanebart Product Candidate*

With regard to the adimanebart product candidate, we in-licensed patent families from/with New York University

Langone Health, a U.S. medical center based in New York, and additional patent families from/with the Leiden

University Medical Centre, with a U.S. granted patent and several pending applications in multiple jurisdictions . We

anticipate several more patient innovations to evolve during development for which we will seek additional patent

protection.

*Our ARGX-118 Product Candidate*

With regard to the ARGX-118 product candidate, we co-own a patent portfolio with VIB, an inflammation research

center in Ghent, Brussels, and Ghent University, with one U.S. granted patent and pending patent applications in

multiple jurisdictions in North America, South America, the EU and Asia. The patent family has a base expiry date in

2039. 44

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***Our Partnered Programs***

*Our cusatuzumab (ARGX-110) Product Candidate*

With regard to the cusatuzumab product candidate, we have a broad patent portfolio that include claims to the

composition of matter, uses of the molecule, and other important inventions. The issued U.S. patents expire in 2032 and

2033, without taking a potential patent term extension into account. cusatuzumab incorporates or employs the SIMPLE

ANTIBODY™ and POTELLIGENT<sup>®</sup> platform technologies.

*Our ARGX-115 (ABBV-151) Product Candidate*

With regard to the ARGX-115 (ABBV-151) product candidate that we co-own with, and exclusively license from, the

Ludwig Institute for Cancer Research and UCL, we have a patent portfolio that includes a U.S. patent with a base expiry

date in 2034, without taking a potential patent term extension into account. There is a second family with meaningful

patent coverage to the composition of matter and epitope claims that are expected to expire in 2036 and 2038.

Furthermore, ARGX-115 (ABBV-151) incorporates or employs the SIMPLE ANTIBODY™ platform technology.

*Our ARGX-112 (LP-0145) Product Candidate*

With regard to the ARGX-112 (LP-0145) product candidate, we have one patent family with composition of matter

claims directed to an antibody that binds human IL-22R. The patent family has a base expiry date in 2037. Furthermore,

ARGX-112 (LP-0145) incorporates the SIMPLE ANTIBODY™ platform technology.

***Collaborations and licenses***

At argenx, our approach to collaboration and licensing is rooted in the conviction that progress accelerates when

boundaries are challenged and expertise is shared. We follow a disciplined strategy to maximize the value of our

pipeline. We retain full development and commercialization rights for programs where we believe our platform and

capabilities can deliver the greatest impact, ensuring we capture the full value of our innovation. At the same time, we

actively seek out partnerships with organizations that share our drive to redefine what's possible, leveraging

complementary strengths to unlock new opportunities for patients.

Our licensing strategy is dynamic and pragmatic: we license out select intellectual property to expand the reach of our

science, while we also in-license or acquire technologies and assets that can amplify our pipeline or accelerate

development. We have partnered, and plan to continue to partner, to develop products and product candidates that we

believe have promising utility in disease areas or have patient populations that may benefit from resources of other

biopharmaceutical companies. We believe every agreement is shaped by a clear-eyed focus on execution, mutual benefit,

and the potential to create lasting change. We aim to be disciplined in our diligence and financial commitments, but not

at the expense of agility or ambition. By building alliances that transcend traditional hierarchies and by staying

relentlessly focused on unmet needs, we are not just advancing our own portfolio, we are helping to reshape the

landscape of immunology for the long term.

We also have several license agreements in place, under which we license patents, patent applications and other

intellectual property to third parties. We have also entered into several license agreements under which we license

patents, patent applications and other intellectual property from third parties. License agreements can relate to research

and development and/or commercialization of the relevant product candidates (and technologies) or products. The

licensed intellectual property covers some of our product candidates and some of the antibody engineering technologies

that we use. Some of these licenses impose various diligence and financial payment obligations on us. We expect to

continue to enter into these types of license agreements in the future.

We have entered into multiple collaboration agreements with pharmaceutical partners and license agreements, some of

which are described below.

***Our Strategic Partnership with Zai Lab for efgartigimod***

Pursuant to the Zai Lab Agreement, Zai Lab obtained the exclusive right to develop and commercialize efgartigimod in

Greater China. Zai Lab will also contribute patients to our global Phase 3 clinical trials of efgartigimod. Our Zai Lab

strategic collaboration allows us to accelerate development of efgartigimod into new autoimmune indications with Zai

Lab taking operational leadership of selected Phase 2 POC Clinical trials.

We are eligible to receive a one-time sales based milestone and tiered royalties based on annual net sales of efgartigimod

in Greater China thereafter.

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***Our Exclusive License with Halozyme for ENHANZE***<sup>®</sup>

In February 2019, we entered into an in-license agreement with Halozyme for the use of certain patents, materials and

know-how owned by Halozyme and relating to its ENHANZE<sup>®</sup>, for application in the field of prevention and treatment

of human diseases (the ENHANZE<sup>®</sup> License Agreement). Pursuant to the ENHANZE<sup>®</sup> License Agreement, we were

granted exclusive rights to apply ENHANZE<sup>®</sup> to biologic products against pre-specified targets, in order to research,

develop and commercialize SC formulations of our therapeutic antibody-based product candidates.

Our first therapeutic target for which we received an exclusive license from Halozyme was FcRn, which allows us to

apply ENHANZE<sup>®</sup> to efgartigimod and any other product candidates selective and specific for FcRn. Moreover, the

breadth of our exclusive license to FcRn precludes either Halozyme itself or any of its current or future partners from

utilizing ENHANZE<sup>®</sup> in the context of an FcRn-targeted product. Our second therapeutic target for which we received

an exclusive license from Halozyme was human C2 associated with the product candidate empasiprubart, which is being

developed to treat severe autoimmune diseases. Pursuant to the ENHANZE<sup>®</sup> License Agreement, we also have the right

to nominate future targets for an exclusive ENHANZE<sup>®</sup> license if the target in question has not already been licensed by

Halozyme or is not already being pursued by Halozyme.

We have expanded our collaboration with Halozyme for ENHANZE<sup>®</sup> drug delivery technology to additional targets for

a total of six, including FcRn and C2.

We may terminate the ENHANZE<sup>®</sup> License Agreement at any time, either in its entirety or on a target-by-target basis,

by sending Halozyme prior written notice. Absent early termination, the ENHANZE<sup>®</sup> License Agreement will

automatically expire upon the expiry of our royalty payment obligations under the agreement. In the event the

ENHANZE<sup>®</sup> License Agreement is terminated for any reason, the license granted to us would terminate but Halozyme

would grant our sublicensees a direct license following such termination. In the event the ENHANZE<sup>®</sup> License

Agreement is terminated other than for our breach, we would retain the right to sell licensed products then on hand for a

certain period of time post-termination.

***Our Exclusive License with the University of Texas for NHANCE™ and ABDEG™***

In February 2012, we entered into an exclusive in-license with the Board of Regents of the University of Texas System

(UT BoR) for the use of certain patent rights relating to the NHANCE™ platform for any use worldwide (the UT

Agreement). The UT Agreement was amended on December 23, 2014 to also include certain additional patent rights

relating to the ABDEG™ platform. Upon commercialization of any of our products that use the in-licensed patent rights,

we will be obligated to pay UT BoR a percentage of net sales as a royalty until the expiration of any patents covering the

product. This royalty varies with net sales volume and is subject to an adjustment for royalties we receive from a

sublicensee of our rights under the UT Agreement, but in any event does not exceed 1%. In addition, we must make

annual license maintenance payments to UT BoR until termination of the UT Agreement and we have assumed certain

development and commercial milestone payment and reimbursement obligations. We also have diligence requirements

with respect to development and commercialization of products which use the in-licensed patent rights.

Pursuant to the UT Agreement, we may grant sublicenses to third parties. If we receive any non-royalty income in

connection with such sublicenses, we must pay UT BoR a percentage of such income varying from low-middle single

digits to middle-upper single digits depending on the nature of the sublicense. Such fees are waived if a sublicensee

agrees to pay the milestone payments as set forth in the UT Agreement.

We may unilaterally terminate the UT Agreement for convenience upon prior written notice. Absent early termination,

the UT Agreement will automatically expire upon the expiration of all issued patents and filed patent applications within

the patent rights covered by the UT Agreement. Our royalty payment obligations expire, on a product-by-product and

country-by-country basis, at such time as there are no valid claims covering such product.

***OncoVerity for cusatuzumab***

In 2022, we, the University of Colorado Anschutz Medical Campus and the University of Colorado Health (UCHealth)

created an asset-centric spin-off, OncoVerity, Inc (OncoVerity), focused on optimizing and advancing the development

of cusatuzumab, a novel anti-CD70 antibody, in acute myeloid leukemia (AML). OncoVerity is an entity of co-creation,

combining the extensive translational biology insights from Dr. Clayton Smith, M.D. from the University of Colorado

with our experience on the CD70/CD27 pathway.

In 2023, we granted an exclusive license for cusatuzumab to OncoVerity and provided, together with a joint venture of

University of Colorado Health and University License Equity Holdings, Inc. on the University of Colorado Anschutz

Medical Campus, and funding for ongoing clinical development of cusatuzumab.

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In 2024 and 2025, we participated in a further funding round to support the continued, ongoing, clinical development of

cusatuzumab by OncoVerity.

***Our Strategic Partnership with AbbVie for ARGX-115 (ABBV-151)***

In 2016, we entered into a collaboration agreement with AbbVie for ARGX-115 (ABBV-151), targeting GARP in

oncology (the AbbVie Collaboration Agreement). After completing IND-enabling work, AbbVie exercised its option

and assumed full responsibility for global development and commercialization. We are eligible for up to $625 million in

potential development, regulatory and commercial milestones, plus tiered royalties from the mid-single digits to lower

teens. We also retain co-promotion rights in the EEA and Switzerland. The agreement continues on a product-by-product

basis until AbbVie's payment obligations expire, and AbbVie may terminate the AbbVie Collaboration Agreement with

prior notice.

***Trade Secret Protection***

In addition to patent protection, we rely on trade secret protection to ensure exclusivity for our proprietary information

that is not amenable to, or that we do not consider appropriate for, patent protection, including, for example, certain

aspects of our llama immunization and antibody affinity maturation approaches. However, trade secrets can be difficult

to protect. Although we take steps to protect our proprietary information, including restricting access to our premises and

our confidential information, as well as entering into agreements with our employees, consultants, advisors and potential

collaborators, third parties may independently develop the same or similar proprietary information or may otherwise gain

access to our proprietary information. As a result, we may be unable to meaningfully protect our trade secrets and

proprietary information.

***Regulation***

Government authorities in the U.S., at the federal, state and local level, and in the EU and its Member States and other

countries and jurisdictions, extensively regulate, among other things, the research, development, testing, manufacture,

quality control, approval, packaging, storage, recordkeeping, labeling, advertising, promotion, distribution, marketing,

post-approval monitoring and reporting, and import and export of pharmaceutical products, including biological

products. In addition, many countries and jurisdictions regulate the pricing of pharmaceutical products. The processes for

obtaining marketing approvals in the U.S. and in other countries and jurisdictions, along with subsequent compliance

with applicable statutes and regulations and other regulatory authorities, require the expenditure of substantial personnel

and financial resources, and breach of which can result in enforcement activity under civil, administrative and/or

criminal law.

***Licensure and Regulation of Biologics in the U.S.***

In the U.S., biological products used for the prevention, treatment, or cure of a disease or condition in a human being are

subject to regulation under the U.S. Federal Food, Drug, and Cosmetic Act (FDCA) and its implementing regulations.

Biologics are approved for marketing under provisions of the Public Health Service Act (PHSA) via biologics license

applications (BLAs).

An applicant seeking approval to market and distribute a new biologic in the U.S. generally must satisfactorily complete

each of the following steps:

• preclinical laboratory tests, animal studies and formulation studies all performed in accordance with applicable

requirements, including the GLPs;

• submission to the FDA of an IND application for human clinical testing, which contains results of the preclinical

tests, together with manufacturing information and analytical data and must become effective before human clinical

trials may begin;

• approval by an institutional review board (IRB) representing each clinical site before each clinical trial may be

initiated;

• performance of adequate and well-controlled human clinical trials to establish the safety, potency and purity of the

product candidate for each proposed indication, in accordance with good clinical practices (GCPs);

• preparation and submission to the FDA of a BLA for a biological product requesting marketing for one or more

proposed indications, including submission of detailed information on the manufacture and composition of the

product in clinical development and proposed labeling;

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• one or more FDA inspections of the manufacturing facility or facilities, including those of third parties, at which the

product, or components thereof, are produced to assess compliance with cGMP requirements and to assure that the

facilities, methods and controls are adequate to preserve the product's identity, potency, quality and purity;

• FDA inspections of the clinical trial sites and/or sponsor to assure compliance with GCPs, and the integrity of clinical

data in support of the BLA;

• payment of user fees and securing FDA approval of the BLA and licensure of the new biological product; and

• compliance with any post-approval requirements, including the potential requirement to implement a risk evaluation

and mitigation strategy (REMS) and any post-approval studies required by the FDA.

***Human Clinical Trials in Support of a BLA***

Clinical trials typically are conducted in three sequential phases, but the phases may overlap or be combined. Additional

clinical trials may be required after approval.

• Phase 1 clinical trials are initially conducted in a limited population to test the product candidate for safety, including

adverse effects, dose tolerance, absorption, metabolism, distribution, excretion and PD in healthy humans or, in

patients.

• Phase 2 clinical trials are generally conducted in a limited patient population to identify possible adverse effects and

safety risks, evaluate the efficacy of the product candidate for specific targeted indications and determine dose

tolerance and optimal dosage. Multiple Phase 2 clinical trials may be conducted by the sponsor to obtain information

prior to beginning larger Phase 3 clinical trials.

• Phase 3 clinical trials are undertaken within an expanded patient population to gather additional information about

safety and effectiveness necessary to evaluate the overall benefit-risk relationship of the drug and to provide an

adequate basis for physician labeling.

A sponsor who wishes to conduct a clinical trial outside the U.S. may, but is not required to, obtain FDA clearance to

conduct the clinical trial under an effective IND. If a foreign clinical trial is not conducted under an IND, the sponsor

may submit data from the clinical trial to the FDA in support of the BLA so long as the clinical trial is well-designed and

well-conducted in accordance with GCPs, including review and approval by an independent ethics committee, and the

FDA is able to validate the clinical trial data through an onsite inspection, if necessary. In some cases, the FDA may

approve a BLA for a product candidate but require the sponsor, or the sponsor may otherwise choose, to conduct

additional clinical trials to further assess, amongst other things, the product candidate's safety and effectiveness after

approval. Such post-approval clinical trials are typically referred to as Phase 4 clinical trials. Failure to exhibit due

diligence with regard to conducting required Phase 4 clinical trials could result in FDA enforcement, including

withdrawal of approval for products.

***Review and Approval of a BLA***

The results of product candidate development, preclinical testing and clinical trials, including negative or ambiguous

results as well as positive findings, are submitted to the FDA as part of a BLA requesting a license to market the product.

The BLA also must contain extensive manufacturing information and detailed information on the composition of the

product and proposed labeling as well as payment of a user fee, unless exempt.

The FDA has 60 days after submission of the application to conduct an initial review to determine whether the BLA is

sufficient to file based on the agency's threshold determination that it is sufficiently complete to permit substantive

review. If the FDA determines the BLA is not sufficiently complete, it will refuse to file the BLA. Once the submission

has been filed, the FDA begins an in-depth review of the application. Under the goals agreed to by the FDA under the

PDUFA, the FDA has 10 months from the filing date in which to complete its initial review of a standard application and

respond to the applicant, and six months from the filing date for an application granted priority review. The FDA does

not always meet its PDUFA goal dates and they may be extended in certain circumstances.

After the FDA's evaluation of the application and accompanying information, including the results of any necessary

inspections, the FDA will issue an approval letter, or a complete response letter. An approval letter authorizes

commercial marketing of the product with specific prescribing information for specific indications. Under the PHSA, the

FDA may approve a BLA if it determines that the product is safe, pure and potent and the facility where the product will

be manufactured meets standards designed to ensure that it continues to be safe, pure and potent. If the application is not

approved, the FDA will issue a complete response letter, which will identify the deficiencies in the application. Sponsors

that receive a complete response letter may resubmit to the FDA information addressing the issues identified by the

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FDA, withdraw the application, or request a hearing. Even if a BLA is resubmitted with data and information addressing

the deficiencies, the FDA may decide that the BLA does not satisfy the criteria for approval.

The FDA may also refer the application to an advisory committee, consisting of independent experts, for review,

evaluation and recommendation as to whether the application should be approved, particularly when applications present

difficult or novel questions of safety or efficacy. The FDA is not bound by the recommendations of an advisory

committee, but it considers such recommendations carefully when making decisions.

If the FDA approves a new product, it may require testing and surveillance programs to monitor the product after

commercialization, or impose other conditions, including distribution restrictions or other risk management mechanisms,

including REMS, to help ensure that the benefits of the product outweigh the potential risks. REMS can include

medication guides, communication plans for healthcare professionals, and/or elements to assure safe use. This can

include, but are not limited to, special training or certification for prescribing or dispensing, dispensing only under

certain circumstances, special monitoring, and the use of patent registries. The FDA may prevent or limit further

marketing of a product based on the results of post-market studies or surveillance programs.

After approval, many types of changes to the approved product, such as adding new indications, certain manufacturing

changes, and additional labeling claims, are subject to further testing requirements and FDA review and approval.

***Expedited Development and Review Programs***

The FDA is authorized to designate products meeting certain criteria for expedited development and review programs.

Even if a product qualifies for one or more of these programs, the FDA may later decide that the product no longer meets

the conditions for qualification, or the time period for FDA review or approval may not be shortened.

The FDA may designate a product for fast track review if it is intended, whether alone or in combination with one or

more other products, for the treatment of a serious or life-threatening disease or condition, and demonstrates the potential

to address unmet medical needs for such a disease or condition. For fast track products, sponsors may have more

frequent interactions with the FDA and the FDA may initiate review of sections of a fast track product's application

before the application is complete (rolling review). The sponsor must also provide, and the FDA must approve, a

schedule for the submission of the remaining information and the sponsor must pay applicable user fees. However, the

FDA's PDUFA clock for a rolling review application does not begin until the last section of the application is submitted.

A product may be designated as a breakthrough therapy if it is intended, either alone or in combination with one or more

other products, to treat a serious or life-threatening disease or condition and preliminary clinical evidence indicates that

the product may demonstrate substantial improvement over existing therapies on one or more clinically significant

endpoints, such as substantial treatment effects observed early in clinical development. The FDA may take certain

actions with respect to breakthrough therapies, including holding meetings with the sponsor throughout the development

process; providing timely advice to the product sponsor regarding development and approval; involving more senior

staff in the review process; assigning a cross-disciplinary project lead for the review team; and taking other steps to

design the clinical trials in an efficient manner. Breakthrough therapy designation also comes with all of the benefits of

fast-track designation.

The FDA may designate a product for priority review if it is a product that treats a serious condition and, if approved,

would provide a significant improvement in safety or effectiveness. The FDA determines, on a case-by-case basis,

whether the proposed product represents a significant improvement when compared with other available therapies.

Significant improvement may be illustrated by evidence of increased effectiveness in the treatment of a condition,

elimination or substantial reduction of a treatment-limiting product reaction, documented enhancement of patient

compliance that may lead to improvement in serious outcomes, or evidence of safety and effectiveness in a new

subpopulation. A priority designation is intended to direct overall attention and resources to the evaluation of such

applications, and to shorten the FDA's goal for taking action on a marketing application from 10 months to six months

after accepting the application for filing.

The FDA may grant accelerated approval to a product for a serious or life-threatening condition that provides meaningful

therapeutic advantage to patients over existing treatments based upon a determination that the product has an effect on a

surrogate endpoint that is reasonably likely to predict clinical benefit or on a clinical endpoint that can be measured

earlier than an effect on irreversible morbidity or mortality (IMM) and that is reasonably likely to predict an effect on

IMM or other clinical benefit (intermediate clinical endpoint), taking into account the severity, rarity, or prevalence of

the condition and the availability or lack of alternative treatments. Products granted accelerated approval must meet the

same statutory standards for safety and effectiveness as those granted traditional approval.

For the purposes of accelerated approval, a surrogate endpoint is a marker, such as a laboratory measurement, radio-

graphic image, physical sign, or other measure that is thought to predict clinical benefit but is not itself a measure of

clinical benefit. Surrogate endpoints can often be measured more easily or more rapidly than clinical endpoints. An

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intermediate clinical endpoint is a measurement of a therapeutic effect that is considered reasonably likely to predict the

clinical benefit of a product, such as an effect on IMM.

The accelerated approval pathway is most often used in settings in which the course of a disease is long and an extended

period of time is required to measure the intended clinical benefit of a product, even if the effect on the surrogate or

intermediate clinical endpoint occurs rapidly. Thus, accelerated approval has been used extensively in the development

and approval of products for treatment of a variety of cancers in which the goal of therapy is generally to improve

survival or decrease morbidity and the duration of the typical disease course requires lengthy and sometimes large

clinical trials to demonstrate a clinical or survival benefit.

The accelerated approval pathway is usually contingent on a sponsor's agreement to conduct, in a diligent manner, a

post-approval confirmatory clinical trial or studies to verify and describe the product's clinical benefit. These

confirmatory clinical trials must be completed with due diligence, and the FDA may require that the confirmatory

clinical trial be designed, initiated, and/or fully enrolled prior to, or within a certain period following, approval. The FDA

must also specify the conditions of any required post-approval clinical trial. Sponsors are required to submit progress

reports for required post-approval studies, and the failure to conduct with due diligence a required post-approval clinical

trial, including a failure to meet any required conditions specified by the FDA, or to submit timely reports, are prohibited

acts under the FDCA. Failure to conduct required post-approval studies, or confirm a clinical benefit during post-

marketing studies, would allow the FDA to withdraw the product from the market on an expedited basis. Unless

otherwise informed by the FDA, all promotional materials for product candidates approved under accelerated approval

are subject to prior review by the agency.

***Orphan Drug Designation and Exclusivity***

Orphan drug designation in the U.S. is designed to encourage sponsors to develop products intended for rare diseases or

conditions. In the U.S., a rare disease or condition is statutorily defined as a condition that affects fewer than 200,000

individuals in the U.S. or that affects more than 200,000 individuals in the U.S. and for which there is no reasonable

expectation that the cost of developing and making available the product for the disease or condition will be recovered

from sales of the product in the U.S. An application for designation as an orphan product can be made any time prior to

the filing of an application for approval to market the product. If the FDA grants orphan drug designation, the generic

identity of the product and its potential orphan use are disclosed publicly by the FDA. Orphan drug designation qualifies

a company for tax credits. Orphan drug designation does not convey any advantage in or shorten the duration of the

regulatory review and approval process.

If a product that has orphan drug designation subsequently receives the first FDA approval for the disease or condition

for which it has such designation, the product is entitled to orphan drug exclusivity, which means that the FDA may not

approve any other application to market the same drug for the same indication for seven years from the date of such

approval, except in limited circumstances, such as a showing of clinical superiority to the product with orphan

exclusivity by means of greater effectiveness, greater safety or providing a major contribution to patient care, or if the

holder of the orphan exclusivity is unable to supply the market. Competitors, however, may receive approval of either a

different product for the same indication or the same product for a different indication, which could be used off-label in

the orphan indication. Orphan drug exclusivity also could block the approval of one of our products for seven years if a

competitor obtains approval before we do for the same product, as defined by the FDA, for the same indication we are

seeking approval, or if our product is determined to be contained within the scope of the approval of the competitor's

product for the same indication or disease.

***Post-Approval Regulation***

If regulatory approval for marketing of a product or new indication for an existing product is obtained, the sponsor will

be required to comply with all post-approval regulatory requirements, including those that the FDA has imposed as part

of the approval process. The sponsor will be required to report certain adverse reactions and production problems to the

FDA, provide updated safety and efficacy information and comply with requirements concerning advertising and

promotional labeling. Manufacturers and other parties involved in the drug supply chain for prescription drug and

biological products must also comply with product tracking and tracing requirements and must notify the FDA of

counterfeit, diverted, stolen and intentionally adulterated products or products that are otherwise unfit for distribution in

the U.S. Manufacturers and certain of their subcontractors are required to register their establishments with the FDA and

certain state agencies, and are subject to periodic unannounced inspections by the FDA and certain state agencies for

compliance with ongoing regulatory requirements, including cGMPs. Accordingly, the sponsor and its third-party

manufacturers must continue to expend time, money and effort in the areas of production and quality control to maintain

compliance with cGMPs and other regulatory requirements.

A biological product may also be subject to official lot release, meaning that the manufacturer is required to perform

certain tests on each lot of the product before it is released for distribution. If the product is subject to official lot release,

the manufacturer must submit samples of each lot, together with a release protocol showing a summary of the history of

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manufacture of the lot and the results of all of the manufacturer's tests performed on the lot, to the FDA. The FDA may

in addition perform certain confirmatory tests on lots of some products before releasing the lots for distribution. Finally,

the FDA will conduct laboratory research related to the safety, purity, potency and effectiveness of biological products.

Any distribution of biological products and samples must comply with the U.S. Prescription Drug Marketing Act and the

PHSA.

Once approval of a BLA is granted, the FDA may revoke or suspend the approval if compliance with regulatory

requirements and standards is not maintained or if problems occur after the product reaches the market. Later discovery

of previously unknown problems with a product, including adverse events of unanticipated severity or frequency, or with

manufacturing processes, or failure to comply with regulatory requirements, may result in revisions to the approved

labeling to add new safety information; imposition of post-market studies or clinical trials to assess new safety risks; or

imposition of distribution or other restrictions under a REMS program. FDA also has authority to require post-market

studies, in certain circumstances, on reduced effectiveness of a product and may require labeling changes related to new

reduced effectiveness information. Other potential consequences for a failure to maintain regulatory compliance include,

among other things:

• restrictions on the marketing or manufacturing of the product, complete withdrawal of the product from the market, or

product recalls;

• fines, untitled letters, or warning letters;

• refusal of the FDA to approve pending applications or supplements to approved applications, or suspension or

revocation of product license approvals;

• product seizure or detention, or refusal to permit the import or export of products; or

• injunctions or the imposition of civil or criminal penalties.

***Pediatric Studies and Exclusivity***

Under the Pediatric Research Equity Act of 2003, as amended (PREA), certain BLAs or supplements thereto must

contain data that are adequate to assess the safety and effectiveness of the product for the claimed indications in all

relevant pediatric sub-populations, and to support dosing and administration for each pediatric subpopulation for which

the product is safe and effective. Sponsors must also submit an initial Pediatric Study Plan (PSP), within 60 days of an

end-of-Phase 2 meeting or, if there is no such meeting, as early as practicable before the initiation of the Phase 3 or

Phase 2/3 clinical trial. The initial PSPs must contain an outline of the proposed pediatric clinical trial or studies the

applicant plans to conduct, including clinical trial objectives and design, any deferral or waiver requests and other

information required by regulation. The applicant and the FDA must agree upon a final plan. The FDA or the applicant

may request an amendment to the plan at any time.

The FDA may, on its own initiative or at the request of the applicant, grant deferrals for submission of some or all

pediatric data until after approval of the product for use in adults, or full or partial waivers from the pediatric data

requirements. Unless otherwise required by regulation, PREA does not apply to a biologic for an indication for which

orphan designation has been granted, except that PREA will apply to an original BLA for a new active ingredient that is

orphan-designated if the biologic is a molecularly targeted cancer product intended for the treatment of an adult cancer

and is directed at a molecular target that FDA determines to be substantially relevant to the growth or progression of a

pediatric cancer.

Pediatric exclusivity is another type of non-patent regulatory exclusivity in the U.S. and, if granted for a biologic,

provides for the attachment of an additional six months of protection to the term of any existing regulatory exclusivity

(i.e., reference product exclusivity and orphan drug exclusivity) that has at least 9 months left to expiration. This six-

month exclusivity may be granted if a BLA sponsor submits reports of pediatric studies that fairly respond to a written

request from the FDA for such studies, were conducted in accordance with commonly accepted scientific principles and

protocols, and have been reported in accordance with filing requirements.

***Biosimilars and Exclusivity***

The Biologics Price Competition and Innovation Act (BPCIA) established a regulatory scheme authorizing the FDA to

approve biosimilars and interchangeable biosimilars.

Under the BPCIA, an applicant may submit an application for licensure of a biologic product that is "biosimilar to" or

"interchangeable with" a previously approved biological product or "reference product." For the FDA to approve a

biosimilar product, it must find that the proposed biosimilar is highly similar to the reference product notwithstanding

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minor differences in clinically inactive components and that there are no clinically meaningful differences between the

product and the reference product in terms of safety, purity, or potency. For the FDA to approve a biosimilar product as

interchangeable with a reference product, the agency must find that the biosimilar product is biosimilar to the reference

product and that it can be expected to produce the same clinical results as the reference product in any given patient, and

(for products administered multiple times) that the biologic and the reference biologic may be alternated or switched

after one has been previously administered without increasing safety risks or risks of diminished efficacy relative to

exclusive use of the reference biologic without such alternation or switch.

Under the BPCIA, an application for a biosimilar product may not be submitted to the FDA until four years following

the date of approval of the reference product. The FDA may not approve a biosimilar product until 12 years from the

date on which the reference product was approved. Even if a product is considered to be a reference product eligible for

exclusivity, another company could market a competing version of that product if the FDA approves a full BLA for such

product containing the sponsor's own preclinical data and data from adequate and well-controlled clinical trials to

demonstrate the safety, purity and potency of their product. We note that patent positions may be available to preclude

the introduction into commerce of such competing product independent of any FDA exclusivities. The BPCIA also

created certain exclusivity periods for biosimilars approved as interchangeable products. Products deemed

interchangeable by the FDA may be substituted by pharmacies as dictated by individual state law.

***U.S. Patent Term Restoration***

Depending upon the timing, duration, and specifics of FDA review and approval of our product candidates, some of our

U.S. patents may be eligible for limited patent term extension under the Hatch-Waxman Act that permits restoration of

the patent term of up to five years as compensation for patent term lost during the FDA regulatory review process.

Patent-term restoration, however, cannot extend the remaining term of a patent beyond a total of 14 years from the

product's approval date, and only those claims covering such approved product, a method for using it or a method for

manufacturing it may be extended. The patent-term restoration period is generally one-half the time between the

effective date of an IND and the submission date of a BLA plus the time between the submission date of a BLA and the

approval of that application, except that the review period is reduced by any time during which the applicant failed to

exercise due diligence. Only one patent applicable to an approved biologic is eligible for the extension and the

application for the extension must be submitted within 60 days of approval from FDA and prior to the expiration of the

patent. The U.S. Patent and Trademark Office (USPTO), in consultation with the FDA, reviews and approves the

application for any patent term extension or restoration. In the future, we may apply for restoration of patent term for our

currently owned or licensed patents to add patent life beyond the current expiration date, depending on the expected

length of the clinical trials and other factors involved in the filing of the relevant BLA.

***Regulation and Procedures Governing Approval of Medicinal Products in the European Union***

Similar to the U.S., the EU comprehensively regulates, among other things, the development, manufacturing, placing on

the market, advertising, distribution, import and export of medicinal products. Particularly, the placing on the market of a

medicinal product for human use in the EU requires a marketing authorization (MA). Main provisions governing

medicinal products in the EU are Directive 2001/83/EC and Regulation (EC) No 726/2004 (each as amended).

Regulation (EC) No 141/2000 and Regulation (EC) No. 847/2000 (each as amended) are also of particular relevance for

orphan medicinal products. While directives need to be transposed into national law by member states of the EU (EU

Member States) before they are applicable, regulations directly apply in the EU Member States once these have been

enacted.

The process governing approval of MA applications (MAA) for the placing on the market of medicinal products in the

EU generally follows the same lines as in the U.S. It entails satisfactory completion of pharmaceutical development, pre-

clinical trials and adequate and well-controlled clinical trials to establish the safety and efficacy of the medicinal product

for each proposed indication. The EU also requires an application for authorization of clinical trials to relevant

competent authorities and the submission of an MAA to the European Medicines Agency (EMA) or to competent

authorities in EU member states and granting of such MA by the European Commission or relevant national authorities

before the medicinal product can be marketed and sold in the EU or the relevant EU Member States. The below

mentioned principles and rules generally apply within the EEA, i.e., the EU including Iceland, Liechtenstein and

Norway.

***Clinical Trial Approval***

Both non-clinical and clinical data are generally required to support an MAA for a medicinal product in the EU. Non-

clinical investigations are performed to demonstrate the health or environmental safety of new biological substances.

Non-clinical (pharmaco-toxicological) investigations must generally be conducted in compliance with the principles of

good laboratory practice (GLP) as set forth in EU Directive 2004/10/EC (as amended).

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Clinical trials are comprehensively regulated in the EU under the Clinical Trials Regulation (EU) No 536/2014 (CTR),

which entered into application on January 31, 2022, and gradually replaced the Clinical Trials Directive 2001/20/EC

(CTD).

As before, many of the CTR's legal obligations are on the so-called sponsor, which is defined as the individual,

company, institution, or organization that takes responsibility for the initiation, for the management and for setting up the

financing of a clinical trial. The sponsor must obtain an authorization from the competent authority in the EU Member

State(s) in which the clinical trial will be conducted as well as an approval from the competent national ethics committee

in accordance with relevant national legislation in each of the relevant member states, before the commencement of such

clinical trial.

The CTR also imposes requirements, among others, regarding the conduct of a clinical trial (which must be conducted in

accordance with the protocol and good clinical practice to generate acceptable data for MA submission), safety reporting

of adverse events and reactions, changes to clinical trials, protection and informed consent of clinical trial subjects.

Clinical trials conducted outside the EEA must follow the principles set forth in EU legislation if their results are to be

submitted in an MAA in the EU.

***Orphan Designation and Exclusivity***

Regulations (EC) No. 141/2000 and No. 847/2000 (each as amended) provide that a product can be designated as an

orphan medicinal product by the European Commission if its sponsor can establish: (i) that the product is intended for

the diagnosis, prevention or treatment of a life-threatening or chronically debilitating condition, (ii) either (a) the

prevalence of the condition is not more than five in ten thousand persons in the EU when the application is made, or

(b) without incentives it is unlikely that the marketing of the product in the EU would generate sufficient return to justify

the necessary investment in its development and (iii) there exists no satisfactory method of diagnosis, prevention, or

treatment of the condition in question that has been authorized in the EU or, if such method exists, the product has to be

of a significant benefit compared to products available for the condition.

An orphan designation provides a number of benefits, including fee reductions and, regulatory assistance. If an MA is

granted for an orphan medicinal product, this generally results in a ten-year period of market exclusivity for the approved

orphan indication. It is, however, not possible to combine non-orphan and orphan indications within the same MA. Thus,

for non-orphan indications treated with the same active pharmaceutical ingredient, a separate MA has to be sought.

Alternatively, the orphan designation may be waived to allow for the addition of non-orphan indications to an existing

MA. As a result, the approved medicinal product would no longer profit from the orphan designation's benefits.

During an orphan medicinal product's market exclusivity period, neither the EMA, the European Commission nor the

EU Member States can accept an application or grant an MA for a "similar medicinal product." A "similar medicinal

product", i.e., a medicinal product containing a similar active substance or substances as contained in an authorized

orphan medicinal product, and which is intended for the same therapeutic indication. The market exclusivity period for

the authorized therapeutic indication may, however, be reduced to six years if, at the end of the fifth year, it is

established that the product no longer meets the criteria for orphan designation. For orphan medicinal products intended

for pediatric use, the market exclusivity period may be prolonged by additional two years if they are authorized with a

pediatric indication based on the results from studies conducted under an EMA-approved pediatric investigation plan or

if they are authorized without a pediatric indication but the results of the studies conducted under the EMA-approved

pediatric investigation plan are reflected in the summary of product characteristic and, if appropriate, in the package

leaflet. Market exclusivity may also be revoked in very select cases, such as if (i) it is established that a similar medicinal

product is safer, more effective or otherwise clinically superior; (ii) the MA holder (MAH) for the authorized orphan

medicinal product consents to the second orphan application; or (iii) the MAH for the authorized orphan medicinal

product cannot supply sufficient quantities. Orphan designation must be requested before submitting an MAA and is

reconfirmed during the MAA process. Orphan designation does not convey any advantage in, or shorten the duration of,

the regulatory review and MA approval process.

***Marketing Authorization***

To obtain an MA for a medicinal product under the EU regulatory framework, an applicant must submit an MAA, either

to the EMA using the centralized procedure or to competent authorities in the EU Member States using the other

procedures (decentralized procedure, national procedure, or mutual recognition procedure). An MA may be granted only

to an applicant established in the EU. Regulation (EC) No. 1901/2006 provides that prior to obtaining an MA in the EU,

an applicant must demonstrate compliance with all measures included in an EMA-approved pediatric investigation plan,

covering all subsets of the pediatric population, unless the EMA has granted a product-specific waiver, class waiver, or a

deferral for one or more of the measures included in the pediatric investigation plan.

The centralized procedure provides for the grant of a single MA by the European Commission that is valid for all EEA

Member States. Pursuant to Regulation (EC) No. 726/2004 (as amended), the centralized procedure is compulsory for

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specific products, including for medicines produced by certain biotechnological processes, products designated as

orphan medicinal products, advanced therapy medicinal products (gene therapy, somatic cell therapy or tissue

engineered products) and products with a new active substance indicated for the treatment of certain diseases, including

products for the treatment of cancer and auto-immune diseases and other immune dysfunctions and neurodegenerative

disorders. The centralized procedure is optional for certain other medicinal products.

Under the centralized procedure, the EMA's Committee for Medicinal Products for Human Use (CHMP) is responsible

for conducting the assessment of a product to define its risk/benefit profile. The CHMP recommendation is then sent to

the European Commission, which adopts a decision binding in all EEA Member States. Under the centralized procedure,

the maximum timeframe for the evaluation of an MAA is 210 days, excluding clock stops when additional information

or written or oral explanation is to be provided by the applicant in response to questions asked by the CHMP, which can

considerably extend the 210 days. Accelerated evaluation (150 days excluding clock stops) may be granted by the

CHMP in exceptional cases, when a medicinal product is of major interest from the point of view of public health and, in

particular, from the viewpoint of therapeutic innovation.

MAs have an initial validity for five years, in principle, and they may be renewed after five years on the basis of a

reevaluation of the risk benefit balance by the EMA, or by the competent authority of the EU Member State. Once

renewed, the MA is valid for an unlimited period, unless the European Commission or the competent authority decides,

on justified grounds relating to pharmacovigilance, to proceed with one additional five-year renewal period. Any MA

that is not followed by the placement of the medicinal product on the EU market or on the market of the authorizing EU

Member State(s) within three years after authorization, or if the drug is removed from the market for three consecutive

years, ceases to be valid.

***European Data and Market Exclusivity***

In the EU, innovative medicinal products, approved on the basis of a complete independent data package, qualify for

eight years of data exclusivity upon MA and an additional two years of market exclusivity (for the more comprehensive

protections applying to orphan medicinal products, please refer to *<u>"Item 4.B — Business overview —</u> <u>Orphan</u>*

*<u>Designation and Exclusivity</u>*" above). The data exclusivity, if granted, prevents generic or biosimilar applicants from

referencing the innovator's preclinical and clinical trial data contained in the dossier of the reference product when

applying for a generic or biosimilar MA in the EU, for a period of eight years from the date on which the reference

product was first authorized in the EU. During the additional two-year period of market exclusivity, a generic or

biosimilar MAA can be submitted, and the innovator's data may be referenced, but no generic or biosimilar product can

be marketed in the EU until the expiration of the market exclusivity period. The overall ten-year period will be extended

to a maximum of 11 years if, during the first eight years of those 10 years, the MAH obtains an MA for one or more new

therapeutic indications which, during the scientific evaluation prior to their authorization, are determined to bring a

significant clinical benefit in comparison with currently approved therapies. There is no guarantee that a product will be

considered by the EMA to be an innovative medicinal product, and products may not qualify for data exclusivity. Even if

a product is considered to be an innovative medicinal product so that the innovator gains the prescribed period of data

exclusivity, another company nevertheless could also market another version of the product if such company obtained an

MA based on an MAA with a complete independent data package of pharmaceutical tests, preclinical tests and clinical

trials.

***Regulatory Requirements after Marketing Authorization***

Following MA approval, the MAH is required to comply with a range of requirements applicable to the manufacturing,

marketing, promotion and sale of the medicinal product. These include compliance with the EU's stringent

pharmacovigilance or safety reporting rules under Directive 2001/83/EC and Regulation (EU) 726/2004 (each as

amended) and the associated guideline on good pharmacovigilance practices (as amended), pursuant to which post-

authorization studies and additional monitoring obligations can be imposed. In addition, the manufacturing of authorized

medicinal products, for which a separate manufacturer's license is mandatory, must also be conducted in strict

compliance with the principles of good manufacturing practice (GMP) set forth in Commission Directive 2017/1572

GMP and comparable requirements of other regulatory bodies in the EU, which mandate the methods, facilities and

controls used in manufacturing, processing and packing of products to assure their safety and identity. Further, the

wholesale distribution of authorized medicinal products requires a separate distribution license and must be conducted in

strict compliance with good distribution practice standards. Finally, the marketing and promotion of authorized

medicinal products is strictly regulated under Directive 2001/83/EC, (as amended) and as transposed into national laws.

Potential consequences for a failure to maintain regulatory compliance mainly depend on the relevant regulations in the

EU Member States, but are, for example, in Germany, similar to those in the U.S. Please refer to *<u>"Item 4.B — Business</u>*

*<u>overview —</u> <u>Post-Approval Regulations</u>*" above.

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***Agreement on new EU Pharmaceutical Legislation***

On December 11, 2025, the EU legislative bodies agreed to overhaul, modernize, and streamline the existing general

pharmaceutical legislation, including e.g., Directive 2001/83/EC, as well as Regulations (EC) No. 726/2004, No.

141/2000, or No. 1901/2006 (EU Pharmaceutical Legislation). This agreement is still subject to formal approval by the

European Parliament and the Council of the EU, before being formally adopted. It is expected that the EU

Pharmaceutical Legislation will become applicable in 2028. Although the final text has not yet been published, agreed

key elements appear to include, among others, certain changes to the baseline marketing exclusivity periods, the

streamlining of regulatory procedures as well as a broadening of the so-called "Bolar exemption", which allows

developers to undertake testing and to prepare for regulatory submissions before patent expiry.

***Regulation and Procedures Governing Approval of Medicinal Products in Japan***

In order to market any medical products in Japan, a company must comply with numerous and varying regulatory

requirements regarding quality, safety and efficacy in the context, among other things, of clinical trials, marketing

approval, commercial sales and distribution of products. A person who manufactures or markets medical products in

Japan is subject to the supervision of the Ministry of Health, Labour and Welfare (MHLW), primarily under the Act on

Securing Quality, Efficacy and Safety of Pharmaceuticals and Medical Devices (Pharmaceutical and Medical Devices

Act). This entails the satisfactory completion of pharmaceutical development, preclinical studies and adequate and well-

controlled clinical trials to establish the safety and efficacy of the medical product for each proposed indication. It also

requires the filing of a notification of clinical trials with the Pharmaceuticals and Medical Devices Agency (Japan)

(PMDA) and the obtaining of marketing approval from the relevant authorities before the product can be marketed and

sold in the Japanese market.

*Business License*

Under the Pharmaceutical and Medical Devices Act, a company or individual must obtain a Marketing Authorization

Holder (MAH) license from the MHLW to engage in the marketing or provision of medical products. This requirement

applies to medical products that are either manufactured by the company itself outsourced to a third party for

manufacturing or imported.

To manufacture medical products for the Japanese market, a company must obtain a manufacturing license from the

MHLW for each production facility. This license is separate from the marketing authorization and is required for both

domestic and foreign manufacturing sites.

***Marketing Approval***

Under the Pharmaceutical and Medical Devices Act, it is generally required to obtain marketing approval from the

MHLW for the marketing of each medical product. An application for marketing approval must be made through the

PMDA, which implements a marketing approval review.

***Clinical Trial***

Under the Pharmaceutical and Medical Devices Act, it is required to file notification of clinical trials with the PMDA.

The data of clinical trials and other pertinent data, which must be attached to an application for marketing approval, must

be obtained in compliance with the standards established by the MHLW, such as GLPs and GCPs stipulated by the

ministerial ordinances of the MHLW.

***Regulatory Requirements after Marketing Approval***

A MAH that has obtained marketing approval for a new pharmaceutical is subject to re-examination by the PMDA for a

specified period after receiving marketing approval. Such re-examination period for VYVGART is stated to be 10 years

after the marketing approval in January 2022. The purpose of this re-examination process is to ensure the safety and

efficacy of a newly approved pharmaceutical by imposing on the MAH the obligation to gather clinical data for a certain

period after the marketing approval was granted to enable the PMDA to re-examine the product. Results of use and other

pertinent data must be attached to an application for a re-examination. An MAH that has obtained a marketing approval

is also required to investigate, among other things, the results of use and to periodically report to the PMDA pursuant to

the Pharmaceutical and Medical Devices Act.

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***Price Regulation***

Japan's public medical insurance systems cover virtually the entire Japanese population. The public medical insurance

system, however, does not cover any medical product which is not listed on the National Health Insurance (NHI) price

list published by the Minister of the MHLW. Accordingly, an MAH of medical products must first have a new medical

product listed on the NHI price list to obtain coverage under the public medical insurance system. VYVGART was listed

on the NHI price list in April 2022 and the price was adjusted in February 2024. VYVDURA was listed in April 2024.

The NHI price of a medical product is determined either by price comparison of comparable medical products with

necessary adjustments for innovation, usefulness or size of the market; or, in the absence of comparable medical

products, by the cost calculation method, determined after considering of the opinion of the manufacturer. Prices on the

NHI price list are subject to revision, generally once every year, based on the actual prices at which the medical products

are purchased by medical institutions.

***Coverage, Pricing and Reimbursement***

Significant uncertainty exists as to the coverage and reimbursement status of any product candidates for which we may

obtain regulatory approval. Even if our product candidates are approved for marketing, sales of such product candidates

will depend, in part, on the extent to which third-party payors, including government health programs in the U.S. (such

as Medicare and Medicaid), commercial health insurers, and managed care organizations, provide coverage and establish

adequate reimbursement levels for such product candidates. Moreover, increasing efforts by governmental and third-

party payors in the EU, the U.S. and other markets to cap or reduce healthcare costs may cause such organizations to

limit both coverage and the level of reimbursement for newly approved products and, as a result, they may not cover or

provide adequate payment for our product candidates. We expect to experience pricing pressures in connection with the

sale of any of our product candidates due to the trend toward managed healthcare, the increasing influence of health

maintenance organizations and additional legislative changes. The downward pressure on healthcare costs in general,

particularly prescription drugs and surgical procedures and other treatments, has become very intense. As a result,

increasingly high barriers are being erected to the entry of new products.

In the U.S. and markets in other countries, patients generally rely on third-party payors to reimburse all or part of the

costs associated with their treatment. Adequate coverage and reimbursement from governmental healthcare programs,

such as Medicare and Medicaid, and commercial payors is critical to new product acceptance. Patients are unlikely to

use any product candidates we may develop unless coverage is provided and reimbursement is adequate to cover a

significant portion of the cost of such product candidates.

Factors payors consider in determining reimbursement are based on whether the product is (i) a covered benefit under its

health plan; (ii) safe, effective and medically necessary; (iii) appropriate for the specific patient; (iv) cost-effective; and

(v) neither experimental nor investigational.

The Medicare and Medicaid programs increasingly are used as models for how private payors and other governmental

payors develop their coverage and reimbursement policies for drugs and biologics. Some third-party payors may require

pre-approval of coverage for new or innovative devices or drug therapies before they will reimburse healthcare providers

who use such therapies. It is difficult to predict at this time what third-party payors will decide with respect to the

coverage and reimbursement for our product candidates. No uniform policy for coverage and reimbursement for drug

products exists among third-party payors in the U.S. Therefore, coverage and reimbursement for drug products can differ

significantly from payor to payor including formulary tier placement and utilization management requirements (if any).

As a result, the coverage determination process is often a time-consuming and costly process that will require us to

provide scientific and clinical support for the use of our products to each payor separately, with no assurance that

coverage and adequate reimbursement will be applied consistently or obtained in the first instance. The position of a

product on a formulary generally determines the co-payment that a patient will need to make to obtain the product and

can strongly influence the adoption of a product by patients and physicians. Third-party payors may limit coverage to

specific products on a formulary, which might not include all of the approved products for a particular indication.

Additionally, a payor's decision to provide coverage for a product does not imply that an adequate reimbursement rate

will be approved or that cost-sharing will be acceptable for patients. Coverage policies and third-party reimbursement

rates may change at any time. Even if favorable coverage and reimbursement status is attained for one or more of our

products for which we or our collaborators receive marketing approval, less favorable coverage policies and

reimbursement rates may be implemented in the future.

Third-party payors are increasingly challenging the price and examining the medical necessity and cost-effectiveness of

medical products and services and imposing controls to manage costs, especially drugs when an equivalent generic drug

or a less expensive therapy is available. It is possible that a third-party payor may consider our product candidate and

other therapies (in some cases even off-label treatments) as substitutable and only offer to reimburse patients for the less

expensive product. Even if we show improved efficacy or improved convenience of administration with our product

candidate, pricing of existing drugs may limit the amount we will be able to charge for our product candidate. These

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payors may deny or revoke the reimbursement status of a given drug product or establish prices for new or existing

marketed products at levels that are too low to enable us to realize an appropriate return on our investment in product

development. If reimbursement is not available or is available only at limited levels, we may not be able to successfully

commercialize our product candidates and may not be able to obtain a satisfactory financial return on products that we

may develop.

In Mainland China, VYVGART IV has been included in the National Reimbursement Drug List (NRDL) for the

treatment of adults with gMG who are AChR-AB+ after going through price negotiations with the National Healthcare

Security Administration (NHSA) since January 2024, which means that the price of this drug can be (partly) reimbursed

by the social security program of Mainland China for the treatment of this indication in accordance with relevant rules

within certain period. According to the current regulations of Mainland China, if we want our products in addition to

VYVGART IV to be included in the NRDL or want VYVGART to be included in the NRDL for the treatment of other

indications, we will need to go through price negotiations with the NHSA, for which purpose we will likely need to

significantly reduce their prices. Although the inclusion of our products in the NRDL may increase the demand for the

relevant products, our potential revenue from the sales of these products may still decrease as a result of lower prices.

Furthermore, rules and regulations regarding reimbursement change frequently, in some cases at short notice, and we

believe that changes in these rules and regulations are likely. Outside the U.S., we will face challenges in ensuring

obtaining adequate coverage and payment for any product candidates we may develop. Pricing of prescription

pharmaceuticals is subject to governmental control in many countries. In order to secure coverage and reimbursement for

any product that might be approved for sale, we have needed and may need to conduct expensive pharmacoeconomic

studies in order to demonstrate the medical necessity and cost-effectiveness of the product, and the cost of these studies

would be in addition to the costs required to obtain FDA or other comparable marketing approvals. Conducting such

studies could be expensive, involve additional risk and result in delays in our commercialization efforts. Even after

pharmacogenomic studies are conducted, product candidates may not be considered medically necessary or cost-

effective. A decision by a third-party payor not to cover any product candidates we may develop could reduce physician

utilization of such product candidates once approved and have a material adverse effect on our sales, results of

operations and financial condition. Third-party reimbursement and coverage may not be adequate to enable us to

maintain price levels sufficient to realize an appropriate return on our investment in product development. The insurance

coverage and reimbursement status of newly approved products for orphan diseases is particularly uncertain, and failure

to obtain or maintain adequate coverage and reimbursement for any such product candidates could limit our ability to

generate revenue. As noted above, in the U.S., we plan to have various programs to help patients afford our products,

including patient assistance programs and co-pay coupon programs for eligible patients. More specifically, patients can

enroll into MY VYVGART PATH™, a patient support program that provides personalized support from a nurse case

manager and committed support team. In addition to providing support on questions on the treatment and on navigating

the insurance process, the program provides a VYVGART Co-pay Program to eligible patients, aids in referring patients

to charitable foundations that may be able to help with out-of-pocket costs and informs patients of financial assistance

programs that may be available.

The containment of healthcare costs also has become a priority of U.S. federal, state and international governments and

the prices of pharmaceuticals have been a focus in this effort. Governments have shown significant interest in

implementing cost-containment programs, including price controls, restrictions on reimbursement and requirements for

substitution of generic products. Net prices for drugs may be reduced by mandatory discounts or rebates required by

government healthcare programs or private payors and by any future relaxation of laws that presently restrict imports of

drugs from countries where they may be sold at lower prices than in the U.S. Increasingly, third-party payors are

requiring that drug companies provide them with predetermined discounts from list prices and are challenging the prices

charged for medical products. We cannot be sure that reimbursement will be available for any future product candidate

that we commercialize and, if reimbursement is available, the level of reimbursement. In addition, many pharmaceutical

manufacturers must calculate and report certain price reporting metrics to the government, such as average sales price

and best price. Penalties may apply in some cases when such metrics are not submitted accurately and timely. Adoption

of price controls and cost-containment measures, and adoption of more restrictive policies in jurisdictions with existing

controls and measures, could further limit our potential revenue from the sale of any products for which we may obtain

approval.

The delivery of healthcare in the EU, including the establishment and operation of health services and the pricing and

reimbursement of medicinal products, is almost exclusively governed by national laws, rather than EU legislation.

National governments and health service providers have different priorities and approaches to the delivery of healthcare

and the pricing and reimbursement of products in that context. Therefore, in the EU, pricing and reimbursement schemes

vary widely from EU Member State to another. Some EU Member States provide that products may be marketed only

after a reimbursement price has been agreed. Some EU Member States may require the completion of additional studies

that compare the cost-effectiveness of a particular product candidate to currently available therapies (so called health

technology assessments) in order to obtain reimbursement or pricing approval. EU Member States may approve a

specific price for a product or may instead adopt a system of direct or indirect controls on the profitability of the

company placing the medicinal product on the market. Other EU Member States allow companies to fix their own prices

for products but monitor and control prescription volumes and issue guidance to physicians to limit prescriptions.

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Recently, many EU Member States have increased the amount of discounts required on medicinal products and these

efforts could continue as Member States attempt to further manage healthcare expenditures. For example, Germany

introduced a specific discount on certain combination products with new active ingredients. The downward pressure on

healthcare costs in general, particularly medicinal prescription products, has become intense. As a result, increasingly

high barriers are being erected to the entry of new products. Political, economic and regulatory developments may

further complicate pricing negotiations, and pricing negotiations may continue after reimbursement has been obtained.

Reference pricing used by various EU Member States and parallel trade (arbitrage between low-priced and high-priced

Member States) can further reduce prices. Special pricing and reimbursement rules may apply to orphan medicinal

products. Inclusion of orphan drugs in reimbursement systems tend to focus on the medical usefulness, need, quality and

economic benefits to patients and the healthcare system as for any drug. Acceptance of any medicinal product for

reimbursement may come with cost, use and often volume restrictions, which again can vary by country. In addition,

results-based rules of reimbursement may apply. There can be no assurance that any EU Member State that has price

controls or reimbursement limitations for pharmaceutical products will allow favorable reimbursement and pricing

arrangements for any of our products, if approved in those countries. Historically, products launched in the EU do not

follow price structures of the U.S. and generally prices tend to be significantly lower.

The above underlines that, outside the U.S., international operations are generally subject to extensive governmental

price controls and other market regulations, and we believe the increasing emphasis on cost-containment initiatives in

Europe, Canada and other countries has and will continue to put pressure on the pricing and usage of our product

candidates. In many countries, the prices of medical products are subject to varying price control mechanisms as part of

national health systems. Other countries allow companies to fix their own prices for medical products but monitor and

control company profits. Additional foreign price controls or other changes in pricing regulation could restrict the

amount that we are able to charge for our product candidates. Accordingly, in markets outside the U.S., the

reimbursement for our products may be reduced compared with the U.S. and may be insufficient to generate

commercially reasonable revenue and profits.

***Government Pricing and Reimbursement Programs for Marketed Drugs in the U.S.***

*Medicaid, the 340B Drug Pricing Program, and Medicare*

Federal law requires that a pharmaceutical manufacturer, as a condition of having its drug and biological products

receive federal reimbursement under Medicaid and Medicare Part B, must pay rebates to state Medicaid programs for all

units of its covered outpatient drugs dispensed to Medicaid beneficiaries and paid for by a state Medicaid program under

either a fee-for-service arrangement or through a managed care organization. This federal requirement is effectuated

through a Medicaid drug rebate agreement between the manufacturer and the Secretary of U.S. Department of Health

and Human Services (HHS). The Centers for Medicare & Medicaid Services (CMS) administers the Medicaid drug

rebate agreements, which provide, among other things, that the drug manufacturer will pay rebates to each state

Medicaid agency on a quarterly basis and report certain price information on a monthly and quarterly basis. The rebates

are based on prices reported to CMS by manufacturers for their covered outpatient drugs, including average

manufacturer price (AMP) and best price. Effective January 1, 2024, the Medicaid total rebate amount is no longer

capped at 100% of a covered outpatient drug's AMP, which means that a manufacturer could pay a total rebate amount

on a unit of the drug that is greater than the average price the manufacturer receives for the drug.

The terms of participation in the Medicaid drug rebate program impose an obligation to correct the prices reported in

previous quarters, as may be necessary. Any such corrections could result in additional or lesser rebate liability,

depending on the direction of the correction. In addition to retroactive rebates, if a manufacturer were found to have

knowingly submitted false information to the government, federal law provides for civil monetary penalties for failing to

provide required information, late submission of required information, and false information.

A manufacturer must also participate in a federal program known as the 340B drug pricing program in order for federal

funds to be available to pay for the manufacturer's drug and biological products under Medicaid and Medicare Part B.

Under this program, the participating manufacturer agrees to charge certain safety net healthcare providers no more than

an established discounted price for its covered outpatient drugs. The formula for determining the discounted price is

defined by statute and is based on the AMP and the unit rebate amount as calculated under the Medicaid drug rebate

program, discussed above. Manufacturers are required to report pricing information to the Health Resources and

Services Administration on a quarterly basis. The Health Resources and Services Administration has also issued

regulations relating to the calculation of the ceiling price as well as imposition of civil monetary penalties for each

instance of knowingly and intentionally overcharging a 340B covered entity.

Federal law also requires that manufacturers report data on a quarterly basis to CMS regarding the pricing of drugs that

are separately reimbursable under Medicare Part B. These are generally drugs and biologics, such as injectable products,

that are administered incident to a physician service and are not generally self-administered. The pricing information

submitted by manufacturers is the basis for reimbursement to physicians and suppliers for drugs covered under Medicare

Part B. Under the Inflation Reduction Act (IRA), manufacturers are also required to provide quarterly rebates for certain

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single-source drugs and biologics (including biosimilars) covered under Medicare Part B with prices that increase faster

than the rate of inflation. This requirement started on January 1, 2023 for drugs approved on or before December 1, 2020

and begins six quarters after a drug is first marketed for all other drugs. As with the Medicaid drug rebate program,

federal law provides for civil monetary penalties for failing to provide required information, late submission of required

information, and false information.

Additionally, the Infrastructure Investment and Jobs Act added a requirement, effective January 1, 2023, for

manufacturers of certain single-source drugs (including biologics and biosimilars) separately paid for under Medicare

Part B for at least 18 months and marketed in single-dose containers or packages (known as refundable single-dose

containers or single-use package drugs) to provide annual refunds for any portions of the dispensed drug that are unused

and discarded if those unused or discarded portions exceed an applicable percentage defined by statute or regulation.

Manufacturers will be subject to periodic audits and those that fail to pay refunds for their refundable single-dose

containers or single-use package drugs shall be subject to civil monetary penalties.

Medicare Part D provides prescription drug benefits for seniors and people with disabilities. Beginning in 2025, the IRA

eliminates the coverage gap phase and associated manufacturer discounts under Medicare Part D, significantly lowers

the enrollee maximum out-of-pocket cost and establishes a new manufacturer discount program, which requires 10%

discounts in the initial phase, and 20% discounts in the catastrophic phase. Although these discounts represent a lower

percentage of enrollees' costs than coverage gap discounts, the new manufacturer contribution during the catastrophic

phase could be considerable for certain high-cost drugs and the total contributions by manufacturers to a Part D

enrollee's drug expenses may exceed those currently provided. The IRA also requires manufacturers to provide annual

Medicare Part D rebates for single-source drugs and biological products with prices that increase faster than the rate of

inflation.

The IRA also allows HHS to directly negotiate the selling price of a statutorily specified number of drugs and biologics

each year that CMS reimburses under Medicare Part B and Part D. Only high-expenditure single-source biologics that

have been approved for at least 11 years (7 years for single-source drugs) can qualify for negotiation, with the negotiated

price taking effect two years after the selection year. In July 2025, Congress expanded the IRA's orphan drug exclusion

to protect from selection drugs that are indicated only for orphan indications, as well as to extend the time before an

orphan drug may be selected if it is later approved for a non-orphan indication. Negotiations for Medicare Part D

products began in 2023 with the negotiated price taking effect in 2026, and negotiations for Medicare Part B products

will begin in 2026 with the negotiated price taking effect in 2028.

*U.S. Federal Contracting and Pricing Requirements*

Manufacturers are also required to make their covered drugs, which are generally drugs approved under NDAs or BLAs,

available to authorized users of the Federal Supply Schedule (FSS) of the General Services Administration. The law also

requires manufacturers to offer deeply discounted FSS contract pricing for purchases of their covered drugs by the

Department of Veterans Affairs, the Department of Defense, the Coast Guard, and the Public Health Service (including

the Indian Health Service) in order for federal funding to be available for reimbursement or purchase of the

manufacturer's drugs under certain federal programs. FSS pricing to those four federal agencies for covered drugs must

be no more than the Federal Ceiling Price (FCP), which is at least 24% below the Non-Federal Average Manufacturer

Price (Non-FAMP) for the prior year. The Non-FAMP is the average price for covered drugs sold to wholesalers or other

middlemen, net of any price reductions.

The accuracy of a manufacturer's reported Non-FAMPs, FCPs, or FSS contract prices may be audited by the

government. Among the remedies available to the government for inaccuracies is recoupment of any overcharges to the

four specified federal agencies based on those inaccuracies. If a manufacturer were found to have knowingly reported

false prices, in addition to other penalties available to the government, the law provides for significant civil monetary

penalties per incorrect item. Finally, manufacturers are required to disclose in FSS contract proposals all commercial

pricing that is equal to or less than the proposed FSS pricing, and subsequent to award of an FSS contract, manufacturers

are required to monitor certain commercial price reductions and extend commensurate price reductions to the

government, under the terms of the FSS contract Price Reductions Clause. Among the remedies available to the

government for any failure to properly disclose commercial pricing and/or to extend FSS contract price reductions is

recoupment of any FSS overcharges that may result from such omissions.

***Healthcare Law and Regulation***

Healthcare providers and third-party payors play a primary role in the recommendation and prescription of

pharmaceutical products that are granted marketing approval. Our current and future arrangements with providers,

researchers, consultants, third-party payors and customers are subject to broadly applicable federal and state fraud and

abuse, anti-kickback, false claims, transparency and patient privacy laws and regulations and other healthcare laws and

regulations that may constrain our business and/or financial arrangements. Restrictions under applicable federal and state

healthcare laws and regulations include, without limitation, the following:

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• the U.S. federal Anti-Kickback Statute (AKS) prohibits, among other things, persons and entities from knowingly and

willfully soliciting, receiving, offering, or paying remuneration, directly or indirectly, in cash or in kind, to induce or

reward either the referral of an individual for, or the purchase, lease, order or recommendation of, any good facility,

item, or service, for which payment may be made, in whole or in part, under a federal healthcare program such as

Medicare and Medicaid. This statute has been interpreted to apply to arrangements between pharmaceutical

manufacturers on the one hand and prescribers, purchasers formulary managers and other persons and entities on the

other. Although there are a number of statutory exceptions and regulatory safe harbors protecting certain activities

from prosecution, the exceptions and safe harbors are drawn narrowly, and arrangements may be subject to scrutiny

or penalty if they do not fully satisfy all elements of an available exception or safe harbor. A person or entity can be

found guilty of violating the AKS without actual knowledge of the statute or specific intent to violate it. In addition,

the government may assert that a claim including items or services resulting from a violation of the AKS constitutes a

false or fraudulent claim for purposes of the federal False Claims Act or federal civil money penalties statute.

Violations of the AKS carry potentially significant civil and criminal penalties, including imprisonment, fines,

administrative civil monetary penalties, and exclusion from participation in federal healthcare programs.

• the U.S. federal false claims and civil monetary penalties laws, including the civil False Claims Act and federal civil

monetary penalty laws, which, among other things, impose criminal and civil penalties, including through civil

whistleblower or qui tam actions, against individuals or entities for knowingly presenting, or causing to be presented,

to the U.S. federal government, claims for payment or approval that are false or fraudulent, knowingly making, using

or causing to be made or used, a false record or statement material to a false or fraudulent claim or obligation to pay

or transmit money to the federal government, or from knowingly making a false statement to avoid, decrease or

conceal an obligation to pay money to the U.S. federal government. In addition, the government may assert that a

claim including items and services resulting from a violation of the AKS constitutes a false or fraudulent claim for

purposes of the False Claims Act. Manufacturers can be held liable under the False Claims Act even when they do not

submit claims directly to government payors if they are deemed to "cause" the submission of false or fraudulent

claims. The False Claims Act also permits a private individual acting as a "whistleblower" to bring qui tam actions on

behalf of the federal government alleging violations of the False Claims Act and to share in any monetary recovery.

When an entity is determined to have violated the federal civil False Claims Act, the government may impose civil

fines and penalties for each false claim, plus treble damages, and exclude the entity from participation in Medicare,

Medicaid and other federal healthcare programs;

• the U.S. federal Health Insurance Portability and Accountability Act of 1996 (HIPAA) which imposes criminal and

civil liability for, among other things, knowingly and willfully executing, or attempting to execute, a scheme to

defraud any healthcare benefit program, or obtaining by means of false or fraudulent pretenses, representations, or

promises, any of the money or property owned by, or under the custody or control of, any healthcare benefit program,

regardless of the pay (e.g., public or private) or knowingly and willfully falsifying, concealing or covering up a

material fact or making any materially false statement, in connection with the delivery of, or payment for, healthcare

benefits, items or services relating to healthcare matters; similar to the AKS, a person or entity does not need to have

actual knowledge of the statute or specific intent to violate it in order to have committed a violation;

• HIPAA, as amended by the Health Information Technology for Economic and Clinical Health Act of 2009 (HITECH)

and its implementing regulations, and as amended again by the Omnibus Rule in 2013, which imposes certain

obligations, including mandatory contractual terms, with respect to safeguarding the privacy, security and

transmission of individually identifiable health information without appropriate authorization by covered entities

subject to the Final HIPAA Omnibus Rule, i.e., certain covered health plans, healthcare clearinghouses and healthcare

providers, as well as their business associates, those independent contractors or agents of covered entities that perform

certain services for or on their behalf involving the use or disclosure of individually identifiable health information.

HITECH also created new tiers of civil monetary penalties, amended HIPAA to make civil and criminal penalties

directly applicable to business associates and possibly other persons, and gave state attorneys general new authority to

file civil actions for damages or injunctions in federal courts to enforce the federal HIPAA laws and seek attorneys'

fees and costs associated with pursuing federal civil actions;

• the federal transparency requirements known as the federal Physician Payments Sunshine Act, under the Patient

Protection and Affordable Care Act, as amended by the Health Care and Education Reconciliation Act of 2010

(collectively, the ACA), which requires certain manufacturers of drugs, devices, biologics and medical supplies to

report annually to CMS information related to payments and other transfers of value made by that entity to physicians

(currently defined to include doctors, dentists, optometrists, podiatrists and chiropractors), certain non-physician

providers such as physician assistants and nurse practitioners and teaching hospitals, as well as ownership and

investment interests held by physicians and their immediate family members. Failure to submit required information

may result in civil monetary penalties for all payments, transfers of value or ownership or investment interests that are

not timely, accurately, and completely reported in an annual submission;

• federal government price reporting laws, which require us to calculate and report complex pricing metrics in an

accurate and timely manner to government programs;

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• federal consumer protection and unfair competition laws, which broadly regulate marketplace activities and activities

that potentially harm consumers;

• analogous state and local laws and regulations, including: state anti-kickback and false claims laws; state laws that

require pharmaceutical companies to comply with the pharmaceutical industry's voluntary compliance guidelines and

the relevant compliance guidance promulgated by the U.S. federal government, or otherwise restrict payments that

may be made to healthcare providers and other potential referral sources; state and local laws that require the

licensure of sales representatives; state laws that require drug manufacturers to report information related to payments

and other transfers of value to physicians and other healthcare providers or marketing expenditures and pricing

information; state laws governing the privacy and security of health information in certain circumstances, many of

which differ from each other in significant ways and may not have the same effect; and state laws related to insurance

fraud in the case of claims involving private insurers; and

• EU, UK and other foreign law equivalents, including reporting requirements detailing interactions with and payments

to healthcare providers and data privacy and security laws and regulations that may be more stringent than those in

the U.S.

State and foreign laws, including for example the EU General Data Protection Regulation (GDPR), also govern the

privacy and security of health information in some circumstances, many of which differ from each other in significant

ways and often are not preempted by HIPAA, thus complicating compliance efforts. There are ambiguities as to what is

required to comply with these state requirements and if we fail to comply with an applicable state law requirement, we

could be subject to penalties.

We have and will continue to spend substantial time and money to ensure that our business arrangements with third

parties comply with applicable healthcare laws and regulations. Recent healthcare reform legislation has strengthened

these federal and state healthcare laws. Because of the breadth of these laws and the narrowness of the statutory

exceptions and safe harbors available, it is possible that some of our business activities could be subject to challenge

under one or more of such laws.

Other laws that may affect our ability to operate include:

• the anti-inducement law prohibits, among other things, the offering or giving of remuneration, which includes,

without limitation, any transfer of items or services for free or for less than fair market value (with limited

exceptions), to a Medicare or Medicaid beneficiary that the person know or should know is likely to influence the

beneficiary's selection of a particular supplier of items or services reimbursable by a federal or state governmental

program; and

• European and other foreign law equivalents of each of the laws, including reporting requirements detailing

interactions with and payments to healthcare providers.

In the U.S., to help patients afford our approved product, we may utilize programs to assist them, including patient

assistance programs and co-pay coupon programs for eligible patients. Government enforcement agencies have shown

increased interest in pharmaceutical companies' product and patient assistance programs, including reimbursement

support services, and a number of investigations into these programs have resulted in significant civil and criminal

settlements. In addition, at least one insurer has directed its network pharmacies to no longer accept co-pay coupons for

certain specialty drugs the insurer identified. Our co-pay coupon programs could become the target of similar insurer

actions. In addition, in November 2013, the CMS issued guidance to the issuers of qualified health plans sold through the

ACA's marketplaces encouraging such plans to reject patient cost-sharing support from third parties and indicating that

the CMS intends to monitor the provision of such support and may take regulatory action to limit it in the future. The

CMS subsequently issued a rule requiring individual market qualified health plans to accept third-party premium and

cost-sharing payments from certain government-related entities. In September 2014, the Office of the Inspector General

of the HHS issued a Special Advisory Bulletin warning manufacturers that they may be subject to sanctions under the

AKS and/or civil monetary penalty laws if they do not take appropriate steps to exclude Part D beneficiaries from using

co-pay coupons. Accordingly, companies exclude these Part D beneficiaries from using co-pay coupons. Additionally,

certain third-party payors are modifying benefit designs based on the availability of manufacturer cost-sharing assistance

(e.g., copay accumulator or maximizer programs). Following a federal district court decision vacating the provisions of

the 2021 Notice of Benefit and Payment Parameter final rule that provided health plans with discretion whether to

include manufacturer assistance toward the cost-sharing limit, CMS stated its intent to address this issue in future

rulemaking. It is possible that changes in insurer policies regarding co-pay coupons and/or the introduction and

enactment of new legislation or regulatory action could restrict or otherwise negatively affect these patient support

programs, which could result in fewer patients using affected products, and therefore could have a material adverse

effect on our sales, business, and financial condition.

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Third-party patient assistance programs that receive financial support from companies have become the subject of

enhanced government and regulatory scrutiny. The Office of the Inspector General of the HHS has established

guidelines that suggest that it is lawful for pharmaceutical manufacturers to make donations to charitable organizations

who provide co-pay assistance to Medicare patients, provided that such organizations, among other things, are bona fide

charities, are entirely independent of and not controlled by the manufacturer, provide aid to applicants on a first-come

basis according to consistent financial criteria and do not link aid to use of a donor's product. However, donations to

patient assistance programs have received some negative publicity and have been the subject of multiple government

enforcement actions, related to allegations regarding their use to promote branded pharmaceutical products over other

less costly alternatives. Specifically, in recent years, there have been multiple settlements resulting out of government

claims challenging the legality of their patient assistance programs under a variety of federal and state laws. It is possible

that we may make grants to independent charitable foundations that help financially needy patients with their premium,

co-pay, and co-insurance obligations. If we choose to do so, and if we or our vendors or donation recipients are deemed

to fail to comply with relevant laws, regulations or evolving government guidance in the operation of these programs, we

could be subject to damages, fines, penalties, or other criminal, civil, or administrative sanctions or enforcement actions.

We cannot ensure that our compliance controls, policies, and procedures will be sufficient to protect against acts of our

employees, business partners, or vendors that may violate the laws or regulations of the jurisdictions in which we

operate. Regardless of whether we have complied with the law, a government investigation could impact our business

practices, harm our reputation, divert the attention of management, increase our expenses, and reduce the availability of

foundation support for our patients who need assistance.

Violations of these laws or any future enacted laws can subject us to criminal, civil and administrative sanctions

including monetary penalties, damages, fines, disgorgement, individual imprisonment and exclusion from participation

in government funded healthcare programs, such as Medicare and Medicaid, additional reporting requirements and

oversight if we become subject to a corporate integrity agreement or similar agreement to resolve allegations of non-

compliance with these laws, reputational harm, and we may be required to curtail or restructure our operations.

Moreover, we expect that there will continue to be federal and state laws and regulations, proposed and implemented,

that could impact our future operations and business.

Because of the breadth of these laws and the narrowness of the statutory exceptions and safe harbors available, it is

possible that some of our business activities could be subject to challenge under one or more of such laws. Ensuring that

our internal operations and future business arrangements with third parties comply with applicable healthcare laws and

regulations will involve substantial costs. It is possible that governmental authorities will conclude that our business

practices do not comply with current or future statutes, regulations, agency guidance or case law involving applicable

fraud and abuse or other healthcare laws and regulations. If our operations are found to be in violation of any of the laws

described above or any other governmental laws and regulations that may apply to us, we may be subject to significant

penalties, including administrative, civil and criminal penalties, damages, fines, disgorgement, the exclusion from

participation in federal and state healthcare programs, individual imprisonment, reputational harm, and the curtailment or

restructuring of our operations, as well as additional reporting obligations and oversight if we become subject to a

corporate integrity agreement or other agreement to resolve allegations of non-compliance with these laws. Further,

defending against any such actions can be costly and time-consuming, and may require significant financial and

personnel resources. Therefore, even if we are successful in defending against any such actions that may be brought

against us, our business may be impaired. If any of the physicians or other providers or entities with whom we expect to

do business are found to not be in compliance with applicable laws, they may be subject to criminal, civil or

administrative sanctions, including exclusions from government funded healthcare programs and imprisonment. If any of

the above occur, our ability to operate our business and our results of operations could be adversely affected.

***Healthcare Reform***

In the U.S., the EU and other foreign jurisdictions, there have been a number of legislative and regulatory changes to the

healthcare systems that could affect our future results of operations. In particular, there have been and continue to be a

number of initiatives at the U.S. federal and state levels that seek to reduce healthcare costs and improve the quality of

healthcare. For example, the ACA, effective since March 2010, is a sweeping law intended to broaden access to health

insurance, reduce or constrain the growth of healthcare spending, enhance remedies against fraud and abuse, add new

transparency requirements for the healthcare and health insurance industries, impose new taxes and fees on the health

industry and impose additional health policy reforms.

Healthcare reforms that have been adopted, and that may be adopted in the future, could result in further reductions in

coverage and levels of reimbursement for pharmaceutical products, increases in rebates payable under U.S. government

rebate programs and additional downward pressure on pharmaceutical product prices. As discussed above, in August

2022, the IRA was enacted codifying, among other things: a Medicare drug price negotiation program, under which HHS

directly negotiates the selling price of statutorily specified number of Part B and Part D drugs and biologics each year;

inflation rebates which penalizes drug manufacturers that increase prices of Medicare Part B and Part D drugs at a rate

greater than the rate of inflation; and a redesign of the Part D benefit. The IRA permits the Secretary of HHS to

implement many of these provisions through guidance, as opposed to regulation, for the initial years. Manufacturers that

fail to comply with the IRA may be subject to various penalties, including civil monetary penalties. The IRA also

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extends enhanced subsidies for individuals purchasing health insurance coverage in ACA marketplaces through plan

year 2025. To date, none of the legislative attempts to extend the subsidies has been enacted. These IRA provisions

began taking effect progressively starting in 2023, although certain policies have been subject to legal challenges. For

example, the provisions related to the negotiation of selling prices of high-expenditure single-source drugs and biologics

have been challenged in multiple lawsuits. Additionally, we cannot predict whether the U.S. Congress will further amend

the IRA or if the government will adopt new or different interpretations of the law in future guidance or rulemaking.

However, at this time, the Trump administration is continuing to implement the IRA and to defend the law in litigation.

While it is unclear how the IRA will be implemented in the future and the outcome of the litigation, it will likely have a

significant impact on the pharmaceutical industry.

In addition, the Trump administration has taken several steps to try to align U.S. drug prices with drug prices in other

countries through an approach known as most favored nation (MFN) pricing. For example, on May 12, 2025, the current

Presidential administration published an executive order which, among other actions, instructed HHS to communicate

MFN price targets. The executive order also directed certain steps if "significant progress towards [MFN] pricing . . . is

not delivered." On July 31, 2025, the U.S. President issued letters to 17 pharmaceutical companies (not including

argenx), calling on those manufacturers and "every manufacturer" to take the following steps within 60 days: extend

MFN pricing to Medicaid for all of their existing drugs; guarantee Medicare, Medicaid, and commercial payors receive

MFN pricing for newly-launched drugs; return increased revenues abroad to American patients and taxpayers; and

participate in direct-to-consumer or direct-to-business distribution models to provide "high-volume, high rebate" drugs at

MFN pricing. Certain manufacturers have entered into direct agreements with the government.

On November 6, 2025, CMS announced the GENErating cost Reductions fOr U.S. Medicaid (GENEROUS) Model

under its Center for Medicare and Medicaid Innovation authority (CMMI). The GENEROUS Model is a voluntary

model that tests the impact of CMS-facilitated supplemental rebate agreements that align the Medicaid net price with a

defined MFN price. In December 2025, CMS issued the Global Benchmark for Efficient Drug Pricing (GLOBE) Model

and Guarding U.S. Medicare Against Rising Drug Costs (GUARD) Model proposed rules under its Center for Medicare

and Medicaid Innovation authority. The GLOBE and GUARD models would require manufacturers to pay additional

rebates for certain drugs based on the difference between the Medicare price and the price in market basket countries.

CMS proposes that the agency would apply the new rebate requirement to utilization by approximately 25% of Medicare

Part B fee-for-service enrollees (under GLOBE) and 25% of Medicare Part D enrollees (under GUARD). It is uncertain

if these proposed rules will be finalized and if they are, how they will impact our business.

Additionally, in Congress, there are pending legislative proposals that, if enacted, would require MFN pricing in certain

healthcare programs. We cannot predict if any of these legislative proposals will be enacted, how they would be

implemented, and how they could impact our business.

We expect that additional U.S. federal healthcare reform measures will be adopted in the future, any of which could limit

the amounts that the U.S. federal government will pay for healthcare products and services, which could result in

reduced demand for our product candidates or additional pricing pressures.

Further, legislative and regulatory proposals have been made to expand post-approval requirements and restrict sales and

promotional activities for pharmaceutical products. We cannot be sure whether additional legislative changes will be

enacted, or whether FDA regulations, guidance or interpretations will be changed, or what the impact of such changes on

the marketing approvals, if any, of our product candidates, may be. In addition, increased scrutiny by the U.S. Congress

of the FDA's approval process may significantly delay or prevent marketing approval, as well as subject us to more

stringent product labeling and post-marketing conditions and other requirements.

Individual states in the U.S. have also become increasingly aggressive in passing legislation and implementing

regulations designed to control pharmaceutical and biological product pricing, including price or patient reimbursement

constraints, affordability review boards, discounts, restrictions on certain product access and marketing cost disclosure

and transparency measures, and, in some cases, designed to encourage importation from other countries and bulk

purchasing. Legally mandated price controls on payment amounts by third-party payors or other restrictions could harm

our business, results of operations, financial condition and prospects. In addition, regional healthcare authorities and

individual hospitals are increasingly using bidding procedures to determine what pharmaceutical products and which

suppliers will be included in their prescription drug and other healthcare programs. This could reduce the ultimate

demand for our products or put pressure on our product pricing, which could negatively affect our business, results of

operations, financial condition and prospects.

In international markets, reimbursement and healthcare payment systems vary significantly by country (including across

the EU's individual member states), and many countries have instituted price ceilings on specific products and therapies.

Future political, economic, and regulatory developments may further affect the ability of pharmaceutical companies to

profitably commercialize current and future products..

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***Environmental Aspects which may Influence the Use of our Material Fixed Assets***

Our primary research and development activities take place in our facilities in Zwijnaarde, Belgium. For these activities

we require, and have obtained, the necessary environmental and biohazard permits from the responsible governments,

required by us for the manner in which we use said facilities.

***New shares issued during 2025***

As a result of the exercise of stock options and vesting of RSUs under our Equity Incentive Plan, 1,122,349 new shares

were created in 2025. ***Equity Incentive Plan*** means the equity incentive plan as adopted by our Board of Directors on

December 18, 2014, which was approved by the General Meeting on May 13, 2015, and amended by the General

Meeting on April 28, 2016, and November 25, 2019, and the Board of Directors on December 18, 2019, November 5,

2020, December 15, 2021, on February 27, 2023, on February 28, 2024, on 30 June 2025 and on 4 March 2026

The following table shows the developments in our share capital for the year ended December 31, 2025 and on February

19, 2026:

---

| | |
|:---|:---|
| **Number of shares outstanding on December 31, 2023** | **59194488** |
| Exercise of stock options | 1478225 |
| Vesting of RSUs | 88244 |
| **Number of shares outstanding on December 31, 2024** | **60760957** |
| Exercise of stock options | 986507 |
| Vesting of RSUs | 135842 |
| **Number of shares outstanding on December 31, 2025** | **61883306** |
| Exercise of stock options | 179582 |
| **Number of shares outstanding on February 19, 2026** | **62062888** |

---

[**Table of Contents**](#i3fd453e8886f47e8a3bce0ff8daf37b5_4)

**C.ORGANIZATIONAL STRUCTURE** 

As of December 31, 2025, argenx SE has one subsidiary, argenx BV, which is based in Belgium, and argenx BV has

sixteen subsidiaries. The following table sets out the following information for each of our principal subsidiaries: the

country of incorporation, and percentage ownership and voting interest held by us (directly or indirectly through

subsidiaries).

---

| | | |
|:---|:---|:---|
| | **As per December 31, 2025** | **As per December 31, 2025** |
| <br>**Name** | **Country** | **Participation** |
| argenx SE | the Netherlands | 100% |
| argenx B.V. | Belgium | 100% |
| argenx Benelux B.V. | Belgium | 100% |
| argenx US, Inc. | USA | 100% |
| argenx Australia Pty. Ltd. | Australia | 100% |
| argenx Austria Services GmbH | Austria | 100% |
| argenx Brasil Produtos Farmacêuticos Ltda | Brazil | 100% |
| argenx Canada Inc. | Canada | 100% |
| argenx France SAS | France | 100% |
| argenx Germany GmbH | Germany | 100% |
| argenx Italy S.r.l. | Italy | 100% |
| argenx Japan KK. | Japan | 100% |
| argenx Netherlands Services B.V. | the Netherlands | 100% |
| argenx Spain S.L. | Spain | 100% |
| argenx Spain S.L. - Sucursal em Portugal | Portugal | 100% |
| argenx Switzerland, S.A. | Switzerland | 100% |
| argenx UK Ltd. | United Kingdom | 100% |
| Broteio Pharma B.V. | the Netherlands | 100% |

---

The following chart provides an overview of the Group as of the date of this Annual Report. Percentages refer to both

the share of capital and voting rights.

![Organisational chart.jpg](argx-20251231_g4.jpg)

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**D.PROPERTY, PLANTS AND EQUIPMENT**

Our principal executive, operational offices and laboratory space are located in Zwijnaarde, Belgium. In 2024, we added

new office space in Zwijnaarde. The total future cash flows related to these leases are represented below in

"*<u>Note 20 — Leases</u>*" in our consolidated financial statements which are included to our Annual Report for the period

ended December 31, 2025.

We also lease office space in Amsterdam (the Netherlands), Boston (U.S.), Tokyo (Japan), Geneva (Switzerland),

Munich (Germany), Issy-Les-Moulineaux (France), Vaughan, Ontario (Canada), Gerrards Cross (UK), Milan (Italy),

Madrid (Spain) and Sydney (Australia). In addition, our lease liabilities include a lease plan for company cars with

maturity dates up to four years.

For a discussion of contractual obligations, please see "*<u>Note 27 — Commitments</u>*" in our consolidated financial

statements which are included to our Annual Report for the period ended December 31, 2025.

We have our principal executive, operational offices and laboratory space located in Zwijnaarde, Belgium. The

following table sets forth our key leased facilities worldwide as of December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Facility location** | **Use** | **Approx. size (m**<sup>2</sup>**)** | **Lease expiry** |
| Zwijnaarde, Belgium (leased) | Operations and Laboratory Space | 5339 | September 30, 2031 |
| Zwijnaarde, Belgium (leased) | Office Space | 3765 | September 30, 2036 |
| Boston, Massachusetts (leased) | Office Space | 2379 | August 31, 2030 |
| Tokyo, Japan (leased) | Office Space | 546 | January 17, 2027 |

---

**Environment, Health and Safety** 

Our primary research and development activities take place in our facilities in Zwijnaarde, Belgium. For these activities

we require, and have obtained, the necessary environmental and biohazard permits from the responsible governments,

required by us for the manner in which we use said facilities. See "*<u>[Item 3.D. — Risk Factors](#i3fd453e8886f47e8a3bce0ff8daf37b5_40)</u>*".

**ITEM 4. A.UNRESOLVED STAFF COMMENTS**

Not applicable.

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**ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS**

The following "Operating and Financial Review and Prospects" should be read together with the information in our

financial statements and related notes included elsewhere in this Annual Report. The following discussion is based on

our financial information prepared in accordance with the IFRS Accounting Standards (IFRS) as issued by the

International Accounting Standards Board (IASB), which may differ in material respects from generally accepted

accounting principles in other jurisdictions, including U.S. GAAP. The following discussion includes forward-looking

statements that involve risks, uncertainties and assumptions. Our actual results may differ materially from those

anticipated in these forward-looking statements as a result of many factors, including but not limited to those described

in *<u>"Item 3.D. — Risk Factors"</u>* and elsewhere in this Annual Report. Please also see "*<u>Cautionary Statement Regarding</u>*

*<u>Forward-Looking Statements</u>* in this Annual Report.

**A.OPERATING RESULTS**

The review of the financial condition and results of operations of certain items from the year ended December 31, 2023,

and year-to-year comparisons between the years ended December 31, 2024 and December 31, 2023 that are not included

in this Annual Report can be found in *<u>"Item 5 — Operating and Financial Review and Prospects"</u>* of our annual report

on Form 20-F for the year ended December 31, 2024.

**Overview**

2025 was a transformative year for argenx as we advanced our mission to deliver innovation to patients. Our commercial

execution reached new heights with the successful expansion of VYVGART, the first-in-class FcRn blocker, which now

offers three administration options, including self-injection with the PFS. The PFS launch began in the U.S. in April of

this year, followed by the EU and Japan.

This evolution reflects our commitment to innovating the patient experience in our two blockbuster indications and

pursuing the broadest label for our medicines. The commercialization of the VYVGART franchise generated global

product net sales of $4.2 billion in 2025 as compared to $2.2 billion in 2024.

Beyond commercial achievements, we continued to execute on a pipeline with breadth and depth, reinforcing our

leadership in immunology. We announced positive topline results from the ADAPT SERON clinical trial of VYVGART

in Seronegative gMG, further expanding the potential reach of VYVGART. In December of this year, we filed the

Seronegative gMG supplemental BLA in pursuit of the broadest MG label of any biologic. In January 2026, the **FDA** 

has accepted for priority review a supplemental BLA for VYVGART for the treatment of adults with Seronegative gMG.

The application has been granted an expected PDUFA date of May 10, 2026.

Additionally, we showcased innovation through our R&D webinar highlighting adimanebart (ARGX-119), a first-in-

class agonistic antibody targeting and MuSK to promote maturation and stabilization of the neuromuscular junction, with

advancement inCMS. These programs underscore our strategy of entrepreneurial clinical development and commitment

to addressing unmet needs across a spectrum of autoimmune and neuromuscular diseases.

Looking ahead, in 2026 our teams will strive to continue delivering VYVGART to as many patients as possible. We also

expect results to be delivered on four registrational readouts in 2026 and two more in 2027:

• Topline results expected in the first quarter of 2026 for Ocular MG (ADAPT OCULUS) with efgartigimod

• Topline results expected in the third quarter of 2026 from ALKIVIA clinical trial evaluating three myositis

subsetsIMNM,ASyS and DM with efgartigimod

• Topline results expected in the fourth quarter of 2026 for EMPASSION clinical trial (MMN) with empasiprubart

• Topline results expected in the fourth quarter of 2026 for primary ITP (ADVANCE-NEXT) with efgartigimod

• Topline results from UNITY clinical trial (SjD) expected in second half of 2027 with efgartigimod

• Topline results from EMVIGORATE clinical trial for empasiprubart (CIDP) expected in second half of 2027

Our Vision 2030 sets the goal to have five new molecules in Phase 3, ten labeled indications, and 50,000 patients on

treatment by 2030. It provides a clear roadmap for scaling impact on patients, physicians, and the innovation ecosystem

we're shaping. Achieving this vision will be driven by our core competencies: building winning molecules,

entrepreneurial clinical development, and delivering a differentiated patient experience. We plan to continue to prioritize

innovation, expand global access, and leverage partnerships to accelerate growth.

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On our research and development, we continue towards advancing a deep pipeline of both clinical and preclinical-stage

product candidates for the treatment of severe autoimmune diseases. Leveraging our technology suite, our ecosystem of

partnerships and clinical expertise, we have advanced several candidates into late-stage clinical development, and we

currently have multiple programs in the discovery stage. argenx continues to target one Investigational New Drug (IND)

application per year in generating a world-class pipeline.

We enter the next phase of our ambitious innovation agenda with a solid balance sheet, providing financial strength and

flexibility to invest confidently in our pipeline and global expansion. As of December 31, 2025 and December 31, 2024,

we had cash and cash equivalents amounting to $3.5 billion and $1.5 billion, respectively; in addition to current financial

assets of $0.9 billion and $1.9 billion, respectively.

As outlined in our consolidated financial statements which are included to our Annual Report, total assets of $8.7 billion

as of the year ended December 31, 2025, compared to $6.2 billion as of the year ended December 31, 2024. The main

reason for the material change in balance sheet total is the operational growth of the Company in the period.

For the year ended December 31, 2025 the Company recorded a second year of profitability with

$1.3 billion compared to our first annual profit for the year ended December 31, 2024 in the amount of $0.8 billion. This

was the Company's first year of operational profitability. As of December 31, 2025, we had accumulated losses of

$0.3 billion.

We expect our expenses to continue to increase as we continue to execute registrational and proof-of-concept studies

across efgartigimod, empasiprubart and adimanebart, as well as the continued investment in our IIP. We anticipate that

our expenses will increase if and as we execute on our research and development activities, pre-commercial and

commercial activities and various other activities.

We are actively engaged in the maintenance, expansion and protection of our intellectual property portfolio, including

litigation costs associated with defending against alleged patent infringement claims or enforcing our IP rights against

third parties. We expect that the costs of development and commercialization might also increase due to current and

future collaborations with research and development partners as well as commercial partners.

Information pertaining to the year ended December 31, 2024 was included in our annual report on Form 20-F for the

year ended December 31, 2024 under "*<u>[Item 5 — Operating and Financial Review and Prospects](#i3fd453e8886f47e8a3bce0ff8daf37b5_778)</u>*'' which was filed with

the SEC on March 20, 2025.

**Basis of presentation**

''*<u>Section 5 Operating and Financial Review and Prospects</u>*'' should be read in parallel to our consolidated financial

statements and ''*<u>Item 3.D Risk factors</u>*'' which are included to our Annual Report for the period ended December 31,

2025. We specifically, but not exhaustively, indicate the following references to the notes of the financial statements

''*<u>Note 2 — Material Accounting Policy Information</u>*'':

• the basis of presentation,

• the material accounting policies, and

• the description of the composition of material accounts, which is further detailed in the notes to the consolidated

financial statements.

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**Results of Operations**

***Comparison of Years Ended December 31, 2025 and 2024***

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | |
| <br>**(in thousands of $ except for shares and EPS)** | **2025** | **2024** | **% Change** |
| Product net sales  | $4151316 | $2185883 | 90% |
| Other operating income<sup>1)</sup> | 96734 | 66156 | 46% |
| **Total operating income** | **4248050** | **2252039** | **89%** |
| Cost of sales | (450665) | (227289) | 98% |
| Research and development expenses | (1364132) | (983423) | 39% |
| Selling, general and administrative expenses | (1367057) | (1055337) | 30% |
| Loss from investment in a joint venture | (12390) | (7644) | 62% |
| **Total operating expenses** | **(3194244)** | **(2273693)** | **40%** |
| **Operating profit/(loss)** | $**1053806** | $**(21654)** |  |
| Financial income | 163091 | 157509 | 4% |
| Financial expense | (4082) | (2464) | 66% |
| Exchange gains/(losses) | 65792 | (48211) | (236)% |
| **Profit for the year before taxes** | $**1278607** | $**85180** |  |
| Income tax benefit | $13428 | $747860 | (98)% |
| **Profit for the year** | $**1292035** | $**833040** | **55%** |
| Weighted average number of shares used for basic profit per <br>share<br>| 61295149 | 59855585 |  |
| Basic profit per share (in $) | 21.08 | 13.92 | 51% |
| Weighted average number of shares used for diluted profit per <br>share<br>| 66029215 | 65177815 |  |
| Diluted profit/(loss) per share (in $) | 19.57 | 12.78 | 53% |

---

1)Comparative figures have been aligned with the presentation adopted in the current period, reflecting the combination of collaboration revenue

and other operating income.

***Product Net Sales***

Product net sales increased by $2.0 billion to $4.2 billion for the year ended December 31, 2025, compared to

$2.2 billion for the year ended December 31, 2024. Our product net sales have increased in the U.S. and other countries

as the Company continues to execute on the global commercialization of VYVGART and obtain further approvals

worldwide.

Revenue by country arising from the commercial sale of VYVGART is presented under ''*<u>Note 16 — Segment</u>*

*<u>Reporting</u>*'' in our consolidated financial statements which are appended to our Annual Report for the period ended

December 31, 2025.

***Other Operating Income***

Other operating income increased by $31 million to $97 million for the year ended December 31, 2025, compared to $66

million for the year ended December 31, 2024. The other operating income recognized in the year ended December 31,

2025 was mainly the result of research and development tax incentives, payroll tax rebates and the clinical supply of

product on product net sales of VYVGART in Greater China through Zai Lab.

Other operating income is presented under ''*<u>Note 15 — Other Operating Income</u>*'' in our consolidated financial

statements which are appended to our Annual Report for the period ended December 31, 2025.

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***Research and Development Expenses***

Research and development expenses consist principally of:

• external research and development expenses related to (i) chemistry, manufacturing and control costs for our product

candidates, both for preclinical and clinical testing, all of which is conducted by specialized contract manufacturers,

(ii) fees and other costs paid to CROs in connection with preclinical testing and the performance of clinical trials for

our product candidates, (iii) costs associated with regulatory submissions and approvals, QA and pharmacovigilance

and (iv) costs associated with post-approval clinical trials;

• personnel expenses related to compensation of research and development staff and related expenses, including

salaries, benefits and share-based payment expenses; and

• other expenses.

Our research and development expenses totaled $1.4 billion and $1.0 billion for the years ended December 31, 2025 and

2024, respectively. The increase of $0.4 billion in 2025 as compared to 2024 is primarily driven by an increase in

personnel expenses and external research and development expenses.

Our external research and development expenses for the year ended December 31, 2025 totaled to $0.4 billion, compared

to $0.3 billion for the year ended December 31, 2024. The expenses reflect clinical trial costs and manufacturing

expenses related to the development of our product candidate portfolio.

Personnel expenses relate to internal and external R&D personnel. The expenses also include share-based compensation

expenses related to our research and development employees.

Our research and development expenses may vary substantially from period to period based on the timing of our

research and development activities, including the timing of the initiation of clinical trials, material used in R&D phase

and enrollment of patients in clinical trials. Research and development expenses are expected to increase as we advance

the clinical development of efgartigimod, empasiprubart, adimanebart and further advance the research and development

of our other early-stage pipeline candidates. The successful development of our product candidates is highly uncertain.

At this time, we cannot reasonably estimate the nature, timing and estimated costs of the efforts that will be necessary to

complete the development of, or the period, if any, in which material net cash inflows may commence from any of our

product candidates. This is due to numerous risks and uncertainties associated with developing drugs, as further

described in "*<u>Item 3.D. - Risk Factors</u>*".

Research and development expenses are presented under ''*<u>Note 17 — Research and Development Expenses</u>*'' in our

consolidated financial statements which are included to our Annual Report for the period ended December 31, 2025.

***Selling, General and Administrative Expenses***

Selling, general and administrative expenses consist primarily of:

• personnel expenses related to commercial and enabling functions, as well as their related expenses, including salaries,

benefits and share-based payment expenses;

• marketing and promotional activities related to the global commercialization of VYVGART;

• professional fees related to commercial and enabling functions;

• Board of Directors expenses consisting of directors' fees, travel expenses and share-based compensation for non-

executive directors; and

• other expenses.

Our selling, general and administrative expenses totaled $1.4 billion and $1.1 billion for the years ended December 31,

2025 and 2024, respectively. The increase of $0.3 billion for the year ended December 31, 2025 principally resulted

from:

• increased professional and marketing fees, including promotional and marketing costs primarily due to the scaling of

our commercial operations relating to VYVGART;

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• increased costs of personnel expenses, related to planned increase in the headcount of our Selling, general and

administrative employees recruited to strengthen our enabling functions and the scaling of our commercial operations

relating to VYVGART; and

• continued investment in our Digital Technology infrastructure.

Selling, general and administrative expenses are presented under 'Note 18 Selling, General and Administrative

Expenses'' in our consolidated financial statements which are included to our Annual Report for the period ended

December 31, 2025.

***Financial Income and (Expense)***

For the year ended December 31, 2025, financial income amounted to $163 million compared to $158 million for the

year ended December 31, 2024. The increase of $6 million in 2025 related primarily to the capital increase of our cash,

cash equivalents, and current financial assets.

**B.LIQUIDITY AND CAPITAL RESOURCES**

***Sources of Funds***

Our capitalization is detailed in the "*<u>Consolidated Statements of Financial Position</u>*" which are included to our Annual

Report for the period ended December 31, 2025. As of December 31, 2025 on an actual basis, the Company had a total

equity amount of $7.3 billion.

Since our inception in 2008, we have invested most of our resources in developing our product candidates, building our

intellectual property portfolio, developing our supply chain, conducting business planning, raising capital and providing

general and administrative support for these operations. December 31, 2024To date, we have funded our operations

through (i) public and private placements of equity securities, (ii) upfront, milestone and expense reimbursement

payments received from our collaborators, (iii) funding from governmental bodies, (iv) proceeds from exercise of

employee stock options and (v) interest income from the investment of our cash and cash equivalents, in addition to

current financial assets. Through December 31, 2025, we have raised gross proceeds of $5.9 billion from private and

public offerings of equity securities.

Our commercial operations have also started to contribute to the funding of our operations based on positive cash flow

from operating activities as of the year ended December 31, 2025.

As we continue to invest in innovation, our cash flows may fluctuate, are difficult to forecast and will depend on many

factors.

We have no ongoing material financing commitments, such as lines of credit or guarantees, that are expected to affect

our liquidity over the next five years, other than leases and commitments as part of our operations, which are detailed in

"*<u>Note 27 — Commitments</u>*" and "*<u>Note 24 — Financial Risk Management</u>*" in our consolidated financial statements which

are included to our Annual Report for the period ended December 31, 2025.

For more information as to the risks associated with our future funding needs, see "<u>[Item 3.D. —](#i3fd453e8886f47e8a3bce0ff8daf37b5_40)</u>*<u>[Risk Factors](#i3fd453e8886f47e8a3bce0ff8daf37b5_40)</u> — <u>[Risk](#i3fd453e8886f47e8a3bce0ff8daf37b5_43)</u>*

*<u>[Factors Related to argenx's Financial Position and Need for Additional Capital](#i3fd453e8886f47e8a3bce0ff8daf37b5_43)</u>*".

For more information as to our financial instruments, please see "*<u>Note 24 — Financial Risk Management</u>*" in our

consolidated financial statements which are included to our Annual Report for the period ended December 31, 2025.

[**Table of Contents**](#i3fd453e8886f47e8a3bce0ff8daf37b5_4)

**Cash Flows**

***Comparison for the Years Ended December 31, 2025 and 2024***

As of December 31, 2025, the Company had $3.5 billion of cash and cash equivalents compared to

$1.5 billion as of December 31, 2024. The Company's cash and cash equivalents increased by $2.0 billion year-over-

year mainly resulting from positive cash flow from operating activities and a higher amount of capital held in cash and

cash equivalents as opposed to current financial assets.

The Company's net cash flow from operating activities increased by $0.8 billion for the year ended December 31, 2025

compared to the year ended December 31, 2024 mainly due to increased product net sales of VYVGART partially offset

by buildup of working capital.

Net cash flow used in investing activities increased by $1.7 billion for the year ended December 31, 2025 compared to

the year ended December 31, 2024 mainly due to the nature of financial instruments held as of the reporting date

classified as cash and cash equivalents coming from capital held in the year as current financial assets. This is partially

offset by payments related to regulatory and sales based milestones to Halozyme.

Net cash flow from financing activities decreased by $47 million for the year ended December 31, 2025 compared to the

year ended December 31, 2024 mainly due to proceeds from the exercise of stock options.

For more information, please see "*<u>Consolidated Statements of Cash Flows</u>*" and "*<u>Note 11 Cash and Cash Equivalents</u>*"

in our consolidated financial statements which are included to our Annual Report for the period ended December 31,

2025. ***Operating and Capital Expenditure Requirements***

We recorded a profit of $1.3 billion for the year ended December 31, 2025. Our operating expenditures are detailed

above in our research and development expenses along with our Selling, general and administrative expenses.

We anticipate that our operating expenses will increase as we intend to continue conducting research and development,

as well as continuing our efforts to expand our sales & marketing and establish our distribution infrastructure. Although

we have generated product net sales of $4.2 billion from global product net sales of VYVGART for the year ended

December 31, 2025, which supports our current profitability, we cannot provide assurances that we will be profitable or

able to sustain net profitability in the future based on these indications alone. Furthermore, we cannot provide any

assurances that we will receive the regulatory approvals to commercialize VYVGART in other indications or in other

countries.

On the basis of current assumptions, we expect that our existing cash and cash equivalents and current financial assets

will enable us to fund our operating expenses and capital expenditure requirements through at least the next twelve

months. The adequacy of our available funds to meet our future operating expenses and capital expenditures will depend

on numerous risks and uncertainties associated with the development and commercialization of efgartigimod and our

other product candidates and discovery stage programs and because the extent to which we may enter into collaborations

with third parties for the development of these product candidates is unknown.

We are unable to estimate the amounts of increased capital outlays and operating expenses associated with completing

the research and development of our product candidates. Our future capital requirements for efgartigimod,

empasiprubart, adimanebart, our other product candidates and discovery stage programs will depend on many factors,

including:

• the progress, timing and completion of preclinical testing and clinical trials for our current or any future product

candidates;

• the number of potential new product candidates we identify and decide to develop;

• the time and costs involved in obtaining regulatory approvals for our product candidates and any delays we may

encounter as a result of evolving regulatory requirements or adverse results with respect to any of our product

candidates;

• selling and marketing activities undertaken in connection with the commercialization of VYVGART or potential

commercialization of any of our current or any future product candidates, if approved, and costs involved in the

creation of an effective sales and marketing organization;

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• manufacturing activities undertaken for VYVGART and potential commercialization of any of our current or any

future product candidates, if approved, and costs involved in the creation of an effective supply chain;

• the costs involved in growing our organization to the size needed to allow for the research, development and potential

commercialization of our current or any future product candidates;

• the costs involved in filing patent applications and maintaining and enforcing patents or defending against claims or

infringements raised by third parties;

• the maintenance of our existing collaboration agreements, the entry into new collaboration agreements and the pursuit

of other strategic business development opportunities; and

• developments related to global economic uncertainties and political instability.

For more information as to the risks associated with our future funding needs, see "*<u>[Item 3.D. — Risk Factors](#i3fd453e8886f47e8a3bce0ff8daf37b5_40)</u> <u>—</u> <u>Risk</u>*

*<u>Factors — Risk Factors Related to argenx's Financial Position</u>*".

***Working capital statement***

In our opinion, the working capital of the Company is sufficient for the Company's present requirements, at least for a

period of 12 months from the date of this Annual Report.

***Cash Investment Policy***

The Company has adopted a policy whereby cash and cash equivalents and current financial assets are invested with

several highly reputable banks and financial institutions. The main purpose of the Cash Investment Policy is to preserve

the available cash and to ensure sufficient short-term liquidity at all times. Therefore, the Company holds its cash, cash

equivalents and current financial assets mainly with banks which are independently rated A- or higher. Amounts of cash

held with banks rated lower than A- are limited to insignificant balances. The maximum amount and tenor of time

deposits depends on the rating of the counterparty bank. The Company also holds cash equivalents in the form of money

market funds with a low historical volatility. These money market funds are highly liquid investments and can be readily

convertible into a known amount of cash. The Company has adopted a policy whereby money market funds must have a

minimum rating of A of which 95% should have a AAA-rating.

For more information as to our treasury policy and liquidity, please see "*<u>Note 24 — Financial Risk Management</u>*" in our

consolidated financial statements which are included to our Annual Report for the period ended December 31, 2025.

***Off-Balance Sheet Arrangements***

During the periods presented we did not have, and we do not currently have, any off-balance sheet arrangements, as

defined in the applicable rules and regulations, such as relationships with unconsolidated entities or financial

partnerships, which are often referred to as structured finance or special purpose entities, established for the purpose of

facilitating financing transactions that are not required to be reflected on our balance sheets. Our scope of consolidated

entities is disclosed in "*<u>Note 29 — Overview of Consolidation Scope</u>*" in our consolidated financial statements which are

included to our Annual Report for the period ended December 31, 2025.

**C.RESEARCH AND DEVELOPMENT, PATENTS AND LICENSES**

For a discussion of our research and development policies, refer to the "<u>[Item 4](#i3fd453e8886f47e8a3bce0ff8daf37b5_259)</u> — *<u>[Information on the Company](#i3fd453e8886f47e8a3bce0ff8daf37b5_259)</u>*" and

"<u>[Item 5 —](#i3fd453e8886f47e8a3bce0ff8daf37b5_778)</u>*<u>[Operating and Financial Review and Prospects](#i3fd453e8886f47e8a3bce0ff8daf37b5_778)</u>*".

**D.TREND INFORMATION**

Other than as disclosed elsewhere in this Annual Report, we are not aware of any trends, uncertainties, demands,

commitments or events for the current financial period that are reasonably likely to have a material effect on our net

revenues, income, profitability, liquidity, capital resources or prospects, or that caused the disclosed financial

information to be not necessarily indicative of future operating results or financial conditions.

There has been no significant change in the financial performance or the financial position of the Group since the

balance sheet date of December 31, 2025.

73<br>

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For more information, please refer to *<u>"Item 4.B —</u> <u>[Business Overview](#i3fd453e8886f47e8a3bce0ff8daf37b5_265)</u>*", "<u>[Item 5.A.](#i3fd453e8886f47e8a3bce0ff8daf37b5_781)</u> *<u>—</u> <u>[Operating Results](#i3fd453e8886f47e8a3bce0ff8daf37b5_781)</u>*", "<u>[Item 5.B.](#i3fd453e8886f47e8a3bce0ff8daf37b5_1207)</u> *<u>—</u>*

*<u>[Liquidity and Capital Resources](#i3fd453e8886f47e8a3bce0ff8daf37b5_1207)</u><u>["](#i3fd453e8886f47e8a3bce0ff8daf37b5_14817)</u>* and "*<u>Note 27 — Commitments</u>*'' in our consolidated financial statements which are

appended to our Annual Report for the period ended December 31, 2025.

**E.CRITICAL ACCOUNTING ESTIMATES**

See "*<u>Note 3 — Critical accounting judgments and major sources of estimation uncertainty</u>*'' in our consolidated

financial statements which are appended to our Annual Report for the period ended December 31, 2025.

**ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES**

**A.DIRECTORS AND SENIOR MANAGEMENT**

**Our Board of Directors**

As at December 31, 2025, we have a one-tier board structure consisting of 1 Executive Director and

8 Non-Executive Directors, and a Senior Management Team responsible for the day-to-day operations.

Our Board of Directors had 6 formal meetings in the course of 2025.The meetings were held in the months February,

April, May, July, September and November/December. The committees of the Board of Directors also convened

regularly and at least once per quarter.. (Refer to "<u>[Item 6.C. —](#i3fd453e8886f47e8a3bce0ff8daf37b5_1285)</u>*<u>[Board Practices](#i3fd453e8886f47e8a3bce0ff8daf37b5_1285)</u> <u>—</u> <u>[R](#i3fd453e8886f47e8a3bce0ff8daf37b5_14817)</u><u>[eport Audit and Compliance](#i3fd453e8886f47e8a3bce0ff8daf37b5_14817)</u>*

*<u>[Committee"](#i3fd453e8886f47e8a3bce0ff8daf37b5_14817)</u>*, <u>[Item 6.C](#i3fd453e8886f47e8a3bce0ff8daf37b5_1285)</u>*<u>[.](#i3fd453e8886f47e8a3bce0ff8daf37b5_1285)</u> <u>—</u> <u>[Bo](#i3fd453e8886f47e8a3bce0ff8daf37b5_1285)</u><u>[ard Practice](#i3fd453e8886f47e8a3bce0ff8daf37b5_1285)</u><u>[s](#i3fd453e8886f47e8a3bce0ff8daf37b5_1285)</u> <u>—</u> <u>[R](#i3fd453e8886f47e8a3bce0ff8daf37b5_14817)</u><u>[eport Audit and Compliance Committee"](#i3fd453e8886f47e8a3bce0ff8daf37b5_14817)</u>*, "*<u>Item 6.C.</u> — <u>Board Practices</u>*

*<u>—</u> <u>[R](#i3fd453e8886f47e8a3bce0ff8daf37b5_14817)</u><u>[eport Audit and Compliance Committee"](#i3fd453e8886f47e8a3bce0ff8daf37b5_14817)</u>*, and "<u>[Item 6.C. —](#i3fd453e8886f47e8a3bce0ff8daf37b5_1285)</u>*<u>[Board Practices](#i3fd453e8886f47e8a3bce0ff8daf37b5_1285)</u>—<u>[Report Audit and Compliance](#i3fd453e8886f47e8a3bce0ff8daf37b5_14817)</u>*

*<u>[Committee"](#i3fd453e8886f47e8a3bce0ff8daf37b5_14817)</u>*)" below for the separate reports of the committees.

All Board of Director meetings and 21 out of 24 formal committee meetings were also attended by Tim Van

Hauwermeiren, as executive director. In addition, several members of the Executive Management Team were invited to

discuss specific items included on the Board of Director and committee meetings' agendas. (please refer to "*<u>[Item 6.A. —](#i3fd453e8886f47e8a3bce0ff8daf37b5_1228)</u>*

*<u>[Directors and Senior Management](#i3fd453e8886f47e8a3bce0ff8daf37b5_1228)</u> <u>—</u> <u>Attendance Record Board of Director Meetings</u>"*).

Set out below is a summary of certain provisions of Dutch corporate law as of the date of this Annual Report, as well as

a summary of relevant information concerning our Board of Directors and certain provisions of our Articles of

Association and the Board By-Laws.

This summary does not purport to give a complete overview and should be read in conjunction with and is qualified in

its entirety by reference to the relevant provisions of Dutch law as in force on the date of this Annual Report, the Articles

of Association and Board By-Laws. The Articles of Association are available in the governing Dutch language and an

unofficial English translation thereof, and the Board By-Laws are available in English, on our website.

74<br>

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The following table sets forth certain information with respect to the current Non-Executive Directors, including their

ages, as of December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Age** | **Position** | **Nationality** | **Date of Initial** <br>**Appointment**<br>| **Date of last (re-)** <br>**Appointment**<br>| **Term** <br>**expiration**<br>|
| Tim Van Hauwermeiren | 53 | CEO and <br>executive <br>director<br>| Belgium | July 15, 2008 | May 10, 2022 | AGM 2026<sup>1)</sup> |
| Peter Verhaeghe | 67 | Non-Executive <br>Director <br>(chairperson)<br>| Belgium | October 15, 2008 | May 7, 2024 | AGM 2026<sup>2)</sup> |
| Ana Céspedes | 52 | Non-Executive <br>director<br>| Spain | December 12, 2022 | December 12, 2022 | AGM 2026 |
| James Daly | 64 | Non-Executive <br>Director<br>| U.S. | May 8, 2018 | May 10, 2022 | AGM 2026 |
| Donald deBethizy<sup>3)</sup> | 75 | Non-Executive <br>Director<sup>1)</sup><br>| U.S. | May 13, 2015 | May 2, 2023 | AGM 2025 |
| Pamela Klein | 64 | Non-Executive <br>Director<br>| U.S. | April 28, 2016 | May 7, 2024 | AGM 2026 |
| Brian Kotzin | 77 | Non-Executive <br>Director<br>| U.S. | May 7, 2024 | May 7, 2024 | AGM 2028 |
| Steve Krognes | 57 | Non-Executive <br>Director<br>| U.S. and Norway | February 27, 2023 | February 27, 2023 | AGM 2027 |
| Anthony Rosenberg | 72 | Non-Executive <br>Director<sup>1)</sup><br>| UK | April 26, 2017 | May 27, 2025 | AGM 2027  |
| Camilla Sylvest | 53 | Non-Executive <br>director<br>| Denmark | September 8, 2022 | September 8, 2022 | AGM 2026 |

---

<sup>1)</sup><sup>Tim Van Hauwermeiren will step down as Executive Director and CEO at the 2026 General Meeting.</sup>

<sup>2)</sup><sup>Peter Verhaeghe will step down as Non-Executive Director and chairperson of the Board of Directors at the 2026 General Meeting.</sup>

<sup>3)</sup><sup>Donald deBethizy retired from the Board of Directors on May 27, 2025. Anthony Rosenberg succeeded him as the vice-chairperson of the Board of Directors.</sup>

*Peter Verhaeghe*

Peter Verhaeghe has served as a member and chairperson of the board of arGEN-X B.V. since October 2008 and as Non-

Executive Director on our Board of Directors since July 2014.

Peter Verhaeghe is the managing partner of VVGB Advocaten-Avocats, a corporate finance law and tax law firm, a

position he has held since July 1999. He is currently lead counsel to a number of Belgian, Dutch, French, U.S. and Swiss

life sciences companies. Peter Verhaeghe has served on the boards of directors of Participatiemaatschappij Vlaanderen

NV since May 2018 and miDiagnostics NV since April 2020. He has also served as chairman of the board of Haretis SA

(Luxembourg) since March 2011 and as chairman of the LP & advisory committee of Bioqube Factory Fund I NV since

September 2020. Peter Verhaeghe previously served as a member of the board of directors of CzechPak Manufacturing

s.r.o., Fujirebio Europe N.V., Tibotec-Virco NV, and Biocartis SA. He was also the president of the board of directors of

Merisant France SAS, a member of the management board of Merisant Company 2 S.à. rl., and chairman of the board of

directors of PharmaNeuroBoost NV. He holds a degree in law from the University of Leuven and an LL.M. degree from

Harvard Law School.

*Ana Céspedes*

Ana Céspedes has served as a member of our Board of Directors since December 2022 and as the chairperson of the

Remuneration and Nomination Committee since May 2025. Ana Céspedes is the chief executive officer and president of

Vitamin Angels, a global health organization dedicated to addressing malnutrition among women and children

worldwide.

Prior to joining Vitamin Angels, Ana Céspedes served as chief operating officer of the International AIDS Vaccine

Initiative, where she oversaw global operations across the United States, Europe, Africa and India. Her responsibilities

included strategy and business development, access and commercialization, government affairs and external relations,

communications, legal, human resources, finance, administration, business technology, and regional operations. Prior to

that, Ana Céspedes held multiple senior leadership roles at Merck KGaA, most recently as Global Head of Strategy and

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External Engagement, Government and Public Affairs. She also worked as a senior consultant at Arthur Andersen. She

currently serves as President of the Scientific Committee of the ProPatiens Institute and has led multiple international

initiatives aimed at strengthening collaboration between the pharmaceutical industry and healthcare systems and

advancing professional capabilities in market access and corporate affairs. She holds a Bachelor's degree in Pharmacy

and a Ph.D. from the Complutense University of Madrid, a Master in General Management (PDG) from IESE Business

School, and an Executive Certificate in Strategy and Innovation from the Massachusetts Institute of Technology.

She obtained the NACD.DC™ (National Association of Corporate Directors Directorship Certification<sup>®</sup>) in July 2024.

*James Daly*

James Daly has served as a member of our Board of Directors since May 2018. James Daly currently also serves as a

director of Acadia Pharmaceuticals, Inc., Madrigal Pharmaceuticals, Inc. and Cytokinetics, Inc. He was formerly a

member of the board of Halozyme Therapeutics, Inc., Bellicum Pharmaceuticals, Inc. and Chimerix, Inc.

In 1985, he joined GlaxoSmithKline where he held various positions, including senior vice president of the respiratory

division with full responsibility for sales, marketing and medical affairs. James Daly moved to Amgen Inc. in 2001

where he was senior vice president for the North America commercial operations until 2011. In 2012, he joined Incyte

Corp, a publicly-traded company focused on oncology and inflammation, where he was chief commercial officer until

June 2015. Mr. Daly holds a Bachelor's of Science and an MBA from the University at Buffalo, State University of New

York.

*Pamela Klein*

Pamela Klein has served as a member of our Board of Directors since April 2016.

Since 2008, Pamela Klein has been a principal and founder of PMK BioResearch, a company offering strategic

consulting in oncology drug development to corporate boards, management teams and the investment community. She

has also been a venture partner in Ysios Capital Partners, SGIEC, S.A.U. since 2023. She currently serves as a member

of the board of directors of several companies including Shasqi, Frontier Medicines Corp and Ona Therapeutics.

Previously, Pamela Klein served on the board of directors of FStar, Sardona Therapeutics, Patrys Therapeutics, Inc, Jiya

Acquisition Corp, and Spring Bank Pharmaceuticals, Inc. until its merger with F-Star Therapeutics in July 2020. Pamela

Klein previously spent seven years at the National Cancer Institute as research director of the NCI-Navy Breast Center,

after which she joined Genentech as vice president of development until 2001. She also served as chief medical officer

for Intellikine, Inc., which was acquired by Takeda American Holdings. She holds a Bachelor's degree in biology from

California State University and an M.D. from Stritch School of Medicine, Loyola University Chicago and is trained in

internal medicine and medical oncology.She continues to serve as an advisor for both private and public biotech

companies.

*Brian Kotzin*

Brian Kotzin has served as a member of our Board of Directors and as a chairperson of our research and development

committee since May 7, 2024.

He is a former member of the board of directors at Vera Therapeutics, Inc., Rigel Pharmaceuticals, Inc. and Kyverna

Therapeutics, Inc. He served as Senior Vice President for Nektar Therapeutics, Inc. from April 2017 to June 2023, and

has held various leadership positions at Nektar Therapeutics, Inc., including serving as Chief Medical Officer and Head

of Clinical Development from January 2021 to September 2021, again from May 2022 to June 2023, and again from

February 2025 to November. He currently is the interim chief medical officer at Nektar Therapeutics, Inc. From 2004 to

2015, Brian Kotzin was Vice President, Global and Clinical Development and Head, Inflammation Therapeutic Area at

Amgen Inc., directing the global development efforts for product candidates in the inflammation area. During his

employment at Amgen Inc, he also served as Vice President of Translational Sciences and Head of Medical Sciences

from 2006 to 2011. Prior to entering the life sciences industry, Brian Kotzin held several positions as a professor at the

University of Colorado Health Sciences Center, where his research focused on immunopathogenesis of inflammatory

diseases. He has also held leadership roles at several national organizations, including as a member of the American

College of Rheumatology (ACR) Board of Directors, Member and Chairperson of the NIH Immunological Sciences

Study Section, Chairperson of the NIH Autoimmunity Centers of Excellence, and Member of the Board of Directors for

the Federation of Clinical Immunology Societies. He is currently an elected Master of the ACR. He received an M.D.

from Stanford University and a Bachelor's degree in mathematics from the University of Southern California.

*Steve Krognes*

Steve Krognes has served as a member of our Board of Directors and as a chairperson of our Audit and Compliance

Committee since February 2023.

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Steve Krognes also serves on the boards of directors of Guardant Health, Inc., Denali Therapeutics, Inc., and Pliant

Therapeutics, Inc. In September 2023, he also was appointed to the board of directors of ClayvstBio and in March 2026

he was appointed to the Board of Alveus Therapeutics Inc. He previously served on the boards of directors of RLS

Global AB and Corvus Pharmaceuticals, Inc. and Gritstone Bio, Inc. Steve Krognes was the chief financial officer of

Denali Therapeutics, Inc. from 2015 until retiring from that position in April 2022. Steve Krognes led successful

financings for Denali Therapeutics, Inc., including its initial public offering in 2017, and contributed significantly to the

company's strategy, growth and strong financial position. His extensive leadership experience in the biotech and

pharmaceutical industries includes 12 years in total at Roche and Genentech, Inc., during which Steve Krognes served as

chief financial officer of Genentech, Inc. for six years and global head of Roche's mergers & acquisition team for six

years. He also chaired the Genentech Access to Care Foundation and represented Genentech on the board and executive

committee of the California Life Science Association. Before that, Steve Krognes worked as an investment banker at

Goldman Sachs, as a management consultant at McKinsey & Company, and as a venture capitalist in Scandinavia. Mr.

Krognes holds a Master's of Business Administration (MBA) from Harvard Business School and a Bachelor's of

Science in economics from the Wharton School of the University of Pennsylvania.

*Anthony Rosenberg*

Anthony Rosenberg has served as a member of our Board of Directors since April 2017 and as vice-chairperson of our

Board of Directors since May 2025.

He currently serves as chief executive officer of TR Advisory Services GmbH, his own consultancy firm advising on

business development, licensing, and mergers and acquisitions. Anthony Rosenberg also currently serves as chairman of

the boards of directors of NUCLIDIUM AG, Oculis SA and Cullinan Therapeutics Inc. Previously Anthony Rosenberg

held the positions of Managing Director at MPM Capital, a venture capital firm (2015 until 2020); head of M&A and

Licensing of Novartis International (2013 to 2015); and head of business development and licensing at Novartis Pharma

(2005 to 2012). Anthony Rosenberg also previously served on the boards of directors of SiO2 Material Science (until

March 2023), Radius Health Inc., TriNetX, Inc., iOmx Therapeutics AG, and Clinical Ink, Inc. Mr. Rosenberg has a

Bachelor of Science with honors from the University of Leicester and a Master's of Science in physiology from the

University of London..

*Camilla Sylvest*

Camilla Sylvest has served as a member of our Board of Directors since September 2022. Camilla Sylvest previously

served as the executive vice president of commercial strategy and corporate affairs of Novo Nordisk A/S until April

2025. Camilla Sylvest has more than 29 years of working experience at Novo Nordisk A/S during which time she was based in

Switzerland, Denmark, Germany, Malaysia, and Mainland China. Over the years, Camilla Sylvest has headed up Novo

Nordisk A/S affiliates of growing size and complexity in Europe. She was also corporate vice president of the business

area Oceania and Southeast Asia and senior vice president and general manager of the Novo Nordisk A/S region of

Mainland China. Camilla Sylvest also served as a member of the board of Danish Crown A/S until September 2025. She

holds a Master's of Science in economics from the University of Southern Denmark and an executive MBA from the

Scandinavian Management Institute.

***Attendance Record Board of Director Meetings***

In 2025, 6 Board of Directors meetings were held. The meeting attendance rate for our directors is set out in the table

below.

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---

| | | |
|:---|:---|:---|
| **Name** | **Number of meetings attended in 2025 since** <br>**appointment (and up to resignation, as** <br>**applicable)**<br>| **Attendance %** |
| Peter Verhaeghe | 6 | 100% |
| Tim Van Hauwermeiren | 6 | 100% |
| Steve Krognes | 6 | 100% |
| Donald deBethizy<sup>1)</sup> | 3 | 100% |
| Pamela Klein | 6 | 100% |
| Anthony Rosenberg (vice-chairperson) | 6 | 100% |
| James Daly | 6 | 100% |
| Camilla Sylvest | 6 | 100% |
| Ana Céspedes | 6 | 100% |
| Brian Kotzin | 6 | 100% |

---

1)Donald deBethizy retired from the Board of Directors on May 27, 2025.

In 2025, all of the 5 Board of Directors meetings with the Non-Executive Directors being present were held as closed

sessions at the beginning or the end of other meetings. These meetings were attended by all Non-Executive Directors

appointed at such time.

---

| | | |
|:---|:---|:---|
| **Name** | **Number of meetings attended in 2025 since** <br>**appointment (and up to resignation, as** <br>**applicable)**<br>| **Attendance %** |
| Peter Verhaeghe | 5 | 100% |
| Donald deBethizy<sup>1)</sup> | 3 | 100% |
| Pamela Klein | 5 | 100% |
| Anthony Rosenberg | 5 | 100% |
| James Daly | 5 | 100% |
| Camilla Sylvest | 5 | 100% |
| Ana Céspedes | 5 | 100% |
| Brian Kotzin | 5 | 100% |

---

1)Donald deBethizy retired from the Board of Directors on May 27, 2025

***Activities***

The agenda for the Board of Directors centers around the key business objectives for long-term value creation and the

key risks involved, as well as the manner in which the Executive Management Team implements our strategy including

our research and development pipeline and the commercialization of our products, our culture to ensure proper

monitoring by the Non-Executive Directors, our financial position as well as the results of our subsidiaries, significant

investment proposals, yearly budgets, the internal risk management and control system, talent development, succession

planning and remuneration and appointment matters.

In 2025, the Board of Directors discussed a multitude of different themes. The Board of Directors primarily supervised

and discussed the Company's innovation mission and objectives towards our long-term strategic Vision 2030, reviewed

the scientific pipeline and regulatory developments for all product candidates in several geographies, ensuring the

required progression thereof. The Board of Directors furthermore reviewed and discussed our strategy for manufacturing

processes, our supply chain and identified potential corresponding risks following the geopolitical environment. The

Board also focused on the commercialization strategies and opportunities, contributing to our successful product

launches, including the launch of the PFS in 2025, supporting innovation within commercialization efforts. The Board

spent a significant amount of time on themes around cybersecurity and AI, including on NIS2 Directive requirements. In

line with previous years, the Board of Directors also discussed talent development and succession planning, both for the

senior leaders within the Company (within and beyond the Executive Management Team) and the Board of Directors.

This led to the renewal of the appointment of Anthony Rosenberg as Non-Executive Director and the attraction of

several new members in the Company's broader leadership team. Time was also spent discussing and evaluating the

Company's strategy surrounding the continued rapid growth and the measures undertaken to preserve our unique

company culture. Finally, the Board of Directors spent a lot time discussing shareholder feedback on our journey on

getting the remuneration policy approved during the 2025 Extraordinary General Meeting.

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**Our Senior Management**

The following table sets forth certain information with respect to the members of our Senior Management Team,

including their ages, as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Age** | **Position** | **Nationality** | **Date of Initial** <br>**Appointment**<br>|
| Tim Van Hauwermeiren<sup>1)</sup> | 53 | CEO and Executive Director | Belgium | July 15, 2008 |
| Karen Massey<sup>2)</sup> | 47 | COO | Australia | March 13, 2023 |
| Karl Gubitz | 56 | CFO | South Africa and <br>U.S.<br>| June 1, 2021 |
| Peter Ulrichts | 46 | Chief Scientific Officer | Belgium | January 1, 2023 |
| Malini Moorthy | 56 | General Counsel and <br>Corporate Secretary<br>| Canada and U.S. | February 14, 2022 |
| Luc Truyen | 61 | Chief Medical Officer | Belgium and U.S. | April 1, 2022 |
| Arjen Lemmen | 41 | Vice-President Corporate <br>Development & Strategy<br>| The Netherlands | May 1, 2016 |
| Andria Wilk | 53 | Global Head of Quality | UK | January 13, 2020 |

---

1)Tim Van Hauwermeiren will transition from his current CEO role to the position of Non-Executive chairperson of the Board of Directors after

receiving approval from the shareholders during the 2026 General Meeting.

2)It is envisaged that Karen Massey, our current COO, will be appointed as an Executive Director at the 2026 General Meeting and subsequently

elected as CEO by the Board of Directors.

*Tim Van Hauwermeiren*

Tim Van Hauwermeiren co-founded our Company in 2008 and has served as our CEO since July 2008. He has served as

a member of our Board of Directors since July 2014.

Tim Van Hauwermeiren has almost 31 years of general management and business development experience across the

life sciences and consumer goods sectors. He also serves on the board of directors of Lexeo Therapeutics, Inc. and

Denali Therapeutics, Inc.

*Karen Massey*

Karen Massey has served as our COO since March 2023.

Ms. Massey has over 25 years of experience in the pharmaceutical and biotechnology industry, including in commercial,

product development, corporate strategy, and innovation roles. Prior to joining argenx, Ms. Massey was with Genentech

(Roche Group) for over nine years, where she most recently served as senior vice president of product development and

global clinical operations and previously held various commercial leadership roles across marketing and business

operations, including as the vice president of the multiple sclerosis and neuromyelitis optica business. Ms. Massey

started her biopharmaceutical career in marketing at Pfizer Inc., and returned there, after two years as a management

consultant at Bain & Company, to take on leadership positions in corporate strategy and sales and as a commercial lead

in Latin America.

*Karl Gubitz*

Karl Gubitz has served as our CFO since June 2021.

Mr. Gubitz previously worked at Pfizer Inc. for nearly 20 years, most recently as vice president of finance within the

global oncology business. Within Pfizer Inc., Mr. Gubitz held country, regional, and global positions, and consistently

delivered top-line growth. He managed teams of over 250 colleagues in financial leadership roles within the global

internal medicine and global innovative products businesses. Prior to joining Pfizer Inc. in 2003, Mr. Gubitz held various

management roles at PricewaterhouseCoopers LLP.

*Peter Ulrichts*

Peter Ulrichts has served as our chief scientific officer since January 2023. In this role, he oversees the development of

all clinical and pre-clinical compounds within our pipeline.

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Dr. Ulrichts previously served in various roles at the Company since he joined us in 2010, including, most recently, as

our head of clinical science. As a research scientist, Dr. Ulrichts was involved in the development of various therapeutic

antibodies for the treatment of cancer and autoimmune diseases. In 2013, he headed the development of our FcRn

antagonist efgartigimod until the first-in-human clinical trial. He subsequently transitioned to become the lead scientist

of our efgartigimod program.

*Malini Moorthy*

Malini Moorthy has served as our general counsel and corporate secretary since February 2022.

She has over 26 years of extensive global legal and compliance experience in the biopharmaceutical and medical device

industries. She was most recently senior vice president and chief deputy general counsel of legal, compliance, and

government affairs at Medtronic plc, where she played a pivotal role in shaping and driving enterprise and functional

strategies. Before joining Medtronic plc, Ms. Moorthy spent four years at Bayer Corporation as the head of global

litigation and investigations and 10 years at Pfizer Inc., where she progressed to lead civil litigation globally. Ms.

Moorthy began her career as a law firm associate, first with McCarthy Tétrault LLP and Genest Murray Desbrisay

Lamek LLP in Toronto, Canada and then Salans LLP (now Dentons US LLP) in New York City.

*Luc Truyen*

Luc Truyen has served as our chief medical officer since April 2022 and previously served as our head of research and

development operations management from September 2021 to April 2022.

Prior to this, Dr. Truyen was with Johnson & Johnson (and its subsidiary companies) for over 21 years holding various

leadership positions, primarily within neuroscience. In his most recent position prior to joining argenx, Dr. Truyen was

global head of development and external affairs for neuroscience, managing the strategy and delivery of the early and

late portfolio of assets for mood disorders, schizophrenia, and neurodegenerative and neuroinflammatory disorders.

Besides Dr. Truyen's strong track record in clinical development resulting in several globally innovative drug approvals,

his broad-based experience also includes leading global clinical development operations for the whole Johnson &

Johnson pharmaceutical group as well as serving as the head of research and development and chief medical officer of

Janssen Alzheimer Immunotherapy Research & Development LLC, an internal spin-out from Johnson & Johnson.

*Arjen Lemmen*

Arjen Lemmen joined argenx in 2016 and has served as our vice president of corporate development & strategy since

2019. He has successfully executed several transactions including a number of programs within the IIP.

Prior to joining the Company, Mr. Lemmen served as a corporate finance specialist at Kempen & Co NV focusing on

mergers and acquisitions, equity capital markets and strategic advisory transactions in the European life sciences

industry.

*Andria Wilk*

Andria Wilk joined argenx as global head of quality in January 2020. Ms. Wilk has more than 26 years of experience in

quality assurance within the pharmaceutical industry. Most recently, Ms. Wilk served as senior director, head of medical,

regulatory & clinical quality assurance at H Lundbeck A/S, where she managed the global medical, regulatory & clinical

quality assurance group based in the EU, U.S., and Asia. In this role, she was responsible for the global audit programs

and quality assurance support for all clinical trial and post-marketing activities and related computerized systems.

Prior to H Lundbeck A/S, she held various quality assurance positions of increasing responsibility within AstraZeneca

plc, Takeda Global Research, Development Centre Europe, and Astellas Pharma Inc.

**General Information About Our Directors and Senior Management**

As of the date of this Annual Report (or in any period before), none of the members of our Board of Directors and senior

management has or has had a family relationship with any other member of our Board of Directors or senior

management, and there are no arrangements or understandings with major shareholders, customers, suppliers or others,

pursuant to which any person referred to above was selected as a member of our Board of Directors or senior

management. For further information regarding any arrangements pursuant to which our Board of Directors or senior

management were appointed, see *<u>"Item 7.B. — Related Party Transactions</u> <u>—</u> <u>Agreements with Our Senior</u>*

*<u>Management</u>*".

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**B.COMPENSATION** 

**Remuneration Report and Compensation Statement**

***Letter from the Chairperson of the Remuneration and Nomination Committee***

Dear Stakeholders,

Introduction

On behalf of the Remuneration and Nomination Committee, I am pleased to present the 2025 remuneration report (the

2025 Remuneration Report), which outlines the Committee's activities over the past year and provides insight into how

the Company's achievements and continued progress in 2025 have shaped the remuneration of our CEO and Board of

Directors.

In compliance with article 2:135b of the Dutch Civil Code, the European Shareholder Rights Directive and the DCGC,

this 2025 Remuneration Report discloses how we implemented our 2021 Remuneration Policy for the Board of Directors

and CEO in 2025 and explains how we will move forward with the 2025 Remuneration Policy, which became effective

upon receiving shareholder approval at the 2025 Extraordinary General Meeting, held on November 18, 2025. In so

doing so we hope that we can demonstrate the CEO is not only rewarded for immediate achievements, but also for

sustained progress in our business strategies, individual objectives, and key strategic non-financial metrics that we

believe underpin our long-term mission and strategy.

argenx performance in 2025

2025 was a year of strong execution and strategic delivery across argenx' core priorities. We made substantial progress

toward our Vision 2030 ambition of reaching 50,000 patients globally, treating approximately 19,000 patients across

three indications (gMG, CIDP and ITP) and three product presentations. We successfully launched the VYVGART

Hytrulo pre-filled syringe in MG and CIDP, which expanded access to new patient segments and enabled more

convenient treatment options. At the same time, the Company continued to invest in long-term value creation by

advancing a robust and diversified pipeline, entering 2026 with 10 ongoing registrational clinical trials and adding four

new molecules to the pipeline. Our Senior Management Team, including the CEO, CFO and COO (Named Executive

Officers or NEOs), guided the organization through a year of operational intensity, progressing late-stage clinical

programs, supporting regulatory submissions, scaling commercial operations and building the infrastructure required for

sustainable growth, while positioning argenx for its next phase of leadership and innovation.

In gMG, we strengthened our position as the #1 prescribed and fastest-growing biologic, supported by increasingly

earlier use in the treatment paradigm and continued expansion into broader patient populations. Positive topline data

from the Seronegative gMG clinical trial strengthened our ambition to be the treatment of choice and to pursue the

broadest MG label to date. In CIDP, real-world outcomes continued to validate the ADHERE results, with physicians

reporting sustained functional improvement and patients experiencing greater independence and quality of life. This

strong commercial execution resulted in a historic milestone for the company, with VYVGART surpassing $1 billion in

product net sales in a single quarter for the first time in the third quarter.

Fixed base pay

After our annual comprehensive base pay review, in 2025 the CEO, CFO and COO's base pay increased from EUR

700,000 to EUR 732,000 ($827,160), $553,000 to $578,000 and CHF 594,000 to CHF 615,000 ($741,641), which is an

increase of 4.6%, 4.5% and 3.5% respectively. These increases are determined in accordance with the Company's global

base pay increase principles and guidelines and are consistent with the methodology used to determine base pay

increases for employees across the organization. In addition, they reinforce our commitment to a balanced, performance-

driven remuneration structure that supports sustainable long-term value creation, while maintaining fairness and

transparency and taking into account annually performed scenario analyses, including benchmarking exercises in setting

total remuneration levels.

Even with the above-referenced increase, the CEO's base pay, at his own request, remained below the 25th percentile of

the 2024 peer group.

Short Term Performance Pay

The CEO, CFO and COO delivered strong performance outcomes in 2025, resulting in STI payouts of 150% of target for

the CEO, 150% for the CFO and 175% for the COO. These outcomes reflect the successful launch of the pre-filled

syringe on April 10, 2025, associated revenue growth and continued delivery against key strategic priorities. The

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Remuneration and Nomination Committee considers that these results accurately reflect performance against the targets

set at the start of the year and demonstrate clear alignment between pay and performance. Further details on individual

achievements are provided in the main body of the report.

Long Term Performance Pay

Over 2025, argenx's share price rose by 20% from €600.00 to €716.80. In fact, over a three-year period, from December

31, 2022 to December 31, 2025, the share price has risen by approximately 106%, from €348.30 to €716.80 per share,

further underscoring the NEOs successful long-term performance.

Under the 2021 Remuneration Policy, as part of the long-term incentive pay (LTIP), the NEOs received RSUs and stock

option grants. For disclosure on these awards vesting in 2025, please refer to ''Section 3.4.3 LTIP'' of this 2025

Remuneration Report.

Under the 2025 Remuneration Policy approved in November 2025, RSUs have been replaced by PSUs. As a result, the

LTIP is now fully 'at-risk' as it is entirely performance-based and a mixture of stock options (no more than 50% of the

annual grant) and PSUs (at least 50% of the annual grant). For the PSU portion of the 2025 grant, they will be assessed

on the following performance metrics and targets:

• Maximize the VYVGART opportunity consisting of the following targets: 2027 annual revenue (50%) and gMG

Label Expansion (15%);

• Build a portfolio of breakthrough antibody-based products consisting of the following target: FDA submissions

(15%);

• Ensure long-term sustainability as an independent company consisting of the following target: Pipeline progression

(10%); and

• Scaling the argenx way consisting of the following target: talent retention (10%).

For further information on the 2026 PSU awards, please refer to ''*<u>Item</u> <u>6.B</u> <u>—</u> <u>Remuneration Report and Compensation</u>*

*<u>Statement</u> <u>—</u> <u>LTIP</u>*'' of this 2025 Remuneration Report.

Stakeholder Engagement

Shareholders play a crucial role in our success by providing invaluable support and fostering strong partnerships that are

essential to our growth. We deeply appreciate their continued commitment and strive to keep them well-informed,

ensuring a lasting and productive relationship.

During 2025, we directly engaged with our top 60 shareholders and other shareholders who previously engaged with us

(holding a total of approximately 70% of our shares) as well as with proxy advisors, resulting in strong shareholder

endorsement, with approximately 96% of votes cast in favor of the 2025 Remuneration Policy during the 2025

Extraordinary General Meeting held on November 18, 2025, reflecting broad support for the Company's approach to

executive remuneration.

Looking Forward

As announced on January 5, 2026, our current CEO, Tim Van Hauwermeiren, will transition from his CEO role to the

position of Non-Executive chairperson of the Board of Directors, subject to receiving approval from the shareholders

during the 2026 General Meeting. I would like to express the Committee's immense appreciation for his great leadership,

contributions and accomplishments delivered since the Company's founding in 2008. The Board of Directors will

appoint our current COO, Karen Massey, as our new CEO, following the approval of her nomination to Executive

Director by the shareholders during the 2026 General Meeting. We are delighted to receive overwhelmingly positive

feedback from shareholders since the announcement of the leadership transition and strong support for both Tim Van

Hauwermeiren and Karen Massey's new roles.

Tim Van Hauwermeiren's anticipated CEO remuneration for 2026 will be in accordance with the provisions of the 2025

Remuneration Policy and is summarized below:

• Treatment of base pay: The annual base pay for 2026 will be paid, pro-rated, up to and including the date of his

resignation as CEO at the 2026 General Meeting.

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• Treatment of 2026 STI: The 2026 STI will be paid on a pro-rated basis up to and including the date of his resignation

as CEO at the 2026 General Meeting, in accordance with the Founder CEO legacy agreement. Full details will be

disclosed in the 2026 Remuneration Report.

• Treatment of LTI: All unvested equity other than PSUs will immediately and fully vest at the time of the 2026

General Meeting. The PSUs granted in 2025 will remain subject to their normal three-year performance period and

will vest in 2027, based on performance and pro-rated for time served as CEO in calendar years 2025 and 2026 (up to

and including the date of his resignation as CEO at the 2026 General Meeting). Tim Van Hauwermeiren will not

receive a new pro-rated 2026 LTIP grant, including both stock options and PSUs.

Subject to approval by the shareholders at the 2026 General Meeting, Tim Van Hauwermeiren's remuneration

arrangements as Non-Executive chairperson of the Board of Directors will be in accordance with the 2025 Remuneration

Policy.

For more information regarding Tim Van Hauwermeiren's 2026 compensation as CEO and as Non-Executive

chairperson of the Board of Directors, including when details on achievement and pay-out will be available, please refer

to section ''*<u>Item 6.B</u> <u>—</u> <u>Remuneration Report and Compensation Statement</u> <u>—</u> <u>Looking Forward</u>*'' below.

More information on Karen Massey's remuneration will be disclosed in the convocation notice for the 2026 General

Meeting, which will become available on or around the date of this 2025 Remuneration Report.

I share the enthusiasm and excitement expressed by our shareholders about the upcoming leadership transition, and I am

confident that with Tim Van Hauwermeiren as the Non-Executive chairperson of the Board of Directors and Karen

Massey as CEO, argenx is extremely well-positioned for the long term.

We will continue to engage actively on this leadership transition and other relevant topics with our key stakeholders and

proxy advisors throughout 2026 and beyond. We remain available to address any questions regarding corporate

governance and executive compensation.

On behalf of the Remuneration and Nomination Committee I would like to thank all our investors, employees and

stakeholders for their continued support and I ask that shareholders vote to approve this report at the 2026 General

Meeting.

Ana Céspedes

Chairperson, Remuneration and Nomination Committee

***Remuneration Policy***

Summaries for each approved policy, which guided our backward-looking and forward-looking pay decisions during the

year-under-review are below. For more details on these policies, please refer to the below links provided

• The 2021 Remuneration Policy: *<u>https://argenx.com/content/dam/argenx-corp/media-documents/</u>*

*<u>argenx_remuneration_policy_final_approved_11_May_2021.pdf</u>*.

• The 2025 Remuneration Policy: *<u>https://argenx.com/content/dam/argenx-corp/media-documents/</u>*

*<u>EGM_November_2025-Remuneration_Policy.pdf</u>*.

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*Executive Director Remuneration Policy*

---

| | | |
|:---|:---|:---|
| **Pay Element** | **2021 Remuneration Policy**<br>**(77% approval)**<br>| **2025 Remuneration Policy** <br>**(approx. 96% approval)**<br>|
| Base Pay | •Set at or around the 50th percentile of U.S. peer <br>group for U.S.-based executives, and around the <br>75th percentile of EU peer group for EU-based <br>executives.<br>| •Targets the 50th percentile of the Executives in <br>the peer group.<br>|
| Benefits and <br>Pension<br>| •Customary fringe benefits including pension <br>contributions, hospitalization and disability <br>insurance, severance arrangement, company car, <br>phone, and laptop.<br>| •Benefits and pension contributions aligned with <br>those of other employees within the same legal <br>entity and in accordance with local market <br>practice.<br>|
| Short-Term <br>Incentive<br>| •Cash-based target STI for CEO is 60% of base <br>pay at 100% target achievement; maximum <br>payout of 120% of base pay.<br>•Typically 60% of targets related to quantitative <br>targets (building the business) and 40% of targets <br>related to qualitative targets (building the <br>organization). Target mix was not fixed.<br>| •Quantum unchanged from 2021 Remuneration <br>Policy.<br>•Majority of targets are quantitative and at least <br>50% of STI linked to financial performance <br>targets. Qualitative targets will be milestone-based <br>to the extent possible.<br>|
| Long-Term <br>Incentive<br>| •100% time-based LTI (no performance <br>conditions). Plan consisting of time-based stock <br>options and time-based RSUs.<br>•No cap on LTI opportunities included.<br>•Stock options vest 1/3 after 1 year and then in <br>monthly installments until the end of the 3-year <br>period. RSUs vest 25% on each anniversary of the <br>grant date.<br>| •100% risk-based; LTI with no less than 50% <br>PSUs and no more than 50% stock options.<br>•The annual LTIP opportunity is 7x base pay at <br>target / 10x at maximum.<br>•As of 2026, stock options and PSUs have a 3-year <br>cliff vesting period; no equity vests before the end <br>of the 3 years.<br>|
| Shareholding <br>Requirements<br>| •No shareholding requirements. | •Equal to 6x annual base pay in the form of <br>company equity (excluding non-vested RSUs/<br>PSUs and stock options), to be built up over a <br>maximum of five years.<br>|
| Clawback <br>provisions<br>| •No clawback policy | •Clawback policy in place applicable to variable <br>remuneration paid out on the basis of financial <br>information which is subsequently restated.<br>|
| Recruitment <br>Provisions<br>| •Board may grant additional 1x regular equity <br>grant as sign-on award.<br>| •May offer buyout awards to compensate for value <br>lost by changing employers. <br>|

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| | | |
|:---|:---|:---|
| **Pay Element** | **2021 Remuneration Policy**<br>**(77% approval)**<br>| **2025 Remuneration Policy** <br>**(approx. 96% approval)**<br>|
| Leaver <br>Provisions<br>| •No explicit leaver provisions. | •STIP: Legacy provision for current Executive <br>Director to be pro-rated for time and performance <br>upon termination. For any other Executive <br>Director, there will be no STI payout unless in <br>service on 31 December of that performance year.<br>•LTIP: Legacy provision for current Executive <br>Director provides for immediate and full vesting <br>at time of termination, except for the PSUs. For <br>any other Executive Director, upon leaving the <br>Company, unvested stock options and PSUs are <br>forfeited without compensation. During <br>performance period other than dismissal for cause <br>or underperformance, vesting of PSUs will be pro-<br>rated for time and performance at the end of 3-<br>year performance period.<br>|
| Peer Group | •Reference group includes European and U.S.-<br>based integrated, commercial-stage life science <br>companies. Selected for comparability in size, <br>activities and market presence<br>| •Reference group comprises European and U.S.-<br>based commercial-stage biopharmaceutical <br>companies selected for comparability in <br>innovation focus, global reach, size (revenue and <br>market value relative to argenx), market presence <br>and public listing.<br>|

---

*Non-Executive Director Remuneration Policy*

---

| | | |
|:---|:---|:---|
| **Pay Element** | **2021 Policy (77% approval)** | **2025 Policy (96% approval)** |
| Cash | •Benchmarked regularly fees could be adjusted as <br>necessary based on regular benchmarking <br>exercises to ensure continued fair and competitive <br>remuneration.<br>| •Annual cash retainer fee targets the 50th <br>percentile of the peer group and benchmarked <br>annually. 2025 Board of Directors membership <br>fee: $60k per year, with additional $59.5k for the <br>chairperson. Committee members receive <br>(depending on the committee) $10,000-12,500 for <br>membership or $20,000-25,000 for chairmanship.<br>|
| Equity | •Share options and/or restricted share units in an <br>amount that is at or around the 50th percentile of <br>the U.S. companies in our reference group. Per <br>2021, we granted 2,700 stock options and 600 <br>RSUs to each Non-Executive Director. Equity <br>granted was adjusted on the basis of benchmark <br>outcomes and in consideration of developments in <br>the composition of equity incentives offered by <br>argenx to key persons outside the Board of <br>Directors, including company employees.<br>•RSUs vest over 4 years and stock options vesting <br>over 3 years.<br>•Since 2024, stock options no longer granted to <br>Non-Executive Directors to avoid any perceived <br>effect on independence; switched to granting <br>RSUs.<br>| •Annual equity grant of $400,000 in the form of <br>restricted shares with no vesting conditions, <br>targeting the 50th percentile of the peer group and <br>subject to annual review. No shares may be sold <br>until after the 4th anniversary of the grant date, <br>except to the extent necessary to cover immediate <br>tax obligations resulting from the vest.<br>•Restricted shares are not subject to vesting <br>conditions. 4-year holding requirement for equity <br>grants (except sales to cover immediate tax <br>obligations).<br>|

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| | | |
|:---|:---|:---|
| **Pay Element** | **2021 Policy (77% approval)** | **2025 Policy (96% approval)** |
| Shareholding <br>Requirements<br>| •No shareholding requirements.  | •Holding of 5x annual Board of Director <br>membership retainer fees (as at the date of the <br>2025 Remuneration Policy, the annual retainer fee <br>was $60,000), to be built over a period of 5 years. <br>|
| Special travel <br>allowance<br>| •No special travel allowance. | •Special travel allowance of $5,000 for in-person <br>attendance at each board meeting held outside of a <br>Non-Executive Director's official continent of <br>residence.<br>|

---

*Reference Peer Group*

*Selection Criteria*

The argenx peer group is based on the following selection criteria:

• Sector (Biopharmaceutical companies, excluding diagnostics and animal health companies);

• Innovation focus (at least 25% of revenue is spent on R&D);

• Global reach (generates product revenues both within and outside the US);

• Revenue (1/4x – 4x of our annual revenue);

• Market capitalization (1/4x – 4x of our 30-day average market cap on the last business day prior to the date of the

Company-wide grant in June); and

• Listing location (listed on a major US Stock Exchange).

If there are fewer than 15 companies meeting all six criteria, the peer list will be supplemented with companies that meet

all but one criterion with the least relevant criterion dropped first, in the order as displayed above (from most to least

relevant).

For the 2025 Peer Group that was selected in Q3 2025, we made adjustments to our benchmarking methodology. In

response to shareholder feedback, we shifted the US listing criterion from the second most important criterion to the

criterion with the least significance. This resulted in an increase from 26.67% European peers in the 2025 Peer Group to

40% European peers in the 2025 Peer Group.

*The 2025 Peer Group was composed of the following global reference companies*

• US Companies: Alnylam Pharmaceuticals, Biogen, BioMarin Pharmaceutical, Incyte, Insmed, Moderna, Regeneron

Pharmaceuticals, Sarepta Therapeutics, Vertex Pharmaceuticals.

• European Companies: Ascendis Pharma, BeOne Medicines, BioNTech, Genmab, Jazz Pharmaceuticals, UCB.

Each year, the Remuneration and Nomination Committee will validate the peer group to ensure its relevance and the

Remuneration and Nomination Committee may recommend adjustments to the Board of Directors, if deemed necessary.

***NEO Remuneration in FY25***

*Base pay*

After our annual comprehensive base pay review, the CEO, CFO and COO's base pay increased from EUR 700,000 to

EUR 732,000 ($827,160), $553,000 to $578,000 and CHF 594,000 to CHF 615,000 ($741,641), which is an increase of

4.6%, 4.5% and 3.5% respectively. These increases are determined in accordance with the Company's global base pay

increase principles and guidelines and are consistent with the methodology and base pay increases for employees across

the organization. In addition, they reinforce our commitment to a balanced, performance-driven remuneration structure

that supports sustainable long-term value creation, while maintaining fairness and transparency and taking into account

annually performed scenario analyses including benchmarking exercises in setting total remuneration levels.

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*Pension and fringe benefits*

The benefits paid to the NEOs are jurisdiction dependent. For the CEO, these included benefits customary in the Belgian

market, and which are standard components of Belgian-based employee packages: pension contributions, a

hospitalization insurance, a representation allowance and a company car. The Company pension contribution percentage

of base pay for the CEO is equal to the Company pension contribution percentage for all employees in Belgium. For the

COO, these included benefits customary in the Swiss market, and which are standard components of Switzerland-based

employee packages: car allowance, lunch allowance, health insurance allowance, representation allowance and pension

contributions. For the CFO, these included benefits customary in the U.S. market, and which are standard components of

our U.S.-based employee packages: a company-administered health benefit plan and 401k plan.

*Short Term Incentive Pay*

The CEO, CFO and COO participated in the 2025 STIP with target opportunities of 60%, 40% and 50% of base pay, and

maximum opportunities of 120%, 80% and 100% of base pay, respectively. In assessing performance against the

Company's 2025 business plan, the Board determined that the NEOs delivered a strong year of execution, resulting in

STIP outcomes of 150% of target for the CEO and CFO and 175% for the COO.

Specifically for the CEO, he delivered strong performance against the measures. He exceeded the annual operating

budget revenue targets, successfully executing the PFS launch in the U.S., resulting in achieving the maximum

opportunity for the revenue goal. Target achievement was reached for the pipeline goal as the MG combination clinical

trial was launched and 3 new candidates were nominated and 3 new molecules graduated. The Innovation goal was also

met at target through championing key innovation projects and embedding innovation goals into the performance targets

of employees. Lastly, succession plans for key senior leaders as well as the CEO succession were accomplished at target

for scaling the argenx way goal to secure long-term leadership strength & organizational capabilities. The overall strong

performance resulted in a total weighted achievement of 150% of target opportunity.

Specifically for the CFO, he delivered a strong performance against the measures. He also exceeded the annual operating

budget revenue targets, successfully executing the PFS launch in the US, resulting in achieving the maximum

opportunity for the revenue goal. Maximum opportunity was also achieved for making substantial progress on the digital

finance transformation goal, including reductions in financial closing timelines, automation of financial processes and

transforming the planning cycle. Target achievement was reached for the P&L goal by effectively managing the

Company's tax commitments and managing headcount growth within the approved budget parameters, supporting

disciplined scaling for scaling the argenx way goal. The overall strong performance resulted in a total weighted

achievement of 150% of target opportunity.

Specifically for the COO, she delivered a very strong performance against the measures. Just like the CEO and CFO, she

exceeded the annual operating budget revenue targets, successfully executing the PFS launch in the US, resulting in

achieving the maximum opportunity for both the revenue and pipeline acceleration goals. Maximum opportunity was

also achieved for operational and digital transformation priorities, including the successful onboarding of the BIS leaders

and execution of key transformation objectives. Lastly, critical leadership hires were successfully onboarded and

operational excellence initiatives were embedded to accelerate novel therapies to patients, resulting in target achievement

for scaling the argenx way goal. The overall very strong performance resulted in a total weighted achievement of 175%

of target opportunity.

The Board considers the selected performance metrics to remain the most appropriate measures of NEO performance, as

they reflect the Company's key strategic, operational and financial priorities. The tables below outline the targets set and

the corresponding achievements for each NEO.

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***CEO 2025 STIP***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Performance Metric** <br>**and Weighting**<br>| **Measurement**<br>(how the Board of Directors <br>evaluated the target) <br>| **Threshold** | **Target** | **Max** | **Achievement**  | **Vesting** | **Actual** <br>**pay-out**<br>|
| Revenue (50%) | •Annual operating budget <br>revenue target delivered<br>•Successful PFS self-<br>administration approval and <br>launch in the U.S.<br>| 80% of annual <br>operating budget <br>target<br>| 100% annual operating <br>budget <br>| 120% annual <br>operating budget <br>| 120% annual operating <br>budget <br>| 100% | 496296 |
| Pipeline (20%) | •MG combo clinical trial <br>launched Q3 and/or<br>•Nominate 2 new ARGX-xxx <br>candidates and graduate 3 <br>discovery projects to lead <br>identification (PPD)<br>| •Combo trial <br>launched <br>•1 new ARGX-<br>xxx candidate <br>nominated<br>•2 molecules <br>graduated<br>| •Combo trial launched <br>•2 new ARGX-xxx <br>candidate nominated<br>•3 molecules graduated<br>| •Combo trial <br>launched in Q3<br>•3 new ARGX-<br>xxx candidate <br>nominated<br>•4 molecules <br>graduated<br>| •Combo trial launched <br>•2 new ARGX-xxx <br>candidate nominated<br>•3 molecules graduated<br>| 20% | 99259 |
| Innovation (20%) | •Champion key innovation <br>projects AND<br>•All variable pay eligible <br>employees have 1x <br>performance goal linked to <br>innovation AND<br>•Key innovations recognized, <br>celebrated and cascaded <br>throughout the Company <br>| •1x innovation <br>projects <br>championed <br>AND<br>•80% of <br>employees 1x <br>performance <br>goal linked to <br>innovation <br>AND<br>•3x key <br>innovation <br>celebrated at <br>the Corporate <br>update<br>| •3x innovation projects <br>championed AND<br>•90% of employees 1x <br>performance goal <br>linked to innovation <br>AND<br>•3x key innovation <br>celebrated at the <br>Corporate update<br>| •5x innovation <br>projects <br>championed <br>AND<br>•100% of <br>employees 1x <br>performance goal <br>linked to <br>innovation AND<br>•3x key <br>innovation <br>celebrated at the <br>Corporate update<br>| •3x innovation projects <br>championed AND<br>•90% of employees 1x <br>performance goal <br>linked to innovation <br>AND<br>•3x key innovation <br>celebrated at the <br>Corporate update<br>| 20% | 99259 |
| Scaling the argenx way <br>(10%)<br>| •Succession plan in place for <br>key senior leaders<br>| No plan in place | Plan in place | N/A | Plan in place | 10% | 49630 |

---

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***CFO 2025 STIP***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Performance Metric** <br>**and Weighting**<br>| **Measurement**<br>(how the Board of Directors <br>evaluated the target) <br>| **Threshold** | **Target** | **Max** | **Achievement** | **Vesting** | **Actual** <br>**pay-out**<br>|
| Revenue (30%) | •Annual operating budget <br>revenue target delivered AND<br>•Successful PFS self-<br>administration approval and <br>launch in the U.S.<br>| 80% of annual <br>operating budget<br>| 100% annual operating <br>budget <br>| 120% annual <br>operating budget<br>| 120% annual operating <br>budget <br>| 60% | 138720 |
| P&L (25%) | •Target effective tax rate in <br>2025 in line with annual <br>operating budget<br>| Effective tax rate <br>5% higher than <br>annual operating <br>budget<br>| Effective tax rate in line <br>with annual operating <br>budget<br>| Effective tax rate 5% <br>lower than annual <br>operating budget<br>| Effective tax rate in line <br>with annual operating <br>budget<br>| 25% | 57800 |
| Digital transformation (25%) | •Time required to close the <br>quarter reduced by 50% AND<br>•Annual operating budget <br>process transformation AND<br>•Financial accounts automation<br>| 2/3 metrics <br>achieved<br>| 3/3 metrics achieved | Significant additional <br>digitalization <br>achieved beyond the <br>3/3 metric achieved<br>| Significant additional <br>digitalization achieved <br>beyond the 3/3 metric <br>achieved<br>| 45% | 104040 |
| Scaling the argenx way <br>(20%)<br>| •Management headcount growth | Headcount growth <br>>105% of annual <br>operating budget<br>| Headcount growth < <br>102% of annual operating <br>budget<br>| N/A | Headcount growth >105% of <br>annual operating budget<br>| 20% | 46240 |

---

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***COO 2025 STIP***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Performance Metric** <br>**and Weighting**<br>| **Measurement**<br>(how the Board of Directors <br>evaluated the target) <br>| **Threshold** | **Target** | **Max** | **Achievement** | **Vesting** | **Actual** <br>**pay-out**<br>|
| Revenue (40%) | •Annual operating budget <br>revenue target delivered<br>•Successful PFS self-<br>administration approval and <br>launch in the U.S.<br>| 80% of annual <br>operating budget<br>| 100% annual operating <br>budget <br>| 120% annual <br>operating budget <br>| 120% annual operating <br>budget target<br>| 80% | 296656 |
| Pipeline Acceleration (20%) | •PFS FDA approval | FDA acceptance | •FDA acceptance with <br>no concerns and <br>review on track<br>| •FDA acceptance <br>with PDUFA <br>date < 6 months<br>| •FDA acceptance with <br>PDUFA date < 6 <br>months<br>| 40% | 148328 |
| Digital transformation (20%) | •Successful onboarding of <br>Business Information Systems <br>(BIS) leader and deliver on the <br>BIS OGSM<br>| 50% of the BIS <br>OGSM measures <br>delivered<br>| Onboarded and delivered <br>per annual operating <br>budget AND<br>80% of the BIS OGSM <br>measures delivered<br>| Onboarded and <br>delivered per annual <br>operating budget <br>AND<br>90% of the BIS <br>OGSM measures <br>delivered<br>| •Onboarded and <br>delivered per annual <br>operating budget <br>AND<br>•90% of the BIS <br>OGSM measures <br>delivered<br>| 35% | 129787 |
| Scaling the argenx way <br>(20%)<br>| •Successful onboarding of key <br>hires and leadership teams' <br>their OGSMs AND<br>•Elevate the operational <br>excellence community to a <br>leadership community and their <br>OGSM delivered<br>| N/A | Accomplished | N/A | Accomplished | 20% | 74164 |

---

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*2026 STIP*

The majority of the targets will be quantitative in nature and at least 50% of the total STIP opportunity for the NEO will

be linked to financial performance metrics. Qualitative targets will be milestone-based to the extent possible. For the

2026 STIP, the targets chosen are:

---

| | |
|:---|:---|
| **CEO: Performance Metric, Target Area and Weighting** | **Measurement**<br>**(how the Board of Directors evaluate the target)**<br>|
| Deliver continued VYVGART growth (50%) | 2026 financial plan revenue target delivered  |
| Pipeline Acceleration (25%) | •Deliver Ocular MG, Myositis and MMN top line data read-<br>outs in 2026 (10%)<br>•On track to deliver SjD & CIDP data read-outs in 2027 <br>(5%)<br>•Not disclosed (10%)<br>|
| Successful CEO transition (25%) | •Retention of key talent (12.5%)<br>•Shareholder feedback on transition (12.5%)<br>|

---

The STIP for the current CEO Tim Van Hauwermeiren will be pro-rated for time and performance until his resignation

as CEO at the 2026 General Meeting.

---

| | |
|:---|:---|
| **CFO: Performance Metric, Target Area and Weighting** | **Measurement**<br>**(how the Board of Directors evaluate the target)**<br>|
| Deliver continued VYVGART growth (50%) | 2026 financial plan revenue target delivered  |
| Capital allocation for long-term sustainable growth (25%) | Not disclosed |
| Champion digitization, automation, simplification and AI (10%) | Simplify and digitize financial processes |
| Scaling the argenx way (15%) | Headcount growth (15%) |

---

---

| | |
|:---|:---|
| **COO: Performance Metric, Target Area and Weighting** | **Measurement**<br>**(how the Board of Directors evaluate the target)**<br>|
| Deliver continued VYVGART growth (50%) | 2026 financial plan revenue target delivered  |
| Pipeline Acceleration (25%) | •Deliver Ocular MG, Myositis and MMN top line data read-<br>outs in 2026 (10%)<br>•On track to deliver SjD & CIDP data read-outs in 2027 <br>(5%)<br>•Not disclosed (10%)<br>|
| Scaling the argenx way (15%) | Headcount growth (15%) |
| Successful CEO transition (10%) | •Retention of key talent (5%)<br>•Shareholder feedback on transition (5%)<br>|

---

The Company will disclose the actual targets set on a threshold, target and maximum basis and achievements in the 2026

remuneration report, in line with the disclosure on the 2025 STIP achievements.

**LTIP**

***1.Awards Vesting in 2025:***

Under the 2021 Remuneration Policy as part of the long-term variable pay the CEO received RSUs and stock option

grants. As these had various vesting schedules, please refer to the tables included in ''*<u>Item 6.B</u> <u>—</u> <u>Remuneration Report</u>*

*<u>and Compensation Statement</u> <u>—</u> <u>Stock Option Overview</u>*'' below for the disclosure on the value of these awards vesting

in 2025.

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***2.Awards Granted in 2025:***

As per our 2025 Remuneration Policy, non-performance equity (RSUs) has been phased out of the LTIP. The following

information sets out the number, value and key terms of LTIP awards granted to the CEO in 2025. Notably, both stock

options and PSUs are based on three-year vesting schedules as included in our 2025 Remuneration Policy.

• Stock Options: The number of stock options was calculated by dividing the target value through the then applicable

Black-Scholes value based on 30 calendar days preceding the 15<sup>th</sup> day of the month in which the grant occurs (the

Reference Date), rounded up to the nearest whole number. The stock options granted on June 30, 2025 to the CEO

have an exercise price of €479.30 / $561.74.

• PSUs: The numbers of PSUs was calculated by dividing the target value through the average closing price 30

calendar days preceding the Reference Date, rounded up to the nearest whole number.

• Target Value: Using the above methodology, the total LTIP target grant was valued at $5,790,000, $3,395,000, and

$3,895,000 which is 7.0, 5.9 and 5.3 times the CEO's, CFO's and COO's base salaries, respectively. The CEO and

CFO received their respective equity grants converted into a number of stock options and PSUs on the Reference

Date of the 30-days average share price of 510.88 EUR/$569.17 per share preceding the Reference Date and the

Black-Scholes model fair market value of 172.92 EUR/$192.65 per stock option. Consequently, 15,027, 8,812,

10,110 stock options (50% of the LTIP grant) and 5,085, 2,983, 3,423 PSUs (50% of the LTIP grant) were granted to

the CEO, CFO and COO, respectively.

• NB: Relevant for CEO only as he is a Belgian beneficiary: these amounts do not reflect the actual economic value

realized by the beneficiary. Amounts included represent the expenses with respect to the assumptions used in the

Black-Scholes model which differ between Belgian beneficiaries versus non-Belgian beneficiaries, resulting in the

CEO's stock based compensation expenses being higher than other beneficiaries. For a description of the assumptions

used, refer to "*<u>Note 13 — Share-Based Payments</u>* in the ''*<u>Consolidated Financial Statements</u>*" which are included to

our Annual Report for the period ended December 31, 2025.

***PSUs***

Together with the rest of the Senior Management Team, the CFO and the COO Karen Massey, who is envisaged to be

elected as an Executive Director during the 2026 General Meeting and subsequently transition into the role of CEO, are

eligible to receive a PSU grant in 2026.

The current CEO, Tim van Hauwermeiren, will not receive a pro-rated PSU grant for 2026 in connection with his

transition into the role of Non-Executive Director and Chairperson of the Board of Directors at the 2026 General

Meeting.

The four measures of the 2026–2028 PSUs are based on the following principles:

• at least 50% of the pay opportunity will be linked to financial performance metrics such as revenue growth;

• at least 40% of the pay opportunity will be linked to innovation and pipeline progression metrics, such as delivering

clinical and regulatory milestones; and

• up to 10% of the pay opportunity will be linked to people and culture metrics essential for sustainable, long-term

value creation.

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Performance Metric**  | **Target**  | **Measurement (how the** <br>**Board of Directors will** <br>**evaluate the metric** <br>**and why it has been** <br>**chosen)**<br>| **Threshold** | **Target**  | **Max**  |
| Maximize the <br>VYVGART opportunity <br>(50%)<br>| 2028 annual revenue  | Minimum product net <br>sales of undisclosed <br>amount<br>| Targets and Executive Director achievement <br>will be disclosed retroactively in the 2028 <br>remuneration report, published in 2029 | Targets and Executive Director achievement <br>will be disclosed retroactively in the 2028 <br>remuneration report, published in 2029 | Targets and Executive Director achievement <br>will be disclosed retroactively in the 2028 <br>remuneration report, published in 2029 |
| Pipeline progression <br>(40%) | (s)BLA Approvals (in <br>addition to potential <br>Seronegative gMG and <br>Ocular MG) (20%)<br>| Undisclosed number of <br>new approvals<br>| Targets and Executive Director achievement <br>will be disclosed retroactively in the 2028 <br>remuneration report, published in 2029 | Targets and Executive Director achievement <br>will be disclosed retroactively in the 2028 <br>remuneration report, published in 2029 | Targets and Executive Director achievement <br>will be disclosed retroactively in the 2028 <br>remuneration report, published in 2029 |
| Pipeline progression <br>(40%) | Phase (ii) Progression <br>and/or IND / CTA <br>Assets Submissions <br>(20%)<br>| Undisclosed number of <br>new pipeline assets into <br>phase 2 and/or <br>undisclosed number of <br>new additional pipeline <br>assets IND / clinical trial <br>application submitted <br>| Targets and Executive Director achievement <br>will be disclosed retroactively in the 2028 <br>remuneration report, published in 2029 | Targets and Executive Director achievement <br>will be disclosed retroactively in the 2028 <br>remuneration report, published in 2029 | Targets and Executive Director achievement <br>will be disclosed retroactively in the 2028 <br>remuneration report, published in 2029 |
| Scaling the argenx way <br>(10%)<br>| Talent retention | Three-year average <br>voluntary employee <br>turnover equal to or <br>below 6.5% (target) or <br>equal to or below 8.5% <br>(floor)<br>| Targets and Executive Director achievement <br>will be disclosed retroactively in the 2028 <br>remuneration report, published in 2029 | Targets and Executive Director achievement <br>will be disclosed retroactively in the 2028 <br>remuneration report, published in 2029 | Targets and Executive Director achievement <br>will be disclosed retroactively in the 2028 <br>remuneration report, published in 2029 |

---

**Shareholding Requirements**

The remuneration policy requires an Executive Director to build up a shareholding requirement 6x their base pay. On

December 31, 2025, the CEO is in compliance with this requirement.

**Clawback policy**

In the year ended December 31, 2025, no variable remuneration was clawed back and no variable remuneration was

adjusted (retroactively).

**Looking Forward – Mr Van Hauwermeiren**

***2026 CEO position***

As Tim Van Hauwermeiren will be treated as a good leaver, his anticipated CEO remuneration for 2026 will be

delivered in accordance with the provisions of the 2025 Remuneration Policy and is outlined below:

• Treatment of base pay: The annual base pay for 2026 will be paid, pro-rated, up to and including the date of his

resignation as CEO at the 2026 General Meeting. This is expected to amount to EUR 261,665, being a 126 day pro-

rated pay out of the full 2026 base pay of EUR 758,000.

• Treatment of 2026 STI: The 2026 STI will be paid on a pro-rated basis up to and including the date of his resignation

as CEO at the 2026 General Meeting. Achievement and pay-out will be determined on the date of resignation at the

2026 General Meeting and will occur shortly thereafter to facilitate his full transition into a Non-Executive Director

and chairperson of the Board of Directors. Since at the date of this 2025 Remuneration Report the performance period

is still running until May 6, 2026, disclosure will be included in the 2026 remuneration report, available in the 2027

annual report.

• Treatment of 2025 LTI: All unvested equity other than PSUs will immediately and fully vest at the time of the 2026

General Meeting. The PSUs granted in 2025 will remain subject to their normal three-year performance period and

will vest in 2027, based on performance and pro-rated for time served as CEO in the calendar years 2025 and 2026

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(up to and including the date of his resignation as CEO at the 2026 General Meeting). The achievement and pay-out

will be determined based on the information available to us on May 6, 2026 and the actual vesting and pay-out will

occur at the end of the three-year performance period in 2027. Disclosure will be included in the 2027 remuneration

report, available in the 2028 annual report.

• Treatment of 2026 LTI: Tim Van Hauwermeiren will not receive a new pro-rated LTI for 2026, including both stock

options and PSUs. He will therefore not receive any new LTI for the time he serves as CEO in 2026.

After approval by the 2026 General Meeting, Tim Van Hauwermeiren's remuneration arrangements as Non-Executive

Chair will be in accordance with the 2025 Remuneration Policy.

***Non-Executive Director and chairperson of the Board of Directors***

After approval of his appointment as Non-Executive Director by shareholders at the 2026 General Meeting, Mr Van

Hauwermeiren's remuneration arrangements as Non-Executive Director and chairperson of the Board of Directors will,

in accordance with the 2025 Remuneration Policy, be as follows:

• Cash retainer fees: $124,000, consisting of $53,333 for his Non-Executive Director membership of the Board of

Directors, $53,333 for the role of chairperson of the Board of Directors, $8,667 for his Research & Development

Committee membership and $8,667 for his Remuneration and Nomination Committee membership. These fees are

benchmarked at the 50th percentile of cash remuneration in the 2025 Peer Group.

• Annual equity grant: $400,000 in the form of RSUs, which amount is benchmarked at the 50th percentile of the 2025

Peer Group.

**Non-Executive Director Remuneration**

***Total Non-Executive Director remuneration in the year ended December 31, 2025***

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Cash retainer fees** <br>**earned or paid in cash**<br>**(in $)**<sup>1)</sup><br>| **RSU awards**<br>**(in $)**<br>| **Total**<br>**(in $)**<br>|
| Peter Verhaeghe | 142000 | 394903 | 536903 |
| Steve Krognes | 95941 | 394903 | 490844 |
| Pamela Klein | 77500 | 394903 | 472403 |
| Donald deBethizy<sup>2)</sup> | 37547 |  | 37547 |
| Anthony Rosenberg | 82500 | 394903 | 477403 |
| James Daly | 97500 | 394903 | 492403 |
| Camilla Sylvest | 70000 | 394903 | 464903 |
| Ana Céspedes | 80941 | 394903 | 475844 |
| Brian Kotzin | 90000 | 394903 | 484903 |

---

1)This total amount includes the travel allowance of USD 5,000 for in-person attendance of each board meeting held outside the respective Non-

Executive Director's official continent of residence in accordance with clause 3.5.2 of the 2025 Remuneration Policy.

2)Donald deBethizy retired from the Board of Directors, the Remuneration and Nomination and Research and Development Committee on May 27,

2025. •The breakdown of the Non-Executive Director cash-fee structure and RSU grants can be found in the tables on the

next page.

• The annual cash retainer fees were at the 50th percentile of cash remuneration in the peer group for 2025

remuneration. Additionally, the Non-Executive Director RSU target amount of $400,000 was at the 50th percentile of

the 2024 peer group for 2025 remuneration.

• There is a difference between the annual equity compensation target amount of $400,000 and the value at grant of

$394,903. On the Reference Date, the annual equity compensation target amount of $400,000 was divided by the

average closing price of the Company's shares of the 30 calendar days preceding the Reference Date which amounted

to $569.17. The Company's share price on the grant date of June 30, 2025 was $561.74.

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***Non-Executive Director Shareholding***

Non-Executive Directors are required to hold at least 5x annual Board of Director membership retainer fees ($60,000 in

2025) worth of Company stock for the duration of their role. As of December 31, 2025, all Non-Executive Directors

comply with this requirement.

***Deviations***

In the year ended December 31, 2025, the Company did not deviate from the decision-making process for Executive and

Non-Executive Director pay and no deviations took place from the 2021 Remuneration Policy or the 2025 Remuneration

Policy.

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***Annual Cash (top) and Equity (Bottom) Compensation for Non-Executive Directors***

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **In $** | **In $** | **In $** | **In $** | **In $** | **In $** | **In $** | **In $** | **In $** |
| <br>**Relevant body** | <br>**Position** | <br>**Fees in $** | **Peter** <br>**Verhaeghe**<br>| **Steve** <br>**Krognes**<br>| **Pamela** <br>**Klein**<br>| **Donald** <br>**deBethizy**<br>| **Anthony** <br>**Rosenberg**<br>| **James Daly** | **Camilla** <br>**Sylvest**<br>| **Ana Céspedes** | **Brian Kotzin** |
| Board of Directors | Chairperson  | 119500 | 119500 |  |  |  |  |  |  |  |  |
| Board of Directors | Member  | 60000 |  | 60000 | 60000 | 24355 | 60000 | 60000 | 60000 | 60000 | 60000 |
| Board of Directors | Travel<br> Allowance<br>| 5000 |  | 5000 | 5000 |  |  | 5000 |  | 5000 | 5000 |
| Audit and Compliance <br>Committee | Chairperson  | 25000 |  | 25000 |  |  |  |  |  |  |  |
| Audit and Compliance <br>Committee | Member  | 12500 | 12500 |  |  |  | 12500 | 12500 |  |  |  |
| Remuneration and <br>Nomination Committee | Chairperson  | 20000 |  |  |  | 8118 |  |  |  | 11882 |  |
| Remuneration and <br>Nomination Committee | Member  | 10000 | 10000 | 5941 |  |  |  |  |  | 4059 |  |
| Commercial Committee | Chairperson  | 20000 |  |  |  |  |  | 20000 |  |  |  |
| Commercial Committee | Member  | 10000 |  |  |  |  | 10000 |  | 10000 |  |  |
| Research and Development <br>Committee | Chairperson  | 20000 |  |  |  |  |  |  |  |  | 25000 |
| Research and Development <br>Committee | Member  | 12500 |  |  | 12500 | 5074 |  |  |  |  |  |
| Total |  |  | 142000 | 95941 | 77500 | 37547 | 82500 | 97500 | 70000 | 80941 | 90000 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **RSUs granted in 2025**<sup>1)</sup> | **RSUs granted in 2025**<sup>1)</sup> | **RSUs granted in 2025**<sup>1)</sup> | |
| <br>**Name** | **# RSUs** | **Key terms** | **Value at grant** <sup>2)</sup> | <br>**Total** |
| Peter Verhaeghe | 703 | (1) | $394903 | $394903 |
| Ana Céspedes | 703 | (1) | 394903 | 394903 |
| James Daly | 703 | (1) | 394903 | 394903 |
| Pamela Klein | 703 | (1) | 394903 | 394903 |
| Brian Kotzin | 703 | (1) | 394903 | 394903 |
| Steve Krognes | 703 | (1) | 394903 | 394903 |
| Anthony Rosenberg | 703 | (1) | 394903 | 394903 |
| Camilla Sylvest | 703 | (1) | 394903 | 394903 |

---

1)Donald deBethizy was not granted any RSUs in 2025 because he retired from the Board of Directors on May 27, 2025.

2)There is a difference between the annual equity compensation target amount of $400,000 and the value at grant of $394,903. On the Reference Date, the annual equity compensation target amount of

$400,000 was divided by the average closing price of the Company's shares of 510.88 EUR/$569.17 in the 30 calendar days preceding the Reference Date. The Company's share price on the grant date

of June 30, 2025 was $479.30/$561.74.

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**Pay Ratio**

The total expense for the non-equity remuneration paid to the CEO for the year ended December 31, 2025, totalled

$1,631,826. The table below shows the evolution over the past five years of CEO compensation, the performance of the

Company's stock price and the median remuneration on a full-time equivalent basis (annualized for the employees who

joined or left us during the year) of employees, other than the CEO:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **2021** | **2022** | **2023** | **2024** | **2025** |
| Base pay of the CEO (EUR) | 551250 | 606368 | 606368 | 700000 | 732000 |
| Base pay of the CEO (USD) | $580825 | 638901 | 655787 | 757680 | 827160 |
| Non-equity remuneration of the CEO (USD) (base pay, <br>short-term cash incentive, pension contributions and <br>other compensation elements)<br>| $1285136 | 1443925 | 1285056 | 1598471 | 1631826 |
| Total remuneration of the CEO (USD) (non-equity <br>remuneration, STI and LTI)<br>| $7263828 | 7778298 | 11944835<sup>1)</sup> | 7807786  | 7429771 |
| Non-equity median salary paid to employees (USD) | $157349 | 153193 | 159500 | 180543 | 195500 |
| Non-equity remuneration ratio employee/CEO | 12% | 11% | 12% | 11%  | 12% |
| Average remuneration paid to Non-Executive Director <br>(USD)<br>| $54484 | 48587 | 59230 | 81204 | 85992 |
| Number of employees on December 31 | 650 | 843 | 1148 | 1599 | 1863 |
| Share price at end of year Euronext (EUR) on December <br>31<br>| 315.30 | 348.30 | 343.50 | 600.00 | 716.80 |
| Share price at end of year Euronext (USD) on December <br>31<br>| $357.11 | 371.50 | 379.57 | 623.34 | 842.24 |

---

1)Based on the approved 2023 equity allocation scheme, the total equity target value for Tim Van Hauwermeirenis equal to $6,986,986. Please

refer to *<u>"Item 6.B. — Compensation — Equity —</u> <u>Determination of target value of CEO equity grant</u>* included in "*<u>Equity</u>*" above for more

information on the variation in granted equity value between 2023 and 2024.

The comparison of non-equity compensation above is made between the compensation paid to the CEO, the Company's

sole statutory Executive Director on the Board of Directors, and the median compensation paid to employees. The

Company has opted to compare non-equity salaries, because while the number of stock options granted is linked to the

overall size of remuneration packages granted, the value of equity components depends on the evolution of the

Company's share price, volatility and the risk-free rate, which is unknown at the time of grant and as such the forward-

looking valuation methods for stock options normally do not provide an accurate representation of actual economic value

granted. In the assumptions used, the fair valuation differs between a Belgian beneficiary versus a non-Belgian

beneficiary. For a description of the assumptions used in valuing these awards, please refer to "*<u>Note 13 — Share-Based</u>*

*<u>Payments</u>*" in the "Consolidated Financial Statements" which are included to our Annual Report for the period ended

December 31, 2025.

***Regional pay ratios***

Due to the global spread of employees over multiple continents, we have also included the above comparison to a

regional basis for U.S. employees, EU employees and Japanese employees. Due to the overall higher compensation level

in the business sector in the U.S. compared to the EU and Japan, there is a significant difference in the pay ratio when

the CEO's compensation is compared to the median compensation of all employees, compared to employees in the U.S.

The following information is provided for reference purposes:

---

| | |
|:---|:---|
| **Ratio of non-equity compensation of the median employee compared to the CEO for the year ended December 31, 2025** | **Ratio of non-equity compensation of the median employee compared to the CEO for the year ended December 31, 2025** |
| All employees | 12% |
| North American employees | 16% |
| European employees | 9% |
| Japanese employees | 5% |
| Rest of the World employees | 13% |

---

Total employment costs (excluding any costs related stock options and RSUs) paid in the year ended December 31, 2025

was split between regions as follows:

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---

| | |
|:---|:---|
| **Total employment costs in the year ended December 31, 2025** | **Total employment costs in the year ended December 31, 2025** |
| **(in millions of $)** | **(in millions of $)** |
| North-America | 272 |
| Europe | 247 |
| Japan | 16 |
| Rest of the World | 3 |

---

***Share-based payment ratios***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **2021** | **2022** | **2023** | **2024** | **2025** |
| Stock options granted to the CEO | 25000 | 25000 | 30000 | 18279 | 15027 |
| RSUs granted to the CEO | 5700 | 5700 | 6700 | 6762 | 0 |
| PSUs granted to the CEO | N/A | N/A | N/A | N/A | 5085 |
| Median stock options granted to employees | 981 | 900 | 600 | 306 | 221 |
| Median RSUs granted to employees | 200 | 200 | 94 | 148 | 75 |
| Ratio employee/CEO for stock options | 4% | 4% | 2% | 2% | 1% |
| Ratio employee/CEO for RSUs<sup>1)</sup> | 4% | 4% | 1% | 2% | N/A |
| Ratio employee RSUs/CEO for PSUs<sup>1)</sup> | N/A | N/A | N/A | N/A | 1% |
| Median number of stock options granted to Non-Executive <br>Directors<sup>2)</sup><br>| 2700 | 2700 | 1600 | N/A | N/A |
| Median number of RSUs granted to Non-Executive <br>Directors <br>| 600 | 600 | 350 | 1124 | 703 |
| Median stock options granted to employees | 981 | 900 | 600 | 306 | 120 |
| Ratio Non-Executive Directors/employee stock options<sup>2)</sup> | 36% | 33% | 38% | N/A | N/A |
| Ratio Non-Executive Directors/employee RSUs | 33% | 33% | 27% | 13% | 11% |

---

1)In 2025, PSUs were only granted to members of the Executive Management Team and therefore, the median employee has not received PSUs.

2)In 2024 and 2025, the Non-Executive Directors only received RSUs and no longer were granted stock options.

**Other Disclosures**

***Remuneration by subsidiaries***

In the year ended December 31, 2025, no remuneration was granted and allocated by subsidiaries or other companies

whose financials are consolidated, other than the regular remuneration payments made by the entities with whom

members of Senior Management Team have their employment contracts.

***Severance arrangements***

In the year ended December 31, 2025, no severance payments were granted to the Non-Executive Directors.

***No loans or guarantees***

In the year ended December 31, 2025, no loans or guarantees or the like were provided to the NEOs or the Non-

Executive Directors.

**Key terms of equity plan applicable to grants in 2025**

Stock options granted pursuant to the Equity Incentive Plan shall vest over a 36-month period, with 12/36ths of the total

grant vesting on the first anniversary of the grant date and the remaining 24/36ths vesting in equal monthly installments

of 1/36th each month thereafter. The number of Stock Options that vest on each vesting date is rounded to the nearest

whole number. Fractions below 0.5000 are rounded down, while fractions of 0.5000 or above are rounded up. If

rounding down, the difference is added to the next vesting date; if rounding up, the difference is deducted from the next

vesting date. Any remaining unvested equity is fully vested on the final day of the applicable vesting period—36 months

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for Stock Options, subject, in each case, to the plan participant's continued employment or mandate. Stock options are

exercisable when vested, and in any case not after the stock option expiration date included in each individual stock

option grant, which is 10 years, or in the case of Belgian tax resident employees, at their election either 5 years or 10

years from the date of grant.

Each stock option shall be granted with an exercise price equal to the fair market value upon the date of grant and shall

have a term equal to five or 10 years from the date of grant. Plan participants may prefer to elect the five-year period as

this may limit their personal tax obligations in respect of the stock option in respect to the jurisdiction where stock

options are taxed at grant, compared to a ten-year stock option. Stock options granted to Belgian tax resident

beneficiaries (including the CEO) are not exercisable prior to the fourth year following the year of the grant. More

specifically, stock options granted to an Executive Director cliff vests on the third anniversary of the grant date. Non-

Executive Directors are not eligible to receive any stock option grants.

RSUs granted under the Equity Incentive Plan shall vest over a period of four years with respect to one fourth of the

shares upon each anniversary of the date of grant. At the time of vesting, the holder of such RSUs receives shares in the

share capital of the Company for free equal to the number of RSUs vested minus a certain number of shares required to

cover employee taxes payable by us on behalf of the holder of RSUs, if applicable. Since 2025, RSUs are no longer

granted to the NEOs.

Any RSUs granted to Non-Executive Directors in 2025 vested after one year instead of four years and are subject to a

three-year holding period. In accordance with our 2025 Remuneration Policy, any RSUs granted in 2026 and beyond to

Non-Executive Directors are not subject to any vesting conditions and the shares must be held until the fourth

anniversary of the grant date, except to the extent necessary to cover immediate tax obligations resulting from the

immediate vest.

Since 2025, PSUs are granted to NEOs under the Equity Incentive Plan. PSUs cliff vest at the end of their three-year

performance period. Pay-out levels depend upon the achievement of the Executive Director's measures relative to the

threshold, target and maximum levels that were determined by the Board.

Unvested equity incentives shall vest in the event of a (i) sale, merger, consolidation, tender offer or similar acquisition

of shares or other transaction or series of related transactions as a result of which a change in control occurs, (ii) sale or

other disposition of all or substantially all of the Company's assets or (iii) the Company's dissolution and/or liquidation.

The Board of Directors, upon approval of a majority of the Non-Executive Directors, may amend or terminate the Equity

Incentive Plan or may amend the terms of the Equity Incentive Plan, or any outstanding stock options or RSUs, provided

that the Company will compensate any affected individual for any direct negative impact of such amendment.

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**Summary of NEO Remuneration**

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(in $)** | **Base pay**<sup>1)</sup> | **Base pay in** <br>**% change** <br>**vs the** <br>**prior year**<sup>1)</sup><br>| **Sign on** <br>**bonus**<br>| **Corporate** <br>**bonus**<sup>2)</sup><br>| **Variable** <br>**short-term** <br>**incentive**<br>| **Variable cash** <br>**as % of target** <br>**opportunity**<br>| **Compensation** <br>**in the form of** <br>**stock options**<sup>3)</sup><br>| **Compensation** <br>**in the form of** <br>**RSUs** <br>| **Compensation** <br>**in the form of** <br>**PSUs**<br>| **Pension** <br>**benefits**<sup>4)</sup><br>| **Fringe** <br>**benefits**<sup>5)</sup><br>| **Other** <br>**benefits**<sup>6)</sup><br>| **% fixed (of** <br>**total)**<sup>7)</sup><br>| **Total** |
| **CEO - Tim Van Hauwermeiren**<sup>8) 11)</sup> | **CEO - Tim Van Hauwermeiren**<sup>8) 11)</sup> | **CEO - Tim Van Hauwermeiren**<sup>8) 11)</sup> | **CEO - Tim Van Hauwermeiren**<sup>8) 11)</sup> | **CEO - Tim Van Hauwermeiren**<sup>8) 11)</sup> | **CEO - Tim Van Hauwermeiren**<sup>8) 11)</sup> | **CEO - Tim Van Hauwermeiren**<sup>8) 11)</sup> | **CEO - Tim Van Hauwermeiren**<sup>8) 11)</sup> | **CEO - Tim Van Hauwermeiren**<sup>8) 11)</sup> | **CEO - Tim Van Hauwermeiren**<sup>8) 11)</sup> | **CEO - Tim Van Hauwermeiren**<sup>8) 11)</sup> | **CEO - Tim Van Hauwermeiren**<sup>8) 11)</sup> | **CEO - Tim Van Hauwermeiren**<sup>8) 11)</sup> | **CEO - Tim Van Hauwermeiren**<sup>8) 11)</sup> | **CEO - Tim Van Hauwermeiren**<sup>8) 11)</sup> |
| 2025 | 827160 | 5% |  |  | 744444 | 60% | 2941497 |  | 2856448 | 44168 | 16054 |  | 12% | 7429771 |
| 2024 | 757680 | 15% |  |  | 795563 | 60% | 3194813 | 3014500 |  | 29118 | 16112 |  | 10% | 7807786 |
| 2023 | 655787 | —% |  |  | 590215 | 60% | 8084605 | 2575174 |  | 22821 | 16233 |  | 6% | 11944835 |
| **CFO - Karl Gubitz** | **CFO - Karl Gubitz** | **CFO - Karl Gubitz** | **CFO - Karl Gubitz** | **CFO - Karl Gubitz** | **CFO - Karl Gubitz** | **CFO - Karl Gubitz** | **CFO - Karl Gubitz** | **CFO - Karl Gubitz** | **CFO - Karl Gubitz** | **CFO - Karl Gubitz** | **CFO - Karl Gubitz** | **CFO - Karl Gubitz** | **CFO - Karl Gubitz** | **CFO - Karl Gubitz** |
| 2025 | 578000 | 5% |  | 4690 | 346800 | 40% | 1562679 |  | 1675670 | 21000 | 46514 | 3466 | 15% | 4238819 |
| 2024 | 553000 | 7% |  | 3636 | 331800 | 40% | 2018973 | 2100610 |  | 13800 | 40832 | 205939 | 15% | 5268590 |
| 2023 | 516043 | 6% |  | 3556 | 260866 | 40% | 2626062 | 1287587 |  | 11600 | 30597 | 20601 | 12% | 4756913 |
| **COO - Karen Massey**<sup>9) 12)</sup> | **COO - Karen Massey**<sup>9) 12)</sup> | **COO - Karen Massey**<sup>9) 12)</sup> | **COO - Karen Massey**<sup>9) 12)</sup> | **COO - Karen Massey**<sup>9) 12)</sup> | **COO - Karen Massey**<sup>9) 12)</sup> | **COO - Karen Massey**<sup>9) 12)</sup> | **COO - Karen Massey**<sup>9) 12)</sup> | **COO - Karen Massey**<sup>9) 12)</sup> | **COO - Karen Massey**<sup>9) 12)</sup> | **COO - Karen Massey**<sup>9) 12)</sup> | **COO - Karen Massey**<sup>9) 12)</sup> | **COO - Karen Massey**<sup>9) 12)</sup> | **COO - Karen Massey**<sup>9) 12)</sup> | **COO - Karen Massey**<sup>9) 12)</sup> |
| 2025 | 741641 | 4% |  | 4708 | 648936 | 50% | 1792860 |  | 1922836 | 181337 | 184738 | 843989 | 31% | 6321045 |
| 2024 | 655657 | 37% |  | 3636 | 573593 | 50% | 2018973 | 2100610 |  | 165394 | 57348 | 619272 | 24% | 6194483 |
| 2023 | 481471 | N/A | 338000 | 2921 | 467662 | 50% | 3939093 | 2296517 |  | 56550 | 35100 | 35743 | 8% | 7653057 |
| **COO - Keith Woods**<sup>10)</sup> | **COO - Keith Woods**<sup>10)</sup> | **COO - Keith Woods**<sup>10)</sup> | **COO - Keith Woods**<sup>10)</sup> | **COO - Keith Woods**<sup>10)</sup> | **COO - Keith Woods**<sup>10)</sup> | **COO - Keith Woods**<sup>10)</sup> | **COO - Keith Woods**<sup>10)</sup> | **COO - Keith Woods**<sup>10)</sup> | **COO - Keith Woods**<sup>10)</sup> | **COO - Keith Woods**<sup>10)</sup> | **COO - Keith Woods**<sup>10)</sup> | **COO - Keith Woods**<sup>10)</sup> | **COO - Keith Woods**<sup>10)</sup> | **COO - Keith Woods**<sup>10)</sup> |
| 2023 | 305022 | (48)% |  |  |  | —% |  |  |  | 11600 | 34434 |  | 100% | 351056 |

---

1)The base pay of the CEO is paid in EUR and the base pay of the COO is paid in CHF. For 2025, the base pay exchange rate used in this table is 1.13 EUR/USD and 1.21 CHF/USD.

2)All employees are eligible to annually earn a performance based corporate bonus with a maximum value of €3,622 ($4,690) per year, based on three equally weighted Company-wide goals. In 2025, the

targets focused on (i) our commitment to cybersecurity, (ii) building argenx together, and (iii) simplification and digitalization. A maximum pay-out was made to all employees in 2025. The CEO does

not receive the corporate bonus.

3)Amounts shown represent the expenses with respect to stock options measured using the Black-Scholes model. For a description of the assumptions used in valuing these awards, see "*<u>Note 13 — Share-</u>*

*<u>Based Payments</u>*" to our Consolidated Financial Statements which are included to our Annual Report for the period December 31, 2025..

4)Pension benefits include employer pension contributions.

5)Fringe benefits include company car costs, employer-paid medical insurance premiums, lunch allowances and representation allowances. pension contributions, social security costs and other

allowances.

6)Other benefits consists of social security costs, other allowances and benefits. Employer social security costs were impacted by the increase of share-price at year end against the share-price as of

December 31, 2025.

7)Fixed compensation is considered as base pay, pension benefits, fringe benefits and other benefits.

8)Based on the approved 2025 equity allocation scheme, the total equity target value for Tim Van Hauwermeiren is equal to $5,790,000. The CEO received its equity grants at target value converted into a

number of stock options and PSUs on the Reference Date of the 30-days average share price of $569.17 per share preceding the Reference Date and the Black-Scholes model fair market value of

$192.65 per stock option. This results in the number of stock options and PSUs shown above. The amounts shown above represent the actual value received at the grant date of June 30, 2025 at which

date the Company's share price was equal to $561.74. The difference in the price per share is explained by the stock price movement in the intervening period. For more information on the CEO equity

grant, please refer to "*<u>Item 6. B. — Compensation — Equity —</u> <u>Determination of target value of CEO equity grant</u>*" included in "Equity" above. The fair market value based on the Black-Scholes model

for Tim Van Hauwermeiren is $195.75. These amounts do not reflect the actual economic value realized by the beneficiary. Amounts shown represent the expenses with respect to the stock options

awards granted in 2025 measured using the Black-Scholes model with unobservable assumptions. The assumptions used in the fair valuation differ between Belgian beneficiary versus non-Belgian

beneficiary. For a description of the assumptions used in valuing these awards, see "*<u>Note 13 — Share-Based Payments</u>*" to our Consolidated Financial Statements which are included to our Annual

Report for the period ended December 31, 2025.

9)Karen Massey joined as COO in March 2023, and consequently no comparison to 2022 is available. Ms. Massey's remuneration shows the remuneration paid for the period March 13, 2023 through

December 31, 2023. Her 2023 variable pay pay-out has been pro-rated to reflect this as well. The increase year over year for 2024 is not representative as it is comparing to a partial work year. In 2023,

the Company paid a sign-on bonus to Karen Massey to allow the Company to make an overall competitive offer of employment and in recognition of lost corporate benefits as a result of early departure

at Ms. Massey's previous employer. Ensuring a competitive offer in this way and securing Ms. Massey as the Company's new COO was deemed by the Board of Directors to be in the best interest of the

Company and its stakeholders.

10)Keith Woods resigned as COO March 2023 and his employment relationship ended on June 30, 2023 and consequently the remuneration numbers show his remuneration for the period January 1, 2023

through June 30, 2023. No equity award or variable pay was paid to Mr. Woods in the year ended December 31, 2023.

11)Tim Van Hauwermeiren will transition from his current CEO role to the position of Non-Executive chairperson of the Board of Directors, subject to shareholder approval at the 2026 General Meeting.

12)It is envisaged that Karen Massey, our current COO, will be appointed as an Executive Director at the 2026 General Meeting and subsequently elected as CEO by the Board of Directors.

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***Stock option overview***

The table below shows (i) the stock options held as of January 1, 2025, (ii) the stock options granted to the NEOs which vested during the year ended December 31,

2025, (iii) the number of stock options scheduled to vest in the years ending December 31, 2026, December 31, 2027 and December 31, 2028 and (iv) the respective

exercise price of such stock options. Each stock option was granted pursuant to the Equity Incentive Plan.

For the CEO, under the 2021 Remuneration Policy, 1/3rd of the stock options vests on the first anniversary of the date of grant and the remaining 2/3rd vest in

monthly installments (24 in total) over the next two years, each time upon the 1st day of each next month. For the CEO, under the new 2025 Remuneration Policy all

stock options granted as of 2026 will vest on the third anniversary of the date of grant.

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | | **Information regarding the reported financial year** | **Information regarding the reported financial year** | **Information regarding the reported financial year** | **Information regarding the reported financial year** | **Information regarding the reported financial year** | **Information regarding the reported financial year** | **Information regarding the reported financial year** | **Information regarding the reported financial year** | **Information regarding the reported financial year** |
| | | | | | | | | **Opening** <br>**Balance**<br>| **During the Year** | **During the Year** | **During the Year** | **During the Year** | **Closing balance** | **Closing balance** | **Closing balance** | **Closing balance** |
| <br>**Name of Directors,** <br>**Position**<br>| <br>**Specification** <br>**plan** <br>| <br>**Performance** <br>**Period**<br>| <br>**Award** <br>**Date**<br>| <br>**Vesting** <br>**date**<br>| <br>**End of** <br>**retention** <br>**period**<br>| <br>**Exercise** <br>**Period**<br>| <br>**Exercise** <br>**price of** <br>**stock** <br>**option (€)**<br>| **Stock** <br>**options** <br>**held at the** <br>**beginning** <br>**of the** <br>**period**<br>| **Stock** <br>**options** <br>**awarded**<br>| **Stock** <br>**options** <br>**exercised**<br>| **Stock** <br>**options** <br>**forfeited**<br>| **Stock** <br>**options** <br>**vested**<br>| **Stock** <br>**options** <br>**awarded** <br>**and** <br>**unvested**<br>| **Stock** <br>**options** <br>**held at the** <br>**end of the** <br>**year**<br>|  | **Stock** <br>**options** <br>**subjected** <br>**to a** <br>**retention** <br>**period**<br>|
| Tim Van <br>Hauwermeiren, CEO | Equity <br>incentive <br>plan  | 21/12/2018 - <br>01/12/2021<br>| 21/12/2018 | (1) | 31/12/2021 | 01/01/2022 - <br>21/12/2028<br>| 86.32 | 80000 |  |  |  |  |  | 80000 |  |  |
| Tim Van <br>Hauwermeiren, CEO | Equity <br>incentive <br>plan  | 20/12/2019 - <br>01/12/2022<br>| 20/12/2019 | (1) | 31/12/2022 | 01/01/2023 - <br>20/12/2029<br>| 135.75 | 80000 |  |  |  |  |  | 80000 |  |  |
| Tim Van <br>Hauwermeiren, CEO | Equity <br>incentive <br>plan  | 21/12/2020 - <br>01/12/2023<br>| 21/12/2020 | (1) | 31/12/2023 | 01/01/2024 - <br>21/12/2030<br>| 247.60 | 50000 |  |  |  |  |  | 50000 |  |  |
| Tim Van <br>Hauwermeiren, CEO | Equity <br>incentive <br>plan  | 24/12/2021 - <br>01/12/2024<br>| 24/12/2021 | (1) | 31/12/2024 | 01/01/2025 - <br>24/12/2031<br>| 309.20 | 25000 |  |  |  |  |  | 25000 |  |  |
| Tim Van <br>Hauwermeiren, CEO | Equity <br>incentive <br>plan  | 23/12/2022 - <br>01/12/2025<br>| 23/12/2022 | (1) | 31/12/2025 | 01/01/2026 - <br>23/12/2032<br>| 359.60 | 25000 |  |  |  | 8333 |  | 25000 |  |  |
| Tim Van <br>Hauwermeiren, CEO | Equity <br>incentive <br>plan  | 03/07/2023 - <br>01/07/2026<br>| 03/07/2023 | (1) | 31/12/2026 | 01/01/2027 - <br>03/07/2033<br>| 355.40 | 30000 |  |  |  | 10000 | 5833 | 30000 |  | 30000 |
| Tim Van <br>Hauwermeiren, CEO | Equity <br>incentive <br>plan  | 28/06/2024 - <br>01/06/2027<br>| 28/06/2024 | (1) | 31/12/2027 | 01/01/2028 - <br>28/06/2034<br>| 416.40 | 18279 |  |  |  | 9139 | 9140 | 18279 |  | 18279 |
| Tim Van <br>Hauwermeiren, CEO | Equity <br>incentive <br>plan  | 30/06/2025 - <br>01/06/2028<br>| 30/06/2025 | (1) | 31/12/2028 | 01/01/2029 - <br>30/06/2035<br>| 479.30 |  | 15027 |  |  |  | 15027 | 15027 |  | 15027 |
| **Total** |  |  |  |  |  |  |  | **308279** | **15027** | **—** | **—** | **27472** | **30000** | **323306** |  | **63306** |
| Karl Gubitz, CFO | Equity <br>incentive <br>plan  | 01/07/2021 - <br>01/07/2024<br>| 01/07/2021 | (1) | N/A | 01/07/2022 - <br>01/07/2031<br>| 255.10 | 24000 |  | 24000 |  |  |  |  |  |  |
| Karl Gubitz, CFO | Equity <br>incentive <br>plan  | 01/07/2022 - <br>01/07/2025<br>| 01/07/2022 | (1) | N/A | 01/07/2023 - <br>01/07/2032<br>| 357.50 | 16000 |  |  |  | 3111 |  | 16000 |  |  |
| Karl Gubitz, CFO | Equity <br>incentive <br>plan  | 03/07/2023 - <br>01/07/2026<br>| 03/07/2023 | (1) | N/A | 03/07/2024 - <br>03/07/2033<br>| 355.40 | 15000 |  |  |  | 5000 | 2917 | 15000 |  |  |
| Karl Gubitz, CFO | Equity <br>incentive <br>plan  | 28/06/2024 - <br>01/06/2027<br>| 28/06/2024 | (1) | N/A | 28/06/2025 - <br>28/06/2034<br>| 416.40 | 12738 |  |  |  | 6369 | 6369 | 12738 |  |  |
| Karl Gubitz, CFO | Equity <br>incentive <br>plan  | 30/06/2025 - <br>01/06/2028<br>| 30/06/2025 | (1) | N/A | 01/01/2029 - <br>30/06/2035<br>| 479.30 |  | 8812 |  |  |  | 8812 | 8812 |  |  |
| **Total** |  |  |  |  |  |  |  | **67738** | **8812** | **24000** | **—** | **14480** | **18098** | **52550** |  | **—** |
| Karen Massey, COO | Equity <br>incentive <br>plan  | 03/07/2023 - <br>01/07/2026<br>| 03/07/2023 | (1) | N/A | 03/07/2024 - <br>03/07/2033<br>| 355.40 | 22500 |  | 12000 |  | 7500 | 4375 | 10500 |  |  |
| Karen Massey, COO | Equity <br>incentive <br>plan  | 28/06/2024 - <br>01/06/2027<br>| 28/06/2024 | (1) | N/A | 28/06/2025 - <br>28/06/2034<br>| 416.40 | 12738 |  |  |  | 6369 | 6369 | 12738 |  |  |
| Karen Massey, COO | Equity <br>incentive <br>plan  | 30/06/2025 - <br>01/06/2028<br>| 30/06/2025 | (1) | N/A | 01/01/2029 - <br>30/06/2035<br>| 479.30 |  | 10110 |  |  |  | 10110 | 10110 |  |  |
| **Total** |  |  |  |  |  |  |  | **35238** | **10110** | **12000** | **—** | **13869** | **20854** | **33348** | **3**<br>**3,**<br>**3**<br>**4**<br>**8**<br>| **—** |

---

1)1/3rd of the stock options vests on the first anniversary of the date of grant and the remaining 2/3rd vest in equal installments (24 in total) over the next two years, each time upon the 1st day of each next

month.

101<br>

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***PSU overview***

The table below shows (i) the PSUs held as of January 1, 2025, (ii) the PSUs granted to the NEOs which vested during the year ended December 31, 2025 and (iii)

the number of PSUs scheduled to vest in the years ending December 31, 2026, December 31, 2027 and December 31, 2028. Each PSU was granted pursuant to the

Equity Incentive Plan:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| |  |  |  |  | **Information regarding the reported financial year** | **Information regarding the reported financial year** | **Information regarding the reported financial year** | **Information regarding the reported financial year** | **Information regarding the reported financial year** | **Information regarding the reported financial year** | **Information regarding the reported financial year** | **Information regarding the reported financial year** |
| | **The main conditions of PSU plan** | **The main conditions of PSU plan** | **The main conditions of PSU plan** | **The main conditions of PSU plan** | **Opening** <br>**balance**<br>| **During the Year** | **During the Year** | **During the Year** | **Closing balance** | **Closing balance** | **Closing balance** | **Closing balance** |
| <br>**Name of Directors,** <br>**Position**<br>| **Vesting period** | **Award** <br>**Date**<br>| **Vesting** <br>**date**<br>| **End of** <br>**retention** <br>**period**<br>| **PSUs held** <br>**at the** <br>**beginning** <br>**of the year** <br>| **PSUs** <br>**awarded**<br>| **PSU** <br>**Forfeited**<br>| **PSUs** <br>**vested**<br>| **PSUs** <br>**subject to** <br>**a service** <br>**condition**<br>| **PSUs** <br>**awarded** <br>**and** <br>**unvested**<br>| **PSUs** <br>**held at** <br>**the** <br>**closing of** <br>**the year**<br>| **PSUs** <br>**subject to** <br>**a** <br>**retention** <br>**period**<br>|
| Tim van Hauwermeiren, <br>CEO<br>| 01/01/2025 - 31/12/2027 | 30/06/2025 | 31/12/2027 | N/A | – | 5085 | – | – | – | 5085 | 5085 | – |
| **Total** |  |  |  |  | **–** | **5085** | **–** | **–** | **–** | **5085** | **5085** | **–** |
| Karl Gubitz, CFO | 01/01/2025 - 31/12/2027 | 30/06/2025 | 31/12/2027 | N/A | – | 2983 | – | – | – | 2983 | 2983 | – |
| **Total** |  |  |  |  | **–** | **2983** | **–** | **–** | **–** | **2983** | **2983** | **–** |
| Karen Massey, COO | 01/01/2025 - 31/12/2027 | 30/06/2025 | 31/12/2027 | N/A | – | 3423 | – | – | – | 3423 | 3423 | – |
| **Total** |  |  |  |  | **–** | **3423** | **–** | **–** | **–** | **3423** | **3423** | **–** |

---

102<br>

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***RSU overview***

The table below shows (i) the RSUs held as of January 1, 2025, (ii) the RSUs granted to the NEOs which vested during the year ended December 31, 2025 and (iii)

the number of RSUs scheduled to vest in the years ending December 31, 2026, December 31, 2027, December 31, 2028 and December 31, 2029. As of 2025, RSUs

were no longer granted to the NEOs and replaced by PSUs. Each RSU was granted pursuant to the Equity Incentive Plan:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| |  |  |  |  | **Information regarding the reported financial year** | **Information regarding the reported financial year** | **Information regarding the reported financial year** | **Information regarding the reported financial year** | **Information regarding the reported financial year** | **Information regarding the reported financial year** | **Information regarding the reported financial year** |
| | **The main conditions of RSU plan** | **The main conditions of RSU plan** | **The main conditions of RSU plan** | **The main conditions of RSU plan** | **Opening** <br>**balance**<br>| **During the Year** | **During the Year** | **During the Year** | **Closing balance** | **Closing balance** | **Closing balance** |
| <br>**Name of Directors,** <br>**Position**<br>| **Vesting period** | **Award** <br>**Date**<br>| **Vesting** <br>**date**<br>| **End of** <br>**retention** <br>**period**<br>| **RSUs** <br>**held at** <br>**the** <br>**beginning** <br>**of the** <br>**year** <br>| **RSUs** <br>**awarded**<br>| **RSU** <br>**Forfeited**<br>| **RSUs** <br>**vested**<br>| **RSUs** <br>**subject** <br>**to a** <br>**service** <br>**condition**<br>| **RSUs** <br>**held at** <br>**the** <br>**closing** <br>**of the** <br>**year**<br>| **RSUs** <br>**subject** <br>**to a** <br>**retention** <br>**period**<br>|
| Tim van Hauwermeiren, <br>CEO | 24/12/2021 - 24/12/2025 | 24/12/2021 | (1) | N/A | 1425 |  |  | 1425 |  |  |  |
| Tim van Hauwermeiren, <br>CEO | 23/12/2022 - 23/12/2026 | 23/12/2022 | (1) | N/A | 2850 |  |  | 1425 |  | 1425 |  |
| Tim van Hauwermeiren, <br>CEO | 03/07/2023 - 03/07/2027 | 07/03/2023 | (1) | N/A | 5025 |  |  | 1675 |  | 3350 |  |
| Tim van Hauwermeiren, <br>CEO | 28/06/2024 - 28/06/2028 | 28/06/2024 | (1) | N/A | 6762 |  |  | 1690 |  | 5072 |  |
| **Total** |  |  |  |  | **16062** | **—** | **—** | **6215** | **—** | **9847** | **—** |
| Karl Gubitz, CFO | 01/07/2021 - 01/07/2025 | 01/07/2021 | (1) | N/A | 1350 |  |  | 1350 |  |  |  |
| Karl Gubitz, CFO | 01/07/2022 - 01/07/2026 | 01/07/2022 | (1) | N/A | 1800 |  |  | 900 |  | 900 |  |
| Karl Gubitz, CFO | 03/07/2023 - 03/07/2027 | 03/07/2023 | (1) | N/A | 2513 |  |  | 838 |  | 1675 |  |
| Karl Gubitz, CFO | 28/06/2024 - 28/06/2028 | 28/06/2024 | (1) | N/A | 4712 |  |  | 1178 |  | 3534 |  |
| **Total** |  |  |  |  | **10375** | **—** | **—** | **4266** | **—** | **6109** | **—** |
| Karen Massey, COO | 03/07/2023 - 03/07/2027 | 07/03/2023 | (1) | N/A | 3769 |  |  | 1256 |  | 2513 |  |
| Karen Massey, COO | 28/06/2024 - 28/06/2028 | 28/06/2024 | (1) | N/A | 4712 |  |  | 1178 |  | 3534 |  |
| **Total** |  |  |  |  | **8481** | **—** | **—** | **2434** | **—** | **6047** | **—** |

---

1) RSUs vest over a period of four years with 1/4th of the total grant vesting at each anniversary of the date of grant.

103<br>

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**Remuneration of Other Members of the Senior Management Team**

For the purposes of U.S. governance reporting requirements, all senior level employees reporting directly to the CEO

qualify as the Company's 'executives'. The remuneration disclosures in relation to this more extensive group of senior

personnel (excluding the NEOs) in this 2025 Remuneration Report is presented on an aggregated basis, with the

exception of equity remuneration, which is presented on an individual basis.

***Aggregate compensation for other members of the Senior Management Team***

The following table sets forth information regarding aggregate compensation paid to members of the Senior

Management Team (other than the NEOs) during the year ended December 31, 2025.

---

| | |
|:---|:---|
| **(in $)** | **Compensation** |
| Base pay | 3138512 |
| Variable STI<sup>1)</sup> | 1526247 |
| Compensation in the form of stock options | 10521797 |
| Compensation in the form of PSUs  | 7443617 |
| Pension benefits<sup>2)</sup> | 80045 |
| Fringe benefits<sup>3)</sup> | 107679 |
| Other benefits<sup>4)</sup> | 3187985 |
| **Total** | **26005882** |

---

1)Variable STI includes a performance based Company wide corporate bonus of €3,622 ($4,690) per member of the Senior Management Team.

2)Pension benefits include employer pension contributions.

3)Fringe benefits include company car costs, employer-paid medical insurance premiums, lunch allowances and representation allowances. pension

contributions, social security costs and other allowances.

4)Other benefits consists of social security costs, other allowances and benefits. Employer social security costs were impacted by the increase of

share-price at year end against the share-price as of December 31, 2025.

For more information on equity granted to members of the Senior Management Team (other than the NEOs), during

2025, please refer to *<u>"Item 6.B. — Compensation —</u> <u>Summary of Other members of the Senior Management Team</u>*"

below.

104<br>

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**Summary of other members of the Senior Management Team**

***Stock options overview other members of the Senior Management Team***

The following table sets forth information regarding stock option and PSU awards granted to members of the Senior Management Team during the year ended

December 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **PSUs granted in 2025** | **PSUs granted in 2025** | **Stock options granted in 2025** | **Stock options granted in 2025** | **Stock options granted in 2025** | **Stock options granted in 2025** | **Stock options granted in 2025** | **Stock options granted in 2025** |
| <br>**Name** | **# PSUs** | **Key terms** | **# Stock**<br>**options**<br>| **Exercise**<br>**price in €**<br>| | **Exercise**<br>**price in $**<br>| | **Key terms** |
| Arjen Lemmen | 3423 | PSUs are subject to a cliff vest <br>and settlement at the end of a <br>performance period of 3-years. | 10110 |  | 479.30 |  | 561.74 | 1/3 vests after year 1 2/3 vest in <br>monthly installments in year 2 <br>and 3. |
| Malini Moorthy | 2983 | PSUs are subject to a cliff vest <br>and settlement at the end of a <br>performance period of 3-years. | 8812 |  | 479.30 |  | 561.74 | 1/3 vests after year 1 2/3 vest in <br>monthly installments in year 2 <br>and 3. |
| Luc Truyen | 2983 | PSUs are subject to a cliff vest <br>and settlement at the end of a <br>performance period of 3-years. | 8812 |  | 479.30 |  | 561.74 | 1/3 vests after year 1 2/3 vest in <br>monthly installments in year 2 <br>and 3. |
| Peter Ulrichts | 2983 | PSUs are subject to a cliff vest <br>and settlement at the end of a <br>performance period of 3-years. | 8812 |  | 479.30 |  | 561.74 | 1/3 vests after year 1 2/3 vest in <br>monthly installments in year 2 <br>and 3. |
| Andria Wilk | 879 | PSUs are subject to a cliff vest <br>and settlement at the end of a <br>performance period of 3-years. | 2596 |  | 479.30 |  | 561.74 | 1/3 vests after year 1 2/3 vest in <br>monthly installments in year 2 <br>and 3. |

---

The table below shows (i) the stock options held as of January 1, 2025, (ii) the stock options granted to members of Senior Management Team (other than the NEOs)

which vested during the year ended December 31, 2025, (iii) the number of stock options scheduled to vest in the years ending December 31, 2026, December 31,

2027 and December 31, 2028 and (iv) the respective exercise price of such stock options. Each stock option was granted pursuant to the Equity Incentive Plan:

105<br>

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---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  | **Information regarding the reported financial year** | **Information regarding the reported financial year** | **Information regarding the reported financial year** | **Information regarding the reported financial year** | **Information regarding the reported financial year** | **Information regarding the reported financial year** |
|  |  |  |  |  |  |  | **Opening** <br>**balance**<br>| **During the Year** | **During the Year** | **During the Year** | **During the Year** | **Closing** <br>**balance**<br>|
| **Name of Directors,** <br>**Position**<br>| **Specification** <br>**plan**<br>| **Performance period** | **Award date** | **Vesting** <br>**date**<br>| **Exercise period** | **Exercise** <br>**price of** <br>**stock** <br>**option in €**<br>| **Stock options** <br>**held at the** <br>**beginning of** <br>**the year**<br>| **Stock** <br>**options** <br>**awarded**<br>| **Stock** <br>**options** <br>**exercised**<br>| **Stock**<br>**options**<br>**forfeited**<br>| **Stock** <br>**options** <br>**vested**<br>| **Stock** <br>**options held** <br>**at the end of** <br>**the year**<br>|
| Arjen Lemmen, Vice <br>President of Corporate <br>Development & Strategy | Equity <br>incentive plan  | 21/12/2020 - 01/12/2023 | 21/12/2020 | (1) | 01/01/2024 - 21/12/2030 | 247.60 | 47674 |  | 32674 |  |  | 15000 |
| Arjen Lemmen, Vice <br>President of Corporate <br>Development & Strategy | Equity <br>incentive plan  | 24/12/2021 - 01/12/2024 | 24/12/2021 | (1) | 01/01/2025 - 24/12/2031 | 309.20 | 16000 |  |  |  |  | 16000 |
| Arjen Lemmen, Vice <br>President of Corporate <br>Development & Strategy | Equity <br>incentive plan  | 23/12/2022 - 01/12/2025 | 23/12/2022 | (1) | 23/12/2023 - 23/12/2032 | 359.60 | 16000 |  |  |  | 5333 | 16000 |
| Arjen Lemmen, Vice <br>President of Corporate <br>Development & Strategy | Equity <br>incentive plan  | 03/07/2023 - 01/07/2026 | 03/07/2023 | (1) | 03/07/2024 - 03/07/2033 | 355.40 | 15000 |  |  |  | 5000 | 15000 |
| Arjen Lemmen, Vice <br>President of Corporate <br>Development & Strategy | Equity <br>incentive plan  | 28/06/2024 - 01/06/2027 | 28/06/2024 | (1) | 01/01/2028 - 28/06/2034 | 416.40 | 12738 |  |  |  | 6369 | 12738 |
| Arjen Lemmen, Vice <br>President of Corporate <br>Development & Strategy | Equity <br>incentive plan  | 30/06/2025 - 01/06/2028 | 30/06/2025 | (1) | 01/01/2029 - 30/06/2035 | 479.30 |  | 10110 |  |  |  | 10110 |
| **Total** |  |  |  |  |  |  | **107412** | **10110** | **32674** | **—** | **16702** | **84848** |
| Malini Moorthy, Legal <br>Counsel  | Equity <br>incentive plan  | 01/04/2022 - 01/04/2025 | 01/04/2022 | (1) | 01/04/2023 - 01/04/2032 | 282.50 | 6500 |  | 6500 |  | 2667 |  |
| Malini Moorthy, Legal <br>Counsel  | Equity <br>incentive plan  | 03/07/2023 - 01/07/2026 | 03/07/2023 | (1) | 03/07/2024 - 03/07/2033 | 355.40 | 15000 |  | 5000 |  | 5000 | 10000 |
| Malini Moorthy, Legal <br>Counsel  | Equity <br>incentive plan  | 28/06/2024 - 01/06/2027 | 28/06/2024 | (1) | 01/01/2028 - 28/06/2034 | 416.40 | 12738 |  |  |  | 6369 | 12738 |
| Malini Moorthy, Legal <br>Counsel  | Equity <br>incentive plan  | 30/06/2025 - 01/06/2028 | 30/06/2025 | (1) | 01/01/2029 - 30/06/2035 | 479.30 |  | 8812 |  |  |  | 8812 |
| **Total** |  |  |  |  |  |  | **34238** | **8812** | **11500** | **—** | **14036** | **31550** |
| Luc Truyen, CMO | Equity <br>incentive plan  | 01/10/2021 - 01/10/2024 | 01/10/2021 | (1) | 01/01/2025 - 01/10/2026 | 259.5 | 24000 |  | 24000 |  |  |  |
| Luc Truyen, CMO | Equity <br>incentive plan  | 23/12/2022 - 01/12/2025 | 23/12/2022 | (1) | 01/01/2026 - 23/12/2027 | 359.6 | 16000 |  |  |  | 5333 | 16000 |
| Luc Truyen, CMO | Equity <br>incentive plan  | 03/07/2023 - 01/07/2026 | 03/07/2023 | (1) | 01/01/2027 - 03/07/2028 | 355.4 | 15000 |  |  |  | 5000 | 15000 |
| Luc Truyen, CMO | Equity <br>incentive plan  | 28/06/2024 - 01/06/2027 | 28/06/2024 | (1) | 01/01/2028 - 28/06/2034 | 416.40 | 12738 |  |  |  | 6369 | 12738 |
| Luc Truyen, CMO | Equity <br>incentive plan  | 30/06/2025 - 01/06/2028 | 30/06/2025 | (1) | 01/01/2029 - 30/06/2035 | 479.30 |  | 8812 |  |  |  | 8812 |
| **Total** |  |  |  |  |  |  | **67738** | **8812** | **24000** | **—** | **16702** | **52550** |
| Peter Ulrichts, CSO | Equity <br>incentive plan  | 20/12/2019 - 01/12/2022 | 20/12/2019 | (1) | 01/01/2023 - 20/12/2029 | 135.75 | 4000 |  | 4000 |  |  |  |
| Peter Ulrichts, CSO | Equity <br>incentive plan  | 21/12/2020 - 01/12/2023 | 21/12/2020 | (1) | 01/01/2024 - 21/12/2030 | 247.60 | 7651 |  | 7651 |  |  |  |
| Peter Ulrichts, CSO | Equity <br>incentive plan  | 24/12/2021 - 01/12/2024 | 24/12/2021 | (1) | 01/01/2025 - 24/12/2026 | 309.20 | 3420 |  | 3420 |  |  |  |
| Peter Ulrichts, CSO | Equity <br>incentive plan  | 23/12/2022 - 01/12/2025 | 23/12/2022 | (1) | 01/01/2026 - 23/12/2027 | 359.60 | 16000 |  |  |  | 3811 | 16000 |
| Peter Ulrichts, CSO | Equity <br>incentive plan  | 03/07/2023 - 01/07/2026 | 03/07/2023 | (1) | 01/01/2027 - 03/07/2028 | 355.40 | 15000 |  |  |  | 5000 | 15000 |
| Peter Ulrichts, CSO | Equity <br>incentive plan  | 28/06/2024 - 01/06/2027 | 28/06/2024 | (1) | 01/01/2028 - 28/06/2034 | 416.40 | 12738 |  |  |  | 4978 | 12738 |
| Peter Ulrichts, CSO | Equity <br>incentive plan  | 30/06/2025 - 01/06/2028 | 30/06/2025 | (1) | 01/01/2029 - 30/06/2035 | 479.30 |  | 8812 |  |  | 1039 | 8812 |
| **Total** |  |  |  |  |  |  | **58809** | **8812** | **15071** | **—** | **14828** | **52550** |
| Andria Wilk, Global Head <br>of Quality | Equity <br>incentive plan  | 21/12/2020 - 01/12/2023 | 21/12/2020 | (1) | 01/01/2024 - 21/12/2025 | 247.60 | 87 |  | 87 |  |  |  |
| Andria Wilk, Global Head <br>of Quality | Equity <br>incentive plan  | 24/12/2021 - 01/12/2024 | 24/12/2021 | (1) | 01/01/2025 - 24/12/2031 | 309.20 | 4446 |  | 1167 |  |  | 3279 |
| Andria Wilk, Global Head <br>of Quality | Equity <br>incentive plan  | 23/12/2022 - 01/12/2025 | 23/12/2022 | (1) | 01/01/2026 - 23/12/2027 | 359.60 | 4600 |  |  |  | 1126 | 4600 |
| Andria Wilk, Global Head <br>of Quality | Equity <br>incentive plan  | 03/07/2023 - 01/07/2026 | 03/07/2023 | (1) | 01/01/2027 - 03/07/2033 | 355.40 | 4600 |  |  |  | 1276 | 4600 |
| Andria Wilk, Global Head <br>of Quality | Equity <br>incentive plan  | 28/06/2024 - 01/06/2027 | 28/06/2024 | (1) | 01/01/2028 - 28/06/2034 | 416.40 | 3599 |  |  |  | 1406 | 3599 |
| Andria Wilk, Global Head <br>of Quality | Equity <br>incentive plan  | 30/06/2025 - 01/06/2028 | 30/06/2025 | (1) | 01/01/2029 - 30/06/2035 | 479.30 |  | 2596 |  |  | 306 | 2596 |
| **Total** |  |  |  |  |  |  | **17332** | **2596** | **1254** | **—** | **4114** | **18674** |

---

1)1/3rd of the stock options vests on the first anniversary of the date of grant and the remaining 2/3rd vest in equal installments (24 in total) over the next two years, each time upon the 1st day of each next

month.

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***PSU overview other members of the Senior Management Team***

The table below shows (i) the PSUs held as of January 1, 2025, (ii) the PSUs granted to members of Senior Management Team (other than the NEOs) which vested

during the year ended December 31, 2025 and (iii) the number of PSUs scheduled to vest in the years ending December 31, 2026, December 31, 2027 and December

31, 2028. Each PSU was granted pursuant to the Equity Incentive Plan:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| |  |  |  | **Information regarding the reported financial year** | **Information regarding the reported financial year** | **Information regarding the reported financial year** | **Information regarding the reported financial year** | **Information regarding the reported financial year** |
| | **Main conditions of the PSU plan** | **Main conditions of the PSU plan** | **Main conditions of the PSU plan** | **Opening** <br>**balance**<br>| **During the Year** | **During the Year** | **During the Year** | **Closing balance** |
| <br>**Name of Directors, Position** | **Performance period** | **Award date** | **Vesting date** | **PSU's held at** <br>**the beginning** <br>**of the year**<br>| **PSUs** <br>**awarded** <br>| **PSUs** <br>**forfeited**<br>| **PSUs** <br>**vested**<br>| **PSUs held at** <br>**the closing of** <br>**the year**<br>|
| Arjen Lemmen, Vice President of Corporate <br>Development & Strategy<br>| 01/01/2025 - 31/12/2027 | 30/06/2025 | 31/12/2027 |  | 3423 |  |  | 3423 |
| **Total** |  |  |  | **—** | **3423** | **—** | **—** | **3423** |
| Malini Moorthy, General Counsel and Corporate <br>Secretary<br>| 01/01/2025 - 31/12/2027 | 30/6/2025 | 31/12/2027 |  | 2983 |  |  | 2983 |
| **Total** |  |  |  | **—** | **2983** | **—** | **—** | **2983** |
| Luc Truyen, CMO | 01/01/2025 - 31/12/2027 | 30/6/2025 | 31/12/2027 |  | 2983 |  |  | 2983 |
| **Total** |  |  |  | **—** | **2983** | **—** | **—** | **2983** |
| Peter Ulrichts, CSO | 01/01/2025 - 31/12/2027 | 30/6/2025 | 31/12/2027 |  | 2983 |  |  | 2983 |
| **Total** |  |  |  | **—** | **2983** | **—** | **—** | **2983** |
| Andria Wilk, Global Head of Quality | 01/01/2025 - 31/12/2027 | 30/6/2025 | 31/12/2027 |  | 879 |  |  | 879 |
| **Total** |  |  |  | **—** | **879** | **—** | **—** | **879** |

---

***RSU overview other members of the Senior Management Team***

The table below shows (i) the RSUs held as of January 1, 2025, (ii) the RSUs granted to members of Senior Management Team (other than the NEOs) which vested

during the year ended December 31, 2025 and (iii) the number of RSUs scheduled to vest in the years ending December 31, 2026, December 31, 2027, December 31,

2028 and December 31, 2029. As of 2025, RSUs were no longer granted to the other members of the Senior Management Team and replaced by PSUs. Each RSU

was granted pursuant to the Equity Incentive Plan:

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---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| |  |  |  | **Information regarding the reported financial year** | **Information regarding the reported financial year** | **Information regarding the reported financial year** | **Information regarding the reported financial year** | **Information regarding the reported financial year** |
| | **The main conditions of the RSU plan** | **The main conditions of the RSU plan** | **The main conditions of the RSU plan** | **Opening** <br>**balance**<br>| **During the Year** | **During the Year** | **During the Year** | **Closing balance** |
| <br>**Name of Directors, Position** | **Vesting period** | **Award date** | **Vesting date** | **RSU's held at** <br>**the beginning** <br>**of the year**<br>| **RSUs** <br>**awarded** <br>| **RSUs** <br>**forfeited**<br>| **RSUs** <br>**vested**<br>| **RSUs held at** <br>**the closing of** <br>**the year**<br>|
| Arjen Lemmen, Vice President of Corporate <br>Development & Strategy | 24/12/2021 - 24/12/2025 | 24/12/2021 | (1) | 900 |  |  | 900 |  |
| Arjen Lemmen, Vice President of Corporate <br>Development & Strategy | 23/12/2022 - 23/12/2026 | 23/12/2022 | (1) | 1800 |  |  | 900 | 900 |
| Arjen Lemmen, Vice President of Corporate <br>Development & Strategy | 03/07/2023 - 03/07/2027 | 03/07/2023 | (1) | 2513 |  |  | 838 | 1675 |
| Arjen Lemmen, Vice President of Corporate <br>Development & Strategy | 28/06/2024 - 27/06/2028 | 28/06/2024 | (1) | 4712 |  |  | 1178 | 3534 |
| Total |  |  |  | **9925** | **—** | **—** | **3816** | **6109** |
| Malini Moorthy, General Counsel and Corporate <br>Secretary | 01/04/2022 - 01/04/2026 | 01/04/2022 | (1) | 2700 |  |  | 1350 | 1350 |
| Malini Moorthy, General Counsel and Corporate <br>Secretary | 03/07/2023 - 03/07/2027 | 03/07/2023 | (1) | 2513 |  |  | 838 | 1675 |
| Malini Moorthy, General Counsel and Corporate <br>Secretary | 28/06/2024 - 27/06/2028 | 28/06/2024 | (1) | 4712 |  |  | 1178 | 3534 |
| **Total** |  |  |  | **9925** | **—** | **—** | **3366** | **6559** |
| Luc Truyen, CMO | 01/10/2021 - 01/10/2025 | 01/10/2021 | (1) | 1350 |  |  | 1350 |  |
| Luc Truyen, CMO | 23/12/2022 - 23/12/2026 | 23/12/2022 | (1) | 1800 |  |  | 900 | 900 |
| Luc Truyen, CMO | 03/07/2023 - 03/07/2027 | 03/07/2023 | (1) | 2513 |  |  | 838 | 1675 |
| Luc Truyen, CMO | 28/06/2024 - 27/06/2028 | 28/06/2024 | (1) | 4712 |  |  | 1178 | 3534 |
| **Total** |  |  |  | **10375** | **—** | **—** | **4266** | **6109** |
| Peter Ulrichts, CSO | 24/12/2021 - 24/12/2025 | 24/12/2021 | (1) | 190 |  |  | 190 |  |
| Peter Ulrichts, CSO | 23/12/2022 - 23/12/2026 | 23/12/2022 | (1) | 1800 |  |  | 900 | 900 |
| Peter Ulrichts, CSO | 03/07/2023 - 03/07/2027 | 03/07/2023 | (1) | 2513 |  |  | 838 | 1675 |
| Peter Ulrichts, CSO | 28/06/2024 - 27/06/2028 | 28/06/2024 | (1) | 4712 |  |  | 1178 | 3534 |
| **Total** |  |  |  | **9215** | **—** | **—** | **3106** | **6109** |
| Andria Wilk, Global Head of Quality | 24/12/2021 - 24/12/2025 | 24/12/2021 | (1) | 247 |  |  | 247 |  |
| Andria Wilk, Global Head of Quality | 23/12/2022 - 23/12/2026 | 23/12/2022 | (1) | 500 |  |  | 250 | 250 |
| Andria Wilk, Global Head of Quality | 03/07/2023 - 03/07/2027 | 03/07/2023 | (1) | 750 |  |  | 250 | 500 |
| Andria Wilk, Global Head of Quality | 28/06/2024 - 27/06/2028 | 28/06/2024 | (1) | 1331 |  |  | 333 | 998 |
| **Total** |  |  |  | **2828** | **—** | **—** | **1080** | **1748** |

---

1)RSUs vest over a period of four years with 1/4th of the total grant vesting at each anniversary of the date of grant.

108<br>

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**Summary of Non-Executive Director Equity compensation**

***RSU overview Non-Executive Directors***

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| |  |  |  |  | **Information regarding the reported financial year** | **Information regarding the reported financial year** | **Information regarding the reported financial year** | **Information regarding the reported financial year** | **Information regarding the reported financial year** | **Information regarding the reported financial year** |
| | **The main conditions of RSU plan** | **The main conditions of RSU plan** | **The main conditions of RSU plan** | **The main conditions of RSU plan** | **Opening** <br>**balance**<br>| **During the Year** | **During the Year** | **Closing balance** | **Closing balance** | **Closing balance** |
| <br>**Name of member of Board of** <br>**Directors**<br>| **Vesting period** | **Award** <br>**date**<br>| **Vesting** <br>**date**<br>| **End of** <br>**holding** <br>**period**<br>| **RSUs held at** <br>**the beginning** <br>**of the year**<br>| **RSUs** <br>**awarded** <br>| **RSUs** <br>**vested**<br>| **RSUs subject** <br>**to a service** <br>**condition**<br>| **RSUs** <br>**awarded and** <br>**unvested**<br>| **RSUs held at** <br>**the closing of** <br>**the year**<br>|
| Ana Céspedes | 23/12/2022 - 23/12/2026 | 23/12/2022 | (1) | N/A | 450 |  | 225 |  | 225 | 225 |
| Ana Céspedes | 03/07/2023 - 03/07/2027 | 03/07/2023 | (1) | N/A | 131 |  | 43 |  | 88 | 88 |
| Ana Céspedes | 28/06/2024 - 28/06/2025 | 28/06/2024 | (1) | 28/06/2028 | 1065 |  | 1065 |  |  | 1065 |
| Ana Céspedes | 30/06/2025 - 30/06/2026 | 30/06/2025 | (1) | 30/06/2029 |  | 703 |  |  | 703 | 703 |
| **Total** |  |  |  |  | **1646** | **703** | **1333** | **—** | **1016** | **2081** |
| James Daly | 24/12/2021 - 24/12/2025 | 24/12/2021 | (1) | N/A | 150 |  | 150 |  |  |  |
| James Daly | 23/12/2022 - 23/12/2026 | 23/12/2022 | (1) | N/A | 300 |  | 150 |  | 150 | 150 |
| James Daly | 03/07/2023 - 03/07/2027 | 03/07/2023 | (1) | N/A | 263 |  | 88 |  | 175 | 175 |
| James Daly | 28/06/2024 - 28/06/2025 | 28/06/2024 | (1) | 28/06/2028 | 1065 |  | 1065 |  |  | 1065 |
| James Daly | 30/06/2025 - 30/06/2026 | 30/06/2025 | (1) | 30/06/2029 |  | 703 |  |  | 703 | 703 |
| **Total** |  |  |  |  | **1778** | **703** | **1453** | **—** | **1028** | **2093** |
| Donald deBethizy<sup>2)</sup> | 24/12/2021 - 24/12/2025 | 24/12/2021 | (1) | N/A | 150 |  | 150 |  |  |  |
| Donald deBethizy<sup>2)</sup> | 23/12/2022 - 23/12/2026 | 23/12/2022 | (1) | N/A | 300 |  | 150 |  | 150 | 150 |
| Donald deBethizy<sup>2)</sup> | 03/07/2023 - 03/07/2027 | 03/07/2023 | (1) | N/A | 263 |  | 263 |  |  |  |
| Donald deBethizy<sup>2)</sup> | 28/06/2024 - 28/06/2025 | 28/06/2024 | (1) | 28/06/2028 | 1065 |  | 1065 |  |  | 1065 |
| **Total** |  |  |  |  | **1778** | **—** | **1628** | **—** | **150** | **1215** |
| Pamela Klein | 24/12/2021 - 24/12/2025 | 24/12/2021 | (1) | N/A | 300 |  | 150 |  | 150 | 150 |
| Pamela Klein | 23/12/2022 - 23/12/2026 | 23/12/2022 | (1) | N/A | 450 |  | 150 |  | 300 | 300 |
| Pamela Klein | 03/07/2023 - 03/07/2027 | 03/07/2023 | (1) | N/A | 350 |  | 87 |  | 263 | 263 |
| Pamela Klein | 28/06/2024 - 28/06/2025 | 28/06/2024 | (1) | 28/06/2028 | 1065 |  | 1065 |  |  | 1065 |
| Pamela Klein | 30/06/2025 - 30/06/2026 | 30/06/2025 | (1) | 30/06/2029 |  | 703 |  |  | 703 | 703 |
| **Total** |  |  |  |  | **2165** | **703** | **1452** | **—** | **1416** | **2481** |
| Brian Kotzin | 28/06/2024 - 28/06/2028 | 28/06/2024 | (1) | 28/06/2028 | 1598 |  | 1598 |  |  | 1598 |
| Brian Kotzin | 30/06/2025 - 30/06/2026 | 30/06/2025 | (1) | 30/06/2029 |  | 703 |  |  | 703 | 703 |
| **Total** |  |  |  |  | **1598** | **703** | **1598** | **—** | **703** | **2301** |

---

109<br>

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---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | **Information regarding the reported financial year** | **Information regarding the reported financial year** | **Information regarding the reported financial year** | **Information regarding the reported financial year** | **Information regarding the reported financial year** |
|  | **The main conditions of RSU plan** | **The main conditions of RSU plan** | **The main conditions of RSU plan** | **The main conditions of RSU plan** | **Opening** <br>**balance**<br>| **During the Year** | **During the Year** | **Closing balance** | **Closing balance** |
| **Steve Krognes** | 03/04/2023 - 03/04/2027 | 03/04/2023 | (1) | N/A | 394 |  | 132 | 262 | 262 |
| **Steve Krognes** | 28/06/2024 - 28/06/2025 | 28/06/2024 | (1) | 28/06/2028 | 1065 |  | 1065 |  | 1065 |
| **Steve Krognes** | 30/06/2025 - 30/06/2026 | 30/06/2025 | (1) | 30/06/2029 |  | 703 |  | 703 | 703 |
| **Total** |  |  |  |  | **1459** | **703** | **1197** | **965** | **2030** |
| Anthony Rosenberg | 24/12/2021 - 24/12/2025 | 24/12/2021 | (1) | N/A | 150 |  | 150 |  |  |
| Anthony Rosenberg | 23/12/2022 - 23/12/2026 | 23/12/2022 | (1) | N/A | 300 |  | 150 | 150 | 150 |
| Anthony Rosenberg | 03/07/2023 - 03/07/2027 | 03/07/2023 | (1) | N/A | 263 |  | 88 | 175 | 175 |
| Anthony Rosenberg | 28/06/2024 - 28/06/2025 | 28/06/2024 | (1) | 28/06/2028 | 1065 |  | 1065 |  | 1065 |
| Anthony Rosenberg | 30/06/2025 - 30/06/2026 | 30/06/2025 | (1) | 30/06/2029 |  | 703 |  | 703 | 703 |
| **Total** |  |  |  |  | **1778** | **703** | **1453** | **1028** | **2093** |
| Camilla Sylvest | 03/10/2022 - 03/10/2026 | 03/10/2022 | (1) | N/A | 450 |  | 225 | 225 | 225 |
| Camilla Sylvest | 03/07/2023 - 03/07/2027 | 03/07/2023 | (1) | N/A | 197 |  | 65 | 132 | 132 |
| Camilla Sylvest | 28/06/2024 - 28/06/2025 | 28/06/2024 | (1) | 28/06/2028 | 1065 |  | 1065 |  | 1065 |
| Camilla Sylvest | 30/06/2025 - 30/06/2026 | 30/06/2025 | (1) | 30/06/2029 |  | 703 |  | 703 | 703 |
| **Total** |  |  |  |  | **1712** | **703** | **1355** | **1060** | **2125** |
| Peter Verhaeghe | 24/12/2021 - 24/12/2025 | 24/12/2021 | (1) | N/A | 150 |  | 150 |  |  |
| Peter Verhaeghe | 23/12/2022 - 23/12/2026 | 23/12/2022 | (1) | N/A | 300 |  | 150 | 150 | 150 |
| Peter Verhaeghe | 03/07/2023 - 03/07/2027 | 03/07/2023 | (1) | N/A | 263 |  | 88 | 175 | 175 |
| Peter Verhaeghe | 28/06/2024 - 28/06/2025 | 28/06/2024 | (1) | 28/06/2028 | 1065 |  | 1065 |  | 1065 |
| Peter Verhaeghe | 30/06/2025 - 30/06/2026 | 30/06/2025 | (1) | 30/06/2029 |  | 703 |  | 703 | 703 |
| **Total** |  |  |  |  | **1778** | **703** | **1453** | **1028** | **2093** |

---

1)RSUs granted before 2024 vest over a period of four years with 1/4th of the total grant vesting at each anniversary of the date of grant. RSUs granted to Non-Executive Directors in 2024 will all vest on

the 1st anniversary of the grant date in 2025 and are subject to a holding period of 3 years.

2)Donald deBethizy retired from the Board of Directors and the Research and Development Committee on May 27, 2025.

110<br>

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***Stock Option overview Non-Executive Director***

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | **Information regarding the reported financial year** | **Information regarding the reported financial year** | **Information regarding the reported financial year** | **Information regarding the reported financial year** | **Information regarding the reported financial year** | **Information regarding the reported financial year** | **Information regarding the reported financial year** | **Information regarding the reported financial year** |
| | | | | | | | **Opening** <br>**balance**<br>| **During the Year** | **During the Year** | **During the Year** | **Closing balance** | **Closing balance** | **Closing balance** | **Closing balance** |
| <br>**Name of Directors** | <br>**Performance** <br>**period**<br>| <br>**Award** <br>**date**<br>| <br>**Vesting** <br>**date**<br>| <br>**End of** <br>**retention** <br>**period**<br>| <br>**Exercise** <br>**period**<br>| <br>**Exercise** <br>**price of** <br>**stock** <br>**option (€)**<br>| **Stock** <br>**options** <br>**held at the** <br>**beginning** <br>**of the year**<br>| **Stock** <br>**options** <br>**awarded**<br>| **Stock** <br>**options** <br>**exercised**<br>| **Stock** <br>**options** <br>**vested**<br>| **Stock** <br>**options** <br>**subject to** <br>**a service** <br>**condition**<br>| **Stock** <br>**options** <br>**awarded** <br>**and** <br>**unvested**<br>| **Stock** <br>**options** <br>**held at** <br>**the end of** <br>**the year**<br>| **Stock** <br>**options** <br>**subject to a** <br>**retention** <br>**period**<br>|
| Ana Céspedes | 23/12/2022 - <br>23/12/2025<br>| 23/12/2022 | (2) | 31/12/2025 | 23/12/2023 - <br>23/12/2032<br>| 359.60 | 4050 |  |  | 4050 |  |  | 4050 |  |
| Ana Céspedes | 03/07/2023 - <br>03/07/2026<br>| 03/07/2023 | (2) | 31/12/2026 | 03/07/2024 - <br>03/07/2033<br>| 355.40 | 800 |  |  |  |  | 800 | 800 | 800 |
| **Total** |  |  |  |  |  |  | **4850** | **—** | **—** | **4050** | **—** | **800** | **4850** | **800** |
| James Daly | 21/12/2020 - <br>21/12/2023<br>| 21/12/2020 | (1) | N/A | 21/12/2021 - <br>21/12/2030<br>| 247.60 | 10000 |  | 10000 |  |  |  |  |  |
| James Daly | 24/12/2021 - <br>24/12/2024<br>| 24/12/2021 | (2) | 31/12/2024 | 24/12/2022 - <br>24/12/2031<br>| 309.20 | 2700 |  | 2700 |  |  |  |  |  |
| James Daly | 23/12/2022 - <br>23/12/2025<br>| 23/12/2022 | (2) | 31/12/2025 | 23/12/2023 - <br>23/12/2032<br>| 359.60 | 2700 |  | 2700 |  |  |  | 2700 |  |
| James Daly | 03/07/2023 - <br>03/07/2026<br>| 03/07/2023 | (2) | 31/12/2026 | 03/07/2024 - <br>03/07/2033<br>| 355.40 | 1600 |  |  |  |  | 1600 | 1600 | 1600 |
| **Total** |  |  |  |  |  |  | **17000** | **—** | **15400** | **—** | **—** | **1600** | **4300** | **1600** |
| Donald deBethizy <sup>3)</sup> | 18/06/2016 - <br>18/06/2019<br>| 18/06/2016 | (1) | N/A | 18/06/2017 - <br>18/06/2026<br>| 11.38 | 10000 |  |  |  |  |  | 10000 |  |
| Donald deBethizy <sup>3)</sup> | 21/12/2018 - <br>21/12/2021<br>| 21/12/2018 | (1) | N/A | 21/12/2019 - <br>21/12/2028<br>| 86.32 | 10000 |  |  |  |  |  | 10000 |  |
| Donald deBethizy <sup>3)</sup> | 20/12/2019 - <br>20/12/2022<br>| 20/12/2019 | (1) | N/A | 20/12/2020 - <br>20/12/2029<br>| 135.75 | 10000 |  |  |  |  |  | 10000 |  |
| Donald deBethizy <sup>3)</sup> | 21/12/2020 - <br>21/12/2023<br>| 21/12/2020 | (1) | N/A | 21/12/2021 - <br>21/12/2030<br>| 247.60 | 10000 |  |  |  |  |  | 10000 |  |
| Donald deBethizy <sup>3)</sup> | 24/12/2021 - <br>24/12/2024<br>| 24/12/2021 | (2) | 31/12/2024 | 24/12/2022 - <br>24/12/2031<br>| 309.20 | 2700 |  | 2700 |  |  |  |  |  |
| Donald deBethizy <sup>3)</sup> | 23/12/2022 - <br>23/12/2025<br>| 23/12/2022 | (2) | 31/12/2025 | 23/12/2023 - <br>23/12/2032<br>| 359.60 | 2700 |  |  | 2700 |  |  | 2700 |  |
| Donald deBethizy <sup>3)</sup> | 03/07/2023 - <br>03/07/2026<br>| 03/07/2023 | (2) | 31/12/2026 | 03/07/2024 - <br>03/07/2033<br>| 355.40 | 1600 |  |  | 1600 |  |  | 1600 | 1600 |
| **Total** |  |  |  |  |  |  | **47000** | **—** | **2700** | **4300** | **—** | **—** | **44300** | **1600** |

---

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---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | **Information regarding the reported financial year** | **Information regarding the reported financial year** | **Information regarding the reported financial year** | **Information regarding the reported financial year** | **Information regarding the reported financial year** | **Information regarding the reported financial year** | **Information regarding the reported financial year** | **Information regarding the reported financial year** |
| | | | | | | | **Opening** <br>**balance**<br>| **During the Year** | **During the Year** | **During the Year** | **Closing balance** | **Closing balance** | **Closing balance** | **Closing balance** |
| <br>**Name of Directors** | <br>**Performance** <br>**period**<br>| <br>**Award** <br>**date**<br>| <br>**Vesting** <br>**date**<br>| <br>**End of** <br>**retention** <br>**period**<br>| <br>**Exercise** <br>**period**<br>| <br>**Exercise** <br>**price of** <br>**stock** <br>**option (€)**<br>| **Stock** <br>**options** <br>**held at the** <br>**beginning** <br>**of the year**<br>| **Stock** <br>**options** <br>**awarded**<br>| **Stock** <br>**options** <br>**exercised**<br>| **Stock** <br>**options** <br>**vested**<br>| **Stock** <br>**options** <br>**subject to** <br>**a service** <br>**condition**<br>| **Stock** <br>**options** <br>**awarded** <br>**and** <br>**unvested**<br>| **Stock** <br>**options** <br>**held at** <br>**the end of** <br>**the year**<br>| **Stock** <br>**options** <br>**subject to a** <br>**retention** <br>**period**<br>|
| Pamela Klein | 20/12/2019 - <br>20/12/2022<br>| 20/12/2019 | (1) | N/A | 20/12/2020 - <br>20/12/2029<br>| 135.75 | 7500 |  | 5000 |  |  |  | 2500 |  |
| Pamela Klein | 21/12/2020 - <br>21/12/2023<br>| 21/12/2020 | (1) | N/A | 21/12/2021 - <br>21/12/2030<br>| 247.60 | 10000 |  |  |  |  |  | 10000 |  |
| Pamela Klein | 24/12/2021 - <br>24/12/2024<br>| 24/12/2021 | (2) | 31/12/2024 | 24/12/2022 - <br>24/12/2031<br>| 309.20 | 2700 |  |  |  |  |  | 2700 |  |
| Pamela Klein | 23/12/2022 - <br>23/12/2025<br>| 23/12/2022 | (2) | 31/12/2025 | 23/12/2023 - <br>23/12/2032<br>| 359.60 | 2700 |  |  | 2700 |  |  | 2700 |  |
| Pamela Klein | 03/07/2023 - <br>03/07/2026<br>| 03/07/2023 | (2) | 31/12/2026 | 03/07/2024 - <br>03/07/2033<br>| 355.40 | 1600 |  |  |  |  | 1600 | 1600 | 1600 |
| **Total** |  |  |  |  |  |  | **24500** | **—** | **5000** | **2700** | **—** | **1600** | **19500** | **1600** |
| Steve Krognes | 03/04/2023 - <br>03/04/2026<br>| 03/04/2023 | (2) | 31/12/2026 | 03/04/2024 - <br>03/04/2033<br>| 340.70 | 2400 |  |  |  |  | 2400 | 2400 | 2400 |
| **Total** |  |  |  |  |  |  | **2400** | **—** | **—** | **—** | **—** | **2400** | **2400** | **2400** |
| Anthony Rosenberg | 13/12/2016 - <br>13/12/2019<br>| 13/12/2016 | (1) | N/A | 13/12/2017 - <br>13/12/2026<br>| 14.13 | 7800 |  | 7800 |  |  |  |  |  |
| Anthony Rosenberg | 21/12/2018 - <br>21/12/2021<br>| 21/12/2018 | (1) | N/A | 21/12/2019 - <br>21/12/2028<br>| 86.32 | 10000.00 |  |  |  |  |  | 10000.00 |  |
| Anthony Rosenberg | 20/12/2019 - <br>20/12/2022<br>| 20/12/2019 | (1) | N/A | 20/12/2020 - <br>20/12/2029<br>| 135.75 | 8840 |  |  |  |  |  | 8840 |  |
| Anthony Rosenberg | 21/12/2020 - <br>21/12/2023<br>| 21/12/2020 | (1) | N/A | 21/12/2021 - <br>21/12/2030<br>| 247.60 | 3640 |  |  |  |  |  | 3640 |  |
| Anthony Rosenberg | 24/12/2021 - <br>24/12/2024<br>| 24/12/2021 | (2) | 31/12/2024 | 24/12/2022 - <br>24/12/2031<br>| 309.20 | 2700 |  |  |  |  |  | 2700 |  |
| Anthony Rosenberg | 23/12/2022 - <br>23/12/2025<br>| 23/12/2022 | (2) | 31/12/2025 | 23/12/2023 - <br>23/12/2032<br>| 359.60 | 2700 |  |  | 2700 |  |  | 2700 |  |
| Anthony Rosenberg | 03/07/2023 - <br>03/07/2026<br>| 03/07/2023 | (2) | 31/12/2026 | 03/07/2024 - <br>03/07/2033<br>| 355.40 | 1600 |  |  |  |  | 1600 | 1600 | 1600 |
| **Total** |  |  |  |  |  |  | **37280** | **—** | **7800** | **2700** | **—** | **1600** | **29480** | **1600** |
| Camilla Sylvest | 03/10/2022 - <br>03/10/2025<br>| 03/10/2022 | (2) | 31/12/2025 | 03/10/2023 - <br>03/10/2032<br>| 368.50 | 4050 |  |  | 4050 |  |  | 4050 |  |
| Camilla Sylvest | 03/07/2023 - <br>03/07/2026<br>| 03/07/2023 | (2) | 31/12/2026 | 03/07/2024 - <br>03/07/2033<br>| 355.40 | 1200 |  |  |  |  | 1200 | 1200 | 1200 |
| **Total** |  |  |  |  |  |  | **5250** | **—** | **—** | **4050** | **—** | **1200** | **5250** | **1200** |

---

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---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | **Information regarding the reported financial year** | **Information regarding the reported financial year** | **Information regarding the reported financial year** | **Information regarding the reported financial year** | **Information regarding the reported financial year** | **Information regarding the reported financial year** | **Information regarding the reported financial year** | **Information regarding the reported financial year** |
| | | | | | | | **Opening** <br>**balance**<br>| **During the Year** | **During the Year** | **During the Year** | **Closing balance** | **Closing balance** | **Closing balance** | **Closing balance** |
| <br>**Name of Directors** | <br>**Performance** <br>**period**<br>| <br>**Award** <br>**date**<br>| <br>**Vesting** <br>**date**<br>| <br>**End of** <br>**retention** <br>**period**<br>| <br>**Exercise** <br>**period**<br>| <br>**Exercise** <br>**price of** <br>**stock** <br>**option (€)**<br>| **Stock** <br>**options** <br>**held at the** <br>**beginning** <br>**of the year**<br>| **Stock** <br>**options** <br>**awarded**<br>| **Stock** <br>**options** <br>**exercised**<br>| **Stock** <br>**options** <br>**vested**<br>| **Stock** <br>**options** <br>**subject to** <br>**a service** <br>**condition**<br>| **Stock** <br>**options** <br>**awarded** <br>**and** <br>**unvested**<br>| **Stock** <br>**options** <br>**held at** <br>**the end of** <br>**the year**<br>| **Stock** <br>**options** <br>**subject to a** <br>**retention** <br>**period**<br>|
| Peter Verhaeghe | 18/06/2016 - <br>18/06/2019<br>| 06/18/2016 | (1) | 31/12/2019 | 01/01/2020 - <br>18/06/2026<br>| 11.38 | 4000 |  | 4000 |  |  |  |  |  |
| Peter Verhaeghe | 21/12/2018 - <br>21/12/2021<br>| 12/21/2018 | (1) | 31/12/2021 | 01/01/2022 - <br>21/12/2028<br>| 86.32 | 10000 |  |  |  |  |  | 10000 |  |
| Peter Verhaeghe | 20/12/2019 - <br>20/12/2022<br>| 12/20/2019 | (1) | 31/12/2022 | 01/01/2023 - <br>20/12/2029<br>| 135.75 | 10000 |  |  |  |  |  | 10000 |  |
| Peter Verhaeghe | 21/12/2020 - <br>21/12/2023<br>| 12/21/2020 | (1) | 31/12/2023 | 01/01/2024 - <br>21/12/2030<br>| 247.60 | 10000 |  |  |  |  |  | 10000 |  |
| Peter Verhaeghe | 24/12/2021 - <br>24/12/2024<br>| 12/24/2021 | (2) | 31/12/2024 | 01/01/2025 - <br>24/12/2031<br>| 309.20 | 2700 |  |  |  |  |  | 2700 |  |
| Peter Verhaeghe | 23/12/2022 - <br>23/12/2025<br>| 12/23/2022 | (2) | 31/12/2025 | 01/01/2026 - <br>23/12/2032<br>| 359.6 | 2700 |  |  | 2700 |  |  | 2700 |  |
| Peter Verhaeghe | 03/07/2023 - <br>03/07/2026<br>| 07/03/2023 | (2) | 31/12/2026 | 01/01/2027 - <br>03/07/2033<br>| 355.40 | 1600 |  |  |  |  | 1600 | 1600 | 1600 |
| **Total** |  |  |  |  |  |  | **41000** | **—** | **4000** | **2700** | **—** | **1600** | **37000** | **1600** |

---

1)1/3 of stock options vests on the first anniversary of the grant and the remaining 2/3rd vest in equal monthly installments (24 in total) over the next two years, each time upon the 1st day of the month.

2)Stock options vest upon third anniversary of the grant.

3)Donald deBethizy retired from the Board of Directors, the Remuneration and Nomination and Research and Development Committee on May 27, 2025.

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**C.BOARD PRACTICES**

**Director Independence**

As a foreign private issuer, under the Nasdaq Listing Rules, we are not required to have a majority independent directors

on our Board of Directors, except that Audit and Compliance Committee is required to consist fully of independent

directors. However, our Board of Directors has determined that, taking into account any applicable committee

independence standards, at the date of this Annual Report, all of our Non-Executive Directors, including the members of

Audit and Compliance Committee, are "independent directors" under Rule 10A-3 of the Exchange Act and the

applicable rules of Nasdaq and of the DCGC. In making such determination, our Board of Directors considered the

relationships that each Non-Executive Director has with us and all other facts and circumstances our Board of Directors

deemed relevant in determining the director's independence, including the number of ordinary shares beneficially owned

by the director and his or her affiliated entities (if any).

The DCGC requires that the composition of Non-Executive Directors is such that the members are able to operate

independently and critically vis-à-vis one another, the Executive Directors, and any particular interests involved. As of

the date of this Annual Report, all Non-Executive Directors meet the independence criteria contained in the DCGC.

Therefore, in the opinion of the Non-Executive Directors, the composition of our Non-Executive Directors complies

with the independence requirements of best practice provisions 2.1.7 to 2.1.9 of the DCGC. Our Board of Directors has

consequently also determined that all members of our committees are independent under the applicable rules of the

DCGC.

As of the date of this Annual Report (or in any period before), none of the members of our Board of Directors and Senior

Management Team has or has had a family relationship with any other member of our Board of Directors or Senior

Management Team.

Directors may be suspended or removed by the General Meeting at any time, with or without cause, by means of a

resolution passed by a simple majority of the votes cast. Pursuant to the DCC, Executive Directors may also be

suspended by the Board of Directors. The suspension of an Executive Director by the Board of Directors may be

discontinued by the General Meeting.

**Diversity**

In accordance with applicable Dutch legislation, we are required to report annually to the Social Economic Council

(Sociaal-Economische Raad) on (i) the gender ratio, i.e., the male and female Executive Directors and Non-Executive

Directors, as well as employees in managerial positions at the end of the financial year, (ii) the Company's self-imposed

appropriate and ambitious targets in the form of a target figure to make the ratio between the number of male and female

Executive Directors and Non-Executive Directors, as well as in categories of employees in managerial positions to be

determined by the Company, more balanced, and (iii) the plan of action to achieve these targets or quotas. If we have not

complied with one or more of the foregoing, we are required to report on the reasons for this non-compliance.

In accordance with our Diversity, Equity and Inclusion Policy, we aim to foster an inclusive work environment in

support of our strategic plan and priorities. We continue to raise the bar in this regard, and to commit to measures and

goals designed to support our maturing company culture. We aim to have an equal gender balance in our Board of

Directors and in our Company leadership (including functional leaders and project leaders).

As of December 31, 2025, our Board of Directors consisted of 9 directors, including 1 Executive Director and 8 Non-

Executive Directors. Of the directors who chose to disclose their gender, the Board of Directors contained 5 male

directors and 3 female directors (Non-Executive Directors), translating into a 55.56% male/33.33% female balance for

our full Board of Directors (compared to 6 males and 3 females (Non-Executive Directors) (60.00%/30.00%) as of

December 31, 2024) and a 62.50% male / 37.50% female balance for our Non-Executive Directors (compared to 66.67%

male/33.33% female as of December 31, 2024). 90% of our directors in the Board of Directors are independent. In line

with our reporting to the Social Economic Council, our annual objective is to attain an equal gender balance (50% male

and 50% female) by 2050 in our Board of Directors and in our Company leadership (including functional and project

leaders).

In 2025, one Non-Executive Director (Anthony Rosenberg) was re-appointed. Although the gender balance was not

equal, our Board of Directors nominated Anthony Rosenberg for appointment at the 2025 General Meeting. Our Board

of Directors highly valued the skills, knowledge and expertise built up during his career and his contribution and

performance as Non-Executive Director. The Board of Directors will take the targets into account for future nomination

appointments.

As of December 31, 2025, our Company leadership team consisted of 78 persons, comprised of a mix of

39 males and 39 females, (50% / 50% respectively) while 0 positions remained vacant. Compared to

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57 persons as of December 31, 2024, comprised of a mix of 24 males and 28 females, (42% / 49% respectively) while 5

positions remained vacant. Our leadership consists of all full time employees reporting directly to our CEO, as well as all

(other) leaders of our largest functions and projects. Each of these positions is characterized by a high impact across the

organization, leading a global and cross functional team and having a global reach. As of December 31, 2025, 61% of

our workforce were female and 39% were male (compared to 58% female and 42% male as of December 31, 2024).

**Role of the Board in Risk Oversight**

Our Board of Directors is responsible for the oversight of our risk management activities and has specifically designated

the audit and compliance committee (the Audit and Compliance Committee) to assist our Board of Directors in this task

and prepare recommendations in this respect to the Board of Directors. While our Board of Directors oversees our risk

management, our Senior Management Team is responsible for day-to-day risk management processes. Our Board of

Directors expects our Senior Management Team to consider risk and risk management in each business decision, to

proactively develop and monitor risk management strategies and processes for day-to-day activities and to effectively

implement risk management strategies adopted by the Board of Directors. We believe this division of responsibilities is

the most effective approach for addressing the risks we face.

**Composition, Appointment and Dismissal**

The Articles of Association provide that our Board of Directors will consist of our Executive Director(s) and Non-

Executive Directors. The number of Executive Directors must at all times be less than the number of Non-Executive

Directors. The number of directors, as well as the number of Executive Directors and Non-Executive Directors, is

determined by our Board of Directors, provided that the Board of Directors must consist of at least three members.

Our directors are appointed by the General Meeting for a period of four years as either Executive Directors or as Non-

Executive Directors. This four-year term aligns with best practice 2.2.1 of the DCGC, which stipulates that executive and

Non-Executive Directors may be appointed for a maximum period of four years. We believe that appointing directors for

a four-year term, rather than for example annual (re-)appointments, promotes stability and continuity within the Board of

Directors. It also allows deserving candidates to be appointed for more than one year, enhancing our position in

recruitment processes, as longer appointment periods are generally more attractive to candidates. Additionally, it

contributes to the Board of Directors' and, by extension, the Company's ability to focus on long-term goals, in line with

the DCGC's principle that a company's strategy should aim for sustainable long-term value creation.

In accordance with best practice provision 2.2.1 of the DCGC, Executive Directors may be reappointed for periods not

more than four years at a time. In accordance with best practice provision 2.2.2 of the DCGC, Non-Executive Directors

may be reappointed once for a period of four years, after which the Non-Executive Director may be reappointed again

for a period of two years, which reappointment may be extended by at most two years. In the event of a reappointment

after an eight-year period, reasons will be given in the report of the Board of Directors. The Board of Directors is

required to make one or more proposals for each seat on our Board of Directors to be filled. A resolution to nominate a

director by our Board of Directors (with support from the remuneration and nomination committee (the Remuneration

and Nomination Committee) may be adopted by a simple majority of the votes cast.

Our Board of Directors conducts evaluations of all its directors and director candidates to create a well-rounded board,

designed to promote long-term shareholder value creation through strong leadership and oversight. The Board of

Directors recognizes that directors who serve on the board for longer terms can be valuable sources of continuity,

understanding of the business and historical insight.

Our Board of Directors designates one Executive Director as CEO and may grant other titles to Executive Directors (if

appointed). Our Board of Directors also designates a Non-Executive Director as chairperson of the Board of Directors

and a Non-Executive Director as vice chairperson of the Board of Directors. The legal relationship between an executive

member of the Board of Directors and argenx SE will not be considered as an employment agreement. Employment

agreements between an Executive Director and a Group company (other than argenx SE) are permitted. In the absence of

an employment agreement, members of a board of directors generally do not enjoy the same protection as employees

under Dutch labor law.

For a discussion of date of expiration of the current term of office and the period during which the person has served in

that office, "<u>[Item 6.1.](#i3fd453e8886f47e8a3bce0ff8daf37b5_1225)</u> *<u>—</u> <u>[Directors, Senior Management and Employee](#i3fd453e8886f47e8a3bce0ff8daf37b5_1225)</u><u>[s](#i3fd453e8886f47e8a3bce0ff8daf37b5_1225)</u> <u>—</u> <u>[Dir](#i3fd453e8886f47e8a3bce0ff8daf37b5_1228)</u><u>[ectors and Senior Management](#i3fd453e8886f47e8a3bce0ff8daf37b5_1228)</u>*".

Except for the arrangements described in "<u>[Item 7.B.](#i3fd453e8886f47e8a3bce0ff8daf37b5_1315)</u> *<u>—</u> <u>[Rel](#i3fd453e8886f47e8a3bce0ff8daf37b5_1315)</u><u>[ated Party Transactions](#i3fd453e8886f47e8a3bce0ff8daf37b5_1315)</u> <u>—</u> <u>[Agr](#i3fd453e8886f47e8a3bce0ff8daf37b5_1318)</u><u>[eements with Our Senior](#i3fd453e8886f47e8a3bce0ff8daf37b5_1318)</u>*

*<u>[Management](#i3fd453e8886f47e8a3bce0ff8daf37b5_1318)</u>*", there are no arrangements or understanding between us and any of the Executive Directors providing for

benefits upon termination of their employment, other than as required by applicable law. In addition, the contracts

between us and our Non-Executive Directors do not provide for any benefits upon termination. In addition, the Company

is not party to any agreement with a director or employee providing compensation if his or her employment is terminated

because of a public takeover offer in respect of the Company.

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**Committees**

In accordance with the DCGC, our Non-Executive Directors can set up specialized committees to analyze specific issues

and advise the Non-Executive Directors on those issues and prepare resolutions with respect thereto.

The committees are advisory bodies only, and the decision-making remains within the collegial responsibility of the

Board of Directors. The Non-Executive Directors determine the terms of reference of each committee with respect to the

organization, procedures, policies and activities of the committee.

Our Board of Directors has established and appointed (i) an Audit and Compliance Committee; and (ii) the

Remuneration and Nomination Committee.

The composition and function of these committees complies with all applicable requirements of Euronext Brussels, the

DCGC, the Exchange Act, the exchange on which the ordinary shares and the ADSs are listed and U.S. SEC rules and

regulations.

Only Non-Executive Directors qualify for membership of these committees. The Audit and Compliance Committee and

the Remuneration and Nomination Committee may not be chaired by the chairperson of the Board of Directors or by a

former Executive Director of the Company.

In addition to the aforementioned legally required subcommittees, our Board of Directors may also opt to incorporate

informal committees consisting of Non-Executive Directors and other internal and external persons in argenx, in order to

facilitate discussions and act as a sounding board on specific projects, as well as on a more permanent basis. Our Board

of Directors has incorporated a research and development committee and a commercialization committee.

**Audit and Compliance Committee**

Our Audit and Compliance Committee consists of four members: Steve Krognes (chairperson), Peter Verhaeghe,

Anthony Rosenberg and James Daly.

Our Board of Directors previously established that Peter Verhaeghe, Anthony Rosenberg, James Daly and Steve

Krognes satisfy the independence requirements set forth in Rule 10A-3 of the Exchange Act and that Steve Krognes

qualifies as "audit committee financial experts" as defined by SEC rules and Article 39 paragraph 1 of Directive

2014/56/EU of the European Parliament and of the Council of April 16, 2014 amending Directive 2006/43/EC on

statutory audits of annual accounts and consolidated accounts (which has been laid down in Dutch law by the Decree

establishment audit committee (Besluit instelling auditcommissie) and has the requisite financial sophistication under the

applicable Nasdaq rules and regulations. Further, our Board of Directors established that the composition of the Audit

and Compliance Committee meets the requirements under the Dutch Decree on Establishing Audit Committees.

Our Audit and Compliance Committee assists our Board of Directors in overseeing the accuracy and integrity of our

accounting, financial and non-financial (including sustainability) reporting processes and audits and reviews of our

(consolidated) financial statements as well as non-financial information, the implementation and effectiveness of an

internal control system and our compliance with legal and regulatory requirements, the independent auditors'

qualifications and independence and the performance of the independent auditors. Our Audit and Compliance Committee

is also responsible for monitoring the status of, and compliance with, our global ethics and compliance program and

meets with the head of our ethics and compliance function at least quarterly to discuss the status and overall

effectiveness of the program as well as any issues or incidents that occurred and remedial actions needed (if applicable).

The Committee furthermore oversees climate-related risks and supervises the status of the Company's cybersecurity

program and regularly (at least quarterly) discusses the status thereof with management.

Our Audit and Compliance Committee is governed by a charter that complies with the Nasdaq Listing Rules and the

DCGC and is publicly available on our website. It is responsible for, among other things, establishing methods and

procedures for supervising, and where necessary requiring improvements of, our financial reporting, risk management,

ethics and compliance and organization for the purpose of making appropriate recommendations to our Board of

Directors in that regard.

Our Audit and Compliance Committee meets as often as is required for its proper functioning, but at least four times a

year and at least once a year meets separately with our independent auditor.

Our Audit and Compliance Committee reports regularly to our Board of Directors on the exercise of its functions. It

informs our Board of Directors about all areas in which action or improvement is necessary in its opinion and produces

recommendations concerning the necessary steps or resolutions that need to be taken. The audit review and the reporting

on that review cover us and our subsidiaries as a whole. The members of the Audit and Compliance Committee are

entitled to receive all information which they need for the performance of their function, from our Board of Directors

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and employees. Every member of the Audit and Compliance Committee shall exercise this right in consultation with the

chairperson of the Audit and Compliance Committee. Please refer to *<u>"Item 6.C — Board Practices —</u> <u>Report Audit and</u>*

*<u>Compliance Committee</u>*" for an overview of the number of meetings and attendance rates.

**Report Audit and Compliance Committee**

The Audit and Compliance Committee reports regularly to our Board of Directors on the exercise of its functions. It

informs our Board of Directors about all areas in which action or improvement is necessary in its opinion and produces

recommendations concerning the necessary steps that need to be taken. The audit review and the reporting on that review

cover the Company and its subsidiaries as a whole and the external auditor is also present during these meetings.

In 2025, the main topics of discussion at the meetings were the 2024 consolidated financial statements and press release

as well as interim consolidated financial statements and press releases, internal audit and external auditors' reports, the

review of quarterly forecasts and financial plan, tax updates, cash management, compliance with CSRD and updating the

double materiality assessment), the Company's ethics and compliance program, the Company's cyber security program

and risks related to AI, the Company's privacy program and the certification of the recently included VOR (Verklaring

Omtrent Risicobeheersing/statement on risk management) statement in the DCGC.

In 2025, 8 formal Audit and Compliance Committee meetings were held as well as multiple informal meetings. The

formal meeting attendance rate for our Non-Executive Directors is set out in the table below.

---

| | | |
|:---|:---|:---|
| **Name** | **Number of meetings attended in 2025 since** <br>**appointment**<br>| **Attendance %** |
| Steve Krognes (chairperson) | 8 | 100% |
| Peter Verhaeghe | 7 | 87.5% |
| Anthony Rosenberg | 8 | 100% |
| James Daly | 7 | 87.5% |

---

***Remuneration and Nomination Committee***

We have established a Remuneration and Nomination Committee, which serves as both the remuneration committee and

selection and appointment committee as prescribed by the DCGC. Our Remuneration and Nomination Committee

currently consists of three members: Ana Céspedes (chairperson), Peter Verhaeghe and Steve Krognes. Donald

deBethizy retired from the Board of Directors and the Remuneration and Nomination Committee on May 27, 2025.

Consequently, Ana Céspedes succeeded Donald deBethizy as the chairperson of the Remuneration and Nomination

Committee and Steve Krognes became a member of the Remuneration and Nomination Committee.

Our Remuneration and Nomination Committee is responsible for, among other things:

• regularly reviewing the remuneration policy and practices in light of all relevant circumstances and benchmarks, and

recommending to the Non-Executive Directors the remuneration of the individual Executive Directors;

• advising our Board of Directors in respect of the remuneration for the Non-Executive Directors;

• preparing the remuneration report to be included in our annual report; and

• drawing up selection criteria and appointment procedures for directors and making proposals for appointment and re-

appointment of the directors.

The Remuneration and Nomination Committee consists of at least three members. The Remuneration and Nomination

Committee meets as often as is required for its proper functioning, but at least once per year to evaluate its functioning.

Please refer to *<u>"Item 6.C — Board Practices —</u> <u>Report Remuneration and Nomination Committee</u>*" for an overview of

the number of meetings and attendance rates.

***Report Remuneration and Nomination Committee***

The Remuneration and Nomination Committee assists the Board of Directors by, amongst other matters, regularly

reviewing our remuneration policy, preparing remuneration proposals and periodically assessing the size and

composition of the Board of Directors and the Executive Management Team and development of talent throughout the

Company. During their deliberations in 2025, the main topics of discussion at the meetings were long-term succession

and development planning for key Company leadership and proposing appropriate remuneration policies during the

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annual general meeting (AGM) held on May 27, 2025 (the 2025 General Meeting) and the EGM, taking into account

stakeholder feedback following extensive engagement efforts and benchmarking all remuneration against our peer group.

In 2025, 6 formal Remuneration and Nomination Committee meetings were held as well as multiple informal meetings.

The formal meeting attendance rate for our Directors is set out in the table below.

---

| | | |
|:---|:---|:---|
| **Name** | **Number of meetings attended in 2025 since** <br>**appointment (and up to resignation or since** <br>**joining, as applicable)**<br>| **Attendance %** |
| Ana Céspedes<sup>1)</sup> | 6 | 100% |
| Donald deBethizy<sup>2)</sup><br>(chairperson until May 27, 2025)<br>| 3 | 100% |
| Peter Verhaeghe | 6 | 100% |
| Steve Krognes<sup>3)</sup> | 3 | 100% |

---

1)Ana Céspedes succeeded Donald deBethizy as chairperson of the Remuneration and Nomination Committee effective May 27, 2025.

2)Donald deBethizy retired from the Board of Directors and the Remuneration and Nomination Committee on May 27, 2025.

3)Steve Krognes joined the Remuneration and Nomination Committee effective May 27, 2025.

***Informal subcommittees***

*Research and Development Committee*

The research and development committee consists of members of our Board of Directors and other persons, which

composition may vary from time to time. Currently, the research and development committee consists of three members

who are also members of our Board of Directors: Brian Kotzin(chairperson), Pamela Klein and Tim Van

Hauwermeiren. Non-board member advisors of the research and development committee include David Lacey, Prof.

Hans de Haard, Wim Parys and Mary Lynne Hedley. Ad-hoc participants to the committee meetings include a variety of

employees and/or external advisors, depending on the needs of the committee and the topics under discussion. Donald

deBethizy retired from the Board of Directors and the Research and Development Committee on May 27, 2025.

The research and development committee is responsible for, among other things:

• monitoring and overseeing our research and development goals, strategies and measures;

• serving as a sounding board to our research and development management, general management and Board of

Directors; and

• performing strategic reviews of our key research and development programs. The research and development

committee also promotes transparency in R&D practices, ensuring that findings, both positive and negative, are

reported accurately and openly, and reviews, comments on and makes recommendations in respect of our non-

financial reporting on R&D related topics to the Audit and Compliance Committee and/or the Board of Directors.

All members of the research and development committee shall have adequate industrial, academic and/or practical

experience with the research and development of biopharmaceuticals.

Our research and development committee meets as often as is required for its proper functioning, but typically meets at

least once prior to each meeting of our Board of Directors and reports regularly to our Board of Directors on the outcome

of its deliberations, including any recommendations to the Board of Directors or the Senior Management Team. The

chairperson of our research and development committee reports to our Board of Directors on the research and

development committee's discussions and strategic advice after each meeting on all matters within its duties and

responsibilities. Please refer to *<u>"Item 6.C — Board Practices —</u> <u>Report Research and Development Committee</u>*" for an

overview of the number of meetings and attendance rates.

***Report Research and Development Committee***

The research and development committee functions as a sounding board to our research and development management,

the Executive Management Team and the Board of Directors, and monitors our research and development goals,

strategies and measures. In 2025, the committee held 5 formal meetings, in which it focused mainly on the vision and

strategy on science, the Company's research and development pipeline including its preclinical and clinical stage

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product-candidates, potential future indications for its commercial stage products and developments in relation to our

IIP.

The meeting attendance rate for our directors is set out in the table below.

---

| | | |
|:---|:---|:---|
| **Name** | **Number of meetings attended in 2025 since** <br>**appointment (and up to resignation or since** <br>**joining, as applicable)**<br>| **Attendance %** |
| Brian Kotzin (chairperson) | 5 | 100% |
| Donald deBethizy<sup>1)</sup> | 2 | 100% |
| Pamela Klein | 5 | 100% |
| Tim Van Hauwermeiren<sup>2)</sup> | 5 | 100% |

---

1)Donald deBethizy retired from the Board of Directors and the Research and Development Committee on May 27, 2025.

2)Tim Van Hauwermeiren joined the Research and Development Committee as a member as on May 27, 2025.

*Commercialization Committee*

Our commercialization committee consists of members of our Board of Directors and other persons, which composition

may vary from time to time. As of the date of this Annual Report, the commercialization committee consists of three

members:James Daly (chairperson), Anthony Rosenberg and Camilla Sylvest.

The commercialization committee is responsible for, among other things:

• reviewing and guiding the commercialization strategies and to promote and support innovation within

commercialization efforts;

• providing guidance on the global product launch strategies, global manufacturing, packaging, labeling and

distribution strategies, patient support programs and end-of-life product management;

• sales and marketing activities, including engagement of downstreams payors and stakeholders.

Our commercialization committee meets as often as is required for its proper functioning and in practice meets at least

once per quarter. The commercialization committee reports regularly to our Board of Directors on the outcome of its

strategic reviews and any recommendations to the Board of Directors or Senior Management Team.

Please refer to *<u>"Item 6.C — Board practices —</u> <u>Report Commercialization Committee</u>*" for an overview of the number of

meetings and attendance rates.

***Report Commercialization Committee***

The commercialization committee functions as a sounding board on branded and unbranded strategic marketing plans for

the Board of Directors. In 2025, the committee held 5 formal meetings, in which it focused mainly on the continued

commercialization efforts of VYVGART in gMG and CIDP, the execution of our launch of the PFS in the U.S. as well

as the preparation for potential future launches, subject to obtaining further approvals.

The meeting attendance rate for our directors is set out in the table below.

---

| | | |
|:---|:---|:---|
| **Name** | **Number of meetings attended in 2025 since** <br>**appointment**<br>| **Attendance %** |
| James Daly (chairperson) | 5 | 100% |
| Anthony Rosenberg | 5 | 100% |
| Camilla Sylvest | 5 | 100% |

---

**Corporate Governance Practices**

Our Board By-Laws describe, inter alia, the procedure for holding meetings of the Board of Directors, for the decision-

making by the Board of Directors and the Board of Directors' operating procedures.

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In accordance with our Articles of Association, our Board of Directors meets at least once every three months to discuss

the state of affairs within the Company and the expected developments.

Under our Board By-Laws, the members of our Board of Directors must endeavor, insofar as is possible, to ensure that

resolutions are adopted unanimously. Where unanimity cannot be achieved and Dutch law, the Articles of Association or

the Board By-Laws do not prescribe a larger majority, all resolutions of our Board of Directors must be adopted by a

simple majority of the votes cast in a meeting at which at least a majority of the members of our Board of Directors then

in office are present or represented. The Articles of Association provide that in case of a tie of votes, the chairperson

does not have a casting vote and as such the proposal will be rejected in case of a tie.

Under the Board By-Laws, some specific matters require approval of the majority of the Non-Executive Directors. These

matters are set out in Schedule 1 of our Board By-Laws. Our Board By-Laws are available on our website. The Non-

Executive Directors may also determine that certain other matters shall require approval of a certain majority of the Non-

Executive Directors. Such matters shall be clearly specified and notified to the Executive Director(s) in writing.

Resolutions of the Board of Directors may also be adopted outside of a meeting in writing, provided that all directors in

office (in respect of whom no conflict of interest exists as referred to in the Articles of Association) have consented in

writing to this manner of decision-making. A director may issue a proxy for a specific Board of Directors meeting to

another director in writing.

A director having a direct or indirect personal interest that conflicts with the interest of the Company and its affiliated

enterprise has a conflict of interest. Each director shall inform all other directors of a conflict of interest without delay. A

director shall not participate in the deliberations and decision-making process in relation to an item if he has a conflict of

interest with respect thereto. In such case, the other directors shall resolve the item. In case because of this no resolution

can be adopted by the Executive Director(s), the Non-Executive Directors will resolve on the matter. In case because of

this no resolution can be adopted by the Non-Executive Directors, the Board of Directors will resolve on the matter as if

there were no conflict of interest.

The Executive Director(s) are required to be asked their vision on their own remuneration in accordance with best

practice provision 3.2.2 of the DCGC but may not participate in the adoption of resolutions (including any deliberations

in respect of such resolutions) relating to their remuneration.

**Board Evaluation**

The Board of Directors evaluates its functioning and the functioning of its committees and of each individual director

annually. The evaluation process is performed with the help of an external professional board evaluation consultant. In

2025, the evaluation was performed by Nasdaq Center for Board Excellence. The evaluation includes preparing specific

questionnaires focusing on the skills and competences most relevant to us, and the most material board topics and

challenges we face. The written questionnaire is then followed up by one-to-one interviews with the representative of

Nasdaq Center for Board Excellence with each member of the Board of Directors, followed by a debrief and discussion

held with the external evaluator and the entire Board of Directors both in writing (in form of a report) and in the form of

a live discussion of the evaluation report aimed at distilling specific learnings and conclusions.

Based on the self-evaluation performed, the Non-Executive Directors concluded that the Board of Directors and its

committees had properly discharged their responsibilities during 2025. The Board of Directors identified certain

strengths and weaknesses and adopted a plan for further board development and succession in 2026. All directors

consider the Board of Directors, in line with previous years to have high integrity with a continued commitment to high

quality governance and a shared desire to continuously improve the Board of Directors. The importance to preserve this

was highlighted by Nasdaq Center for Board Excellence. All Non-Executive Directors consider fostering further

development and education of great importance, which can be developed in 2026 through advisory board sessions, deep-

dives and other external educational courses. Lastly, all Non-Executive Directors will continue discussions on Board of

Directors and the Executive Management team succession and focus on further developing profiles for future Board of

Director candidates.

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**D.EMPLOYEES** 

As of December 31, 2025, we had 1,863 employees and 1,659 consultants, which we refer to as "contingent workers".

At each date shown below, we had the following number of employees, broken out by department and geography.

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2025** | **2024** | **2023** |
| **Function:** |  |  |  |
| Research and development | 773 | 644 | 653 |
| Selling, general and administrative | 1090 | 955 | 495 |
| **Total** | **1863** | **1599** | **1148** |
| **Geography:** |  |  |  |
| U.S. | 789 | 694 | 454 |
| Belgium | 565 | 466 | 355 |
| Japan | 146 | 139 | 116 |
| Switzerland | 71 | 49 | 28 |
| Germany | 55 | 41 | 25 |
| UK | 48 | 44 | 37 |
| Italy | 39 | 33 | 27 |
| France | 38 | 38 | 40 |
| The Netherlands | 38 | 34 | 22 |
| Spain | 34 | 32 | 20 |
| Canada | 24 | 19 | 16 |
| Rest of the World/Remote | 16 | 10 | 8 |
| **Total** | **1863** | **1599** | **1148** |

---

Collective bargaining agreements (CBAs) can be entered into in Belgium and other jurisdictions at the national, industry,

or company levels. These CBAs are binding on both employers and employees. We have no trade union representation

or CBAs at the company level, but we are subject to the national and chemical industry CBAs. The CBAs currently

applicable to us relate to employment conditions such as wages, working time, job security, innovation and

supplementary pensions. We have not had, and do not anticipate having, disputes on any of these subjects. CBAs may,

however, change the employment conditions of our employees in the future and hence adversely affect our employment

relationships.

**E.SHARE OWNERSHIP**

For information regarding the share ownership of our directors and members of our executive committee, see "<u>[Item 6.B](#i3fd453e8886f47e8a3bce0ff8daf37b5_1234)</u>*<u>[.](#i3fd453e8886f47e8a3bce0ff8daf37b5_1234)</u>*

*<u>—</u> <u>[Co](#i3fd453e8886f47e8a3bce0ff8daf37b5_1234)</u><u>[mpensation](#i3fd453e8886f47e8a3bce0ff8daf37b5_1234)</u>*" and "<u>[Item 7.](#i3fd453e8886f47e8a3bce0ff8daf37b5_1312)</u>*<u>[A.](#i3fd453e8886f47e8a3bce0ff8daf37b5_1312)</u><u>—</u> <u>[Ma](#i3fd453e8886f47e8a3bce0ff8daf37b5_1312)</u><u>[jor Shareholders](#i3fd453e8886f47e8a3bce0ff8daf37b5_1312)</u>*".

**F.DISCLOSURE OF A REGISTRANT'S ACTION TO RECOVER ERRONEOUSLY AWARDED** 

**COMPENSATION**

Not applicable.

**ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS**

**A.MAJOR SHAREHOLDERS**

The following table sets forth information with respect to the beneficial ownership of our ordinary shares as at February

19, 2026 for:

• each person who is known by us to own beneficially more than 3% of our total outstanding ordinary shares;

• each member of our Board of Directors and our Senior Management Team; and

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• all members of our Board of Directors and our Senior Management Team as a group.

Beneficial ownership is determined in accordance with the rules of the SEC, which may materially differ from other

rules applicable to us. The SEC rules generally attribute beneficial ownership of securities to persons who possess sole

or shared voting power or investment power with respect to those securities and include ordinary shares that can be

acquired within 60 days of February 19, 2026. The percentage ownership information shown in the table is based upon

62,062,888 ordinary shares outstanding as at February 19, 2026.

Except as otherwise indicated, all of the shares reflected in the table are ordinary shares and all persons listed below have

sole voting and investment power with respect to the shares beneficially owned by them, subject to applicable

community property laws. The information is not necessarily indicative of beneficial ownership for any other purpose.

In computing the number of ordinary shares beneficially owned by a person and the percentage ownership of that person,

we deemed outstanding ordinary shares subject to options held by that person that are immediately exercisable or

exercisable within 60 days of February 19, 2026. We did not deem these shares outstanding, however, for the purpose of

computing the percentage ownership of any other person. The information in the table below is based on information

known to us or ascertained by us from public filings made by the shareholders.

---

| | | |
|:---|:---|:---|
| | **Shares beneficially owned** | **Shares beneficially owned** |
| <br>**Name of beneficial owner** | **Number** | **Percentage** |
| **3% or Greater Shareholders:** |  |  |
| FMR LLC (1) | 6152483.21 | 9.99% |
|  | 6019642.92 | 9.78 (voting) % |
| Blackrock, Inc. (2) | 3874991 | 6.33% |
|  | 4521917 | 7.39 (voting) % |
| T. Rowe Price Group, Inc. (3) | 3647000 | 6.00% |
| Wellington Management Group LLP (4) | – | 0.00% |
|  | 2,150,704 (voting) | 3.62 (voting) % |
| Capital Research and Management Company (5) |  | 0.00% |
|  | 1,837,683 (voting) | 3.07 (voting) % |
| Janus Henderson Group plc (6) | 1784723 | 3.02% |
| **Directors and Senior Management** |  |  |
| Tim Van Hauwermeiren (7) |  | \* % |
| Donald deBethizy (8) |  | \* % |
| Steve Krognes (9) |  | \* % |
| Peter Verhaeghe (10) |  | \* % |
| Pamela Klein (11) |  | \* % |
| Anthony Rosenberg (12) |  | \* % |
| James Daly (13) |  | \* % |
| Camilla Sylvest (14) |  | \* % |
| Ana Céspedes (15) |  | \* % |
| Brian Kotzin (16) |  | \* % |
| Karen Massey (17) |  | \* % |
| Karl Gubitz (18) |  | \* % |
| Luc Truyen (19) |  | \* % |
| Peter Ulrichts (20) |  | \* % |
| Arjen Lemmen (21) |  | \* % |
| Malini Moorthy (22) |  | \* % |
| Andria Wilk (23) |  | \* % |
| All executive officers and directors as a group (17 persons) |  | 1.17% |

---

• Indicates beneficial ownership of less than 1% of the total outstanding ordinary shares.

1)Based solely on the most recent transparency notification filed with Dutch the Authority for the Financial Markets (Stichting Autoriteit

Financiële Markten) (AFM) as of February 19, 2026. Consists of (a) 6,152,483.21 ordinary shares, and (b) voting rights on 6,019,642.92 ordinary

shares. Other information regarding this shareholder's beneficial ownership of our shares is not known to us or, to our knowledge, ascertainable

from public filings.

2)Based solely on the most recent transparency notification filed with Dutch the Authority for the Financial Markets (Stichting Autoriteit

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Financiële Markten) (AFM) as of February 19, 2026. Consists of (a) 3,253,767 ordinary shares, 25,008 contracts for difference, and 596,216

stock certificates (*certificaat van aandeel*) and (b) voting rights on (i) 3,822,260 ordinary shares, (ii) 25,008 contracts for difference, and 674,649

stock certificates (*certificaat van aandeel*). Other information regarding this shareholder's beneficial ownership of our shares is not known to us

or, to our knowledge, ascertainable from public filings.

(1.Based on the most recently available Schedule 13G filed with the SEC on November 14, 2025. According to its Schedule 13G, T. Rowe Price

Associates, Inc. reported having sole voting power over 3,590,111 ADSs and sole dispositive power over 3,640,675 ADSs. The Schedule 13G

contained information as of September 30, 2025 and may not reflect current holdings of the Company's stock. The address for T. Rowe Price

Associates, Inc. is 100 E. Pratt Street, Baltimore, MD 21202.

(2.Based solely on the most recent transparency notification filed with the AFM as of February 19, 2026. Consists of voting rights on 330,691

ADSs, 1,819,494 ordinary shares, and 519 total equity return swaps. Other information regarding this shareholder's beneficial ownership of our

shares is not known to us or, to our knowledge, ascertainable from public filings.

(3.Based solely on the most recent transparency notification filed with the AFM as of February 19, 2026. Consists of voting rights on 206,694

ordinary shares and 1,630,989 ADSs. Other information regarding this shareholder's beneficial ownership of our shares is not known to us or, to

our knowledge, ascertainable from public filings.

(4.Based solely on the most recent transparency notification filed with the AFM as of February 19, 2026. Consists of 10,882 ordinary shares and

1,773,841 ADSs. Other information regarding this shareholder's beneficial ownership of our shares is not known to us or, to our knowledge,

ascertainable from public filings.

(5.Consists of (1) 96,975 ordinary shares (of which 72,095.61 ordinary shares are directly and indirectly held by Mr. Van Hauwermeiren and

24,897.39 ordinary shares are indirectly held by three of Mr. Van Hauwermeiren's direct family members (being (i) his partner, Ms Vissers; (ii)

his daughter, Ms. F. Van Hauwermeiren; and (iii) his daughter, Ms. T. Van Hauwermeiren, who each hold the interest in these ordinary shares

through an entity, Stichting Administratiekantoor Cinclus, which entity in turn holds the interest in these ordinary shares through the Belgian civil

company (société civile/burgerlijke maatschap), and (2) 233,670 shares issuable upon the exercise of stock options that are immediately

exercisable or exercisable within 60 days of February 19, 2026.

(6.Consists of 2,465 ordinary shares and 44,330 shares issuable upon the exercise of stock options that are immediately exercisable or exercisable

within 60 days of February 19, 2026.

(7.Consists of 262 ordinary shares, 2,400 shares issuable upon the exercise of stock options that are immediately exercisable or exercisable within

60 days of February 19, 2026 and 1,197 shares issuable upon the settlement of restricted stock units vesting within 60 days of February 19, 2026.

(8.Consists of 2,290 ordinary shares and 35,400 shares issuable upon the exercise of stock options that are immediately exercisable or exercisable

within 60 days of February 19, 2026.

(9.Consists of 2,290 ordinary shares and 17,900 shares issuable upon the exercise of stock options that are immediately exercisable or exercisable

within 60 days of February 19, 2026.

(10.Consists of 2,290 ordinary shares and 27,880 shares issuable upon the exercise of stock options that are immediately exercisable or exercisable

within 60 days of February 19, 2026.

(11.Consists of 1,365 ordinary shares.

(12.Consists of 1,871 ordinary shares and 4,050 shares issuable upon the exercise of stock options that are immediately exercisable or exercisable

within 60 days of February 19, 2026.

(13.Consists of 1,401 ordinary shares and 4,050 shares issuable upon the exercise of stock options that are immediately exercisable or exercisable

within 60 days of February 19, 2026.

(14.Consists of 990 ordinary shares.

(15.Consists of 4,392 ordinary shares and 16,409 shares issuable upon the exercise of stock options that are immediately exercisable or exercisable

within 60 days of February 19, 2026.

(16.Consists of 4,871 ordinary shares and 37,534 shares issuable upon the exercise of stock options that are immediately exercisable or exercisable

within 60 days of February 19, 2026.

(17.Consists of 2,241 ordinary shares and 37,534 shares issuable upon the exercise of stock options that are immediately exercisable or exercisable

within 60 days of February 19, 2026.

(18.Consists of 2,545 ordinary shares and 39,655 shares issuable upon the exercise of stock options that are immediately exercisable or exercisable

within 60 days of February 19, 2026.

(19.Consists of 4,221 ordinary shares and 68,534 shares issuable upon the exercise of stock options that are immediately exercisable or exercisable

within 60 days of February 19, 2026.

(20.Consists of 1,861 ordinary shares, 11,676 shares issuable upon the exercise of stock options that are immediately exercisable or exercisable

within 60 days of February 19, 2026 and 1,350 shares issuable upon the settlement of restricted stock units vesting within 60 days of February 19,

2026. (21.Consists of 1,035 ordinary shares and 14,971 shares issuable upon the exercise of stock options that are immediately exercisable or exercisable

within 60 days of February 19, 2026.

Each of our shareholders is entitled to one vote per ordinary share. None of the holders of our shares have different

voting rights from other holders of shares.

As of the date of this Annual Report, we are not directly or indirectly owned or controlled by any shareholder, whether

individually or acting in concert. We are not aware of any arrangement that may, at a subsequent date, result in a change

of control of the Company.

The number of record holders in the U.S. is not representative of the number of beneficial holders nor is it representative

of where such beneficial holders are resident since many of these ordinary shares were held by brokers or other

nominees. As of February 19, 2026, assuming that all of our ordinary shares represented by ADSs are held by residents

of the U.S., we estimate that approximately 45.38% of our outstanding ordinary shares were held in the U.S. by

approximately one institutional holder of record.

To our knowledge, and other than changes in percentage ownership as a result of the shares issued in connection with

our initial and follow-on U.S. public offerings or publicly disclosed in AFM filings and any amendments thereof,there

has been no significant change in the percentage ownership held by the major shareholders listed above.

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**B.RELATED PARTY TRANSACTIONS**

**Agreements with Our Senior Management Team**

There are no arrangements or understandings in place with major shareholders, customers, suppliers or others pursuant to

which any member of our Board of Directors or Senior Management Team has been appointed.

Other than as set forth in this Annual Report, there are no arrangements or understandings in place with major

shareholders, customers, suppliers or others pursuant to which any member of our Board of Directors or Senior

Management Team has been appointed.

We have entered into a management agreement with Tim Van Hauwermeiren as our CEO, our sole Executive Director.

The key terms of his agreement are as follows:

---

| | |
|:---|:---|
|  | Tim Van Hauwermeiren |
| Base Pay | $827160 |
| Cash bonus | Maximum 60% of the base pay based on previously determined bonus targets <br>established by the Non-Executive Directors<br>|
| Pension contributions<sup>1)</sup> | $44168 |
| Duration | Indefinite |

---

1)Amounts shown represent pension contributions paid during the year ended December 31, 2025.

As announced on January 5, 2026, there will be a leadership transition in May 2026. Peter Verhaeghe will step down as

Non-Executive Director and chairperson of the Board of Directors at the 2026 General Meeting. Tim Van Hauwermeiren

will step down from his current CEO role and it is envisaged that he will be appointed as a Non-Executive Director at the

2026 General Meeting and subsequently elected as by the Board of Directors as the chairperson of the Board of

Directors. Tim van Hauwermeiren's management agreement will therefore be terminated.

It is also envisaged that Karen Massey, our current COO, will be appointed as an Executive Director at the 2026 General

Meeting and subsequently elected as CEO by the Board of Directors.

Karen Massey currently holds the role of COO and has an employment contract with our subsidiary, argenx Switzerland

SA, for an indefinite term. The 2026 annual report will reflect the main terms of her agreements with the Company and/

or its subsidiaries.

Karl Gubitz, our chief financial officer, has an employment contract with our subsidiary, argenx US Inc., for an

indefinite term.

Peter Ulrichts, our chief scientific officer has an employment contract with our subsidiary, argenx B.V., for an indefinite

term.

Arjen Lemmen, our vice president corporate development and strategy, has an employment contract with our subsidiary,

argenx B.V., for an indefinite term.

Andria Wilk, our global head of quality, has an employment contract with our subsidiary, argenx B.V., for an indefinite

term.

Malini Moorthy, our general counsel and corporate secretary has an employment contract with our subsidiary, argenx

US, for an indefinite term. Ms. Moorthy has also entered into a secondment agreement with argenx US, under which Ms.

Moorthy was seconded from argenx US to argenx B.V. and was based in Belgium for the period of April 1, 2023

through December 31, 2024. This secondment was extended through December 31, 2026.

Luc Truyen, our head of research and development management operations and our chief medical officer, has an

employment contract with our subsidiary, argenx US Inc. for an indefinite term. Mr. Truyen entered into a secondment

agreement with argenx US Inc., under which Mr. Truyen has been seconded from argenx US Inc. to argenx B.V. and is

based in Belgium for the period of April 1, 2022 through November 30, 2026 (unless otherwise extended by the parties).

**Indemnification Agreements**

In connection with our initial U.S. public offering, we entered into indemnification agreements with each of our Non-

Executive Directors and each member of our Senior Management Team. We have entered into such agreements with

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each new non-executive director or member of our senior management when they have joined us since our initial U.S.

public offering. Insofar as indemnification for liabilities arising under the Securities Act may be permitted to non-

executive directors, officers or persons controlling us pursuant to the foregoing provisions, we have been informed that,

in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is therefore

unenforceable.

**Transactions with Related Companies**

From time to time, in the ordinary course of our business, we may contract for services from companies in which certain

of the members of our senior management or directors may serve as director or advisor. The costs of these services are

negotiated on an arm's length basis and none of these arrangements are material to us. See also "*<u>Note 25 Related Party</u>*

*<u>Transactions</u>*" in our consolidated financial statements which are included to our Annual Report for the period ended

December 31, 2025.

**Related Party Transactions Policy**

In connection with our initial U.S. public offering, we entered into a related party transaction policy. Our Code of

Business Conduct and Ethics (Code of Conduct) and our Board Rules also include specific rules of transactions with

related parties.

**C.INTERESTS OF EXPERTS AND COUNSEL**

Not applicable.

**ITEM 8. FINANCIAL INFORMATION**

**A.CONSOLIDATED STATEMENTS AND OTHER FINANCIAL INFORMATION**

**Consolidated financial statements**

Our consolidated financial statements, which were prepared in accordance with IFRS, as issued by the IASB, are

included at the end of this Annual Report, starting at page F-1.

**Legal proceedings**

From time to time we may become involved in legal, governmental or arbitration proceedings or be subject to claims

arising in the ordinary course of our business. Regardless of the outcome, litigation can have an adverse impact on us

because of defense and settlement costs, diversion of management resources and other factors. During the previous 12

months, there have not been any legal, governmental or arbitration proceedings (including any such proceedings which

are pending or threatened of which we are aware) which may have, or have had in the recent past, significant effects on

argenx and/or the Group's financial position or profitability.

**Dividend Distribution Policy**

Our Board of Directors has declared a series of interim distributions on account of the Company's freely distributable

reserves for such amounts as was required to pay up the aggregate nominal value of all such shares that were issued to

holders of vested RSUs, all in accordance with our Equity Incentive Plan. In accordance with Dutch law, our Board of

Directors prepared and filed an interim simplified balance sheet demonstrating that there were sufficient freely

distributable reserves for such interim distributions. Such interim simplified balance sheet was filed with the Dutch trade

register. The aggregate amount of these interim distributions amounted to approximately €13,584 ($15,961) in 2025.

Other than these interim distributions, we have not paid or declared any cash dividends on our ordinary shares, and we

do not anticipate paying any cash dividends in the foreseeable future. All of our outstanding shares have the same

dividend rights. We intend to retain all available funds and any future earnings to fund the development and expansion of

our business.

Even if future operations lead to significant levels of distributable profits, we currently intend that any earnings will be

reinvested in our business and that cash dividends will not be paid until we have an established revenue stream to

support continuing cash dividends. In addition, payment of any future dividends to shareholders would be subject to

shareholder approval at a General Meeting, upon proposal of our Board of Directors, which proposal would be subject to

the approval of the majority of the Non-Executive Directors after taking into account various factors including our

business prospects, cash requirements, financial performance and new product development.

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Our Articles of Association, as available on our website, contain the provision on the distribution of profits in article 20

(profits, distributions and losses).

**B.SIGNIFICANT CHANGES**

For details regarding events subsequent to the reporting period, please see "*<u>Note 30 — Events After the Balance Sheet</u>*

*<u>Date</u>*" in our consolidated financial statements, which are included to our Annual Report for the period ended

December 31, 2025.

**ITEM 9. THE OFFER AND LISTING**

**A.OFFER AND LISTING DETAILS**

See "<u>[Item 4.A.](#i3fd453e8886f47e8a3bce0ff8daf37b5_259)</u>*<u>[— Informatio](#i3fd453e8886f47e8a3bce0ff8daf37b5_259)</u><u>[n on the Compan](#i3fd453e8886f47e8a3bce0ff8daf37b5_259)</u><u>[y](#i3fd453e8886f47e8a3bce0ff8daf37b5_259)</u> <u>—</u> <u>[Histo](#i3fd453e8886f47e8a3bce0ff8daf37b5_262)</u><u>[ry and Development of the Company"](#i3fd453e8886f47e8a3bce0ff8daf37b5_262)</u>*<u>[.](#i3fd453e8886f47e8a3bce0ff8daf37b5_262)</u>

**B.PLAN OF DISTRIBUTION**

Not applicable.

**C.MARKETS**

The ADSs have been listed on Nasdaq under the symbol "ARGX" since May 18, 2017, and our ordinary shares have

been listed on Euronext Brussels under the symbol "ARGX" since July 2014.

**D.SELLING SHAREHOLDERS**

Not applicable.

**E.DILUTION**

Not applicable.

**F.EXPENSES OF THE ISSUE**

Not applicable.

**ITEM 10. ADDITIONAL INFORMATION**

**A.SHARE CAPITAL**

Not applicable.

**B.MEMORANDUM AND ARTICLES OF ASSOCIATION**

***Corporate Objectives***

Please see "*<u>[Exhibit](argenx-20xfxex23descriptio.htm)</u><u>[2.3—Corporate Objectives](argenx-20xfxex23descriptio.htm)</u>*", incorporated herein by reference.

***Directors***

*Conflict of Interest*

Please see "*<u>[Exhibit 2.3—Board Members—Corporate Objectives](argenx-20xfxex23descriptio.htm)</u>*", incorporated herein by reference.

*Remuneration*

Please see "*<u>[Exhibit 2.3—Board Members—Remuneration](argenx-20xfxex23descriptio.htm)</u>*", incorporated herein by reference.

[**Table of Contents**](#i3fd453e8886f47e8a3bce0ff8daf37b5_4)

*Borrowing Powers*

Please see "*<u>[Exhibit 2.3—Board Members—Borrowing Powers](argenx-20xfxex23descriptio.htm)</u>*", incorporated herein by reference.

***Rights, Preferences and Restrictions of Shares***

*Dividends and Other Distributions*

Please see "*<u>[Exhibit 2.3 — Dividends and Other Distributions](argenx-20xfxex23descriptio.htm)</u>*", incorporated herein by reference.

*Voting rights*

Please see "*<u>[Exhibit 2.3—Shareholders' Meetings and Consents—Quorum and Voting Requirements](argenx-20xfxex23descriptio.htm)</u>*" and "*<u>[Exhibit 2.3 —](argenx-20xfxex23descriptio.htm)</u>*

*<u>[Comparison of Dutch Corporate Law, our Articles of Association and Board of Directors By-Laws and DGCL](argenx-20xfxex23descriptio.htm)</u><u>[— Voting](argenx-20xfxex23descriptio.htm)</u>*

*<u>[Rights](argenx-20xfxex23descriptio.htm)</u>"*, incorporated herein by reference.

*Rights to Share in Company Profits*

Please see "*<u>[Exhibit 2.3 — Dividends and Other Distributions — Rights to Share in Company Profits](argenx-20xfxex23descriptio.htm)</u>*", incorporated

herein by reference.

*Right to Surplus In the Event of Liquidation*

Please see "*<u>[Exhibit 2.3 — Dividends and Other Distributions — Right to Surplus In the Event of Liquidation](argenx-20xfxex23descriptio.htm)</u>*",

incorporated herein by reference.

*Redemption Provisions*

Please see "*<u>[Exhibit 2.3 — Dividends and Other Distributions](argenx-20xfxex23descriptio.htm)</u>*<u>[—](argenx-20xfxex23descriptio.htm)</u>*<u>[Redemption Provisions](argenx-20xfxex23descriptio.htm)</u>*", incorporated herein by

reference.

***Amendment of Articles of Association***

Please see "<u>[Exhibit 2.3 — Articles of Association and Dutch Law — Dividends and Other Distributions — Redemption](argenx-20xfxex23descriptio.htm)</u>

<u>[Provisions](argenx-20xfxex23descriptio.htm)</u>", incorporated herein by reference.

***Shareholders' Meetings and Consents***

*General Meeting, Voting Rights and Admission*

General Meetings are held at the place where the Company has its official seat (being Amsterdam) or at Schiphol Airport

(municipality of Haarlemmermeer), the Netherlands. The Articles of Association provide that at least one annual General

Meeting shall be held within six months after the close of each fiscal year. Additional extraordinary General Meetings

may be held whenever our Board of Directors deems such to be necessary. Shareholders representing alone or in

aggregate at least one-tenth of our issued and outstanding share capital may, pursuant to the DCC, request that a General

Meeting be convened. If our Board of Directors has not taken the steps necessary to ensure that a General Meeting will

be held within the relevant statutory period after the request, the requesting persons may, at his/her/their request, be

authorized by a court in preliminary relief proceedings to convene a General Meeting.

We will give notice of any General Meeting by publication on our website and furthermore, to the extent required, in

another manner in accordance with the applicable stock exchange regulations. The notice convening any General

Meeting must include, among other items, an agenda indicating the place and date of the meeting, the items for

discussion and voting, the proceedings for registration including the registration date, as well as any proposals for the

agenda made by the Board of Directors or shareholders holding at least 3% of the issued share capital. For an annual

General Meeting, the agenda shall include, among other things, the adoption of the annual accounts, appropriation of our

profits and proposals relating to the composition of our Board of Directors.

Pursuant to Dutch law, shareholders holding at least 3% of our issued and outstanding share capital have a right to

request our Board of Directors to include items on the agenda of any General Meeting. Our Board of Directors must

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agree to these requests, provided that (i) the request was made in writing and motivated, and (ii) the request was received

by the chairperson of our Board of Directors at least 60 days prior to the date of a General Meeting.

No resolutions shall be adopted on items other than those which have been included in the agenda. In accordance with

the DCGC, a shareholder may include an item on the agenda only after consulting our Board of Directors in that respect.

If one or more shareholders intends to request that an item be put on the agenda that may result in a change in the

Company's strategy, our Board of Directors may invoke a response time of a maximum of 180 days until the day of a

General Meeting. In addition, pursuant to the DCC, our Board of Directors may invoke a statutory cooling-off period up

to a maximum of 250 days (wettelijke bedenktijd). For the Company, this will apply in case:

• shareholders request our Board of Directors to have a General Meeting consider a proposal for the appointment,

suspension or dismissal of one or more directors, or a proposal for the amendment of one or more provisions in the

Articles of Association relating thereto; or

• a public offering of shares in the capital of the Company is announced or made without the bidder and the Company

having been reached agreement about the offering; and

• only if our Board of Directors also considers the relevant situation to be substantially contrary to the interests of the

Company and its affiliated enterprises.

If our Board of Directors invokes such a cooling-off period, this causes the powers of the General Meeting to appoint,

suspend or dismiss directors (and to amend the Articles of Association in this respect) to be suspended.

General Meetings are presided over by the chairperson of the Board of Directors or, if he/she is absent, by the vice

chairperson of the Board of Directors. If both the chairperson and the vice chairperson are absent, the Non-Executive

Directors present at the General Meeting shall appoint one of them to be chairperson. In General Meetings, members of

the Board of Directors have an advisory vote. The chairperson of the General Meeting may decide at his/her discretion to

admit other persons to the General Meeting.

The external auditor of the Company shall attend a General Meeting in which the annual accounts are discussed.

Our Board of Directors must give notice of a General Meeting, by at least such number of days prior to the day of the

meeting as required by Dutch law, which is currently 42 days.

Shareholders (as well as other persons with voting rights or meeting rights) may attend a General Meeting, to address the

General Meeting and, in so far as they have such right, to exercise voting rights pro rata to its shareholding, either in

person or by proxy. Shareholders may exercise these rights, if they are the holders of shares on the registration date

which is currently the 28th day before the day of a General Meeting, and they or their proxy have notified our Board of

Directors of their intention to attend a General Meeting in writing at the address and by the date specified in the notice of

said meeting.

All shareholders, and each usufructuary and pledgee to whom the right to vote on our shares accrues, are entitled, in

person or represented by a proxy authorized in writing, to attend and address a General Meeting and exercise voting

rights pro rata to their shareholding. Shareholders may exercise their rights if they are the holders of our shares on the

record date as required by Dutch law, which is currently the 28th day before the day of a General Meeting, and they or

their proxy have notified us of their intention to attend such General Meeting in writing or by any other electronic means

that can be reproduced on paper ultimately at a date set for that purpose by our Board of Directors which date may not be

earlier than the seventh day prior to such General Meeting, specifying such person's name and the number of shares for

which such person may exercise the voting rights and/or meeting rights at such General Meeting. The convocation notice

shall state the record date and the manner in which the persons entitled to attend a General Meeting may register and

exercise their rights.

Each ordinary share confers the right on the holder to cast one vote at the General Meeting. Shareholders may vote by

proxy. The voting rights attached to any shares held by us are suspended as long as they are held in treasury.

Nonetheless, the holders of a right of usufruct (vruchtgebruik) in shares belonging to another and the holders of a right of

pledge in respect of ordinary shares held by us are not excluded from any right they may have to vote on such ordinary

shares, if the right of usufruct (vruchtgebruik) or the right of pledge was granted prior to the time such ordinary share

was acquired by us. We may not cast votes in respect of a share in respect of which there is a right of usufruct

(vruchtgebruik) or a right of pledge. Shares which are not entitled to voting rights pursuant to the preceding sentences

will not be taken into account for the purpose of determining the number of shareholders that vote and that are present or

represented, or the amount of the share capital that is provided or that is represented at a General Meeting.

Decisions of the General Meeting are taken by an absolute majority of votes cast, except where Dutch law or the Articles

of Association provide for a qualified majority or unanimity. In accordance with Dutch law and generally accepted

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business practices, our Articles of Association do not provide quorum requirements generally applicable to a General

Meeting. To this extent, our practice varies from the requirement of Nasdaq Listing Rule 5620(c), which requires an

issuer to provide in its bylaws for a generally applicable quorum, and that such quorum may not be less than one-third of

the outstanding voting stock.

Two General Meetings were held in 2025.

At the 2025 General Meeting, our annual report and annual accounts for the year ended December 31, 2024 were

approved, the allocation of profits of the year ended December 31, 2024 to the retained earnings of the Company was

approved. Anthony Rosenberg was reappointed as a Non-Executive Director to the Board of Directors for a term of two

years, and the Board of Directors was authorized to issue shares and grant rights to subscribe for shares in our share

capital for up to 10% of the outstanding share capital at the date of the meeting and for a period of 18 months from the

meeting and to limit or exclude statutory pre-emptive rights with regard to such (rights to subscribe for) shares.

At the 2025 Extraordinary General Meeting, the 2025 Remuneration Policy was approved.

***Limitations on the Right to Own Securities***

Please see "*<u>[Exhibit 2.3—Limitations on the Right to Own Securities](argenx-20xfxex23descriptio.htm)</u>*", incorporated herein by reference.

***Comparison of Dutch Corporation Law, our Articles of Association and Board By-Laws and U.S. Corporate Law***

Please see "*<u>[Exhibit 2.3—Comparison of Dutch Corporate Law, our Articles of Association and Board of Directors By-](argenx-20xfxex23descriptio.htm)</u>*

*<u>[Laws and DGCL](argenx-20xfxex23descriptio.htm)</u>*", incorporated herein by reference.

**Change in the Capital**

Please see "*<u>[Exhibit 2.3—Change in the Capital](argenx-20xfxex23descriptio.htm)</u>*", incorporated herein by reference.

**C.MATERIAL CONTRACTS**

For additional information on our material contracts, please see "*<u>[Item 4 — Information on the Company](#i3fd453e8886f47e8a3bce0ff8daf37b5_259)</u>*<u>["](#i3fd453e8886f47e8a3bce0ff8daf37b5_259)</u>, "*<u>[Item 7.A. —](#i3fd453e8886f47e8a3bce0ff8daf37b5_1312)</u>*

*<u>[Major Shareholders](#i3fd453e8886f47e8a3bce0ff8daf37b5_1312)</u>*<u>["](#i3fd453e8886f47e8a3bce0ff8daf37b5_1312)</u>, and "*<u>[Item 7.B. — Related Party Transactions](#i3fd453e8886f47e8a3bce0ff8daf37b5_1315)</u>*<u>["](#i3fd453e8886f47e8a3bce0ff8daf37b5_1315)</u>.

**D.EXCHANGE CONTROLS**

Under Dutch law, subject to the 1977 Sanction Act (Sanctiewet 1977) and other international economic or financial

sanctions, there are no exchange control restrictions on investments in, or payments on, shares (except as to cash

amounts). There are no special restrictions in our Articles of Association or Dutch law that limit the right of shareholders

who are not citizens or residents of the Netherlands to hold or vote shares.

**E.TAXATION**

***This summary does not consider your particular circumstances. We urge you to consult your own independent tax***

***advisors about the income, capital gains and/or transfer tax consequences to you in light of your particular***

***circumstances of purchasing, holding and disposing of ordinary shares or ADSs.***

**Certain Material U.S. Federal Income Tax Considerations for U.S. Holders**

The following discussion is a summary under present law of certain material U.S. federal income tax considerations

relating to the ownership and disposition of ADSs by a U.S. holder (as defined below). This summary addresses only the

U.S. federal income tax considerations for U.S. holders that hold ADSs as capital assets (generally, property held for

investment) and use the U.S. dollar as their functional currency. This summary does not address all U.S. federal income

tax matters that may be relevant to a particular U.S. holder and is not a substitute for tax advice. This summary does not

address tax considerations applicable to a holder of ADSs that may be subject to special tax rules including, without

limitation, banks, financial institutions or insurance companies, brokers, dealers or traders in securities, currencies,

commodities, or notional principal contracts, traders in securities that elect to mark-to-market, tax-exempt entities or

organizations, including "individual retirement accounts" or "Roth IRAs", real estate investment trusts, regulated

investment companies, persons that hold the ADSs as part of a "hedging," "integrated" or "conversion" transaction or as

a position in a "straddle", partnerships (including entities or arrangements classified as partnerships for U.S. federal

income tax purposes) or other pass-through entities (including

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S-corporations), or persons that will hold the ADSs through such an entity, certain former citizens or

long-term residents of the United States, persons that received the ADSs as compensation for the performance of

services, persons subject to special tax accounting rules as a result of any item of gross income with respect to the shares

being taken into account in an applicable financial statement, and holders that own directly, indirectly, or through

attribution 10% or more of the voting power or value of our ordinary shares and ADSs. This summary does not address

U.S. federal taxes other than the income tax (such as the Medicare surtax on net investment income, the estate, gift, or

alternative minimum tax), any election to apply Section 1400Z-2 of the U.S. Internal Revenue Code of 1986, as amended

(the Code) to gains recognized with respect to ADSs, or any U.S. state, local, or non-U.S. tax considerations of the

ownership and disposition of ADSs.

For the purposes of this summary, a "U.S. holder" is a beneficial owner of ADSs that is (or is treated as), for U.S. federal

income tax purposes, (i) an individual who is a citizen or resident of the United States, (ii) a corporation, or any other

entity treated as a corporation for U.S. federal income tax purposes, created or organized in or under the laws of the

United States, any state thereof, or the District of Columbia, (iii) an estate, the income of which is subject to U.S. federal

income taxation regardless of its source, or a trust, if a court within the United States is able to exercise primary

supervision over its administration and one or more U.S. persons have the authority to control all of the substantial

decisions of such trust.

If a partnership (or other entity or arrangement treated as a partnership for U.S. federal income tax purposes) holds

ADSs, the U.S. federal income tax consequences relating to an investment in those ADSs will depend in part upon the

status of the partner and the activities of the partnership. A partnership that holds ADSs should consult its tax advisor

regarding the U.S. federal income tax considerations for it and for its partners of owning and disposing of ADSs in its

and their particular circumstances.

In general, a U.S. holder that owns ADSs will be treated as the beneficial owner of the underlying shares represented by

those ADSs for U.S. federal income tax purposes. Accordingly, no gain or loss will generally be recognized if a U.S.

holder exchanges ADSs for the underlying shares represented by those ADSs. Persons considering an investment in the

ADSs should consult their own tax advisors as to the particular tax consequences applicable to them relating to the

ownership and disposition of ADSs, including the applicability of U.S. federal, state and local tax laws and non-U.S. tax

laws.

*Distributions*

Although we do not currently plan to pay dividends, and subject to the discussion under "*<u>[Item](#i3fd453e8886f47e8a3bce0ff8daf37b5_1402)</u><u>[10.E. — Taxation](#i3fd453e8886f47e8a3bce0ff8daf37b5_1402)</u> <u>—</u>*

*<u>[Certain Material U.S. Federal Income Tax Considerations for U.S. Holders](#i3fd453e8886f47e8a3bce0ff8daf37b5_1408)</u> <u>—</u> <u>[Passive Foreign Investment Company](#i3fd453e8886f47e8a3bce0ff8daf37b5_1417)</u>*

*<u>[Considerations](#i3fd453e8886f47e8a3bce0ff8daf37b5_1417)</u>"* below, the gross amount of distributions paid with respect to our ordinary shares including Dutch or

Belgian tax withheld therefrom, if any (other than pro rata distribution), generally will be included in a U.S. holder's

gross income as foreign source ordinary dividend income when actually or constructively received to the extent such

distribution is paid out of our current and accumulated earnings and profits as determined under U.S. federal income tax

principles. Distributions in excess of our current and accumulated earnings and profits will be treated as a non-taxable

return of capital and will be applied against and reduce, the U.S. holder's adjusted tax basis in ADSs (but not below

zero) and distributions in excess of earnings and profits and a U.S. holder's adjusted tax basis will generally be taxable to

the U.S. holder as either long-term or short-term capital gain depending upon whether the U.S. holder has held the ADSs

for more than one year as of the time such distribution is received. However, since we do not calculate our earnings and

profits under U.S. federal income tax principles, it is expected that any distribution will be reported as a dividend, even if

that distribution would otherwise be treated as a non-taxable return of capital or as capital gain.

Our dividends will not be eligible for the dividends-received deduction generally allowed to U.S. corporations.

Dividends paid to non-corporate U.S. holders that satisfy a minimum holding period (during which they are not

protected from the risk of loss) and certain other requirements may qualify for the preferential favorable tax rates

applicable to qualified dividend income, provided that we are a "qualified foreign corporation" and we are not a PFIC as

to the non-corporate U.S. holder in the taxable year of the dividend or the preceding taxable year. A qualified foreign

corporation includes a non-U.S. corporation that is eligible for the benefits of a comprehensive income tax treaties with

the United States. A non-U.S. corporation also will be considered to be a qualified foreign corporation with respect to

any dividend it pays on shares which are readily tradable on an established securities market in the United States. Our

ADSs are listed on Nasdaq, which is an established securities market in the United States, and we expect our ADSs to be

readily tradable on Nasdaq. However, there can be no assurance that the ADSs will be considered readily tradable on an

established securities market in the United States in any taxable year. U.S. holders should consult their own tax advisors

regarding the application of these rules given their particular circumstances.

Subject to generally applicable limitations, a U.S. holder may be entitled to claim a U.S. foreign tax credit for Dutch

withholding tax imposed at the appropriate rate. U.S. holders who do not elect to claim a credit for any foreign income

taxes paid or accrued during the taxable year may instead claim a deduction of such taxes. The rules relating to the

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foreign tax credit are complex. Each U.S. holder should consult its own tax advisors regarding the foreign tax credit

rules.

In general, the amount of a distribution paid to a U.S. holder in a foreign currency will be the dollar value of the foreign

currency calculated by reference to the applicable exchange rate on the day the U.S. holder receives the distribution,

regardless of whether the foreign currency is converted into U.S. dollars at that time. Any foreign currency gain or loss a

U.S. holder realizes on a subsequent conversion of foreign currency into U.S. dollars will be U.S. source ordinary

income or loss. If dividends received in a foreign currency are converted into U.S. dollars on the day they are received, a

U.S. holder should not be required to recognize foreign currency gain or loss in respect of the dividend.

*Sale, Exchange or Other Taxable Disposition of ADSs*

Subject to the discussion under "*<u>[Item](#i3fd453e8886f47e8a3bce0ff8daf37b5_1402)</u><u>[10.E. — Taxation](#i3fd453e8886f47e8a3bce0ff8daf37b5_1402)</u><u>—</u><u>[Certain Material U.S. Federal Income Tax Considerations for](#i3fd453e8886f47e8a3bce0ff8daf37b5_1408)</u>*

*<u>[U.S. Holders](#i3fd453e8886f47e8a3bce0ff8daf37b5_1408)</u><u>—</u><u>[Passive Foreign Investment Company Consideration](#i3fd453e8886f47e8a3bce0ff8daf37b5_1417)</u><u>[s](#i3fd453e8886f47e8a3bce0ff8daf37b5_1417)</u>"* below, a U.S. holder will generally recognize

capital gain or loss on the sale, exchange or other taxable disposition of ADSs in an amount equal to the difference

between the amount realized from such sale or exchange and the U.S. holder's adjusted basis in the ADSs, each amount

determined in USD. The adjusted tax basis in ADSs generally will be equal to the U.S. dollar cost of such ADSs. Any

such capital gain or loss generally will be long-term capital gain or loss if the U.S. holder's holding period for such

ADSs exceeds one year as of the date of sale or other disposition. Long-term capital realized by a non-corporate U.S.

holder is generally eligible for a preferential reduced rates. The deductibility of capital losses for U.S. federal income tax

purposes is subject to certain limitations. Any such gain or loss that a U.S. holder recognizes generally will be treated as

U.S. source income or loss for foreign tax credit limitation purposes.

*Passive Foreign Investment Company Considerations*

In general, a non-U.S. corporation will be classified as a passive foreign investment company, or PFIC, for any taxable

year in which, after applying certain look-through rules with respect to certain dividends, rents, interest or royalties

received from its affiliates and taking into account its proportionate share of the income and assets of its 25% or more

owned subsidiaries, either: (i) at least 75% of its gross income is "passive income" or (ii) at least 50% of the average

quarterly value of its total gross assets is attributable to cash in excess of working capital requirements or assets that

produce "passive income" or are held for the production of "passive income". Passive income for this purpose generally

includes dividends, interest, royalties, rents, gains from commodities and securities transactions, the excess of gains over

losses from the disposition of assets which produce passive income. While we are treated as a publicly traded company

for these purposes, the value of our assets, including goodwill and other intangibles, will be based on their fair market

value, which will depend on the market value of our ordinary shares and ADSs, which are subject to change.

Based on our historic and anticipated operations, the composition of our income and the projected composition and

estimated fair market values of our assets, we do not believe that we were a PFIC for our most recent taxable year and do

not expect to be classified as a PFIC for the current taxable year or for the foreseeable future. However, our possible

status as a PFIC is a factual determination made annually after the close of each taxable year and, therefore, may be

subject to change. Accordingly, there can be no assurance that we will not be a PFIC for any year in which a U.S. holder

holds ADSs. The Company does not intend to provide any annual assessments of its PFIC status.

If we were to be classified as a PFIC for any taxable year during which a U.S. holder owns ADSs, gain recognized on a

sale or other disposition (including certain pledges) of such U.S. holder's ADSs would be allocated ratably over such

U.S. holder's holding period. Amounts allocated to the taxable year of the sale or disposition and to any year before we

became a PFIC would be taxed as ordinary income and the amount allocated to each other taxable year would be subject

to tax at the highest rate in effect for individuals or corporations, as appropriate, for that taxable year, and an interest

charge will be imposed on the resulting tax liability for each such year. In addition, to the extent that distributions

received by a U.S. holder on its ADSs in any taxable year exceed 125% of the average of the annual distributions on

such holder's ADSs received during the preceding three taxable years (or, if shorter, the U.S. holder's holding period),

such excess distributions will be subject to taxation in the same manner. Furthermore, dividends that are not excess

distributions would not be eligible for the preferential tax rate applicable to qualified dividend income received by

individuals and certain other non-corporate persons.

If the Company is a PFIC for any taxable year during which you own ADSs, the Company will generally continue to be

treated as a PFIC with respect to you for all succeeding years during which you own the ADSs, even if the Company

ceases to meet the threshold requirements for PFIC status. Certain elections may be available that will result in

alternative treatments (such as mark-to-market treatment) of the Shares. U.S. holders should consult their own tax

advisors concerning the Company's possible PFIC status and the consequences to them if the Company were a PFIC for

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any taxable year, including whether any of these elections will be available, and, if so, what the consequences of the

alternative treatments will be in your particular circumstances.

*Backup Withholding and Information Reporting*

U.S. holders generally will be subject to information reporting requirements with respect to dividends on ADSs and on

the proceeds from the sale, exchange or disposition of the ADSs that are paid within the United States or through U.S.-

related financial intermediaries, unless the U.S. holder is a corporation or other "exempt recipient." In addition, U.S.

holders may be subject to backup withholding on such payments, unless the U.S. holder provides a correct taxpayer

identification number and a duly executed IRS Form W-9 or otherwise establishes an exemption. Backup withholding is

not an additional tax, and the amount of any backup withholding will be allowed as a credit against a U.S. holder's U.S.

federal income tax liability and may entitle such holder to a refund, provided that the required information is timely

furnished to the IRS.

*Foreign Asset Reporting*

Certain U.S. holders who are individuals and certain entities controlled by individuals may be required to report

information relating to an interest in ADSs, subject to certain exceptions (including an exception for shares held in

accounts maintained by U.S. financial institutions) by filing IRS Form 8938 (Statement of Specified Foreign Financial

Assets) with their federal income tax return. Investors who fail to report required information could become subject to

substantial penalties. U.S. holders are urged to consult their tax advisors regarding their information reporting

obligations, if any, with respect to their ownership and disposition of the ADSs.

**Material Dutch Tax Consequences**

The following summary outlines certain material Dutch tax consequences in connection with the acquisition, ownership

and disposal of the ADSs. All references in this summary to the Netherlands and Dutch law are to the European part of

the Kingdom of the Netherlands and its law, respectively, only. The summary does not purport to present any

comprehensive or complete picture of all Dutch tax aspects that could be of relevance to the acquisition, ownership and

disposal of the ADSs by a (prospective) holder of the ADSs. Depending on the particular situation of a holder of ADSs,

this summary may not describe all potentially relevant Dutch tax consequences in light of such a holder of

ADSs' (specific) circumstances. The summary is based on the tax laws and practice of the Netherlands as in effect on the

date of this Annual Report, which are subject to changes that could prospectively or retrospectively affect the Dutch tax

consequences.

This summary does not address the Dutch tax consequences for a holder of ADSs that is considered to be affiliated

(gelieerd) to the Company within the meaning of the Dutch Withholding Tax Act 2021 (Wet bronbelasting 2021).

Generally, a holder of ADSs is considered to be affiliated to the Company for these purposes if (i) it has a qualifying

interest in the Company, (ii) the Company has a qualifying interest in such party, or (iii) a third party has a qualifying

interest in both the Company and such party. A party is equated with any qualifying unity (kwalificerende eenheid) of

parties of which it forms part. A qualifying unity is defined as entities that have been established and/or are acting jointly

with the primary purpose, or one of the primary purposes, to avoid the imposition of tax on one or more of such entities,

for example where the controlling interest (to be) held is divided into various non-controlling interests with the primary

purpose, or one of the primary purposes, to avoid the aforementioned tax. A qualifying interest is an interest that allows

the holder to have a decisive influence over the other party's decisions, in such a way that it is able to determine the

activities of the other party. A party is in any case considered to have a qualifying interest in another party if it (directly

or indirectly) owns more than 50 per cent. of the voting rights in such other party.

For purposes of Dutch income and corporate income tax, shares, or certain other assets, which may include depositary

receipts in respect of shares, legally owned by a third party such as a trustee, foundation or similar entity or arrangement,

a "Third Party", may under certain circumstances have to be allocated to the (deemed) settlor, grantor or similar

originator, the "Settlor", or, upon the death of the Settlor, such Settlor's beneficiaries, the "Beneficiaries", in proportion

to their entitlement to the estate of the Settlor of such trust or similar arrangement, the "Separated Private Assets".

The summary does not address the Dutch tax consequences of a holder of the ADSs who is an individual and who has a

substantial interest (aanmerkelijk belang) in the Company. Generally, a holder of the ADSs will have a substantial

interest in the Company if such holder of the ADSs, whether alone or together with such holder's spouse or partner and/

or certain other close relatives, holds directly or indirectly, or as Settlor or Beneficiary of Separated Private Assets (i) (x)

the ownership of, (y) certain other rights, such as usufruct, over, or (z) rights to acquire (whether or not already issued),

shares (including the ADSs) representing 5% or more of the total issued and outstanding capital (or the issued and

outstanding capital of any class of shares) of the Company or (ii) (x) the ownership of, or (y) certain other rights, such as

usufruct over, profit participating certificates (winstbewijzen) that relate to 5% or more of the annual profit of the

Company or to 5% or more of the liquidation proceeds of the Company.

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In addition, a holder of the ADSs has a substantial interest in the Company if such holder, whether alone or together with

such holder's spouse or partner and/or certain other close relatives, has the ownership of, or other rights over, shares, or

depositary receipts in respect of shares, in, or profit certificates issued by, the Company that represent less than 5% of the

relevant aggregate that either (a) qualified as part of a substantial interest as set forth above and where shares, or

depositary receipts in respect of shares, profit certificates and/or rights there over have been, or are deemed to have been,

partially disposed of, or (b) have been acquired as part of a transaction that qualified for non-recognition of gain

treatment.

Furthermore, this summary does not address the Dutch tax consequences of a holder of the ADSs:

• who is an individual and receives income or realizes capital gains in respect of the ADSs in connection with such

holder's employment activities or in such holder's capacity as (former) board member or (former) supervisory board

member;

• who is a resident of any non-European part of the Kingdom of the Netherlands; or

• in respect of the Dutch Minimum Taxation Act 2024 (Wet minimumbelasting 2024), (which is the Dutch

implementation of Council Directive (EU) 2022/2523 of 14 December 2022 on ensuring a global minimum level of

taxation for multinational enterprise groups and large-scale domestic groups in the EU).

***Dividend Withholding Tax***

*General*

The Company is generally required to withhold dividend withholding tax imposed by the Netherlands at a rate of 15%

on dividends distributed by the Company in respect of our ordinary shares underlying the ADSs. The expression

"dividends distributed by the Company" as used herein includes, but is not limited to:

(a)distributions in cash or in kind, deemed and constructive distributions and repayments of paid-in capital (gestort

kapitaal) not recognized for Dutch dividend withholding tax purposes;

(b)liquidation proceeds, proceeds of redemption of our ordinary shares or, as a rule, consideration for the repurchase of

our ordinary shares by the Company in excess of the average paid-in capital recognized for Dutch dividend

withholding tax purposes;

(c)the par value of our ordinary shares issued to a holder of our ordinary shares or an increase of the par value of our

ordinary shares, to the extent that it does not appear that a contribution, recognized for Dutch dividend withholding

tax purposes, has been made or will be made; and

(d)partial repayment of paid-in capital, recognized for Dutch dividend withholding tax purposes, if and to the extent that

there are net profits (zuivere winst), unless (i) the shareholders at a General Meeting have resolved in advance to

make such repayment and (ii) the par value of our ordinary shares concerned has been reduced by an equal amount

by way of an amendment of our articles of association.

*Holders of the ADSs Resident in the Netherlands*

A holder of the ADSs that is an individual that is resident or deemed to be resident in the Netherlands for Dutch tax

purposes is generally entitled, subject to the anti-dividend stripping rules described below, to a full credit against its

income tax liability, or a full refund, of the Dutch dividend withholding tax.

A holder of the ADSs that is a legal entity that is resident or deemed to be resident in the Netherlands for Dutch tax

purposes is generally entitled, subject to the anti-dividend stripping rules described below, to a full credit against its

corporate income tax liability of the Dutch dividend withholding tax. If and to the extent such legal entity cannot credit

the full amount of Dutch dividend withholding tax in a given year, the Dutch dividend withholding tax may be carried

forward and credited against its corporate income tax liability in subsequent years (without time limitation).

The two previous paragraphs generally apply to holders of the ADSs that are neither resident nor deemed to be resident

in the Netherlands for Dutch tax purposes if the ADSs are attributable to a permanent establishment (vaste inrichting) or

a permanent representative (vaste vertegenwoordiger) in the Netherlands of such non-resident holder of ADSs.

A holder of the ADSs that is a legal entity that is resident or deemed to be resident in the Netherlands for Dutch tax

purposes that is exempt from Dutch corporate income tax but that is not qualifying exempt investment institution

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(vrijgestelde beleggingsinstelling), is generally entitled, subject to the anti-dividend stripping rules described below, to

an exemption at source (subject to the completion of necessary procedural formalities) or a full refund of Dutch dividend

withholding tax on dividends received.

*Holders of the ADSs Resident Outside the Netherlands*

A holder of the ADSs that is resident in a country for tax purposes with which the Netherlands has a tax treaty in effect,

may, depending on the terms of such tax treaty and subject to the anti-dividend stripping rules described below, be

eligible for a full or partial exemption from, or full or partial refund of, Dutch dividend withholding tax on dividends

received.

A holder of the ADSs, that is a legal entity (a) tax resident in (i) an EU Member State, (ii) Iceland, Norway or

Liechtenstein, or (iii) a country with which the Netherlands has concluded a tax treaty that includes an article on

dividends and (b) that is in its state of residence under the terms of a tax treaty concluded with a third state, not

considered to be resident for tax purposes in a country with which the Netherlands has not concluded a tax treaty that

includes an article on dividends (i.e., not an EU Member State, Iceland, Norway or Liechtenstein), is generally entitled,

subject to the anti-abuse rules and the anti-dividend stripping rules described below, to a full exemption from Dutch

dividend withholding tax on dividends received if it holds an interest of, generally, at least 5% of the nominal share

capital of the Company in respect of which, had such holder been a tax resident in the Netherlands, the participation

exemption (deelnemingsvrijstelling) would have applied.

The full exemption from Dutch dividend withholding tax on dividends received by a holder of the ADSs is not granted if

(x) the interest held by such holder (i) is held for the avoidance of Dutch dividend withholding tax of another person as

(one of) the main purpose(s) and (ii) forms part of an artificial structure or series of structures (such as structures which

are not put into place for valid business reasons reflecting economic reality), or (y) the holder of ADSs has a similar

function to a qualifying investment institution (fiscale beleggingsinstelling) or a qualifying exempt investment institution

(vrijgestelde beleggingsinstelling).

A holder of the ADSs, that is an entity tax resident in (i) an EU Member State or (ii) Iceland, Norway or Liechtenstein,

or (iii) in a jurisdiction which has an arrangement for the exchange of tax information with the Netherlands (and such

holder as described under (iii) holds the ADSs as a portfolio investment (i.e., such holding is not acquired with a view to

the establishment or maintenance of lasting and direct economic links between the holder of the ADSs and the Company

and does not allow the holder of the ADSs to participate effectively in the management or control of the Company)),

which is exempt from tax in its country of residence and does not have a similar function to a qualifying investment

institution (fiscale beleggingsinstelling) or a qualifying exempt investment institution (vrijgestelde beleggingsinstelling),

and that would have been exempt from Dutch corporate income tax if it had been a resident of the Netherlands, is

generally entitled, subject to the anti-dividend stripping rules described below, to an exemption or a full refund of Dutch

dividend withholding tax on dividends received. This exemption or full refund will in general benefit certain foreign

pension funds, government agencies and certain government controlled commercial entities.

No exemption, reduction, credit or refund of Dutch dividend withholding tax will be granted if the recipient of the

dividend paid by the Company is not considered the beneficial owner (uiteindelijk gerechtigde) of the dividend. A

recipient of a dividend is in any case not considered the beneficial owner of the dividend pursuant to the anti-dividend

stripping rules if, as a consequence of a combination of transactions and tested at group level, (i) a person (other than the

holder of the dividend coupon), directly or indirectly, partly or wholly benefits from the dividend, (ii) such person

directly or indirectly retains or acquires a comparable interest in the ADSs, and (iii) such person is entitled to a less

favorable exemption, refund or credit of dividend withholding tax than the recipient of the dividend distribution. The

term "combination of transactions" includes transactions that have been entered into by parties related to the recipient of

the dividend, that have been entered into in the anonymity of a regulated stock market, the sole acquisition of one or

more dividend coupons and the establishment of short-term rights or enjoyment on the ADSs (e.g., usufruct).

*Holders of the ADSs Resident in the U.S.*

Dividends distributed by the Company to U.S. resident holders of the ADSs that are eligible for benefits under the

Convention between the Netherlands and the U.S. for the avoidance of Double Taxation and the Prevention of Fiscal

Evasion with respect to Taxes and Income, dated December 18, 1992 as amended by the protocol of March 8, 2004 (U.S.

Tax Treaty), generally will be entitled to a reduced dividend withholding tax rate of 5% in case of certain U.S. corporate

shareholders owning at least 10% of the Company's total voting power. Certain U.S. pension funds and tax-exempt

organizations may qualify for a complete exemption from Dutch dividend withholding tax.

Under the U.S. Tax Treaty such benefits are generally available to U.S. residents if such resident is the beneficial owner

of the dividends, provided that such shareholder does not have an enterprise or an interest in an enterprise that is, in

whole or in part, carried on through a permanent establishment or permanent representative in the Netherlands and to

which enterprise or part of an enterprise the ADSs are attributable. A person may, however, not claim the benefits of the

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U.S. Tax Treaty if such person's entitlement to such benefits is limited by the provisions of Article 26 (the limitation on

benefits provision) of the U.S. Tax Treaty. The reduced dividend withholding tax rate can generally be applied at source

upon the distribution of the dividends, provided that the proper forms have been filed in advance of the distribution. In

the case of certain tax-exempt organizations, as a general rule, the so-called refund method applies; only when certain

administrative conditions have been fulfilled may such tax-exempt organization use the exemption method.

Irrespective of meeting the conditions of the relevant provisions of the U.S. Tax Treaty, dividends distributed by the

Company to a U.S. resident holder meeting the criteria set out in the second and third paragraphs under "

***Taxes on Income and Capital Gains***

*Holders of the ADSs Resident in the Netherlands: Individuals*

A holder of the ADSs, who is an individual resident or deemed to be resident in the Netherlands for Dutch tax purposes

will be subject to regular Dutch income tax on the income derived from the ADSs and the gains realized upon the

redemption and/or disposal of the ADSs by the holder thereof, if:

(a) such holder of the ADSs has an enterprise or an interest in an enterprise, to which enterprise the ADSs are

attributable; and/or

(b) such income or capital gain forms "a benefit from miscellaneous activities" (resultaat uit overige werkzaamheden)

which, for instance, would be the case if the activities with respect to the ADSs exceed "normal active asset

management" (normaal, actief vermogensbeheer) or if income and gains are derived from the holding, whether directly

or indirectly, of (a combination of) shares, debt claims or other rights (together, a "lucrative interest" (lucratief belang))

that the holder thereof has acquired under such circumstances that such income and gains are intended to be

remuneration for work or services performed by such holder (or a related person), whether within or outside an

employment relation, where such lucrative interest provides the holder thereof, economically speaking, with certain

benefits that have a relation to the relevant work or services.

If either of the above mentioned conditions (a) or (b) applies, income derived from the ADSs and the gains realized upon

the redemption and/or disposal of the ADSs will in general be subject to Dutch income tax at the progressive rates up to

49.5%.

If the above mentioned conditions (a) and (b) do not apply, a holder of the ADSs who is an individual, resident or

deemed to be resident in the Netherlands for Dutch tax purposes will not be subject to taxes on income and capital gains

in the Netherlands. Instead, such individual is generally taxed at a flat rate of 36% on deemed income from "savings and

investments" (sparen en beleggen), which deemed income is determined on the basis of the amount included in the

individual's "yield basis" (rendementsgrondslag) at the beginning of the calendar year (minus a tax-free threshold; the

yield basis minus such threshold being the tax basis). For 2026, the deemed income derived from savings and

investments will be a percentage of the tax basis up to % that is determined based on the actual allocation of (i) savings,

(ii) other investments, and (iii) debts/liabilities within the individual's yield basis. The tax-free threshold for 2026 is

€59,357. The percentages to determine the deemed income will be reassessed every year (with possible retroactive effect

to 1 January). A holder of the ADSs that is able to demonstrate that its tax liability is determined on the basis of the

deemed income derived from savings and investments that exceeds the "actual returns" (werkelijk rendement) of such

individual may under certain circumstances elect to be taxed on the basis of such "actual returns" (werkelijk rendement)

instead. These rules are subject to ongoing litigation and may therefore change. A holder of ADSs may need to file

(protective) appeals to any assessments based on these rules to benefit from any beneficial case law.

*Holders of the ADSs Resident in the Netherlands: Corporate Entities*

The income derived from the ADSs and the gains realized upon the redemption and/or disposal of the ADSs by any

holder of the ADSs that is an entity subject to corporate income tax in the Netherlands is generally subject to Dutch

corporate income tax levied at a rate of 25.8% (19% over profits up to and including €200,000), unless, and to the extent

that, the participation exemption (deelnemingsvrijstelling) applies.

*Holders of the ADSs Resident Outside the Netherlands: Individuals*

A holder of the ADSs who is an individual, not resident or deemed to be resident in the Netherlands will not be subject

to any Dutch taxes on income derived from the ADSs and the gains realized upon the redemption and/or disposal of the

ADSs, unless:

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(a) such holder has an enterprise or an interest in an enterprise that is, in whole or in part, carried on through a permanent

establishment (vaste inrichting) or a permanent representative (vaste vertegenwoordiger) in the Netherlands and to which

enterprise or part of an enterprise, as the case may be, the ADSs are attributable; or

(b) such income or capital gain forms a "benefit from miscellaneous activities in the Netherlands" (resultaat uit overige

werkzaamheden in Nederland) which would for instance be the case if the activities in the Netherlands with respect to

the ADSs exceed "normal active asset management" (normaal, actief vermogensbeheer) or if such income and gains are

derived from the holding, whether directly or indirectly, of (a combination of) shares, debt claims or other rights

(together, a "lucrative interest" (lucratief belang)) that the holder thereof has acquired under such circumstances that

such income and gains are intended to be remuneration for work or services performed by such holder (or a related

person), in whole or in part, in the Netherlands, whether within or outside an employment relation, where such lucrative

interest provides the holder thereof, economically speaking, with certain benefits that have a relation to the relevant work

or services.

If either of the above mentioned conditions (a) or (b) applies, income derived from the ADSs and the gains realized upon

the redemption and/or disposal of the ADSs will in general be subject to Dutch income tax at the progressive rates up to

49.5%.

*Holders of the ADSs Resident Outside the Netherlands: Legal and Other Entities*

A holder of the ADSs, that is not an individual and that is not resident or deemed to be resident in the Netherlands for

corporate income tax purposes, will not be subject to any Dutch taxes on income derived from the ADSs and the gains

realized upon the redemption and/or disposal of the ADSs, unless:

• such holder has an enterprise or an interest in an enterprise that is, in whole or in part, carried on through a permanent

establishment (vaste inrichting) or a permanent representative (vaste vertegenwoordiger) in the Netherlands and to

which enterprise or part of an enterprise, as the case may be, the ADSs are attributable; or

• such holder has a substantial interest (aanmerkelijk belang) in the Company, that (i) is held for the avoidance of

Dutch income tax of another person as (one of) the main purpose(s) and (ii) forms part of an artificial structure or

series of structures (such as structures which are not put into place for valid business reasons reflecting economic

reality).

If either of the above mentioned conditions applies, income derived from the ADSs and the gains realized upon the

acquisition, redemption and/or disposal of the ADSs will, in general, be subject to Dutch regular corporate income tax,

levied at a rate of 25.8% (19% over profits up to and including €200,000), unless, and to the extent that, with respect to a

holder as described under (a), the participation exemption (deelnemingsvrijstelling) applies.

***Gift, Estate and Inheritance Taxes***

*Holders of the ADSs Resident in the Netherlands*

Gift tax may be due in the Netherlands with respect to an acquisition of the ADSs by way of a gift by a holder of the

ADSs who is resident or deemed to be resident of the Netherlands at the time of the gift.

Inheritance tax may be due in the Netherlands with respect to an acquisition or deemed acquisition of the ADSs by way

of an inheritance or bequest on the death of a holder of the ADSs who is resident or deemed to be resident of the

Netherlands, or in case of a gift by an individual who at the date of the gift was neither resident nor deemed to be

resident in the Netherlands, such individual dies within 180 days after the date of the gift, while that individual, at the

time of the individual's death, is resident or deemed to be resident in the Netherlands.

For purposes of Dutch gift and inheritance tax, an individual with the Dutch nationality will be deemed to be resident in

the Netherlands if such individual has been resident in the Netherlands at any time during the 10 years preceding the date

of the gift or such individual's death. For purposes of Dutch gift tax, an individual not holding the Dutch nationality will

be deemed to be resident of the Netherlands if such individual has been resident in the Netherlands at any time during the

12 months preceding the date of the gift.

*Holders of the ADSs Resident Outside the Netherlands*

No gift, estate or inheritance taxes will arise in the Netherlands with respect to an acquisition of the ADSs by way of a

gift by, or on the death of, a holder of the ADSs who is neither resident nor deemed to be resident of the Netherlands,

unless, in the case of a gift of the ADSs by an individual who at the date of the gift was neither resident nor deemed to be

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resident in the Netherlands, such individual dies within 180 days after the date of the gift, while being resident or

deemed to be resident in the Netherlands.

*Certain Special Situations*

For purposes of Dutch gift, estate and inheritance tax, (i) a gift by a third party will be construed as a gift by the settlor,

and (ii) upon the death of the settlor, as a rule such settlor's beneficiaries will be deemed to have inherited directly from

the settlor. Subsequently, such beneficiaries will be deemed the settlor, grantor or similar originator of the separated

private assets for purposes of the Dutch gift, estate and inheritance tax in case of subsequent gifts or inheritances.

For the purposes of the Dutch gift and inheritance tax, a gift that is made under a condition precedent is deemed to have

been made at the moment such condition precedent is satisfied. If the condition precedent is fulfilled after the death of

the donor, the gift is deemed to be made upon the death of the donor.

***Value Added Tax***

No Dutch value added tax will arise in respect of or in connection with the subscription, issue, placement, allotment or

delivery of the ADSs.

***Other Taxes and Duties***

No Dutch registration tax, capital tax, customs duty, transfer tax, stamp duty or any other similar documentary tax or

duty, other than court fees, will be payable in the Netherlands in respect of or in connection with the subscription, issue,

placement, allotment or delivery of the ADSs.

***Residency***

A holder of the ADSs will not be treated as a resident, or a deemed resident, of the Netherlands for tax purposes by

reason only of the acquisition, or the holding, of the ADSs or the performance by the Company under the ADSs.

***Material Belgian Tax Consequences***

The paragraphs below present a summary of certain Belgian federal income tax consequences of the ownership and

disposal of ADSs by an investor. This summary does not describe the tax treatment of investors that are subject to

special rules, such as banks, insurance companies, collective investment undertakings, dealers in securities or currencies,

persons that hold, or will hold, ADSs as a position in a straddle, share-repurchase transaction, conversion transactions,

synthetic security or other integrated financial transactions. The summary is based on laws, treaties and regulatory

interpretations in effect in Belgium on the date of this Annual Report, all of which are subject to change, including

changes that could have retroactive effect. Investors should appreciate that, as a result of evolutions in law or practice,

the eventual tax consequences may be different from what is stated below.

For the purposes of this summary, a resident investor is:

• an individual subject to Belgian personal income tax (personenbelasting/impôt des personnes physiques), i.e., (i) an

individual having its domicile in Belgium, (ii) when not having its domicile in Belgium, an individual having its seat

of wealth in Belgium, or (iii) an individual assimilated to a resident for purposes of Belgian tax law;

• a company subject to Belgian corporate income tax (vennootschapsbelasting/impôt des sociétés), i.e., a corporate

entity having its principal establishment, administrative seat or effective place of management in Belgium (and that is

not excluded from the scope of the Belgian corporate income tax); or

• a legal entity subject to the Belgian tax on legal entities (rechtspersonenbelasting/impôt des personnes morales), i.e., a

legal entity other than a company subject to Belgian corporate income tax having its principal establishment,

administrative seat or effective place of management in Belgium.

A non-resident investor is any person that is not a Belgian resident investor.

Investors should consult their own advisors regarding the tax consequences of an investment in the ADSs in light of their

particular situation, including the effect of any state, local or other national laws, treaties and regulatory interpretations

thereof

***Dividends***

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For Belgian income tax purposes, the gross amount of all benefits paid on or attributed to the ADSs is generally treated

as a dividend distribution. By way of exception, the repayment of capital carried out in accordance with applicable Dutch

company law provisions is not treated as a dividend distribution to the extent that such repayment is imputed on fiscal

capital. This fiscal capital includes, in principle, the actual paid-up statutory share capital and, subject to certain

conditions, the paid-up share premiums and the cash amounts subscribed to at the time of the issue of profit-sharing

certificates. However, a repayment of capital is not fully imputed on fiscal capital if the company also has certain

reserves. Indeed, in such case, a reimbursement of capital is proratedly imputed on, on the one hand, fiscal capital and,

on the other hand, taxed reserves (whether or not incorporated in capital) and tax-exempt reserves incorporated in capital

(according to a specific priority rule). The part imputed on the reserves is treated as a dividend distribution subject to

applicable tax rules.

In general, a Belgian withholding tax of (currently) 30% is normally levied on dividends by any intermediary established

in Belgium that is in any way involved in the processing of the payment of non-Belgian sourced dividends (e.g., a

Belgian financial institution). For this purpose, "dividends" also include the price paid in case of a redemption of ADSs

(after deduction of the part of the fiscal capital represented by the redeemed ADSs) and, in the event of our liquidation,

any amounts distributed in excess of the fiscal capital.

However, no withholding tax will be triggered in case of a redemption which is carried out on a stock exchange and

meets certain conditions.

Further, the withholding tax rate is subject to such relief as may be available under applicable domestic or tax treaty

provisions.

Under Belgian law, non-Belgian dividend withholding tax is not creditable against Belgian income tax and is not

reimbursable to the extent that it exceeds Belgian income tax. Please refer to "*<u>[Item 10.E. — Taxation](#i3fd453e8886f47e8a3bce0ff8daf37b5_1402)</u> <u>—</u> <u>[Certain](#i3fd453e8886f47e8a3bce0ff8daf37b5_1408)</u>*

*<u>[Material U.S. Federal Income Tax Considerations for U.S. Holders](#i3fd453e8886f47e8a3bce0ff8daf37b5_1408)</u> <u>—</u> <u>[Passive Foreign Investment Company](#i3fd453e8886f47e8a3bce0ff8daf37b5_1417)</u>*

*<u>[Considerations](#i3fd453e8886f47e8a3bce0ff8daf37b5_1417)</u>*" for a description of withholding tax that may be imposed on dividends by the Netherlands.

*Belgian Resident Individuals*

For Belgian resident individuals who acquire and hold ADSs as a private investment, the Belgian dividend withholding

tax fully discharges their personal income tax liability. If (and only if) the dividend income would be declared in the

personal income tax return, it will be taxed at the lower of the generally applicable 30% Belgian withholding tax rate on

dividends or, in case globalization is more advantageous, at the progressive personal income tax rates applicable to the

taxpayer's overall declared income. The first €833 (for income year 2026) (amount applicable per year and per taxpayer)

of the reported ordinary dividend income will be exempt from tax, subject to certain conditions. For the avoidance of

doubt, all reported dividends (not only dividends distributed on our ADSs) are taken into account to assess whether the

said maximum amount is reached.

If the dividends are reported, the Belgian dividend withholding tax levied at source may be credited against the personal

income tax due and is reimbursable to the extent that it exceeds the personal income tax due, provided that the dividend

distribution does not result in a reduction in value of or a capital loss on our ADSs. The latter condition is not applicable

if the individual can demonstrate that it has held ADSs in full legal ownership for an uninterrupted period of 12 months

prior to the payment or attribution of the dividends.

Belgian resident individual investors who acquire and hold the ADSs for professional purposes must always declare the

dividend income in their personal income tax return and will be taxable at the investor's personal income tax rate

increased with local surcharges. Belgian withholding tax levied may be credited against the personal income tax due and

is reimbursable to the extent that it exceeds the income tax due, subject to two conditions: (i) the taxpayer must own the

ADSs in full legal ownership on the dividend record date and (ii) the dividend distribution may not result in a reduction

in value of or a capital loss on the ADSs. The latter condition is not applicable if the investor can demonstrate that it has

held the full legal ownership of the ADSs for an uninterrupted period of 12 months prior to the payment or attribution of

the dividends.

*Belgian Resident Companies*

Dividends received by Belgian resident companies are exempt from Belgian withholding tax provided that the investor

satisfies the identification requirements in Article 117, §11 of the Royal Decree implementing the Belgian Income Tax

Code (the BITC).

For Belgian resident companies, the gross dividend income (after deduction of any non-Belgian withholding tax but

including any Belgian withholding tax) must be declared in the corporate income tax return and will be subject to a

corporate income tax rate of 25%. Subject to certain conditions, a reduced corporate income tax rate of 20% applies on

the first €100,000 of taxable profits if the shareholder qualifies as a small company (kleine vennootschap), being a

company that, on the balance sheet date of the last completed financial year, has not exceeded more than one of the

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following thresholds on a consolidated basis for two consecutive financial years: (i) an average annual number of 50

employees, (ii) an annual turnover excluding VAT of EUR 11,250,000 and (iii) a balance sheet total of €6,000,000 (cf.

Article 2, §1,5°, c)bis of the BITC in conjunction with Article 1:24, §1 to §6 of the Belgian Code on Companies and

Associations (BCCA) (a Small Company)).

As a general rule, Belgian resident companies may generally (although subject to certain limitations) deduct 100% of the

gross dividend received from their taxable income (Dividend Received Deduction) provided that at the time of a

dividend payment or attribution:

1. the Belgian resident company holds (A) ADSs representing at least 10% of our share capital or (B) a

participation with an acquisition value of at least €2,500,000 which (unless the shareholder is a Small

Company) qualifies as "fixed financial asset" (financiële vaste activa). The condition relating to the

qualification as "fixed financial asset" applies as of assessment year 2026;

2. the ADSs representing our share capital have been or will be held in full ownership for an uninterrupted period

of at least one year; and

3. the conditions described in Article 203 of the BITC (relating to the taxation of the underlying distributed

income and the absence of abuse), are met,

(together, the Conditions for the Application of the Dividend Received Deduction Regime).

Conditions (i) and (ii) above are, in principle, not applicable for dividends received by an investment company in the

meaning of Article 2, §1, 5°, f) BITC. The Conditions for the Application of the Dividend Received Deduction Regime

depend on a factual analysis and for this reason the availability of this regime should be verified upon each dividend

distribution.

Any Belgian dividend withholding tax levied at source can be credited against the ordinary Belgian corporate income tax

and is reimbursable to the extent it exceeds such corporate income tax, subject to two conditions: (i) the taxpayer must

own the ADSs in full legal ownership on the dividend record date and (ii) the dividend distribution does not result in a

reduction in value of or a capital loss on the ADSs. The latter condition is not applicable: (i) if the taxpayer demonstrates

that it has held the ADSs in full legal ownership for an uninterrupted period of 12 months immediately prior to the

payment or attribution of the dividends or (ii) if, during that period, the ADSs never belonged to a taxpayer other than a

Belgian resident company or a non-resident company that has, in an uninterrupted manner, invested the ADSs in a PE in

Belgium.

*Belgian resident Organizations for Financing Pensions*

For organizations for financing pensions (OFPs) i.e., Belgian pension funds incorporated under the form of an OFP

(organisme voor de financiering van pensioenen/organisme de financement de pensions) within the meaning of Article 8

of the Belgian Law of October 27, 2006, dividend income is generally tax exempt.

Subject to certain limitations, any Belgian dividend withholding tax levied at source may be credited against the

corporate income tax due and is reimbursable to the extent that it exceeds the corporate income tax due.

Belgian (or foreign) OFPs not holding the ADSs for an uninterrupted period of 60 days in full ownership results in a

rebuttable presumption that the arrangement (or a series of arrangements) is not genuine (kunstmatig/pas authentique)

and has been put in place for the main purpose or one of the main purposes of obtaining this withholding tax credit. The

withholding tax exemption will in such case not apply and/or any Belgian dividend withholding tax levied at source on

the dividends will in such case not be credited against the corporate income tax, unless counterproof is provided that the

arrangement or series of arrangements are genuine.

*Other Belgian resident Taxable Legal Entities*

For taxpayers subject to the Belgian income tax on legal entities, the Belgian dividend withholding tax in principle fully

discharges their income tax liability. If the dividend is paid outside Belgium without the intervention of a Belgian paying

agent and without the deduction of Belgian withholding tax, the legal entity is in principle required to declare and pay

the 30% withholding tax to the Belgian tax authorities.

*Belgian Non-Resident Individuals and Companies*

Dividend payments on the ADSs through a professional intermediary in Belgium will, in principle, be subject to the 30%

withholding tax, unless the shareholder is resident in a country with which Belgium has concluded a double taxation

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agreement and delivers the requested affidavit. Non-resident investors can also obtain an exemption of Belgian dividend

withholding tax if they are the owners or usufructors of the ADSs and they deliver an affidavit confirming that they have

not allocated the ADSs to business activities in Belgium and that they are non-residents, provided that the dividend is

paid through a Belgian credit institution, stock market company or recognized clearing or settlement institution.

If the ADSs are acquired by a non-resident investor in connection with a business in Belgium, the investor must report

any dividends received, which are taxable at the applicable non-resident individual or corporate income tax rate, as

appropriate. Any Belgian withholding tax levied at source may be credited against the non-resident individual or

corporate income tax and is reimbursable to the extent it exceeds the income tax due, subject to two conditions: (i) the

taxpayer must own the ADSs in full legal ownership on the dividend record date and (ii) the dividend distribution does

not result in a reduction in value of or a capital loss on the ADSs. The latter condition is not applicable if (i) the non-

resident individual or the non-resident company demonstrates that the ADSs were held in full legal ownership for an

uninterrupted period of 12 months immediately prior to the payment or attribution of the dividends or (ii) with regard to

non-resident companies only, if, during the said period, the ADSs have not belonged to a taxpayer other than a resident

company or a non-resident company which has, in an uninterrupted manner, invested the ADSs in a Belgian PE.

Non-resident companies that have invested the ADSs in a Belgian establishment may deduct up to 100% of the gross

dividends included in their taxable profits if, at the date dividends are paid or attributed, the Conditions for Application

of the Dividend Received Deduction Regime are satisfied. Application of the Dividend Received Deduction depends,

however, on a factual analysis to be made upon each distribution and its availability should be verified upon each

distribution.

***Capital Gains and Losses on ADSs***

*Belgian Resident Individuals*

Under the current legislation, Belgian resident individuals acquiring the ADSs as a private investment should not be

subject to Belgian capital gains tax on the disposal of the ADSs; capital losses are not tax deductible.

However, the Belgian federal government has agreed to introduce a capital gains tax on financial assets (such as the

ADSs) for capital gains realized as from January 1, 2026 (the New Capital Gains Tax). This New Capital Gains Tax

would only apply to capital gains accrued as from January 1, 2026 (i.e. historical capital gains accrued until December

31, 2025 would not be subject to the tax). The New Capital Gains Tax must be adopted by the Belgian parliament prior

to coming into effect. It is expected that the New Capital Gains Tax will be adopted in the coming months and, once

adopted, it will apply to capital gains realized as from January 1, 2026.

Based on the draft texts currently available, the New Capital Gains Tax would comprise the following three categories of

capital gains:

• "Internal" capital gains: capital gains on ADSs sold to a transferee over which the transferor, either individually or

together with his spouse or descendants, ascendants, collateral relatives up to and including the second degree and

those of his spouse, exercises direct or indirect control as defined in article 1:14 of the BCCA. Such "internal" capital

gains would be subject to a 33% tax rate;

• "Significant Stake" capital gains: capital gains on ADSs realized within the 'normal management of private estate' if

the transferor, at the moment of the transfer, holds a participation of at least 20% in the company whose shares are

being transferred (a Significant Stake). The first €1,000,000 of capital gain on a Significant Stake would be exempt

(such exempt tranche being available per period of five years). The capital gain exceeding €1,000,000 would be

subject to progressive rates: 1.25% on capital gains between €1,000,000 and €2,500,000; 2.5% on capital gains

between €2,500,000 and EUR 5,000,000; 5% on capital gains between €5,000,000 and €10,000,000 and 10% on

capital gains exceeding €10,000,000;

• "Other" capital gains: capital gains on financial assets (such as the ADSs) realized within the 'normal management of

private estate', other than "internal" capital gains or capital gains on a "Significant Stake" (as described above). The

applicable rate would be 10%. An annual exemption will be provided for up to €10,000, which may be increased by

up to €1,000 for each year in which the exemption is not (fully) used, up to a maximum of €15,000 after five years

(amounts to be indexed). Based on the draft texts currently available, it is intended that the tax on 'other' capital gains

would generally be levied via withholding tax (subject to certain exceptions).

Capital losses on the disposal of the ADSs would be deductible from capital gains realized in the same taxable year, by

the same taxpayer and within the same "category" of taxable capital gains on financial assets (as described above)

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However, capital gains which are deemed to be realized outside the scope of the 'normal management of the individual's

private estate' are taxable at 33% (plus local surcharges).

Under the current legislation, Belgian resident individuals who hold the ADSs for professional purposes are taxable at

the ordinary progressive personal income tax rates (plus local surcharges) on any capital gains realized upon the disposal

of the ADSs, except for shares held for more than five years, which are taxable at a separate rate of 16.5% or (if the

capital gain is realized in the framework of the cessation of activities and under certain circumstances) 10% (in each case

plus local surcharges). Capital losses on the ADSs incurred by Belgian resident individuals who hold the ADSs for

professional purposes are in principle tax deductible.

Based on the draft texts currently available, the application of the New Capital Gains Tax could be triggered if Belgian

resident individuals transfer their place of residence or seat of wealth outside of Belgium, subject to conditions and

exemptions.

*Belgian Resident Companies*

Belgian resident companies are normally not subject to Belgian capital gains taxation on gains realized upon the disposal

of our ADSs provided that the Conditions for the Application of the Dividend Received Deduction Regime (see above

under "Dividends—Belgian Resident Companies") are met. If one of the Conditions for Dividend Received Deduction is

not met, the capital gains realized upon the disposal of our ADSs by a Belgian resident company are taxable at the

ordinary corporate income tax rate of, currently, 25%, unless the reduced corporate income tax rate of 20% on the first

€100,000 of taxable profits applies (see above).

Capital losses on our ADSs incurred by resident companies are as a general rule not tax deductible.

Our ADSs held in the trading portfolios (handelsportefeuille/portefeuille commercial) of qualifying credit institutions,

investment enterprises and management companies of collective investment undertakings which are subject to the Royal

Decree of 23 September 1992 on the annual accounts of credit institutions, investment firms and management companies

of collective investment undertakings (Koninklijk besluit van 23 september 1992 op de jaarrekening van de

kredietinstellingen, de beleggingsondernemingen en de beheervennootschappen van instellingen voor collectieve

belegging/ arrêté royal du 23 septembre 1992 relatif aux comptes annuels des établissements de crédit, des entreprises

d'investissement et des sociétés de gestion d'organismes de placement collectif) are subject to a different regime. The

capital gains on such shares are taxable at the ordinary corporate income tax rate of 25%. Capital losses on such shares

are tax deductible. Internal transfers to and from the trading portfolio are assimilated to a realization.

Capital gains realized by Belgian resident companies (both ordinary Belgian resident companies and qualifying credit

institutions, investment enterprises and management companies of collective investment undertakings) upon the

redemption of our ADSs or upon our liquidation are, in principle, subject to the same taxation regime as dividends. Refer

to "<u>[Item 10.E. — Taxation](#i3fd453e8886f47e8a3bce0ff8daf37b5_1402)</u> — <u>[Material Belgian Tax Consequences](#i3fd453e8886f47e8a3bce0ff8daf37b5_14984)</u>".

*Belgian resident OFPs*

OFPs are, in principle, not subject to Belgian capital gains taxation realized upon the disposal of the ADSs, and capital

losses are not tax deductible.

Capital gains realized by Belgian OFPs upon the redemption of ADSs or upon our liquidation will in principle be taxed

as dividends.

*Other Belgian Taxable Legal Entities*

Under the current legislation, Belgian resident legal entities subject to the legal entities income tax are, in principle, not

subject to Belgian capital gains taxation on the disposal of ADSs. Capital losses on ADSs incurred by Belgian resident

legal entities are not tax deductible.

However, the Belgian government has agreed to introduce a New Capital Gains Tax on financial assets (such as the

ADSs) from January 1, 2026 onwards (see "Belgian Resident Individuals" above). Based on the draft texts currently

available, this capital gains tax will also be due by legal entities subject to Belgian legal entities tax, except entities that

are entitled to receive tax-deductible gifts.

Capital gains realized by Belgian resident legal entities upon the redemption of ADSs or upon our liquidation will in

principle be taxed as dividends.

*Belgian Non-Resident Individuals and Companies*

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Non-resident individuals or companies are, in principle, not subject to Belgian income tax on capital gains realized upon

disposal of the ADSs, unless such ADSs are held as part of a business conducted in Belgium through a Belgian

establishment. In such a case, the same principles apply as described with regard to Belgian individuals (holding the

shares for professional purposes) or Belgian companies.

Non-resident individuals who do not use the shares for professional purposes and who have their fiscal residence in a

country with which Belgium has not concluded a tax treaty or with which Belgium has concluded a tax treaty that

confers the authority to tax capital gains on the ADSs to Belgium, might be subject to tax in Belgium if the capital gains

are obtained or received in Belgium and arise from transactions which are to be considered speculative or beyond the

normal management of one's private estate. Refer to *<u>[Item](#i3fd453e8886f47e8a3bce0ff8daf37b5_1402)</u><u>[10.E. —](#i3fd453e8886f47e8a3bce0ff8daf37b5_1402)</u><u>"</u><u>[Taxation](#i3fd453e8886f47e8a3bce0ff8daf37b5_1402)</u> <u>—</u> <u>[Certain Material U.S. Federal Income](#i3fd453e8886f47e8a3bce0ff8daf37b5_1408)</u>*

*<u>[Tax Considerations for U.S. Holders](#i3fd453e8886f47e8a3bce0ff8daf37b5_1408)</u> <u>—</u> <u>[Passive Foreign Investment Compan](#i3fd453e8886f47e8a3bce0ff8daf37b5_1417)</u><u>[y Considerations](#i3fd453e8886f47e8a3bce0ff8daf37b5_1417)</u>*". Such non-resident

individuals might therefore be obliged to file a tax return and should consult their own tax advisor. However, Belgium

has concluded tax treaties with more than 95 countries which generally provide for a full exemption from Belgian capital

gains taxation on such gains realized by residents of those countries. However, the draft texts relating to the New Capital

Gains Tax provide for the repeal of the provisions of the BITC that allow capital gains realized by Belgian non-residents

who do not hold the ADSs for professional purposes to be subject to tax in Belgium. As a result, capital gains realized by

Belgian non-residents outside the scope of a professional activity could no longer be taxable in Belgium.

Capital gains realized by non-resident individuals or non-resident companies upon the redemption of ADSs or upon our

liquidation will, in principle, be subject to the same taxation regime as dividends.

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*Tax on Stock Exchange Transactions*

Upon the issue of the ADSs (primary market), no Tax on Stock Exchange Transactions (taks op beursverrichtingen/taxe

sur opérations de bourse) is due.

The purchase and the sale and any other acquisition or transfer for consideration of ADSs (secondary market

transactions) is subject to the Tax on Stock Exchange Transactions if (i) it is executed in Belgium through a professional

intermediary, or (ii) deemed to be executed in Belgium, which is the case if the order is directly or indirectly made to a

professional intermediary established outside of Belgium, either by private individuals with habitual residence in

Belgium, or legal entities for the account of their seat or establishment in Belgium (both, a Belgian Investor).

The Tax on Stock Exchange Transactions is levied at a rate of 0.35% of the purchase price, capped at €1,600 per

transaction and per party.

A separate tax is due by each party to the transaction, and both taxes are collected by the professional intermediary.

However, if the intermediary is established outside of Belgium, the tax will in principle be due by the Belgian Investor,

unless that Belgian Investor can demonstrate that the tax has already been paid. Professional intermediaries established

outside of Belgium can, subject to certain conditions and formalities, appoint a Belgian Stock Exchange Tax

Representative, which will be liable for the Tax on Stock Exchange Transactions in respect of the transactions executed

through the professional intermediary. If the Stock Exchange Tax Representative would have paid the Tax on Stock

Exchange Transactions due, the Belgian Investor will, as per the above, no longer be the debtor of the Tax on Stock

Exchange Transactions.

No Tax on Stock Exchange Transactions is due on transactions entered into by the following parties, provided they are

acting for their own account: (i) professional intermediaries described in Article 2, 9° and 10° of the Belgian Law of

August 2, 2002; (ii) insurance companies described in Article 2, §1 of the Belgian Law of July 9, 1975; (iii) professional

retirement institutions referred to in Article 2, 1° of the Belgian Law of October 27, 2006 concerning the supervision on

institutions for occupational pension; (iv) collective investment institutions; (v) regulated real estate companies; and (vi)

Belgian non-residents provided they deliver a certificate to their financial intermediary in Belgium confirming their non-

resident status.

*Annual Tax on Securities Accounts*

The Belgian Annual Tax on Securities Accounts is a subscription tax, levied on securities accounts and not on the

holders thereof. A securities account is defined as an account on which financial instruments can be credited and debited.

The tax applies to securities accounts held both in Belgium and abroad when the account holder is a Belgian resident or

when the account forms part of the assets of a Belgian establishment of a non-Belgian resident. The tax applies to natural

persons residing in Belgium, as well as to companies and legal entities (subject to the tax for legal entities) that are

established in Belgium.

The tax is also applicable to securities accounts held by non-Belgian residents (both natural persons and legal persons) if

the securities account is held in Belgium. If the applicable double tax treaty however allocates the right to tax capital to

the jurisdiction of residence, Belgium would be prevented from applying the Annual Tax on Securities Accounts to the

Belgian securities accounts held by non-Belgian residents. As described above, the tax applies whether or not the

account is held in Belgium if the account forms part of the assets of a Belgian establishment of a non-Belgian resident.

The Annual Tax on Securities Accounts is applicable to securities accounts of which the average value of the assets

amounts to more than €1,000,000 during the reference period. In principle, this reference period starts on 1 October and

ends on 30 September of the following year. The aforementioned threshold is assessed on the average value of the assets

in the securities account at reference points within the reference period (in principle December 31st, March 31st, June

30th and September 30th). The threshold is assessed per securities account and not per account holder.

The applicable tax rate is 0.15%, which is levied on the average value of the assets held in the securities account that

exceeds the €1,000,000 threshold. It is however limited to 10% of the difference between the average value and the

threshold of €1,000,000, in order to avoid that the Annual Tax on Securities Accounts would result in reducing the value

of the securities account below the €1,000,000 threshold. However, as part of the federal budget agreement, the Belgian

government announced that the applicable tax rate would be increased from 0.15% to 0.30%. This change should

nevertheless first be adopted by the Belgian parliament prior to coming into effect.

The Annual Tax is in principle withheld, reported and paid by the Belgian intermediary. If the intermediary is

established outside of Belgium, the tax must in principle be reported and paid by the account holder, unless the account

holder can demonstrate that the tax has already been reported and paid by an intermediary. Intermediaries established

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outside of Belgium can, subject to certain conditions and formalities, appoint a Belgian Annual Tax on Securities

Accounts Representative, which will be liable for reporting and paying the Annual Tax on Securities Accounts in respect

of securities accounts in scope of the Annual Tax that are held through such intermediaries. If the Annual Tax on

Securities Accounts Representative would have paid the Annual Tax on Securities Accounts due, the account holder

will, as per the above, no longer be the debtor of the Annual Tax on Securities Accounts.

The Annual Tax on Securities Accounts is however not applicable to securities accounts held by certain categories of

account holders active in the financial or fund sector, as listed in the relevant legislation (e.g. credit institutions,

insurance companies, investment companies, and certain collective investment undertakings). These exemptions do

however not apply if a non-qualifying third party has a direct or indirect claim on the value of the securities account.

Applicable as of July 29, 2025, a new specific anti-abuse rule (SAAR) in relation to the annual tax on securities accounts

was introduced. The SAAR introduces a presumption of abuse in case of (i) a conversion of financial instruments

registered in a securities account into similar instruments that are not registered in such an account (e.g. dematerialized

securities into registered securities), if before the conversion the total value of the taxable financial instruments in the

account exceeded €1,000,000, and (ii) a transfer of securities from one securities account to one or more other securities

account(s), if before such transfer the total value of taxable instruments in the account exceeded €1,000,000 and

provided that (a) the securities account holders of the accounts involved are the same, or (b) the transferring account

holder is a joint holder of the receiving account. The application of the SAAR may be refuted if it is demonstrated that

the transaction is mainly justified by a motive other than the avoidance of the annual tax on securities accounts.

The financial intermediary established or located in Belgium or the Belgian annual tax on securities accounts

representative must notify the transactions mentioned under (i) and (ii) above to the tax authorities ultimately by the last

day of the month following the end of the relevant reference period. If it concerns a foreign securities account for which

no Belgian annual tax on securities accounts representative is indicated, the notification should occur by the holder of the

securities accounts itself.

Prospective investors are strongly advised to seek their own professional advice in relation to the possible impact of the

Annual Tax on Securities Accounts on their own personal tax position.

**Enforcement of civil liabilities**

We are a European public company with limited liability (Societas Europaea or SE) incorporated under the laws of the

Netherlands. A majority of our assets are located outside the U.S. As a result, it may not be possible or it may be difficult

for investors to effect service of process within the U.S. upon such persons or the Group, or to enforce against them or us

in U.S. courts, including judgments predicated upon the civil liability provisions of the federal securities laws of the U.S.

The U.S. and the Netherlands currently do not have a treaty providing for the reciprocal recognition and enforcement of

judgments, other than arbitration awards, in civil and commercial matters. Consequently, a final judgment (for payment)

given by a court in the U.S., whether or not predicated solely upon U.S. securities laws, would not automatically be

recognized or enforceable in the Netherlands. In order to obtain a judgment which is enforceable in the Netherlands, the

party in whose favor a final and conclusive judgment of the U.S. court has been rendered will be required to file its claim

with a court of competent jurisdiction in the Netherlands. Such party may submit to the Dutch court the final judgment

rendered by the U.S. court. This court will have a level of discretion in its assessment of the judgment rendered by the

relevant U.S. court. On the basis of case law by the Dutch Supreme Court, Dutch courts will in principle have to give

conclusive effect to a final and enforceable judgment of such court in respect of the contractual obligations thereunder

without re-examination or re-litigation of the substantive matters adjudicated upon, provided that: (i) the jurisdiction of

the U.S. court has been based on a ground of jurisdiction that is generally acceptable according to international

standards, (ii) the judgment by the U.S. court was rendered in legal proceedings that comply with the Dutch standards of

the proper administration of justice that includes sufficient safeguards (behoorlijke rechtspleging), (iii) the judgment by

the U.S. court does not contravene Dutch public policy (openbare orde), and (iv) the judgment by the U.S. court is not

irreconcilable with a judgment of a Dutch court or an earlier judgment of a foreign court rendered between the same

parties that is capable of being recognized in the Netherlands. Even if such foreign judgments is given binding effect, a

claim based thereon may, however, still be rejected if the foreign judgment is not or no longer formally enforceable in

the country of origin. In addition, there can be no assurance that civil liabilities predicated upon the federal or state

securities laws of the United States will be enforceable in the Netherlands or any other jurisdiction. Enforcement and

recognition of judgments of U.S. courts in the Netherlands are solely governed by the provisions of the Dutch Civil

Procedure Code (Wetboek van Burgerlijke Rechtsvordering). Judgments may be rendered in a foreign currency, but

enforcement is executed in euro at the applicable rate of exchange. Under certain circumstances, a Dutch court has the

power to stay proceedings (aanhouden) or to declare that it has no jurisdiction if concurrent proceedings are being

brought elsewhere. Moreover, a Dutch court may reduce the amount of damages granted by a U.S. court and recognize

damages only to the extent that they are necessary to compensate actual losses or damages.

Original actions or actions for the enforcement of judgments of U.S. courts relating to the civil liability provisions of the

federal or state securities laws of the U.S. are not directly enforceable in Belgium. The U.S. and Belgium currently do

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not have a treaty providing for reciprocal recognition and enforcement of judgments, other than arbitral awards, in civil

and commercial matters. Consequently, a final judgment for payment given by a court in the U.S., whether or not

predicated solely upon U.S. securities laws, would not automatically be recognized or enforceable in Belgium. In order

for a final judgment for the payment of money rendered by U.S. courts based on civil liability to produce any effect on

Belgian soil, it is accordingly required that this judgment be recognized and be declared enforceable by a Belgian court

pursuant to the relevant provisions of the PIL Code. Recognition or enforcement does not imply a review of the merits of

the case and is irrespective of any reciprocity requirement. A U.S. judgment will, however, not be recognized or declared

enforceable in Belgium if it infringes upon one or more of the grounds for refusal which are exhaustively listed in article

25 of the PIL Code. In addition to recognition or enforcement, a judgment by a federal or state court in the U.S. against

us may also serve as evidence in a similar action in a Belgian court if it meets the conditions required for the authenticity

of judgments according to the law of the state where it was rendered. In addition, with regard to enforcements by legal

proceedings in Belgium (including the recognition of foreign court decisions in Belgium), a registration tax at the rate of

3% of the amount of the judgment is payable by the debtor, if the sum of money which the debtor is ordered to pay by a

Belgian court, or by a foreign court judgment that is either (i) automatically enforceable and registered in Belgium, or (ii)

rendered enforceable by a Belgian court, exceeds €12,500. The registration tax is payable by the debtor. The debtor is

liable for the payment of the registration tax, in the proportion determined by the decision ordering payment or

liquidation or determining priority for creditors made or established against it. The debtor(s) are jointly and severally

liable in the event that they are ordered to pay jointly and severally. A stamp duty is payable as of the second certified

copy of an enforcement judgment rendered by a Belgian court, with a maximum of €1,450.

Dutch and Belgian civil procedure differ substantially from U.S. civil procedure in a number of respects. Insofar as the

production of evidence is concerned, U.S. law and the laws of several other jurisdictions based on common law provide

for pre-trial discovery, a process by which parties to the proceedings may prior to trial compel the production of

documents by adverse or third parties and the deposition of witnesses. Evidence obtained in this manner may be decisive

in the outcome of any proceeding. No such pre-trial discovery process exists under Dutch or Belgian law.

Subject to the foregoing and service of process in accordance with applicable treaties, investors may be able to enforce in

the Netherlands or Belgium judgments in civil and commercial matters obtained from U.S. federal or state courts.

However, no assurance can be given that those judgments will be enforceable. In addition, it is doubtful whether a Dutch

or Belgian court would accept jurisdiction and impose civil liability in an original action commenced in the Netherlands

or Belgium and predicated solely upon U.S. federal securities laws.

**F.DIVIDENDS AND PAYING AGENTS**

Not applicable.

**G.STATEMENT BY EXPERTS**

Not applicable.

**H.DOCUMENTS ON DISPLAY**

We are subject to the information reporting requirements of the U.S. Securities Exchange Act of 1934, as amended

(Exchange Act) applicable to foreign private issuers. Accordingly, we are required to file reports and other information

with the SEC. Those reports may be inspected without charge at the locations described below. As a foreign private

issuer, we are exempt from the rules under the Exchange Act related to the furnishing and content of proxy statements,

and our officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery

provisions contained in Section 16 of the Exchange Act. In addition, we are not required under the Exchange Act to file

periodic reports and financial statements with the SEC as frequently or as promptly as U.S. companies whose securities

are registered under the Exchange Act. Nevertheless, we will file with the SEC an Annual Report containing financial

statements that have been examined and reported on, with an opinion expressed by an independent registered public

accounting firm.

We maintain a corporate website at www.argenx.com. We make available on our website, free of charge, our Annual

Report and the text of our reports on Form 6-K, including any amendments to these reports, as well as certain other SEC

filings, as soon as reasonably practicable after they are electronically filed with or furnished to the SEC. Information

contained on, or that can be accessed through, our website does not constitute a part of this Annual Report. We have

included our website address in this Annual Report solely as an inactive textual reference.

The SEC maintains a website (www.sec.gov) that contains reports and other information regarding registrants, such as

argenx SE, that file electronically with the SEC.

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With respect to references made in this Annual Report to any contract or other document of argenx SE, such references

are not necessarily complete and you should refer to the exhibits attached or included elsewhere to this Annual Report

for copies of the actual contract or document.

**I.SUBSIDIARY INFORMATION**

Not applicable.

**ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

We take a centralized approach to managing our exposure to market risks globally. We coordinate our access to national

and international financial markets and consider and manage continuously the financial risks concerning our activities.

These risks relate to the adequacy of our equity and debt capitalization, the creditworthiness of our counterparties, our

short-term liquidity, the impact of changes in interest rates on our investments and fluctuations in foreign currency

exchange rates. We do not believe that risks relating to interest rates on borrowings are material as the Company has no

financial debt. We do not buy or trade financial instruments for speculative purposes. For additional information on risk

factors applicable to the Company, its business, financial condition and results of operations, please see *<u>"Item 3.D. —</u>*

*<u>Risk Factors."</u>* See "*<u>Note 24 — Financial Risk Management</u>*'' to our consolidated financial statements appended in our

Annual Report and incorporated by reference herein.

**Capital risk**

The Company manages its capital to ensure that it will be able to continue as a going concern. The capital structure of

the Company consists of equity attributed to the holders of equity instruments of the Company, such as capital, reserves

and accumulated losses as mentioned in the consolidated statements of changes in equity. The Company makes the

necessary adjustments in light of changes in the economic circumstances, risks associated to the different assets and the

projected cash needs of the current and projected research activities. On December 31, 2025, cash and cash equivalents

amounted to $3.5 billion, current financial assets amounted to $0.9 billion and total capital amounted to $7.3 billion. The

current cash situation and the anticipated cash generation and usage are the most important parameters in assessing the

capital structure. The Company's objective is to maintain the capital structure at a level to be able to finance its activities

for at least twelve months. Cash income from operations is taken into account and, if needed and possible, the Company

can enter into financing agreements or issue new shares.

**Credit risk**

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the

Company. The Company has adopted a policy of only dealing with creditworthy counterparties and obtaining sufficient

collateral, where appropriate, as a means of mitigating the risk of financial loss from defaults. Concentrations in credit

risk are determined based on an analysis of counterparties and their importance on the overall outstanding contractual

obligations at year-end.

The Company's commercial revenue are concentrated as discussed in "*<u>Note 16 — Segment Reporting</u>*", on a limited

number of U.S. customers with high quality creditworthiness. The Company sets customer specific credit limits in order

to reduce credit risk from commercial payors.

The Company applied the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime

expected loss allowance for trade receivables. To measure the expected credit losses, receivables have been grouped

based on credit risk characteristics and the days past due. The provision for expected credit losses was not significant

given that there have been no significant credit losses over the last three years and the high quality nature of the

Company's customers.

Cash and cash equivalents and current financial assets are invested with several highly reputable banks and financial

institutions. The main purpose of the Cash Investment Policy is to preserve the available cash and to ensure sufficient

short-term liquidity at all times. Therefore, the Company holds its cash and cash equivalents, in addition to current

financial assets mainly with banks which are independently rated A- or higher. Amounts of cash held with banks rated

lower than A- are limited to insignificant balances. The maximum amount and tenor of term accounts depends on the

rating of the counterparty bank. The Company also holds cash equivalents in the form of money market funds with a low

historical volatility. These money market funds are highly liquid investments and can be readily convertible into a

known amount of cash. The company has adopted a policy whereby money market funds must have a minimum rating of

A, and whereby 95% of its money market funds should have a AAA-rating.

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**Liquidity risk**

The Company manages liquidity risk by maintaining adequate reserves, by continuously monitoring forecast and actual

cash flows, and by matching the maturity profile of financial assets and liabilities.

The Company's main sources of cash are the sale of commercial product and exercise of stock options. This cash is

invested in savings accounts, term accounts and money market funds. These money market funds represent the majority

of the Company's available sources of liquidity. Since all of these are immediately tradable and convertible in cash they

have an important mitigating effect on any short-term liquidity risk.

As of December 31, 2025, the Company had lines of credit totaling $29 million with financial institutions mainly

relating to leasing guarantees.

**Interest rate risk**

The only variable interest-bearing financial instruments are cash and cash equivalents and current financial assets.

Changes in interest rates may cause variations in interest income resulting from short-term interest-bearing assets. Lower

short-term interests may have a negative impact on the interest income of the Company.

For the year ended December 31, 2025, if applicable interest rates would increase/decrease by 50 basis points, this would

have a positive/negative impact of $22 million (compared to $8 million for the year ended December 31, 2024 and $8

million for the year ended December 31, 2023 if applicable interest rates would increase/decrease by 25 basis points).

**Foreign exchange risk**

The Company undertakes transactions denominated in foreign currencies, causing exposures to exchange rate

fluctuations. The Company is mainly exposed to the Euro, Japanese yen, British pound and Swiss franc. To limit this

risk, the Company attempts to align incoming and outgoing cash flows in currencies other than USD. The Company

further limits its non-USD liquidity holdings when possible.

The net exposure to exchange differences of the monetary assets (being from cash and cash equivalents, in addition to

current financial assets) of the Company at the end of the reporting period are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** |
| **(in thousands of $)** | **2025** | **2024** | **2023** |
| EUR | 155757 | 756676 | 923773 |
| Other currencies | 1258 | 1679 | 8708 |

---

On December 31, 2025, if the EUR would have strengthened/weakened versus the USD by 10 %, this would have had a

negative/positive impact of $16 million, compared to $76 million and $92 million on December 31, 2024 and

December 31, 2023, respectively. If other currencies would have strengthen or weakened against the USD by 10%, this

would have had no significant impact in all reported periods.

**ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES**

**A.DEBT SECURITIES**

Not applicable.

**B.WARRANTS AND RIGHTS**

Not applicable.

**C.OTHER SECURITIES**

Not applicable.

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**D.AMERICAN DEPOSITARY SHARES**

In connection with our initial public offering on Nasdaq, the Bank of New York Mellon, as depositary, registered and

delivered ADSs. Each ADS represents one share (or a right to receive one share) deposited with ING Bank N.V., as

custodian for the depositary in the Netherlands. Each ADS also represents any other securities, cash or other property

which may be held by the depositary. The deposited shares together with our other securities, cash and other property

held by the depositary, are referred to as the deposited securities. The depositary's office at which the ADSs are

administered is located at 101 Barclay Street, New York, New York 10286. The Bank of New York Mellon's principal

executive office is located at 225 Liberty Street, New York, New York 10286.

A deposit agreement among us, the depositary, ADS holders and all other persons indirectly or beneficially holding

ADSs sets out ADS holder rights as well as the rights and obligations of the depositary. New York law governs the

deposit agreement and the ADSs.

**Fees and Charges**

---

| | |
|:---|:---|
| **Persons depositing or withdrawing shares or ADS holders must pay:** | **For:** |
| $5.00 (or less) per 100 ADSs (or portion of 100 ADSs) | Issuance of ADSs, including issuances resulting from a <br>distribution of shares or rights or other property<br>|
|  | Cancellation of ADSs for the purpose of withdrawal, <br>including if the deposit agreement terminates<br>|
| $.05 (or less) per ADS | Any cash distribution to ADS holders |
| A fee equivalent to the fee that would be payable if securities distributed <br>to you had been shares and the shares had been deposited for issuance of <br>ADSs<br>| Distribution of securities distributed to holders of <br>deposited securities (including rights) that are distributed <br>by the depositary to ADS holders<br>|
| $.05 (or less) per ADS per calendar year | Depositary services |
| Registration or transfer fees | Transfer and registration of shares on our share register to <br>or from the name of the depositary or its agent when you <br>deposit or withdraw shares<br>|
| Expenses of the depositary | Cable, telex and facsimile transmissions (when expressly <br>provided in the deposit agreement)<br>|
|  | Converting foreign currency to USDs |
| Taxes and other governmental charges the depositary or the custodian <br>has to pay on any ADSs or shares underlying ADSs, such as stock <br>transfer taxes, stamp duty or withholding taxes<br>| As necessary |
| Any charges incurred by the depositary or its agents for servicing the <br>deposited securities<br>| As necessary |

---

The depositary collects its fees for delivery and surrender of ADSs directly from investors depositing shares or

surrendering ADSs for the purpose of withdrawal or from intermediaries acting for them. The depositary collects fees for

making distributions to investors by deducting those fees from the amounts distributed or by selling a portion of

distributable property to pay the fees. The depositary may collect its annual fee for depositary services by deduction from

cash distributions or by directly billing investors or by charging the book-entry system accounts of participants acting for

them. The depositary may collect any of its fees by deduction from any cash distribution payable (or by selling a portion

of securities or other property distributable) to ADS holders that are obligated to pay those fees. The depositary may

generally refuse to provide fee-attracting services until its fees for those services are paid.

From time to time, the depositary may make payments to us to reimburse us for costs and expenses generally arising out

of establishment and maintenance of the ADS program, waive fees and expenses for services provided to us by the

depositary or share revenue from the fees collected from ADS holders. In performing its duties under the deposit

agreement, the depositary may use brokers, dealers, foreign currency dealers or other service providers that are owned by

or affiliated with the depositary and that may earn or share fees, spreads or commissions.

The depositary may convert currency itself or through any of its affiliates and, in those cases, acts as principal for its own

account and not as agent, advisor, broker or fiduciary on behalf of any other person and earns revenue, including,

without limitation, transaction spreads, that it will retain for its own account. The revenue is based on, among other

things, the difference between the exchange rate assigned to the currency conversion made under the deposit agreement

and the rate that the depositary or its affiliate receives when buying or selling foreign currency for its own account. The

depositary makes no representation that the exchange rate used or obtained in any currency conversion under the deposit

agreement will be the most favorable rate that could be obtained at the time or that the method by which that rate will be

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determined will be the most favorable to ADS holders, subject to the depositary's obligations under the deposit

agreement. The methodology used to determine exchange rates used in currency conversions is available upon request.

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**PART II**

**ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES**

Not applicable.

**ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF** 

**PROCEEDS**

On July 18, 2023, we entered into an Underwriting Agreement with J.P. Morgan Securities LLC, Morgan Stanley & Co.

LLC, Goldman Sachs & Co. LLC, BofA Securities, Inc., Cowen and Company, LLC, as representatives of the several

underwriters named therein, relating to a global offering of an aggregate of 2,244,899 ordinary shares of the Company,

nominal value €0.10 per share, including ordinary shares represented by ADSs, comprised of (i) 1,580,981 ADSs at a

public offering price of $490.00 per ADS in the U.S. and countries outside the EEA and (ii) 663,918 ordinary shares at

an offering price of €436.37 per ordinary share in a concurrent private placement in the EEA to certain legal entities all

of which are qualified investors within the meaning of Regulation 2017/1129 of the European Parliament and of the

Council of June 14, 2017, as amended. The offering was made pursuant to our effective shelf registration statement on

Form F-3ASR (File No. 333-258251) filed on July 29, 2021, as supplemented by a preliminary prospectus supplement

dated July 17, 2023, filed with the SEC on July 17, 2023, and a final prospectus supplement dated July 18, 2023, filed

with the SEC on July 20, 2023. In connection with this offering, we granted the underwriters a 30-day option to purchase

up to 336,734 additional ordinary shares (which may be represented by ADSs), which was exercised in full. The net

proceeds to us from the sale of the ADSs and ordinary shares in this offering, after deducting the underwriting discounts

and commissions and estimated offering expenses payable by the Company, was $1.2 billion (€1.1 billion). The offering

closed on July 24, 2023.

We have not used any of the net proceeds from the offering to make payments, directly or indirectly, to any director,

officer or general partner of ours or to their associates, persons owning 10% or more of any class of our equity securities,

or to any of our affiliates. We have invested the net proceeds from the offering in cash and cash equivalents and current

financial assets. There has been no material change in our planned use of the net proceeds from the offering as described

in our final prospectus supplement filed pursuant to Rule 424(b)(5) under the Securities Act with the SEC on July 20,

2023 (File No.333-258251). The registration statement was effective on July 29, 2021.

**ITEM 15. CONTROLS AND PROCEDURES**

**A.DISCLOSURE CONTROLS AND PROCEDURES**

Our management, with the participation of our CEO and CFO, has evaluated the effectiveness of the design and

operation of our disclosure controls and procedures pursuant to Exchange Act Rule 13a-15(b) as of December 31, 2025.

While there are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including

the possibility of human error and the circumvention or overriding of the controls and procedures, our disclosure controls

and procedures are designed to provide reasonable assurance of achieving their objectives.

Based upon our evaluation, as of December 31, 2025, our CEO and CFO have concluded that the disclosure controls and

procedures, in accordance with Exchange Act Rule 13a-15(e), are (i) effective at the level of reasonable assurance in

ensuring that information required to be disclosed in the reports that are filed or submitted under the Exchange Act, is

recorded, processed, summarized and reported within the time periods specified in the Commission's rules and forms,

and (ii) are effective at the level of reasonable assurance in ensuring that information to be disclosed in the reports that

are filed or submitted under the Exchange Act is accumulated and communicated to the management of our company,

including our CEO and CFO, to allow timely decisions regarding required disclosure.

**B.MANAGEMENT'S ANNUAL REPORT ON INTERNAL CONTROL OVER FINANCIAL** 

**REPORTING**

Our management is responsible for establishing and maintaining adequate internal control over financial reporting (as

such term is defined in Rule 13a-15(f) and Rule 15d-15(f) under the Exchange Act). Our internal control over financial

reporting is a process designed, under the supervision of our CEO and CFO, to provide reasonable assurance regarding

the reliability of financial reporting and preparation of financial statements for external reporting purposes in accordance

with IFRS, as issued by the IASB.Our internal control over financial reporting includes policies and procedures that

pertain to the maintenance of records that, in reasonable detail, accurately and fairly, reflect transactions and dispositions

of assets, provide reasonable assurance that transactions are recorded in the manner necessary to permit the preparation

of financial statements in accordance with IFRS, as issued by the IASB, and that receipts and expenditures are only

carried out in accordance with the authorization of our management and directors, and provide reasonable assurance

regarding the prevention or timely detection of any unauthorized acquisition, use or disposition of our assets that could

have a material effect on our consolidated financial statements.

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Because of its inherent limitations, internal control over financial reporting may not prevent or detect all misstatements.

Moreover, projections of any evaluation of the effectiveness of internal control to future periods are subject to a risk that

controls may become inadequate because of changes in conditions and that the degree of compliance with the policies or

procedures may deteriorate.

Our management has assessed the effectiveness of internal control over financial reporting based on the Internal Control-

Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in

2013. Based on this assessment, our management has concluded that our internal control over financial reporting as of

December 31, 2025 was effective.

**C.ATTESTATION OF THE REGISTERED PUBLIC ACCOUNTING FIRM**

The effectiveness of our internal control over financial reporting as of December 31, 2025 has been audited by EY

Accountants B.V., our independent registered public accounting firm. EY Accountants B.V.'s audit report, including its

opinion on management's assessment of internal control over financial reporting, is included in our audited consolidated

financial statements included in this Annual Report.

**D.CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING**

During the period covered by this Annual Report, we have not made any change to our internal control over financial

reporting that has materially affected, or is reasonably likely to materially affect, our internal control over financial

reporting.

**ITEM 16.[RESERVED]**

**ITEM 16. A.AUDIT COMMITTEE FINANCIAL EXPERT** 

Our Board of Directors previously determined that each of Peter Verhaeghe, Anthony Rosenberg, James Daly and Steve

Krognes satisfy the independence requirements set forth in Rule 10A-3 of the Exchange Act and that Mr. Krognes

qualifies as an "audit committee financial expert" as defined by SEC rules, and has the requisite financial sophistication

to meet the requirements of the Nasdaq Listing Rules.

**ITEM 16. B.CODE OF ETHICS**

We adopted a Code of Business Conduct and Ethics (Code of Conduct), that is applicable to all of our employees and

directors. Our Code of Conduct translates the core values into a set of clear standards to help guide our conduct as we

navigate the complexities of the highly regulated and competitive global marketplace in which we operate as we work to

become an independent, fully integrated, and global immunology company. Its purpose is not to exhaustively list all the

behaviors we as a company expect from each other. Rather, the Code of Conduct contains key principles for us to live by

as individuals, to ensure that we maximally contribute to argenx's collective success. [As part of their onboarding, all

employees receive a training on the Code of Conduct and the Directors receive a copy of the Code of Conduct and need

to comply with its terms.] The Code of Conduct is available on our website at www.argenx.com/investors/governance/

rules-codes-compliance. The Audit and Compliance Committee of our Board of Directors (i) is responsible for

overseeing and evaluating the Code of Conduct and (ii) is required to approve any waivers of the Code of Conduct for

employees and directors. The Audit and Compliance Committee has not received requests for material waivers of the

Code of Conduct in the financial year 2025. We expect that any amendments to the Code of Conduct, and any waivers of

its requirements, will be disclosed on our website.

**ITEM 16. C.PRINCIPAL ACCOUNTANT FEES AND SERVICES**

EY Accountants B.V. serves as our independent registered public accounting firm as of the 2025 fiscal year. Deloitte

Accountants B.V. served as our independent registered public accounting firm for the 2024 fiscal year. Our accountants

billed the following professional fees to us in their respective years of service:

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
| **Fees (in thousands of $)** | **2025**<sup>1)</sup> | **2024**<sup>2)</sup> |
| Audit fees | $2633 | $2657 |
| Audit-related fees | 705 | 597 |
| **Total** | $**3338** | $**3254** |

---

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1)Audit services performed by EY Accountants B.V. as the external auditor in 2025 referred to in Section 1 of the Dutch Accounting Firms

Oversight Act (Wta) as well as by the EY network.. In 2025, audit and audit related fees of EY Accountants B.V. (excluding its member firms

and/or affiliates) amounted to $973 and $677, respectively.

2)Audit services performed by Deloitte Accountants B.V. as the external auditor referred to in Section 1 of the Dutch Accounting Firms Oversight

Act (Wta) as well as by the Deloitte network

"Audit fees" are the aggregate fees billed for the statutory audit of our annual financial statements, and the audit of form

20-F as filed with the SEC.

"Audit-related fees" are the aggregate fees billed for permissible other assurance services. In 2025 and 2024, "audit-

related" fees includes fees billed for the limited assurance engagement in relation to the Sustainability Statement.

No other fees were billed by EY Accountants B.V. for the years ended December 31, 2025 and 2024.

No other fees were billed by Deloitte Accountants B.V. for the year ended December 31, 2024.

**Audit and Compliance Committee's Pre-Approval Policies and Procedures**

Our audit and compliance committee has responsibility over, among other things, appointing, setting the compensation

of and overseeing the work of our independent registered public accounting firm, or external auditor. In recognition of

these responsibilities, our audit and compliance committee adopted a policy governing the pre-approval of all audit and

permitted non-audit services performed by our external auditor to ensure that the provision of such services does not

impair the external auditor's independence from us and our management. Unless a type of service to be provided by our

external auditor has received general pre-approval from the audit and compliance committee, it requires specific pre-

approval by the audit and compliance committee in accordance with the pre-approval policy. Any payments proposed to

be made in connection with any proposed services that exceed pre-approved cost levels require specific pre-approval by

the audit and compliance committee.

Pursuant to the pre-approval policy, the audit and compliance committee may delegate its authority to pre-approve

services to the chairperson of the audit and compliance committee. Any decisions of the chairperson to grant pre-

approvals must be presented to the full audit and compliance committee at its next scheduled meeting. The audit and

compliance committee may not delegate its responsibilities to pre-approve services to management.

For the financial year ended December 31, 2025, the audit and compliance committee considered the non-audit services

provided by EY Accountants B.V. as described above and believes that they are compatible with maintaining EY

Accountants B.V.'s independence as our external auditor. In addition, for the financial year ended December 31, 2024,

the audit and compliance committee considered the non-audit services provided by Deloitte Accountants B.V. as

described above and believes that they are compatible with Deloitte Accountants B.V.'s independence as our external

auditor. In accordance with Regulation S-X, Rule 2-01, paragraph (c)(7)(i), no fees for services were approved pursuant

to any waivers of the pre-approval requirement.

**ITEM 16. D.EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES** 

Not applicable.

**ITEM 16. E.PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS**

Not applicable.

**ITEM 16. F.CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT**

Not applicable.

**ITEM 16. G.CORPORATE GOVERNANCE**

As a foreign private issuer, the Nasdaq Listing Rules include certain accommodations in the corporate governance

requirements that allow foreign private issuers to follow "home country" corporate governance practices in lieu of the

otherwise applicable Nasdaq corporate governance standards. We intend to rely on certain exemptions for foreign private

issuers and to follow Dutch corporate governance practices in lieu of the Nasdaq corporate governance rules.

The following is a summary of the significant ways in which our corporate governance practices differ from those

required by the Nasdaq Listing Rules with which we are not required to comply:

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• Quorum at Shareholder Meetings. In accordance with Dutch law and generally accepted business practices in the

Netherlands, our Articles of Association do not provide quorum requirements generally applicable to general

meetings of shareholders. To that extent, our practice varies from the requirement of Nasdaq Listing Rule 5620(c),

which requires an issuer to provide in its bylaws for a generally applicable quorum, and that such quorum may not be

less than one-third of the outstanding voting stock.

• Solicitation of Proxies. Although we must provide shareholders with an agenda and other relevant documents ahead

of any General Meeting, Dutch law does not have a regulatory regime for the solicitation of proxies, and the

solicitation of proxies is not a generally accepted business practice in the Netherlands. Thus, our practice varies from

the requirement of Nasdaq Listing Rule 5620(b).

• Shareholder Approval. We follow certain Dutch shareholder approval requirements for the issuance of securities in

connection with certain events such as the acquisition of stock or assets of another company, the establishment of or

amendments to equity-based compensation plans for employees, a change of control of us and certain private

placements. To this extent, our practice varies from the requirements of Nasdaq Rule 5635, which generally requires

an issuer to obtain shareholder approval for the issuance of securities in connection with such events.

• Distribution of Annual Reports. We do not follow Nasdaq Listing Rule 5250(d), which requires companies to make

available copies of their annual reports containing audited financial statements to their shareholders. The distribution

of our annual reports to shareholders is not required under Dutch corporate law or Dutch securities laws. Furthermore,

it is generally accepted business practice for Dutch companies not to distribute annual reports. In part, this is because

the Dutch system of bearer shares has made it impractical to keep a current list of holders of the bearer shares in order

to distribute the annual reports. Instead, we make our Annual Report available at our corporate head office in the

Netherlands (and at the offices of our Dutch listing agent as stated in the convening notice for the meeting) no later

than 42 days prior to convocation of any annual General Meeting. In addition, we post a copy of our annual reports on

our website prior to our annual General Meeting.

**ITEM 16. H.MINE SAFETY DISCLOSURE**

Not applicable.

**ITEM 16. I.DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS**

Not applicable.

**ITEM 16. J.INSIDER TRADING POLICIES** 

Our Board of Directors has adopted an insider trading policy which governs the purchase, sale, and other dispositions of

our securities by our directors, senior executives, employees and other persons engaged by the Company such as

consultants or other temporary staff that are reasonably designed to promote compliance with applicable insider trading

laws, rules, and regulations, and any listing standards applicable to the Company. Copy of our insider trading policy is

filed as Exhibit 11.1 to this Annual Report.

**ITEM 16. K.CYBERSECURITY**

***Information Security Risk Management and Strategy***

Our approach to risk management is designed to identify, assess, prioritize and manage major risk exposures that could

affect our ability to execute our corporate strategy and fulfill our business objectives. As part of our information security

and privacy program, the Information Security and Management System (the ISMS), we perform risk assessments in

which we map and prioritize information security risks identified through the processes described below, including risks

associated with our use of third-party service providers. These assessments inform our ISMS strategies and oversight

processes and are included with other enterprise risks as part of our broader enterprise risk management. We view

information security risks as one of the key risks categories we face. IT system vendors are subject to security review

and audits. For more information regarding the cybersecurity-related risks we face, please refer to "*<u>[Item 3.D. — Risk](#i3fd453e8886f47e8a3bce0ff8daf37b5_40)</u>*

*<u>[Factors](#i3fd453e8886f47e8a3bce0ff8daf37b5_40)</u> <u>-</u> <u>[Risk Factors Related to argenx's Business and Industry](#i3fd453e8886f47e8a3bce0ff8daf37b5_142)</u> <u>-</u> <u>Our business and operations could suffer in the event</u>*

*<u>of system failures or unauthorized or inappropriate use of or access to our systems</u>*".

Our processes for assessing, identifying and managing information security risks and vulnerabilities are embedded

across our business as part of our ISMS. Among other things, we conduct audits and tests of our information systems

(including review and assessment by independent third-party advisors, who assess and report on the maturity of our

security measures and help identify areas for continued focus and improvement) and review information security threat

information published by government entities and other organizations in which we participate. We conduct training on

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data security matters for our employees to be aware and vigilant against potential data security risks and data privacy is

incorporated into our overall compliance training, such as through privacy-specific training for employees and

contractors. Phishing training is also implemented regularly, which includes mock phishing emails to test employee

vigilance. In addition, employees are required to read and acknowledge information security policies that are relevant to

their specific role. We also have implemented and maintain information security incident response plans, which include

processes to triage, assess severity for, escalate, contain, investigate and remediate information security incidents, as well

as to comply with potentially applicable legal obligations and mitigate brand and reputational damage.

***Information Security Governance and Oversight***

Our ISMS enables our Board of Directors to establish a mutual understanding with our Senior Management Team of the

effectiveness of our information security risk management practices and capabilities, including the division of

responsibilities for reviewing our information security risk exposure and risk tolerance, tracking emerging information

risks and ensuring proper escalation of certain key risks for periodic review by the Board of Directors and its

committees. As part of its broader risk oversight activities, the Board of Directors oversees risks from information

security threats, both directly and through the Audit and Compliance Committee. The Audit and Compliance Committee

also oversees our internal control over financial reporting.

As an element of its cybersecurity oversight activities, the Audit and Compliance Committee regularly reviews the

results of our enterprise risk assessments, including information security risk assessments, as well as management's

strategies to detect, monitor and manage such risks and related risk assessment and risk management policies. The

Digital Technology lead for Security and Compliance provides regular updates on cyber risks, cyber security matters and

progress on the cybersecurity programme to the Global Risk Management Committee. Additionally, the data protection

officer provides regular updates to the Senior Management Team, and the Audit and Compliance Committee as a

component of the Audit and Compliance Committee's compliance updates. The data protection officer also regularly

reports to the Global Corporate Compliance Committee, the Global Risk Management Committee and the General

Counsel and Corporate Secretary on matters such as the status of the organizational privacy plan, data breaches and

routine programs. In addition to these regularly scheduled updates from the data protection officer, the Global Head of

Digital Technologies reports to the Audit and Compliance Committee or the full Board of Directors, as appropriate, on

how certain information security risks are being managed and progress towards agreed mitigation goals, as well as any

potential material risks from cybersecurity threats that have been detected by the information security team.

Our information security team is responsible for day-to-day identification, assessment and management of the

information security risks we face. Our Global Head of Digital Technologies has almost 25 years33 years of experience

in information management systems in life sciences and the managers reporting to the Global Head of Digital

Technologies have over 25 cumulative years of experience in information security. Our incident response and data

breach procedures seek to promote the timely detection, reporting, and investigation of all security incidents, as well as

the timely notification of any reportable breaches (including any material cybersecurity incidents and personal data

breaches) to the competent authorities and the timely communication to the affected individuals, where relevant. We

maintain records of breaches on our quarterly corporate risk dashboard and our personal data breach register, and we

monitor and regularly report our data breach metrics to the Senior Management Team, including the Audit and

Compliance Committee, the global corporate compliance committee, and the global risk management committee. In

addition to the ordinary-course Board of Directors and Audit and Compliance Committee reporting and oversight

described above, we also maintain disclosure controls and procedures designed for prompt reporting to the Board of

Directors and timely public disclosure, as appropriate, of material events, including information security risks.

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**PART III**

**ITEM 17. FINANCIAL STATEMENTS**

Not applicable.

**ITEM 18. FINANCIAL STATEMENTS**

See pages F-1 through F-[48](#i3fd453e8886f47e8a3bce0ff8daf37b5_1801) of this Annual Report.

**ITEM 19. EXHIBITS** 

The exhibits listed in the Exhibit Index at the end of this Annual Report are filed as exhibits to this Annual Report.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Incorporated by Reference** | **Incorporated by Reference** | **Incorporated by Reference** | **Incorporated by Reference** |
| **Exhibit** | <br>**Description** | **Schedule/**<br>**Form**<br>| **File Number** | **Exhibit** | **File Date** <br>**(mm/dd/yyyy)**<br>|
| 1.1 | <u>[Articles of Association (English translation), as](https://www.sec.gov/Archives/edgar/data/1697862/000169786225000024/argenxse-dltaoaeng105006992.htm)</u><br><u>[amended](https://www.sec.gov/Archives/edgar/data/1697862/000169786225000024/argenxse-dltaoaeng105006992.htm)</u><br>| Form 20-F | 001-38097 | 1.1 | 03/20/2025 |
| 1.2# | <u>[Rules for the Board of Directors](argenxexx12xrulesfortheboa.htm)</u> |  |  |  |  |
| 2.1 | <u>[Form of Deposit Agreement](https://www.sec.gov/Archives/edgar/data/1697862/000104746917003435/a2232157zex-4_1.htm)</u> | Form F-1/A | 333-217417 | 4.1  | 05/16/2017 |
| 2.2 | <u>[Form of American Depositary Receipt (included in](https://www.sec.gov/Archives/edgar/data/1697862/000104746917003435/a2232157zex-4_1.htm)</u><br><u>[Exhibit 2.1)](https://www.sec.gov/Archives/edgar/data/1697862/000104746917003435/a2232157zex-4_1.htm)</u><br>| Form F-1/A | 333-217417 | 4.1  | 05/16/2017 |
| 2.3# | <u>[Description of Share Capital](argenxexx23xdescriptionofs.htm)</u> |  |  |  |  |
| 4.1\*\* | <u>[Patent License Agreement, dated February 15, 2012,](https://www.sec.gov/Archives/edgar/data/1697862/000104746917002813/a2231858zex-10_2.htm)</u><br><u>[between the registrant and The Board of Regents of the](https://www.sec.gov/Archives/edgar/data/1697862/000104746917002813/a2231858zex-10_2.htm)</u><br><u>[University of Texas System, as amended](https://www.sec.gov/Archives/edgar/data/1697862/000104746917002813/a2231858zex-10_2.htm)</u><br>| Form F-1 | 333-217417 | 10.2  | 04/21/2017 |
| 4.2† | <u>[Form of Indemnification Agreement between the](https://www.sec.gov/Archives/edgar/data/1697862/000104746917002813/a2231858zex-10_3.htm)</u><br><u>[registrant and each of its executive officers and directors](https://www.sec.gov/Archives/edgar/data/1697862/000104746917002813/a2231858zex-10_3.htm)</u><br>| Form F-1 | 333-217417 | 10.3  | 04/21/2017 |
| 4.3#† | <u>[Equity Incentive Plan 2026](argenxexx43xequityincentiv.htm)</u> |  |  |  |  |
| 4.4 | <u>[Collaboration and License Agreement, dated January 6,](https://www.sec.gov/Archives/edgar/data/1697862/000155837021003722/argx-20201231ex477330b53.htm)</u><br><u>[2021, between the registrant and Zai Auto Immune](https://www.sec.gov/Archives/edgar/data/1697862/000155837021003722/argx-20201231ex477330b53.htm)</u><br><u>[(Hong Kong) Limited](https://www.sec.gov/Archives/edgar/data/1697862/000155837021003722/argx-20201231ex477330b53.htm)</u><br>| Form 20-F | 001-38097 | 4.7 | 03/30/2021 |
| 4.5#† | <u>[Remuneration Policy](argenxexx45xremunerationpo.htm)</u> |  |  |  |  |
| 8.1 | <u>[List of subsidiaries of the registrant](https://www.sec.gov/Archives/edgar/data/1697862/000155837023004027/argx-20221231xex8d1.htm)</u> | Form 20-F | 001-38097 | 8.1 | 03/16/2023 |
| 11.1# | <u>[Insider trading policy](argenxexx111xinsidertradin.htm)</u> |  |  |  |  |
| 12.1# | <u>[Certification by the Principal Executive Officer pursuant](argenxexx121xsection302cer.htm)</u><br><u>[to Securities Exchange Act Rules 13a-14(a) and](argenxexx121xsection302cer.htm)</u><br><u>[15d-14(a) as adopted pursuant to Section 302 of the](argenxexx121xsection302cer.htm)</u><br><u>[Sarbanes-Oxley Act of 2002](argenxexx121xsection302cer.htm)</u><br>|  |  |  |  |
| 12.2# | <u>[Certification by the Principal Financial Officer pursuant](argenxexx122xsection302cer.htm)</u><br><u>[to Securities Exchange Act Rules 13a-14(a) and](argenxexx122xsection302cer.htm)</u><br><u>[15d-14(a) as adopted pursuant to Section 302 of the](argenxexx122xsection302cer.htm)</u><br><u>[Sarbanes-Oxley Act of 2002](argenxexx122xsection302cer.htm)</u><br>|  |  |  |  |

---

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 13.1\* | <u>[Certification by the Principal Executive Officer pursuant](argenxexx131xsection906cer.htm)</u><br><u>[to 18 U.S.C. Section 1350, as adopted pursuant to](argenxexx131xsection906cer.htm)</u><br><u>[Section 906 of the Sarbanes-Oxley Act of 2002](argenxexx131xsection906cer.htm)</u><br>|  |  |  |  |
| 13.2\* | <u>[Certification by the Principal Financial Officer pursuant](argenxexx132xsection906cer.htm)</u><br><u>[to 18 U.S.C. Section 1350, as adopted pursuant to](argenxexx132xsection906cer.htm)</u><br><u>[Section 906 of the Sarbanes-Oxley Act of 2002](argenxexx132xsection906cer.htm)</u><br>|  |  |  |  |
| 15.1# | <u>[Consent of EY Accountants B.V.](argenxexx151xconsentofeyac.htm)</u> |  |  |  |  |
| 15.2# | <u>[Consent of Deloitte Accountants B.V.](argenxexx152xconsentofdelo.htm)</u> |  |  |  |  |
| 97.1 | <u>[Executive Compensation Clawback Policy, dated July](https://www.sec.gov/Archives/edgar/data/1697862/000155837024003665/argx-20231231xex97d1.htm)</u><br><u>[25, 2023](https://www.sec.gov/Archives/edgar/data/1697862/000155837024003665/argx-20231231xex97d1.htm)</u><br>| Form 20-F | 001-38097 | 97.1 | 03/21/2024 |
| 101.INS

#<br>| Inline XBRL Instance Document |  |  |  |  |
| 101.SCH

#<br>| Inline XBRL Taxonomy Extension Schema <br>Document<br>|  |  |  |  |
| 101.CAL

#<br>| Inline XBRL Taxonomy Extension <br>Calculation Linkbase Document<br>|  |  |  |  |
| 101.DEF

#<br>| Inline XBRL Taxonomy Extension <br>Definition Linkbase Document<br>|  |  |  |  |
| 101.LAB

#<br>| Inline XBRL Taxonomy Extension Label <br>Linkbase Document<br>|  |  |  |  |
| 101.PRE

#<br>| Inline XBRL Taxonomy Extension <br>Presentation Linkbase Document<br>|  |  |  |  |
| 104 | Cover Page Interactive Data File (formatted <br>as Inline XBRL and contained in Exhibit <br>101)<br>|  |  |  |  |

---

---

| | |
|:---|:---|
| # | Filed herewith. |
| \* | Furnished herewith. |
| † | Indicates a management contract or any compensatory plan, contract or arrangement. |
| \*\* | Confidential treatment status has been granted as to certain portions thereto, which portions are omitted and filed separately <br>with the U.S. Securities and Exchange Commission.<br>|

---

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**SIGNATURES**

The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly

caused and authorized the undersigned to sign this Annual Report on its behalf.

Date: March 19, 2026

---

| | | |
|:---|:---|:---|
|  | **ARGENX SE** | **ARGENX SE** |
| By: | /s/ Tim Van Hauwermeiren | /s/ Tim Van Hauwermeiren |
|  | Name: | Tim Van Hauwermeiren |
|  | Title: | Chief Executive Officer |

---

F-1<br>

*<u>[**Table of Contents**](#i3fd453e8886f47e8a3bce0ff8daf37b5_4)</u>*

**INDEX TO FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| **Audited consolidated financial statements as of and for the years ended December 31, 2025, 2024 and** <br>**2023**<br>|  |
| *<u>[Reports of Independent Registered Public Accounting Firm](#i3fd453e8886f47e8a3bce0ff8daf37b5_1561)</u>* (PCAOB ID No. 1396) | F-[2](#i3fd453e8886f47e8a3bce0ff8daf37b5_1561)  |
| *<u>[Reports of Independent Registered Public Accounting Firm](#i3fd453e8886f47e8a3bce0ff8daf37b5_1561)</u>* (PCAOB ID No. 1243) | F-5  |
| *<u>[Consolidated Statements of Financial Position](#i3fd453e8886f47e8a3bce0ff8daf37b5_1576)</u>* | [F-6](#i3fd453e8886f47e8a3bce0ff8daf37b5_1576) |
| *<u>[Consolidated Statements of Profit or Loss](#i3fd453e8886f47e8a3bce0ff8daf37b5_1582)</u>* | [F-8](#i3fd453e8886f47e8a3bce0ff8daf37b5_1582) |
| *<u>[Consolidated Statements of Comprehensive Income (Loss)](#i3fd453e8886f47e8a3bce0ff8daf37b5_1585)</u>* | [F-9](#i3fd453e8886f47e8a3bce0ff8daf37b5_1585) |
| *<u>[Consolidated Statements of Cash Flows](#i3fd453e8886f47e8a3bce0ff8daf37b5_1591)</u>* | [F-10](#i3fd453e8886f47e8a3bce0ff8daf37b5_1591) |
| *<u>[Consolidated Statements of Changes in Equity](#i3fd453e8886f47e8a3bce0ff8daf37b5_1600)</u>* | [F-12](#i3fd453e8886f47e8a3bce0ff8daf37b5_1600) |
| *<u>[Notes to the Consolidated Financial Statements](#i3fd453e8886f47e8a3bce0ff8daf37b5_1609)</u>* | [F-13](#i3fd453e8886f47e8a3bce0ff8daf37b5_1609) |

---

F-2<br>

*<u>[**Table of Contents**](#i3fd453e8886f47e8a3bce0ff8daf37b5_4)</u>*

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Shareholders and the Board of Directors of argenx SE

**Opinion on the Financial Statements**

We have audited the accompanying consolidated statement of financial position of argenx SE (the Company) as of

December 31, 2025, the related consolidated statements of profit or loss, comprehensive income or loss, changes in

equity and cash flows for the year then ended, and the related notes (collectively referred to as the "consolidated

financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the

financial position of the Company at December 31, 2025, and the results of its operations and its cash flows for the year

then ended in conformity with IFRS Accounting Standards as issued by the International Accounting Standards Board.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United

States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2025, based on criteria

established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the

Treadway Commission (2013 framework) and our report dated March 19, 2026 expressed an unqualified opinion

thereon.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an

opinion on the Company's financial statements based on our audit. We are a public accounting firm registered with the

PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities

laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and

perform the audit to obtain reasonable assurance about whether the financial statements are free of material

misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material

misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those

risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the

financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by

management, as well as evaluating the overall presentation of the financial statements. We believe that our audit

provides a reasonable basis for our opinion.

**Critical Audit Matter**

The critical audit matter communicated below is a matter arising from the current period audit of the financial statements

that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or

disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or

complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the

consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below,

providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

**U.S. Sales Rebates and Reserves – Medicare Part D Claims**

***Description of the Matter***

As described in "*Note 2.17 – Product Net Sales*, *"Note 3 – Critical Accounting Judgments*," and "*Note 14 – Trade and* 

*Other Payables*" to the consolidated financial statements, the Company recognizes revenue net of price reductions,

including, among others, estimates of Medicare Part D Manufacturer Discount Program claims and also recognizes an

accrued liability, in sales rebates and reserves, for the estimated claims amount. These claim estimates are based on the

expected value method, taking into account the payor mix. At December 31, 2025, the Company had $402 million in

liabilities related to sales rebates and reserves.

Auditing sales rebates and reserves related to Medicare Part D was complex and subjective as it required auditor

judgment about the payor mix assumption used in determining the estimated claims amount.

F-3<br>

*<u>[**Table of Contents**](#i3fd453e8886f47e8a3bce0ff8daf37b5_4)</u>*

***How We Addressed the Matter in Our Audit***

We tested the Company's internal controls over the Medicare Part D sales rebates and reserves process. This included

testing controls over the data used to determine the payor mix, management's review of the expected-value method

model and the payor mix assumption, and the comparison of actual claim payments to the estimated claims amount.

Our audit procedures to test Medicare Part D sales rebates and reserves included, among others, independently

developing an estimate of the claims amount and testing the mathematical accuracy of the model used by management.

We assessed the reasonableness of the Company's estimated Medicare Part D claims amount by comparing previous

estimates to actual claims and agreeing a sample of those claims to source documents. We assessed the adequacy of

Company's disclosures related to Medicare Part D sales rebates and reserves.

/s/ EY Accountants B.V.

We have served as the Company's auditor since 2024.

Eindhoven, the Netherlands

March 19, 2026

F-4<br>

*<u>[**Table of Contents**](#i3fd453e8886f47e8a3bce0ff8daf37b5_4)</u>*

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the shareholders and the Board of Directors of argenx SE

**Opinion on Internal Control over Financial Reporting**

We have audited argenx SE and subsidiaries' internal control over financial reporting as of December 31, 2025, based on

criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of

the Treadway Commission 2013 framework (the COSO criteria). In our opinion, argenx SE and subsidiaries (the

Company) maintained, in all material respects, effective internal control over financial reporting as of December 31,

2025, based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United

States) (PCAOB), the 2025 consolidated financial statements of the Company and our report dated March 19, 2026

expressed an unqualified opinion thereon.

**Basis for Opinion**

The Company's management is responsible for maintaining effective internal control over financial reporting and for its

assessment of the effectiveness of internal control over financial reporting included in the accompanying Management's

Annual Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the

Company's internal control over financial reporting based on our audit. We are a public accounting firm registered with

the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal

securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and

perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was

maintained in all material respects.

Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a

material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the

assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that

our audit provides a reasonable basis for our opinion.

**Definition and Limitations of Internal Control over Financial Reporting**

A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding

the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with

generally accepted accounting principles. A company's internal control over financial reporting includes those policies

and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the

transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are

recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting

principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of

management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely

detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the

financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.

Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become

inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may

deteriorate.

/s/ EY Accountants B.V.

Eindhoven, the Netherlands

March 19, 2026

F-5<br>

*<u>[**Table of Contents**](#i3fd453e8886f47e8a3bce0ff8daf37b5_4)</u>*

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Shareholders and the Board of Directors of argenx SE

**Opinion on the Financial Statements**

We have audited the accompanying consolidated statements of financial position of argenx SE and subsidiaries (the

"Company") as of December 31, 2024 and 2023, the related consolidated statements of profit or loss, comprehensive

income or loss, cash flows, and changes in equity, for each of the two years in the period ended December 31, 2024, and

the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present

fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results

of its operations and its cash flows for each of the two years in the period ended December 31, 2024, in conformity with

IFRS<sup>®</sup> Accounting Standards (IFRS), issued by the International Accounting Standards Board (IASB).

**Basis for Opinion** 

These financial statements are the responsibility of the Company's management. Our responsibility is to express an

opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the

PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities

laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and

perform the audit to obtain reasonable assurance about whether the financial statements are free of material

misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material

misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those

risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the

financial statements. Our audits also included evaluating the accounting principles used and significant estimates made

by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits

provide a reasonable basis for our opinion.

/s/ Deloitte Accountants B.V.

Rotterdam, The Netherlands

March 20, 2025

We began serving as the Company's auditor in 2015. In 2025 we became the predecessor auditor.

F-6<br>

*<u>[**Table of Contents**](#i3fd453e8886f47e8a3bce0ff8daf37b5_4)</u>*

**ARGENX SE**

**CONSOLIDATED STATEMENTS OF FINANCIAL POSITION** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **As of December 31,** | **As of December 31,** | **As of December 31,** |
| **(in thousands of $)** | **Note** | **2025** | **2024** | **2023** |
| **Assets** |  |  |  |  |
| **Non-current assets** |  |  |  |  |
| Property, plant and equipment | 4 | $48247 | $43517 | $22675 |
| Intangible assets | 5 | 272103 | 181445 | 125228 |
| Deferred tax assets | 22 | 1295853 | 924299 | 97211 |
| Research and development incentive <br>receivables<br>|  | 86212 | 94854 | 76706 |
| Investment in a joint venture | 25 | 3378 | 9268 | 9912 |
| Prepaid expenses |  | 25811 | 23643 | 47327 |
| Other non-current assets | 6 | 51990 | 42393 | 39662 |
| **Total non-current assets** |  | **1783594** | **1319419** | **418721** |
| **Current assets** |  |  |  |  |
| Inventories | 7 | $473530 | $407233 | $310550 |
| Prepaid expenses | 8 | 328476 | 187948 | 134072 |
| Trade and other receivables | 9 | 1646692 | 904471 | 496687 |
| Research and development incentive <br>receivables<br>|  | 10367 | 4625 | 2584 |
| Financial assets | 10 | 948750 | 1878890 | 1131000 |
| Cash and cash equivalents | 11 | 3491289 | 1499936 | 2048844 |
| **Total current assets** |  | **6899104** | **4883103** | **4123737** |
| **Total assets** |  | $**8682698** | $**6202522** | $**4542458** |

---

The accompanying notes form an integral part of these consolidated financial statements.

F-7<br>

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **As of December 31,** | **As of December 31,** | **As of December 31,** |
| **(in thousands of $)** | **Note** | **2025** | **2024** | **2023** |
| **Equity and liabilities** |  |  |  |  |
| **Equity** | 12 |  |  |  |
| Equity attributable to owners of the parent |  |  |  |  |
| *Share capital* |  | $7354 | $7227 | $7058 |
| *Share premium* |  | 6186554 | 5948916 | 5651497 |
| *Translation differences* |  | 138570 | 126832 | 131543 |
| *Accumulated losses* |  | (279769) | (1571804) | (2404844) |
| *Other reserves* |  | 1270383 | 987112 | 712253 |
| **Total equity** |  | $**7323092** | $**5498283** | $**4097507** |
| **Non-current liabilities** |  |  |  |  |
| Provisions for employee benefits |  | 3093 | 1803 | 1449 |
| Lease liabilities | 20 | 36327 | 32520 | 15354 |
| Deferred tax liabilities | 22 |  |  | 5155 |
| **Total non-current liabilities** |  | **39420** | **34323** | **21958** |
| **Current liabilities** |  |  |  |  |
| Lease liabilities | 20 | 10833 | 6533 | 4646 |
| Trade and other payables | 14 | 1267144 | 649993 | 414013 |
| Tax liabilities | 22 | 42209 | 13390 | 4334 |
| **Total current liabilities** |  | **1320186** | **669916** | **422993** |
| **Total liabilities** |  | $**1359606** | $**704239** | $**444951** |
| **Total equity and liabilities** |  | $**8682698** | $**6202522** | $**4542458** |

---

The accompanying notes form an integral part of these consolidated financial statements.

F-8<br>

*<u>[**Table of Contents**](#i3fd453e8886f47e8a3bce0ff8daf37b5_4)</u>*

**ARGENX SE**

**CONSOLIDATED STATEMENTS OF PROFIT OR LOSS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**(in thousands of $ except for shares and EPS)** | <br>**Note** | **2025** | **2024** | **2023** |
| Product net sales  | 16 | $4151316 | $2185883 | $1190783 |
| Other operating income<sup>1)</sup> | 15 | 96734 | 66156 | 77811 |
| **Total operating income** |  | **4248050** | **2252039** | **1268594** |
| Cost of sales | 7 | (450665) | (227289) | (117835) |
| Research and development expenses | 17 | (1364132) | (983423) | (859492) |
| Selling, general and administrative expenses | 18 | (1367057) | (1055337) | (711905) |
| Loss from investment in a joint venture | 25 | (12390) | (7644) | (4411) |
| **Total operating expenses** |  | **(3194244)** | **(2273693)** | **(1693643)** |
| **Operating profit/(loss)** |  | $**1053806** | $**(21654)** | $**(425049)** |
| Financial income |  | 163091 | 157509 | 107386 |
| Financial expense |  | (4082) | (2464) | (906) |
| Exchange gains/(losses) | 21 | 65792 | (48211) | 14073 |
| **Profit/(Loss) for the year before taxes** |  | $**1278607** | $**85180** | $**(304496)** |
| Income tax benefit | 22 | $13428 | $747860 | $9443 |
| **Profit/(Loss) for the year** |  | $**1292035** | $**833040** | $**(295053)** |
| **Profit/(Loss) for the year attributable to:** |  |  |  |  |
| Owners of the parent |  | 1292035 | 833040 | (295053) |
| Weighted average number of shares used for <br>basic profit/(loss) per share<br>| 23 | 61295149 | 59855585 | 57169253 |
| Basic profit/(loss) per share (in $) | 23 | 21.08 | 13.92 | (5.16) |
| Weighted average number of shares used for <br>diluted profit/(loss) per share<br>| 23 | 66029215 | 65177815 | 57169253 |
| Diluted profit/(loss) per share (in $) | 23 | 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.

The accompanying notes form an integral part of these consolidated financial statements.

F-9<br>

*<u>[**Table of Contents**](#i3fd453e8886f47e8a3bce0ff8daf37b5_4)</u>*

**ARGENX SE**

**CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME OR LOSS**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**(in thousands of $)** | <br>**Note** | **2025** | **2024** | **2023** |
| **Profit/(Loss) for the year** |  | $**1292035** | $**833040** | $**(295053)** |
| Items that may be reclassified subsequently to <br>profit or loss, net of tax<br>|  |  |  |  |
| *Currency translation differences, arisen from* <br>*translating foreign activities*<br>|  | 11738 | (4711) | 2263 |
| Items that will not be reclassified subsequently <br>to profit or loss, net of tax<br>|  |  |  |  |
| *Fair value (loss)/gain on investments in* <br>*equity instruments designated as FVTOCI* <br>| 6 | (4858) | (648) | (1915) |
| **Other comprehensive profit/(loss), net of** <br>**income tax**<br>|  | **6880** | **(5359)** | **348** |
| **Total comprehensive profit/(loss)** <br>**attributable to:**<br>|  |  |  |  |
| Owners of the parent |  | $**1298915** | $**827681** | $**(294705)** |

---

The accompanying notes form an integral part of these consolidated financial statements.

F-10<br>

*<u>[**Table of Contents**](#i3fd453e8886f47e8a3bce0ff8daf37b5_4)</u>*

**ARGENX SE**

**CONSOLIDATED STATEMENTS OF CASH FLOWS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**(in thousands of $)** | <br>**Note** | **2025** | **2024**<sup>1)</sup> | **2023**<sup>1)</sup> |
| **Operating profit/(loss)** |  | $**1053806** | $**(21654)** | $**(425049)** |
| Adjustments for non-cash items |  |  |  |  |
| Amortization of intangible assets | 5 | 14858 | 10282 | 105674 |
| Depreciation of property, plant and equipment | 4 | 13244 | 7245 | 5633 |
| Provisions for employee benefits |  | 1151 | 432 | 573 |
| Expense recognized in respect of share-based payments | 13 | 248079 | 235179 | 232974 |
| Fair value gains on financial assets at fair value through profit or <br>loss<br>| 6 | (11581) | (3834) |  |
| Loss from investment in a joint venture | 25 | 12390 | 7644 | 4411 |
| Other non-cash expenses/(benefit) |  | 31628 | (277) | 2074 |
|  |  | $**1363575** | $**235017** | $**(73710)** |
| Movements in current assets/liabilities |  |  |  |  |
| (Increase)/decrease in trade and other receivables | 9 | (802327) | (423112) | (185694) |
| (Increase)/decrease in inventories | 7 | (98952) | (95996) | (83030) |
| (Increase)/decrease in current prepaid expenses | 8 | (139992) | (54113) | (58081) |
| (Increase)/decrease in other current assets |  | (5742) | (2041) | (943) |
| Increase/(decrease) in trade and other payables | 14 | 612328 | 246336 | 95600 |
| Movements in non-current assets/liabilities |  |  |  |  |
| (Increase)/decrease in other non-current assets | 6 | 14224 | (19930) | (29416) |
| (Increase)/decrease in non-current prepaid expense |  | (2167) | 23683 | (47327) |
| **Net cash flows from/(used) in operating activities, before** <br>**interest and taxes**<br>|  | **940947** | **(90156)** | **(382601)** |
| Interest paid |  | (900) | (392) | (211) |
| Income taxes (paid)/received | 22 | (254855) | 7801 | (37515) |
| **Net cash flows from/(used) in operating activities** |  | $**685192** | $**(82747)** | $**(420327)** |
| Purchase of intangible assets | 5 | (105515) | (66500) | (43000) |
| Purchase of property, plant and equipment | 4 | (6165) | (1801) | (812) |
| Purchase of current financial assets | 10 | (1448930) | (2183542) | (1271730) |
| Sale of current financial assets | 10 | 2388445 | 1429600 | 1543999 |
| Interest received |  | 162670 | 111649 | 92753 |
| Investment in a joint venture | 25 | (6500) | (7000) | (13000) |
| **Net cash flows from/(used in) investing activities** |  | $**984005** | $**(717594)** | $**308210** |
| Principal elements of lease payments | 20 | (4107) | (7638) | (3801) |
| Proceeds from issue of new shares, gross amount | 12 |  |  | 1196731 |
| Issue costs paid | 12 |  |  | (821) |
| Exchange (losses)/gains from currency conversion on proceeds <br>from issue of new shares<br>|  |  |  | (1507) |
| Payment of employee withholding taxes relating to restricted stock <br>unit awards<br>|  | (41258) | (21868) | (12138) |
| Proceeds from exercise of stock options | 12 | 278375 | 309265 | 158263 |
| **Net cash flows from financing activities** |  | $**233010** | $**279759** | $**1336727** |

---

F-11<br>

*<u>[**Table of Contents**](#i3fd453e8886f47e8a3bce0ff8daf37b5_4)</u>*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**(in thousands of $)** | <br>**Note** | **2025** | **2024**<sup>1)</sup> | **2023**<sup>1)</sup> |
| **Increase/(decrease) in cash and cash equivalents** |  | $**1902207** | **$(520582)** | $**1224610** |
| **Cash and cash equivalents at the beginning of the year** |  | $**1499936** | $**2048844** | $**800740** |
| Exchange gains/(losses) on cash and cash equivalents |  | $89146 | $(28326) | $23494 |
| **Cash and cash equivalents at the end of the year** |  | $**3491289** | $**1499936** | $**2048844** |

---

1)Comparative figures have been aligned to the presentation adopted in the current year.

The accompanying notes form an integral part of these consolidated financial statements.

F-12<br>

*<u>[**Table of Contents**](#i3fd453e8886f47e8a3bce0ff8daf37b5_4)</u>*

**ARGENX SE**

**CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(in thousands of $)** | **Attributable to owners of the parent** | **Attributable to owners of the parent** | **Attributable to owners of the parent** | **Attributable to owners of the parent** | **Attributable to owners of the parent** | **Attributable to owners of the parent** | **Attributable to owners of the parent** | **Attributable to owners of the parent** |
| **(in thousands of $)** | **Share** <br>**capital** | **Share** <br>**premium** | **Accumulated losses** | **Translation** <br>**differences** | **Share-based** <br>**payment and** <br>**income tax** <br>**deduction on share-**<br>**based payments** | **Fair value movement on** <br>**investment in equity** <br>**instruments designated** <br>**as at FVTOCI** | **Total equity** <br>**attributable to** <br>**owners of the** <br>**parent** | **Total equity** |
| **Balance on January 1, 2023** | $**6640** | $**4309880** | $**(2109791)** | $**129280** | $**535247** | $**(57557)** | $**2813699** | $**2813699** |
| Loss for the year |  |  | (295053) |  |  |  | (295053) | **(295053)** |
| Other comprehensive income/(loss) |  |  |  | 2263 |  | (1915) | 348 | **348** |
| **Total comprehensive income/(loss) for the year** | **—** | **—** | **(295053)** | **2263** | **—** | **(1915)** | **(294705)** | **(294705)** |
| Income tax benefit from excess tax deductions related to share-based payments |  |  |  |  | 2310 |  | 2310 | **2310** |
| Share-based payment |  |  |  |  | 234168 |  | 234168 | **234168** |
| Issue of share capital | 288 | 1196444 |  |  |  |  | 1196732 | **1196732** |
| Transaction costs for equity issue |  | (821) |  |  |  |  | (821) | **(821)** |
| Exercise of stock options | 130 | 158133 |  |  |  |  | 158263 | **158263** |
| Ordinary shares withheld for payment of employees' withholding tax liability |  | (12139) |  |  |  |  | (12139) | **(12139)** |
| **Balance on December 31, 2023** | $**7058** | $**5651497** | $**(2404844)** | $**131543** | $**771725** | $**(59472)** | $**4097507** | $**4097507** |
| Profit for the year |  |  | 833040 |  |  |  | 833040 | **833040** |
| Other comprehensive loss |  |  |  | (4711) |  | (648) | (5359) | **(5359)** |
| **Total comprehensive income/(loss) for the year** | **—** | **—** | **833040** | **(4711)** | **—** | **(648)** | **827681** | **827681** |
| Income tax benefit from excess tax deductions related to share-based payments |  |  |  |  | 39650 |  | 39650 | **39650** |
| Share-based payment |  |  |  |  | 235856 |  | 235856 | **235856** |
| Exercise of stock options  | 169 | 319288 |  |  |  |  | 319457 | **319457** |
| Ordinary shares withheld for payment of employees' withholding tax liability |  | (21869) |  |  |  |  | (21869) | **(21869)** |
| **Balance on December 31, 2024** | $**7227** | $**5948916** | $**(1571804)** | $**126832** | $**1047231** | $**(60119)** | $**5498283** | $**5498283** |
| Profit for the year |  |  | 1292035 |  |  |  | 1292035 | **1292035** |
| Other comprehensive income/(loss) |  |  |  | 11738 |  | (4858) | 6880 | **6880** |
| **Total comprehensive income/(loss) for the year** | **—** | **—** | **1292035** | **11738** | **—** | **(4858)** | **1298915** | **1298915** |
| Income tax benefit from excess tax deductions related to share-based payments |  |  |  |  | 38780 |  | 38780 | **38780** |
| Share-based payment |  |  |  |  | 249349 |  | 249349 | **249349** |
| Exercise of stock options  | 127 | 278896 |  |  |  |  | 279023 | **279023** |
| Ordinary shares withheld for payment of employees' withholding tax liability |  | (41258) |  |  |  |  | (41258) | **(41258)** |
| **Balance on December 31, 2025** | $**7354** | $**6186554** | $**(279769)** | $**138570** | $**1335360** | $**(64977)** | $**7323092** | $**7323092** |

---

Please refer to ''*<u>Note 12 — Share Capital and Share Premium</u>*'' for more information on the share capital and movement in number of shares. See also ''*<u>Note 13 — Share-Based</u>*

*<u>Payments</u>*'' for more information on the share-based payments. The accompanying notes form an integral part of these consolidated financial statements.

F-13<br>

*<u>[**Table of Contents**](#i3fd453e8886f47e8a3bce0ff8daf37b5_4)</u>*

**ARGENX SE**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**1. General Information about the Company**

argenx SE is a Dutch European public company with limited liability incorporated under the laws of the Netherlands.

The company (COC 24435214) has its official seat in Amsterdam, the Netherlands, and its registered office is at

Laarderhoogtweg 25, 1101 EB Amsterdam, the Netherlands. An overview of the company and its subsidiaries (the

Company) are described in ''*<u>Note 29 — Overview of Consolidation Scope</u>*''.

argenx SE is a publicly traded company with ordinary shares listed on Euronext Brussels under the symbol "ARGX"

since July 2014 and with American Depositary Shares listed on Nasdaq under the symbol "ARGX" since May 2017.

**2. Material Accounting Policy Information**

The Company's material accounting policies are summarized below.

**2.1 Statement of compliance and basis of preparation**

The consolidated financial statements are prepared in accordance with the IFRS<sup>®</sup> Accounting Standards (IFRS) as issued

by the International Accounting Standards Board (IASB). The consolidated financial statements provide a general

overview of the Company's activities and the results achieved. They present fairly the entity's financial position, its

financial performance and cash flows, on a going concern basis.

The material accounting policy information applied in the preparation of the above consolidated financial statements are

set out below. All amounts are presented in thousands of US dollar, unless otherwise indicated, rounded to the nearest $

'000.

The consolidated financial statements have been approved for issue by the Company's Board of Directors (the "Board")

on March 18, 2026.

**2.2 Adoption of new and revised standards**

***New standards and interpretations applicable for the annual period beginning on January 1, 2025***

• In the current year, the Group has assessed and adopted amendments to IFRS as issued by the IASB that are

mandatorily effective for accounting periods that begin on or after January 1, 2025. Their adoption has not had any

material impact on the disclosures or on the amounts reported in these consolidated financial statements.

***New standards and interpretations issued, but not yet applicable for the annual period beginning on January 1, 2025***

• *IFRS 18 Presentation and Disclosures in Financial Statements*

IFRS 18 replaces IAS 1, carrying forward many of the requirements in IAS 1 unchanged and complementing them with

new requirements. In addition, some IAS 1 paragraphs have been moved to IAS 8 Accounting Policies, Changes in

Accounting Estimates and Errors and IFRS 7 Financial Instruments: Disclosures. Furthermore, the IASB has made

minor amendments to IAS 7 Statement of Cash Flows and IAS 33 Earnings per Share.

IFRS 18 introduces new requirements to:

• present specified categories and defined subtotals in the statement of profit or loss

• provide disclosures on management-defined performance measures (MPMs) in the notes to the financial statements

• improve aggregation and disaggregation.

An entity is required to apply IFRS 18 for annual reporting periods beginning on or after January 1, 2027, with earlier

application permitted. The amendments to IAS 7 and IAS 33, as well as the revised IAS 8 and IFRS 7, become effective

when an entity applies IFRS 18. IFRS 18 requires retrospective application with specific transition provisions.

F-14<br>

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The Company is currently working to identify all impacts the new standard and amendments will have on the primary

financial statements and notes to the financial statements. The initial expected material impact on the Company's

financial statements is, as follows:

• Foreign exchange differences will be classified in the same category as the income and expenses from the items

giving rising to the foreign exchange differences.

• *Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7)*

The amendments address matters identified during the post-implementation review of the classification and measurement

requirements of IFRS 9 Financial Instruments. The amendments are effective for annual periods starting on or after 1

January 2026.

The Company does not anticipate that the amendments will have a material effect on the Company's financial statements

in future periods.

We have not early adopted any standard, interpretation, or amendment that has been issued but is not yet effective.

**2.3 Basis of consolidation**

The consolidated financial statements include the financial statements of the Company and entities controlled by the

Company (its subsidiaries). Control is achieved when the Company:

• has power over the investee;

• is exposed, or has rights, to variable returns from its involvement with the investee; and

• has the ability to use its power to affect its returns.

The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes

to one or more of the three elements of control listed above.

The results of the subsidiaries are included in the consolidated statements of profit or loss and consolidated statements of

other comprehensive income or loss from the effective date of acquisition up to the date when control ceases to exist.

When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into

line with those used by other members of the Group.

All intercompany transactions and unrealized gains on transactions between group companies are eliminated. Unrealized

losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset.

**2.4 Foreign currency transactions**

**2.4.1 Functional and presentation currency**

Items included in the consolidated financial statements of each of the entities are valued using the currency of their

economic environment in which the entity operates. The consolidated financial statements are presented in USD ($),

which is the Company's functional and presentation currency.

**2.4.2 Transactions and balances**

Transactions in foreign currencies are translated at the exchange rate ruling at the date of the transaction. Monetary

assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date.

Foreign exchange differences arising on translation are recognized in the consolidated statements of profit or loss and the

consolidated statements of other comprehensive income or loss as "Exchange (losses)/gains". Non-monetary assets and

liabilities denominated in foreign currencies are translated at the foreign exchange rate applicable at the date of the

transaction.

F-15<br>

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**2.4.3 Financial statements of foreign entities**

For foreign entities using a different functional currency than USD:

• assets and liabilities for each balance sheet presented are translated at the closing rate at the date of the balance sheet;

• income and expenses for each statement presenting profit or loss and statements of other comprehensive income or

loss are translated at average exchange rates.

**2.5 Intangible assets**

**2.5.1 Internally generated intangible assets**

Expenditure on research activities is recognized as an expense in the period in which it is incurred.

**2.5.2 Acquired In-Process R&D and Acquired R&D available for use**

Upfront payments and development milestone payments for "Acquired In-Process R&D" obtained through in-licensing

arrangements are capitalized as intangible assets under "Acquired In-Process R&D" upon meeting the IAS 38

capitalization criteria. These intangibles are considered as intangible assets with definite useful lives and are carried at

cost less amortization and accumulated impairment losses. The Company has not started to amortize "Acquired In-

Process R&D" as they are not available for use until regulatory approval has been obtained or the asset is ready for its

intended use, but they are evaluated for potential impairment on an annual basis or when facts and circumstances may

indicate a risk of impairment. Any impairment charge is recorded in the consolidated statements of profit or loss and the

consolidated statements of other comprehensive income or loss under "Research and development expense". Once an

asset included in "Acquired In-Process R&D" has received marketing approval from a regulatory authority or is ready

for its intended use, it is recorded under "Acquired R&D available for use" category.

Regulatory milestone payments and sales-based milestone payments for R&D obtained through in-licensing

arrangements acquired are capitalized intangible assets under "Acquired R&D available for use" upon meeting the IAS

38 capitalization criteria. All intangibles classified under "Acquired R&D available for use" are considered as intangible

assets with finite useful lives and are carried at cost less accumulated amortization and accumulated impairment losses.

"Acquired R&D available for use" is evaluated for potential impairment when the Company identifies indications based

on facts and circumstances of the asset. Any impairment charge is recorded in the consolidated statements of profit or

loss and the consolidated statements of other comprehensive income or loss under "Cost of sales" for assets which are

currently generating product net sales. "Acquired R&D available for use" is amortized under "Cost of sales" for assets

which are currently generating product net sales on a straight-line basis over the estimated useful life, being the longer of

the current patent protection life of the acquired R&D and patent protection life of the combined product. Impairment

and amortization relating to assets available for use but not generating sales are recorded under "Research &

Development Expenses".

**2.6 Research and development incentives receivables**

The current and non-current research and development incentive receivables relate to refunds resulting from research and

development incentives on Research and development expenses in Belgium and are credited to the consolidated

statements of profit or loss and the consolidated statements of other comprehensive income or loss under the line "Other

operating income" when the relevant expenditure has been incurred and there is a reasonable assurance that the research

and development incentives will be received.

**2.7 Inventories**

Inventories are valued at the lower of cost and net realizable value. Costs incurred in bringing each product to its present

location and condition are accounted for, and include purchase cost, cost of direct materials and labor, and a proportion

of manufacturing overheads based on the normal operating capacity. Net realizable value is the estimated selling price in

the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale.

When the net realizable value falls below the carrying amount, or when inventories become obsolete or excessive, a

write-down is recognized.

Inventories include products which could be used, besides in commercial activities, in preclinical and clinical programs,

in free-of-charge, compassionate use or pre-approval access program. These products, when they are used, are expensed

either through "Research & development expenses" or "Selling, general and administrative expenses".

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The Company capitalizes inventory costs associated with products prior to the regulatory approval of these products, or

for inventory produced in production facilities not yet approved, when it is highly probable that the pre-approval

inventories will be sellable. The determination to capitalize is based on the particular facts and circumstances relating to

the expected regulatory approval of the product or production facility being considered. The assessment of whether or

not the product is considered highly probable to be sellable is made and includes, but is not limited to, how far a

particular product or facility has progressed along the approval process, any known safety or efficacy concern and other

impediments.

Capitalized costs related to pre-launch inventories could be written down upon a change in facts and circumstances. The

write-down would be recorded under "Research and development expenses" in the consolidated statements of profit or

loss and the consolidated statements of other comprehensive income or loss.

**2.8 Trade and other receivables**

Trade and other receivables are designated as financial assets measured at amortized cost. They are initially measured

either at their invoiced amounts or at transaction price, in the absence of a significant financing component less

adjustments for estimated revenue deductions such as rebates, chargebacks and returns. All receivables are subsequently

measured at amortized cost, which generally corresponds to nominal value less expected credit loss provision.

Loss allowance for expected credit losses are established using a simplified approach of forward-looking expected credit

loss model (ECL), which includes possible default events on the trade receivables over the entire holding period of the

trade receivable. These provisions represent the difference between the trade receivable's carrying amount in the

consolidated statements of financial position and the estimated collectible amount. Charges for loss allowance for

expected credit losses are recorded under "Selling, general and administrative expenses" in the consolidated statements

of profit or loss and consolidated statements of other comprehensive income or loss.

**2.9 Current financial assets**

Current financial assets measured at amortized costs comprise of term accounts that have an initial maturity equal or less

than twelve months, but exceeding three months.

Current financial assets measured at fair value through profit or loss comprise of money market funds.

Interests on Current financial assets are reported under Cash Flow from investment activities under "Interest received"

and under "Financial income'' in the Consolidated Statement of Profit or Loss.

**2.10 Cash and cash equivalents**

Cash are financial assets measured at amortized cost and comprise of cash at bank.

Cash equivalents measured at amortized cost comprise of term accounts that have an initial maturity of less than three

months that are subject to an insignificant risk of changes in values.

Cash equivalents are determined at inception and measured at fair value through profit or loss comprise of money market

funds that are readily convertible to cash. They are subject to insignificant risk of changes in value and which are used

by the Company in the management of its short-term commitments.

Cash and cash equivalents exclude restricted cash, which is presented in the consolidated statements of financial position

under the line "Other non-current assets".

Interests on Cash and cash equivalents is reported under Cash Flow from investment activities under "Interest received"

and under "Financial income'' in the Consolidated Statement of Profit or Loss.

**2.11 Trade and other payables**

Trade and other payables are comprised of liabilities that are due less than one year from the balance sheet date and are

in general not interest bearing and settled on an ongoing basis during the financial year. They also include accrued

expenses related to the Company's operating activities. Trade and other payables are initially measured at their

transaction price, which are subsequent to initial recognition measured at amortized cost.

Short-term employee benefits include payables and accruals for salaries and bonuses to be paid to the employees of the

Company. They are recognized as expenses for the period in which employees perform the corresponding services.

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**2.12 Leases**

The Company assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys

the right to control the use of an identified asset for a period of time in exchange for consideration.

The Company applies a single recognition and measurement approach for all leases, except for short-term leases and

leases of low-value assets. The Company recognizes lease liabilities to make lease payments and right-of-use assets

representing the right to use the underlying assets.

The Company recognizes right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is

available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses,

and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease

liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any

lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term

and the estimated useful lives of the assets, as follows:

• Buildings2 to 15 years

• Vehicles2 to 4 years

• Equipment2 to 5 years

If ownership of the leased asset transfers to the Company at the end of the lease term or the cost reflects the exercise of a

purchase option, depreciation is calculated using the estimated useful life of the asset.

The Company's right-of-use assets are included in "Property, Plant and Equipment".

At the commencement date of the lease, the Company recognizes lease liabilities measured at the present value of lease

payments to be made over the lease term. The lease payments include fixed payments, and payments of penalties for

terminating the lease, if the lease term reflects the Company exercising the option to terminate.

In calculating the present value of of lease payments, the Company uses its incremental borrowing rate at the lease

commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date,

the amount of lease liabilities is reduced for the lease payments made. In addition, the carrying amount of lease liabilities

is remeasured if there is a modification, a change in the lease term, a change in the lease payments, or a change in the

assessment of an option to purchase the underlying asset.

The Company's lease liabilities are included in "Lease Liabilities Non-Current" and "Lease Liabilities Current".

The Company applies the short-term lease recognition exemption (i.e., those leases that have a lease term of 12 months

or less from the commencement date and do not contain a purchase option) and the lease of low-value assets recognition

exemption to leases that are considered to be of low value. Lease payments on short-term leases and leases of low-value

assets are recognized as expense within the operating category in the statement of profit or loss, on a straight-line basis

over the lease term.

**2.13 Financial instruments**

Financial instruments are initially recognized either at fair value or at transaction price and subsequently measured at

either amortized cost or fair value under IFRS 9 on the basis of both the Company's model for managing the financial

assets and the contractual cash flow characteristics of the financial asset. A financial asset is classified as current when

the cash flows expected to flow from the instrument mature within one year.

*Profit share in AgomAb Therapeutics NV:* The Company holds investments in non-current financial assets, which based

on IFRS 9, are designated as financial assets at fair value through profit or loss. The fair value of listed investments is

based upon the closing price of such securities at each reporting date. As there is no active market for this equity

instrument, the Company establishes the fair value by using valuation techniques. The changes to the fair valuation is

recorded under "Other operating income" in the consolidated statements of profit or loss.

*Shares of Zai Lab Ltd:* Based on IFRS 9, the Company irrevocably elected to designate this specific investment as a

financial asset at fair value through OCI as the participation is not held for trading purposes nor contingent consideration

recognized by an acquirer in a business combination. The investment is recorded under "Other non-current assets" in

consolidated statements of financial position and changes to the fair valuation is recorded under "Fair value gain/(loss)

on investments in equity instruments designated as at FVTOCI" in the consolidated statements of other comprehensive

income or loss.

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**2.14 Shareholder's equity**

An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its

liabilities. Equity instruments issued by the Company are recognized at the proceeds received, net of direct issue costs.

The Company has never distributed any dividends to its shareholders. As of December 31, 2025, no profits were

available for distribution.

**2.15 Share-based payments**

Equity-settled share-based payments to employees and others providing similar services are measured at the fair value of

the equity instruments at the acceptance date. Equity settled share-based payments includes expenses related to stock

options, restricted stock units and performance stock units granted by the Company.

The fair value determined at the acceptance date of the equity-settled share-based payments is expensed over the vesting

period, based on the Company's estimate of equity instruments that will eventually vest, with a corresponding increase

in equity. At the end of each reporting period, the Company revises its estimate of the number of equity instruments

expected to vest. The impact of the revision of the original estimates, if any, is recognized in the consolidated statements

of profit or loss and the consolidated statements of other comprehensive income or loss such that the cumulative expense

reflects the revised estimate, with a corresponding adjustment to the equity-settled share-based payment reserve.

The share-based payment expense is recorded in the "Consolidated Statements of Profit or Loss" depending on the

nature of the services provided by each beneficiary.

**2.16 Income taxes**

Income tax in the consolidated statements of profit or loss and the consolidated statements of other comprehensive

income or loss represents the total of the current tax and deferred tax.

The current tax is based on taxable profit for the year. Taxable profit differs from profit as reported in the consolidated

statements of profit or loss and consolidated statements of other comprehensive income or loss as it excludes items of

income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The

Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the

end of the reporting period.

Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the

consolidated financial statements and the corresponding tax basis used in the computation of taxable profit. The

Company recognizes deferred tax assets, including the tax base of tax loss carryforwards, if management assesses that

these tax assets can be offset against positive taxable profits in the future. This judgment is made on an ongoing basis,

considering actual results, budgets, and business plans for the coming years. The realization of deferred tax assets

depends on all available factors as of reporting date.

The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that

it is not probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred

tax assets and liabilities are offset if there is a legally enforceable right and intention to offset the income taxes and

relates to same tax jurisdiction.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the

liability is settled or the asset realized, based on tax rates (and tax laws) that have been enacted or substantially enacted

by the end of the reporting period.

The Company records uncertain tax positions in accordance with IAS 12 Income Taxes using the two-step test whereby

(1) the Company determines whether it is probable that the tax positions will be accepted by relevant taxing authorities,

and (2) for those tax positions that are not probable that a tax authority will accept in full the position, the Company

recognizes uncertain tax positions using either the most likely amount or the expected value, depending on specific facts

and circumstances.

**2.17 Product net sales** 

Revenue from the sale of products is recognized at an amount that reflects the consideration that the Company expects to

be entitled to receive in exchange for transferring goods to a customer, at the time when the customer obtains control of

the goods rendered. The consideration that is committed in a contract with a customer can include fixed amounts,

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variable amounts, or both. The amount of the consideration may vary due to discounts, rebates, returns, chargebacks or

other similar items. Contingent consideration is included in the transaction price when it is highly probable that the

amount of revenue recognized is not subject to significant future reversals.

Product net sales are recognized once we satisfy the performance obligation at a point in time under the revenue

recognition criteria in accordance with IFRS 15 *Revenue from contracts with customers*.

Revenue arising from the sale of commercial product is presented in the consolidated statements of profit or loss and the

consolidated statements of other comprehensive income or loss under "Product net sales". In accordance with IFRS 15,

such revenue is recognized when the product is transferred, in accordance with the delivery and acceptance terms agreed

with the customer. Payment of the transaction price is payable as from the point the customer obtains the legal title to the

goods. A deferred revenue is recognized if the Company receives consideration, or has an unconditional right to receive

revenue, prior to the completion of all performance obligation.

The amount of revenue recognized reflects the various types of price reductions or rights of return offered by the

Company to its customers. Such price reductions and rights of return qualify as variable consideration under IFRS 15.

Products sold are covered by various Government and State programs for which specific discounts are applied. Rebates

are granted to healthcare authorities, and under contractual arrangements with certain customers. Some wholesalers are

entitled to chargeback incentives based on the selling price to the end customer, under specific contractual arrangements.

Rebates, chargebacks and other incentives are recognized in the period in which the underlying sales are recognized as a

reduction of product sales.

The significant components of variable consideration are as follows:

*Rebates & Discounts:* We are subject to government mandated rebates & discounts in multiple jurisdictions globally

including in the U.S. for Medicaid Drug Rebate Program, Medicare Part D Manufacturer Discount Program, and other

government health care programs. Rebate amounts are based upon contractual agreements and/or legal requirements with

public sector benefit providers. We use the expected-value method for estimating these rebates.

The structure of the Medicare Part D Manufacturer Discount Program was updated to reflect provisions of the Inflation

Reduction Act of 2022 (IRA) that became effective January 1, 2025. The Part D redesign sunset the Coverage Gap

Discount Program (CGDP) and established the Manufacturer Discount Program. The Medicare Part D Manufacturer

Discount Program is a federal program to subsidize the costs of prescription drugs for Medicare beneficiaries in the U.S.,

which mandates manufacturers to fund a portion of the Medicare Part D coverage for prescription drugs sold to eligible

patients.

The expected utilization is estimated based on available third-party data and/or historical data. Estimates for these

rebates and discounts are adjusted quarterly to reflect the most recent information. We record an accrued liability and

reduction of product sales for unpaid rebates related to products for which control has been transferred to customers.

*Commercial Rebates:* Commercial rebates are arrangements with third party payors where the Company will pay the

third-party payors rebates and other fees on eligible purchases of the Company's product. In consideration for the rebates

and fees paid, the third-party payors will cover its' patient purchases made of the Company's products. The rebates and

fees paid will be treated as variable consideration and a reduction to the transaction price. We use the expected-value

method for estimating the ultimate rebate and fee paid, which are based on the volume of product sold. We apply the

applicable rebate rate against a payor mix factor for the relevant patient populations and to the vials sold in the effective

plan year of the rebate to derive a liability recorded. Estimates for these agreements are adjusted quarterly to reflect the

most recent information. We record an accrued liability for unpaid commercial rebates.

*Chargebacks:* Chargebacks are discounts that occur in multiple jurisdictions globally, whereby contracted parties

purchase directly from a specialty distributor. Contracted parties primarily consist of public health service institutions

and government entities. In the U.S., 340B and Veterans Affairs (VA) chargebacks are initiated through arrangements

between manufacturers and the government, for which the product is purchased at an agreed discounted price. The

reserves for chargeback are based on known sales to contracted parties. We establish the reserves for chargebacks in the

same period that the related revenue is recognized, resulting in an accrued liability and reduction of product gross sales.

*Distributor fees:* Specialty distributors provide distribution services to the Company for a fee, based on a contractually

determined fixed percentage of sales. As the services being provided by the specialty distributor are not distinct, the

recurring service fees paid to specialty distributors are treated as variable consideration and a reduction to the transaction

price. We estimate these distributor fees and record such estimates in the same period the related revenue is recognized,

resulting in a reduction of product gross sales. We record an accrued liability for unpaid distributor fees.

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Other components of the variable considerations include co-pay assistance program, Medicare Part B discarded drug

refund program in the U.S., and product returns.

The estimated amounts described above are recognized in the consolidated statements of profit or loss and the

consolidated statements of other comprehensive income or loss within "Product net sales" as a reduction of gross sales,

and generally within "Trade and other payables" in the consolidated statements of financial position. They are subject to

regular review and adjustment as appropriate based on the most recent data available to management.

The Company has determined that sales rebates and reserves constitute a major source of estimation uncertainty as

disclosed in '' *<u>Note 3 — Critical accounting judgments and major sources of estimation uncertainty</u>*''. The major source

of estimation uncertainty has been isolated to rebates and chargebacks as disclosed in '' *<u>Note 14 — Trade and Other</u>*

*<u>Payables</u>*''. If management's estimates differ from actual results, we will record adjustments that would affect product

sales in the period of adjustment.

**2.18 Other operating income - Collaboration and license agreements**

Amongst the Company's collaboration and license agreements in scope of IFRS 15, the following two have generated

revenue in the reporting periods:

***Zai Lab***

Under the collaboration agreement, the Company provides clinical and commercial supply to Zai Lab. The Company

concludes to recognize such sales as revenue given that the Company acts as principal in the transaction as the risk

related to inventory is borne by the Company until the inventory is transferred to Zai Lab. The revenue related to clinical

supply is recorded under line item "Other operating income". The revenue related to commercial supply is recorded

under line item "Product net sales" in the Consolidated Statements of Profit or Loss. The income related to royalties or

sales-based milestones on sales made in China is recorded under line item "Other operating income".

***AbbVie***

For the AbbVie Collaboration Agreement the Company has determined that the transfer of license combined with the

performance of research and development activities represent one single performance obligation. The Company

concluded that the license is not distinct in the context of the contract.

The transaction price is composed of a fixed part, being an upfront license fee, and a variable part, being milestone

payments and cost reimbursements for research and development activities delivered. Milestone payments are only

included in the transaction price to the extent it is highly probable that a significant reversal in the amount of cumulative

revenue recognition will not occur when the uncertainty associated with the variable consideration is subsequently

resolved. Management estimates the amount to be included in the transaction price upon achievement of the milestone

event. Sales-based milestones and sales-based royalties are a part of the Company's arrangements but are not yet

included in its revenues.

The transaction price has been allocated to the single performance obligation and revenues have been recognized over

the estimated service period based on an input model, being the percentage of completion method. The upfront license

fee has been fully recognized since 2021 as the performance obligation has been fulfilled at that time. Milestone

payments that become highly probable after the performance obligation has been fulfilled are therefore recognized at that

point in time.

**2.19 Cost of Sales**

Cost of sales are recognized when the associated revenue from product net sales is recognized. Cost of sales include

material, manufacturing costs and other costs attributable to production, including shipping costs relevant amortizations,

as well as royalties payable on sold products.

**3. Critical accounting judgments and major sources of estimation uncertainty** 

In the application of the Company's accounting policies, which are described above, the Company is required to make

judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent

from other sources. The estimates and associated assumptions are based on historical experience and other factors that

are considered to be relevant. Actual results may differ from these estimates.

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The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are

recognized in the period in which the estimate is revised if the revision affects only that period or in the period of the

revision and future periods if the revision affects both current and future periods.

**Major sources of estimation uncertainty**

***Sales rebates and reserves***

Product Sales are recognized when the Company has transferred control of the goods to the customer. Product Sales are

subject to various deductions, which are primarily composed of rebates to government agencies, distributors, health

insurance companies and managed healthcare organizations to arrive to ''Product net sales''. Certain deductions from

Product Sales are subject to payment based on claims after the initial recognition of the sale due to the time lag between

the point of sale and receipt of a claim.

Upon initial recognition of the Product Sales, the Company recognizes a liability for the variable consideration based on

the Company's best estimate of expected claims. This estimate is a source of complexity and uncertainty as the Company

specifically estimates the payor mix. Additionally, the transaction price is based upon contracts with customers,

healthcare providers, payors and government agencies, regulated discounts applicable to government-funded programs,

historical experience of claims received and other relevant factors. These open claims are recorded as liabilities under

"Sales rebates and reserves'' in the ''Consolidated Statements of Financial Position''.

The Company reviews these liabilities at each reporting period to take into account potential changes in the programs,

the volume of claims and/or the most probable final outcome associated to each sale. In line with IFRS 15, the Company

applies constraint in recognition of variable compensation on Product Net Sales. Due to the nature of these liabilities it is

not practicable to give meaningful sensitivity estimates due to the large volume of variables that contribute to Medicare

Part D, commercial rebates and chargebacks as outlined in "*<u>Note 2.17 — Product net sales</u>*". Future events could cause

the assumptions within our valuation models to change and materially affect the future results of the Company.

Please refer to "*<u>Note 14 — Trade and Other Payables</u>*" for the movement over the period and the ending balance of the

sales rebates and reserves.

**Critical accounting judgment** 

The Company has not exercised a critical accounting judgment in the current year ended December 31, 2025. As of the

year ended December 31, 2024, the Company had applied judgment related to the number of years of forecasted future

taxable profits to be considered as reliable as positive evidence towards its estimate on recognition of deferred tax assets.

The Company considers that as of December 31, 2025, the recognition of its deferred tax assets do not constitute a

critical accounting judgment based on the facts and circumstances; specifically, significant growth in the U.S. based

Product Net Sales, current and future taxable profit levels and the current external competitive landscape.

No other Critical accounting judgments and major sources of estimation uncertainty have been made in the current

period by the Company.

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**4. Property, Plant and Equipment**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(in thousands of $)** | **IT, office and** <br>**lab equipment** | **Right-of-use** <br>**assets** <br>**Buildings** | **Right-of-use** <br>**assets Vehicles** | **Leasehold** <br>**improvements** | **Leased** <br>**equipment** | **Total** |
| **Cost** |  |  |  |  |  |  |
| **On January 1, 2023** | $**8160** | $**19815** | $**3980** | $**1981** | $**346** | $**34282** |
| Additions | 937 | 8770 | 2327 | 48 |  | 12082 |
| Disposals | (202) |  | (757) | (54) |  | (1013) |
| **On December 31, 2023** | **8895** | **28585** | **5550** | **1975** | **346** | **45351** |
| Additions | 1039 | 20639 | 5492 | 982 |  | 28152 |
| Disposals | (220) | (234) | (333) |  |  | (787) |
| **On December 31, 2024** | **9714** | **48990** | **10709** | **2957** | **346** | **72716** |
| Additions | **2740** | **9478** | **10408** | **4532** | **—** | **27158** |
| Disposals | **(1107)** | **(11555)** | **(3243)** | **—** | **—** | **(15905)** |
| **On December 31, 2025** | $**11347** | $**46913** | $**17874** | $**7489** | $**346** | $**83969** |
| **Depreciation and impairment** |  |  |  |  |  |  |
| **On January 1, 2023** | $**(5454)** | $**(8948)** | $**(2145)** | $**(1350)** | $**(150)** | $**(18047)** |
| Depreciation | (1539) | (2839) | (971) | (189) | (36) | (5574) |
| Disposals | 189 |  | 757 |  |  | 946 |
| **On December 31, 2023** | **(6804)** | **(11787)** | **(2359)** | **(1539)** | **(186)** | **(22675)** |
| Depreciation | (1252) | (3657) | (2067) | (234) | (35) | (7245) |
| Disposals | 155 | 234 | 333 |  |  | 722 |
| **On December 31, 2024** | **(7901)** | **(15210)** | **(4093)** | **(1773)** | **(221)** | **(29198)** |
| Depreciation | **(1660)** | **(6135)** | **(4272)** | **(1143)** | **(34)** | **(13244)** |
| Disposals | **1107** | **2825** | **2788** | **—** | **—** | **6720** |
| **On December 31, 2025** | $**(8454)** | $**(18520)** | $**(5577)** | $**(2916)** | $**(255)** | $**(35722)** |
| **Carrying Amount** |  |  |  |  |  |  |
| On December 31, 2023 | $2091 | $16798 | $3191 | $436 | $160 | $22675 |
| On December 31, 2024 | 1813 | 33780 | 6615 | 1184 | 125 | 43517 |
| **On December 31, 2025** | $**2893** | $**28393** | $**12297** | $**4573** | $**91** | $**48247** |

---

Depreciation is recognized as from the moment when the asset is ready for its intended use to depreciate the cost of the

assets less their residual values over their useful lives, using the straight-line method. Unless revised due to specific

changes in the estimated useful life, annual depreciation rates are as follows:

• Office and lab equipment: three to five years

• IT equipment: three years

Depreciation of right-of-use assets is done over the expected duration of the lease including lease extensions where

applicable.

As of December 31, 2025, there are no material commitments to acquire property, plant and equipment. Furthermore, no

items of property, plant and equipment are pledged. See "*<u>Note 20 — Leases</u>*" for information for leases where the

Company is a lessee.

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**5. Intangible Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(in thousands of $)** | **Acquired R&D** <br>**available for** <br>**use** | **Acquired In-**<br>**Process R&D** | **Other** <br>**Intangibles**<sup>1)</sup> | **Total** |
| **Cost** |  |  |  |  |
| **On January 1, 2023** | $**—** | $**70180** | $**106340** | $**176520** |
| Additions | 56000 |  |  | 56000 |
| Disposals |  |  | (102000) | (102000) |
| Reclassification | 52931 | (52931) |  |  |
| **On December 31, 2023** | **108931** | $**17249** | $**4340** | $**130520** |
| Additions | 36500 | 30000 |  | 66500 |
| **On December 31, 2024** | **145431** | $**47249** | $**4340** | $**197020** |
| Additions | 55000 | 37727 | 12788 | 105515 |
| Reclassification | (7500) |  | 7500 |  |
| **On December 31, 2025** | $**192931** | $**84976** | $**24628** | $**302535** |
| **Amortization and impairment** |  |  |  |  |
| **On January 1, 2023** | $**—** | $**—** | $**(1618)** | $**(1618)** |
| Amortization | (3392) |  | (102282) | (105674) |
| Disposals |  |  | 102000 | 102000 |
| **On December 31, 2023** | **(3392)** | $**—** | $**(1900)** | $**(5292)** |
| Amortization | (10069) |  | (213) | (10282) |
| **On December 31, 2024** | **(13461)** | $**—** | $**(2113)** | $**(15574)** |
| Amortization | (10408) |  | (4450) | (14858) |
| Reclassification | 1154 |  | (1154) |  |
| **On December 31, 2025** | $**(22715)** | $**—** | $**(7717)** | $**(30432)** |
| **Carrying Amount** |  |  |  |  |
| On December 31, 2023 | $105539 | $17249 | $2440 | $125228 |
| On December 31, 2024 | 131970 | 47249 | 2227 | 181445 |
| **On December 31, 2025** | $**170216** | $**84976** | $**16911** | $**272103** |

---

1)Comparative figures have been aligned to the presentation adopted in the current year.

"Acquired R&D available for use" and "Acquired In-Process R&D" is mainly related to the in-licensing of the

ENHANZE<sup>®</sup> drug delivery technology from Halozyme. In line with its accounting policies, the Company has capitalized

the upfront payment upon commencement of the in-license agreement. In June 2023, the Company obtained the FDA

approval for VYVGART HYTRULO. During the year ended December 31, 2023, upon obtaining regulatory approval,

$53 million has been moved from "Acquired In-Process R&D" to "Acquired R&D available for use".

In 2024, the Company extended its collaboration with Halozyme and nominated four new targets to be in-licensed to the

ENHANZE<sup>®</sup> drug delivery technology. The cost of the license was capitalized as

"Acquired In-Process R&D".

Further, the additions in 2025 to "Acquired R&D available for use" are mainly related to sales-based milestones in the

context of the Halozyme agreement. The "Acquired R&D available for use" are amortized under "Cost of sales" on a

straight-line basis over their useful life. The Company performs an annual impairment review on the intangible assets.

This review did not result in the recognition of an impairment charge for the years ended December 31, 2025, 2024 and

2023. F-24<br>

*<u>[**Table of Contents**](#i3fd453e8886f47e8a3bce0ff8daf37b5_4)</u>*

In the fourth quarter of 2023, the Company utilized the PRV submitted with the sBLA filing for VYVGART HYTRULO

for the treatment of CIDP, which resulted in the amortization of $102 million of intangible assets which is recognized

under "Research and development expenses" within the consolidated statements of profit or loss and the consolidated

statements of other comprehensive income or loss and subsequent derecognition of $102 million of intangibles included

under "Other intangibles" on the consolidated statements of financial position.

The Company continually assesses the useful life of intangible assets based on the shorter of its expected useful life and

legal life. Currently, intangible assets are amortized over a range of three to more than fifteen years.

As of December 31, 2025, there are no material commitments to acquire intangible assets, except as set forth in

"*<u>Note 27 — Commitments</u>*". No intangible assets are pledged as security for liabilities nor are there any intangible assets

whose title is restricted.

**6. Other Non-Current Assets** 

Other non-current assets consisted of non-current restricted cash and financial assets held at fair value through profit or

loss or through OCI.

---

| | | | |
|:---|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** | **As of December 31,** |
| <br>**(in thousands of $)** | **2025** | **2024** | **2023** |
| Non-current restricted assets | $4838 | $1964 | $2419 |
| Non-current financial assets held at fair value <br>through profit or loss<br>| 37130 | 25549 | 21715 |
| Non-current financial assets held at fair value <br>through OCI<br>| 10022 | 14880 | 15528 |
| **Total other non-current assets** | $**51990** | $**42393** | $**39662** |

---

Non-current restricted assets on December 31, 2025 was mainly composed of deposit guarantees paid under the lease

agreements for the laboratory and offices of the Company.

Non-current financial assets held at fair value through profit or loss is comprised of the profit share in AgomAb

Therapeutics NV. In March 2019, the Company entered into a license agreement with AgomAb Therapeutics NV for the

use of HGF-mimetic SIMPLE Antibodies™, developed under the Company's Immunology Innovative Program. In

exchange for granting this license, the Company received a profit share in AgomAb Therapeutics NV. Since AgomAb

Therapeutics NV is a private company, the valuation of the profit share is based on the post-money valuation coming

from its most recent financing round.

In October 2023, AgomAb Therapeutics NV secured €100 million as a result of a Series C financing round. The

Company's profit share was diluted, but resulting in no change of the fair value. In October 2024, AgomAb Therapeutics

NV secured $89 million as a result of a Series D financing round.

The Company reassessed the fair value of the asset as of December 31, 2025 based on publicly available clinical

announcements as of the reporting date.

Fair value changes on non-current financial assets with fair value through profit or loss are recognized in the

consolidated statements of profit or loss and the consolidated statements of other comprehensive income or loss under

"Other operating income".

As part of the license agreement for the development and commercialization for efgartigimod in Greater China, in 2021

the Company obtained, amongst others, 568,182 newly issued Zai Lab shares calculated at a price of €132 per share. The

fair value of the equity instrument at reporting date is determined by reference to the closing price of such securities at

each reporting date (classified as level 1 in the fair value hierarchy). The Company made the irrevocable election to

recognize subsequent changes in fair value through OCI under "Fair value gain/(loss) on investments in equity

instruments designated as at FVTOCI".

The table below illustrates these non-current financials assets at fair value through profit or loss or OCI:

F-25<br>

*<u>[**Table of Contents**](#i3fd453e8886f47e8a3bce0ff8daf37b5_4)</u>*

---

| | | | |
|:---|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** | **As of December 31,** |
| <br>**(in thousands of $)** | **2025** | **2024** | **2023** |
| **Cost on January 1** | $76659 | $76659 | $76659 |
| Additions of the year |  |  |  |
| **Cost on December 31** | $**76659** | $**76659** | $**76659** |
| **Fair value adjustments on January 1** | $(36230) | $(39416) | $(37501) |
| Fair value adjustment of the year through profit or <br>loss<br>| 11581 | 3834 |  |
| Fair value adjustment of the year through OCI | (4858) | (648) | (1915) |
| **Fair value adjustment on December 31** | $**(29507)** | $**(36230)** | $**(39416)** |
| **Net book value on December 31** | $**47152** | $**40429** | $**37243** |

---

**7. Inventories**

---

| | | | |
|:---|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** | **As of December 31,** |
| <br>**(in thousands of $)** | **2025** | **2024** | **2023** |
| Raw materials and consumables | $335540 | $337832 | $240836 |
| Inventories in process | 55535 | 26357 | 47074 |
| Finished goods | 82455 | 43044 | 22640 |
| **Total inventories** | $**473530** | $**407233** | $**310550** |

---

The cost of inventories, which is recognized under "Cost of sales" in the consolidated statements of profit or loss and the

consolidated statements of other comprehensive income or loss, amounted to $243 million for the year ended

December 31, 2025 (compared to $168 million for the year ended December 31, 2024 and $101 million for the year

ended December 31, 2023).

The Company has pre-launch inventory awaiting regulatory approval amounting to $37 million as of the year ended

December 31, 2025 compared to $5 million as of December 31, 2024 and $101 million as of December 31, 2023.

**8. Prepaid Expenses (Current)**

The current prepaid expenses are composed of prepayments which are detailed below:

---

| | | | |
|:---|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** | **As of December 31,** |
| <br>**(in thousands of $)** | **2025** | **2024** | **2023** |
| Prepaid research and development expenses | $214631 | $110249 | $71201 |
| Prepaid software | 50148 | 18564 | 6240 |
| Prepaid inventory | 19249 | 34753 | 22460 |
| Prepaid advertising expenses | 12711 | 9463 | 19933 |
| Other prepaid expenses | 31737 | 14919 | 14238 |
| **Total prepaid expenses** | $**328476** | $**187948** | $**134072** |

---

F-26<br>

*<u>[**Table of Contents**](#i3fd453e8886f47e8a3bce0ff8daf37b5_4)</u>*

**9. Trade and Other Receivables**

The trade and other receivables are composed of receivables which are detailed below:

---

| | | | |
|:---|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** | **As of December 31,** |
| <br>**(in thousands of $)** | **2025** | **2024** | **2023** |
| Trade receivables | $1489572 | $817707 | $417994 |
| Tax receivables | 123123 | 40886 | 63605 |
| Interest receivables | 33533 | 40214 | 13126 |
| Other receivables | 464 | 5664 | 1962 |
| **Total trade and other receivables** | $**1646692** | $**904471** | $**496687** |

---

The carrying amounts of trade and other receivables approximate their respective fair values. On December 31, 2025,

2024 and 2023, we did not have a material provision for expected credit losses.

Please also refer to "*<u>Note 24 — Financial Risk Management</u>*" for more information on the financial risk management.

**10. Financial Assets — Current**

These current financial assets relate to term accounts with an initial maturity longer than three months and less than 12

months and money market funds that do not qualify as cash equivalents as they are not expected to be used to meet

short-term commitments.

---

| | | | |
|:---|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** | **As of December 31,** |
| <br>**(in thousands of $)** | **2025** | **2024** | **2023** |
| Term accounts | 948750 | 1878890 | 1131000 |
| **Total current financial assets** | $**948750** | $**1878890** | $**1131000** |

---

On December 31, 2025, the current financial assets included $59 million (€50 million) held in EUR (compared to

$104 million (€100 million) for the year ended December 31, 2024 and $221 million (€200 million) for the year ended

December 31, 2023) which could generate a foreign currency exchange gain or loss in the financial results in accordance

with the fluctuations of the USD/EUR exchange rate as the Company's functional currency is USD.

Please also refer to "*<u>Note 24 — Financial Risk Management</u>*" for more information on the financial risk management.

**11. Cash and Cash Equivalents**

---

| | | | |
|:---|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** | **As of December 31,** |
| <br>**(in thousands of $)** | **2025** | **2024** | **2023** |
| Money market funds | $2541112 | $1394409 | $1678100 |
| Term accounts | 945001 | 100000 | 350000 |
| Cash and bank balances | 5176 | 5527 | 20744 |
| **Total cash and cash equivalents** | $**3491289** | $**1499936** | $**2048844** |

---

Cash and cash equivalents comprise of cash and bank balances, term accounts with an original maturity not exceeding

three months and money market funds that are readily convertible to cash and are subject to an insignificant risk of

changes in value.

Cash positions are invested with preferred financial partners, which are considered to be high quality financial

institutions with sound credit ratings to reduce credit risk.

On December 31, 2025, the cash and cash equivalents included $97 million (€83 million) held in EUR (compared to

$653 million (€628 million) for the year ended December 31, 2024 and $703 million (€636 million) for the year ended

F-27<br>

*<u>[**Table of Contents**](#i3fd453e8886f47e8a3bce0ff8daf37b5_4)</u>*

December 31, 2023) which could generate a foreign currency exchange gain or loss in the financial results in accordance

with the fluctuation of the USD/EUR exchange rate as the Company's functional currency is USD.

Please also refer to "*<u>Note 24 — Financial Risk Management</u>*" for more information on the financial risk management.

**12. Share Capital and Share Premium**

As of December 31, 2025, the Company's share capital was represented by 61,883,306 shares. All shares were issued,

fully paid up and of the same class. The table below summarizes the share issuances as a result of offerings, exercise of

stock options and the vesting of restricted stock units under the Company's Employee Stock Option Plan.

Roll forward of number of shares outstanding:

---

| | |
|:---|:---|
| **Number of shares outstanding on January 1, 2023** | **55395856** |
| Exercise of stock options | 1137439 |
| Vesting of RSUs | 79560 |
| Global public offering on Nasdaq on July 18, 2023 | 2244899 |
| Over-allotment option exercised by underwriters on July 19, 2023 | 336734 |
| **Number of shares outstanding on December 31, 2023** | **59194488** |
| Exercise of stock options | 1478225 |
| Vesting of RSUs | 88244 |
| **Number of shares outstanding on December 31, 2024** | **60760957** |
| Exercise of stock options | 986507 |
| Vesting of RSUs | 135842 |
| **Number of shares outstanding on December 31, 2025** | **61883306** |

---

On July 18, 2023, argenx SE offered 2,244,899 of its ordinary shares through a global offering which consisted of

1,580,981 ADSs in the U.S. at a price of $490.00 per ADS, before underwriting discounts and commissions and offering

expenses; and 663,918 ordinary shares in the European Economic Area at a price of €436.37 per share, before

underwriting discounts and commissions and offering expenses. On July 19, 2023, the underwriters of the offering

exercised their overallotment option to purchase 336,734 additional ADSs in full. As a result, argenx SE received $1.3

billion in gross proceeds from this offering, decreased by $66 million of underwriter discounts and commissions, and

offering expenses, of which $1 million has been deducted from equity. The total net cash proceeds from the offering

amounted to $1.2 billion.

On May 27, 2025, at the annual general meeting, the shareholders of the Company approved the authorization to the

Board to issue up to a maximum of 10% of the then-outstanding share capital, for a period of 18 months.

On December 31, 2025, an amount of €532,863, represented by 5,328,634 shares, still remained available under the

authorization to issue shares as granted to the Board by the shareholders of the Company.

**13. Share-Based Payments** 

The Company has an equity incentive plan for the employees, key consultants, board members, senior management and

key outside advisors (''key persons") of the Company and its subsidiaries. In accordance with the terms of the plan, as

approved by shareholders, employees may be granted stock options and/or restricted stock units and/or performance

stock units.

**13.1. Stock Options**

The stock options are granted to key persons of the Company and its subsidiaries. The stock options may be granted to

purchase ordinary shares at an exercise price. The stock options have been granted free of charge. Each employee's stock

option converts into one ordinary share of the Company upon exercise. The stock options carry neither rights to

dividends nor voting rights. Stock options may be exercised at any time from the date of vesting to the date of their

expiry.

The stock options granted vest, in principle, as follows:

F-28<br>

*<u>[**Table of Contents**](#i3fd453e8886f47e8a3bce0ff8daf37b5_4)</u>*

• 1/3rd of the total stock options granted will vest on the first anniversary of the granting of the stock options, and

• 1/36th of the total stock options granted will vest on the first day of each month following the first anniversary of the

granting of the stock options.

Stock options granted to non-executive directors vest on the third anniversary of the date of grant.

Upon leave of the key persons stock options must be exercised before the later of (i) 90 days after the last working day at

argenx, or (ii) March 31 of the fourth year following the date of grant of those stock options, and in any case no later

than the expiration date of the option.

In order to pre-finance the taxes that are paid upon the grant of stock options, Belgian employees have the ability, in

exchange for the taxes due upon the grant of the stock options, to transfer the economic benefits related to part of those

stock options to a third party. In the year ending December 31, 2025, the economic benefits of 12,951 stock options, for

which accelerated vesting applies, were transferred to a third party.

No other conditions are attached to stock options.

The following stock option arrangements were in existence during the current and prior years and which are exercisable

at the end of each period presented:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Outstanding stock options on December 31,** | **Outstanding stock options on December 31,** | **Outstanding stock options on December 31,** |
| <br>**Expiry date** |<br>**Exercise price per** <br>**stock options (in $)¹⁾** | **2025** | **2024** | **2023** |
| 2024 | $2.87 |  |  | 3308 |
| 2024 | 4.64 |  |  | 532 |
| 2024 | 8.43 |  |  | 81500 |
| 2025 | 13.44 |  | 400 | 1600 |
| 2025 | 11.13 |  | 78690 | 99326 |
| 2026 | 13.48 | 75643 | 93378 | 97972 |
| 2026 | 13.37 | 10000 | 14000 | 24400 |
| 2026 | 16.61 | 95749 | 103859 | 111811 |
| 2027 | 21.63 | 31646 | 35046 | 38434 |
| 2027 | 24.87 | 136705 | 152085 | 225852 |
| 2028 | 94.96 | 6670 | 7370 | 13890 |
| 2028 | 101.43 | 187281 | 190011 | 225457 |
| 2024 | 133.35 |  |  | 26171 |
| 2029 | 133.35 | 33513 | 44158 | 71573 |
| 2024 | 159.51 |  |  | 104176 |
| 2029 | 159.51 | 251019 | 275154 | 370566 |
| 2025 | 140.45 |  | 3758 | 16712 |
| 2030 | 140.45 | 18291 | 30675 | 50801 |
| 2025 | 230.48 |  | 7926 | 126331 |
| 2030 | 230.48 | 69359 | 79691 | 160677 |
| 2025 | 235.26 |  | 5629 | 31424 |
| 2030 | 235.26 | 31388 | 47908 | 78534 |
| 2025 | 290.93 |  | 90425 | 202205 |
| 2030 | 290.93 | 246192 | 351911 | 559173 |
| 2026 | 275.42 | 9413 | 23491 | 23491 |
| 2031 | 275.42 | 8820 | 19486 | 27201 |
| 2026 | 299.74 | 22733 | 59527 | 59626 |
| 2031 | 299.74 | 38475 | 96888 | 128600 |
| 2026 | 304.91 | 5085 | 45044 | 45228 |
| 2031 | 304.91 | 24697 | 39359 | 62138 |
| 2025 | 363.31 |  |  | 16000 |

---

F-29<br>

*<u>[**Table of Contents**](#i3fd453e8886f47e8a3bce0ff8daf37b5_4)</u>*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Outstanding stock options on December 31,** | **Outstanding stock options on December 31,** | **Outstanding stock options on December 31,** |
| <br>**Expiry date** |<br>**Exercise price per** <br>**stock options (in $)¹⁾** | **2025** | **2024** | **2023** |
| 2026 | 363.31 | 47559 | 80179 | 80425 |
| 2031 | 363.31 | 124043 | 169196 | 226520 |
| 2027 | 331.94 | 13876 | 13876 | 13957 |
| 2032 | 331.94 | 19412 | 34773 | 58255 |
| 2027 | 420.06 | 57024 | 57118 | 58091 |
| 2032 | 420.06 | 104811 | 144505 | 192291 |
| 2027 | 432.99 | 13764 | 13764 | 13764 |
| 2032 | 432.99 | 41692 | 56820 | 73288 |
| 2027 | 422.53 | 134492 | 134748 | 136459 |
| 2032 | 422.53 | 179832 | 249755 | 347765 |
| 2028 | 400.32 | 15014 | 15014 | 15014 |
| 2033 | 400.32 | 28285 | 36065 | 43856 |
| 2028 | 417.60 | 120517 | 121071 | 127490 |
| 2033 | 417.60 | 318762 | 415859 | 495821 |
| 2028 | 541.21 | 2173 | 2235 | 2235 |
| 2033 | 541.21 | 43035 | 56782 | 69704 |
| 2028 | 350.97 | 6043 | 6043 |  |
| 2033 | 350.97 | 43405 | 61806 | 79305 |
| 2029 | 430.17 | 3202 | 3291 |  |
| 2034 | 430.17 | 27767 | 37642 |  |
| 2029 | 489.27 | 87700 | 88157 |  |
| 2034 | 489.27 | 454081 | 553251 |  |
| 2029 | 562.47 | 6023 | 6023 |  |
| 2034 | 562.47 | 23579 | 26622 |  |
| 2029 | 699.60 | 2079 | 2137 |  |
| 2034 | 699.60 | 15737 | 18159 |  |
| 2030 | 648.60 | 3763 |  |  |
| 2035 | 648.60 | 16453 |  |  |
| 2030 | 563.18 | 64565 |  |  |
| 2035 | 563.18 | 513390 |  |  |
| 2030 | 718.16 | 1519 |  |  |
| 2035 | 718.16 | 29243 |  |  |
| 2030–2035²⁾ | $837.78 | 17595 |  |  |
|  |  | **3883114** | **4300760** | **5118949** |

---

1)Amounts have been converted to USD at the closing rate as of December 31, 2025.

2)In December 2025, the Company granted stock options for which the Belgian taxed beneficiaries had a 60-day period to choose between a

contractual term of five or ten years.

F-30<br>

*<u>[**Table of Contents**](#i3fd453e8886f47e8a3bce0ff8daf37b5_4)</u>*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** |
|  | **Number of** <br>**stock**<br>**options**<br>| **Weighted average** <br>**exercise price¹⁾** | **Number of** <br>**stock**<br>**options**<br>| **Weighted average** <br>**exercise price¹⁾** | **Number of** <br>**stock**<br>**options**<br>| **Weighted average** <br>**exercise price¹⁾** |
| **Outstanding as of** <br>**January 1**<br>| **4300760** | $**283.29** | **5118949** | $**255.41** | **5511767** | $**205.02** |
| Granted | 663301 | 580.41 | 756234 | 451.63 | 844011 | 395.92 |
| Exercised | (986507) | 296.31 | (1478225) | 206.43 | (1137439) | 142.31 |
| Forfeited | (94440) | 481.03 | (96198) | 367.18 | (99390) | 356.57 |
| **Outstanding as of** <br>**December 31**<br>| **3883114** | **366.90** | **4300760** | **283.29** | **5118949** | **255.41** |
| **Exercisable as of December** <br>**31**<br>| **2340218** | $**275.83** | **2492709** | $**203.36** | **3030486** | $**179.22** |

---

1) Amounts have been converted to USD at the closing rate of the respective period.

The weighted average share price at the date of exercise of options exercised during the year ended December 31, 2025

was $754.00, compared to $498.58 during the year ended December 31, 2024 and $456.80 during the year ended

December 31, 2023. The weighted average remaining contractual life of the stock options outstanding amounted to 5.68

years on December 31, 2025 compared to 5.89 years on December 31, 2024 and 5.90 years on December 31, 2023. The

table below shows the weighted average remaining contractual life for each range of exercise price:

---

| | | |
|:---|:---|:---|
| **Exercise price (in $)** | **Outstanding on** <br>**December 31, 2025**<br>| **Weighted average** <br>**remaining** <br>**contractual life** <br>**(in years)**<br>|
| 13.37 - 16.61 | 181392 | 0.69 |
| 21.63 - 24.87 | 168351 | 1.87 |
| 94.96 - 101.43 | 193951 | 2.96 |
| 133.35 - 159.51 | 284532 | 3.92 |
| 140.45 - 290.93 | 365230 | 4.82 |
| 275.42 - 363.31 | 280825 | 4.30 |
| 331.94 - 432.99 | 564903 | 4.84 |
| 350.97 - 541.21 | 577234 | 6.30 |
| 430.17 - 699.60 | 620168 | 7.71 |
| 563.18 - 837.78 | 646528 | 8.98 |

---

The fair market value of the stock options has been determined based on the Black-Scholes model using the following

unobservable assumptions:

• The expected volatility, determined on the basis of the implied volatility of the share price over the expected life of

the option.

• The expected option life, calculated as the estimated duration until exercise, taking into account the specific features

of the plans.

Below is an overview of the parameters used in relation to the determination of the fair value of the grants during 2025:

F-31<br>

*<u>[**Table of Contents**](#i3fd453e8886f47e8a3bce0ff8daf37b5_4)</u>*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Stock options granted in** | **March 2025** | **June 2025** | **September 2025** | **December 2025¹⁾** |
| Number of options granted | 21469 | 593475 | 30762 | 17595 |
| Average Fair value of <br>options (in $)²⁾<br>| $147.95 - 194.55 | $177.33 - 308.47 | $249.21 - 446.49 | $324.22  |
| Share price (in $)²⁾ | $547.67 - 584.66 | $550.61 - 707.89 | $724.65 - 918.62 | $842.24 |
| Exercise price (in $)²⁾ | $596.99 | $561.74 | $717.61 | $837.78 |
| Expected volatility | 32.61 - 33.43% | 30.54 - 31.61% | 33.16 - 37.48% | 38.22% |
| Average Expected option <br>life (in years)<br>| 4.33 - 6.52 | 4.16 - 6.35 | 4.02 - 6.22 | 5.34  |
| Risk-free interest rate | 1.91 - 2.43% | 2.02 - 2.37% | 2.09 - 2.26% | 2.35% |
| Expected dividends | —% | —% | —% | —% |

---

1)In December 2025, the Company granted a total of 17,595 stock options of which 1,833 stock options to Belgian taxed beneficiaries. Belgian

taxed beneficiaries can choose between a contractual term of five or ten years. The expected option life ranges between 3.88 and 6.07 years. This

estimate will be reassessed once the acceptance period of 60 days has passed and the beneficiaries will have made a choice between a contractual

term of five or ten years. The total difference in fair value of the grant to Belgian taxed beneficiaries would not be material irrespective of 100%

of the stock options of Belgian taxed beneficiaries with a contractual term of five years or ten years.

2)Amounts have been converted to USD at the applicable rate prevailing at the grant date.

Below is an overview of the parameters used in relation to the determination of the fair value of grants during 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Stock options granted in** | **April 2024** | **June 2024** | **September 2024** | **December 2024¹⁾** |
| Number of options granted | 42243 | 660166 | 33529 | 20296 |
| Average Fair value of options <br>(in $)²⁾<br>| $112.14 - 156.49 | $158.50 - 215.16 | $188.85 - 298.99 | $170.44 - 220.99 |
| Share price (in $)²⁾ | $365.56 - 396.30 | $437.41 - 492.86 | $543.68 - 656.53 | $620.43 |
| Exercise price (in $)²⁾ | $396.30 | $445.76 | $535.95 | $618.56 |
| Expected volatility | 35.53 - 39.04% | 35.17 - 36.16% | 33.33 - 35.61% | 31.55 - 34.46% |
| Average Expected option life <br>(in years)<br>| 4.30 - 6.49 | 4.16 - 6.35 | 4.05 - 6.24 | 3.88 - 6.07 |
| Risk-free interest rate | 2.66 - 3.02% | 2.48 - 2.87% | 2.06 - 2.24% | 1.97 - 2.25% |
| Expected dividends | —% | —% | —% | —% |

---

1)In December 2024, the Company granted a total of 20,296 stock options. Belgian beneficiaries could choose between a contractual term of five or

ten years impacting the parameters used in determination of the fair value of the grant. Once the acceptance period of 60 days had passed in

which the beneficiaries made a choice between a contractual term of five or ten years years, the parameters and fair value used in the financial

year ending December 31, 2024 were reassessed.

2)Amounts have been converted to USD at the applicable rate prevailing at the grant date.

Below is an overview of the parameter used in relation to the determination of the fair value of grants during 2023:

F-32<br>

*<u>[**Table of Contents**](#i3fd453e8886f47e8a3bce0ff8daf37b5_4)</u>*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Stock options granted in** | **April 2023** | **July 2023** | **October 2023** | **December 2023** |
| Number of options granted | 61056 | 629121 | 74529 | 79305 |
| Average Fair value of options <br>(in $)¹⁾<br>| $158.21 - 196.18 | $176.44 - 271.59 | $123.94 - 209.04 | $161.88 - 200.55 |
| Share price (in $)¹⁾ | $361.64 - 401.21 | $380.81 - 521.19 | $439.42 - 491.75 | $371.36 - 403.77 |
| Exercise price (in $)¹⁾ | $370.34 | $387.35 | $485.01 | $329.26 |
| Expected volatility | 41.00 - 42.18% | 36.22 - 43.99% | 35.35 - 36.67% | 36.21 - 38.64% |
| Average Expected option life <br>(in years)<br>| 4.00 - 6.50 | 4.00 - 6.50 | 4.00 - 6.50 | 4.00 - 6.50 |
| Risk-free interest rate | 2.96 - 3.14% | 2.90 - 3.03% | 2.80 - 3.44% | 2.40 - 2.81% |
| Expected dividends | —% | —% | —% | —% |

---

1)Amounts have been converted to USD at the applicable rate prevailing at the grant date.

The total share-based payment expense related to stock options recognized in the consolidated statements of profit or

loss totaled $128 million for the year ended December 31, 2025, compared to $147 million for the year ended

December 31, 2024 and $164 million for the year ended December 31, 2023.

**13.2. Restricted Stock Units (RSUs)**

The RSUs are granted to key persons of the Company and its subsidiaries. The RSUs have been granted free of charge.

Each employee's RSUs converts into one ordinary share of the Company upon vesting. The RSUs carry neither rights to

dividends nor voting rights. RSUs once converted into ordinary shares, may be sold at any time from the date of vesting,

have no expiry date and may be held by the participant without limitation. The fair value of RSUs is based on the closing

sale price of the Company's common stock on the day prior to the date of issuance. RSUs vest over a period of four

years with 1/4th of the total grant vesting at each anniversary of the date of grant.

RSUs granted to non-executive directors prior to the year ended December 31, 2024 vest over a period of four years with

1/4th of the total grant vesting at each anniversary of the date of grant. RSUs granted to non-executive directors as from

the year ended December 31, 2024 vest at the one year anniversary of the grant and are subject to a holding period of

three years after vesting. The Company has assessed a reduction in fair value associated to RSUs subject to a holding

period.

The following restricted stock units arrangements were in existence during the current and prior years:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** |
|  | **Number of** <br>**RSUs**<br>| **Weighted average** <br>**Grant Date Fair** <br>**Value**<sup>1)</sup> | **Number of** <br>**RSUs**<br>| **Weighted average** <br>**Grant Date Fair** <br>**Value**<sup>1)</sup> | **Number of** <br>**RSUs**<br>| **Weighted average** <br>**Grant Date Fair** <br>**Value**<sup>1)</sup> |
| **Non-vested units on** <br>**January 1**<br>| **615360** | $**403.29** | **442322** | $**375.89** | **385280** | $**387.20** |
| Granted | 234845 | 597.86 | 349521 | 454.57 | 192237 | 396.22 |
| Vested | (218488) | 433.33 | (140667) | 344.68 | (105678) | 353 |
| Forfeited | (47064) | 472.60 | (35816) | 374.10 | (29517) | 358.49 |
| **Non-vested units on** <br>**December 31**<br>| **584653** | $**499.68** | **615360** | $**403.29** | **442322** | $**375.89** |

---

1)Amounts have been converted to USD at the closing rate of the respective period.

The total share-based payment expense related to RSUs recognized in the consolidated statements of profit or loss

totaled $115 million for the year ended December 31, 2025 compared to $88 million for the year ended December 31,

2024 and $69 million for the year ended December 31, 2023.

F-33<br>

*<u>[**Table of Contents**](#i3fd453e8886f47e8a3bce0ff8daf37b5_4)</u>*

**13.3. Performance Stock Units (PSUs)**

The PSUs are granted to key persons of the Company and its subsidiaries. The PSUs have been granted free of charge.

Each employee's PSUs converts into one ordinary share of the Company upon vesting. The PSUs carry neither rights to

dividends nor voting rights. PSUs once converted into ordinary shares, may be sold at any time from the date of vesting,

have no expiry date and may be held by the participant without limitation. The fair value of PSUs is based on the closing

sale price of our Company's common stock on the day prior to the date of issuance. PSUs vest at the end of their three

years performance period. Pay-out levels depend upon the achievement of performance measures, subject to threshold,

target and maximum levels as determined by the Board. PSUs have a maximum upside payout opportunity of 150% of

target.

The Company granted 30,360 units of PSUs on June 30, 2025.

---

| | | |
|:---|:---|:---|
|  | **2025** | **2025** |
|  | **Number of** <br>**PSUs**<br>| **Weighted average** <br>**Grant Date Fair** <br>**Value**<sup>1)</sup> |
| **Non-vested units on January 1** | **—** | $**—** |
| Granted | 30360 | 563.18 |
| Vested |  | – |
| Forfeited |  |  |
| **Non-vested units on December 31** | **30360** | $**563.18** |

---

1)Amounts have been converted to USD at the closing rate of the respective period.

This was the first grant of PSUs by the Company, there are therefore no comparable periods.

The total share-based payment expense related to PSUs recognized in the consolidated statements of profit or loss totaled

$6 million for the year ended December 31, 2025.

**14. Trade and Other Payables**

---

| | | | |
|:---|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** | **As of December 31,** |
| <br>**(in thousands of $)** | **2025** | **2024** | **2023** |
| Trade payables | $554268 | $342228 | $245557 |
| Sales rebates and reserves | 402032 | 140474 | 55788 |
| Short-term employee benefits | 212344 | 150818 | 95104 |
| Other | 98500 | 16473 | 17564 |
| **Total trade and other payables** | $**1267144** | $**649993** | $**414013** |

---

The carrying amounts of trade and other payables approximate their respective fair values. Trade payables correspond

primarily to R&D, commercial and manufacturing activities and include accrued expenses related to these activities.

Short-term employee benefits include payables and accruals for salaries and bonuses to be paid to the employees of the

Company.

The following table summarizes the movement in the sales rebates and reserves for the year ended December 31, 2025,

2024 and 2023:

F-34<br>

*<u>[**Table of Contents**](#i3fd453e8886f47e8a3bce0ff8daf37b5_4)</u>*

---

| | | | |
|:---|:---|:---|:---|
| **(in thousands of $)** | **Rebates and** <br>**chargebacks**<br>| **Distribution fees,** <br>**product returns**<br>| **Total sales** <br>**rebates and** <br>**reserves**<br>|
| **Balance on January 1, 2023** | $**15398** | $**4079** | $**19478** |
| Current estimate related to the sales made in the <br>current year<br>| 123542 | 26427 | 149969 |
| Adjustment for prior periods | (4041) | (883) | (4924) |
| Credits or payments<sup>1)</sup> | (85237) | (23497) | (108734) |
| **Balance on December 31, 2023** | $**49662** | $**6126** | $**55788** |
| Current estimate related to the sales made in the <br>current year<br>| 285863 | 50239 | 336102 |
| Adjustment for prior periods | (10912) | (162) | (11074) |
| Credits or payments<sup>1)</sup> | (197202) | (43140) | (240342) |
| **Balance on December 31, 2024** | $**127411** | $**13063** | $**140474** |
| Current estimate related to the sales made in the <br>current period<br>| 824251 | 132171 | 956422 |
| Adjustment for prior periods | (6507) | 2038 | (4469) |
| Credits or payments | (583779) | (112685) | (696464) |
| Foreign currency translation differences | 6584 | (515) | 6069 |
| **Balance on December 31, 2025** | $**367960** | $**34072** | $**402032** |

---

1)Comparative figures have been aligned to the presentation adopted in the current year.

**15. Other Operating Income**

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**(in thousands of $)** | **2025** | **2024**<sup>1)</sup> | **2023**<sup>1)</sup> |
| Research and development incentives | $62503 | $46106 | $27815 |
| Payroll tax rebates | 19061 | 11855 | 11925 |
| Collaboration revenue | 2166 | 4348 | 35533 |
| Change in fair value on non-current financial assets | 11581 | 3834 |  |
| Other operating income | 1423 | 13 | 2538 |
| **Total other operating income** | $**96734** | $**66156** | $**77811** |

---

1)Comparative figures have been aligned with the presentation adopted in the current year.

For the year ended December 31, 2025, the collaboration revenue was generated under the agreement with Zai Lab. This

note should be read alongside ''*<u>Note 2.18 — Other operating income - Collaboration and license agreements</u>*''.

**15.1. Research and development incentives**

The Company has accounted for tax incentives following a research and development tax incentive scheme in Belgium

according to which the incentive will be refunded after a 5 years period, if not offset against the current tax payable over

the period.

**15.2. Payroll tax rebates**

The Company accounted for payroll tax rebates as a reduction in withholding income taxes for its highly qualified

personnel employed in its research and development department.

F-35<br>

*<u>[**Table of Contents**](#i3fd453e8886f47e8a3bce0ff8daf37b5_4)</u>*

**15.3. Collaboration revenue - AbbVie**

In April 2016, the Company entered into the AbbVie Collaboration Agreement to develop and commercialize

ARGX-115 (ABBV-151). In October 2023, the Company achieved the second development milestone upon initiation of

a non-pivotal clinical trial, triggering a $30 million payment.

Subject to the continuing progress of ARGX-115 (ABBV-151) by AbbVie, the Company is eligible to receive future

development, regulatory and commercial milestone payments in aggregate amounts of up to $50 million, $190 million

and $325 million, respectively, as well as tiered royalties on sales at percentages ranging from the mid-single digits to

the lower teens, subject to customary reductions.

**16. Segment Reporting**

The Company manages its activities and operates as one business unit which is reflected in its organizational structure

and internal reporting. The Company does not distinguish in its internal reporting different segments, neither business

nor geographical segments. The chief operating decision-maker is the Board of Directors.

Following table summarizes the product net sales by country of sales based on the country of the entity that recognizes

product net sales:

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**(in thousands of $)** | **2025** | **2024**<sup>1)</sup> | **2023** |
| United States | $3533939 | $1895919 | $1046592 |
| Japan | 206835 | 89389 | 56432 |
| China | 67920 | 39177 | 14907 |
| Rest of the World | 342622 | 161398 | 72852 |
| **Total product net sales** | $**4151316** | $**2185883** | $**1190783** |

---

1)Comparative figures have been presented to be consistent with the presentation adopted in the current year.

Four U.S. customers represent approximately 78% of the product net sales during the twelve months ended

December 31, 2025 (compared to five U.S. customers which represented 87% in 2024 and four customers which

represented 86% for the same period in 2023).

The non-current assets including property, plant and equipment and intangible assets are presented geographically as

shown in the table below:

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**(in thousands of $)** | **2025** | **2024** | **2023** |
| Belgium | 303026 | 209758 | 138252 |
| United States | 9235 | 11557 | 6219 |
| Japan | 1916 | 2242 | 2971 |
| Rest of the World | 6173 | 1405 | 461 |
| **Total non-current assets** | $**320350** | $**224962** | $**147903** |

---

Product net sales and non-current assets in the Netherlands, the Company's country of domicile, are not material.

F-36<br>

*<u>[**Table of Contents**](#i3fd453e8886f47e8a3bce0ff8daf37b5_4)</u>*

**17. Research and Development Expenses**

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**(in thousands of $)** | **2025** | **2024** | **2023** |
| External research and development expenses | $859179 | $605082 | $483192 |
| Personnel expenses | 388557 | 310992 | 226344 |
| Digital technology expenses | 58367 | 34012 | 19935 |
| Materials and consumables | 7895 | 5863 | 4057 |
| Depreciation and amortization | 12739 | 6204 | 105546 |
| Other expenses | 37395 | 21270 | 20418 |
| **Total Research and development expenses** | $**1364132** | $**983423** | $**859492** |

---

**18. Selling, General and Administrative Expenses**

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**(in thousands of $)** | **2025** | **2024**<sup>1)</sup> | **2023**<sup>1)</sup> |
| Personnel expenses | $500530 | $424916 | $303033 |
| Marketing services | 395374 | 306987 | 202146 |
| Professional fees | 238228 | 170215 | 108820 |
| Digital technology expenses | 47104 | 27295 | 20408 |
| Distribution and commercial support expenses | 33818 | 19695 | 10356 |
| Facilities and occupancy expenses | 16035 | 20888 | 11264 |
| Supervisory board | 11829 | 9724 | 8362 |
| Depreciation and amortization | 7079 | 3149 | 2366 |
| Other expenses | 117060 | 72468 | 45150 |
| **Total Selling, general and administrative expenses** | $**1367057** | $**1055337** | $**711905** |

---

1)Comparative figures have been aligned with the presentation adopted in the current year.

**19. Personnel Expenses**

The personnel expenses mentioned in ''*<u>Note 17 — Research and Development Expenses</u>*" and ''*<u>Note 18 — Selling,</u>*

*<u>General and Administrative Expenses</u>*'' above are as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**(in thousands of $)** | **2025** | **2024** | **2023** |
| Short-term employee benefits - Salaries | $538056 | $410184 | $266482 |
| Short-term employee benefits - Social Security | 39086 | 30856 | 19231 |
| Post-employment benefits | 24751 | 12330 | 7758 |
| Termination benefits | 2283 | 2498 | 1089 |
| Share-based payment | 238493 | 228142 | 226830 |
| Employer social security contributions share-based payments | 46418 | 51898 | 7987 |
| **Total personnel expenses** | $**889087** | $**735908** | $**529377** |

---

The post-employment benefits relate to the pension plans the Company has in place for its employees.

The average number of full-time equivalents (FTE) by function is presented below:

F-37<br>

*<u>[**Table of Contents**](#i3fd453e8886f47e8a3bce0ff8daf37b5_4)</u>*

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Average Number of FTEs** | **2025** | **2024** | **2023** |
| Research and development | 1003 | 805 | 607 |
| Selling, general and administrative | 1006 | 835 | 681 |
| **Total number of FTEs** | **2009** | **1639** | **1289** |

---

**20. Leases**

The statements of financial position shows the following amounts relating to leases:

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**(in thousands of $)** | **2025** | **2024** | **2023** |
| **Right-of-use assets** |  |  |  |
| Buildings | $28393 | $33780 | $16798 |
| Vehicles | 12297 | 6615 | 3191 |
| Equipment | 91 | 125 | 160 |
|  | $**40781** | $**40520** | $**20149** |
| **Lease liabilities** |  |  |  |
| Current | $10833 | $6533 | $4646 |
| Non-current | 36327 | 32520 | 15354 |
|  | $**47160** | $**39053** | $**20000** |

---

Additions to the right-of-use assets amounted to $20 million for the year ended December 31, 2025, compared to $26

million and $11 million for the years ended December 31, 2024 and 2023 respectively.

The table below shows a maturity analysis of the lease liabilities:

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**(in thousands of $)** | **2025** | **2024** | **2023** |
| **Lease liabilities** |  |  |  |
| Less than 1 year | $12458 | $8047 | $4286 |
| Years 1 through 5 | 32718 | 25670 | 13890 |
| Greater than 5 years | 7786 | 11829 | 1824 |
| **Total contractual cash flows** | $**52962** | $**45546** | $**20000** |
| **Total carrying amount** | $**47160** | $**39053** | $**20000** |

---

1)Comparative figures have been aligned with the presentation adopted in the current year.

The consolidated statements of profit or loss and the consolidated statements of other comprehensive income or loss

shows the following amounts relating to leases:

F-38<br>

*<u>[**Table of Contents**](#i3fd453e8886f47e8a3bce0ff8daf37b5_4)</u>*

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**(in thousands of $)** | **2025** | **2024** | **2023** |
| **Depreciation charges** |  |  |  |
| Buildings | $6135 | $3657 | $2839 |
| Vehicles | 4272 | 2067 | 971 |
| Equipment | 34 | 35 | 36 |
|  | $**10441** | $**5759** | $**3846** |
| Interest expense (included in finance cost) | $3175 | $2072 | $693 |

---

The total cash outflows for leases in 2025, 2024 and 2023 were $4 million, $8 million and $4 million respectively.

The Company applies the short-term lease recognition exemption (i.e., those leases that have a lease term of 12 months

or less from the commencement date and do not contain a purchase option) and the lease of low-value assets recognition

exemption. Lease payments on short-term leases and leases of low-value assets are immaterial and are recognized as an

expense within the operating category in the statement of profit on a straight-line basis over the lease term.

The Company does not have any lease agreement with variable lease payments or residual value guarantees. The

Company has several leases that include extension and termination options. These options provide flexibility in

managing the leased-asset portfolio and align with the Company's business needs. The Company exercises judgment in

determining whether these extension and termination options are reasonably certain to be exercised. The undiscounted

potential future rental payments relating to periods following the exercise date of extension and termination options that

are not included in the lease term are not material.

**21. Exchange Gains/(Losses)**

The exchange gains/losses for the year ended December 31, 2025 and prior periods were primarily attributable to

unrealized exchange rate gains on the cash and cash equivalents and current financial assets position in EUR due to the

fluctuation of the EUR/USD exchange rate over the period.

**22. Income taxes**

Income taxes recognized in the income statements can be detailed as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**(in thousands of $)** | **2025** | **2024** | **2023** |
| Current year  | $(351264) | $(53462) | $(9592) |
| Income tax prior years | 13224 | (383) | (2080) |
| **Current tax expense** | **(338040)** | **(53845)** | **(11672)** |
| Recognition of deferred tax assets |  | 724700 |  |
| Originating and reversal of temporary differences | 351468 | 77005 | 21115 |
| **Deferred tax benefit** | **351468** | **801705** | **21115** |
| **Total income tax benefit** | $**13428** | $**747860** | $**9443** |

---

The difference between the provision for income taxes and the amount that would result from applying the Dutch

statutory tax rate to income before provision for income taxes is as follows:

F-39<br>

*<u>[**Table of Contents**](#i3fd453e8886f47e8a3bce0ff8daf37b5_4)</u>*

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**(in thousands of $)** | **2025** | **2024** | **2023** |
| **(Profit)/Loss before taxes** | $**(1278607)** | $**(85180)** | $**304496** |
| Income tax (expense)/benefit calculated at the Dutch <br>statutory federal income tax rates<br>| (329881) | (21977) | 78560 |
| Effect of intercompany asset deal/transaction |  |  | 396 |
| Effect of expenses not deductible in determining taxable  | (6188) | (5383) | (2674) |
| Effect of share-based payment expenses that are not <br>deductible in determining taxable results<br>| (29673) | (13151) | (43040) |
| Effect of stock issue expenses that are not taxable in <br>determining taxable results<br>|  |  | 18620 |
| Effect of tax credits and incentives<sup>1)</sup> | 291865 | 102823 | 87123 |
| Effect of change of (de)recognition of deferred tax assets on <br>tax losses<br>| (2500) | 187361 | (2282) |
| Effect of different tax rates in jurisdictions in which the <br>company operates<br>| 9685 | 4169 | (3509) |
| Effect of change of (de)recognition of deferred tax assets |  | 535598 | (124457) |
| Effect of foreign exchange translation | 87070 | (38307) |  |
| Other  | (6950) | (3273) | 706 |
| **Income tax (expense)/benefit recognized in the** <br>**consolidated statements of profit or loss**<br>| $**13428** | $**747860** | $**9443** |

---

1)This item was renamed from 'Effect of concessions' to enhance clarity for financial statement presentation.

Deferred tax assets are recognized to the extent that it is probable that sufficient taxable profits will be available in the

look-forward period. In the fourth quarter of 2024, the Company recognized a consolidated tax benefit for previously

unrecognized net deferred tax assets amounting to $725 million, based on the weight of available evidence.

The amount of deferred tax assets and liability by type of temporary difference can be detailed as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| <br>**(in thousands of $)** | **Assets**  | **Liabilities** | **Net** |
| Deferred tax assets/(liabilities) |  |  |  |
| Innovation income deduction credit | $159360 | $— | $159360 |
| Net operating loss carryforwards | 138487 |  | 138487 |
| Capitalized R&D expenses | 445550 |  | 445550 |
| Intangible assets | 94383 |  | 94383 |
| Accruals and allowances | 122654 |  | 122654 |
| Share-based payments | 99408 |  | 99408 |
| Profit in inventory | 225033 |  | 225033 |
| Other tax carryforwards | 16206 |  | 16206 |
| Property, plant and equipment | 4130 | (2121) | 2009 |
| Non-current fixed assets |  | (8683) | (8683) |
| Other | 1944 | (498) | 1446 |
| Netting by taxable entity | (11302) | 11302 |  |
| **Net deferred tax assets** | $**1295853** | $**—** | $**1295853** |

---

F-40<br>

*<u>[**Table of Contents**](#i3fd453e8886f47e8a3bce0ff8daf37b5_4)</u>*

---

| | | | |
|:---|:---|:---|:---|
| | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| <br>**(in thousands of $)** | **Assets**  | **Liabilities** | **Net** |
| Deferred tax assets/(liabilities) |  |  |  |
| Innovation Income deduction  | $122306 | $— | $122306 |
| Net operating loss carryforwards | 177599 |  | 177599 |
| Capitalized R&D expenses | 312420 |  | 312420 |
| Intangible assets | 100321 |  | 100321 |
| Accruals and allowances | 25037 |  | 25037 |
| Share-based payments | 71481 |  | 71481 |
| Profit in inventory | 110474 |  | 110474 |
| Other tax carryforwards | 8874 |  | 8874 |
| Property, plant and equipment | 3392 | (3012) | 380 |
| Non-current fixed assets |  | (6289) | (6289) |
| Other | 2265 | (569) | 1696 |
| Netting by taxable entity | (9870) | 9870 |  |
| **Net deferred tax assets/(liabilities)** | $**924299** | $**—** | $**924299** |

---

---

| | | | |
|:---|:---|:---|:---|
| | **As of December 31, 2023** | **As of December 31, 2023** | **As of December 31, 2023** |
| <br>**(in thousands of $)** | **Assets**  | **Liabilities** | **Net** |
| Deferred tax assets/(liabilities) |  |  |  |
| Accruals and allowances | $13189 | $— | $13189 |
| Share-based payments | 23310 |  | 23310 |
| Profit in inventory | 52026 |  | 52026 |
| Other tax carryforwards | 6339 |  | 6339 |
| Property, plant and equipment | 2136 | (1550) | 586 |
| Non-current fixed assets |  | (5155) | (5155) |
| Other | 1760 |  | 1760 |
| Netting by taxable entity | (1549) | 1550 | 1 |
| **Net deferred tax assets/(liabilities)** | $**97211** | $**(5155)** | $**92056** |

---

The change in net deferred taxes recorded in the consolidated statements of financial position can be detailed as follows:

---

| | | |
|:---|:---|:---|
| **(in thousands of $)** | **Deferred tax** <br>**assets** | **Deferred tax** <br>**liabilities** |
| **Balance on January 1, 2025** | $**924299** | $**—** |
| Recognized in profit or loss | 264021 |  |
| Recognized in equity | 20780 |  |
| Effects of change in foreign exchange rate | 86753 |  |
| **Balance on December 31, 2025** | $**1295853** | $**—** |

---

F-41<br>

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---

| | | |
|:---|:---|:---|
| **(in thousands of $)** | **Deferred tax** <br>**assets** | **Deferred tax** <br>**liabilities** |
| **Balance on January 1, 2024** | $**97211** | $**(5155)** |
| Recognized in profit or loss | 758264 | 5155 |
| Recognized in equity | 30846 |  |
| Effects of change in foreign exchange rate | 37978 |  |
| **Balance on December 31, 2024** | $**924299** | $**—** |

---

---

| | | |
|:---|:---|:---|
| **(in thousands of $)** | **Deferred tax** <br>**assets** | **Deferred tax** <br>**liabilities** |
| **Balance on January 1, 2023** | $**79222** | $**(8406)** |
| Recognized in profit or loss | 17685 | 3430 |
| Recognized in equity | 381 |  |
| Effects of change in foreign exchange rate | (77) | (179) |
| **Balance on December 31, 2023** | $**97211** | $**(5155)** |

---

The Company also has unrecognized tax losses carried forward in the Netherlands in the amount of $56 million as of

December 31, 2025, compared to $46 million on December 31, 2024 and $33 million on December 31, 2023. These

losses carried forward do not have an expiration date based upon the applicable enacted tax legislation in the

Netherlands.

As of December 31, 2025, the Company has $209 million of undistributed earnings attributable to foreign subsidiaries

(compared to $125 million on December 31, 2024 and $128 million on December 31, 2023) for which no provision for

deferred tax liabilities have been recognized because the Company has control over the timing of the reversal of the

temporary differences and there are no plans of distributions in the foreseeable future.

The Company is subject to the OECD Pillar Two Directive and implementing domestic laws in 2025. The Pillar Two

Rules does not have a material impact on our effective tax rate or the recognition of our deferred tax assets.

The Company continues to apply the exception relating to recognizing and disclosing information about deferred tax

assets and liabilities related to legislation that is enacted to implement the OECD Pillar Two model rules.

**23. Earnings per Share**

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** |
| <br>**(in thousands of $ except for shares and EPS)** | **2025** | **2024** | **2023** |
| Profit/(Loss) for the period | $1292035 | $833040 | $(295053) |
| Weighted average number of shares used for basic profit/<br>(loss) per share<br>| 61295149 | 59855585 | 57169253 |
| **Basic profit/(loss) per share (in $)** | $**21.08** | $**13.92** | $**(5.16)** |
| Weighted average number of shares used for diluted profit/<br>(loss) per share<br>| 66029215 | 65177815 | 57169253 |
| **Diluted profit/(loss) per share (in $)** | $**19.57** | $**12.78** | $**(5.16)** |

---

Profit/(loss) per ordinary share is calculated by dividing the profit/(loss) for the period by the weighted average number

of ordinary shares during the year. Diluted profit/(loss) per share is calculated by adjusting the weighted average number

of shares by in the money outstanding dilutive stock options, RSUs and PSUs.

As the Company reported a net loss in 2023, stock options and RSUs had an anti-dilutive effect rather than a dilutive

effect. As such, there is no difference between basic and diluted loss per ordinary share for this period.

F-42<br>

*<u>[**Table of Contents**](#i3fd453e8886f47e8a3bce0ff8daf37b5_4)</u>*

**24. Financial Risk Management**

The financial risks are managed centrally. The Company coordinates the access to national and international financial

markets and considers and manages continuously the financial risks concerning the Company's activities. These relate to

credit risk, liquidity risk, interest rate risk and currency risk. The Company does not buy or trade financial instruments

for speculative purposes.

Categories of financial assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Measurement category** | **Carrying amount on December 31** | **Carrying amount on December 31** | **Carrying amount on December 31** |
| **(in thousands of $)** |  | **2025** | **2024** | **2023** |
| Financial assets - non-current | FVTPL | $37130 | $25549 | $21715 |
| Financial assets - non-current | FVTOCI | 10022 | 14880 | 15528 |
| Research and development incentive <br>receivables - non-current<br>| Amortized cost | 86212 | 94854 | 76706 |
| Restricted assets - non-current | Amortized cost | 4838 | 1964 | 2419 |
| Trade and other receivables | Amortized cost | 1646692 | 904471 | 496687 |
| Financial assets - current  | Amortized cost | 948750 | 1878890 | 1131000 |
| Research and development incentive <br>receivables - current<br>| Amortized cost | 10367 | 4625 | 2584 |
| Cash and bank balances | Amortized cost | 5176 | 5527 | 20744 |
| Cash equivalents | FVTPL | 2541112 | 1394409 | 1678100 |
| Cash equivalents | Amortized cost | 945001 | 100000 | 350000 |
| Trade and other payables | Amortized cost | 1267144 | 649993 | 414013 |

---

The carrying amounts of research and development incentive receivables, financial assets, trade and other receivables,

and trade and other payables are considered to be the same as their fair values, due to their short-term nature.

*Financial assets held at fair value through profit or loss or OCI*

Financial assets held at fair value through profit or loss or OCI consisted of equity instruments of listed and non-listed

companies and money market funds.

The Company has no restrictions on the sale of these equity instruments and the assets are not pledged under any of its

liabilities. These instruments are classified as financial assets held at fair value through profit or loss or OCI which

qualify for:

• Level 1 fair value measurement with respect to current financial assets and cash equivalents based upon the closing

price (net asset value) of such securities at each reporting date.

• Level 3 fair value measurement with respect to non-current financial assets.

The market price of these financial instruments might face fluctuations and might be affected by a variety of factors,

such as the global economic situation. Current financial assets and cash equivalents include collective investment funds

denominated in € and $ of which the underlying investments include bonds and other international debt securities. Based

on the weighted average maturity of the underlying instruments, amongst others, these investments are either classified

as current financial assets or cash equivalents.

The maximum exposure to credit risk is the carrying amount at reporting date.

The Company carried the following assets at fair value on December 31, 2025, 2024 and 2023 respectively:

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---

| | | | |
|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| <br>**(in thousands of $)** | **Level 1** | **Level 2** | **Level 3** |
| Non-current financial assets | $10022 | $— | $37130 |
| Cash and cash equivalents | 2541112 |  |  |
| **Assets carried at fair value** | $**2551134** | $**—** | $**37130** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| **(in thousands of $)** | **Level 1** | **Level 2** | **Level 3** |
| Non-current financial assets | $14880 | $— | $25549 |
| Cash and cash equivalents | 1394409 |  |  |
| **Assets carried at fair value** | $**1409289** | $**—** | $**25549** |

---

---

| | | | |
|:---|:---|:---|:---|
| | **As of December 31, 2023** | **As of December 31, 2023** | **As of December 31, 2023** |
| <br>**(in thousands of $)** | **Level 1** | **Level 2** | **Level 3** |
| Non-current financial assets | $15528 | $— | $21715 |
| Cash and cash equivalents | 1678100 |  |  |
| **Assets carried at fair value** | $**1693628** | $**—** | $**21715** |

---

During the disclosed calendar year, no transfers occurred between the applicable categories.

*Non-current financial assets – Level 1*

The Company owns shares of Zai Lab due to its license and collaboration agreement. The fair value shares of the equity

instrument at period-end is determined by reference to the closing price of such securities at each reporting date

(classified as level 1 in the fair value hierarchy), resulting in a change in fair value. The Company made the irrevocable

election to recognize subsequent changes in fair value through OCI.

*Non-current financial assets – Level 3*

The Company has a profit share in AgomAb Therapeutics NV which is a non-publicly listed company valued using

certain unobservable inputs and assumptions.

The changes in the value of these investments are detailed in ''*<u>Note 6 — Other Non-Current Assets</u>*".

*Capital risk*

The Company manages its capital to ensure that it will be able to continue as a going concern. The capital structure of

the Company consists of equity attributed to the holders of equity instruments of the Company, such as capital, reserves

and accumulated losses as mentioned in the consolidated statements of changes in equity. The Company makes the

necessary adjustments in light of changes in the economic circumstances, risks associated to the different assets and the

projected cash needs of the current and projected research activities. On December 31, 2025, cash and cash equivalents

amounted to $3.5 billion current financial assets amounted to $0.9 billion and total capital amounted to $7.3 billion. The

current cash situation and the anticipated cash generation and usage are the most important parameters in assessing the

capital structure. The Company's objective is to maintain the capital structure at a level to be able to finance its activities

for at least twelve months. Cash income from operations is taken into account and, if needed and possible, the Company

can enter into financing agreements or issue new shares.

*Credit risk*

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the

Company. The Company has adopted a policy of only dealing with creditworthy counterparties and obtaining sufficient

collateral, where appropriate, as a means of mitigating the risk of financial loss from defaults. Concentrations in credit

risk are determined based on an analysis of counterparties and their importance on the overall outstanding contractual

obligations at year-end.

The Company's commercial revenue are concentrated as discussed in "*<u>Note 16 — Segment Reporting</u>*", on a limited

number of U.S. customers with high quality creditworthiness. The Company sets customer specific credit limits in order

to reduce credit risk from commercial payors.

F-44<br>

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The Company applied the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime

expected loss allowance for trade receivables. To measure the expected credit losses, receivables have been grouped

based on credit risk characteristics and the days past due. The provision for expected credit losses was not significant

given that there have been no credit losses over the last three years and the high quality nature of the Company's

customers.

Cash and cash equivalents and current financial assets are invested with several highly reputable banks and financial

institutions. The main purpose of the Cash Investment Policy is to preserve the available cash and to ensure sufficient

short-term liquidity at all times. Therefore, the Company holds its cash and cash equivalents, in addition to current

financial assets mainly with banks which are independently rated A- or higher. Amounts of cash held with banks rated

lower than A- are limited to insignificant balances. The maximum amount and tenor of term accounts depends on the

rating of the counterparty bank. The Company also holds cash equivalents in the form of money market funds with a low

historical volatility. These money market funds are highly liquid investments and can be readily convertible into a

known amount of cash. The company has adopted a policy whereby money market funds must have a minimum rating of

A, and whereby 95% of its money market funds should have a AAA-rating.

*Liquidity risk*

The Company manages liquidity risk by maintaining adequate reserves, by continuously monitoring forecast and actual

cash flows, and by matching the maturity profile of financial assets and liabilities.

The Company's main sources of cash are the sale of commercial product and exercise of stock options. This cash is

invested in savings accounts, term accounts and money market funds. These money market funds represent the majority

of the Company's available sources of liquidity. Since all of these are immediately tradable and convertible in cash they

have an important mitigating effect on any short-term liquidity risk.

As of December 31, 2025, the Company had lines of credit totaling $29 million with financial institutions mainly

relating to leasing guarantees.

*Interest rate risk*

The only variable interest-bearing financial instruments are cash and cash equivalents and current financial assets.

Changes in interest rates may cause variations in interest income resulting from short-term interest-bearing assets. Lower

short-term interests may have a negative impact on the interest income of the Company.

For the year ended December 31, 2025, if applicable interest rates would increase/decrease by 50 basis points, this would

have a positive/negative impact of $22 million (compared to $8 million for the year ended December 31, 2024 and $8

million for the year ended December 31, 2023if applicable interest rates would increase/decrease by 25 basis points).

*Foreign exchange risk*

The Company undertakes transactions denominated in foreign currencies, causing exposures to exchange rate

fluctuations. The Company is mainly exposed to the Euro, Japanese yen, British pound and Swiss franc. To limit this

risk, the Company attempts to align incoming and outgoing cash flows in currencies other than USD. The Company

further limits its non-USD liquidity holdings when possible.

The net exposure to exchange differences of the monetary assets (being from cash and cash equivalents, in addition to

current financial assets) of the Company at the end of the reporting period are as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** | **As of December 31,** |
| <br>**(in thousands of $)** | **2025** | **2024** | **2023** |
| EUR | 155757 | 756676 | 923773 |
| Other currencies | 1258 | 1679 | 8708 |

---

On December 31, 2025, if the EUR would have strengthened/weakened versus the USD by 10%, this would have had a

negative/positive impact of $16 million, compared to $76 million and $92 million on December 31, 2024 and

December 31, 2023, respectively. If other currencies would have strengthen or weakened against the USD by 10%, this

would have had no significant impact in all reported periods.

F-45<br>

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**25. Related Party Transactions**

**25.1. Relationship and transactions with joint venture entity**

In 2022, the University of Colorado Anschutz Medical Campus and the University of Colorado Health (UCHealth)

created an asset-centric spin-off, OncoVerity, Inc (OncoVerity), focused on optimizing and advancing the development

of cusatuzumab, a novel anti-CD70 antibody, in AML. OncoVerity is an entity of co-creation, combining the extensive

translational biology insights from Dr. Clayton Smith, M.D. from the University of Colorado with our experience on the

CD70/CD27 pathway. argenx contributed $7 million in 2025 ($7 million and $13 million in 2024 and 2023

respectively).

The investment has been accounted under IAS 28 Investment in associates and Joint Ventures using the equity method of

accounting and has been designated as an "Investment in a joint venture" in the consolidated statements of financial

position. The share of net loss resulting from investment in joint ventures is presented in consolidated statements of

profit or loss as "Loss from investment in a joint venture". The cash contributions made by the Company to the Joint

Venture is reported under Cash flow from investing activities under "Investment in a joint venture".

**25.2. Relationship and transactions with subsidiaries**

See ''*<u>Note 29 — Overview of Consolidation Scope</u>*'' for an overview of the consolidated companies of the group, which

are all wholly-owned subsidiaries of argenx SE.

Balances and transactions between the Company and its subsidiaries, which are related parties of the Company, have

been eliminated on consolidation and are not disclosed in this note.

**25.3. Relationship and transactions with key personnel**

The Company's key management personnel consists of the members of the management team and the members of the

board of directors.

*Remuneration of key management personnel*

On December 31, 2025, the Senior Management Team consisted of eight members: Chief Executive Officer, Chief

Operating Officer, Chief Financial Officer, Chief Scientific Officer, General Counsel, Chief Medical Officer, Vice

President Corporate Development and Strategy and Global Head of Quality Assurance. They provide their services on a

full-time basis.

On December 31, 2025, the board of directors consisted of eight Non-Executive Directors: Peter Verhaeghe, Pamela

Klein, Anthony Rosenberg, James Daly, Camilla Sylvest, Ana Céspedes, Steve Krognes, Brian Kotzin, and one

executive director, Tim Van Hauwermeiren.

Only the CEO is a member of both the Senior Management Team and the Board of Directors. The CEO does not receive

any remuneration for his membership of the Board of Directors, as this is part of his total remuneration package in his

capacity as member of the Senior Management Team.

The remuneration package of the members of key management personnel comprises:

F-46<br>

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---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**(in thousands of $, except for the number of stock options & RSUs)** | **2025** | **2024** | **2023** |
| **Remuneration of key management personnel** |  |  |  |
| *Short-term benefits for the Senior Management Team* |  |  |  |
| Gross salary | $5285 | $4529 | $4161 |
| Variable pay | 3276 | 3084 | 2816 |
| Employer social security | 2497 | 1473 | 807 |
| Other short term benefits | 497 | 672 | 545 |
| *Post-employment benefits for the Senior Management*  | 327 | 274 | 167 |
| *Cost of stock options granted in the year for the Senior* <br>*Management Team*<br>| 16819 | 17758 | 27983 |
| *Cost of restricted stock units granted in the year for the* <br>*Senior Management Team*<br>|  | 16211 | 11694 |
| *Cost of performance stock units granted in the year for*  | 13899 |  |  |
| *Employer social security cost related to stock options* | 1432 | 2825 | (494) |
| **Total benefits for key management personnel** | **44032** | **46826** | **47679** |
| *Numbers of stock options granted in the year* |  |  |  |
| Senior Management Team | 73091 | 98306 | 132100 |
| *Numbers of restricted stock units granted in the year* |  |  |  |
| Senior Management Team |  | 36365 | 30425 |
| *Numbers of performance stock units granted in the year* |  |  |  |
| Senior Management Team | 24742 |  |  |
| **Remuneration of Non-Executive Directors** |  |  |  |
| *Board fees and other short-term benefits for Non-* | 774 | 731 | 533 |
| *Cost of stock options granted in the year for Non-* |  |  | 2280 |
| *Cost of restricted stock units granted in the year for Non-*<br>*Executive Directors*<br>| 3159 | 4511 | 1034 |
| **Total benefits for Non-Executive Directors** | $**3933** | $**5242** | $**3846** |
| *Numbers of stock options granted in the year* |  |  |  |
| Non-Executive Directors |  |  | 12400 |
| *Numbers of restricted stock units granted in the year* |  |  |  |
| Non-Executive Directors | 5624 | 10118 | 2713 |

---

*Other*

No loans, quasi-loans or other guarantees were given by the Company or any of its subsidiaries to members of the Senior

Management Team or the Board of Directors. We have not entered into transactions with the Company's key

management personnel, other than as described above with respect to remuneration arrangements relating to the exercise

of their mandates as members of the Senior Management Team and the Board of Directors.

**26. Contingencies**

The Company is currently not facing any outstanding claims or litigation that may have a significant adverse impact on

the Company's consolidated financial position.

**27. Commitments**

In February 2019, the Company entered into a global collaboration and license agreement with Halozyme Therapeutics,

which was later amended in September 2020 and again in September 2024.

Under the terms of the agreement, the Company will pay up to $40 million to achievement of specific regulatory and

sales-based milestones related specifically to its FcRn target. This amount represents the maximum amount that would

be paid if all milestones would be achieved but excludes variable royalty payments based on unit sales.

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Further, the Company will pay up to $78 million per other non-FcRn target subject to achievement of specified

development, regulatory and sales-based milestones. This amount represents the maximum amount that would be paid

per target if all milestones would be achieved but excludes variable royalty payments based on unit sales. The Company

has a total of six nominated targets under this agreement including its FcRn target.

The Company's commercial supply is manufactured in collaboration with Lonza and Fujifilm. In the aggregate, the

Company has outstanding commitments for efgartigimod under these commercial supply agreements amounting to

approximately $1.3 billion. These agreements provide commercial supply of efgartigimod to the Company's global

commercial operations through facilities in the U.S., Europe and Asia.

**28. Audit Fees**

The following auditors' fees were expensed in the consolidated statements of profit or loss and the consolidated

statements of other comprehensive income or loss:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Fees (in thousands of $)** | **2025**<sup>1)</sup> | **2024**<sup>2)</sup> | **2023**<sup>2)</sup> |
| Audit fees | $2633 | $2657 | $1979 |
| Audit-related fees | 705 | 597 | 330 |
| **Total** | $**3338** | $**3254** | $**2309** |

---

1)Audit services performed by EY Accountants B.V. as the external auditor in 2025 referred to in Section 1 of the Dutch Accounting Firms

Oversight Act (Wta) as well as by the EY network.. In 2025, audit and audit related fees of EY Accountants B.V. (excluding its member firms

and/or affiliates) amounted to $973 and $677, respectively.

2)Audit services performed by Deloitte Accountants B.V. as the external auditor referred to in Section 1 of the Dutch Accounting Firms Oversight

Act (Wta) as well as by the Deloitte network

At the meeting held on May 7, 2024, the Company's general assembly of shareholders appointed EY Accountants B.V.

as external auditor for the financial year ending December 31, 2025. Deloitte Accountants B.V. completed its mandate as

external auditor as of the financial year ending December 31, 2024.

F-48<br>

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**29. Overview of Consolidation Scope**

The parent company argenx SE is domiciled in the Netherlands. The Company, argenx SE, has one subsidiary, argenx

BV, which is based in Belgium. argenx BV has sixteen subsidiaries. Details of the Company's consolidated entities at

the end of the reporting period are as follows:

---

| | | |
|:---|:---|:---|
| **Name** | **Country** | **Participation** |
| argenx SE | the Netherlands | 100% |
| argenx B.V. | Belgium | 100% |
| argenx Benelux B.V. | Belgium | 100% |
| argenx US, Inc. | USA | 100% |
| argenx Australia Pty. Ltd. | Australia | 100% |
| argenx Austria Services GmbH | Austria | 100% |
| argenx Brasil Produtos Farmacêuticos Ltda | Brazil | 100% |
| argenx Canada Inc. | Canada | 100% |
| argenx France SAS | France | 100% |
| argenx Germany GmbH | Germany | 100% |
| argenx Italy S.r.l. | Italy | 100% |
| argenx Japan KK. | Japan | 100% |
| argenx Netherlands Services B.V. | the Netherlands | 100% |
| argenx Spain S.L. | Spain | 100% |
| argenx Spain S.L. - Sucursal em Portugal | Portugal | 100% |
| argenx Switzerland, S.A. | Switzerland | 100% |
| argenx UK Ltd. | United Kingdom | 100% |
| Broteio Pharma B.V. | the Netherlands | 100% |

---

**30. Events After the Balance Sheet Date** 

No events have occurred after the balance sheet date that could have a material impact on the consolidated financial

statements.

*<u>[**Table of Contents**](#i3fd453e8886f47e8a3bce0ff8daf37b5_4)</u>*

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## Exhibit 1.2

**Exhibit 1.2**

![image_0.jpg](image_0.jpg)

**RULES (BY-LAWS) FOR THE BOARD OF DIRECTORS OF ARGENX SE**

as approved by the Board of argenx SE on

**22 July 2025**

**1. Status of these Rules**

These rules (the "**Rules**") of the board of directors (the "**Board**") of argenx SE (the "**Company**") have been established by the Board on 22 July 2025 replacing any previously applicable Board Rules.

**2. Board Composition and Committees**

**2.1.Executive and non-executive functions**

The Company will be managed by one or more executive directors under the supervision of the non-executive directors. The directors shall act collectively with shared responsibility.

**2.2.Committees - General**

The Board may form committees to which certain powers of the Board may be delegated. Committees may be formal committees (required by law, regulation and/or stock exchange rules) or informal committees (voluntarily formed by the Board to aid the functioning of the Board as a whole). Informal committees may be permanent, or formed only for a limited time or for a specific one-off purpose (*ad-hoc*). Informal committees may consist of members of the Board and other persons, such as Company employees or outside advisors who are not directors of the Company. Formal committees may consist only of Company directors.

Committees shall have such powers and responsibilities as are attributed to them in committee specific terms of reference. In addition, specific powers and responsibilities may be delegated to committees on a case by case basis, by resolution of the Board. Ad-hoc committees typically do not have terms of reference, and shall have such powers and responsibilities as are delegated to them by resolution of the Board.

Committees are responsible for advising the Board, undertaking preparatory work and preparing appropriate draft Board resolutions, as may be the case. Committees may not represent

the Board and/or otherwise take any resolutions on behalf of the Board, except if the power to do so is explicitly granted to such committee by resolution of the Board or by terms of reference approved by the Board.

**2.3.Permanent Committees**

At the date of these Rules, the following *formal* permanent committees have been formed:

-Remuneration and Nomination Committee; and

-Audit and Compliance Committee.

and the following *informal* permanent committees exist:

-Research and Development Committee; and

-Commercialization Committee.

For ease of reading, whenever these Rules refer to a 'committee', this should be read as a reference to a permanent committee, unless specifically stated otherwise.

**2.3.1.REMUNERATION AND NOMINATION COMMITTEE**

The Remuneration and Nomination Committee advises the Board primarily on matters relating to (i) the Company's remuneration practices and policy for the members of the Board and of the Company's senior level employees reporting directly to the Chief Executive Officer (the "**Senior Management Team**"); (ii) the Company's annual remuneration report; (iii) the selection and nomination for appointment of the members of the Board, (iv) succession and contingency planning for members of the Board, the committees and the Senior Management Team; (v) the development, selection and appointment of senior talent; (vi) and all public reporting related to the aforementioned areas including non-financial reporting. The specific powers and responsibilities of the Remuneration and Nomination Committee are set out in the terms of

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**Exhibit 1.2**

reference of the Remuneration and Nomination Committee.

**2.3.2.AUDIT AND COMPLIANCE COMMITTEE**

The Audit and Compliance Committee advises the Board primarily on matters relating to the oversight of the quality, integrity, functioning and effectiveness of the Company's: (i) financial reporting; (ii) internal risk management and control systems over financial and non-financial matters, the status of its information security risks, climate-related risks, and business continuity planning; (iii) ethics and compliance program; and (iv) external audit function. The specific powers and responsibilities of the Audit and Compliance Committee are set out in the terms of reference of the Audit and Compliance Committee.

**2.3.3.RESEARCH AND DEVELOPMENT COMMITTEE**

The Research and Development Committee advises the Board on matters relating to the Company's research and development activities, including early stage and pre-clinical research and discovery activities, clinical development activities, and scientific collaborations. The specific responsibilities of the Research and Development Committee are set out in the terms of reference of the Research and Development Committee.

**2.3.4.COMMERCIALIZATION COMMITTEE**

The Commercialization Committee advises the Board on matters relating to the commercialization of the Company's product candidates, including (i) commercialization strategy and innovation encouragement, (ii) product launch readiness, (iii) commercial market trends, (iii) corporate reputation oversight and risk management, and (iv) non-financial reporting related to the activities of the committee. The specific responsibilities of the Commercialization Committee are set out in the terms of reference of the Commercialization Committee.

**2.4.Responsibility**

The non-executive directors shall remain collectively responsible for decisions recommended by the formal committees. The Board shall remain collectively responsible for decisions recommended by the informal committees. The non-executive directors shall receive from each of the formal committees a report of its deliberations and findings. The directors shall receive from each of

the informal committees a report of its deliberations and findings.

**2.5.Non-Financial Reporting Responsibilities**

The Board recognizes the importance of robust sustainable company practices for business operations and long-term value creation. Accordingly, the Board is committed to ensuring comprehensive non-financial reporting and oversight. This includes the responsibility to develop and implement effective sustainability strategies, oversee the integration of sustainability considerations into corporate decision-making and ensure transparent and accurate disclosure of non-financial performance to stakeholders. The Board will regularly review and assess the Company's non-financial related risks and opportunities, ensuring alignment with legal requirements, industry standards and stakeholder expectations. In fulfilling this role, the Board will engage with relevant internal and external stakeholders to inform its strategies and decisions.

**2.6.TERMS OF REFERENCE**

The Board shall draw up terms of reference for each committee which may be amended by the Board at any time. The constitution of the committees shall be determined by the Board, in accordance with the terms of reference and taking into account the advice of the Remuneration and Nomination Committee on the matter (if any).

**3. Meetings**

**3.1.FREQUENCY**

As a rule, the Board and each of the permanent committees shall meet at least once every quarter. Other meetings of the Board and each of the permanent committees shall be held as often as the chairperson of the Board (the "**Chairperson**") or the chairperson of the relevant committee deems necessary.

**3.2.Specific meetings**

The executive directors and the non-executive directors respectively may adopt legally valid resolutions with regard to matters that fall within the scope of their respective duties referred to in article 10, paragraphs 1 and 2 of the Articles of Association. The non-executive directors shall discuss at least once a year, without the executive director(s) being present, the functioning of the Board as a whole, that of its committees and that

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**Exhibit 1.2**

of the directors individually, and the conclusions that are drawn on the basis thereof. The desired profile, composition and competence of the non-executive directors shall also be discussed.

At least once every four years, the Board and the Audit and Compliance Committee shall conduct a thorough assessment of the functioning of the external auditor in the different capacities in which the external auditor acts. The main conclusions of this assessment shall be communicated to the general meeting for the purposes of assessing the nomination for the appointment of the external auditor.

**3.3.NOTICE**

Notice of a meeting of the Board shall be given by the Chairperson or the corporate secretary on his or her behalf or, in his or her absence, by the deputy chairperson or by the Chief Executive Officer. The notice shall be sent to each director at his or her usual place of business or residence or by e-mail. The notice of the meeting shall state the time and place of the meeting and an agenda identifying the matters to be discussed, accompanied by copies of any relevant documents to be discussed at the meeting.

Notice of regular meetings shall be given at least 5 business days before the date of the meeting. Such notice period may be shortened at the discretion of the Chairperson or, in his or her absence, the deputy chairperson or the Chief Executive Officer in case of an emergency.

**3.4.Agenda for Meetings**

The Chairperson or, in his or her absence, the deputy chairperson or the Chief Executive Officer will establish the agenda for each meeting. Each director is free to suggest the inclusion of items of business on the agenda.

**3.5.Meeting location**

Meetings are normally held at the seat of registration of the Company (which is Amsterdam, the Netherlands), but may also take place elsewhere.

Meetings may also be held by telephone, videoconference or electronic communication, provided that all participants can hear each other simultaneously. Directors attending the meeting

by telephone or videoconference are considered present at the meeting.

**3.6.CHAIR**

The Board meetings are chaired by the Chairperson or, in his or her absence, by the deputy chairperson. In the event of their absence, the directors present at the meeting will appoint one of the non-executive directors present as chairperson of that meeting. The chairperson of the meeting determines the order in which the items of the agenda are treated and the nature and sequence of the voting. The chairperson of the meeting may demand that the resolution on an individual item of the agenda is adjourned.

**3.7.QUORUM**

The Board can only adopt valid resolutions when the majority of the relevant directors in office shall be present or represented at the Board meeting.

**3.8.Decision-making**

In due consideration of the allocation of tasks and duties among the executive director(s) and the non-executive directors, the directors shall endeavor that, insofar as is possible, resolutions are adopted unanimously in a meeting at which all relevant directors in office are present or represented. Where unanimity cannot be reached and subject to clause [3.9](#i2fc8719b4bd7407ea49110dabb9483c3_1) of these Rules, all resolutions are adopted by the favorable vote of a majority of the directors present or represented at the meeting. In case of a tie in any vote, the proposal shall be rejected.

**3.9.Approval matters**

The matters set out in the Schedule to these Rules shall require approval of the majority of the non-executive directors. The non-executive directors may determine that certain other matters shall require approval of a certain majority of the non-executive directors. Such matters shall be clearly specified and notified to the executive director(s) in writing. Any such matter shall not be implemented prior to a resolution of the non- executive directors and only if and to the extent provided for in such resolution. Without prejudice to the provision in the previous sentence, the non- executive directors can elect in their discretion to retroactively ratify and confirm actions taken by the executive director(s).

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**Exhibit 1.2**

**3.10.MINUTES**

Minutes shall be established for each meeting and will state the time and place of the meeting, list the persons attending the meeting, state the existence of any conflict of interest, summarize matters discussed and the wording of the resolutions. The minutes shall be signed by the Chairperson and the secretary of the meeting and a copy shall be forwarded to all directors. The minutes are deemed approved if no director raises objections during the next meeting following the receipt of the minutes. Resolutions of the Board adopted outside a meeting (in accordance with article 11 paragraph 6 of the Articles of Association) must be recorded separately or included in the minutes of the next Board meeting.

**3.11.Commitment and absence**

Non-executive directors shall procure that they have sufficient time for the proper fulfilment of their role, functions and responsibilities. This will be monitored by the Chairperson.

Non-executive directors who are frequently absent shall be called to account for this. The annual reports and accounts shall state which non-executive directors have been frequently absent from meetings and shall state the absenteeism rates of each of the directors.

**3.12.Other directorships**

A director shall inform the Board of any outside directorship or position held or intended to accept by such director.

**4. The Chairperson**

**4.1.Principal role**

The Chairperson is responsible for the proper functioning of the Board and its committees and shall communicate on behalf of the non-executive members of the Board. He or she is the main contact point to shareholders regarding the functioning of the executive and non- executive directors. He or she shall have such further duties and authorities as are set out below and as shall be determined by the Board.

The Chairperson determines the agenda of the Board, chairs the meetings of the Board and monitors the proper functioning of the Board and of the committees. He or she ensures, as Chairperson, the orderly and efficient conduct of the general meeting.

**4.2.Specific responsibilities**

The Chairperson shall ensure that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the Board is duly composed and functions properly;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the directors follow their induction and education or training programme;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)the non-executive directors receive in good time all information which is necessary for the proper performance of their duties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)there is sufficient time for consultation and decision-making by the non-executive directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)the committees function properly;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)the performance of the individual directors is assessed at least once a year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)the Board appoints a deputy chairperson if and when the appointment of a deputy chairperson is considered appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)the non-executive directors have proper contact with the executive director(s).

**5. Company secretary**

The Chairperson is assisted in his or her role by the Company secretary, who is appointed by the executive director after the approval of the non-executive directors has been obtained.

The Company secretary shall ensure that correct procedures are followed and that the Board acts in accordance with its statutory obligations and its obligations under the Articles of Association and these Rules. He or she shall assist the Chairperson in the actual organization of the affairs of the Board (information, agenda, evaluation, training programme, etc.).

The Board may delegate further powers to the Company secretary.

**6. Conflicts Of Interests**

**6.1.General principles**

Any form of conflict of interest between the Company and the directors should be prevented. Directors shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)not enter into competition with the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)not demand or accept (substantial) gifts from the Company for themself or for their spouse,

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**Exhibit 1.2**

registered partner or other partner, foster child or relative by blood or marriage up to the second degree as defined under Dutch law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)not provide unjustified advantages to third parties to the detriment of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)not take advantage of business opportunities to which the Company is entitled for themself or for their spouse, registered partner or other partner, foster child or relative by blood or marriage up to the second degree as defined under Dutch law.

Directors shall immediately report any (potential) direct or indirect personal interest in a matter which is conflicting with the interests of the Company and the business connected with it (for the purposes of this Chapter 6 , a "**Conflict of Interest**") to the Chairperson and to the other directors and shall provide all relevant information, including information concerning his or her spouse, registered partner or other partner, foster child and relatives by blood or marriage up to the second degree as defined under Dutch law.

The non-executive directors shall decide, without the director concerned being present, whether there is a Conflict of Interest.

A Conflict of Interest in relation to a director may exist, if the Company intends to enter into a transaction with a legal entity:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)in which such director personally has a material financial interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)which has a member of the management board or the supervisory board who is related under family law to such director of the Company, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)in which such director has an executive or non-executive position.

**6.2.Conflict of interests Chairperson**

If the Chairperson has a Conflict of Interest he or she shall immediately notify the chairperson, with all relevant information, including relevant information concerning his or her spouse, registered partner or other partner, foster child and relatives by blood or marriage up to the second degree as defined under Dutch law, who will take such (interim) measures as he or she shall deem appropriate and in the interest of the Company, which may include a suspension of the Chairperson from attending any meeting or being

involved in any matter where the Conflict of Interest might in the opinion of the deputy chairperson be an issue.

**6.3.DELIBERATIONS AND DECISION-MAKING PROCESS**

An executive director shall not participate in any discussions and decision making if he or she has a Conflict of Interest in the matter being discussed, notwithstanding his or her rights to give his or her views on the amount and structure of his or her own (proposed) remuneration. If for this reason no resolution can be taken by the executive directors, the non-executive directors will resolve on the matter.

A non-executive director shall not participate in any discussions and decision making if he or she has a Conflict of Interest in the matter being discussed. If for this reason no resolution can be taken by the non- executive directors, the Board will resolve as if there were no Conflict of Interest.

**6.4.Handling by the non-executive directors**

The non-executive directors shall be responsible for the decision making in regard to the handling of Conflicts of Interests with individual directors, with persons holding a substantial shareholding in the Company and with the external auditors. The non- executive directors may delegate their authorities and powers in this respect to the Chairperson or deputy chairperson or to the Audit and Compliance Committee, provided there shall be detailed accounting of the way in which the Conflict of Interest has been handled to the Board.

**6.5.Customary Terms**

All transactions in which there are Conflicts of Interest with directors shall be agreed on terms that are customary in the market. Decisions to enter into transactions in which there are Conflicts of Interest with directors that are of material significance to the Company and/or to the relevant director require the approval of the non-executive directors. Such transactions shall be published in the annual report, together with a statement of the conflict of interest and a declaration that best practice provisions 2.7.3 and 2.7.4 of the Dutch Code have been complied with.

All transactions between the Company and legal or natural persons who hold at least ten per cent of the shares in the Company shall be agreed on terms that are customary in the market. The non-

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**Exhibit 1.2**

executive directors are required to approve such transactions that are of a material significance to the Company and/or to such persons. Such transactions shall be published in the annual report, together with a declaration that best practice provision 2.7.5 of the Dutch Code has been complied with.

**7. Relationship With The Executive Management**

We have an executive management team consisting of our senior management and one or more executive director(s) (the "**Executive Committee**"). All members of our Executive Committee are regularly involved in the discussions of our Board of directors and its committees, by attending Board meetings if and when appropriate and otherwise through direct contact with members of the Board if so requested, in order to provide information and context to the various issues the Board needs to decide on. The Executive Committee shall provide the Board with the following information in a timely manner:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)information on, among other things, material business developments, major organizational issues, research and development, scientific progress, regulatory developments and other key strategic matters; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)such information as the Board may request from the Executive Committee from time to time, which may be presented at Board meetings or in any other form agreed upon between the Executive Committee and the Board of directors.

**8. AMENDMENT AND DEVIATIONS**

The Board may amend these Rules and may allow temporary deviations from these Rules.

**9. Governing law and jurisdiction**

These Rules shall be governed by and construed in accordance with the law of the Netherlands. The courts of Amsterdam, the Netherlands, shall have exclusive jurisdiction to settle any dispute arising from or in connection with these Rules (including any dispute regarding the existence, validity or termination of these Rules).

These Rules, and any amendments thereto, shall be posted on the Company's website.

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**Exhibit 1.2**

**10. Schedule – Majority Approval Matters**

The following matters can be resolved upon by the Board only with a majority of the non- executive directors voting in favor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Any proposal of the Board to the general meeting with respect to the dissolution, liquidation or winding up of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Any proposal of the Board to the general meeting with respect an amendment of the Articles of Association;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Any proposal of the Board to the general meeting with respect to an issue of shares in the Company or to grant rights to subscribe for shares in the Company or to designate the Board as the corporate body authorized to do so as well as a resolution of the Board to issue shares or to grant rights to subscribe for;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)Any proposal of the Board to the general meeting with respect to the exclusion or restrictions of pre-emptive rights to subscribe for shares or to rights to subscribe for shares or to designate the Board as the corporate body authorized to do so as well as a resolution of the Board to restrict or exclude pre-emptive rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)Acquisition of own shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)Any proposal of the Board to the general meeting with respect to a reduction of share capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)Adoption of, as well as any changes to, the Company's reserves and dividends policy, the determination of the amount of profit to be reserved in any financial year as well as any proposal of the Board to the general meeting for the payment of any dividends, including an interim distribution or any distribution out of the reserves of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)Adoption of the annual operating plan for the Company and its direct and indirect subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)Adoption and amendment of any employee equity incentive plans;

(x)Adoption and amendment of any employee equity incentive plans;

(xi)Conducting any material litigation on behalf of the Company other than in relation to the collection of debts, and taking measures which cannot be delayed, and making settlements;

(xii)Directly or indirectly entering into any agreements, contracts or arrangements which are not of an at arm's length nature or entering into an arrangement or agreement with (including, without limitation, an individual related to) a shareholder, executive director or non-executive director; and

(xiii)Changing the business location of the Company to any location outside the Netherlands.

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## Exhibit 2.3

**Exhibit 2.3**

**DESCRIPTION OF SHARE CAPITAL**

*argenx SE (****Company****,* ***argenx****,* ***we****,* ***us****, and* ***our****) has one class of securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934, as amended (****Exchange Act****): ordinary shares, including ordinary shares represented by American Depositary Shares (****ADSs****, each an* ***ADS****).*

The following description is a summary of certain information relating to our share capital, certain provisions of our articles of association (***Articles of Association***) and Dutch law. Because this description is a summary, it may not contain all of the information important to you. Accordingly, this description is qualified entirely by reference to our Articles of Association and the deposit agreement among us, Bank of New York Mellon (the ***Depositary***), the owners and holders of ADSs, and all other persons indirectly or beneficially holding ADSs (***Deposit Agreement***), which are filed with the U.S. Securities and Exchange Commission (***SEC***) as Exhibit 1.1 and Exhibit 2.1, respectively, to the annual report on Form 20-F to which this Exhibit is a part of (***Annual Report***). We last amended our Articles of Association on May 7, 2024.

The following description includes comparisons of certain provisions of our Articles of Association and Dutch law applicable to us and the Delaware General Corporation Law (***DGCL***), the law under which many publicly listed companies in the United States are incorporated. Because such statements are summaries, they do not address all aspects of Dutch law that may be relevant to us and our shareholders or all aspects of DGCL which may differ from Dutch law, and they are not intended to be a complete discussion of the respective rights.

**General**

We were incorporated on April 25, 2008, as a private company with limited liability (*besloten vennootschap met beperkte aansprakelijkheid*) under Dutch law. On May 28, 2014, we converted into a public company with limited liability (*naamloze vennootschap*) under Dutch law pursuant to a notarial deed of conversion and amendment. On April 26, 2017, we converted into a Dutch European public company with limited liability (*Societas Europaea* or *SE*) incorporated and existing under the laws of the Netherlands pursuant to a notarial deed of conversion and amendment, which notarial deed was executed on the same date.

We are registered with the trade register of the Dutch Chamber of Commerce under number 24435214. Our corporate seat is in Amsterdam, the Netherlands, and our registered office is at Laarderhoogtweg 25, 1101 EB Amsterdam, the Netherlands.

Our ordinary shares are listed on Euronext Brussels under ISIN Code NL0010832176 under the symbol "ARGX." The ADSs are listed on the Nasdaq Global Select Market (***Nasdaq***), under the symbol "ARGX."

Under Dutch law, a company's authorized share capital sets out the maximum amount and number of shares that it may issue without amending its articles of association.

Our Articles of Association provide for an authorized share capital in the amount of €9 million divided into 90 million shares, each with a nominal value of €0.10. All issued and outstanding shares have been fully paid up and the shares are held in dematerialized form.

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Our share capital consists of ordinary shares, each with a nominal value of €0.10. Our shares are not separated into classes.

**Issue of Shares**

Our Articles of Association provide that shares may be issued or rights to subscribe for our shares may be granted pursuant to a resolution of the shareholders at a general meeting of our shareholders (***General Meeting***), or alternatively, by our board of directors (***Board of Directors***) if so designated by the shareholders at a General Meeting. A resolution of the shareholders at a General Meeting to issue shares, to grant rights to subscribe for shares or to designate our Board of Directors as the corporate body of the Company authorized to do so can only take place at the proposal of our Board of Directors with the consent of the majority of the non-executive directors. Shares may be issued or rights to subscribe for shares may be granted by resolution of our Board of Directors, if and insofar as our Board of Directors is designated to do so by the shareholders at a General Meeting. Designation by resolution of the shareholders at a General Meeting cannot be withdrawn unless determined otherwise at the time of designation. The scope and duration of our Board of Directors' authority to issue shares or grant rights to subscribe for shares (such as granting stock options or issuing convertible bonds) is determined by a resolution of the shareholders at a General Meeting and relates, at the most, to all unissued shares in the Company's authorized capital at the relevant time. The duration of this authority may not exceed a period of five years. Designation of our Board of Directors as the body authorized to issue shares or grant rights to subscribe for shares may be extended by a resolution of the shareholders at a General Meeting for a period not exceeding five years in each case. The number of shares that may be issued is determined at the time of designation.

No shareholders' resolution or Board of Directors' resolution is required to issue shares pursuant to the exercise of a previously granted right to subscribe for shares. A resolution of our Board of Directors to issue shares and to grant rights to subscribe for shares can only be taken with the consent of the majority of the non-executive directors.

**Pre-emptive Rights**

Dutch law and the Articles of Association give shareholders pre-emptive rights to subscribe on a pro rata basis for any issue of new shares or, upon a grant of rights, to subscribe for shares. Holders of shares have no pre-emptive rights upon (1) the issue of shares against a payment in kind (being a contribution other than in cash); (2) the issue of shares to our employees or the employees of a member of our group; and (3) the issue of shares to persons exercising a previously granted right to subscribe for shares.

A shareholder may exercise pre-emptive rights during a period of at least two weeks from the date of the announcement of the issue of shares. Pursuant to the Articles of Association, the shareholders at a General Meeting may restrict or exclude the pre-emptive rights of shareholders. A resolution of the shareholders at a General Meeting to restrict or exclude the pre-emptive rights or to designate our Board of Directors as our body authorized to do so, may only be adopted on the proposal of our Board of Directors with the consent of the majority of the non-executive directors. A resolution of the shareholders at a General Meeting to exclude or restrict pre-emptive rights, or to authorize our Board of Directors to exclude or restrict pre-emptive rights, requires a majority of at least two-thirds of the votes cast, if less than 50% of our issued and outstanding share capital is present or represented at such General Meeting.

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With respect to an issuance of shares pursuant to a resolution of our Board of Directors, the pre-emptive rights of shareholders may be restricted or excluded by resolution of our Board of Directors if and insofar as our Board of Directors is designated to do so by the shareholders at a General Meeting. A resolution of our Board of Directors to restrict or exclude pre-emptive rights can only be taken with the consent of the majority of the non-executive directors.

The designation of our Board of Directors as the body competent to restrict or exclude the pre-emptive rights may be extended by a resolution of the shareholders at a General Meeting for a period not exceeding five years in each case. Designation by resolution of the shareholders at a General Meeting cannot be withdrawn unless determined otherwise at the time of designation. While there is no current intention to benefit any specific person with such authorization to restrict the pre-emption rights of the existing shareholders, our Board of Directors, to the extent authorized to do so by the shareholders at a General Meeting, has the power to restrict the pre-emption rights in whole or in part, including for the benefit of specific persons. Our Board of Directors' ability to restrict existing shareholders' pre-emption rights in whole or in part, to the extent authorized to do so by the shareholders at a General Meeting, could be used as a potential anti-takeover measure.

Under the DGCL, stockholders of a Delaware corporation have no pre-emptive rights to subscribe for additional issues of stock or to any security convertible into such stock unless, and to the extent that, such rights are expressly provided for in the corporation's certificate of incorporation.

**Acquisition of Shares by the Company**

We may not subscribe for our own shares on issue. We may acquire fully paid-up shares at any time for no consideration or, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** our shareholders' equity less the payment required to make the acquisition, does not fall below the sum of called-up and paid-in share capital and any statutory reserves;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** we and our subsidiaries would thereafter not hold shares or hold a pledge over shares with an aggregate nominal value exceeding 50% of our issued share capital; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** our Board of Directors has been authorized thereto by the shareholders at a General Meeting.

As part of the authorization, the shareholders at a General Meeting must specify the number of shares that may be repurchased, the manner in which the shares may be acquired and the price range within which the shares may be acquired. A resolution of our Board of Directors to repurchase shares can only be taken with the consent of the majority of the non-executive directors.

Shares held by us in our own share capital do not carry a right to any distribution. Furthermore, no voting rights may be exercised for any of the shares held by us or our subsidiaries unless such shares a are subject to the right of usufruct or to a pledge in favor of a person other than us or its subsidiaries and the voting rights were vested in the pledgee or usufructuary before us or its subsidiaries acquired such shares. Neither we nor our subsidiaries may exercise voting rights in respect of shares for which we or our subsidiaries have a right of usufruct or a pledge.

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**Reduction of Share Capital**

The shareholders at a General Meeting may, upon a proposal of our Board of Directors with the consent of the majority of the non-executive directors, resolve to reduce the issued share capital by cancelling shares or by amending the Articles of Association to reduce the nominal value of the shares.

Only shares held by us or shares for which we hold the depositary receipts may be cancelled. A resolution of the shareholders at a General Meeting to reduce the number of shares must designate the shares to which the resolution applies and must lay down rules for the implementation of the resolution. A resolution to reduce the issued share capital requires a majority of at least two-thirds of the votes cast, if less than 50% of our issued and outstanding share capital is present or represented at a General Meeting.

**Articles of Association and Dutch Law**

Set forth below is a summary of relevant information concerning our share capital and material provisions of our Articles of Association and applicable Dutch law. This summary does not constitute legal advice regarding those matters and should not be regarded as such.

***Amendment of Articles of Association***

The shareholders at a General Meeting may resolve to amend the Articles of Association, at the proposal of our Board of Directors, with the consent of the majority of the non-executive directors. A resolution by the shareholders at a General Meeting to amend the Articles of Association requires a simple majority of the votes cast in a meeting in which at least half of our issued and outstanding capital is present or represented, or at least two-thirds of the votes cast, if less than half of our issued and outstanding capital is present or represented at that meeting.

Changing the rights of any of the shareholders will require the Articles of Association to be amended.

***Company's Shareholders' Register***

Subject to Dutch law, we must keep our shareholders' register accurate and up-to-date. Our Board of Directors keeps our shareholders' register and records names and addresses of all holders of shares, showing the date on which the shares were acquired, the date of the acknowledgement by or notification of us as well as the amount paid on each share. The register also includes the names and addresses of those with a right of usufruct (*vruchtgebruik*) in shares belonging to another or a pledge in respect of such shares.

***Corporate Objectives***

Our corporate objectives are: (a) to exploit, including all activities relating to research, development, production, marketing and commercial exploitation; biological, chemical or other products, processes and technologies in the life sciences sector in general, and more specifically in the diagnostic, pharmaceutical, medical, cosmetic, chemical and agricultural sector; (b) to design and develop instruments which may be used in medical diagnosis and affiliated areas; (c) the worldwide distribution of, sale of and rendering services relating to our products and subsidiaries directly to customers as well as through third parties; (d) to incorporate, to participate in any way whatsoever, to manage, to supervise, to operate and to promote enterprises, businesses and companies; (e) to render advice and services to

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businesses and companies with which we form a group and to third parties; (f) to finance businesses and companies; (g) to borrow, to lend and to raise funds, including the issue of bonds, promissory notes or other securities or evidence of indebtedness as well as to enter into agreements in connection with the aforementioned; (h) to render guarantees, to bind us and to pledge our assets for obligations of the companies and enterprises with which we form a group and on behalf of third parties; (i) to obtain, alienate, manage and exploit registered property and items of property in general; (j) to trade in currencies, securities and items of property in general; (k) to develop and trade in patents, trademarks, licenses, know-how and other industrial property rights; and (l) to perform any and all activities of industrial, financial or commercial nature, as well as everything pertaining the foregoing, relating thereto or conductive thereto, all in the widest sense of the word. These objectives are found in Article 3 of our Articles of Association.

***Limitation on Liability and Indemnification Matters***

Under Dutch law, our Board of Directors and certain other officers may be held liable for damages in the event of improper or negligent performance of their duties. They may be held jointly and severally liable for damages to our Company and to third parties for infringement of the Articles of Association or of certain provisions of the Dutch Civil Code (***DCC***). In certain circumstances, they may also incur additional specific civil and criminal liabilities. Directors and certain other officers are insured under an insurance policy taken out by us against damages resulting from their conduct when acting in the capacities as such directors or officers. In addition, our Articles of Association provide for indemnification of our (former) directors and (former) officers, against any and all liabilities, claims, judgments, fines and penalties incurred by them as a result of any threatened, pending or completed action, investigation or other proceeding, whether civil, criminal or administrative, brought by any party other than the company itself or its group companies, in relation to acts or omissions in or related to his or her capacity as director or officer of argenx, except in relation to claims insofar as they relate to the gaining in fact of personal profits, advantages or remuneration to which the relevant person was not legally entitled, or if the relevant person has been adjudged to be liable for wilful misconduct or intentional recklessness. Furthermore, such indemnification will generally not be available in instances of willful (*opzettelijk*), intentionally reckless (*bewust roekeloos*) or seriously culpable (*ernstig verwijtbaar*) conduct unless Dutch law provides otherwise.

***Shareholders' Meetings and Consents***

*Quorum and Voting Requirements*

Each ordinary share confers the right on the holder to cast one vote at a General Meeting. Shareholders may vote by proxy. The voting rights attached to any shares held by us are suspended as long as they are held in treasury. Nonetheless, the holders of a right of usufruct (*vruchtgebruik)* in shares belonging to another and the holders of a right of pledge in respect of ordinary shares held by us are not excluded from any right they may have to vote on such ordinary shares, if the right of usufruct (*vruchtgebruik*) or the right of pledge was granted prior to the time such ordinary share was acquired by us. We may not cast votes in respect of a share in respect of which there is a right of usufruct (*vruchtgebruik*) or a right of pledge. Shares which are not entitled to voting rights pursuant to the preceding sentences will not be taken into account for the purpose of determining the number of shareholders that vote and that are present or represented, or the amount of the share capital that is provided or that is represented at a General Meeting.

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In accordance with Dutch law and generally accepted business practices, our Articles of Association do not provide quorum requirements generally applicable to General Meetings. To this extent, our practice varies from the requirement of Nasdaq Listing Rule 5620(c), which requires an issuer to provide in its bylaws for a generally applicable quorum, and that such quorum may not be less than one-third of the outstanding voting stock. Decisions at a General Meeting are taken by an absolute majority of votes cast, except where Dutch law or the Articles of Association provide for a qualified majority or unanimity.

***Board Members***

*Election of Board Members*

Under our Articles of Association, our directors are appointed by the shareholders at a General Meeting upon proposal by our Board of Directors.

*Duties and Liabilities of Directors*

Under Dutch law, our Board of Directors is collectively responsible for our general affairs. Pursuant to our Articles of Association, our Board of Directors shall divide its duties among its members, with our day-to-day management entrusted to the executive directors. The non-executive directors supervise the management of the executive directors and the general affairs of our Company and the business connected with it and provide the executive directors with advice. In addition, both the executive directors and the non-executive directors must perform such duties as are assigned to them pursuant to the Articles of Association. The division of tasks within our Board of Directors is determined (and amended, if necessary) by our Board of Directors. Each director has a duty to properly perform the duties assigned to him or her and to act in our corporate interest. Under Dutch law, the corporate interest extends to the interests of all corporate stakeholders, such as shareholders, creditors, employees and other stakeholders.

*Conflict of Interest*

Under Dutch law, our Board of Directors will need to immediately report any (potential) direct or indirect personal interest in a matter which is conflicting with the interests of the Company and the business connected with it, to the chairperson of our Board of Directors and to the other directors and will need to provide all relevant information, including information concerning their spouse, registered partner or other partner, foster child and relatives by blood or marriage up to the second degree. The non-executive directors shall decide, without the director concerned being present, whether there is a conflict of interest. A conflict of interest in relation to a director in any event exists if we intend to enter into a transaction with a legal entity (i) in which such director personally has a material financial interest, (ii) which has an executive director or a member of the management board who is related under family law to such director or (iii) in which such director has an executive or non-executive position. An executive director shall not participate in any discussions and decision making if he has a conflict of interest in the matter being discussed. If for this reason no resolution can be taken by the executive directors, the non-executive directors will resolve on the matter. A non-executive director shall not participate in any discussions and decision making if he has a conflict of interest in the matter being discussed. If for this reason no resolution can be taken by the non-executive directors or our Board of Directors as a whole, the Board of Directors will resolve on the matter as if there were no conflict of interest.

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*Remuneration*

Pursuant to Dutch law and our Articles of Association, a remuneration policy for the board members must be adopted. Such remuneration policy shall be adopted by the shareholders at a General Meeting upon the proposal of the non-executive directors. The adoption of the remuneration policy requires a 75% majority vote. The remuneration policy will, subsequently, need to be resubmitted to a General Meeting for a vote at least every four years, which vote requires a 75% majority as well. The remuneration of the individual members of our Board of Directors shall be determined by the non-executive directors, at the recommendation of the remuneration and nomination committee, within the limits of the remuneration policy adopted by the shareholders at a General Meeting. Remuneration schemes in the form of shares or rights to shares is submitted by our Board of Directors to the shareholders at a General Meeting for their approval. This proposal must set out at least the maximum number of shares or rights to shares to be granted to our Board of Directors and the criteria for granting or amendment. The executive director(s) shall be given the opportunity to give their individual views on the amount and structure of their own proposed remuneration. An executive director shall not participate in any discussions and decision making if he or she has a conflict of interest in the matter being discussed, notwithstanding his or her rights to give his or her views on the amount and structure of his or her own (proposed) remuneration. If for this reason no resolution can be taken by the executive directors, the non-executive directors will resolve on the matter. The Annual Report shall contain a remuneration report approved by the non-executive directors in respect of the remuneration of the executive director(s), which shall contain the elements required by the law and the Dutch Corporate Governance Code (***DCGC***).

*Borrowing Powers*

Under our Articles of Association, directors shall not be granted any personal loans by the Company, guarantees or the like by us unless in the normal course of business, while personal loans, guarantees or the like to executive directors must also be granted on terms applicable to the personnel as a whole, and after approval of the non-executive directors.

***Dividends and Other Distributions***

*Amount Available for Distribution*

Pursuant to Dutch law and the Articles of Association, the distribution of profits will take place following the adoption of our annual accounts, from which we will determine whether such distribution is permitted. We may only make distributions to the shareholders, whether from profits or from its freely distributable reserves, only insofar as its shareholders' equity exceeds the sum of the paid-up and called-up share capital plus the reserves required to be maintained by Dutch law.

The shareholders at a General Meeting may determine which part of our profits will be added to the reserves in consideration of our reserves and dividends policy. The remaining part of the profits after the addition to the reserves will be at the disposal of the shareholders at a General Meeting. The Board of Directors shall make a proposal for that purpose. Distributions of dividends will be made pro rata to the nominal value of each share.

Subject to Dutch law and the Articles of Association, our Board of Directors, with the consent of the majority of the non-executive directors, may resolve to distribute an interim dividend if it determines such interim dividend to be justified by our profits. For this purpose, our Board of Directors must prepare an interim statement of assets and liabilities. Such

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interim statement shall show our financial position not earlier than on the first day of the third month before the month in which the resolution to make the interim distribution is announced. An interim dividend can only be paid if (a) an interim statement of assets and liabilities is drawn up showing that the funds available for distribution are sufficient, and (b) our shareholders' equity exceeds the sum of the paid-up and called-up share capital plus the reserves required to be maintained by Dutch law.

Our Board of Directors, with the consent of the majority of the non-executive directors, may resolve that we make distributions to shareholders from one or more of our freely distributable reserves, other than by way of profit distribution, subject to the due observance of our policy on reserves and dividends. Any such distributions will be made pro rata to the nominal value of each share.

Dividends and other distributions shall be made payable not later than the date determined by our board. Claims to dividends and other distributions not made within five years from the date that such dividends or distributions became payable, will lapse and any such amounts will be considered to have been forfeited to us (*verjaring*).

We do not anticipate paying any cash dividends for the foreseeable future.

*Rights to Share in Company Profits*

We have a policy on reserves and dividends which shall be determined and may be amended by the Board of Directors. The adoption and thereafter each material change of our policy on reserves and dividends shall be discussed at a General Meeting under a separate agenda item.

From the profits, shown in the annual accounts, as adopted, a General Meeting shall determine which part shall be reserved. Any profits remaining thereafter shall be at the disposal of a General Meeting. The Board of Directors shall make a proposal for that purpose. A proposal to pay a dividend shall be dealt with as a separate agenda item at a General Meeting.

Distribution of dividends on the shares shall be made in proportion to the nominal value of each share. If a loss was suffered during any one year, the Board of Directors may resolve to offset such loss by writing it off against a reserve which the Company is not required to keep by virtue of the law. The distribution of profits shall be made after the adoption of the annual accounts, from which it appears that the same is permitted. The Board of Directors may, subject to due observance of the policy of the Company on reserves and dividends, resolve to make an interim distribution. At the proposal of the Board of Directors, a General Meeting may resolve to make a distribution on shares wholly or partly not in cash but in shares. The Board of Directors may, subject to due observance of the policy of the Company on reserves and dividends, resolve that distributions to holders of shares shall be made out of one or more reserves.

*Right to Surplus In the Event of Liquidation*

Any surplus remaining after settlement of all debts and liquidation costs will be distributed to the shareholders in proportion to the nominal value of their shareholdings.

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*Redemption Provisions*

A General Meeting may, but only at the proposal of the Board of Directors, resolve to reduce the Company's issue capital, with due observance of the relevant provisions of the law.

*Annual Accounts and Semi-Annual Accounts*

Our financial year is the calendar year. Within four months after the end of our financial year, our Board of Directors must prepare the annual accounts. It must make them available for inspection by the shareholders at our office. The annual accounts must be accompanied by an auditors' statement, an annual report, a report by our Board of Directors and certain other information required under Dutch law. The annual accounts, the annual report, the other information required under Dutch law and the auditors' statement must be made available to shareholders for review from the day of the notice convening the annual General Meeting. All members of our Board of Directors must sign the annual accounts and if a member does not sign, the reasons for this must be stated. The annual accounts must be adopted by a General Meeting. Within two months after the end of the first six months of the financial year, our Board of Directors must prepare semi-annual accounts and make them publicly available. If the semi-annual accounts are audited or reviewed, the independent auditor's report must be made publicly available together with the semi-annual accounts.

*Dissolution and Liquidation*

argenx may only be dissolved by a resolution of the shareholders at a General Meeting upon a proposal made by our Board of Directors with the consent of the majority of the non-executive directors. If a resolution to dissolve argenx is to be put to the shareholders at a General Meeting, this must in all cases be stated in the notice convening a General Meeting. If the shareholders at a General Meeting resolve to dissolve argenx SE, the members of our Board of Directors will be charged with the liquidation of the business of argenx SE. During liquidation, the provisions of the Articles of Association will remain in force as far as possible.

A resolution by the shareholders at a General Meeting to dissolve argenx requires a two-thirds majority of the votes cast if less than half the issued and outstanding share capital is represented at the meeting.

Any surplus remaining after settlement of all debts and liquidation costs will be distributed to the shareholders in proportion to the nominal value of their shareholdings.

**Public Offer**

In accordance with Directive 2004/25/EC, each European Union member state should ensure the protection of minority shareholders by obliging any person that acquires control of a company to make an offer to all the holders of that company's voting securities for all their holdings at an equitable price.

The Directive 2004/25/EC applies to all companies governed by the laws of a European Union member state of which all or some voting securities are admitted to trading on a regulated market in one or more European Union member states. The laws of the European Union member state in which a company has its registered office will determine the percentage of voting rights that is regarded as conferring control over that company.

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In accordance with Section 5:70 of the Dutch Financial Supervision Act (*Wet op het financieel toezicht*) (***DFSA***), any person—whether acting alone or in concert with others—who, directly or indirectly, acquires a controlling interest in a company will be obliged to launch a mandatory public offer for all our outstanding shares. A controlling interest is deemed to exist if a (legal) person is able to exercise, alone or acting in concert, at least 30% of the voting rights at a General Meeting. An exception is made for, amongst others, shareholders who—whether alone or acting in concert with others—(i) had an interest of at least 30% of our voting rights before our shares were first admitted to trading on Euronext Brussels and who still have such an interest after such first admittance to trading, and (ii) reduce their holding to below 30% of the voting rights within 30 days of the acquisition of the controlling interest provided that (a) the reduction of their holding was not effected by a transfer of shares to an exempted party and (b) during such period such shareholders or group of shareholders did not exercise their voting rights.

The rules under the DFSA regarding mandatory public offers apply to us because the Company has its statutory seat in the Netherlands. However, as the shares are not admitted to trading on a regulated market in the Netherlands but are admitted to trading on Euronext Brussels and the ADSs are admitted to trading on Nasdaq, the Dutch Decree on public offers (*Besluit openbare biedingen Wft*) will only apply in relation to matters relating to information to be provided to trade unions and employees and company law matters, including the convocation of a General Meeting in the event of a public offer and a position statement by our Board of Directors. In case of a mandatory public offer, the provisions regarding the offered consideration and the bid procedure will be governed by Belgian law pursuant to Article 4§1, 3° of the Belgian law dated April 1, 2007 on public takeover bids (*loi relative aux offres publiques d'acquisition/Wet op de openbare overnamebiedingen*). Pursuant to Article 53 of the implementing Royal Decree dated April 27, 2007 (*arrêté royal relatif aux offres publiques d'acquisition/Koninklijk besluit op de openbare overnamebiedingen*), a mandatory public offer on our shares must be launched at a price equal to the higher of (i) the highest price paid by the offeror or persons acting in concert with it for the acquisition of shares during the last 12 months and (ii) the weighted average trading prices during the last 30 days before the obligation to launch a mandatory public offer was triggered. The price can be in cash or in securities. However, if the securities that are offered as consideration are not liquid securities that are traded on a regulated market or if the offeror or persons acting in concert with it have acquired shares for cash in the last 12 months, a cash alternative has to be offered.

No takeover bid has been instigated by third parties in respect of our equity during the previous financial year and the current financial year.

***Squeeze Out Procedures***

Pursuant to Article 92a, Book 2, DCC, a shareholder who for his or her own account holds at least 95% of our issued share capital may initiate proceedings against our minority shareholders to receive their shares. The proceedings are held before the Dutch Enterprise Chamber of the Amsterdam Court of Appeal (*Ondernemingskamer van het Gerechtshof te Amsterdam*) (***Enterprise Chamber***) and can be instituted by means of a writ of summons served upon each of the minority shareholders in accordance with the provisions of the Dutch Code of Civil Procedure (*Wetboek van Burgerlijke Rechtsvordering*). The Enterprise Chamber may grant the claim for squeeze out in relation to all minority shareholders and will determine the price to be paid for the shares, if necessary after appointment of one or three experts who will offer an opinion to the Enterprise Chamber on the value to be paid for the shares of the minority shareholders. Once the order to transfer becomes final before the Enterprise Chamber, the person acquiring the shares shall give written notice of the date and

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place of payment and the price to the holders of the shares to be acquired whose addresses are known to him. Unless the addresses of all of them are known to the acquiring person, such person is required to publish the same in a daily newspaper with a national circulation.

In addition, pursuant to Article 359c, Book 2 of the DCC, following a public offer, a holder of at least 95% of our issued share capital and voting rights has the right to require the minority shareholders to sell their shares to it. Any such request must be filed with the Enterprise Chamber within three months after the end of the acceptance period of the public offer. Conversely, pursuant to Article 2:359d, Book 2 of the DCC each minority shareholder has the right to require the holder of at least 95% of our issued share capital and voting rights to purchase its shares in such case. The minority shareholder must file such claim with the Enterprise Chamber within three months after the end of the acceptance period of the public offer.

**Market Abuse Rules**

As of July 3, 2016, setting aside previously applicable national legislation in the European Union member states, the Market Abuse Regulation (Regulation (EU) No 596/2014) (as amended from time to time) (***MAR***) provides for specific rules intended to prevent market abuse, such as prohibitions on insider trading, divulging inside information and tipping and market manipulation. The Company, the members of our Board of Directors and other insiders and persons performing or conducting transactions in the Company's financial instruments, as applicable, are subject to the insider trading prohibition, the prohibition on divulging inside information and tipping and the prohibition on market manipulation. In certain circumstances, the Company's investors may also be subject to market abuse rules.

Inside information is any information of a precise nature relating (directly or indirectly) to us, or to our shares or other financial instruments, which information has not been made public and which, if it were made public, would be likely to have a significant effect on the price of the shares or the other financial instruments or on the price of related derivative financial instruments.

Pursuant to the MAR, a person is prohibited to possess inside information and use that information by acquiring or disposing of, for its own account or for the account of a third party, directly or indirectly, our shares and other financial instruments to which that information relates (which is considered to be insider dealing). The use of inside information by cancelling or amending an order concerning our shares or other financial instruments to which the information relates where the order was placed before the person concerned possessed the inside information, is also prohibited. In addition, a person is also prohibited to recommend another person to engage in insider dealing, or induce another person to engage in insider dealing, which arises where the person possesses inside information and (a) recommends, on the basis of that information, that another person acquires or disposes of our shares or other financial instruments to which that information relates, or induces that person to make such an acquisition or disposal or (b) recommends, on the basis of that information, that another person cancels or amends an order concerning our shares or other financial instruments to which that information relates, or induces that person to make such a cancellation or amendment.

The Company is under an obligation to make any inside information immediately public. However, the Company may, on its own responsibility, delay the publication of inside information if it can ensure the confidentiality of the information. Such deferral is only possible if the publication thereof could damage the Company's legitimate interests and if the

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deferral does not risk misleading the market. If the Company wishes to use this deferral right it needs to inform the Belgian Financial Services and Markets Authority thereof after the information is disclosed to the public and provide a written explanation of how the conditions for deferral were met, immediately. The Company is subject to Belgian law and MAR regarding the publication of inside information.

Directors, other persons discharging managerial responsibilities and persons closely associated with them are covered by the MAR notification obligations. Directors and other persons discharging managerial responsibilities as well as persons closely associated with them, must notify the Netherlands Authority for the Financial Markets (***AFM***) of every transaction conducted on their own account relating to the shares or debt instruments of the Company, or to derivatives or other financial instruments linked to those shares or debt instruments. Notification must be made within three working days after the date of the transaction. Under MAR, no notification of a transaction needs to be made until transactions in a calendar year by that director, persons discharging managerial responsibilities or persons closely associated with them exceed a threshold of €20,000 (without netting). Once the threshold has been reached, all transactions will need to be notified, regardless of amount and wherever concluded.

Non-compliance with these reporting obligations could lead to criminal penalties, administrative fines and cease-and-desist orders (and the publication thereof), imprisonment or other sanctions.

**Transparency Directive**

We are a European public company with limited liability (*Societas Europaea* or *SE*) incorporated and existing under the laws of the Netherlands. The Netherlands is our home European Union member state (*lidstaat van herkomst*) for the purposes of Directive 2004/109/EC, or the Transparency Directive as amended by Directive 2010/73/EU, as a consequence of which we will be subject to the DFSA in respect of certain ongoing transparency and disclosure obligations. In addition, as long as our shares are listed on Euronext Brussels and the ADSs on Nasdaq, we are required to disclose any regulated information which has been disclosed pursuant to the DFSA as well in accordance with the Belgian Act of May 2, 2007, the Belgian Royal Decree of November 14, 2007 and Nasdaq listing rules.

We must publish our annual accounts within four months after the end of each financial year and our half-yearly figures within two months after the end of the first six months of each financial year. Within five calendar days after adoption of our annual accounts, we must file our adopted annual accounts with the AFM.

Pursuant to the DFSA, we will be required to make public without delay any change in the rights attaching to our shares or any rights to subscribe our shares.

**Dutch Financial Reporting Supervision Act**

Pursuant to the Dutch Financial Reporting Supervision Act (*Wet toezicht financiële verslaggeving*) (***DFRSA***), the AFM supervises the application of financial reporting standards by companies whose official seat is in the Netherlands and whose securities are listed on a regulated Dutch or foreign stock exchange.

Pursuant to the DFSRA, the AFM has an independent right to (i) request an explanation from the Company regarding its application of the applicable financial reporting standards if, based on publicly known facts or circumstances, the AFM has reason to doubt

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that the Company's financial reporting meets such standards and (ii) notifies the Company that its financial reports do not meet the applicable financial reporting standards, which notification may be accompanied by a recommendation to issue a press release on the subject matter. If the Company does not comply with such a request or recommendation, the AFM may request the Enterprise Chamber of the Court of Appeal in Amsterdam (*Ondernemingskamer van het Gerechtshof te Amsterdam*) to order the Company to (a) provide an explanation regarding its application of the applicable financial reporting standards to its financial reports or (b) prepare its financial reports in accordance with the Enterprise Chamber of the Court of Appeal's instructions.

**Our Obligations and Obligations of our Shareholders and Directors to Notify Holders of Shares and Voting Rights**

Pursuant to chapter 5.3 of the DFSA, any person who, directly or indirectly, acquires or disposes of an actual or potential capital interest or voting rights in the Company must immediately give written notice to the AFM of such acquisition or disposal if, as a result of such acquisition or disposal, the percentage of capital interest and/or voting rights held by such person reaches, exceeds or falls below the following thresholds: 3%, 5%, 10%, 15%, 20%, 25%, 30%, 40%, 50%, 60%, 75% and 95%.

For the purpose of calculating the percentage of capital interest or voting rights, the following interests must be taken into account: (i) shares and/or voting rights directly held (or acquired or disposed of) by any person; (ii) shares or voting rights held (or acquired or disposed of) by such person's controlled entities or by a third party for such person's account; (iii) voting rights held (or acquired or disposed of) by a third party with whom such person has concluded an oral or written voting agreement; (iv) voting rights acquired pursuant to an agreement providing for a temporary transfer of voting rights in consideration for a payment; (v) shares which such person, or any controlled entity or third party referred to above, may acquire pursuant to any option or other right to acquire shares; (vi) shares which determine the value of certain cash settled financial instruments such as contracts for difference and total return swaps; (vii) shares that must be acquired upon exercise of a put option by a counterparty; and (viii) shares which are the subject of another contract creating an economic position similar to a direct or indirect holding in those shares.

Controlled entities (*gecontroleerde ondernemingen*) within the meaning of the DFSA do not themselves have notification obligations under the DFSA as their direct and indirect interests are attributed to their (ultimate) parent. If a person who has a 3% or larger interest in the Company's share capital or voting rights ceases to be a controlled entity it must immediately notify the AFM and all notification obligations under the DFSA will become applicable to such former controlled entity.

Special rules apply to the attribution of shares and/or voting rights which are part of the property of a partnership or other form of joint ownership. A holder of a pledge or right of usufruct in respect of shares can also be subject to notification obligations, if such person has, or can acquire, the right to vote on the shares. The acquisition of (conditional) voting rights by a pledgee or beneficial owner may also trigger notification obligations as if the pledgee or beneficial owner were the legal holder of the shares and/or voting rights.

Furthermore, when calculating the percentage of capital interest a person is also considered to be in possession of shares if (i) such person holds a financial instrument the value of which is (in part) determined by the value of the shares or any distributions associated therewith and which does not entitle such person to acquire any shares, (ii) such person may be obliged to purchase shares on the basis of an option, or (iii) such person has

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concluded another contract whereby such person acquires an economic interest comparable to that of holding a share.

Under the DFSA, we are required to notify the AFM promptly of any change of 1% or more in our issued and outstanding share capital or voting rights since the previous notification. Other changes in our issued and outstanding share capital or voting rights must be notified to the AFM within eight days after the end of the quarter in which the change occurred. If a person's capital interest or voting rights reaches, exceeds or falls below the above-mentioned thresholds as a result of a change in our issued and outstanding share capital or voting rights, such person is required to make a notification not later than on the fourth trading day after the AFM has published our notification as described above.

Every holder of 3% or more of our share capital or voting rights who, in relation to its previous notification, reaches, exceeds or falls below any of the above-mentioned thresholds as a consequence of a different composition by means of an exchange or conversion into shares or the exercise of rights pursuant to an agreement to acquire voting rights, must notify the AFM at the latest within four trading days.

Furthermore, each director must notify the AFM of each change in the number of shares he or she holds and of each change in the number of votes he or she is entitled to cast in respect of our issued and outstanding share capital, immediately after the relevant change.

The AFM does not issue separate public announcements of the notifications. It does, however, keep a public register of and publishes all notifications made pursuant to the DFSA at its website (www.afm.nl). Third parties can request to be notified automatically by email of changes to the public register in relation to a particular company's shares or a particular notifying party.

Non-compliance with these notification obligations is an economic offence and may lead to criminal prosecution. The AFM may impose administrative penalties for non-compliance, and the publication thereof. In addition, a civil court can impose measures against any person who fails to notify or incorrectly notifies the AFM of matters required to be notified. A claim requiring that such measures be imposed may be instituted by us, or by one or more of our shareholders who alone or together with others represent at least 3% of our issued and outstanding share capital of or voting rights. The measures that the civil court may impose include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** an order requiring the person with a duty to disclose to make the appropriate disclosure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** suspension of the right to exercise the voting rights by the person with a duty to disclose for a period of up to three years as determined by the court;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** voiding a resolution adopted by the shareholders at a General Meeting, if the court determines that the resolution would not have been adopted but for the exercise of the voting rights of the person with a duty to disclose, or suspension of a resolution adopted by the shareholders at a General Meeting until the court makes a decision about such voiding; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** an order to the person with a duty to disclose to refrain, during a period of up to five years as determined by the court, from acquiring shares or voting rights in the Company.

Shareholders are advised to consult with their own legal advisors to determine whether the notification obligations apply to them.

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**Short Positions**

***Net Short Position***

Pursuant to European Union Regulation No. 236/2012, each person holding a net short position attaining 0.2% of our issued share capital of must report it to the AFM. Each subsequent increase of this position by 0.1% above 0.2% will also have to be reported. Each net short position equal to 0.5% of our issued share capital and any subsequent increase of that position by 0.1% will be made public via the AFM short selling register. To calculate whether a natural person or legal person has a net short position, their short positions and long positions must be set off. A short transaction in a share can only be contracted if a reasonable case can be made that the shares sold can actually be delivered, which requires confirmation of a third party that the shares have been located. The notification shall be made no later than 15:30 CET on the following trading day.

***Gross Short Position***

Furthermore, each person holding a gross short position in relation to our issued share capital that reaches, exceeds or falls below one of the following thresholds: 3%, 5%, 10%, 15%, 20%, 25%, 30%, 40%, 50%, 60%, 75% and 95%, must immediately give written notice to the AFM.

If a person's gross short position reaches, exceeds or falls below one of the abovementioned thresholds as a result of a change in our issued share capital, such person is required to make a notification not later than on the fourth trading day after the AFM has published our notification in the public register of the AFM.

The AFM keeps a public register of the short selling notifications. Shareholders are advised to consult with their own legal advisors to determine whether any of the above short selling notification obligations apply to them.

**Comparison of Dutch Corporate Law, our Articles of Association and Board of Directors By-Laws and DGCL**

The following comparison between Dutch corporation law, which applies to us, and DGCL, the law under which many publicly listed corporations in the United States are incorporated, discusses additional matters which are also described in Item 10 of the accompanying Form 20-F. Because these statements are summaries, they do not address all aspects of Dutch law that may be relevant to us and our shareholders or all aspects of DGCL which may differ from Dutch law, and they are not intended to be a complete discussion of the respective rights.

***Duties of Board Members***

**The Netherlands.** We have a one-tier board structure consisting of our executive directors and non-executive directors.

Under Dutch law, our Board of Directors is collectively responsible for our general affairs. Pursuant to our Articles of Association, our Board of Directors shall divide its duties among its members, with our day-to-day management entrusted to the executive directors. The non-executive directors supervise the management of the executive directors and the general affairs in the Company and the business connected with it and provide the executive directors with advice. In addition, both the executive directors and the non-executive directors

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must perform such duties as are assigned to them pursuant to the Articles of Association. The division of tasks within our Board of Directors is determined (and amended, if necessary) by our Board of Directors. Each director has a duty to properly perform the duties assigned to him or her and to act in our corporate interest.

Under Dutch law, the corporate interest extends to the interests of all corporate stakeholders, such as shareholders, creditors, employees and other stakeholders.

An executive director may not be allocated the tasks of: (i) serving as chairperson of our Board of Directors; (ii) determining the remuneration of the executive directors; or (iii) nominating directors for appointment. An executive director may not participate in the adoption of resolutions (including any deliberations in respect of such resolutions) relating to the remuneration of executive directors and to the appointment of a statutory auditor for the audit of the annual accounts. Certain resolutions of our board can only be adopted with the consent of a majority of the non-executive directors.

**Delaware.** The board of directors bears the ultimate responsibility for managing the business and affairs of a corporation. In discharging this function, directors of a Delaware corporation owe fiduciary duties of care and loyalty to the corporation and to its stockholders. Delaware courts have decided that the directors of a Delaware corporation are required to exercise informed business judgment in the performance of their duties. Informed business judgment means that the directors have informed themselves of all material information reasonably available to them. Delaware courts have also imposed a heightened standard of conduct upon directors of a Delaware corporation who take any action designed to defeat a threatened change in control of the corporation. In addition, under Delaware law, when the board of directors of a Delaware corporation approves the sale or break-up of a corporation, the board of directors may, in certain circumstances, have a duty to obtain the highest value reasonably available to the stockholders.

***Board of Directors Resolutions Requiring a Special Majority***

Under our Board of Directors' by-laws (***By-Laws***), the following actions require the consent of the majority of the non-executive directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Any proposal of our Board of Directors to a General Meeting with respect to well the dissolution, liquidation or winding up of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Any proposal of our Board of Directors to a General Meeting with respect to an amendment of the Articles of Association;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Any proposal of our Board of Directors to a General Meeting with respect to an issue of shares in our capital or to grant rights to subscribe for shares in our capital or to designate our Board of Directors as the corporate body authorized to do so as well as a resolution of our Board of Directors to issue shares or to grant rights to subscribe for our shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Any proposal of our Board of Directors to a General Meeting with respect to the exclusion or restrictions of pre-emptive rights to subscribe for shares in our capital or to rights to subscribe for shares in our capital or to designate our Board of Directors as the corporate body authorized to do so as well as a resolution of our Board of Directors to restrict or exclude pre-emptive rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Acquisition of our own shares;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Any proposal of our Board of Directors to a General Meeting with respect to a reduction of share capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Adoption of as well as any changes to the Company's reserves and dividends policy, the determination of the amount of profit to be reserved in any financial year as well as any proposal of the Board of directors to a General Meeting for the payment of any dividends, including an interim distribution or any distribution out of the reserves of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Adoption of our annual operating budget for the Company and its direct and indirect subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Adoption and amendment of any employee equity incentive plan (***Equity Incentive Plan***);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Conducting any material litigation on behalf of the Company other than in relation to the collection of debts, and taking measures which cannot be delayed, and making settlements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Directly or indirectly entering into any agreements, contracts or arrangements which are not of an at arm's length nature and the entering into an arrangement or agreement with (including, without limitation, an individual related to) a shareholder of the Company, executive director or non-executive director; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Changing the business location of the Company to any location outside the Netherlands.

Our Board of Directors may designate further resolutions which also require the consenting vote of a majority of the non-executive directors. These further resolutions must be clearly specified and in writing.

Resolutions of the Board of Directors entailing a significant change in the identity or character of the Company or its business require the approval of the shareholders at a General Meeting. This includes in any case: (i) the transfer to a third party of the business of the Company or practically the entire business of the Company; (ii) the entry into or breaking off of any long-term cooperation of the Company or a subsidiary with another legal entity or company or as a fully liable partner of a general partnership or limited partnership, where such entry or breaking off is of far-reaching importance to the Company; or (iii) the acquisition or disposal by the Company or a subsidiary of an interest in the capital of a company with a value of at least one-third of the Company's assets according to the consolidated balance sheet with explanatory notes included in the last adopted annual accounts of the Company. Failure to obtain the approval of the shareholders at a General Meeting for these resolutions of the Board of Directors does not affect the power of representation of the Board of Directors.

The Board of Directors as a whole is authorized to represent the Company. In addition, each executive director acting solely is also authorized to represent the Company. Our Board of Directors may appoint individuals (*procuratiehouders*) with general or limited power to represent the Company. Each of these individuals shall be able to represent the Company with due observance of any restrictions imposed on him. Our Board of Directors shall determine their titles.

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Tasks that have not been specifically allocated fall within the power of our Board of Directors as a whole. All directors remain collectively responsible for proper management regardless of the allocation of tasks.

The executive directors and the non-executive directors may adopt legally valid resolutions with regard to matters that fall within the scope of their respective duties. Our Board of Directors may only adopt resolutions when the majority of the relevant directors in office shall be present or represented, with a simple voting majority of the votes cast, which is 50% plus one.

**Delaware.** The DGCL does not provide for special majority requirements for resolutions by the board of directors. Under the DGCL, the vote of the majority of the directors present at a meeting at which a quorum is present will be the act of the board of directors unless the certificate of incorporation or the bylaws requires a vote of a greater number.

***Board Member Terms***

**The Netherlands.** Pursuant to the Articles of Association, a member of our Board of Directors shall retire not later than on the day on which the first General Meeting is held following lapse of four years since his or her appointment. A retiring member of our Board of Directors may be re-appointed.

Under Dutch law, the shareholders at a General Meeting have the authority to suspend or remove members of our Board of Directors at any time, with or without cause, by means of a resolution passed by a simple majority of the votes cast. Executive directors may also be suspended by our Board of Directors. A suspension by our Board of Directors may be discontinued by the shareholders at a General Meeting at any time.

**Delaware.** The DGCL generally provides for a one-year term for directors, but permits directorships to be divided into up to three classes with up to three-year terms, with the years for each class expiring in different years, if permitted by the certificate of incorporation, an initial bylaw or a bylaw adopted by the stockholders. A director elected to serve a term on a "classified" board may not be removed by stockholders without cause. There is no limit in the number of terms a director may serve, unless stated otherwise in the certificate of incorporation or bylaws.

***Board Member Vacancies***

**The Netherlands.** Under Dutch law, the shareholders at a General Meeting appoint the members of our Board of Directors. For each seat on our Board of Directors to be filled, our Board of Directors shall make one or more proposals. A resolution to appoint a member of our Board of Directors nominated by our Board of Directors may be adopted by a simple majority of the votes cast. A nomination for appointment of an executive director must state the candidate's age and the positions he or she holds, or has held, insofar as these are relevant for the performance of the duties of a member of our Board of Directors. The nomination must state the reasons for the nomination of the relevant person. A nomination for appointment of a non-executive director must state the candidate's age, his or her profession, the number of shares he or she holds and the positions he or she holds, or has held, insofar as these are relevant for the performance of the duties of a member of our Board of Directors. Furthermore, the names of the legal entities of which he or she is already a supervisory board member or a non-executive member of the board shall be indicated; if those include legal

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entities which belong to the same group, a reference to that group will be sufficient. The nomination must state the reasons for the nomination of the relevant person.

**Delaware.** The DGCL provides that vacancies and newly created directorships may be filled by a majority of the directors then in office (even though less than a quorum) unless (i) otherwise provided in the certificate of incorporation or bylaws of the corporation or (ii) the certificate of incorporation directs that a particular class of stock is to elect such director, in which case a majority of the directors elected by such class, or a sole remaining director elected by such class, will fill such vacancy.

***Conflict-of-Interest Transactions***

**The Netherlands.** Directors will immediately report any (potential) direct or indirect personal interest in a matter which is conflicting with the interests of the Company and the business connected with it to the chairperson of our Board of Directors and to the other directors and will provide all relevant information, including information concerning their spouse, registered partner or other partner, foster child and relatives by blood or marriage up to the second degree as defined under Dutch law. The non-executive directors shall decide, without the director concerned being present, whether there is a conflict of interest. A conflict of interest in relation to a director in any event exists if we intend to enter into a transaction with a legal entity (i) in which such director personally has a material financial interest, (ii) which has an executive director or a member of the management board who is related under family law to such director or (iii) in which such director has an executive or non-executive position. An executive director shall not participate in any discussions and decision making if he has a conflict of interest in the matter being discussed. If for this reason no resolution can be taken by the executive directors, the non-executive directors will resolve on the matter. A non-executive director shall not participate in any discussions and decision making if he has a conflict of interest in the matter being discussed. If for this reason no resolution can be taken by the non-executive directors or our Board of Directors as a whole, the Board of Directors will resolve on the matter as if there were no conflict of interest. All transactions in which there are conflicts of interest with directors shall be agreed on terms that are customary in the sector concerned. Decisions to enter into transactions in which there are conflicts of interest with directors that are of material significance to us or to the relevant director require the approval of the non-executive directors. All transactions between us and legal or natural persons who hold at least one tenth of our shares shall be agreed on terms that are customary in the sector in which we and our combined businesses are active. The non-executive directors are required to approve such transactions that are of a material significance to us or to such persons.

**Delaware.** The DGCL generally permits transactions involving a Delaware corporation and an interested director of that corporation if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** the material facts as to the director's relationship or interest are disclosed and a majority of the disinterested directors consent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** the material facts are disclosed as to the director's relationship or interest and a majority of shares entitled to vote thereon consent; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** the transaction is fair to the corporation at the time it is authorized by the board of directors, a committee of the board of directors or the stockholders.

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***Proxy Voting by Board Members***

**The Netherlands.** A director may issue a proxy for a specific board meeting but only to other directors in writing.

**Delaware.** A director of a Delaware corporation may not issue a proxy representing the director's voting rights as a director.

***Voting Rights***

**The Netherlands.** In accordance with Dutch law and our Articles of Association, each issued ordinary share confers the right to cast one vote at a General Meeting. Each holder of ordinary shares may cast as many votes as it holds shares. Shares that are held by us or our direct or indirect subsidiaries do not confer the right to vote.

Shareholders may exercise their rights at a General Meeting if they are the holders of our shares on the record date as required by Dutch law, which is currently the 28<sup>th</sup> day before the day of a General Meeting, and they or their proxy have notified us of their intention to attend a General Meeting in writing or by any other electronic means that can be reproduced on paper ultimately at a date set for that purpose by our Board of Directors (which date was for the previous General Meetings set on the seventh day prior to the relevant General Meeting), specifying such person's name and the number of shares for which such person may exercise the voting rights and/or meeting rights at such General Meeting. The record date and the manner in which shareholders can register and exercise their rights will be set out in the notice of the meeting.

**Delaware.** Under the DGCL, each stockholder is entitled to one vote per share of stock, unless the certificate of incorporation provides otherwise. In addition, the certificate of incorporation may provide for cumulative voting at all elections of directors of the corporation, or at elections held under specified circumstances. Either the certificate of incorporation or the bylaws may specify the number of shares or the amount of other securities that must be represented at a meeting in order to constitute a quorum, but in no event will a quorum consist of less than one third of the shares entitled to vote at a meeting.

Stockholders as of the record date for the meeting are entitled to vote at the meeting, and the board of directors may fix a record date that is no more than 60 nor less than 10 days before the date of the meeting, and if no record date is set then the record date is the close of business on the day next preceding the day on which notice is given, or if notice is waived then the record date is the close of business on the day next preceding the day on which the meeting is held. The determination of the stockholders of record entitled to notice or to vote at a meeting of stockholders shall apply to any adjournment of the meeting, but the board of directors may fix a new record date for the adjourned meeting.

***Shareholder Proposals***

**The Netherlands.** Pursuant to our Articles of Association, extraordinary General Meetings will be held whenever our Board of Directors deems such to be necessary and annual General Meetings must be held within the first six months of the Company's financial year. Pursuant to Dutch law, one or more shareholders, who jointly represent at least one-tenth of the issued and outstanding share capital may request our Board of Directors to convene a General Meeting. If our Board of Directors has not taken the steps necessary to ensure that a General Meeting could be held within the relevant statutory period after the request, the requesting persons may, at his/her/their request, be authorized by Court in

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preliminary relief proceedings to convene a General Meeting. The court shall disallow the application if it does not appear that the applicants have previously requested our Board of Directors to convene a General Meeting and our Board of Directors has not taken the necessary steps so that such General Meeting could be held within six weeks after the request.

Also, the agenda for a General Meeting shall include such items requested by one or more shareholders, and others entitled to attend General Meetings, representing at least 3% of the issued and outstanding share capital, except where the articles of association state a lower percentage. Our Articles of Association do not state such lower percentage. Requests must be made in writing and received by our Board of Directors at least 60 days before the day of the convocation of the meeting. In accordance with the DCGC, a shareholder shall exercise the right of putting an item on the agenda only after consulting our Board of Directors in that respect. If one or more shareholders intends to request that an item be put on the agenda that may result in a change in the Company's strategy, our Board of Directors may invoke a response time of a maximum of 180 days until the day of a General Meeting. In addition, pursuant to the DCC, our Board of Directors may invoke a statutory cooling-off period up to a maximum of 250 days (*wettelijke bedenktijd*). For the Company, this means that the new rules will apply in case:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** shareholders requesting our Board of Directors to have a General Meeting consider a proposal for the appointment, suspension or dismissal of one or more directors, or a proposal for the amendment of one or more provisions in the Articles of Association relating thereto; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** a public offer for shares in the capital of the Company is announced or made without the bidder and the Company having been reached agreement about the offer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** only if our Board of Directors also considers the relevant situation to be substantially contrary to the interests of the Company and its affiliated enterprises.

If our Board of Directors invokes such cooling-off period, this suspends the powers of a General Meeting to appoint, suspend or dismiss directors (and to amend the Articles of Association in this respect).

**Delaware.** Delaware law does not specifically grant stockholders the right to bring business before an annual or special meeting. However, if a Delaware corporation is subject to the SEC's proxy rules, a stockholder who owns at least (i) $2,000 of the corporation's securities entitled to vote on the proposal for at least three years, (ii) $15,000 of the corporation's securities entitled to vote on the proposal for at least two years, or (iii) $25,000 of the corporation's securities entitled to vote on the proposal for at least one year may propose a matter for a vote at an annual or special meeting in accordance with those rules.

Shareholders who intend to solicit proxies in support of director nominees other than the corporation's nominees must also provide notice that sets forth the information required by Rule 14a-19 under the Exchange Act.

***Action by Written Consent***

**The Netherlands.** Our Articles of Association do not provide for the possibility that shareholders' resolutions can also be adopted in writing without holding a meeting of shareholders. Although permitted by Dutch law, for a listed company, this method of adopting resolutions is not feasible.

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**Delaware.** Although permitted by Delaware law, publicly listed companies do not typically permit stockholders of a corporation to take action by written consent.

***Appraisal Rights***

**The Netherlands.** The concept of appraisal rights is not known as such under Dutch law.

However, pursuant to Dutch law a shareholder who for his own account contributes at least 95% of our issued share capital may initiate proceedings against our minority shareholders jointly for the transfer of their shares to the claimant. The proceedings are held before the Enterprise Chamber. The Enterprise Chamber may grant the claim for squeeze out in relation to all minority shareholders and will determine the price to be paid for the shares, if necessary after appointment of one or three experts who will offer an opinion to the Enterprise Chamber on the value to be paid for the shares of the minority shareholders. Once the order to transfer becomes final before the Enterprise Chamber, the person acquiring the shares shall give written notice of the date and place of payment and the price to the holders of the shares to be acquired whose addresses are known to him. Unless the addresses of all of them are known to the acquiring person, such person is required to publish the same in a daily newspaper with a national circulation.

Furthermore, in accordance with the Directive (EU) 2017/1132 of the European Parliament and the Council of June 14, 2017 on cross-border mergers of limited liability companies, Dutch law provides that, to the extent that the acquiring company in a cross-border merger is organized under the laws of another European Union member state, a shareholder of a Dutch disappearing company who has voted against the cross-border merger may file a claim with the Dutch company for compensation. Such compensation to be determined by one or more independent experts. The shares of such shareholder that are subject to such claim will cease to exist as of the moment of entry into effect of the cross-border merger.

Payment by the acquiring company is only possible if the resolution to approve the cross-border merger by the corporate body of the other company or companies involved in the cross-border merger includes the acceptance of the rights of the shareholders of the Dutch company to oppose the cross-border merger.

**Delaware.** The DGCL provides for stockholder appraisal rights, or the right to demand payment in cash of the judicially determined fair value of the stockholder's shares, in connection with certain mergers and consolidations.

***Shareholder Suits***

**The Netherlands.** In the event a third party is liable to a Dutch company, only the Company itself can bring a civil action against that party. The individual shareholders do not have the right to bring an action on behalf of the Company. Only in case cause for the liability of a third party to the Company also constitutes a tortious act directly against a shareholder such shareholder has an individual right of action against such third party in its own name. The DCC provides for the possibility to initiate such actions collectively. A foundation or an association whose objective is to protect the rights of a group of persons having similar interests can institute a collective action. The collective action itself cannot result in an order for payment of monetary damages but may only result in a declaratory judgment (*verklaring voor recht*). In order to obtain compensation for damages, the foundation or association and the defendant may reach—often on the basis of such declaratory judgment—a settlement. A

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Dutch court may declare the settlement agreement binding upon all the injured parties with an opt-out choice for an individual injured party. An individual injured party may also itself institute a civil claim for damages.

**Delaware.** Under the DGCL, a stockholder may bring a derivative action on behalf of the corporation to enforce the rights of the corporation. An individual also may commence a class action suit on behalf of himself and other similarly situated stockholders where the requirements for maintaining a class action under Delaware law have been met. A person may institute and maintain such a suit only if that person was a stockholder at the time of the transaction which is the subject of the suit. In addition, under Delaware case law, the plaintiff normally must be a stockholder at the time of the transaction that is the subject of the suit and throughout the duration of the derivative suit. Delaware law also requires that the derivative plaintiff make a demand on the directors of the corporation to assert the corporate claim before the suit may be prosecuted by the derivative plaintiff in court, unless such a demand would be futile.

***Repurchase of Shares***

**The Netherlands.** Under Dutch law, we may not subscribe for newly issued shares in our own capital. We may, however, subject to certain restrictions under Dutch law and our Articles of Association, acquire shares in our own capital. We may acquire fully paid shares in our own capital at any time for no valuable consideration. Furthermore, we may repurchase fully paid shares in our own capital if (i) such repurchase would not cause our shareholders' equity to fall below an amount equal to the sum of the paid-up and called-up part of the issued share capital and the reserves we are required to maintain pursuant to applicable law, (ii) we (including our subsidiaries) would thereafter not hold shares or hold a pledge over shares with an aggregate nominal value exceeding 50% of our issued share capital and (iii) our Board of Directors has been authorized thereto by the shareholders at the General Meeting.

An authorization by the shareholders at a General Meeting to our Board of Directors for the repurchase of shares can be granted for a maximum period of 18 months. Such authorization must specify the number and class of shares that may be acquired, the manner in which these shares may be acquired and the price range within which the shares may be acquired.

No authorization of the shareholders at a General Meeting is required if ordinary shares are acquired by us with the intention of transferring such ordinary shares to our employees under an applicable employee stock purchase plan.

**Delaware.** Under the DGCL, a corporation may purchase or redeem its own shares unless the capital of the corporation is impaired or the purchase or redemption would cause an impairment of the capital of the corporation. A Delaware corporation may, however, purchase or redeem out of capital any of its preferred shares or, if no preferred shares are outstanding, any of its own shares if such shares will be retired upon acquisition and the capital of the corporation will be reduced in accordance with specified limitations.

***Anti-takeover Provisions***

**The Netherlands.** Under Dutch law, various protective measures are possible and permissible within the boundaries set by Dutch law and Dutch case law. We have adopted several provisions that may have the effect of making a takeover of our Company more difficult or less attractive, including requirements that certain matters, including an

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amendment of our Articles of Association, may only be brought to our shareholders for a vote upon a proposal by our Board of Directors.

**Delaware.** In addition to other aspects of Delaware law governing fiduciary duties of directors during a potential takeover, the DGCL also contains a business combination statute that protects Delaware companies from hostile takeovers and from actions following the takeover by prohibiting some transactions once an acquirer has gained a significant holding in the corporation.

Section 203 of the DGCL prohibits "business combinations," including mergers, sales and leases of assets, issuances of securities and similar transactions by a corporation or a subsidiary with an interested stockholder that beneficially owns 15% or more of a corporation's voting stock, within three years after the person becomes an interested stockholder, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** the transaction that will cause the person to become an interested stockholder is approved by the board of directors of the target prior to the transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** after the completion of the transaction in which the person becomes an interested stockholder, the interested stockholder holds at least 85% of the voting stock of the corporation not including shares owned by persons who are directors and officers of interested stockholders and shares owned by specified employee benefit plans; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** after the person becomes an interested stockholder, the business combination is approved by the board of directors of the corporation and holders of at least 66.67% of the outstanding voting stock, excluding shares held by the interested stockholder.

A Delaware corporation may elect not to be governed by Section 203 by a provision contained in the original certificate of incorporation of the corporation or an amendment to the original certificate of incorporation or to the bylaws of the corporation, which amendment must be approved by a majority of the shares entitled to vote and may not be further amended by the board of directors of the corporation. Such an amendment is not effective until twelve months following its adoption.

***Inspection of Books and Records***

**The Netherlands.** The board of directors provides the shareholders at a general meeting in good time with all information that the shareholders require for the exercise of their powers, unless this would be contrary to an overriding interest of us. If the board of directors invokes an overriding interest, it must give reasons.

**Delaware.** Under the DGCL, any stockholder may inspect for any proper purpose certain of the corporation's books and records during the corporation's usual hours of business.

***Removal of Board Member***

**The Netherlands.** The shareholders at a General Meeting have the authority to suspend or remove members of our Board of Directors at any time, with or without cause, by means of a resolution passed by a simple majority of the votes cast. Executive directors may also be suspended by our Board of Directors. A suspension by our Board of Directors may be discontinued by the shareholders at a General Meeting at any time.

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**Delaware.** Under the DGCL, any director or the entire board of directors may be removed, with or without cause, by the holders of a majority of the shares then entitled to vote at an election of directors, except (i) unless the certificate of incorporation provides otherwise, in the case of a corporation whose board is classified, stockholders may effect such removal only for cause or (ii) in the case of a corporation having cumulative voting, if less than the entire board of directors is to be removed, no director may be removed without cause if the votes cast against his removal would be sufficient to elect him if then cumulatively voted at an election of the entire board of directors, or, if there are classes of directors, at an election of the class of directors of which he is a part.

***Pre-emptive Rights***

**The Netherlands.** Under Dutch law, in the event of an issuance of ordinary shares or upon a grant of rights to subscribe for ordinary shares, each shareholder will have a pro rata pre-emptive right in proportion to the aggregate nominal value of the ordinary shares held by such holder (with the exception of ordinary shares to be issued to employees or ordinary shares issued against a contribution other than in cash or the issue of shares to persons exercising a previously granted right to subscribe for shares). A shareholder may exercise pre-emptive rights during a period of at least two weeks from the date of the announcement of the issue of shares. Under our Articles of Association, the pre-emptive rights in respect of newly issued ordinary shares may be restricted or excluded by a resolution of the shareholders at a General Meeting upon proposal of our Board of Directors with the consent of the majority of the non-executive directors.

Our Board of Directors, with the consent of the majority of the non-executive directors, may restrict or exclude the pre-emptive rights in respect of newly issued ordinary shares if it has been designated as the authorized body to do so by the shareholders at a General Meeting. Such designation can be granted for a period not exceeding five years. A resolution of the shareholders at a General Meeting to restrict or exclude the pre-emptive rights or to designate our Board of Directors as the authorized body to do so requires a two-thirds majority of the votes cast, if less than one half of our issued share capital is represented at the meeting.

**Delaware.** Under the DGCL, stockholders have no pre-emptive rights to subscribe for additional issues of stock or to any security convertible into such stock unless, and to the extent that, such rights are expressly provided for in the certificate of incorporation.

***Dividends***

**The Netherlands.** Pursuant to Dutch law and the Articles of Association, the distribution of profits will take place following the adoption of our annual accounts, from which we will determine whether such distribution is permitted. We may only make distributions to the shareholders, whether from profits or from its freely distributable reserves, only insofar as its shareholders' equity exceeds the sum of the paid-up and called-up share capital plus the reserves required to be maintained by Dutch law.

The shareholders at a General Meeting may determine which part of our profits will be added to the reserves in consideration of our reserves and dividends policy. The remaining part of the profits after the addition to the reserves will be at the disposal of the shareholders at a General Meeting. Our Board of Directors shall make a proposal for that purpose. Distributions of dividends will be made pro rata to the nominal value of each share.

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Subject to Dutch law and the Articles of Association, our Board of Directors, with the consent of the majority of the non-executive directors, may resolve to distribute an interim dividend if it determines such interim dividend to be justified by our profits. For this purpose, our Board of Directors must prepare an interim statement of assets and liabilities. Such interim statement shall show our financial position not earlier than on the first day of the third month before the month in which the resolution to make the interim distribution is announced. An interim dividend can only be paid if (a) an interim statement of assets and liabilities is drawn up showing that the funds available for distribution are sufficient, and (b) our shareholders' equity exceeds the sum of the paid-up and called-up share capital plus the reserves required to be maintained by Dutch law.

Our Board of Directors, with the consent of the majority of the non-executive directors, may resolve that we make distributions to shareholders from one or more of its freely distributable reserves, other than by way of profit distribution, subject to the due observance of our policy on reserves and dividends. Any such distributions will be made pro rata to the nominal value of each share.

Dividends and other distributions shall be made payable not later than the date determined by our Board of Directors. Claims to dividends and other distribution not made within five years from the date that such dividends or distributions became payable, will lapse and any such amounts will be considered to have been forfeited to us (*verjaring*).

**Delaware.** Under the DGCL, a Delaware corporation may pay dividends out of its surplus (the excess of net assets over capital), or in case there is no surplus, out of its net profits for the fiscal year in which the dividend is declared and/or the preceding fiscal year (provided that the amount of the capital of the corporation is not less than the aggregate amount of the capital represented by the issued and outstanding stock of all classes having a preference upon the distribution of assets). In determining the amount of surplus of a Delaware corporation, the assets of the corporation, including stock of subsidiaries owned by the corporation, must be valued at their fair market value as determined by the board of directors, without regard to their historical book value. Dividends may be paid in the form of ordinary shares, property or cash.

***Shareholder Vote on Certain Reorganizations***

**The Netherlands.** Under Dutch law, our shareholders at a General Meeting must approve resolutions of our Board of Directors relating to a significant change in the identity or the character of a company or a company's business, which includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** a transfer of the business or virtually the entire business to a third party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** the entry into or termination of a long-term cooperation of a company or its subsidiary with another legal entity or company or as a fully liable partner in a limited partnership or general partnership, if such cooperation or termination is of a far-reaching significance for the company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** the acquisition or divestment by a company or its subsidiary of a participating interest in the capital of a company having a value of at least one third of the amount of its assets according to its statement of financial position and explanatory notes or, if the company prepares a consolidated statement of financial position, according to its consolidated statement of financial position and explanatory notes in the most recent annual accounts of the company.

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Under Dutch law, a shareholder who, for its own account, owns shares representing at least 95% of the nominal value of a company's issued share capital may institute proceedings against the company's other shareholders jointly for the transfer of their shares to that shareholder. The proceedings are held before the Enterprise Chamber, which may grant the claim for squeeze-out in relation to all minority shareholders and will determine the price to be paid for the shares, if necessary after appointment of experts who will offer an opinion to the Enterprise Chamber on the value of the shares.

**Delaware.** Under the DGCL, the vote of a majority of the outstanding shares of capital stock entitled to vote thereon generally is necessary to approve a merger or consolidation or the sale of all or substantially all of the assets of a corporation. The DGCL permits a corporation to include in its certificate of incorporation a provision requiring for any corporate action the vote of a larger portion of the stock or of any class or series of stock than would otherwise be required.

Under the DGCL, no vote of the stockholders of a surviving corporation to a merger is needed, however, unless required by the certificate of incorporation, if (i) the agreement of merger does not amend in any respect the certificate of incorporation of the surviving corporation, (ii) the shares of stock of the surviving corporation are not changed in the merger and (iii) the number of shares of common stock of the surviving corporation into which any other shares, securities or obligations to be issued in the merger may be converted does not exceed 20% of the surviving corporation's common stock outstanding immediately prior to the effective date of the merger. In addition, stockholders may not be entitled to vote in certain mergers with other corporations that own 90% or more of the outstanding shares of each class of stock of such corporation, but the stockholders will be entitled to appraisal rights.

***Remuneration of Board Members***

**The Netherlands.** Under Dutch law and our Articles of Association, we must adopt a remuneration policy for our board members. Such remuneration policy shall be adopted by the shareholders at a General Meeting upon the proposal of the non-executive directors. The adoption of the remuneration policy requires a 75% majority vote. The remuneration policy will, subsequently, need to be resubmitted to a General Meeting for a vote at least every four years, which vote requires a 75% majority as well. The remuneration of the individual members of our Board of Directors shall be determined by the non-executive directors, at the recommendation of the remuneration and nomination committee, within the limits of the remuneration policy adopted by the shareholders at a General Meeting. Remuneration schemes in the form of shares or rights to shares is submitted by our Board of Directors to the shareholders at a General Meeting for their approval. This proposal must set out at least the maximum number of shares or rights to shares to be granted to our Board of Directors and the criteria for granting or amendment.

**Delaware.** Under the DGCL, the stockholders do not generally have the right to approve the compensation policy for directors or the senior management of the corporation, although certain aspects of executive compensation may be subject to stockholder vote due to the provisions of U.S. federal securities and tax law, as well as exchange requirements.

***Dutch Corporate Governance Code***

As a Dutch company we are subject to the DCGC.

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The DCGC contains both principles and best practice provisions for management boards, supervisory boards, shareholders and general meetings of shareholders, financial reporting, auditors, disclosure, compliance and enforcement standards. A copy of the DCGC can be found on www.mccg.nl. As a Dutch company, we are subject to the DCGC and are required to disclose in our annual report, filed in the Netherlands, whether we comply with the provisions of the DCGC. If we do not comply with the provisions of the DCGC (for example, because of a conflicting Nasdaq requirement or otherwise), we must list the reasons for any deviation from the DCGC in our annual report that we file in the Netherlands.

We acknowledge the importance of good corporate governance, and we fully endorse the underlying principles of the DCGC, which is reflected in our By-Laws. Our By-Laws are available as Exhibit 1.2 to our Annual Report. However, we do not comply with or deviate from the best practice provisions in the areas set out below, for the reasons explained in this section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Pursuant to best practice provision 2.3.2 of the DCGC, if the Board of Directors comprises more than 4 non-executive directors, it should appoint a nomination committee, an audit committee and a remuneration committee. However, the Board of Directors has combined the tasks and duties of the nomination committee and the remuneration committee into one committee, being the Remuneration and Nomination Committee for efficiency purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Pursuant to best practice provisions 3.1.2 under vi of the DCGC, shares should be held by directors for at least five years after they are awarded. Whereas we do have minimum holding requirements requiring our directors and executive management to hold minimum levels of ownership in the company during their time in function, we do not have a generic restriction on selling shares within the five years after they are granted. We regularly benchmark our equity incentive practices, and in 2025 even more closely so in connection with our efforts to update our remuneration policy, and note that an all-out selling restriction of five years post grant is significantly more restrictive than restrictions applied by a large majority of our peer group. We believe we have several measures in place to effectively ensure long-term alignment of interests, and we do not expect to implement a general five-year holding requirement for all equity in the foreseeable future. With the approval of our remuneration policy during the extraordinary general meeting on November 18, 2025, we have introduced cliff vesting periods of three years for stock options and performance share units for statutory executive directors and the requirement that restricted shares granted to non-executive directors must be held for four years (except to the extent necessary to cover immediate tax obligations resulting from the immediate vesting). In addition, we also increased the minimum holding requirements to 6x base salary for executive directors and 5x annual board membership retainer fees for non-executive directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Pursuant to best practice provision 3.2.3. of the DCGC, the severance payment in the event of dismissal should not exceed one year's base compensation. The management agreement with our current chief executive officer and sole executive director contains a legacy provision, setting the contractual notice period for termination and severance arrangements at 18 months, which we will continue to respect during the duration of his management agreement, which will be dissolved as of the date of the annual general meeting to be held on May 6, 2026. For any other executive director(s) (including Karen Massey who will be nominated for appointment as executive director at our upcoming annual general meeting to be held on

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May 6, 2026), severance arrangements will not exceed 12 months unless required by local laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Pursuant to best practice provision 3.3.2. of the DCGC, non-executive directors should not be granted any shares or rights to shares as remuneration. When attracting qualified non-executive directors, we directly compete with other companies who like us, are listed on a major U.S. stock exchange and face the corresponding stringent regulatory and legal environments. In order to be competitive, it is essential to be able to attract non-executive directors who can navigate these complex requirements along with the accompanying responsibility and liability risks. We annually benchmark and review non-executive director total remuneration against our peer group, which is selected based on objective criteria that we disclose annually in the remuneration report. We realize that granting equity to non-executive directors is viewed differently in the Dutch context and is a deviation from this best practice provision. However, considering our peer group, the international context in which we operate and compete with for talent, and the fact that the corporate governance code principles in our country of primary listing (Belgium) actually require paying part of the non-executive fees in the form of equity, granting equity in the form of restricted shares is a well-considered deviation from the DCGC. The immediate vest at grant of the restricted shares, combined with a holding period of four years (except to the extent necessary to cover immediate tax obligations resulting from the immediate vest) ensures alignment of interest between our non-executive directors and our shareholders. We do not expect to change this practice in the foreseeable future.

***Change in the Capital***

*Issue of Shares*

Our Articles of Association provide that shares may be issued or rights to subscribe for our shares may be granted pursuant to a resolution of the shareholders at a General Meeting, or alternatively, by our Board of Directors if so designated by the shareholders at a General Meeting. If the Board of Directors is designated by the shareholders at a General Meeting to issue shares or grant rights to subscribe for shares, the shareholders are not permitted to also do so for as long as the designation of the Board of Directors to do so is in effect. A resolution of the shareholders at a General Meeting to issue shares, to grant rights to subscribe for shares or to designate our Board of Directors as the corporate body of the Company authorized to do so can only take place at the proposal of our Board of Directors. Shares may be issued or rights to subscribe for shares may be granted by resolution of our Board of Directors, if and insofar as our Board of Directors is designated to do so by the shareholders at a General Meeting. Designation by resolution of the shareholders at a General Meeting cannot be withdrawn unless determined otherwise at the time of designation. The scope and duration of our Board of Directors' authority to issue shares or grant rights to subscribe for shares (such as granting stock options or issuing convertible bonds) is determined by a resolution of the shareholders at a General Meeting and relates, at the most, to all unissued shares in the Company's authorized capital at the relevant time. The duration of this authority may not exceed a period of five years. Designation of our Board of Directors as the body authorized to issue shares or grant rights to subscribe for shares may be extended by a resolution of the shareholders at a General Meeting for a period not exceeding five years in each case. The number of shares that may be issued is determined at the time of designation.

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A resolution of our Board of Directors to issue shares and to grant rights to subscribe for shares can only be taken with the consent of the majority of the non-executive directors.

*Reduction of Share Capital*

The shareholders at a General Meeting may, upon a proposal of our Board of Directors, resolve to reduce the issued share capital by cancelling shares or by amending the Articles of Association to reduce the nominal value of the shares.

**Limitations on the Right to Own Securities**

Neither Dutch law nor our Articles of Association impose any general limitation on the right of non-residents or foreign persons to hold our securities or exercise voting rights on our securities other than those limitations that would generally apply to all shareholders.

**American Depositary Shares**

The following is a summary of what we believe to be the material terms of the Deposit Agreement. Notwithstanding this, because it is a summary, it may not contain all the information that you may otherwise deem important. For more complete information, you should read the entire Deposit Agreement and the form of the American Depositary Receipt (***Receipt***), filed as Exhibit 2.1 of our Annual Report.

*General*

In connection with our initial public offering on Nasdaq, the Bank of New York Mellon, as the Depositary, registered and delivered ADSs. The ADSs are listed on Nasdaq under the symbol "ARGX." Each ADS represents one share (or a right to receive one share) deposited with ING Bank N.V., as custodian for the Depositary in the Netherlands (***Custodian***). Each ADS also represents any other securities, cash or other property which may be held by the Depositary. The Depositary's office at which the ADSs are administered is located at 101 Barclay Street, New York, New York 10286 (***Depositary's Office***).

The transfer agent and registrar for the ADSs is Bank of New York Mellon (***Registrar***). The Registrar's principal executive office is located at 225 Liberty Street, New York, New York 10286.

Owners and Holders (both terms as defined below) of ADSs will not be treated as shareholders and do not have shareholder rights. Dutch law governs shareholder rights. The Deposit Agreement sets out the rights of Owners and Holders and the rights and obligations of the Depositary. New York law governs the Deposit Agreement and the ADSs.

The term ***Owner*** shall mean the person in whose name ADSs are registered on the books of the Depositary maintained for that purpose. The term ***Holder*** shall mean any person holding a receipt or a security entitlement or other interest in ADSs, whether for its own account or for the account of another person, but that is not the Owner of that receipt or those ADSs. The term ***Deposited Securities*** as of any time shall mean Shares (as defined below) at such time deposited or deemed to be deposited under the Deposit Agreement, including without limitation, Shares that have not been successfully delivered upon surrender of ADSs, and any and all other securities, property and cash received by the Depositary or the Custodian in respect of Deposited Securities and at that time held under the Deposit Agreement. The term ***Shares*** shall mean ordinary shares of the Company that are validly issued and outstanding, fully paid and nonassessable and that were not issued in violation of any pre-emptive or similar rights of the holders of outstanding securities of the Company;

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provided, however, that, if there shall occur any change in nominal or par value, a split-up or consolidation or any other reclassification or, upon the occurrence of an event described in Section 4.8 of the Deposit Agreement, an exchange or conversion in respect of the Shares of the Company, the term Shares shall thereafter also mean the successor securities resulting from such change in nominal value, split-up or consolidation or such other reclassification or such exchange or conversion.

*Share Dividends and Other Distributions*

The Depositary has agreed to pay or distribute to the Owners the cash dividends or other cash distributions it or the Custodian receives on Deposited Securities, upon payment or deduction of its fees and expenses and withholding of any applicable taxes or other governmental charges. Owners will receive these distributions in proportion to the number of shares their ADSs represent.

If the Depositary receives any dividends in, or free distribution of, Shares, it may deliver, proportionally, to the Owners entitled thereto an aggregate number of ADSs representing the amount of Shares received in the dividend or free distribution, subject to the terms and conditions of the Deposit Agreement, the withholding of any tax or governmental charge, and the payment of the fees and expenses of the Depositary. In lieu of delivering fractional ADSs, the Depositary may sell the amount of Shares represented by the aggregate of those fractions (or the ADSs representing those Shares) and distribute the net proceeds as a cash distribution.

If the Company declares a distribution in which holders of Deposited Securities have a right to elect whether to receive cash, Shares or other securities or a combination of those things, or a right to elect to have a distribution sold on their behalf, the Depositary may, after consultation with the Company, make that right of election available for exercise by Owners in any manner the Depositary considers to be lawful and practical. As a condition of making a distribution election right available to Owners, the Depositary may require satisfactory assurances from the Company that doing so does not require registration of any securities under the United States Securities Act of 1933, as amended (***Securities Act***).

If rights are granted to the Depositary to purchase additional Shares or other securities, the Company and the Depositary shall endeavor to consult as to the actions, if any, the Depositary should take in connection with that grant of rights. The Depositary may, to the extent deemed by it to be lawful and practical (i) if requested in writing by the Company, grant to all or certain Owners rights to instruct the Depositary to purchase the securities to which the rights relate and deliver those securities or ADSs representing those securities to Owners, (ii) if requested in writing by the Company, deliver the rights to or to the order of certain Owners, or (iii) sell the rights to the extent practicable and distribute the net proceeds of that sale to the Owners entitled to those proceeds.

If the Depositary receives any distribution that is not in cash, shares or rights, the Depositary shall, as it deems equitable, practicable, and lawful, distribute all such distributions proportionally to the Owners entitled thereto, after payment or deduction of fees and expenses and withholding of any applicable taxes and other governmental charges.

*Surrender of ADSs and Withdrawal of Deposited Securities*

An Owner may surrender his ADSs at the Depositary's Office. Upon payment of the Depositary's fees and expenses and of any taxes or charges, such as stamp taxes or stock transfer taxes or fees, the Depositary shall direct the Custodian to deliver the shares and any

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other deposited securities underlying the ADSs to the Owner or a person the Owner designates. Or, at an Owner's request, risk and expense, the Depositary will deliver the deposited securities at the depositary's office, if feasible.

The Depositary may charge the Owner a fee and its expenses for instructing the Custodian regarding delivery of the Deposited Securities.

*Voting* 

Owners and Holders are not treated as our shareholders and will not have shareholder rights. The rights of Owners and Holders are limited to those under the Deposit Agreement.

If we request the Depositary to solicit the Owners' voting instructions (and we are not required to do so), the Depositary will notify the Owners of a General Meeting and send or make voting materials available to them. Those materials will describe the matters to be voted on and explain how the Owners may instruct the Depositary how to vote. For instructions to be valid, they must reach the Depositary by a date set by the Depositary. The Depositary will try, as far as practical, subject to Dutch law and the provisions of our Articles of Association or similar documents, to vote or to have its agents vote the shares or other deposited securities as instructed by the Owners. If we do not request the Depositary to solicit the Owners' voting instructions, an Owner can still send voting instructions, and, in that case, the Depositary may try to vote as he/she instructs, but is not required to do so. In any event, the Depositary will not exercise any discretion in voting the deposited securities and it will only vote or attempt to vote as instructed or as described in the following sentence. If we asked the Depositary to solicit the Owners' instructions at least 45 days before the meeting date but the Depositary does not receive voting instructions from an Owner by the specified date, it will consider such Owner to have authorized and directed it to give a discretionary proxy to a person designated by us to vote the number of deposited securities represented by its ADSs. The Depositary will give a discretionary proxy in those circumstances to vote on all questions to be voted upon unless we notify the Depositary that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;we do not wish to receive a discretionary proxy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;there is substantial shareholder opposition to the particular question; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;the particular question would have an adverse impact on our shareholders.

We are required to notify the Depositary if one of the conditions specified above exists. In order to give Owners a reasonable opportunity to instruct the Depositary as to the exercise of voting rights relating to our shares, if we request the Depositary to act, we agree to give the Depositary notice of any meeting and details concerning the matters to be voted upon at least 45 days in advance of the meeting date.

*Procedures for Transmitting Notices, Reports and Proxy Soliciting Material*

If notices, reports, or proxy soliciting materials are to be sent to the Owners, such documents will be (i) sent in paper form by mail or another means or (ii) with the consent of the Owner, another procedure that has the effect of making the information available to ADS holders, which may include (A) sending the information by electronic mail or electronic messaging or (B) sending in paper form or by electronic mail or messaging a statement that the information is available and may be accessed by the Owner on an Internet website and that it will be sent in paper form promptly as practicable upon request by the Owner.

*The Sale or Exercise of Rights*

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If rights are granted to the Depositary in respect of deposited Shares to purchase additional Shares or other securities, the Company and the Depositary shall endeavor to consult as to the actions, if any, the Depositary should take in connection with that grant of rights. The Depositary may, to the extent deemed by it to be lawful and practical (i) if requested in writing by the Company, grant to all or certain Owners rights to instruct the Depositary to purchase the securities to which the rights relate and deliver those securities or ADSs representing those securities to Owners, (ii) if requested in writing by the Company, deliver the rights to or to the order of certain Owners, or (iii) sell the rights to the extent practicable and distribute the net proceeds of that sale to Owners entitled to those proceeds. To the extent rights are not exercised, delivered or disposed of under (i), (ii) or (iii) above, the Depositary shall permit the rights to lapse unexercised.

The Depositary shall not be responsible for any failure to determine that it may be lawful or feasible to make rights available to or exercise rights on behalf of the Owners in general or any Owner in particular, or to sell rights.

*Deposit or Sale of Securities Resulting from Dividends, Splits or Plans of Reorganization*

If the Depositary is notified of or there occurs any change in nominal value or any subdivision, combination or any other reclassification of the Deposited Securities or any recapitalization, reorganization, sale of assets substantially as an entirety, merger or consolidation affecting the issuer of the Deposited Securities or to which it is a party that is mandatory and binding on the Depositary as a holder of Deposited Securities and, as a result, securities or other property have been or will be delivered in exchange, conversion, replacement or in lieu of, Deposited Securities (***Replacement***), the Depositary shall, if required, surrender the old Deposited Securities affected by that Replacement of Shares and hold, as new Deposited Securities under the Deposit Agreement, the new securities or other property delivered to it in that Replacement. However, the Depositary may elect to sell those new Deposited Securities if in the opinion of the Depositary it is not lawful or not practical for it to hold those new Deposited Securities under the Deposit Agreement because those new Deposited Securities may not be distributed to Owners without registration under the Securities Act or for any other reason, at public or private sale, at such places and on such terms as it deems proper and proceed as if those new Deposited Securities had been redeemed pursuant to Section 4.8(b) of the Deposit Agreement. A Replacement shall be a Termination Option Event (as defined below).

*Amendment, Extension or Termination of the Deposit Arrangements*

The form of the American Deposit Receipts and any provisions of the Deposit Agreement may at any time and from time to time be amended by agreement between the Company and the Depositary without the consent of Owners or Holders in any respect which they may deem necessary or desirable. Any amendment that would impose or increase any fees or charges (other than taxes and other governmental charges, registration fees, cable, telex or facsimile transmission costs, delivery costs or other such expenses), or that would otherwise prejudice any substantial existing right of Owners, shall, however, not become effective as to outstanding ADSs until the expiration of 30 days after notice of that amendment has been disseminated to the Owners of outstanding ADSs. Every Owner and Holder, at the time any amendment so becomes effective, shall be deemed, by continuing to hold ADSs or any interest therein, to consent and agree to that amendment and to be bound by the Deposit Agreement as amended thereby. Upon the effectiveness of an amendment to the form of Receipt, including a change in the number of Shares represented by each ADS, the Depositary may call for surrender of Receipts to be replaced with new Receipts in the amended form or call for surrender of ADSs to effect that change of ratio. In no event shall

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any amendment impair the right of the Owner to surrender ADSs and receive delivery of the Deposited Securities represented thereby, except in order to comply with mandatory provisions of applicable law.

The Company may initiate termination of the Deposit Agreement by notice to the Depositary. The Depositary may initiate termination of the Deposit Agreement if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.at any time 60 days shall have expired after the Depositary delivered to the Company a written resignation notice and a successor depositary has not been appointed and accepted its appointment as provided in Section 5.4 of the Deposit Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.an Insolvency Event (as defined below) or Delisting Event (as defined below) occurs with respect to the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.a Termination Option Event has occurred or will occur.

An ***Insolvency Event*** occurs if the Company institutes proceedings to be adjudicated as bankrupt or insolvent, consents to the institution of bankruptcy or insolvency proceedings against it, files a petition or answer or consent seeking reorganization or relief under any applicable law in respect of bankruptcy or insolvency, consents to the filing of any petition of that kind or to the appointment of a receiver, liquidator, assignee, trustee, custodian or sequestrator (or other similar official) of it or any substantial part of its property or makes an assignment for the benefit of creditors, or if information becomes publicly available indicating that unsecured claims against the Company are not expected to be paid.

A ***Delisting Event*** occurs if the ADSs are delisted from a securities exchange on which the ADSs were listed and the Company has not listed or applied to list the on any other securities exchange.

The term ***Termination Option Event*** shall mean an event of a kind defined as such in Section 4.1, 4.2, or 4.8 of the Deposit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Under Section 4.1 of the Deposit Agreement, a Termination Option Event occurs if a cash distribution would represent a return of all or substantially all the value of the Deposited Securities underlying the ADSs and the Depositary requires surrender of those ADSs and/or requires payment of or deducts the fee for surrender of ADSs (whether or not it is also requiring surrender of ADSs) as a condition of making that cash distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Under Section 4.2 of the Deposit Agreement, a Termination Option Event occur if a distribution would represent a return of all or substantially all the value of the Deposited Securities underlying ADSs and the Depositary requires surrender of those ADSs and/or requires payment of or deducts the fee for surrender of ADSs (whether or not it is also requiring surrender of ADSs) as a condition of making that cash distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Under Section 4.8 of the Deposit Agreement:

oA Termination Option Event occurs if all or substantially all of the Deposited Securities have been redeemed for cash or otherwise purchased for cash in a transaction that is mandatory and binding on the Depositary as a holder of those Deposited Securities.

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oA Termination Option Event occurs if the Depositary is notified of or there occurs any change in nominal value or any subdivision, combination or any other reclassification of the Deposited Securities or any recapitalization, reorganization, sale of assets substantially as an entirety, merger or consolidation affecting the issuer of the Deposited Securities or to which it is a party that is mandatory and binding on the Depositary as a holder of Deposited Securities and, as a result, securities or other property have been or will be delivered in exchange, conversion, replacement or in lieu of, Deposited Securities.

oIf there are no Deposited Securities with respect to ADSs, including if the Deposited Securities are cancelled, or the Deposited Securities with respect to ADSs have become apparently worthless, the Depositary may call for surrender of those ADSs or may cancel those ADSs, upon notice to Owners, causing a Termination Option Event to occur.

If termination of the Deposit Agreement is initiated, the Depositary shall disseminate a notice of termination to the Owners of all ADSs then outstanding setting a date for termination (the ***Termination Date***), which shall be at least 90 days after the date of that notice, and the Deposit Agreement shall terminate on that Termination Date. After the Termination Date, the Company shall be discharged from all obligations under the Deposit Agreement except for its obligations to the Depositary under Sections 5.8 and 5.9 of the Deposit Agreement.

*The Rights That Holders of Receipts Have to Inspect the Books of the Depositary and the List of Receipt Holders*

The Depositary shall keep books for the registration of ADSs, which shall be open for inspection by the Owners at the Depositary's Office during regular business hours, provided that such inspection is not for the purpose of communicating with Owners in the interest of a business or object other than the business of the Company or a matter related to the Deposit Agreement or the ADSs.

The Depositary will make available for inspection by Owners at the Depositary's Office any reports, notices and other communications, including any proxy soliciting material, received from the Company which are both (a) received by the Depositary as the holder of the Deposited Securities and (b) made generally available to the holders of those Deposited Securities by the Company. The Company shall furnish reports and communications, including any proxy soliciting material to which Section 4.9 of the Deposit Agreement applies, to the Depositary in English, to the extent such materials are required to be translated into English pursuant to any SEC regulations.

*Restrictions On the Right to Transfer or Withdraw the Underlying Securities*

As a condition precedent to the delivery, registration of transfer or surrender of any ADSs or split-up or combination of any Receipt or withdrawal of any Deposited Securities, the Depositary, Custodian or Registrar may require payment from the depositor of Shares or the presenter of the Receipt or instruction for registration of transfer or surrender of ADSs not evidenced by a Receipt of a sum sufficient to reimburse it for any tax or other governmental charge and any stock transfer or registration fee with respect thereto (including any such tax or charge and fee with respect to Shares being deposited or withdrawn) and payment of any

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applicable fees as provided in the Deposit Agreement, may require the production of proof satisfactory to it as to the identity and genuineness of any signature and may also require compliance with any regulations the Depositary may establish consistent with the provisions of the Deposit Agreement, including, without limitation, its Section 2.6.

The delivery of ADSs against deposit of Shares generally or against deposit of particular Shares may be suspended, or the registration of transfer of ADSs in particular instances may be refused, or the registration of transfer of outstanding ADSs generally may be suspended, during any period when the transfer books of the Depositary are closed, or if any such action is deemed necessary or advisable by the Depositary or the Company at any time or from time to time because of any requirement of law or of any government or governmental body or commission, or under any provision of the Deposit Agreement, or for any other reason. Notwithstanding anything to the contrary in the Deposit Agreement, the surrender of outstanding ADSs and withdrawal of Deposited Securities may not be suspended, subject only to (i) temporary delays caused by closing of the transfer books of the Depositary or the Company or the Foreign Registrar (as defined below), if applicable, or the deposit of Shares in connection with voting at a shareholders' meeting, or the payment of dividends, (ii) the payment of fees, taxes and similar charges, and (iii) compliance with any U.S. or foreign laws or governmental regulations relating to the ADSs or to the withdrawal of the Deposited Securities.

The term ***Foreign Registrar*** shall mean the entity that carries out the duties of registrar for the Shares and any other agent of the Company for the transfer and registration of Shares, including, without limitation, any securities depository for the Shares.

The Depositary shall not knowingly accept for deposit under the Deposit Agreement any Shares that, at the time of deposit, are Shares that (i) are "restricted securities," as defined in Rule 144 under the Securities Act, except for Shares that could be resold in reliance on Rule 144 without any conditions, (ii) are beneficially owned by an officer, director (or person performing similar functions) or other affiliate of the Company, (iii) otherwise would require registration under the Securities Act in connection with the public offer and sale thereof in the United States or (iv) are subject to other restrictions on sale or deposit under the laws of The Netherlands, a shareholder agreement or the articles of association or similar document of the Company.

*Limitations on the Depositary's Liability*

Neither the Depositary nor the Company nor any of their respective directors, employees, agents or affiliates shall incur any liability to any Owner or Holder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if by reason of (A) any provision of any present or future law or regulation or other act of the government of the United States, any State of the United States or any other state or jurisdiction, or of any governmental or regulatory authority or stock exchange; (B) (in the case of the Depositary only) any provision, present or future, of the articles of association or similar document of the Company, or by reason of any provision of any securities issued or distributed by the Company, or any offering or distribution thereof; or (C) any event or circumstance, whether natural or caused by a person or persons, that is beyond the ability of the Depositary or the Company, as the case may be, to prevent or counteract by reasonable care or effort (including, but not limited to earthquakes, floods, severe storms, fires, explosions, war, terrorism, civil unrest, labor disputes or criminal acts; interruptions or malfunctions of utility services, Internet or other communications lines or systems; unauthorized access to or attacks on computer systems or websites; or other failures or malfunctions of computer hardware or software or other systems or equipment), the

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Depositary or the Company is, directly or indirectly, prevented from, forbidden to or delayed in, or could be subject to any civil or criminal penalty on account of doing or performing and therefore does not do or perform, any act or thing that, by the terms of the Deposit Agreement or the Deposited Securities, it is provided shall be done or performed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) for any exercise of, or failure to exercise, any discretion provided for in the Deposit Agreement (including any determination by the Depositary to take, or not take, any action that the Deposit Agreement provides the Depositary may take);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) for the inability of any Owner or Holder to benefit from any distribution, offering, right or other benefit that is made available to holders of Deposited Securities but is not, under the terms of the Deposit Agreement, made available to Owners or Holders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) for any special, consequential or punitive damages for any breach of the terms of the Deposit Agreement.

Where, by the terms of a distribution to which Section 4.1, 4.2 or 4.3 of the Deposit Agreement applies, or an offering to which Section 4.4 of the Deposit Agreement applies, or for any other reason, that distribution or offering may not be made available to Owners, and the Depositary may not dispose of that distribution or offering on behalf of Owners and make the net proceeds available to Owners, then the Depositary shall not make that distribution or offering available to Owners, and shall allow any rights, if applicable, to lapse.

Neither the Company nor the Depositary assumes any obligation or shall be subject to any liability under the Deposit Agreement to Owners or Holders, except that they agree to perform their obligations specifically set forth in the Deposit Agreement without negligence or bad faith. The Depositary shall not be subject to any liability with respect to the validity or worth of the Deposited Securities. Neither the Depositary nor the Company shall be under any obligation to appear in, prosecute or defend any action, suit, or other proceeding in respect of any Deposited Securities or in respect of the ADSs, on behalf of any Owner or Holder or other person. Neither the Depositary nor the Company shall be liable for any action or non-action by it in reliance upon the advice of or information from legal counsel, accountants, any person presenting Shares for deposit, any Owner or Holder, or any other person believed by it in good faith to be competent to give such advice or information. Each of the Depositary and the Company may rely, and shall be protected in relying upon, any written notice, request, direction or other document believed by it to be genuine and to have been signed or presented by the proper party or parties. The Depositary shall not be liable for any acts or omissions made by a successor depositary whether in connection with a previous act or omission of the Depositary or in connection with a matter arising wholly after the removal or resignation of the Depositary, provided that in connection with the issue out of which such potential liability arises, the Depositary performed its obligations without negligence or bad faith while it acted as Depositary. The Depositary shall not be liable for the acts or omissions of any securities depository, clearing agency or settlement system in connection with or arising out of book-entry settlement of ADSs or Deposited Securities or otherwise. In the absence of bad faith on its part, the Depositary shall not be responsible for any failure to carry out any instructions to vote any of the Deposited Securities or for the manner in which any such vote is cast or the effect of any such vote. The Depositary shall have no duty to make any determination or provide any information as to the tax status of the Company or any liability for any tax consequences that may be incurred by Owners or Holders as a result of owning or holding ADSs. No disclaimer of liability under the Securities Act is intended by any provision of the Deposit Agreement.

## Exhibit 4.3

**Exhibit 4.3**

**EQUITY INCENTIVE PLAN 2026**

as approved by the board of directors of argenx SE on<br>**4 March 2026**

**1. INTRODUCTION**

**1.1.Purpose**

Our success in generating long-term value creation for our stakeholders depends on our ability to discover and develop innovative medicines that address unmet medical needs, and our ability to successfully bring those medicines to patients and ultimately generate financial returns for our shareholders. We strongly believe our long-term success depends on our ability to attract, grow and retain exceptional talent focused on the execution of our business objectives, while promoting and upholding our identity and core values - our Cultural Pillars - along the way.

![image_0b.jpg](image_0b.jpg)

The argenx equity incentive plan is designed to support our mission, identity and bring our Cultural Pillars to life while enabling us to attract and retain the key talent we need for allowing argenx to offer remuneration which is competitive against our global peers for talent, both in quantum and structure. It is further designed to motivate to deliver on our key strategic goals and by ensuring a direct link between compensation levels and overall shareholder returns.

This plan is designed to maximally align the interests of plan participants with those of our other stakeholders, and serves to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)make plan participants a co-owner of our business, allowing plan participants to share in sustainable future success of argenx;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)reward plan participants for prioritizing long term value creation over short term success;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)reward plan participants based on contributions to our mission, by making new grants subject to continued performance and commitment of plan participants; and

(iv)promote plan participants' long-term commitment to argenx by making the vesting of incentive grants subject to long-term commitment to and involvement with argenx.

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Equity Incentive Plan 2026 <br>

**1.2.Types of instruments**

This plan allows for the granting of three distinct types of equity incentives; Stock Options, Restricted Stock Units (RSUs) and Performance Share Units (PSUs):

***Stock Options*** are a right to purchase a given number of argenx shares in the future at a price per share equal to the *fair market value* of an argenx share equal to the closing price of the date before the date of grant, allowing plan participants to benefit from the value increase (if any) of argenx shares after the grant date of their stock options.

***RSUs*** are a right to receive argenx shares at no cost to the recipient at a predefined moment in the future (subject to section 4.3).

***PSUs*** represent a conditional right to receive argenx shares at no cost, vesting at the end of a three-year performance period. Pay-out levels depend upon the achievement of performance measures, subject to threshold, target and maximum levels as determined by the Board.

**2. GRANTING EQUITY INCENTIVES**

**2.1.Plan participants**

The board of directors determines which natural persons have the opportunity to participate in this plan. Such natural persons include argenx employees and may, among others, also include the following natural persons at the discretion of the board of directors: key consultants, external advisors, and directors affiliated with an argenx legal entity. Each natural person is a plan participant upon designation by the Board. Equity incentives may only be granted during employment or an active service relationship with argenx and will not be awarded before the start or after the end of thereof.

**2.2.Annual grants, sign-on grants**

&nbsp;&nbsp;&nbsp;&nbsp;2.2.1.Our board of directors oversees the equity incentive grant allocation scheme, which determines the equity incentive awards that may be granted to plan participants during their engagement with argenx. This includes both annual regular grants, based on the position held, expected future contributions and impact, and, where applicable, a one-time additional sign-on grant provided at the start of their employment. The equity allocation scheme also specifies the dates throughout the year when equity incentive grants may be made to new or existing plan participants.

&nbsp;&nbsp;&nbsp;&nbsp;2.2.2.Natural persons who were previously employed by argenx and who are subsequently rehired shall not be eligible for any one-time additional sign-on grant.

**2.3.No entitlement to grants**

The granting of equity incentives to plan participants hereunder is in each case subject to a resolution of our board of directors, and our board of directors requires authorization from our general meeting of shareholders to be able to grant equity incentives to plan participants. If at any time our board of directors does not have such authorization from our general meeting or otherwise decides it is not in the best interest of argenx to grant equity incentives to plan participants hereunder, our board of directors can decide not to grant any further equity incentives, or to grant fewer or different equity incentives to plan participants, or at a later or earlier time, each time as it deems fit and in the best interest of argenx.

**2.4.Stock split**

Should argenx decide to declare a stock split, stock merger or recapitalization, the stock options, RSUs and PSUs granted to plan participants will be adjusted simultaneously to reflect such stock split, stock merger or recapitalization.

*For example, if plan participants were granted 100 stock options with an exercise price of EUR10,00 each and argenx decides to declare a 1:10 stock split, their stock options will be amended into 1.000 stock options with an exercise price of EUR 1,00 each to reflect the stock split.*

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Equity Incentive Plan 2026 <br>

**2.5.Type of Shares**

Equity awards under this plan may be settled in treasury shares or newly issued shares, at argenx's sole discretion.

**2.6.Senior Management Team Grant**

New participants who join the Senior Management Team during an ongoing three-year performance cycle will not be granted PSUs in the year of their appointment.

**3. VESTING MECHANISM**

**3.1.General**

To promote plan participants' long-term commitment to argenx, equity incentives granted to plan participants are subject to a vesting scheme, meaning they are earned and become exercisable (in the case of stock options) or will be settled (in case of RSUs and PSUs) over the course of their multi-year commitment to argenx. Unvested stock options cannot be exercised and unvested RSUs and PSUs cannot be settled.

**3.2.Vesting scheme**

3.2.1.Stock Options vest over a period of 36 months, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;(i)12/36<sup>th</sup> of the total grant vests on the first anniversary of the date of grant; and

&nbsp;&nbsp;&nbsp;&nbsp;(ii)1/36<sup>th</sup> of the total grant vests on the first day of each month following the first anniversary of the date of grant.

3.2.2.RSUs vest over a period of 48 months with 12/48<sup>th</sup> of the total grant vesting at each anniversary of the date of grant.

3.2.3.The number of Stock Options and RSUs that vest on each vesting date is rounded to the nearest whole number. Fractions below 0.5000 are rounded down, while fractions of 0.5000 or above are rounded up. If rounding down, the difference is added to the next vesting date; if rounding up, the difference is deducted from the next vesting date. Any remaining unvested equity is fully vested on the final day of the applicable vesting period—36 months for Stock Options and 48 months for RSUs.

3.2.4.Stock options granted under this plan to any executive director vest on the third anniversary of the grant date.

3.2.5.RSUs granted under this plan to the non-executive directors' are not subject to any vesting conditions and shall vest and be settled in full on the grant date. The shares issued on the grant date shall be subject to a lock-up until the fourth anniversary of the grant date of the RSU, with the sole exception of such portion of shares which is sold to cover the immediate tax liabilities resulting from the immediate vest of such equity.

3.2.6.PSUs granted under this plan vest at the end of their three-year performance period.

**3.3.Accelerated vesting**

3.3.1.All unvested stock options will immediately vest and become exercisable, and all unvested RSUs and PSUs will immediately vest (with any performance criteria applicable to PSUs deemed achieved at target) and will be settled upon the occurrence of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;(iii)argenx SE is dissolved or put into liquidation;

&nbsp;&nbsp;&nbsp;&nbsp;(iv)argenx SE sells or otherwise disposes of all or substantially all of its assets; or

&nbsp;&nbsp;&nbsp;&nbsp;(v)a change of control over argenx SE occurs (as defined in section 8.1).

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Equity Incentive Plan 2026 <br>

**3.4.Forfeiture**

3.4.1.As of the day following their last day of employment or service relationship, all unvested stock options and RSUs held by plan participants will be forfeited without compensation.

3.4.2.In the event that a plan participant leaves the Company during the performance period other than due to dismissal or termination of their engagement for cause, pay out levels of PSU grants under the LTIP will be pro-rated for time and performance at the end of the three-year performance period, provided the participant was employed by the Company or had a service relationship for at least one-third of the performance period (i.e. 12 months).

**3.5.Last day of service**

3.5.1.When leaving argenx, the last day of employment or service relationship will be deemed to be (i) the last day of employment for plan participants contracted under an employment agreement, or (ii) the last day of services rendered for plan participants contracted under a service agreement.

3.5.2.This applies to all forms of departure, including but not limited to voluntary resignation, involuntary termination, (early) retirement or by mutual agreement and will be implemented in compliance with applicable law and regulations.

3.5.3.In cases of immediate dismissal or termination of the agreement for cause, the last day of service will be the date on which the termination is given and communicated to the plan participant, with no notice period or garden leave applied.

3.5.4.In cases where a plan participant is placed on garden leave and is relieved of active duties but remains an employee or service provider of argenx, the last day of the garden leave period will be considered the last day of employment or engagement. During the period of garden leave, the plan participant will remain bound by the terms of this plan.

**3.6.Exceptional circumstance**

3.6.1.In the case where plan participants leave argenx due to death all unvested stock options, RSUs and PSUs (whereby all performance criteria applicable to PSUs shall be deemed achieved at target level)) will immediately vest on the date of their death.<br>

**4. EXERCISING AND SETTLEMENT OF EQUITY INCENTIVES** 

**4.1.Transactions in equity securities - general**

4.1.1.This plan should be read in conjunction with, and is fully subject to, the argenx insider trading policy, including the restrictions on exercising stock options and buying or selling argenx equity as set out therein.

4.1.2.In any case, plan participants may not buy or sell any argenx securities (i) if there is a closed period applicable to the participant, (ii) if the plan participant possesses sensitive and/or inside information or (iii) where argenx has prohibited plan participants from trading through a personal or general instruction. Violation of the insider trading policy and/or of applicable securities law may lead to dismissal and even criminal prosecution and may harm the reputation of argenx and will lead to forfeiture of any rights under this plan.

4.1.3.The company uses an online equity portal to manage and administer equity incentives. This portal is used to document the grant and acceptance of equity awards and to facilitate ongoing communication related to such incentives. Plan participants will be granted access to the portal, which may be subject to their acceptance of specific terms and conditions. The equity portal allows participants to manage their equity holdings in argenx SE and may also enable them to place sell orders for shares they hold. The company may, at its sole discretion, decide to discontinue the use of its current online equity portal, switch to a different provider, or adopt an alternative method for managing equity incentives. Access to any such system—online or otherwise—may be subject to the acceptance of the terms and conditions of third-party service providers. argenx accepts no liability for any malfunction, unavailability (including instances where access is restricted at argenx's direction), or

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Equity Incentive Plan 2026 <br>

failure in the execution of orders placed through a third-party portal. Plan participants are responsible for ensuring that their personal information in the equity portal is accurate and up to date. argenx will not be liable for any losses resulting from outdated or incorrect participant information. Participants are also responsible for maintaining the confidentiality of their login credentials, selecting and regularly updating secure passwords, and enabling available security measures (such as two-factor authentication) to protect their access to the equity portal.

4.1.4.Please note that there is no guarantee that there will be a buyer for shares acquired due to participation in the plan at their asking price or at all and if there is a market for the shares it may not be possible to execute the full sale order on any specific day or days. If plan participants do not wish to sell their shares for a price lower than a specific threshold, plan participants are responsible for ensuring this threshold is applied in the transaction instruction.

**4.2.Exercising stock options**

4.2.1.Unless otherwise specified in this plan, Stock Options can be exercised immediately upon vesting.

4.2.2.Plan participants can enter orders to exercise vested Stock Options in the online equity portal. The intermediary designated by argenx SE will then create, issue or acquire new argenx SE shares in the market equal to the number of Stock Options exercised, and either (i) transfer the shares against payment of the full amount of the exercise price (plus taxes, see section 5 below) by or on behalf of the plan participant to argenx, or (ii) transfer the shares and immediately sell the shares on the plan participant's behalf on the Euronext Brussels stock exchange, using the proceeds (if sufficient) to pay the exercise price of the shares to argenx SE, and the remainder (after taxes, see section 5 below) to the plan participants' bank account as provided.

4.2.3.Unless specified otherwise, the term of stock options is 10 years, and stock options will lapse and are no longer exercisable upon market close on the 10-year anniversary of the date of the grant.

4.2.4.In accordance with section 3.4 above, plan participants that leave argenx, must exercise any vested options before Euronext market close on the later of (i) 90 days after the last working day at argenx, or (ii) 31 March of the 4<sup>th</sup> year following the date of grant of those options, and in any case no later than the expiration date of the option.

*Illustration 1: If plan participants leave the company in August 2026, the vested and available stock options of their June 2025 grant will remain exercisable until and will expire at market close of the Euronext Brussels on March 31, 2029.*

*Illustration 2: If plan participants leave the company on the first of March 2029, the vested and available stock options of their June 2025 grant will remain exercisable and will expire at market close of Euronext Brussels on 30*<sup>th</sup> *of May 2029.* 

**4.3.Settlement of vested RSUs and PSUs**

4.3.1.argenx will settle vested RSUs and PSUs by issuing or transferring shares to plan participants within 10 business days after the vesting date of such RSUs and/or PSUs. In the event that argenx has a withholding obligation on payments made to plan participants, section 5.1.2 applies.

4.3.2.RSUs and PSUs do not give plan participants any shareholder rights. Shares issuable or transferrable in relation to vested RSUs and/or PSUs do not give plan participants shareholder rights or the ability to transfer such shares, unless and until they are issued and/or transferred by us to their securities account.

4.3.3.If our board of directors so decides in relation to a change of control (or any party acquiring control over argenx SE through a change of control so decides), RSUs and/or PSUs may at all times be settled in cash, in which case the holder of such RSU or PSU (whereby all performance criteria applicable to PSUs shall be deemed achieved at target level), as the case may be, shall

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Equity Incentive Plan 2026 <br>

receive an amount equal to the amount per share payable in relation to such change of control, minus the amount of any taxes (income or employee social security tax or other) payable thereon, if any.

4.3.4.Any fees or taxes payable in relation to the exercise and/or settlement of stock options and/or RSUs and/or PSUs, including any applicable fees payable to any broker and/or administration fees and/or stock exchange taxes or similar duties or taxes, shall be borne by plan participants (and, as the case may be, may be deducted from any amount payable to plan participants or be settled in accordance with the mechanisms set out in section 5.1.2).

**5. TAXATION – JURISDICTION SPECIFIC RULES**

**5.1.General – tax liability**

5.1.1.Plan participants are fully liable and responsible for any income, wage taxes, employee social security contributions or any other taxes, levies or charges due in relation to the equity incentives granted hereunder, including the receipt and exercise of stock options, the receipt and settlement of RSUs and/or PSUs and the holding and sale of any shares underlying stock options, RSUs and PSUs, as may be the case.

5.1.2.If any tax and/or social security authority raise a claim in relation to plan participants income and/or wage tax and employee social security contributions against argenx, we will, to the extent permitted and/or required by law, be entitled to reclaim from plan participants any amounts payable by argenx, including through set-off against any amounts payable by argenx to plan participants (if any).

5.1.3.argenx will furthermore be entitled to withhold any permitted and/or required income, wage, and/or any other taxes and/or employee social security contributions due in relation to the receipt or exercise of stock options, the vesting of the RSUs and/or PSUs, the sale or transfer, holding and/or the delivery of the shares from any proceeds from the exercise of stock options, the sale, transfer and/or the delivery of the shares. argenx may reduce the number of shares issuable or transferrable to plan participants upon vesting of the RSUs and/or PSUs and/or exercise of the stock options with a number of shares required to cover such income and/or wage tax and social security premiums on their behalf. In doing so:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the value of shares shall be deemed to be the closing price of the shares on Euronext Brussels on the last trading day preceding the date on which the shares are issued to plan participants; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the number of shares deliverable to plan participants shall be rounded down to the nearest whole number of shares.

**5.2.Specific tax jurisdictions**

5.2.1.argenx has the right to deviate from this plan and to implement additional or different terms for stock options and/or RSUs and/or PSUs granted to plan participants under any specific local tax regime, if we deem this necessary or beneficial to argenx or the plan participant. Such deviations, to the extent they apply to all plan participant subject to a certain tax jurisdiction, will be set out in schedules to this plan. We may amend the jurisdiction specific tax schedules from time to time at our discretion.

**6. DEVIATIONS FROM THE PLAN, AMENDMENTS TO GRANTS AND TO THE PLAN**

**6.1.Deviations from the plan**

&nbsp;&nbsp;&nbsp;&nbsp;6.1.1.Our board of directors may decide from time to time at its discretion, taking into account specific circumstances to deviate from the terms of this plan for any particular grant or set of grants of equity incentives for plan participants, including

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Equity Incentive Plan 2026 <br>

with regard to the number of equity incentives to be granted (if any) and the vesting period. The board of directors will, in resolving such deviations, document the rationale for such deviation including why it is in the best interest of the company.

**6.2.Amendments to the plan**

Our board of directors may amend this plan from time to time and may decide that the terms of an amended or new plan prevail over the terms of this plan, also for stock options and/or RSUs and/or PSUs granted prior to the date of such new or amended plan.

**6.3.Amendments to individual grants**

Our board of directors is entitled to amend the terms of any grant of stock options and/or RSUs and/or PSUs granted hereunder if we deem this beneficial to plan participants or to argenx, for reasons of tax compliance or otherwise.

**6.4.Equity granted under a prior plan**

Equity granted to plan participants under a previous plan of argenx shall continue to vest in accordance with the vesting scheme then applicable. This plan does not change the terms of equity incentives granted under previous equity incentive plans administrated by argenx.

**7. BOARD OF DIRECTORS AND SENIOR MANAGERS**

**7.1.General**

7.1.1.Members of our board of directors and senior managers who qualify as Person Discharging Managerial Responsibilities (PDMR) under the European Market Abuse Regulation (our CEO and any VP and above level argenx employees reporting directly to our Chief Executive Officer, jointly our executive team), including any person closely associated with them as defined in the European Market Abuse Regulation, have a personal obligation by law to notify the Dutch Financial Markets Authority (*Autoriteit Financiële Markten*) of any transactions in equity instruments in argenx SE, including the grant or exercise of Stock Options, RSUs or PSUs, the settlement of RSUs and/or PSUs and the purchase or sale of any shares in argenx SE.

7.1.2.Specific arrangements (if any) regarding the accelerated vesting of options set out in plan participants employment or other type of contract with argenx will apply also to RSUs granted hereunder.

**7.2.Share Ownership and Holding requirements**

For members of the board of directors and the executive team, share ownership and holding requirements apply for the duration of engagement with argenx. If plan participants are a member of the executive team, they will receive the share ownership guidelines as applicable from time to time.

**8. OTHER PROVISIONS**

**8.1.Definitions**

As used in this plan, the following terms have the following meanings:

**board of directors** means the statutory board of directors of argenx SE;

**business day** means a day other than a Saturday, a Sunday or any day on which banks in Amsterdam, the Netherlands are closed due to a public holiday in the Netherlands;

**argenx** means the argenx group consisting of argenx SE and each of its direct and indirect 100% subsidiaries;

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Equity Incentive Plan 2026 <br>

**argenx SE** means argenx SE, a European public company (*societas europaea*) incorporated and registered in the Netherlands and registered with the Dutch chamber of commerce under number 24435214;

**change of control** means any transaction or series of transactions in which a third party (together, if applicable, with persons acting in concert with any such third party) acquires a controlling interest in argenx SE which it does not have prior to such transaction or series of transactions;

**controlling interest** means (i) the ownership or control (directly or indirectly) of more than 50% of the voting share capital of argenx SE (ii) the ability to direct the casting of more than 50% of the votes exercisable at general meetings of argenx SE on all, or substantially all, matters, or (iii) the right to appoint or remove directors of argenx SE;

**date of grant** means the date on which plan participants equity incentives are deemed granted, which shall be determined by the board of directors in accordance with the equity allocation scheme and shall be communicated to plan participants through the online equity portal or otherwise in a manner decided by argenx;

**equity incentives** mean stock options, RSUs and PSUs granted under this plan; and

**fair market value** means the closing price of argenx shares on the Euronext Brussels stock exchange on the last trading day prior to the date of grant.

**plan participant** means all natural persons such as argenx employees for which the board of directors has determined they have the opportunity to participate in this plan and may, among others, also include the following natural persons at the discretion of the board of directors: key consultants, external advisors, and directors affiliated with an argenx legal entity. Each natural person is a plan participant.

**performance criteria** means one or more predetermined objective performance goals established by the board of directors, consisting of financial metrics and/or non-financial metrics, subject to the attainment of which, during a predetermined performance period, granted PSUs will vest.

Where reference is made to 'argenx' in the context of a specific right or obligation for argenx, this shall be construed with respect to plan participants, as a reference to argenx SE or the argenx legal entity with which they have entered into an employment agreement, consultancy agreement or other (service) agreement, as applicable.

**8.2.Non-transferability** 

Equity incentives, whether vested or not, are strictly personal and are not transferable other than upon death, by operation of the laws of inheritance applicable to plan participants in their jurisdiction. Shares obtained through the exercise or settlement of equity incentives, are transferable unless specific restrictions apply pursuant to this plan, applicable holding requirements and/or to the operation of local tax laws applicable to plan participants or otherwise.

**8.3.Steady course of action**

The board of directors follows a *steady course of action* in the granting of stock options, RSUs and PSUs under this plan. In relation to this:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the number of equity incentives to be granted to any plan participant shall be within the limits of the equity incentive allocation scheme in force from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)a person granted equity incentives hereunder shall be deemed to have automatically accepted such equity incentives on the date of grant and may not refuse such grant.

Grants of equity incentives outside the limits of the equity allocation scheme may be made only at a time where no inside information (as qualified under the European Market Abuse Regulation) is available in the company.

8/13

------

![image_1a.jpg](image_1a.jpg)

Equity Incentive Plan 2026 <br>

**8.4.Treasury Shares**

A treasury share is a previously issued share that is held by the Company and not considered outstanding. It may be used for purposes such as equity awards or other corporate actions, in accordance with applicable law.

language

**8.5.Applicable law**

The validity, construction, and effect of this plan shall be determined in accordance with the laws of the Netherlands.

\*\*\*

9/13

------

![image_1a.jpg](image_1a.jpg)

Equity Incentive Plan 2026 <br>

&nbsp;&nbsp;&nbsp;&nbsp;**9.SPECIAL RULES FOR KEY PERSONS TAXED IN BELGIUM**

&nbsp;&nbsp;&nbsp;&nbsp;**9.1.Belgian taxed key persons**

In deviation from the plan, the following rules shall apply to equity incentives granted to plan participants under this plan for which plan participants are obligated to pay income taxes in Belgium.

&nbsp;&nbsp;&nbsp;&nbsp;**9.2.Acceptance of stock options**

In deviation from section 8.3(ii), from the date of grant of stock options, plan participants will need to accept such stock options within 60 days following the date of grant. If plan participants do not accept the stock options within this timeframe, the stock options will be forfeited without any compensation. Acceptance of stock options by the plan participant is done through the argenx equity portal, unless argenx has specified another method of acceptance to plan participants in writing.

&nbsp;&nbsp;&nbsp;&nbsp;**9.3.Exercisability of stock options**

Stock options are not exercisable before the 1<sup>st</sup> of January of the 4<sup>th</sup> year following the year during which the date of grant of such stock options occurred.

*Illustration: if a stock option is granted in 2025, it may not be exercised before 1 January 2029.*

&nbsp;&nbsp;&nbsp;&nbsp;**9.4.Option term**

Upon accepting a grant of stock options, plan participants will have to make a choice to elect either a 5-year term or a 10-year term for the stock options. If plan participants opt for a 5 year term, their stock options will – in deviation from section 4.2.3 of the plan – lapse and be no longer exercisable after the 5<sup>th</sup> anniversary of the date of grant.

&nbsp;&nbsp;&nbsp;&nbsp;**9.5.Mirror options**

If plan participants are liable to pay taxes upon the date of grant of their stock options, and choose to finance the tax burden through the use of a third party financing option using *mirror options* (if offered), then (i) the number of stock options corresponding to the number of mirror options granted by plan participants to such third party necessary to finance the full amount of such taxation (but no more) at grant, shall become immediately and irrevocably vested and (ii) section 4.2.4 shall not apply to such immediately and irrevocably vested stock options. The total number of unvested stock options remaining shall vest in accordance with the vesting scheme of section 3.2.1, calculated as if the total amount of unvested stock options remaining represented the full option grant.

&nbsp;&nbsp;&nbsp;&nbsp;**10.<br>SPECIAL RULES FOR KEY PERSONS TAXED IN THE UNITED STATES OF AMERICA**

&nbsp;&nbsp;&nbsp;&nbsp;**10.1.US taxed key persons**

In deviation from the plan, the following rules shall apply to equity incentives granted to plan participants under this plan for which plan participants are obligated to pay income taxes in the United States.

&nbsp;&nbsp;&nbsp;&nbsp;**10.2.409A status**

It is intended that the equity incentives (as defined in section 8.1) granted under this plan shall be exempt from Section 409A of Internal Revenue Code of 1986 (as amended, supplemented and/or updated from time to time) (the "**Code**") and this plan shall be interpreted in a manner consistent with such exemption. In the event the equity incentives are not exempt, this plan is intended to satisfy the requirements of section 409A of the Code and shall be interpreted in a manner consistent with such status.

10/13

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![image_1a.jpg](image_1a.jpg)

Equity Incentive Plan 2026 <br>

Settlement of vested RSUs and PSUs will be made in accordance with section 4.3 of this plan, provided that, in all events, vested RSUs or PSUs held by plan participants will be settled no later than March 15 of the calendar year following the end of the calendar year in which there is no longer a "substantive risk of forfeiture" (within the meaning of Section 409A of the Code). Generally, this means the date plan participants have satisfied all time-vesting requirements that must be satisfied in order to avoid forfeiture of the RSUs or PSUs.

&nbsp;&nbsp;&nbsp;&nbsp;**10.3.Limitations on deviations**

Deviations from the terms of this plan for equity incentive grants hereunder will be limited to deviations that would be permitted under Section 409A of the Code.

For any "specified employee" within the meaning of Section 409A of the Code, no payments in respect of any equity incentives that are subject to Section 409A of the Code and which would otherwise be payable upon "separation from service" (as defined in Section 409A of the Code) shall be made prior to the date that is six months after the date of such specified employee's "separation from service" or, if earlier, the date of the specified employee's death. Following any applicable six-month delay, all such delayed payments will be paid in a single lump sum on the earliest date permitted under Section 409A of the Code, which is also a business day. Notwithstanding any other provision of this plan, argenx makes no guarantee that the equity incentives comply with or are exempt from Section 409A of the Code and argenx shall have no liability for the failure of the terms of this plan or any equity incentives to comply with or be exempt from the provisions of Section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;**11.**

&nbsp;&nbsp;&nbsp;&nbsp;**12.SPECIAL RULES FOR KEY PERSONS TAXED IN CANADA**

&nbsp;&nbsp;&nbsp;&nbsp;**12.1.Canada taxed key persons**

In deviation from the plan, the following rules shall apply to equity incentives granted to plan participants under this plan for which plan participants are obligated to pay income taxes in Canada.

&nbsp;&nbsp;&nbsp;&nbsp;**12.2.No cash settled RSUs or PSUs**

In deviation from section 4.3.3., RSUs and/or PSUs may not be settled in cash.

&nbsp;&nbsp;&nbsp;&nbsp;**12.3.Other**

For the avoidance of doubt, participation in a distribution of equity incentives is considered voluntary in that no natural person in Canada is being induced to participate in a distribution of any equity incentive by expectation of employment or continued employment or engagement to provide services or continued engagement to provide services. Notwithstanding that a natural person has been designated a plan participant in accordance with this plan, a plan participant in Canada may at any time opt out of participating in the plan by providing notice in writing to argenx.

Nothing in this plan or any equity incentive will confer on a plan participant any right to continue in the employment of or provision of services to argenx, any argenx legal entity, or any consultant to the foregoing, or affect in any way the right of argenx, the argenx legal entity, or any consultant to the foregoing, as applicable, to terminate the plan participant's employment or service at any time; nor will anything in this plan or any equity incentive be deemed or construed to constitute an agreement, or an expression of intent, on the part of argenx, any argenx legal entity, or any consultant to the foregoing to extend the employment or service of any plan participant beyond the date on which the plan participant's relationship with argenx, the argenx legal entity, or the consultant, as applicable, would otherwise terminate pursuant to the provisions of any employment, consulting or other contract for services, or for any other reason.

**SPECIAL RULES FOR KEY PERSONS TAXED IN BRAZIL**

11/13

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![image_1a.jpg](image_1a.jpg)

Equity Incentive Plan 2026 <br>

&nbsp;&nbsp;&nbsp;&nbsp;**12.4.ACCEPTANCE OF STOCK OPTIONS**

In deviation from section 8.3(ii), from the date of grant of stock options, plan participants will need to accept such stock options prior to the date of the grant. If plan participants do not accept the stock options prior to the date of the grant, the stock options will be forfeited without any compensation from argenx. Acceptance of stock options by the plan participant is done through the argenx equity portal, unless argenx has specified another method of acceptance to you in writing.

\*\*\*

12/13

## Exhibit 4.5

**Exhibit 4.5**

![image_1b.jpg](image_1b.jpg)

REMUNERATION POLICY 2025

subject to approval at the Extraordinary General Meeting of 18 November 2025

**1. Background**

Under Dutch law, remuneration policies are subject to a binding vote at the annual general meeting of shareholders at least every four years. As our current remuneration policy was approved in 2021, we are submitting this revised policy (the "**Policy**") for approval at our upcoming extraordinary general meeting on 18 November 2025. The Remuneration and Nomination Committee (the "**Committee**") is proposing this Policy, which is tailored to reflect the Company's evolving remuneration needs. The Policy also addresses shareholder feedback received in response to prior remuneration reports and prior drafts of remuneration policies proposed at previous annual general meetings, including the latest annual general meeting on 27 May 2025. This Policy should be read in conjunction with the accompanying explanatory notes and comparison table, which are available here (https://argenx.com/investors/shareholder-meetings).

This Policy applies to our board of directors (the "**Board**"), which at the date of publication of this Policy consists of 8 independent non-executive directors ("**Non-Executive Directors**") and 1 statutory executive director (an "**Executive Director**"), who is our CEO.

Our success in generating long-term value creation for our stakeholders depends on our ability to discover and develop innovative medicines that address unmet medical needs, and our ability to successfully bring those medicines to patients and ultimately generate financial returns for our shareholders. We strongly believe our long-term success depends on our ability to attract, grow and retain exceptional talent focused on the execution of our business objectives, while promoting and upholding our identity and core values - our Cultural Pillars - along the way. Our Cultural Pillars are:

---

| | | | | |
|:---|:---|:---|:---|:---|
| ![image_0c.jpg](image_0c.jpg) | ![image_0c.jpg](image_0c.jpg) | ![image_0c.jpg](image_0c.jpg) | ![image_0c.jpg](image_0c.jpg) | ![image_0c.jpg](image_0c.jpg) |
| Innovation is our mission — we innovate to transform the lives of patients and do it at every step. | We create through collaboration because together, we can achieve more than we could individually. | We trust our people to do what is right for patients, argenx, and themselves. | We apply rigor and data-driven decision-making to all corners of our business | We are inspired by patients and their experiences give us purpose, knowing they're waiting. |

---

This Policy is designed to (i) enable us to attract and retain the key talent we need in order to execute on our mission and strategic long-term vision; and (ii) align with the long-term interests of shareholders. Accordingly, this Policy offers remuneration competitive against our global peers for talent, both in quantum and structure. It is further designed to motivate an Executive Director to deliver on our long-term vision by offering the majority of remuneration in the form of variable remuneration linked directly to ambitious performance measures, mostly long-term in nature, and thereby ensuring a direct link between compensation levels and overall shareholder returns.

------

**Exhibit 4.5**

**2. Executive Director Remuneration**

**2.1.Background**

Our remuneration framework offers a well-balanced combination of fixed and variable pay, which aligns with our strategic goals and enhances our competitiveness in attracting and retaining talent. It consists of the following components:

(i)base pay;

(ii)benefits & pension;

(iii)short-term incentive plan ("**STIP**"); and

(iv)long-term incentive plan ("**LTIP**").

It is in the best interests of the Company and our stakeholders that we are able to effectively compete for talent in the global talent market when attracting and retaining talent for key positions since we, as a biotech company, directly compete with global biopharmaceutical companies. Remuneration is not the sole or principal driver for talent to join and grow at argenx, nonetheless we recognize that pay practices that are less competitive than our peers' talent practices could adversely affect the Company's attraction and retention efforts and our ability to deliver on our long-term vision.

To ensure competitiveness, we benchmark our remuneration quantum and structure against a global peer group (the "**Peer Group**") annually to set amounts and targets for the year to follow. The Peer Group consists of at least 15 companies and is selected on the basis of objective criteria – which were disclosed in the 2024 remuneration report and will continue to be disclosed in any subsequent remuneration reports.<sup>1</sup>

**2.2.Fixed Remuneration Components**

2.2.1.Base Pay

The base pay for an Executive Director targets the 50<sup>th</sup> percentile of base pay in the Peer Group. Base pay is currently paid in monthly instalments.

In 2024, at his request, the base pay of the current Executive Director was below the 25<sup>th</sup> percentile of the Peer Group. In addition, the total remuneration of the current Executive Director in 2024 was at the 27<sup>th</sup> percentile of the Peer Group.

2.2.2.Benefits

<sup>1</sup> The 2024 Peer Group, used for remuneration benchmarking in 2025, consists of 15 companies, of which 4 are companies with European headquarters. The 2025 Peer Group, used for 2026 remuneration benchmarking, also consists of 15 companies, of which 6 are companies with European headquarters.

------

**Exhibit 4.5**

2.2.3.Executive Director participation in Company benefit schemes is in line with that of other employees of the same legal entity, and may comprise of representation allowance, hospitalization, disability and life insurance and the use of a company car, phone and laptop. Company contributions to Executive Director pension schemes and early retirement schemes are in accordance with local market practice and are in line with those of other employees of the same legal entity.

**2.3.Variable Remuneration – Short-Term Incentive**

2.3.1.Executive Director Opportunity and Payout

The STIP opportunity for an Executive Director equals 60% of base pay at target and 120% of base pay at maximum (2x target). Payout under the STIP is determined at the end of each year based on an assessment against quantitative and qualitative targets as follows:

---

| | | |
|:---|:---|:---|
| | **Quantitative target** | **Qualitative target** |
| **Achievement:** | Payout as % of target: | Payout as % of target: |
| **Below threshold** | No payout | No payout |
| **Between at or above threshold and target** | Pro-rata between 50%-100% | Milestone based between 50%-100% |
| **At target** | 60% of base pay | 60% of base pay |
| **Above target** | Pro-rata between 100% and 200% | Milestone based between 100% and 200% |
| **Maximum** | 120% of base pay | 120% of base pay |

---

2.3.2.Setting of Measures

All measures will correlate to key value drivers for the Company. The majority of measures will be quantitative in nature, and at least 50% of the total STIP opportunity for an Executive Director will be linked to financial performance measures. Examples of quantitative measures may be linked to annual operating revenue delivered, managing headcount growth or nominating a specific number of product candidates. Qualitative targets will be milestone-based to the extent possible, for instance championing key innovation projects.

2.3.3.Disclosure

------

**Exhibit 4.5**

2.3.4.STIP targets, measures and corresponding weighting for an Executive Director will be disclosed prospectively in the remuneration report published in the year in which the measures are set, to the extent possible without disclosing commercially sensitive information.

2.3.5.Actual performance of STIP measures by an Executive Director will be disclosed and reported in full, including information previously considered commercially sensitive, in the remuneration report regarding the year for which the measures were set. Disclosure will be made against a threshold-target-maximum framework, followed by the Executive Director's actual achievement and corresponding payout per target. This allows shareholders to determine that pay-for-performance has been observed.

2.3.6.Treatment of Leavers

As at the date of publication of this Policy, the current Executive Director has a legacy provision in his 2017 management agreement, the key terms of which are available on our website, that stipulates that in the event the agreement is terminated, he will be entitled to a pro-rated STIP payout for time and performance. The Company will respect this provision for the duration of the current Executive Director's management agreement.

If any Executive Director other than the current Executive Director leaves the Company, no STIP payout for time and performance will be considered unless such Executive Director is in service on 31 December of that performance year.

**2.4.Variable Remuneration – Long-Term Incentive** 

2.4.1.LTIP Rationale and Components

An Executive Director is eligible for participation in the LTIP, which consists of:

(i)no less than 50% target value in performance share units, which represent a conditional right to receive Company shares ("**PSUs**"). The maximum opportunity for PSUs is 1.5x target; and

(ii)no more than 50% target value in stock options, the ultimate value of which depends on stock price performance.

Stock options are 100% at risk, their value is intrinsically tied to the performance of the Company's share price. The Company is still in a strong growth stage and will continue to be for the foreseeable future. We believe granting stock options is an effective mechanism to drive shareholder value creation over the performance period, which in turn also aligns with shareholder interests.

The practice of granting stock options also allows the Company to offer appropriately attractive remuneration schematics against the Peer Group, where at the date of publication of this Policy, the use of stock options continues to be the dominant market practice.

2.4.2.LTIP Opportunity Size Limits

The annual LTIP opportunities for an Executive Director are:

(i)at target-opportunity equal to 7x base pay; and

(ii)at maximum-opportunity equal up to 10x base pay.

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**Exhibit 4.5**

2.4.3.Calculation Method

The number of PSUs granted annually, amounting to at minimum 50% of the target value, is calculated by dividing the target value through the average closing price of Company shares on the 30 calendar days preceding the 15th day of the month in which the grant occurs (the "**Reference Date**"), rounding up to the nearest whole number granted as PSUs.

(iii)The number of stock options granted annually, amounting to at maximum 50% of the target value, is calculated by dividing the target value through the then applicable Black Scholes value based on the 30 calendar days preceding the Reference Date, rounding up to the nearest whole number granted as stock options.

2.4.4. Pay and Performance – Stock Options

Stock options reward the recipient for the difference between their grant price (always fair market value without discounts and a strike price at least equal to the market value) and the share price at exercise. We will not reprice options or extend the vesting schedule. Consequently, there is a direct link between shareholder value creation and pay-for-performance for the recipient of stock options.

2.4.5.Pay and Performance – PSUs

Each PSU performance metric will include:

(i)its weighting relative to other PSU metrics;

(ii)the minimum threshold performance for payout;

(iii)the at-target threshold performance for payout; and

(iv)the stretch targets required for maximum payout.

PSU targets will be ambitious long-term goals critical to the Company's sustained success. Given the Company's high-growth stage and the long-term nature of this Policy, the Board will determine, on a year-by-year basis, the targets that are most relevant to the Company's strategy and priorities. The specific performance measures used to evaluate PSU achievement will be disclosed in the relevant remuneration reports concerning the years in which the LTIP was granted and will vest. PSU targets will be set within the following framework:

(i)at least 50% of the PSU targets will be linked to financial performance, such as revenue growth;

(ii)at least 40% of the PSU targets will be linked to innovation and pipeline development, such as delivering clinical and regulatory milestones; and

(iii)up to 10% of the PSU targets will be linked to people and culture development (essential for sustainable, long-term value creation) such as turnover retention rate.

We have already demonstrated this practice as seen in the 2024 remuneration report (available at <u>https://reports.argenx.com/2024/corporate-governance/remuneration-report/looking-forward.html</u>) which provides an overview of the 2025 LTIP grant which was granted on 30 June 2025 and will assess performance over the 2025-2027 performance period.

2.4.6.Cliff Vesting – PSUs

------

**Exhibit 4.5**

PSUs granted under the LTIP to an Executive Director vest at the end of their three-year performance period. Pay-out levels depend upon the achievement of the Executive Director's relative to the threshold, target and maximum levels that were determined by the Board.

2.4.7.Cliff Vesting – Stock Options

All stock options granted under the LTIP to an Executive Director vest on the 3<sup>rd</sup> anniversary of the grant date.

2.4.8.Disclosure

At grant: the targets, measures and corresponding weighting for each PSU grant under the LTIP will be disclosed in the remuneration report in the year the performance targets were set, to the extent possible without disclosing commercially sensitive information.

At vesting: performance assessment of targets will be disclosed and reported in full, including information previously considered commercially sensitive, in the remuneration report at the end of their respective performance period. Disclosure will be reported against a threshold-target-maximum framework, followed by the Executive Director's actual achievement and their corresponding payout per target. This provides shareholders the opportunity to determine that pay-for-performance has been observed.

2.4.9.Treatment of Leavers

As of the date of publication of this Policy, the current Executive Director has a legacy provision in his 2017 management agreement that stipulates that in the event the agreement is terminated, unvested equity, other than PSUs will immediately and fully vest at the time of termination. The Company will respect this provision for the duration of the current Executive Director's management agreement. PSUs awarded to the current Executive Director, however, will be subject to the terms of this clause below.

If any other Executive Director leaves the Company, unvested stock options are forfeited without compensation. In the event that such Executive Director leaves the Company during the performance period other than due to dismissal for cause or underperformance, vesting of PSU grants under the LTIP will be pro-rated for time and performance at the end of the three-year performance period.

**2.5.Shareholding Requirements**

In accordance with the terms of our shareholding guidelines, an Executive Director is required to hold at least 6x annual base pay in the form of Company equity. Unvested/unearned restricted shares, PSUs or vested stock options do not count towards the shareholding requirement. The shareholding has to be built up over a maximum of five years.

**2.6.Performance Evaluation**

2.6.1.Performance Evaluation

The achievement of targets and measures under the STIP and LTIP is assessed by the Committee at the end of each performance period. For quantitative targets, actual results are evaluated against pre-defined measures using audited financial statements and operational data. Qualitative targets are evaluated based on documented milestones and thorough assessment of strategic initiatives.

------

**Exhibit 4.5**

The Committee may engage external advisors to validate performance outcomes. This assessment process ensures that payouts accurately reflect an Executive Director's contributions and align with the Company's performance.

**2.7.Other Characteristics of Executive Director Arrangements**

2.7.1.Agreement Duration, Notice Periods and Severance Arrangements

An Executive Director is appointed for a term of four years and may be subsequently reappointed by the shareholders.

As at the date of publication of this Policy, the current Executive Director has a management agreement for an indefinite term. The current Executive Director has a legacy provision in his management agreement (provision dating from before the 2014 Euronext IPO) setting the contractual notice period for termination at 18 months, which the Company will continue to respect for the duration of his management agreement.

New management agreements for Executive Directors entered into under this Policy will have notice periods exceeding no more than 12 months unless otherwise required by local laws.

We will prevent 'pay for failure' and will therefore not pay a severance arrangement in the event of seriously culpable or negligent behavior on the part of an Executive Director resulting in dismissal. We also will not pay severance if the agreement is terminated at the initiative of an Executive Director.

2.7.2.Clawback Policy

In accordance with the Dutch Civil Code, U.S. listing requirements, and our Clawback Policy (available at <u>https://argenx.com/investors/governance/rules-codes-compliance</u>), we will reclaim part or all of the variable remuneration paid to an Executive Director, including under the STIP and LTIP, if it was based on incorrect information regarding performance for the payout.

This could occur due to events such as significant financial restatements. The Clawback Policy covers a period of three fiscal years prior to any Restatement Date (as defined in the Clawback Policy), plus any transition period of less than nine months after those three years.

**2.8.Recruitment arrangements**

We may compensate for value lost in changing employers by offering buyout awards to an incoming Executive Director. Such awards will be kept to a minimum and shall only consist of like-for-like grants, meaning that at-risk pay will not be compensated with guaranteed pay. Such awards shall also not exceed the equivalent value of rewards forfeited by changing employers. Should we offer buyout awards, we will provide additional information in the remuneration report regarding the year in which such buyout awards have taken place.

**3. Non-Executive Director remuneration**

**3.1.Background**

We use cash and restricted shares to remunerate Non-Executive Directors. When attracting qualified Non-Executive Directors, we directly compete with other companies who, like us, are listed on a major US stock exchange and face

------

**Exhibit 4.5**

the corresponding stringent regulatory and legal environments. In order to be competitive, it is essential to be able to attract Non-Executive Directors who can navigate these complex requirements along with the accompanying responsibility and liability risks. We annually benchmark and review Non-Executive Director total remuneration against the Peer Group, which is selected based on objective criteria that we have disclosed in the 2024 remuneration report and will disclose in subsequent remuneration reports. We realize that granting equity to Non-Executive Directors is viewed differently in the European context and is a deviation from the (comply-or-explain) best practice principles of the Dutch Corporate Governance Code 2022 ("**DCGC**").

Recognizing this, we will grant a portion of the Non-Executive Director remuneration in the form of equity, based on the following two considerations:

(i)14 of the 15 companies in the 2024 Peer Group and 13 of the 15 companies in the 2025 Peer Group grant equity to Non-Executive Directors; and

(ii)the corporate governance code principles in our country of primary listing (Belgium) requires seeks paying part of the non-executive fees in the form of equity.

The deviation from the DCGC is therefore considered proper as granting equity to Non-Executive Directors ensures alignment of interests between the Non-Executive Directors and our shareholders.

**3.2.Cash**

Non-Executive Directors receive cash remuneration connected to their specific role within the Board. Special committee fees reflect the extra time and responsibility involved for directors serving on multiple committees. No supplemental remuneration will be given for ad-hoc committee roles.

The annual cash retainer fee targets the 50<sup>th</sup> percentile of cash remuneration in the Peer Group. For 2025, the annual cash retainer fee equals:

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| | | |
|:---|:---|:---|
| | **Role** | **In $** |
| **Board**  | Chairperson | 119500 |
| **Board**  | Member | 60000 |
| **Audit & Compliance committee / R&D committee** | Chairperson  | 25000 |
| **Audit & Compliance committee / R&D committee** | Member  | 12500 |
| **Remuneration & Nomination committee and Commercial committee** | Chairperson | 20000 |
| **Remuneration & Nomination committee and Commercial committee** | Member  | 10000 |

---

For more information on the annual cash retainer fees, including our rationale and benchmarking practices, please see the accompanying explanatory notes and comparison table to this Policy (both available <u>https://argenx.com/investors/shareholder-meetings</u>).

**3.3.Restricted Shares**

3.3.1.Annual Equity Grant

------

**Exhibit 4.5**

We offer Non-Executive Directors an annual equity grant of $400,000 in the form of restricted shares. This amount targets the 50<sup>th</sup> percentile in the Peer Group.

3.3.2.Calculation Method

The number of restricted shares granted annually to each Non-Executive Director is calculated by dividing the target value by the average closing price of Company shares on the 30 calendar days preceding the Reference Date, rounding up to the nearest whole number granted as restricted shares.

3.3.3.Vesting

3.3.4.The restricted shares are not subject to any vesting conditions; however, those shares must be held until the 4<sup>th</sup> anniversary of the grant date, except to the extent necessary to cover immediate tax obligations resulting from the immediate vest. For more information on shareholding requirements, see paragraph 3.4 below.

**3.4.Shareholding Requirements**

In accordance with the terms of our equity holding guidelines, a Non-Executive Director is required to hold at least 5x annual Board membership retainer fees (which as at the date of this Policy is $60,000) worth of Company stock for the duration of their role. Only vested shares and shares separately held count towards the shareholding requirement. The shareholding has to be built up over a maximum of five years.

**3.5.Other Elements Relevant to Non-Executive Remuneration**

3.5.1.Tax Reimbursements

We may support directors in the preparation and/or filing of tax returns related to the income received and granting/vesting of equity for services provided to the Company, through support by Company staff or if needed, by external advisors. The external cost to the Company for this shall not exceed $10,000 per year per Non-Executive Director.

3.5.2.Travel Reimbursement and Allowance

Travel to attend board meetings is either booked and paid directly by the Company, or reimbursed by the Company to the Non-Executive Directors.

Additionally, a special travel allowance of $5,000 will be provided to each Non-Executive Director for in-person attendance at each board meeting held outside the Non-Executive Director's official continent of residence.

This allowance is designed to compensate Non-Executive Directors for the time and effort associated with extensive travel required to fulfill their duties.

3.5.3.Costs reimbursements

Reasonable out-of-pocket (travel) costs incurred by Non-Executive Directors in their duties are reimbursed by us in accordance with our Company-wide travel and expense policy, subject to approval of the CFO.

------

**Exhibit 4.5**

**4. Other considerations**

**4.1.Process for Determining, Reviewing and Implementing**

The remuneration policy is subject to a binding vote at least once every 4 years. Our articles of association as at the date of this Policy (available at <u>https://argenx.com/content/dam/argenx-corp/media-documents/Articles_of_Association_argenx_SE_EN.pdf)</u> include a further description of the process for determining, reviewing and implementing this Policy.

**4.2.Societal support, Scenario Analyses and their Impact**

On a continuous basis, and specifically prior to proposing revisions, the Company engages with a significant representation of its shareholder base, inviting feedback on the key proposed revisions and taking these into account when proposing a new policy. Please see the explanatory notes to this Policy (available at <u>https://argenx.com/investors/shareholder-meetings</u>) for more information on the say-on-pay interactions in connection with this Policy.

We also take into account compensation levels and pay ratios within the Company to maintain equitable compensation practices, ensuring fairness and consistency within the organization to promote a cohesive and motivated workforce. An example of a pay ratio is the ratio between the CEO's total remuneration and the average remuneration of employees, which is disclosed annually in our remuneration report and is taken into account when setting the Executive Director's remuneration.

Defining the remuneration policy and setting the levels, structure, targets and measures for remuneration hereunder is done on the basis of scenario analyses performed by the Board. These analyses consider various scenarios, including below-threshold, target, and maximum performance levels, to ensure that the remuneration outcomes are fair, competitive, and do not encourage inappropriate risk-taking. These analyses are also made on an annual basis when selecting stretch targets and setting measures for the following performance period. Insights from these analyses inform the setting of targets, weighting, measures, payout thresholds and caps on variable remuneration components.

**4.3.Conflicts of Interest**

The Committee, composed exclusively of independent Non-Executive Directors, is responsible for developing and recommending the remuneration policy to the Board. The Committee ensures that the remuneration policy aligns with the Company's strategic objectives and stakeholder interests.

To prevent conflicts of interest, members of the Committee do not participate in discussions or decisions related to their own remuneration. The Committee may engage external independent advisors to provide market data and advice. All decisions are made transparently and are subject to Board approval.

**5. Derogation policy**

In the event of exceptional circumstances, the Board may at its own discretion, upon recommendation of the Committee, decide to temporarily derogate from this Policy until a new remuneration policy is adopted by a general meeting of shareholders.

------

**Exhibit 4.5**

A derogation for exceptional circumstances covers situations in which the derogation from this Policy is necessary to serve the long-term interests and sustainability of the Company as a whole or to assure its viability. Exceptional circumstances include, but are not limited to force majeure events, serious illness incapacitating the Executive Director from performing his/her duties or the urgent appointment or retention of an Executive Director. Derogations may concern various elements relating to remuneration components (base pay, STIP and LTIP).

## Exhibit 11.1

**Exhibit 11.1**

![image_0d.jpg](image_0d.jpg)

**ARGENX SE INSIDER<br>TRADING POLICY**

1

------

**Exhibit 11.1**

**Table of contents**

&nbsp;&nbsp;&nbsp;&nbsp;1.[Introduction](#i5a9b16d4c40d4fdfba52c74944172e74_4)[&nbsp;&nbsp;&nbsp;&nbsp;](#i5a9b16d4c40d4fdfba52c74944172e74_4)[3](#i5a9b16d4c40d4fdfba52c74944172e74_4)

&nbsp;&nbsp;&nbsp;&nbsp;2.[Summary](#i5a9b16d4c40d4fdfba52c74944172e74_4)[&nbsp;&nbsp;&nbsp;&nbsp;](#i5a9b16d4c40d4fdfba52c74944172e74_4)[4](#i5a9b16d4c40d4fdfba52c74944172e74_4)

&nbsp;&nbsp;&nbsp;&nbsp;3.[Rules](#i5a9b16d4c40d4fdfba52c74944172e74_4)[for](#i5a9b16d4c40d4fdfba52c74944172e74_4)[all](#i5a9b16d4c40d4fdfba52c74944172e74_4)[Employees and](#i5a9b16d4c40d4fdfba52c74944172e74_4)[their](#i5a9b16d4c40d4fdfba52c74944172e74_4) [PCAs](#i5a9b16d4c40d4fdfba52c74944172e74_4)[&nbsp;&nbsp;&nbsp;&nbsp;](#i5a9b16d4c40d4fdfba52c74944172e74_4)[5](#i5a9b16d4c40d4fdfba52c74944172e74_4)

&nbsp;&nbsp;&nbsp;&nbsp;4.[Additional](#i5a9b16d4c40d4fdfba52c74944172e74_4)[Rules](#i5a9b16d4c40d4fdfba52c74944172e74_4)[for](#i5a9b16d4c40d4fdfba52c74944172e74_4)[PDMRs](#i5a9b16d4c40d4fdfba52c74944172e74_4)[and](#i5a9b16d4c40d4fdfba52c74944172e74_4)[Designated](#i5a9b16d4c40d4fdfba52c74944172e74_4)[Persons](#i5a9b16d4c40d4fdfba52c74944172e74_4)[and](#i5a9b16d4c40d4fdfba52c74944172e74_4)[their](#i5a9b16d4c40d4fdfba52c74944172e74_4)[PCAs](#i5a9b16d4c40d4fdfba52c74944172e74_4)[&nbsp;&nbsp;&nbsp;&nbsp;](#i5a9b16d4c40d4fdfba52c74944172e74_4)[9](#i5a9b16d4c40d4fdfba52c74944172e74_4)

&nbsp;&nbsp;&nbsp;&nbsp;5.[Additional](#i5a9b16d4c40d4fdfba52c74944172e74_4)[obligations](#i5a9b16d4c40d4fdfba52c74944172e74_4)[of](#i5a9b16d4c40d4fdfba52c74944172e74_4)[PDMRs](#i5a9b16d4c40d4fdfba52c74944172e74_4)[and](#i5a9b16d4c40d4fdfba52c74944172e74_4)[their](#i5a9b16d4c40d4fdfba52c74944172e74_4) [PCAs](#i5a9b16d4c40d4fdfba52c74944172e74_4)[&nbsp;&nbsp;&nbsp;&nbsp;](#i5a9b16d4c40d4fdfba52c74944172e74_4)[11](#i5a9b16d4c40d4fdfba52c74944172e74_4)

&nbsp;&nbsp;&nbsp;&nbsp;6.[Additional](#i5a9b16d4c40d4fdfba52c74944172e74_4)[Rules](#i5a9b16d4c40d4fdfba52c74944172e74_4)[for Board](#i5a9b16d4c40d4fdfba52c74944172e74_4)[Members](#i5a9b16d4c40d4fdfba52c74944172e74_4)[&nbsp;&nbsp;&nbsp;&nbsp;](#i5a9b16d4c40d4fdfba52c74944172e74_4)[12](#i5a9b16d4c40d4fdfba52c74944172e74_4)

&nbsp;&nbsp;&nbsp;&nbsp;7.[Deﬁnitions](#i5a9b16d4c40d4fdfba52c74944172e74_4)[&nbsp;&nbsp;&nbsp;&nbsp;](#i5a9b16d4c40d4fdfba52c74944172e74_4)[13](#i5a9b16d4c40d4fdfba52c74944172e74_4)

[Schedule](#i5a9b16d4c40d4fdfba52c74944172e74_13) [1](#i5a9b16d4c40d4fdfba52c74944172e74_13) [Notiﬁable](#i5a9b16d4c40d4fdfba52c74944172e74_13) [transactions](#i5a9b16d4c40d4fdfba52c74944172e74_13) [BY](#i5a9b16d4c40d4fdfba52c74944172e74_13) [PDMRs](#i5a9b16d4c40d4fdfba52c74944172e74_13)[&nbsp;&nbsp;&nbsp;&nbsp;](#i5a9b16d4c40d4fdfba52c74944172e74_13)[18](#i5a9b16d4c40d4fdfba52c74944172e74_13)

2

------

**Exhibit 11.1**

&nbsp;&nbsp;&nbsp;&nbsp;**1.Introduction**

&nbsp;&nbsp;&nbsp;&nbsp;**1.1.Purpose**

argenx SE (together with its subsidiaries, the ***Company***) is a European public company (*Societas Europaea*) incorporated under the laws of the Netherlands. The Company's shares are listed and traded on the regulated market of Euronext Brussels and its American Depositary Shares are listed and traded on the Nasdaq Global Select Market.

The purpose of this insider trading policy (this ***Policy***) is to require compliance with applicable Dutch, Belgian and U.S. rules on insider trading. The Policy intends to limit the risk of the Company's good reputation and business integrity being harmed as a result of prohibited or undesirable trading in the Company's Securities. We note that this Policy does not attempt to replace these regulations and laws that equally apply to all Employees.

The meaning of the deﬁned terms used in this Policy is set out in Section [7](#i5a9b16d4c40d4fdfba52c74944172e74_4).

&nbsp;&nbsp;&nbsp;&nbsp;**1.2.Who does this Policy apply to?**

This Policy applies to all Employees, as well as their Persons Closely Associated (***PCAs***). As set out below, certain sections of this policy apply only to Persons Discharging Managerial Responsibilities (***PDMRs***) (including Board Members) or Designated Persons and their PCAs. You will be notiﬁed by the Registration Officer if you are a PDMR or a Designated Person.

**<u>Section</u> <u>[3](#i5a9b16d4c40d4fdfba52c74944172e74_4)</u>:** Applies to all Employees and their PCAs.

**<u>Section</u> <u>[4](#i5a9b16d4c40d4fdfba52c74944172e74_4):</u>** Applies only to PDMRs and Designated Persons and their PCAs.

**<u>Section</u> <u>[5](#i5a9b16d4c40d4fdfba52c74944172e74_4):</u>** Applies only to PDMRs and their PCAs.

**<u>Section</u> <u>[6](#i5a9b16d4c40d4fdfba52c74944172e74_4):</u>** Applies only to Board Members.

Please note that you are ultimately responsible for adhering to this Policy and applicable laws and for notifying your PCAs of this Policy and their obligations hereunder. You are also responsible for ensuring that your PCAs comply with the requirements of this Policy. Failure to comply with the rules in this policy by you or your PCAs may result in disciplinary or other actions, including termination of employment and/or other severe penalties. The Company reserves the right to impose any sanctions that it is allowed to impose following applicable law or your terms of employment or service.

You acknowledge to be bound by the terms of this Policy and that you understand the potential sanctions for noncompliance, and commit to observe the conﬁdentiality and other undertakings and restrictions set out herein.

&nbsp;&nbsp;&nbsp;&nbsp;**1.3.Who to contact if you have any questions?**

If you have any questions about this Policy, please contact the Registration Officer (email:

*registrationofficer@argenx.com*).

If you are in doubt as to whether a prohibition or obligation applies to you, please contact the Registration Officer before you Deal in the Company's Securities. You should obtain legal advice if you think required or appropriate. The Company's lawyers do not represent you personally.

&nbsp;&nbsp;&nbsp;&nbsp;**1.4.Amendment**

This Policy may be amended by a resolution of the Board.

3

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**Exhibit 11.1**

&nbsp;&nbsp;&nbsp;&nbsp;**2.Summary**

The Company is committed to maintaining transparency, integrity, and compliance with applicable laws. As a publicly traded company on Euronext Brussels and Nasdaq, the Company is subject to both European and U.S. ﬁnancial market laws. This Policy has speciﬁcally been designed to assist Employees in complying with insider trading rules. A crucial and important term in these laws is the term Inside Information. In short, Inside Information refers to certain undisclosed information that could affect the trading price of the Company's Securities. We refer to the deﬁnitions in Section [7](#i5a9b16d4c40d4fdfba52c74944172e74_4) for the full European and U.S. legal deﬁnition.

**Objectives**

This Policy serves to:

&nbsp;&nbsp;&nbsp;&nbsp;(i)**Safeguard Inside Information**: safeguard against the misuse of Inside Information for personal gain or third-party beneﬁt.

&nbsp;&nbsp;&nbsp;&nbsp;(ii)**Protect you, the Company and its stakeholders**: minimize legal, reputational, and

ﬁnancial risks associated with breaches of insider trading laws.

&nbsp;&nbsp;&nbsp;&nbsp;(iii)**Prevent Market Manipulation**: prevent Employees from engaging in behaviour that could

have a manipulative effect on the market.

**Key Rules**

&nbsp;&nbsp;&nbsp;&nbsp;(i)**Duty of conﬁdentiality**: you have a duty to keep Inside Information you receive conﬁdential. You must not disclose such information without due authorization. Unauthorized sharing of Inside Information is strictly prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;(ii)**Prohibition on market abuse**: this Policy also prohibits the following behaviour:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)Engaging or attempting to engage in Dealing if you are in possession of Inside Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)Recommending that another person engages in Dealing or inducing another person to engage in Dealing if you are in possession of Inside Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)Market manipulation and any attempts thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)Short Selling, lending and hedging (excluding transactions for Belgian Employees as part of tax ﬁnancing solutions).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E)Dealing during certain prohibited periods.

&nbsp;&nbsp;&nbsp;&nbsp;(iii)**Notiﬁcation requirements**: PDMRs and their PCAs must notify the Registration Officer

and the AFM of any trades and obtain necessary pre-clearances where applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(iv)**Insider List and Sensitive list**: The Registration Officer can place you on a sensitive list or an insider list when required. If this is the case, you will receive an email from *argenx@insiderlog.com* to submit certain details in the software tool InsiderLog, which the Company is using for this purpose.

**Sanctions**: Breaches of this policy can lead to ﬁnes and/or imprisonment under applicable European and U.S. laws. It can also result in disciplinary or other actions, including termination of employment and/or other severe penalties. You could also seriously harm the reputation of the Company.

4

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**Exhibit 11.1**

&nbsp;&nbsp;&nbsp;&nbsp;**3.Rules for all Employees and their PCAs**

&nbsp;&nbsp;&nbsp;&nbsp;**3.1.Prohibited activities No insider Dealing**

Dealing in Securities on the basis of Inside Information is illegal. You are not allowed to Deal in the Company's Securities if you are in possession of Sensitive Information or Inside Information about the Company.

Please bear in mind that cancelling or amending an order for the Company's Securities, or any attempt to Deal or take part in any arrangement that leads to Dealing in the Company's Securities, is also prohibited while in possession of Sensitive Information or Inside Information.

**No unlawful disclosure**

If you are in possession of Sensitive Information or Inside Information, you must keep such Sensitive Information or Inside Information conﬁdential and restrict access to it.

You may not disclose Sensitive Information or Inside Information to anyone else, except where the disclosure is made strictly in connection with the normal exercise of your employment and relevant duties. If disclosure of Sensitive Information or Inside Information is required to perform your duties, it may only be shared on a need-to-know basis and must be limited to the information such person needs to perform their employment function or obligations. Any disclosure outside the Company must comply with the applicable speciﬁc disclosure or communication procedures (for instance subject to a non-disclosure agreement or conﬁdentiality agreement), or, if no such procedure applies, with the prior approval of the Registration Officer.

Also, if you receive a recommendation or inducement about the Company to engage in insider Dealing and you share this with another person, this will also qualify as unlawful disclosure of Sensitive Information or Inside Information, if you knew or ought to have known that the recommendation or inducement was based on Inside Information.

Lastly, you must inform the Registration Officer if you believe that there has been a leak of Sensitive Information or Inside Information, whether intentional or not.

**No unlawful tipping**

You are prohibited from recommending or inducing any person to Deal in the Company's Securities when you possess Sensitive Information or Inside Information.

**No Market Manipulation**

You must not engage or attempt to engage in Market Manipulation.

You must not (i) take part in any arrangement that leads to Market Manipulation, and (ii) encourage any other persons to engage in one of the abovementioned actions.

**No short-term dealing, Short Selling, lending or hedging**

You must not Deal in the Company's Securities on considerations of a (speculative) short-term nature. Any Dealing within three months following a prior Dealing is a Deal on considerations of a short-term nature, unless (i) the Company's Securities were acquired or disposed of in connection with a stock option plan, or (ii) prior clearance to Deal is obtained from the Registration Officer.

You are also prohibited from Short Selling, lending or hedging the Company's Securities.

5

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**Exhibit 11.1**

For the avoidance of doubt, transactions for Belgian Employees as part of tax ﬁnancing solutions

do not fall under this prohibition.

**No Dealing during prohibited periods**

You are not allowed to Deal in the Company's Securities during any Employee Prohibited Period.

For further information on Employee Prohibited Periods, the Insider List and the Sensitive List, please refer to paragraph [3.5](#i5a9b16d4c40d4fdfba52c74944172e74_4) of this Policy and the deﬁnitions in Section [7](#i5a9b16d4c40d4fdfba52c74944172e74_4).

&nbsp;&nbsp;&nbsp;&nbsp;**3.2.Reporting and whistleblowing procedure**

If you become aware of an actual or potential violation of this Policy, the rules summarised in this Policy or any other applicable laws, you should contact the Registration Officer. If there is an inquiry by the Registration Officer, you must provide all reasonably required assistance to the Registration Officer.

Belgian law provides for a whistleblowing procedure according to which you may report, in good faith and anonymously directly to the FSMA any actual or potential violations of the market abuse rules set out in this Policy or applicable laws. Such procedures provide for legal protection against retaliation, discrimination and other forms of unfair treatment or adverse action as a result of, or in connection with, reporting of an actual or potential violation, such as unfair dismissal or unilateral amendment of your employment conditions.

In some cases, U.S. federal, state and/or local laws provide for whistleblowing procedures according to which you may report certain actual or potential violations of this Policy, U.S. insider trading laws or other applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;**3.3.Sanctions and cooperation with authorities**

The Company has full discretion to determine if this Policy has been breached based on the information available to it. The Company reserves the right to impose any sanctions that it is allowed to impose following applicable law or the terms of employment or service of the relevant Employee. These sanctions could include the termination of employment or service. If applicable law contains a stricter rule, restriction or obligation than a provision of this Policy, such stricter rule, restriction or obligation will apply.

The Company may also inform the AFM, the FSMA, the SEC and any other authorities of its ﬁndings. The Company will actively cooperate with the AFM, the FSMA, the SEC and any other relevant authorities in investigating any (alleged) breach of applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;**3.4.Former Employees**

If your employment or services agreement is terminated <u>during</u> a Closed Period, you will <u>continue</u> to be subject to this Policy until:

&nbsp;&nbsp;&nbsp;&nbsp;(i)the end of the current Closed Period; or

&nbsp;&nbsp;&nbsp;&nbsp;(ii)if you still possess Inside Information after that period, for as long as you are in possession of Inside Information.

If your employment or services agreement is terminated <u>outside</u> a Closed Period, you will <u>no</u> <u>longer</u> be subject to this Policy, unless:

&nbsp;&nbsp;&nbsp;&nbsp;(i)you still possess Inside Information; or

if you are informed by the Registration Officer in case of an exceptional situation.

6

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**Exhibit 11.1**

&nbsp;&nbsp;&nbsp;&nbsp;**3.5.Insider List and Sensitive List Insider List**

The Registration Officer, on behalf of the Company, will maintain a list of persons who have access to Inside Information (the ***Insider List***). The Insider List covers both Employees as well as principal contact(s) for external advisers who have access to Inside Information.

While you are on the Insider List, you may not Deal in the Company's Securities.

**Sensitive List**

Certain projects are particularly sensitive. The Registration Officer, on behalf of the Company, may on a project-by-project basis, place certain Employees on a separate list if they received or may receive conﬁdential and sensitive information that has a reasonable likelihood of becoming Inside Information in the near future (the ***Sensitive List***). The Registration Officer shall closely monitor the conﬁdential and sensitive information. If the conﬁdential information becomes Inside Information, you will be placed on the Insider List.

While you are on the Sensitive List, you may not Deal in Company's Securities.

**Notiﬁcation by Registration Officer**

The Registration Officer shall inform you if and when you are placed on the Insider List or the Sensitive List, and if and when you are removed from such lists. In these instances, you will receive emails from *argenx@insiderlog.com*. The fact that you are on an Insider List or Sensitive List must remain conﬁdential.

**Providing information and retention of personal data**

If you are placed on an Insider List or a Sensitive List, you must provide personal details that we require pursuant to insider trading laws. You may request to inspect your personal data included on such list from the Registration Officer. If there are any changes to your personal details, you must report these to the Registration Officer, without delay.

In order to comply with this Policy and applicable law, the Company is responsible for processing any personal data included on an Insider List and a Sensitive List in accordance with Section [3.7](#i5a9b16d4c40d4fdfba52c74944172e74_4).

&nbsp;&nbsp;&nbsp;&nbsp;**3.6.General application and scope**

This Policy imposes restrictions on Dealing in the Company's Securities which may in certain cases go beyond those imposed by law. Compliance with this Policy does not relieve you from your obligation to comply with applicable laws in relation to Dealing in the Company's Securities. This Policy is not intended to be exhaustive or to serve as legal advice. If you have questions on the scope or application of the insider trading laws, please contact the Registration Officer. You should obtain legal advice if you think required or appropriate. The Company's lawyers do not represent you or your PCA personally.

&nbsp;&nbsp;&nbsp;&nbsp;**3.7.Privacy**

All information that is communicated to the Company and/or the Registration Officer in the context of this Policy and that constitutes personal data shall be treated in accordance with the applicable privacy and data protection laws. The purpose of the processing personal data shall be to enable the Company to comply with its legal obligations under the applicable insider trading laws and to fulfil its legitimate interest to ensure compliance by the Employees and their PCAs with the applicable insider trading laws. The personal data shall be kept for a period of five years from its processing, but may be kept for a longer period in exceptional circumstances (e.g.,

7

------

**Exhibit 11.1**

in case of legal claims or enquiries by the competent authorities). The Company may share such personal data with the competent authorities to comply with applicable law or if it is in the legitimate interest of the Company. The persons on Insider Lists, Sensitive Lists or PDMR lists have access to their personal information and have the right (and obligation) to correct errors by contacting the Registration Officer.

8

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**Exhibit 11.1**

&nbsp;&nbsp;&nbsp;&nbsp;**4.Additional Rules for PDMRs and Designated Persons and their PCAs**

&nbsp;&nbsp;&nbsp;&nbsp;**4.1.Introduction**

This Section [4](#i5a9b16d4c40d4fdfba52c74944172e74_4) describes the additional Dealing restrictions that apply to PDMRs (including Board Members) and Designated Persons and their PCAs. If you are not a PDMR or a Designated Person, this Section does not apply to you.

&nbsp;&nbsp;&nbsp;&nbsp;**4.2.Designation of PDMRs and Designated Persons**

The Registration Officer will inform you if you are a PDMR or Designated Person and shall, on behalf of the Company, maintain a current list of all PDMRs and Designated Persons. If you are a PDMR or Designated Person, you must provide personal details that we require following insider trading laws. You may request to inspect your personal data included on such list from the Registration Officer. If there are any changes to your personal details, you must report these to the Registration Officer, without delay.

&nbsp;&nbsp;&nbsp;&nbsp;**4.3.Restrictions on Dealing during PDMR and Designated Person Prohibited Periods**

As a PDMR or Designated Person, you and your PCAs are prohibited from Dealing in any of the Company's Securities during the following periods, collectively referred to as the ***PDMR and Designated Person Prohibited Periods***:

&nbsp;&nbsp;&nbsp;&nbsp;(i)a Closed Period;

&nbsp;&nbsp;&nbsp;&nbsp;(ii)the period that you are on any Insider List;

&nbsp;&nbsp;&nbsp;&nbsp;(iii)the period that you are on any Sensitive List; or

&nbsp;&nbsp;&nbsp;&nbsp;(iv)a period as determined at the discretion of the Registration Officer.

&nbsp;&nbsp;&nbsp;&nbsp;**4.4.Limited exemptions to Dealing restrictions during Closed Periods**

As a PDMR or Designated Person, you and your PCAs are allowed to Deal during a Closed Period in the case of Dealings:

&nbsp;&nbsp;&nbsp;&nbsp;(i)that do not relate to active investment decisions undertaken by you, or

&nbsp;&nbsp;&nbsp;&nbsp;(ii)that result exclusively from external factors or actions of third parties, or

&nbsp;&nbsp;&nbsp;&nbsp;(iii)that are transactions or trade activities, including the exercise of derivatives, based on predetermined terms.

In addition, under the following exceptional circumstances, you and your PCAs may be allowed to Deal during a Closed Period if all of the following conditions are satisﬁed:

&nbsp;&nbsp;&nbsp;&nbsp;(i)you are not in possession of Inside Information;

&nbsp;&nbsp;&nbsp;&nbsp;(ii)you are not placed on the Insider List or any Sensitive List; and

&nbsp;&nbsp;&nbsp;&nbsp;(iii)one of the following characteristics of the Dealing applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)the transaction is made under, or related to, an employee share or saving scheme and employees' schemes concerning ﬁnancial instruments other than shares, qualiﬁcation or entitlement of shares and qualiﬁcations or entitlements of ﬁnancial instruments other than shares (but excluding sales of underlying Securities); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)it concerns a transaction where the beneﬁcial interest in the relevant Security

does not change,

provided that in each case, (a) you can demonstrate that the particular transaction cannot be executed at another moment in time other than during the Closed Period; and (b) you have ﬁrst requested clearance to Deal from the Registration Officer by submitting a written request in the form required by the Registration Officer.

9

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**Exhibit 11.1**

&nbsp;&nbsp;&nbsp;&nbsp;**4.5.Clearance to Deal during Closed Periods**

You and your PCAs must not Deal in any Company Securities during any PDMR and Designated Person Prohibited Periods without having obtained clearance to Deal from the Registration Officer. The Registration Officer, on behalf of the Company, may refuse clearance to Deal on a discretionary basis.

If you and your PCA are given clearance to Deal, you and your PCA must carry out the Dealings as soon as possible and in any event within two Business Days of clearance being received. The Registration Officer may, however, set a shorter or longer period, depending on the circumstances. Clearance to Deal may lapse immediately if you come in possession of Inside Information and/or become subject to any other PDMR and Designated Person Prohibited Period.

Even if the Registration Officer grants permission to Deal during a Closed Period, it does not exempt you or your PCAs from any insider trading rules, as included in this Policy.

10

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**Exhibit 11.1**

&nbsp;&nbsp;&nbsp;&nbsp;**5.Additional obligations of PDMRs and their PCAs**

&nbsp;&nbsp;&nbsp;&nbsp;**5.1.Introduction**

This Section [5](#i5a9b16d4c40d4fdfba52c74944172e74_4) describes the information and regulatory notification obligations that apply to PDMRs (including Board Members) and their PCAs. If you are not a PDMR, this Section does not apply to you.

&nbsp;&nbsp;&nbsp;&nbsp;**5.2.Information obligations of PDMRs in relation to PCAs**

You must inform the Registration Officer of all persons that qualify as your PCAs.

Furthermore, you must notify your PCAs, in writing (and must keep a copy of such notification):

&nbsp;&nbsp;&nbsp;&nbsp;(i)that the relevant persons qualify as your PCAs under this Policy;

&nbsp;&nbsp;&nbsp;&nbsp;(ii)of their obligations under this Policy, which include the requirement to notify the Company and the AFM of each Dealing in the Company's Securities on their own account, as further described in Section [5.3](#i5a9b16d4c40d4fdfba52c74944172e74_4) of this Policy; and

&nbsp;&nbsp;&nbsp;&nbsp;(iii)of the PDMR and Designated Person Prohibited Periods.

It is your responsibility to ensure that your PCAs comply with their obligations under this Policy. If there are any changes to the personal details of your PCAs, you must report these to the

Registration Officer, without delay.

&nbsp;&nbsp;&nbsp;&nbsp;**5.3.Notification obligations with AFM**

You and your PCAs must promptly, and no later than three Business Days following the date of any Dealing in the Company's Securities, notify the AFM, any other applicable regulatory authority and the Registration Officer of such Dealings by you or your PCAs (or on your/their behalf).

Please refer to [Schedule](#i5a9b16d4c40d4fdfba52c74944172e74_13)[1](#i5a9b16d4c40d4fdfba52c74944172e74_13) of this Policy for a non-exhaustive list of Dealings by PDMRs that trigger a notiﬁcation obligation.

Such obligation to notify the Company and the AFM of conducted Dealings shall apply to any subsequent Dealing (whatever its size) once a total amount of EUR 20,000 has been reached within a calendar year. The threshold of EUR 20,000 shall be calculated by adding any Dealings, without netting (i.e., without setting off the value of acquisitions of the Company's Securities against the value of sales of the Company's Securities).

You or your PCA may request the Registration Officer to submit the necessary notiﬁcations to the AFM and any other applicable regulatory authority, on your behalf provided that the request is submitted to the Registration Officer before 16:00 CET on the Business Day before the intended date of the Dealing (or other event triggering the notiﬁcation requirement). The Registration Officer may impose additional requirements to make sure the notiﬁcation is timely and accurately made to the AFM and any other applicable regulatory authority.

If you have requested the Registration Officer to submit the notiﬁcations on your behalf and you have not received a response, it should not be assumed that the notiﬁcation will be submitted by the Registration Officer. You and your PCAs are ultimately responsible for making sure that notiﬁcations are timely and accurately made (including if the Registration Officer submits it on your behalf).

Board Members should refer to Section [6](#i5a9b16d4c40d4fdfba52c74944172e74_4) of this Policy (in particular Section [6.3](#i5a9b16d4c40d4fdfba52c74944172e74_4) of this Policy), to

avoid submitting overlapping notiﬁcations to the AFM.

11

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**Exhibit 11.1**

&nbsp;&nbsp;&nbsp;&nbsp;**6.Additional Rules for Board Members**

&nbsp;&nbsp;&nbsp;&nbsp;**6.1.Introduction**

This Section [6](#i5a9b16d4c40d4fdfba52c74944172e74_4) describes the additional insider trading obligations that apply to Board Members only.

&nbsp;&nbsp;&nbsp;&nbsp;**6.2.Notiﬁcation obligations with AFM**

Each Board Member must notify the AFM, any other applicable regulatory authority and the

Registration Officer:

&nbsp;&nbsp;&nbsp;&nbsp;(i)within two weeks of their appointment, the total shares and voting rights they have in the

Company and in any Affiliated Company; and

&nbsp;&nbsp;&nbsp;&nbsp;(ii)without delay, of any change, directly or indirectly, in the number or type of shares or voting rights the Board Member has in the Company and in any Affiliated Companies.

For purposes of this Section [6.2](#i5a9b16d4c40d4fdfba52c74944172e74_4), a share also includes rights to obtain shares, such as stock options, restricted stock units and performance stock units. A change in the type of interest will, for example, occur if stock options are exercised and consequently shares are obtained.

Immediately after a company has become an Affiliated Company, each Board Member must notify the AFM and the Registration Officer of the total shares and voting rights they have in the Company and in any Affiliated Companies.

&nbsp;&nbsp;&nbsp;&nbsp;**6.3.No duplicate notiﬁcations**

If a Board Member has an overlapping notiﬁcation obligation under Section [4](#i5a9b16d4c40d4fdfba52c74944172e74_4) and Section [6](#i5a9b16d4c40d4fdfba52c74944172e74_4) of this Policy, these notiﬁcation obligations can be combined by the Board Member if and to the extent permitted by law.

12

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**Exhibit 11.1**

&nbsp;&nbsp;&nbsp;&nbsp;**7.Deﬁnitions**

As used in this Policy, the following terms have the following meaning, unless the context requires otherwise:

---

| | |
|:---|:---|
| ***Affiliated Company*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;means a Dutch limited liability company the shares, or depositary receipts for shares, of which have been admitted to trading on a regulated market: (i) with which the Company is affiliated in a group or in which the Company has a participating interest as referred to in article 2:24c of the Dutch Civil Code (*Burgerlijk Wetboek*) and whose most recently established turnover amounts to at least 10% of the consolidated turnover of the Company; or (ii) which, directly or indirectly, contributes more than 25% of the share capital of the Company. |
| ***AFM*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;means the Dutch Authority for the Financial Markets. |
| ***Board*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;means the board of directors of the Company. |
| ***Board Member*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;means a member of the Board. |
| ***Business Day*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;means any day, other than a Saturday, Sunday or bank holiday, on which banks are open for business in the Netherlands. |
| ***Closed Periods*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;mean the periods:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;starting 45 calendar days (A) immediately preceding a preliminary announcement of the Company's annual results containing all relevant key information; (B) immediately preceding the publication of the Company's annual financial report, unless a preliminary announcement under (A) contains all relevant key information; (C) immediately preceding the announcement of the Company's half year results; and (D) immediately preceding the announcement of the Company's quarterly results and **<u>ending</u>** at the close of market on the first full trading day on Euronext Brussels or Nasdaq, whichever is later, after such results have been publicly disclosed. For the avoidance of doubt, if results are released after-market on Euronext Brussels, the closed period would end at the close of market on the first full trading day on Euronext Brussels the next day. If the results are released pre-market on Euronext Brussels, the closed period would end at the close of Nasdaq. |
| ***Company*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;means argenx SE (together with its subsidiaries). |
| ***Dealing*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;means any direct or indirect, conditional or unconditional transaction relating to Securities in the broadest sense, including buying, selling, Short Selling, subscribing to, pledging, borrowing and lending or gifting Securities, accepting, buying or writing options, exercising or discharging options, converting convertible bonds, entering into or exercise of equity swaps, entering into a contract for difference, pledging or granting any security on Securities, and any other transactions in or related<br>to derivatives, including cash-settled transactions, cancelling |

---

13

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**Exhibit 11.1**

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| | |
|:---|:---|
| <br>***Designated Person*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;or amending an order or transaction in Securities (whether for a person's own account or for the account of a third party), as well as any agreement or attempt thereto. This list is not exhaustive.<br>means any person designated as a designated person by the<br>Registration Officer, on behalf of the Company. |
| ***Employee*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;means any person employed or engaged by the Company, per argenx direction including but not limited to PDMRs, Board Members, Designated Persons and independent contractors such as consultants or other temporary staff.<br>References to ***you*** or ***your*** in this Policy refer to Employees and their PCAs. |
| ***Employee Prohibited Periods*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;means any of the following periods:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the period that you are on any Insider List;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the period that you are on any Sensitive List; or<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)a period as determined at the discretion of the<br>Registration Officer. |
| ***FSMA*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;means the Belgian Financial Services and Markets Authority. |
| ***Inside Information*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;means:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Material Non-Public Information; and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Information of a precise nature, which has not been made public, relating, directly or indirectly, to the Company or to the Company's Securities, and which, if it were made public, would be likely to have a significant effect on the prices of the Company's Securities or on the price of related derivative financial instruments.<br>***Of a precise nature*** means if it indicates a set of circumstances that exists or that may reasonably be expected to come into existence, or an event which has occurred or which may reasonably be expected to occur, where it is specific enough to enable a conclusion to be drawn as to the possible effect of that set of circumstances or event on the price of the Company's Securities.<br>Information is likely to have a significant effect on price if it is information that a reasonable investor would be likely to use as part of the basis of their investment decisions. |
| ***Insider List*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;means a list of persons who have access to Inside Information maintained by the Registration Officer, on behalf of the Company. The Insider List covers both Employees as well as principal contact(s) for external advisers who have access to Inside Information. |

---

14

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**Exhibit 11.1**

---

| | |
|:---|:---|
| ***MAR*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;means Regulation (EU) No. 596/2014 on market abuse, as amended from time to time. |
| ***Market Manipulation*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;means:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)behaviour which gives or is likely to give false or misleading signals as to the supply of, demand for, or price of, the Company's Securities, or secures or is likely to secure the price of the Company's Securities at an abnormal or artificial level;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)behaviour which affects or is likely to affect the price of one or several the Company's Securities, which employs a fictitious device or any other form of deception or contrivance;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)disseminating information through the media, including the internet or by any other means which gives, or is likely to give, false or misleading signals as to the supply of, demand for, or price of, a Security of the Company, or secures is likely to secure the price of the Company's Securities at an abnormal or artificial level, including the dissemination of rumours, where the person who made the dissemination knew, or ought to have known, that the information was false or misleading; or<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)transmitting false or misleading information or providing false or misleading inputs in relation to a benchmark where the person knew, or ought to have known that it was false or misleading, or any other behaviour which manipulates the calculation of a benchmark. |
| ***Material Non-Public Information*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***material*** means information that a reasonable investor could consider important in making an investment decision to Deal in the Company's Securities. This information could be positive or negative.<br>For purposes of this definition information is ***non-public*** if it is not available to the general public. The Company considers information about the Company to be public only once it has been widely disseminated in a manner generally available to investors. Information is deemed widely disseminated after the close of market on the first full trading day on Euronext Brussels or Nasdaq, whichever is later after the information was disseminated. For example, if information is released after-market on Euronext Brussels, the closed period would end at the close of market on the first full trading day on Euronext Brussels the next day. If the results are released pre-market on Euronext Brussels, the closed period would end at the close of Nasdaq. |
| ***PCA*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;means a person closely associated with a relevant person, who is any of the following:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)a spouse or a partner considered to be equivalent to a |

---

15

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**Exhibit 11.1**

---

| | |
|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;spouse in accordance with national law;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)a dependent child, in accordance with national law;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)a relative who has shared the same household for at least one year on the date of the transaction concerned; or<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)a legal person, trust or partnership, the managerial responsibilities of which are discharged by a PDMR or by a person referred to in point (i), (ii) or (iii) above; or which is directly or indirectly controlled by such a person; or which is set up for the benefit of such a person; or the economic interests of which are substantially equivalent to those of such a person. |
| ***PDMR*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;means a person discharging managerial responsibilities within the Company, who is either:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)a Board Member; or<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)a senior executive who is not a Board Member, who has regular access to Inside Information and power to take managerial decisions affecting the future developments and business prospects of the Company. |
| ***PDMR and Designated Person Prohibited Periods*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;means, if you are a PDMR or Designated Person, any of the following periods:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)when you are on any Insider List;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)when you are on any Sensitive List;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)as determined at the discretion of the Registration<br>Officer; or<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)during a Closed Period. |
| ***Policy*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;means this insider trading policy. |
| ***Registration Officer*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Company's registration officer, to be contacted via<br>*registrationofficer@argenx.com*. |
| ***SEC*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;means the U.S. Securities and Exchange Commission |
| ***Securities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;means:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)shares, debt instruments and other securities equivalent to shares, debt instruments, partnerships or other entities, and depositary receipts in respect of shares, including American Depositary Shares representing such shares; or<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)any securities the price or value of which depends on or has an effect on the price or value of a financial instrument referred to under (i), any derivatives or other financial instruments in the broadest sense linked to the securities referred to under (i). |

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16

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**Exhibit 11.1**

---

| | |
|:---|:---|
| ***Sensitive List*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;means a list of Employees who received or may receive confidential and sensitive information that has a reasonable likelihood of becoming Inside Information in the near future, which list is maintained by the Registration Officer, on behalf of the Company, on a project-by-project basis. |
| ***Short Selling*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;means any sale of one or more of the Company's Securities which the seller does not own at the time of entering into the agreement to sell, including such a sale where at the time of entering into the agreement to sell the seller has borrowed or agreed to borrow the Company's Securities for delivery at<br>settlement. |

---

17

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**Exhibit 11.1**

**SCHEDULE 1**

**NOTIFIABLE TRANSACTIONS BY PDMRS**

&nbsp;&nbsp;&nbsp;&nbsp;(a)Transactions in the Company's Securities that need to be notiﬁed to the AFM and the Registration Officer by PDMRs under Article 19 of the MAR, include the following (including if these are done through a written mandate with a ﬁnancial ﬁrm): acquisition, disposal, short sale, subscription or exchange;

&nbsp;&nbsp;&nbsp;&nbsp;(b)acceptance or exercise of a stock option, including of a stock option granted to managers or employees as part of their remuneration package, and the disposal of shares stemming from the exercise of a stock option;

&nbsp;&nbsp;&nbsp;&nbsp;(c)entering into or exercise of equity swaps;

&nbsp;&nbsp;&nbsp;&nbsp;(d)transactions in or related to derivatives, including cash-settled transaction;

&nbsp;&nbsp;&nbsp;&nbsp;(e)entering into a contract for difference on a ﬁnancial instrument of the concerned issuer

or on emission allowances or auction products based thereon;

&nbsp;&nbsp;&nbsp;&nbsp;(f)acquisition, disposal or exercise of rights, including put and call options, and warrants;

&nbsp;&nbsp;&nbsp;&nbsp;(g)subscription to a capital increase or debt instrument issuance;

&nbsp;&nbsp;&nbsp;&nbsp;(h)transactions in derivatives and ﬁnancial instruments linked to a debt instrument of the

concerned issuer, including credit default swaps;

&nbsp;&nbsp;&nbsp;&nbsp;(i)conditional transactions upon the occurrence of the conditions and actual execution of the transactions;

&nbsp;&nbsp;&nbsp;&nbsp;(j)automatic or non-automatic conversion of a ﬁnancial instrument into another ﬁnancial

instrument, including the exchange of convertible bonds to shares;

&nbsp;&nbsp;&nbsp;&nbsp;(k)gifts and donations made or received, and inheritance received;

&nbsp;&nbsp;&nbsp;&nbsp;(l)transactions executed in index-related products, baskets and derivatives, insofar as required by Article 19 of the MAR;

&nbsp;&nbsp;&nbsp;&nbsp;(m)transactions executed in shares or units of investment funds, including alternative investment funds (AIFs) referred to in Article 1 of Directive 2011/61/EU of the European Parliament and of the Council, insofar as required by Article 19 of the MAR;

&nbsp;&nbsp;&nbsp;&nbsp;(n)transactions executed by manager of an AIF in which the PDMR or PCA with such a person has invested, insofar as required by Article 19 of the MAR;

&nbsp;&nbsp;&nbsp;&nbsp;(o)transactions executed by a third party under an individual portfolio or asset management

mandate on behalf or for the beneﬁt of a PDMR or PCA;

&nbsp;&nbsp;&nbsp;&nbsp;(p)borrowing or lending of shares or debt instruments of the issuer or derivatives or other

ﬁnancial instruments linked thereto;

&nbsp;&nbsp;&nbsp;&nbsp;(q)the pledging or lending of ﬁnancial instruments by or on behalf of a PDMR or PCA;

&nbsp;&nbsp;&nbsp;&nbsp;(r)transactions undertaken by persons professionally arranging or executing transactions or by another person on behalf of a PDMR or PCA, including where discretion is exercised; and

&nbsp;&nbsp;&nbsp;&nbsp;(s)transactions made under a life insurance policy, deﬁned in accordance with Directive

2009/138/EC of the European Parliament and of the Council, where:

the policyholder is a PDMR or a PCA with such a person,

18

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**Exhibit 11.1**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)the investment risk is borne by the policyholder, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)the policyholder has the power or discretion to make investment decisions regarding speciﬁc instruments in that life insurance policy or to execute transactions regarding speciﬁc instruments for that life insurance policy.

19

## Exhibit 12.1

**Exhibit 12.1**

**CERTIFICATION PURSUANT TO<br>RULES 13A-14(A) AND 15D-14(A) UNDER THE SECURITIES EXCHANGE ACT OF 1934,<br>AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Tim Van Hauwermeiren, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this Annual Report on Form 20-F of argenx SE;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The company's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the company's internal control over financial reporting that occurred during the company's period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The company's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company's auditors and the audit committee of the company's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company's ability to record, process, summarize and report financial information; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the company's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date:  | March 19, 2026 | March 19, 2026 |
| By:  | /s/ Tim Van Hauwermeiren | /s/ Tim Van Hauwermeiren |
|  | Name: | Tim Van Hauwermeiren |
|  | Title: | Chief Executive Officer |
|  |  | *(Principal Executive Officer)* |

---

## Exhibit 12.2

**Exhibit 12.2**

**CERTIFICATION PURSUANT TO<br>RULES 13A-14(A) AND 15D-14(A) UNDER THE SECURITIES EXCHANGE ACT OF 1934,<br>AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Karl Gubitz, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this Annual Report on Form 20-F of argenx SE;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The company's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the company's internal control over financial reporting that occurred during the company's period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The company's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company's auditors and the audit committee of the company's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company's ability to record, process, summarize and report financial information; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the company's internal control over financial reporting.

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| | | |
|:---|:---|:---|
| Date:  | March 19, 2026 | March 19, 2026 |
| By:  | /s/ Karl Gubitz | /s/ Karl Gubitz |
|  | Name: | Karl Gubitz |
|  | Title: | Chief Financial Officer |
|  |  | *(Principal Financial Officer)* |

---

## Exhibit 13.3

**Exhibit 13.1**

**CERTIFICATION PURSUANT TO<br>18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO<br>SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.In connection with the Annual Report on Form 20-F of argenx SE (the "<u>Company</u>") for the fiscal year ended December 31, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "<u>Report</u>"), I certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and the information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date:  | March 19, 2026 | March 19, 2026 |
| By:  | /s/ Tim Van Hauwermeiren | /s/ Tim Van Hauwermeiren |
|  | Name: | Tim Van Hauwermeiren |
|  | Title: | Chief Executive Officer |
|  |  | *(Principal Executive Officer)* |

---

## Exhibit 13.4

**Exhibit 13.2**

**CERTIFICATION PURSUANT TO<br>18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO<br>SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Annual Report on Form 20-F of argenx SE (the "<u>Company</u>") for the fiscal year ended December 31, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "<u>Report</u>"), I certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date:  | March 19, 2026 | March 19, 2026 |
| By:  | /s/ Karl Gubitz | /s/ Karl Gubitz |
|  | Name: | Karl Gubitz |
|  | Title: | Chief Financial Officer |
|  |  | *(Principal Financial Officer)* |

---

## Exhibit 15.1

**Exhibit 15.1**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To: the shareholders and the board of directors of argenx SE

We consent to the incorporation by reference in the Registration Statement (Form S-8 Nos. 333-225375, 333-258253, 333-274721 and 333-292200) pertaining to the Equity Incentive Plan of argenx SE of our report dated March 19, 2026, with respect to the consolidated financial statements of argenx SE, and the effectiveness of internal control over financial reporting of argenx SE, incorporated by reference in this Annual Report (Form 20-F) for the year ended December 31, 2025.

/s/ EY Accountants B.V.

Eindhoven, the Netherlands

March 19, 2026

## Exhibit 15.2

**Exhibit 15.2**

![deloitte.jpg](deloitte.jpg)

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the incorporation by reference in Registration Statement Nos. 333-292200, 333-225375, 333-274721 and 333-258253 on Form S-8 of our report dated March 20, 2025, relating to the financial statements of argenx SE appearing in this Annual Report on Form 20-F for the year ended December 31, 2025.

/s/ Deloitte Accountants B.V.

Eindhoven, The Netherlands

March 19, 2026

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