# EDGAR Filing Document

**Accession Number:** 0001697862
**File Stem:** 0001697862-25-000042
**Filing Date:** 2025-7
**Character Count:** 110392
**Document Hash:** cc23ef9126f87023c13d5e7d41abd030
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001697862-25-000042.hdr.sgml**: 20250731

**ACCESSION NUMBER**: 0001697862-25-000042

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 92

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250731

**DATE AS OF CHANGE**: 20250731

**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:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38097
- **FILM NUMBER:** 251169551

**BUSINESS ADDRESS:**
- **STREET 1:** INDUSTRIEPARK ZWIJNAARDE 7
- **STREET 2:** BUILDING C B-9052
- **CITY:** ZWIJNAARDE
- **STATE:** C9
- **ZIP:** B-9052
- **BUSINESS PHONE:** 32 (9) 310 34 00

**MAIL ADDRESS:**
- **STREET 1:** INDUSTRIEPARK ZWIJNAARDE 7
- **STREET 2:** BUILDING C B-9052
- **CITY:** ZWIJNAARDE
- **STATE:** C9
- **ZIP:** B-9052

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

?xml version='1.0' encoding='ASCII'? argx-20250630

---

| |
|:---|
| <br>**UNITED STATES**<br>**SECURITIES AND EXCHANGE COMMISSION**<br>**WASHINGTON, D.C. 20549** |
| <br>**FORM 6-K** |
| <br>**REPORT OF FOREIGN PRIVATE ISSUER**<br>**PURSUANT TO RULE 13a-16 OR 15d-16**<br>**UNDER THE SECURITIES EXCHANGE ACT OF 1934**<br>**For the Month of July 2025**<br>**Commission File Number: 001-38097** |
| **ARGENX SE** |
| (Translation of registrant's name into English) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Laarderhoogtweg 25** **1101 EB Amsterdam, the Netherlands.** |
| (Address of principal executive offices) |
| Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.<br>Form 20-F ⌧&nbsp;&nbsp;&nbsp;&nbsp;Form 40-F ☐ |
| Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b) (1): ☐ |
| Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐ |

---

------

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**argenx SE** |
| On July 31, 2025, argenx SE (the "<u>Company</u>) issued a press release, unaudited first half-year financial results for 2025, which are further described in an Unaudited Interim Report for the Six Months Ended June 30, 2025, and an investor presentation copies of which are attached hereto as Exhibits 99.1, 99.2 and 99.3, respectively, and are incorporated by reference herein.<br>*The information contained in this Current Report on Form 6-K, including Exhibit 99.1 and Exhibit 99.2, shall be deemed to be incorporated by reference into the Company's Registration Statements on Form S-8 (File Nos. <u>[333-225375](https://www.sec.gov/Archives/edgar/data/1697862/000110465918037616/a18-14643_3s8.htm)</u>, <u>[333-258253](https://www.sec.gov/Archives/edgar/data/1697862/000110465921097298/tm2123453d1_s8.htm)</u>, and <u>[333-274721](https://www.sec.gov/Archives/edgar/data/1697862/000110465923104307/tm2326371d1_s8.htm)</u>), and to be part thereof from the date on which this Current Report on Form 6-K is filed, to the extent not superseded by documents or reports subsequently filed or furnished.* |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**EXHIBITS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**EXHIBITS** |
| **Exhibit** | **Description** |
| 99.1 | [Press Release dated July](a04earningspressreleasehy.htm)[31](a04earningspressreleasehy.htm)[,](a04earningspressreleasehy.htm)[2025](a04earningspressreleasehy.htm) |
| 99.2 | [Unaudited Interim Report for the Six Months Ended June 30](argx-20250630_d2.htm)[, 2025](argx-20250630_d2.htm) |
| 99.3 | [Investor Presentation dated July 31, 2025](argenx2q2025investorpres.htm) |
| 101.INS | Inline XBRL Instance Document |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL) |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | | **ARGENX SE** |
| Date: July 31, 2025 | By: | /s/ Hemamalini (Malini) Moorthy |
|  |  | Hemamalini (Malini) Moorthy |
|  |  | General Counsel |

---

## Exhibit 99.1

![argenx_logoxrgba.jpg](argenx_logoxrgba.jpg)

**argenx Reports Half Year 2025 Financial Results and Provides Second Quarter Business Update**

*$949 million in second quarter global product net sales*

*VYVGART SC launch in CIDP progresses with more than 2,500 patients on treatment globally*

*ARGX-119 to advance to registrational study in CMS following positive proof of concept data; three additional topline data readouts across pipeline remain on track for second half of 2025*

*Management to host conference call today at 2:30 PM CET (8:30 AM ET)*

**July 31, 2025 7:00 AM CET**

**Amsterdam, the Netherlands** – argenx SE (Euronext & Nasdaq: ARGX), a global immunology company committed to improving the lives of people suffering from severe autoimmune diseases, today announced its half year 2025 results and provided a second quarter business update.

"We continue to make meaningful progress towards our Vision 2030, advancing bold innovation that has already reached more than 15,000 patients globally" said Tim Van Hauwermeiren, Chief Executive Officer of argenx. "VYVGART is delivering strong growth across all indications, formulations and regions. We are still in the early stages of capturing the full market opportunity in MG and CIDP, with the recent launch of the VYVGART SC prefilled syringe driving demand from new patients and prescribers. In MG, we are shaping the market as the fastest growing biologic, moving earlier in the patient treatment paradigm, and working toward the broadest possible label. In CIDP, we continue to see consistent patient growth, with ample runway to reach the 12,000 patients in the U.S. who remain inadequately controlled on standard of care. This is just the beginning of the larger growth opportunity ahead. With six registrational and six proof-of-concept readouts expected by the end of 2026, we are executing on our proven innovation playbook that is delivering pipeline-in-a-product opportunities aimed at transforming care for patients with high unmet need."

**Advancing Towards Vision 2030**

argenx has established its strategic priorities to advance Vision 2030, aiming to treat 50,000 patients globally with its medicines, secure 10 labeled indications across all approved medicines, and advance five pipeline candidates into Phase 3 development by 2030.

**Expand global VYVGART opportunity and launch VYVGART SC as prefilled syringe**

VYVGART<sup>®</sup> (IV: efgartigimod alfa-fcab and SC: efgartigimod alfa and hyaluronidase-qvfc) is a first-and-only IgG Fc-antibody fragment that targets the neonatal Fc receptor (FcRn). It is approved in three indications, including generalized myasthenia gravis (gMG) globally, primary immune thrombocytopenia (ITP) in Japan, and chronic inflammatory demyelinating polyneuropathy (CIDP) in the U.S., Japan, China, and the EU. The VYVGART-SC prefilled syringe (PFS) is now approved for use in the U.S. and EU.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Generated global product net sales (inclusive of both VYVGART and VYVGART SC) of $949 million in the second quarter of 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Strong underlying fundamentals across key patient and prescriber metrics with 97% operational growth in product net sales year-over-year from second quarter 2024, and 19% from the first quarter of 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• First patient dosed in Germany following European Commission (EC) approval for VYVGART-SC (vial and PFS) for CIDP

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PFS decision on approval for gMG and CIDP expected in Japan and Canada by end of year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Evidence generation through label-enabling studies:

------

![argenx_logoxrgba.jpg](argenx_logoxrgba.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Topline results expected in second half of 2025 for seronegative gMG (ADAPT-SERON) and first half of 2026 for ocular MG (ADAPT OCULUS)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Topline results expected in second half of 2026 to support FDA submission of VYVGART IV for primary ITP (ADVANCE-NEXT)

**Execute 10 registrational and 10 proof-of-concept studies across efgartigimod, empasiprubart and ARGX-119 to advance the next wave of launches**

argenx continues to demonstrate breadth and depth within its immunology pipeline, advancing multiple first-in-class product candidates with potential across high-need indications.

*<u>Efgartigimod Development</u>*

Efgartigimod is being studied across 15 severe autoimmune diseases, highlighting the broad potential of FcRn biology in neurology, rheumatology, and beyond.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Registrational studies are currently ongoing in idiopathic inflammatory myopathies (IIM or myositis), thyroid eye disease (TED), and Sjögren's disease

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Topline results from ALKIVIA study evaluating three myositis subsets (immune-mediated necrotizing myopathy (IMNM), anti-synthetase syndrome (ASyS) and dermatomyositis (DM)) expected in second half of 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Topline results from two registrational UplighTED studies (TED) expected in second half of 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Topline results from registrational UNITY study (Sjögren's disease) expected in 2027

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Proof-of-concept studies ongoing in lupus nephritis (LN), systemic sclerosis (SSc) and antibody mediated rejection (AMR); topline results expected for LN in fourth quarter of 2025, SSc in second half of 2026, and AMR in 2027

*<u>Empasiprubart Development</u>*

Empasiprubart, a first-in-class, humanized, monoclonal antibody that specifically binds to C2, is currently being evaluated in four indications. These include registrational studies in multifocal motor neuropathy (MMN) and CIDP, and proof-of-concept studies in delayed graft function (DGF) and DM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Topline results from registrational EMPASSION study (MMN) evaluating empasiprubart head-to-head versus IVIg expected in second half of 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Registrational EMVIGORATE study ongoing in CIDP evaluating empasiprubart head-to-head versus IVIg

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Topline results expected for DGF in the second half of 2025 and for DM in first half of 2026

*<u>ARGX-119 Development</u>*

ARGX-119, a first-in-class agonist antibody that targets muscle-specific kinase (MuSK), is being evaluated in congenital myasthenic syndromes (CMS), amyotrophic lateral sclerosis (ALS), and spinal muscular atrophy (SMA).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Registrational study to start in CMS in 2026 following positive Phase 1b proof-of-concept data

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Phase 2a proof-of-concept study ongoing in ALS; topline results expected in first half of 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SMA proof-of-concept study on track to start by end of year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ARGX-119 R&D webinar to be hosted on **September 16, 2025**

------

![argenx_logoxrgba.jpg](argenx_logoxrgba.jpg)

**Advance four new pipeline molecules and generate sustainable value through continued investment in Immunology Innovation Program**

argenx continues to invest in its Immunology Innovation Program (IIP) to drive long-term sustainable pipeline growth. Through the IIP, four new pipeline candidates have been nominated, including: ARGX-213, targeting FcRn and further solidifying argenx's leadership in this biology; ARGX-121, a first-in-class molecule targeting IgA; ARGX-109, targeting IL-6, which plays an important role in inflammation, and a fourth pipeline candidate, a first-in-class sweeping antibody for which the target has not yet been disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Phase 1 results from ongoing ARGX-109 study expected in second half of 2025, and from ongoing ARGX-213 and ARGX-121 studies expected in first half of 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Entered strategic collaboration with Unnatural Products (UNP) to expand argenx discovery capabilities into the oral peptide space. This partnership reinforces argenx's commitment to enhance the patient experience and advance its pipeline of precision therapies.

------

![argenx_logoxrgba.jpg](argenx_logoxrgba.jpg)

**SECOND QUARTER 2025 FINANCIAL RESULTS** 

**argenx SE**

**UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENTS OF PROFIT OR LOSS**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| | **30 June,** | **30 June,** | **30 June,** | **30 June,** |
|<br>**(in thousands of $ except per share data)** | **2025** | **2024** | **2025** | **2024** |
| Product net sales | $948594 | $477635 | $1738644 | $875918 |
| Other operating income\* | 18593 | 11793 | 35913 | 26023 |
| **Total operating income** | $**967187** | $**489428** | $**1774557** | $**901941** |
| Cost of sales | $(110747) | $(52383) | $(191552) | $(95561) |
| Research and development expenses | (327697) | (225286) | (636767) | (450255) |
| Selling, general and administrative expenses | (324902) | (255699) | (601150) | (491694) |
| Loss from investment in a joint venture | (2780) | (1521) | (5087) | (3313) |
| **Total operating expenses** | $**(766126)** | $**(534889)** | $**(1434556)** | $**(1040823)** |
| **Operating profit/(loss)** | $**201061** | $**(45461)** | $**340001** | $**(138882)** |
| Financial income | $38399 | $38933 | $75517 | $77828 |
| Financial expense | (1126) | (572) | (2261) | (1084) |
| Exchange gains/(losses) | 48565 | (7903) | 76003 | (27215) |
| **Profit/(Loss) for the period before taxes** | $**286899** | $**(15003)** | $**489260** | $**(89353)** |
| Income tax (expense)/benefit | $(41541) | $44069 | $(74433) | $56822 |
| **Profit/(Loss) for the period** | $**245358** | $**29066** | $**414827** | $**(32531)** |
| **Profit/(Loss) for the period attributable to:** |  |  |  |  |
| Owners of the parent | $245358 | $29066 | $414827 | $(32531) |
| Weighted average number of shares used for basic profit/(loss) per share | 61084250 | 59490437 | 61034202 | 59400217 |
| Basic profit/(loss) per share (in $) | 4.02 | 0.49 | 6.80 | (0.55) |
| Weighted average number of shares used for diluted profit/(loss) per share | 65639446 | 63893007 | 65653007 | 59400217 |
| Diluted profit/(loss) per share (in $) | 3.74 | 0.45 | 6.32 | (0.55) |

---

\*Comparative figures have been presented to be consistent with the one adopted in the current period with respect to the combination of collaboration revenue and other operating income.

------

![argenx_logoxrgba.jpg](argenx_logoxrgba.jpg)

**DETAILS OF THE FINANCIAL RESULTS**

**Total operating income** for the three and six months ended June 30, 2025, was $967 million and $1,775 million, respectively, compared to $489 million and $902 million, respectively, for the same periods in 2024, and mainly consists of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Product net sales** of VYVGART and VYVGART SC for the three and six months ended June 30, 2025, were $949 million and $1,739 million, respectively, compared to $478 million and $876 million, respectively, for the same periods in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Other operating income** for the three and six months ended June 30, 2025, was $19 million and $36 million, respectively, compared to $12 million and $26 million, respectively, for the same periods in 2024. The other operating income for the three and six months ended June 30, 2025 and 2024, primarily relates to research and development tax incentives and payroll tax rebates.

**Total operating expenses** for the three and six months ended June 30, 2025 were $766 million and $1,435 million, respectively, compared to $535 million and $1,041 million, respectively, for the same periods in 2024, and mainly consist of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Cost of sales** for the three and six months ended June 30, 2025, was $111 million and $192 million, respectively, compared to $52 million and $96 million for the same periods in 2024, respectively. The cost of sales was related to the sale of VYVGART and VYVGART SC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Research and development expenses** for the three and six months ended June 30, 2025, were $328 million and $637 million, respectively, compared to $225 million and $450 million, respectively, for the same periods in 2024. The research and development expenses mainly relate to:

–the clinical development and expansion of efgartigimod in 15 severe autoimmune diseases;

–the ramp-up of studies for the development of empasiprubart into MMN, DGF, DM and CIDP;

–the investments for ARGX-119 in proof-of-concept studies ongoing in ALS, CMS and SMA; and

–other discovery and preclinical pipeline candidates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Selling, general and administrative expenses** for the three and six months ended June 30, 2025, were $325 million and $601 million, respectively, compared to $256 million and $492 million, respectively, for the same periods in 2024. The selling, general and administrative expenses mainly relate to professional and marketing fees linked to the global commercialization of VYVGART franchise, and personnel expenses.&nbsp;&nbsp;&nbsp;&nbsp;

**Financial income** for the three and six months ended June 30, 2025, was $38 million and $76 million, respectively, compared to $39 million and $78 million, respectively, for the same periods in 2024.

**Exchange gains** for the three and six months ended June 30, 2025, were $49 million and $76 million, respectively, compared to $8 million and $27 million, respectively, of exchange losses for the same periods in 2024. Exchange gains/losses are mainly attributable to unrealized exchange rate gains or losses on the cash, cash equivalents and current financial assets denominated in Euro.

**Income tax** for the three and six months ended June 30, 2025 and 2024 is detailed below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| | **30 June,** | **30 June,** | **30 June,** | **30 June,** |
|<br>**(in millions of $)** | **2025** | **2024** | **2025** | **2024** |
| Current tax (expense)/benefit | $(41) | $(9) | $(70) | $(16) |
| Deferred tax (expense)/benefit | (1) | 53 | (4) | 72 |
| **Income tax (expense)/benefit** | $**(42)** | $**44** | $**(74)** | $**57** |

---

------

![argenx_logoxrgba.jpg](argenx_logoxrgba.jpg)

**Profit** for the three- and six-month periods ended June 30, 2025, was $245 million and $415 million, respectively, compared to a profit of $29 million and a loss of $33 million, respectively, for the same periods in 2024. The basic profit per share was $4.02 for the three months ended June 30, 2025, compared to a basic profit per share of $0.49 for the same period in 2024. The basic profit per share was $6.80 for the six months ended June 30, 2025, compared to a basic loss per share of $0.55 for the same period in 2024.

**Cash flow from operating activities** for the six months ended June 30, 2025 was $362 million compared to a cash flow used in operating activities for the same period in 2024 of $126 million.

**FINANCIAL GUIDANCE**

The financial guidance on the combined research and development and selling, general and administrative remains unchanged at approximately $2.5 billion.

**EXPECTED 2025 FINANCIAL CALENDAR**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• October 30, 2025: Third Quarter 2025 Financial Results and Business Update

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• February 26, 2025: Full-year 2025 Financial Results and Fourth Quarter 2025 Business Update

**CONFERENCE CALL DETAILS**

The half-year 2025 financial results and second quarter business update will be discussed during a conference call and webcast presentation today at 2:30 pm CET/8:30 am ET. A webcast of the live call may be accessed on the Investors section of the argenx website at <u>argenx.com/investors</u>. A replay of the webcast will be available on the argenx website.

**Dial-in numbers:** 

*Please dial in 15 minutes prior to the live call.* 

---

| | |
|:---|:---|
| Belgium | 32 800 50 201 |
| France | 33 800 943355 |
| Netherlands | 31 20 795 1090 |
| United Kingdom | 44 800 358 0970 |
| United States | 1 888 415 4250 |
| Japan | 81 3 4578 9081 |
| Switzerland | 41 43 210 1132 |

---

**This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation (Regulation 596/2014).**

**About argenx**

argenx is a global immunology company committed to improving the lives of people suffering from severe autoimmune diseases. Partnering with leading academic researchers through its Immunology Innovation Program (IIP), argenx aims to translate immunology breakthroughs into a world-class portfolio of novel antibody-based medicines. argenx developed and is commercializing the first approved neonatal Fc receptor (FcRn) blocker and is evaluating its broad potential in multiple serious autoimmune diseases while advancing several earlier stage experimental medicines within its therapeutic franchises. For more information, visit <u>www.argenx.com</u> and follow us on <u>LinkedIn</u>, <u>Instagram</u>, <u>Facebook</u>, and <u>YouTube</u>.

**For further information, please contact:** 

**Media:**

Ben Petok

<u>bpetok@argenx.com</u>

**Investors:**

Alexandra Roy

<u>aroy@argenx.com</u>

------

![argenx_logoxrgba.jpg](argenx_logoxrgba.jpg)

**Forward-looking Statements** 

The contents of this announcement include statements that are, or may be deemed to be, "forward-looking statements." These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "advance," "aim," "committed," "continue," "expand," "expect," "growth," and "progress" and include statements argenx makes concerning its innovation agenda and growth strategy, including (i) its Vision 2030 to reach 50,000 patients globally across 10 labeled indications and to advance fix pipeline candidates into Phase 3 development by 2030 across efgartigimod, empasiprubart and ARGX-119 to create significant opportunity to expand into new therapeutic areas and reach broader patient populations and (ii) its goal to transform care for patients with high unmet need; its confidence regarding its growth trajectory; its commitment to improving the lives of people suffering from severe autoimmune diseases; its expectation regarding the insights from proof-of-concept and registrational studies across various programs; the advancement of anticipated clinical development, data readouts and regulatory milestones and plans, including: (1) the PFS decision on approval for gMG and CIDP expected in Japan and Canada by end of 2025, (2) topline results for seronegative gMG (ADAPT-SERON) expected in second half of 2025 and for ocular and pediatric MG (ADAPT-OCULUS, JR) expected in first half of 2026, (3) topline results for ADVANCE-NEXT to support FDA submission of VYVGART IV for primary ITP expected in second half of 2026, (4) new therapeutic areas and ongoing registrational studies in three subsets of myositis, thyroid eye disease (TED), and Sjögren's disease, with topline results from (a) ALKIVIA expected in second half of 2026, (b) two registrational UplightTED studies expected in second half of 2026 and (c) registrational UNITY study expected in 2027, (5) proof-of-studies ongoing in LN, SSc and AMR, with topline results expected in fourth quarter of 2025, second half of 2026 and 2027, respectively, (6) its plans to develop empasiprubart, including (a) registrational EMPASSION study in MMN, with topline results expected in second half of 2026, (b) registrational EMVIGORATE study in CIDP, expected to start in first half of 2025 and (c) topline results for DGM and DM expected in second half of 2025 and first half of 2026, respectively, (7) its plans to develop ARGX-119, including: (a) the registrational study to start in CMS in 2026; (b) Phase 2a proof-of-concept study in ALS, with topline results expected in first half of 2026; and (c) SMA proof-of-concept study; and (8) its plans to advance four new pipeline molecules and generate sustainable value through continue investment in its IIP, through (a) ongoing studies for ARGX-213 and ARGX-121, with results expected in first half of 2026, (b) ARGX-109, with Phase 1 results expected in second half of 2025, and (c) a fourth pipeline candidate, a first-in-class sweeping antibody for which the target has not yet been disclosed; and its goal of translating immunology breakthroughs into a world-class portfolio of novel antibody-based medicines. By their nature, forward-looking statements involve risks and uncertainties and readers are cautioned that any such forward-looking statements are not guarantees of future performance. argenx's actual results may differ materially from those predicted by the forward-looking statements as a result of various important factors, including but not limited to, the results of argenx's clinical trials; expectations regarding the inherent uncertainties associated with the development of novel drug therapies; preclinical and clinical trial and product development activities and regulatory approval requirements; the acceptance of its products and product candidates by its patients as safe, effective and cost-effective; the impact of governmental laws and regulations, including tariffs, export controls, sanctions and other regulations on its business; its reliance on third-party suppliers, service providers and manufacturers; inflation and deflation and the corresponding fluctuations in interest rates; and regional instability and conflicts. A further list and description of these risks, uncertainties and other risks can be found in argenx's U.S. Securities and Exchange Commission (SEC) filings and reports, including in argenx's most recent annual report on Form 20-F filed with the SEC as well as subsequent filings and reports filed by argenx with the SEC. Given these uncertainties, the reader is advised not to place any undue reliance on such forward-looking statements. These forward-looking statements speak only as of the date of publication of this document. argenx undertakes no obligation to publicly update or revise the information in this press release, including any forward-looking statements, except as may be required by law.

## Exhibit 99.2

?xml version='1.0' encoding='ASCII'? argx-20250630_d2

![pdf-cover-front-v4.jpg](argx-20250630_g1.jpg)

**2025**

**Half-Year** 

Financial

Report

argenx Half-Year 2025 Financial Report<sub>1</sub>

## **Table of Contents**

---

| | |
|:---|:---|
| [Management report](#i2c893fd98b624f05b6634c0d0930eb2b) | [2](#i2c893fd98b624f05b6634c0d0930eb2b) |
| [1](#i3c0e3d7758e8402da9f632865a17859b)[Main events in the first six months of 2025](#i3c0e3d7758e8402da9f632865a17859b) | [2](#i3c0e3d7758e8402da9f632865a17859b) |
| [2](#i3a6f2ecca5a341af861f305f733a2581)[Financial highlights](#i3a6f2ecca5a341af861f305f733a2581) | [4](#i3a6f2ecca5a341af861f305f733a2581) |
| [3](#i70bb4dcac9a645adb55c91c71d3c5e01)[Risk factors](#i70bb4dcac9a645adb55c91c71d3c5e01) | [5](#i70bb4dcac9a645adb55c91c71d3c5e01) |
| [4](#i2f3699d317184dbfa458ce1d707d8a9d)[Forward-looking statements](#i2f3699d317184dbfa458ce1d707d8a9d) | [5](#i2f3699d317184dbfa458ce1d707d8a9d) |
| [5](#ib324b2b439d0410e85cffeafb1d99ca9)[Statement of the board of directors](#ib324b2b439d0410e85cffeafb1d99ca9) | [6](#ib324b2b439d0410e85cffeafb1d99ca9) |
| [Unaudited condensed consolidated interim financial statements](#i7aa9f7f8430e4139bd28cedf84369e1e) | [7](#i7aa9f7f8430e4139bd28cedf84369e1e) |
| [Unaudited condensed consolidated interim statements of financial position](#i9a50a904e9494e07b8a6c3c9b55b9ac8) | [7](#i9a50a904e9494e07b8a6c3c9b55b9ac8) |
| [Unaudited condensed consolidated interim statements of profit or loss](#iefdc422d0920404b82069e129ee64e3e) | [9](#iefdc422d0920404b82069e129ee64e3e) |
| [Unaudited condensed consolidated interim statements of comprehensive income or loss](#i6487e50ebe9144499120e2ce6ec2dc1b) | [10](#i6487e50ebe9144499120e2ce6ec2dc1b) |
| [Unaudited condensed consolidated interim statements of cash flows](#i68e0e4fad8b640baa0ffa593b592388a) | [11](#i68e0e4fad8b640baa0ffa593b592388a) |
| [Unaudited condensed consolidated interim statements of changes in equity](#icf8dc6f4ad024b50937ae69e073599f9) | [12](#icf8dc6f4ad024b50937ae69e073599f9) |
| [Notes to the unaudited condensed consolidated interim financial](#i347721faed9d422da57e5beccd17d533)<br>[statements](#i347721faed9d422da57e5beccd17d533)<br>| [13](#i347721faed9d422da57e5beccd17d533) |
| [1](#i824619a601464f8f88c5e16249500c29)[General information about the Company](#i824619a601464f8f88c5e16249500c29) | [13](#i824619a601464f8f88c5e16249500c29) |
| [2](#i58145abcaafa48e7989f6d9d42fef3d4)[Statement of compliance and basis of preperation](#i58145abcaafa48e7989f6d9d42fef3d4) | [13](#i58145abcaafa48e7989f6d9d42fef3d4) |
| [3](#id42aab501fbf4b0d8fb5a0a9dabba9bb)[Material accounting policy information](#id42aab501fbf4b0d8fb5a0a9dabba9bb) | [13](#id42aab501fbf4b0d8fb5a0a9dabba9bb) |
| [4](#ifb6f8da9b8a74827907e8ba3eab4b5e9)[Inventories](#ifb6f8da9b8a74827907e8ba3eab4b5e9) | [14](#ifb6f8da9b8a74827907e8ba3eab4b5e9) |
| [5](#i5961a578f86548aa9ea1afa373f4a30c)[Trade and other receivables](#i5961a578f86548aa9ea1afa373f4a30c) | [14](#i5961a578f86548aa9ea1afa373f4a30c) |
| [6](#id34b91556a074da68a718e89f45002fc)[Financial assets - Current](#id34b91556a074da68a718e89f45002fc) | [14](#id34b91556a074da68a718e89f45002fc) |
| [7](#i912db19226f340a4973d10becf2d22cd)[Cash and cash equivalents](#i912db19226f340a4973d10becf2d22cd) | [15](#i912db19226f340a4973d10becf2d22cd) |
| [8](#i5fdbfc851c9c49b6b7b966aac28a9cad)[Share capital and share premium](#i5fdbfc851c9c49b6b7b966aac28a9cad) | [15](#i5fdbfc851c9c49b6b7b966aac28a9cad) |
| [9](#i05559e01a1c4489e973935ceccc5a3ee)[Share-based payments](#i05559e01a1c4489e973935ceccc5a3ee) | [15](#i05559e01a1c4489e973935ceccc5a3ee) |
| [10](#i9335dc12d48840f48d62cdb6077ed0f0)[Trade and other payables](#i9335dc12d48840f48d62cdb6077ed0f0) | [17](#i9335dc12d48840f48d62cdb6077ed0f0) |
| [11](#i5531ff34f437449cab515d160f2b705b)[Segment reporting](#i5531ff34f437449cab515d160f2b705b) | [18](#i5531ff34f437449cab515d160f2b705b) |
| [12](#i94acb2e62d614d1796de0f68c55a0bf5)[Research and development expenses](#i94acb2e62d614d1796de0f68c55a0bf5) | [18](#i94acb2e62d614d1796de0f68c55a0bf5) |
| [13](#i9f0621241cbd496a8cbbb199af5848da)[Selling, general and administrative expenses](#i9f0621241cbd496a8cbbb199af5848da) | [19](#i9f0621241cbd496a8cbbb199af5848da) |
| [14](#i05e19ec8794c4134b3049fe4111514f5)[Income taxes](#i05e19ec8794c4134b3049fe4111514f5) | [19](#i05e19ec8794c4134b3049fe4111514f5) |
| [15](#i1c4c06573f05420fb09714b7da2d275d)[Earnings per share](#i1c4c06573f05420fb09714b7da2d275d) | [19](#i1c4c06573f05420fb09714b7da2d275d) |
| [16](#i5c87842bcf8a4638a4c8bacfeeb308ac)[Related party transactions](#i5c87842bcf8a4638a4c8bacfeeb308ac) | [20](#i5c87842bcf8a4638a4c8bacfeeb308ac) |
| [17](#iebb9ad6d2d2c4e6e93bd8f82ae8a59ea)[Commitments](#iebb9ad6d2d2c4e6e93bd8f82ae8a59ea) | [20](#iebb9ad6d2d2c4e6e93bd8f82ae8a59ea) |
| [18](#i80dbaca9aefc4315bc3e1120d3de7369)[Events after the balance sheet date](#i80dbaca9aefc4315bc3e1120d3de7369) | [21](#i80dbaca9aefc4315bc3e1120d3de7369) |

---

---

| | |
|:---|:---|
| argenx Half-Year 2025 Financial Report | Management report<sub>2</sub> |

---

---

| | | | |
|:---|:---|:---|:---|
| **[**Table of Contents**](#ia166a794aaad4759b85b5729ce77d6a4_70)** | **[Management Report](#ia166a794aaad4759b85b5729ce77d6a4_73)** | **[Financial Statements](#ia166a794aaad4759b85b5729ce77d6a4_711)** | **[Notes](#ia166a794aaad4759b85b5729ce77d6a4_103)** |

---

Management Report

## 1 Main events in the first six months of 2025
FIRST QUARTER OF 2025

Refer to our Q1 2025 press release.

SECOND QUARTER OF 2025 AND RECENT BUSINESS UPDATE

"We continue to make meaningful progress towards our Vision 2030, advancing bold innovation that has already

reached more than 15,000 patients globally" said Tim Van Hauwermeiren, Chief Executive Officer of argenx.

"VYVGART is delivering strong growth across all indications, formulations and regions. We are still in the early stages

of capturing the full market opportunity in MG and CIDP, with the recent launch of the VYVGART SC prefilled syringe

driving demand from new patients and prescribers. In MG, we are shaping the market as the fastest growing biologic,

moving earlier in the patient treatment paradigm, and working toward the broadest possible label. In CIDP, we

continue to see consistent patient growth, with ample runway to reach the 12,000 patients in the U.S. who remain

inadequately controlled on standard of care. This is just the beginning of the larger growth opportunity ahead. With six

registrational and six proof-of-concept readouts expected by the end of 2026, we are executing on our proven

innovation playbook that is delivering pipeline-in-a-product opportunities aimed at transforming care for patients with

high unmet need."

Advancing Towards Vision 2030

argenx has established its strategic priorities to advance Vision 2030, aiming to treat 50,000 patients globally with its

medicines, secure 10 labeled indications across all approved medicines, and advance five pipeline candidates into

Phase 3 development by 2030.

Expand global VYVGART opportunity and launch VYVGART SC as prefilled syringe

VYVGART<sup>®</sup> (IV: efgartigimod alfa-fcab and SC: efgartigimod alfa and hyaluronidase-qvfc) is a first-and-only IgG Fc-

antibody fragment that targets the neonatal Fc receptor (FcRn). It is approved in three indications, including

generalized myasthenia gravis (gMG) globally, primary immune thrombocytopenia (ITP) in Japan, and chronic

inflammatory demyelinating polyneuropathy (CIDP) in the U.S., Japan, China, and the EU. The VYVGART-SC

prefilled syringe (PFS) is now approved for use in the U.S. and EU.

• Generated global product net sales (inclusive of both VYVGART and VYVGART SC) of$1,739 million in the first

six months of 2025

**–**Strong underlying fundamentals across key patient and prescriber metrics with 98% operational growth in

product net sales year-over-year from the first six months of 2024

• First patient dosed in Germany following European Commission (EC) approval for VYVGART-SC (vial and PFS)

for CIDP

• PFS decision on approval for gMG and CIDP expected in Japan and Canada by end of year

• Evidence generation through label-enabling studies:

**–**Topline results expected in second half of 2025 for seronegative gMG (ADAPT-SERON) and first half of

2026 for ocular MG (ADAPT OCULUS)

**–**Topline results expected in second half of 2026 to support FDA submission of VYVGART IV for primary ITP

(ADVANCE-NEXT)

---

| | |
|:---|:---|
| argenx Half-Year 2025 Financial Report | Management report<sub>3</sub> |

---

---

| | | | |
|:---|:---|:---|:---|
| **[**Table of Contents**](#ia166a794aaad4759b85b5729ce77d6a4_70)** | **[Management Report](#ia166a794aaad4759b85b5729ce77d6a4_73)** | **[Financial Statements](#ia166a794aaad4759b85b5729ce77d6a4_711)** | **[Notes](#ia166a794aaad4759b85b5729ce77d6a4_103)** |

---

Execute 10 registrational and 10 proof-of-concept studies across efgartigimod,

empasiprubart and ARGX-119 to advance the next wave of launches

argenx continues to demonstrate breadth and depth within its immunology pipeline, advancing multiple first-in-class

product candidates with potential across high-need indications.

***<u>Efgartigimod Development</u>***

Efgartigimod is being studied across 15 severe autoimmune diseases, highlighting the broad potential of FcRn

biology in neurology, rheumatology, and beyond.

• Registrational studies are currently ongoing in idiopathic inflammatory myopathies (IIM or myositis), thyroid eye

disease (TED), and Sjögren's disease

**–**Topline results from ALKIVIA study evaluating three myositis subsets (immune-mediated necrotizing

myopathy (IMNM), anti-synthetase syndrome (ASyS) and dermatomyositis (DM)) expected in second half

of 2026

**–**Topline results from two registrational UplighTED studies (TED) expected in second half of 2026

**–**Topline results from registrational UNITY study (Sjögren's disease) expected in 2027

• Proof-of-concept studies ongoing in lupus nephritis (LN), systemic sclerosis (SSc) and antibody mediated rejection

(AMR); topline results expected for LN in fourth quarter of 2025, SSc in second half of 2026, and AMR in 2027

***<u>Empasiprubart Development</u>***

Empasiprubart, a first-in-class, humanized, monoclonal antibody that specifically binds to C2, is currently being

evaluated in four indications. These include registrational studies in multifocal motor neuropathy (MMN) and CIDP,

and proof-of-concept studies in delayed graft function (DGF) and DM.

• Topline results from registrational EMPASSION study (MMN) evaluating empasiprubart head-to-head versus IVIg

expected in second half of 2026

• Registrational EMVIGORATE study ongoing in CIDP evaluating empasiprubart head-to-head versus IVIg

• Topline results expected for DGF in the second half of 2025 and for DM in first half of 2026

***<u>ARGX-119 Development</u>***

ARGX-119, a first-in-class agonist antibody that targets muscle-specific kinase (MuSK), is being evaluated in

congenital myasthenic syndromes (CMS), amyotrophic lateral sclerosis (ALS), and spinal muscular atrophy (SMA).

• Registrational study to start in CMS in 2026 following positive Phase 1b proof-of-concept data

• Phase 2a proof-of-concept study ongoing in ALS; topline results expected in first half of 2026

• SMA proof-of-concept study on track to start by end of year

• ARGX-119 R&D webinar to be hosted on September 16, 2025

Advance four new pipeline molecules and generate sustainable value through continued

investment in Immunology Innovation Program

argenx continues to invest in its Immunology Innovation Program (IIP) to drive long-term sustainable pipeline growth.

Through the IIP, four new pipeline candidates have been nominated, including: ARGX-213, targeting FcRn and further

solidifying argenx's leadership in this biology; ARGX-121, a first-in-class molecule targeting IgA; ARGX-109, targeting

IL-6, which plays an important role in inflammation, and a fourth pipeline candidate, a first-in-class sweeping antibody

for which the target has not yet been disclosed.

---

| | |
|:---|:---|
| argenx Half-Year 2025 Financial Report | Management report<sub>4</sub> |

---

---

| | | | |
|:---|:---|:---|:---|
| **[**Table of Contents**](#ia166a794aaad4759b85b5729ce77d6a4_70)** | **[Management Report](#ia166a794aaad4759b85b5729ce77d6a4_73)** | **[Financial Statements](#ia166a794aaad4759b85b5729ce77d6a4_711)** | **[Notes](#ia166a794aaad4759b85b5729ce77d6a4_103)** |

---

• Phase 1 results from ongoing ARGX-109 study expected in second half of 2025, and from ongoing ARGX-213 and

ARGX-121 studies expected in first half of 2026

• Entered strategic collaboration with Unnatural Products (UNP) to expand argenx discovery capabilities into the oral

peptide space. This partnership reinforces argenx's commitment to enhance the patient experience and advance

its pipeline of precision therapies.

## 2 Financial highlights
**Total operating income**for the six months ended June 30, 2025, was $1,775 million compared to $902 million for

the same period in 2024, and mainly consists of:

• **Product net sales**of VYVGART and VYVGART SC for the six months ended June 30, 2025, were $1,739million

compared to $876 million for the same period in 2024.

• **Other operating income**for the six months ended June 30, 2025, was $36 million compared to $26 million for the

same period in 2024. The other operating income for the six months ended June 30, 2025 and 2024, primarily

relates to research and development tax incentives and payroll tax rebates.

**Total operating expenses** for the six months ended June 30, 2025 were $1,435 million compared to $1,041 million

for the same period in 2024, and mainly consist of:

• **Cost of sales** for the six months ended June 30, 2025, was $192 million compared to $96 million for the same

period in 2024. The cost of sales was related to the sale of VYVGART and VYVGART SC.

• **Research and development expenses** for the six months ended June 30, 2025, were $637 million compared to

$450 million for the same period in 2024. The research and development expenses mainly relate to:

**–**the clinical development and expansion of efgartigimod in 15 severe autoimmune diseases;

**–**the ramp-up of studies for the development of empasiprubart into MMN, DGF, DM and CIDP;

**–**the investments for ARGX-119 in proof-of-concept studies ongoing in ALS, CMS and SMA; and

**–**other discovery and preclinical pipeline candidates.

• **Selling, general and administrative expenses** for the six months ended June 30, 2025, were $601 million

compared to $492 million for the same period in 2024. The selling, general and administrative expenses mainly

relate to professional and marketing fees linked to the global commercialization of VYVGART franchise, and

personnel expenses.

**Financial income**for the six months ended June 30, 2025, was $76 million compared to $78 million for the same

period in 2024.

**Exchange gains**for the six months ended June 30, 2025, were $76 million compared to $27 million of exchange

losses for the same period in 2024. Exchange gains/losses are mainly attributable to unrealized exchange rate gains

or losses on the cash, cash equivalents and current financial assets denominated in Euro.

**Income tax**for the six months ended June 30, 2025, consisted of $74 million of income tax expense compared to

$57 million of income tax benefit for the same period in 2024. Income tax expense for the six months ended June 30,

2025, consists of $70 million of current income tax expense and $4million of deferred tax expense, compared to $16

million of current income tax expense and $72 million of deferred tax benefit for the comparable prior period.

**Profit for the period**ofsix months ended June 30, 2025 was $415millioncompared to a loss of $33millionfor the

same period in 2024. On a per weighted average share basis, the basic profit per share was $6.80 compared to a

loss per share of $0.55 for the six months ended June 30, 2025 and 2024, respectively.

---

| | |
|:---|:---|
| argenx Half-Year 2025 Financial Report | Management report<sub>5</sub> |

---

---

| | | | |
|:---|:---|:---|:---|
| **[**Table of Contents**](#ia166a794aaad4759b85b5729ce77d6a4_70)** | **[Management Report](#ia166a794aaad4759b85b5729ce77d6a4_73)** | **[Financial Statements](#ia166a794aaad4759b85b5729ce77d6a4_711)** | **[Notes](#ia166a794aaad4759b85b5729ce77d6a4_103)** |

---

**Cash flow from operating activities** for the six months ended June 30, 2025 was $362 million compared to a cash

flow used in operating activities for the same period in 2024 of $126 million.

## 3 Risk factors
We refer to the description of risk factors in the 2024 annual report, pp. 81-118 as supplemented by the description of

risk factors in our annual report on Form 20-F filed with the U.S. Securities and Exchange Commission, pp. 1-29. In

summary, the principal risks and uncertainties faced by us relate to: commercialization of our products and product

candidates, including new indications, development and clinical testing of our products and product candidates,

dependence on third parties, government regulations, financial position, business and industry, intellectual property,

our organization and operations.

We also refer to the description of our financial risk management given in the 2024 annual report, pp. 278-281, which

remains valid.

## 4 Forward-looking statements
The contents of this announcement include statements that are, or may be deemed to be, "forward-looking

statements." These forward-looking statements can be identified by the use of forward-looking terminology, including

the terms "advance," "aim," "committed," "continue," "expand," "expect," "growth," and "progress" and include

statements argenx makes concerning its innovation agenda and growth strategy, including (i) its Vision 2030 to reach

50,000 patients globally across 10 labeled indications and to advance fix pipeline candidates into Phase 3

development by 2030 across efgartigimod, empasiprubart and ARGX-119 to create significant opportunity to expand

into new therapeutic areas and reach broader patient populations and (ii) its goal to transform care for patients with

high unmet need; its confidence regarding its growth trajectory; its commitment to improving the lives of people

suffering from severe autoimmune diseases; its expectation regarding the insights from proof-of-concept and

registrational studies across various programs; the advancement of anticipated clinical development, data readouts

and regulatory milestones and plans, including: (1) the PFS decision on approval for gMG and CIDP expected in

Japan and Canada by end of 2025, (2) topline results for seronegative gMG (ADAPT-SERON) expected in second

half of 2025 and for ocular and pediatric MG (ADAPT-OCULUS, JR) expected in first half of 2026, (3) topline results

for ADVANCE-NEXT to support FDA submission of VYVGART IV for primary ITP expected in second half of 2026, (4)

new therapeutic areas and ongoing registrational studies in three subsets of myositis, thyroid eye disease (TED), and

Sjögren's disease, with topline results from (a) ALKIVIA expected in second half of 2026, (b) two registrational

UplightTED studies expected in second half of 2026 and (c) registrational UNITY study expected in 2027, (5) proof-of-

studies ongoing in LN, SSc and AMR, with topline results expected in fourth quarter of 2025, second half of 2026 and

2027, respectively, (6) its plans to develop empasiprubart, including (a) registrational EMPASSION study in MMN,

with topline results expected in second half of 2026, (b) registrational EMVIGORATE study in CIDP, expected to start

in first half of 2025 and (c) topline results for DGM and DM expected in second half of 2025 and first half of 2026,

respectively, (7) its plans to develop ARGX-119, including: (a) the registrational study to start in CMS in 2026; (b)

Phase 2a proof-of-concept study in ALS, with topline results expected in first half of 2026; and (c) SMA proof-of-

concept study; and (8) its plans to advance four new pipeline molecules and generate sustainable value through

continue investment in its IIP, through (a) ongoing studies for ARGX-213 and ARGX-121, with results expected in first

half of 2026, (b) ARGX-109, with Phase 1 results expected in second half of 2025, and (c) a fourth pipeline candidate,

a first-in-class sweeping antibody for which the target has not yet been disclosed; and its goal of translating

immunology breakthroughs into a world-class portfolio of novel antibody-based medicines. By their nature, forward-

looking statements involve risks and uncertainties and readers are cautioned that any such forward-looking

statements are not guarantees of future performance. argenx's actual results may differ materially from those

predicted by the forward-looking statements as a result of various important factors, including but not limited to, the

results of argenx's clinical trials; expectations regarding the inherent uncertainties associated with the development of

novel drug therapies; preclinical and clinical trial and product development activities and regulatory approval

requirements; the acceptance of its products and product candidates by its patients as safe, effective and cost-

effective; the impact of governmental laws and regulations, including tariffs, export controls, sanctions and other

---

| | |
|:---|:---|
| argenx Half-Year 2025 Financial Report | Statement of the board of directors<sub>6</sub> |

---

---

| | | | |
|:---|:---|:---|:---|
| **[**Table of Contents**](#ia166a794aaad4759b85b5729ce77d6a4_70)** | **[Management Report](#ia166a794aaad4759b85b5729ce77d6a4_73)** | **[Financial Statements](#ia166a794aaad4759b85b5729ce77d6a4_711)** | **[Notes](#ia166a794aaad4759b85b5729ce77d6a4_103)** |

---

regulations on its business; its reliance on third-party suppliers, service providers and manufacturers; inflation and

deflation and the corresponding fluctuations in interest rates; and regional instability and conflicts. A further list and

description of these risks, uncertainties and other risks can be found in argenx's U.S. Securities and Exchange

Commission (SEC) filings and reports, including in argenx's most recent annual report on Form 20-F filed with the

SEC as well as subsequent filings and reports filed by argenx with the SEC. Given these uncertainties, the reader is

advised not to place any undue reliance on such forward-looking statements. These forward-looking statements

speak only as of the date of publication of this document. argenx undertakes no obligation to publicly update or revise

the information in this press release, including any forward-looking statements, except as may be required by law.

5Statement of the board of directors

We hereby certify that, to the best of our knowledge, the unaudited condensed consolidated interim financial

statements of argenx SE as of and for the six months ended June 30, 2025, prepared in accordance with IFRS<sup>®</sup>

Accounting Standards (IFRS) namely IAS 34 "Interim Financial Reporting" as adopted by the European Union, gives

a true and fair view of the assets, liabilities, financial position and total comprehensive income of the Company and

the undertakings included in the consolidation as a whole, and that the management report includes a fair review of

the development and performance of the business and the position of the Company and the undertakings included in

the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face.

On behalf of the Board of Directors

Tim van Hauwermeiren, CEO

---

| | |
|:---|:---|
| argenx Half-Year 2025 Financial Report | Unaudited condensed consolidated interim statements of financial position<sub>7</sub> |

---

---

| | | | |
|:---|:---|:---|:---|
| **[**Table of Contents**](#ia166a794aaad4759b85b5729ce77d6a4_70)** | **[Management Report](#ia166a794aaad4759b85b5729ce77d6a4_73)** | **[Financial Statements](#ia166a794aaad4759b85b5729ce77d6a4_711)** | **[Notes](#ia166a794aaad4759b85b5729ce77d6a4_103)** |

---

Unaudited condensed consolidated

interim financial statements

Unaudited condensed consolidated interim

statements of financial position

---

| | | | |
|:---|:---|:---|:---|
| | | **As of** | **As of** |
| | | **June 30,** | **December 31,** |
| <br>(in thousands of $) | <br>**Note** | **2025** | **2024** |
| **Assets** |  |  |  |
| **Non-current assets** |  |  |  |
| Property, plant and equipment |  | 45795 | 43517 |
| Intangible assets |  | 218977 | 181445 |
| Deferred tax assets | **<u>14</u>** | 899607 | 924299 |
| Research and development incentive receivables |  | 100467 | 94854 |
| Investment in a joint venture | **<u>16</u>** | 10681 | 9268 |
| Prepaid expenses |  | 23643 | 23643 |
| Other non-current assets |  | 46683 | 42393 |
| **Total non-current assets** |  | **1345853** | **1319419** |
| **Current assets** |  |  |  |
| Inventories | **<u>4</u>** | 340621 | 407233 |
| Prepaid expenses |  | 362715 | 187948 |
| Trade and other receivables | **<u>5</u>** | 1197070 | 904471 |
| Research and development incentive receivables |  | 1157 | 4625 |
| Financial assets | **<u>6</u>** | 1842200 | 1878890 |
| Cash and cash equivalents | **<u>7</u>** | 2085976 | 1499936 |
| **Total current assets** |  | **5829739** | **4883103** |
| **Total assets** |  | **7175592** | **6202522** |
| The accompanying notes form an integral part of these unaudited condensed consolidated interim financial statements. | The accompanying notes form an integral part of these unaudited condensed consolidated interim financial statements. | The accompanying notes form an integral part of these unaudited condensed consolidated interim financial statements. | The accompanying notes form an integral part of these unaudited condensed consolidated interim financial statements. |

---

---

| | |
|:---|:---|
| argenx Half-Year 2025 Financial Report | Unaudited condensed consolidated interim statements of financial position<sub>8</sub> |

---

---

| | | | |
|:---|:---|:---|:---|
| **[**Table of Contents**](#ia166a794aaad4759b85b5729ce77d6a4_70)** | **[Management Report](#ia166a794aaad4759b85b5729ce77d6a4_73)** | **[Financial Statements](#ia166a794aaad4759b85b5729ce77d6a4_711)** | **[Notes](#ia166a794aaad4759b85b5729ce77d6a4_103)** |

---

---

| | | | |
|:---|:---|:---|:---|
| | | **As of** | **As of** |
| | | **June 30,** | **December 31,** |
| <br>(in thousands of $) | <br>**Note** | **2025** | **2024** |
| **Equity and Liabilities** |  |  |  |
| **Equity** | **<u>8</u>** |  |  |
| Equity attributable to owners of the parent |  |  |  |
| Share capital |  | 7264 | 7227 |
| Share premium |  | 6025789 | 5948916 |
| Translation differences |  | 133348 | 126832 |
| Accumulated losses |  | (1156977) | (1571804) |
| Other reserves |  | 1086328 | 987112 |
| **Total equity** |  | **6095752** | **5498283** |
| **Non-current liabilities** |  |  |  |
| Provisions for employee benefits |  | 2368 | 1803 |
| Lease liabilities |  | 35568 | 32520 |
| **Total non-current liabilities** |  | **37936** | **34323** |
| **Current liabilities** |  |  |  |
| Lease liabilities |  | 7584 | 6533 |
| Trade and other payables | **<u>10</u>** | 1016160 | 649993 |
| Tax liabilities |  | 18160 | 13390 |
| **Total current liabilities** |  | **1041904** | **669916** |
| **Total liabilities** |  | **1079840** | **704239** |
| **Total equity and liabilities** |  | **7175592** | **6202522** |
| The accompanying notes form an integral part of these unaudited condensed consolidated interim financial statements. | The accompanying notes form an integral part of these unaudited condensed consolidated interim financial statements. | The accompanying notes form an integral part of these unaudited condensed consolidated interim financial statements. | The accompanying notes form an integral part of these unaudited condensed consolidated interim financial statements. |

---

---

| | |
|:---|:---|
| argenx Half-Year 2025 Financial Report | Unaudited condensed consolidated interim statements of profit or loss<sub>9</sub> |

---

---

| | | | |
|:---|:---|:---|:---|
| **[**Table of Contents**](#ia166a794aaad4759b85b5729ce77d6a4_70)** | **[Management Report](#ia166a794aaad4759b85b5729ce77d6a4_73)** | **[Financial Statements](#ia166a794aaad4759b85b5729ce77d6a4_711)** | **[Notes](#ia166a794aaad4759b85b5729ce77d6a4_103)** |

---

Unaudited condensed consolidated interim

## statements of profit or loss

---

| | | | |
|:---|:---|:---|:---|
| | | **Six Months Ended** | **Six Months Ended** |
| | | **June 30,** | **June 30,** |
| <br>(in thousands of $ except per share data) | <br>**Note** | **2025** | **2024** |
| Product net sales  | **<u>11</u>** | 1738644 | 875918 |
| Other operating income\* |  | 35913 | 26023 |
| **Total operating income** |  | **1774557** | **901941** |
| Cost of sales | **<u>4</u>** | (191552) | (95561) |
| Research and development expenses | **<u>12</u>** | (636767) | (450255) |
| Selling, general and administrative expenses | **<u>13</u>** | (601150) | (491694) |
| Loss from investment in a joint venture |  | (5087) | (3313) |
| **Total operating expenses** |  | **(1434556)** | **(1040823)** |
| **Operating profit/(loss)** |  | **340001** | **(138882)** |
| Financial income |  | 75517 | 77828 |
| Financial expense |  | (2261) | (1084) |
| Exchange gains/(losses) |  | 76003 | (27215) |
| **Profit/(loss) for the period before taxes** |  | **$489260** | **$(89353)** |
| Income tax (expense)/benefit | **<u>14</u>** | (74433) | 56822 |
| **Profit/(loss) for the period** |  | **$414827** | **$(32531)** |
| **Profit/(loss) for the period attributable to:** |  |  |  |
| Owners of the parent |  | 414827 | (32531) |
| Weighted average number of shares used for basic profit/(loss) per share | **<u>15</u>** | 61034202 | 59400217 |
| Basic profit/(loss) per share (in $) | **<u>15</u>** | 6.80 | (0.55) |
| Weighted average number of shares used for diluted profit/(loss) per share | **<u>15</u>** | 65653007 | 59400217 |
| Diluted profit/(loss) per share (in $) | **<u>15</u>** | 6.32 | (0.55) |
| The accompanying notes form an integral part of these unaudited condensed consolidated interim financial statements. | The accompanying notes form an integral part of these unaudited condensed consolidated interim financial statements. | The accompanying notes form an integral part of these unaudited condensed consolidated interim financial statements. | The accompanying notes form an integral part of these unaudited condensed consolidated interim financial statements. |

---

\*\*Comparative figures have been presented to be consistent with the one adopted in the current period with respect to the combination of collaboration revenue

&nbsp;&nbsp;&nbsp;&nbsp;and other operating income.

---

| | |
|:---|:---|
| argenx Half-Year 2025 Financial Report | Unaudited condensed consolidated interim statements of comprehensive income or loss<sub>10</sub> |

---

---

| | | | |
|:---|:---|:---|:---|
| **[**Table of Contents**](#ia166a794aaad4759b85b5729ce77d6a4_70)** | **[Management Report](#ia166a794aaad4759b85b5729ce77d6a4_73)** | **[Financial Statements](#ia166a794aaad4759b85b5729ce77d6a4_711)** | **[Notes](#ia166a794aaad4759b85b5729ce77d6a4_103)** |

---

Unaudited condensed consolidated interim

statements of comprehensive income or loss

---

| | | | |
|:---|:---|:---|:---|
| | | **Six Months Ended** | **Six Months Ended** |
| | | **June 30,** | **June 30,** |
| <br>(in thousands of $) | <br>**Note** | **2025** | **2024** |
| **Profit/(loss) for the period** |  | **414827** | **(32531)** |
| Items that may be reclassified subsequently to profit or loss, net of tax |  |  |  |
| Currency translation differences, arisen from translating foreign activities |  | 6516 | (2608) |
| Items that will not be reclassified subsequently to profit or loss, net of tax |  |  |  |
| Fair value gain/(loss) on investments in equity instruments designated as FVTOCI  |  | 4989 | (5682) |
| **Other comprehensive income/(loss), net of income tax** |  | **11505** | **(8290)** |
| **Total comprehensive profit/(loss) attributable to:** |  |  |  |
| Owners of the parent |  | 426332 | (40821) |
| The accompanying notes form an integral part of these unaudited condensed consolidated interim financial statements. | The accompanying notes form an integral part of these unaudited condensed consolidated interim financial statements. | The accompanying notes form an integral part of these unaudited condensed consolidated interim financial statements. | The accompanying notes form an integral part of these unaudited condensed consolidated interim financial statements. |

---

---

| | |
|:---|:---|
| argenx Half-Year 2025 Financial Report | Unaudited condensed consolidated interim statements of cash flows<sub>11</sub> |

---

---

| | | | |
|:---|:---|:---|:---|
| **[**Table of Contents**](#ia166a794aaad4759b85b5729ce77d6a4_70)** | **[Management Report](#ia166a794aaad4759b85b5729ce77d6a4_73)** | **[Financial Statements](#ia166a794aaad4759b85b5729ce77d6a4_711)** | **[Notes](#ia166a794aaad4759b85b5729ce77d6a4_103)** |

---

Unaudited condensed consolidated interim

statements of cash flows

---

| | | | |
|:---|:---|:---|:---|
| | | **Six Months Ended** | **Six Months Ended** |
| | | **June 30,** | **June 30,** |
| <br>(in thousands of $) | <br>**Note** | **2025** | **2024** |
| **Operating profit/(loss)** |  | **340001** | **(138882)** |
| Adjustments for non-cash items |  |  |  |
| Amortization of intangible assets |  | 6309 | 4956 |
| Depreciation of property, plant and equipment |  | 6954 | 3667 |
| Provisions for employee benefits |  | 480 | 143 |
| Expense recognized in respect of share-based payments | **<u>9</u>** | 110794 | 102381 |
| Fair value gains on financial assets at fair value through profit or loss |  | – | (445) |
| Loss from investment in a joint venture | **<u>16</u>** | 5087 | 3313 |
| Other non-cash expenses |  | 30582 | 8 |
|  |  | **500207** | **(24859)** |
| Movements in current assets/liabilities |  |  |  |
| (Increase)/decrease in trade and other receivables | **<u>5</u>** | (359631) | (97612) |
| (Increase)/decrease in inventories | **<u>4</u>** | 35001 | (16072) |
| (Increase)/decrease in other current assets |  | (170209) | (45821) |
| Increase/(decrease) in trade and other payables | **<u>10</u>** | 359541 | 76710 |
| Movements in non-current assets/liabilities |  |  |  |
| (Increase)/decrease in other non-current assets |  | 7116 | (18139) |
| **Net cash flows from/(used) in operating activities, before interest and taxes** |  | **372025** | **(125793)** |
| Interest paid |  | (664) | (157) |
| Income taxes (paid)/received | **<u>14</u>** | (9515) | 1294 |
| **Net cash flows from/(used) in operating activities** |  | **361846** | **(124656)** |
| Purchase of intangible assets |  | (43841) | (21500) |
| Purchase of property, plant and equipment |  | (5207) | (811) |
| Purchase of current financial assets | **<u>6</u>** | (1108938) | (1108410) |
| Sale of current financial assets | **<u>6</u>** | 1154260 | 568410 |
| Interest received |  | 72530 | 48552 |
| Investment in a joint venture | **<u>16</u>** | (6500) | – |
| **Net cash flows from/(used) in investing activities** |  | **62304** | **(513759)** |
| Principal elements of lease payments |  | (1012) | (3604) |
| Payment of employee withholding taxes relating to restricted stock unit awards |  | (4514) | (1792) |
| Proceeds from exercise of stock options |  | 79016 | 45470 |
| **Net cash flows from financing activities** |  | **73490** | **40074** |
| Increase/(decrease) in cash and cash equivalents |  | 497640 | (598341) |
| **Cash and cash equivalents at the beginning of the period** | **<u>7</u>** | **1499936** | **2048844** |
| Exchange gains/(losses) on cash and cash equivalents |  | 88400 | (12256) |
| **Cash and cash equivalents at the end of the period** | **<u>7</u>** | **2085976** | **1438247** |
| The accompanying notes form an integral part of these unaudited condensed consolidated interim financial statements. | The accompanying notes form an integral part of these unaudited condensed consolidated interim financial statements. | The accompanying notes form an integral part of these unaudited condensed consolidated interim financial statements. | The accompanying notes form an integral part of these unaudited condensed consolidated interim financial statements. |

---

---

| | |
|:---|:---|
| argenx Half-Year 2025 Financial Report | Unaudited condensed consolidated interim statements of changes in equity<sub>12</sub> |

---

---

| | | | |
|:---|:---|:---|:---|
| **[**Table of Contents**](#ia166a794aaad4759b85b5729ce77d6a4_70)** | **[Management Report](#ia166a794aaad4759b85b5729ce77d6a4_73)** | **[Financial Statements](#ia166a794aaad4759b85b5729ce77d6a4_711)** | **[Notes](#ia166a794aaad4759b85b5729ce77d6a4_103)** |

---

Unaudited condensed consolidated interim statements of changes in equity

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **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** |
| <br>(in thousands of $) | **Share capital** | **Share** <br>**premium**<br>| **Accumulated** <br>**losses**<br>| **Translation** <br>**differences**<br>| **Share-based** <br>**payment and** <br>**income tax** <br>**deduction on** <br>**share-based** <br>**payments**<br>| **Fair value** <br>**movement on** <br>**investment in** <br>**equity** <br>**instruments** <br>**designated as** <br>**FVTOCI**<br>| **Total equity** <br>**attributable to** <br>**owners of the** <br>**parent**<br>| **Total equity** |
| **Balance on January 01, 2024** | **7058** | **5651497** | **(2404844)** | **131543** | **771725** | **(59472)** | **4097507** | **4097507** |
| Loss for the period |  |  | (32531) |  |  |  | (32531) | (32531) |
| Other comprehensive income/(loss) |  |  |  | (2608) |  | (5682) | (8290) | (8290) |
| **Total comprehensive income/(loss) for the period** | **–** | **–** | **(32531)** | **(2608)** | **–** | **(5682)** | **(40821)** | **(40821)** |
| Income tax benefit from excess tax deductions related to share-based <br>payments<br>|  |  |  |  | 7013 |  | 7013 | 7013 |
| Share-based payments |  |  |  |  | 102544 |  | 102544 | 102544 |
| Exercise of stock options  | 60 | 97736 |  |  |  |  | 97796 | 97796 |
| Ordinary shares withheld for payment of employees' withholding tax liability |  | (1792) |  |  |  |  | (1792) | (1792) |
| **Balance on June 30, 2024** | **7118** | **5747441** | **(2437375)** | **128935** | **881282** | **(65154)** | **4262247** | **4262247** |
| **Balance on January 1, 2025** | **7227** | **5948916** | **(1571804)** | **126832** | **1047231** | **(60119)** | **5498283** | **5498283** |
| Profit for the period |  |  | 414827 |  |  |  | 414827 | 414827 |
| Other comprehensive income |  |  |  | 6516 |  | 4989 | 11505 | 11505 |
| **Total comprehensive income for the period** | **–** | **–** | **414827** | **6516** | **–** | **4989** | **426332** | **426332** |
| Income tax benefit from excess tax deductions related to share-based <br>payments<br>|  |  |  |  | (17166) |  | (17166) | (17166) |
| Share-based payments |  |  |  |  | 111393 |  | 111393 | 111393 |
| Exercise of stock options  | 37 | 81387 |  |  |  |  | 81424 | 81424 |
| Ordinary shares withheld for payment of employees' withholding tax liability |  | (4514) |  |  |  |  | (4514) | (4514) |
| **Balance on June 30, 2025** | **7264** | **6025789** | **(1156977)** | **133348** | **1141458** | **(55130)** | **6095752** | **6095752** |
| Please refer to ''**<u>Note 8</u><u>Share capital and share premium</u>**'' for more information on the share capital. <br>The accompanying notes form an integral part of these unaudited condensed consolidated interim financial statements. | Please refer to ''**<u>Note 8</u><u>Share capital and share premium</u>**'' for more information on the share capital. <br>The accompanying notes form an integral part of these unaudited condensed consolidated interim financial statements. | Please refer to ''**<u>Note 8</u><u>Share capital and share premium</u>**'' for more information on the share capital. <br>The accompanying notes form an integral part of these unaudited condensed consolidated interim financial statements. | Please refer to ''**<u>Note 8</u><u>Share capital and share premium</u>**'' for more information on the share capital. <br>The accompanying notes form an integral part of these unaudited condensed consolidated interim financial statements. | Please refer to ''**<u>Note 8</u><u>Share capital and share premium</u>**'' for more information on the share capital. <br>The accompanying notes form an integral part of these unaudited condensed consolidated interim financial statements. | Please refer to ''**<u>Note 8</u><u>Share capital and share premium</u>**'' for more information on the share capital. <br>The accompanying notes form an integral part of these unaudited condensed consolidated interim financial statements. | Please refer to ''**<u>Note 8</u><u>Share capital and share premium</u>**'' for more information on the share capital. <br>The accompanying notes form an integral part of these unaudited condensed consolidated interim financial statements. | Please refer to ''**<u>Note 8</u><u>Share capital and share premium</u>**'' for more information on the share capital. <br>The accompanying notes form an integral part of these unaudited condensed consolidated interim financial statements. | Please refer to ''**<u>Note 8</u><u>Share capital and share premium</u>**'' for more information on the share capital. <br>The accompanying notes form an integral part of these unaudited condensed consolidated interim financial statements. |

---

---

| | |
|:---|:---|
| argenx Half-Year 2025 Financial Report | Notes to the unaudited condensed consolidated interim financial statements<sub>13</sub> |

---

---

| | | | |
|:---|:---|:---|:---|
| **[**Table of Contents**](#ia166a794aaad4759b85b5729ce77d6a4_70)** | **[Management Report](#ia166a794aaad4759b85b5729ce77d6a4_73)** | **[Financial Statements](#ia166a794aaad4759b85b5729ce77d6a4_711)** | **[Notes](#ia166a794aaad4759b85b5729ce77d6a4_103)** |

---

Notes to the unaudited condensed

consolidated interim financial

statements

## 1 General information about the Company
argenx SE (''the Company'') 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.

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 Statement of compliance and basis of
preperation

The unaudited condensed consolidated interim financial statements for the six months ended June 30, 2025 have

been prepared in accordance with IAS 34 *Interim Financial Reporting* under IFRS<sup>®</sup> Accounting Standards (IFRS) as

adopted by the European Union (EU-IFRS). The unaudited condensed consolidated interim financial statements

should be read in conjunction with the annual consolidated financial statements for the year ended December 31,

2024. All amounts herein are presented in thousands of US dollar ($), unless otherwise indicated, rounded to the nearest

$'000.

The unaudited condensed consolidated financial statements have been approved for issue by the Company's Board

of Directors (the "Board") on July 30, 2025.

## 3 Material accounting policy information
New standards and interpretations applicable for the annual period

beginning on January 1, 2025

There were no significant changes in the material accounting policies and key sources of estimation uncertainty

applied by us in these unaudited condensed consolidated interim financial statements compared to those used in the

annual consolidated financial statements as of December 31, 2024.

The Company has not adopted new standards and interpretations since the year ended December 31, 2024.

The Company has concluded that the critical accounting judgement applied by the Company as of December 31,

2024 on the recognition of its Deferred Tax Assets does not constitute a critical accounting judgement as of the period

ended June 30, 2025.

---

| | |
|:---|:---|
| argenx Half-Year 2025 Financial Report | Notes to the unaudited condensed consolidated interim financial statements<sub>14</sub> |

---

---

| | | | |
|:---|:---|:---|:---|
| **[**Table of Contents**](#ia166a794aaad4759b85b5729ce77d6a4_70)** | **[Management Report](#ia166a794aaad4759b85b5729ce77d6a4_73)** | **[Financial Statements](#ia166a794aaad4759b85b5729ce77d6a4_711)** | **[Notes](#ia166a794aaad4759b85b5729ce77d6a4_103)** |

---

New standards and interpretations issued, but not yet applicable for

the annual period beginning on January 1, 2025

The Group continues to evaluate the impacts of the application of the amendments and new standards being issued

on the consolidated financial statements in future periods. We have not early adopted any standard, interpretation, or

amendment that has been issued but is not yet effective.

## 4 Inventories

---

| | | |
|:---|:---|:---|
| | **As of June 30,** | **As of December 31,** |
| <br>(in thousands of $) | **2025** | **2024** |
| Raw materials and consumables | 258076 | 337832 |
| Inventories in process | 11957 | 26357 |
| Finished goods | 70588 | 43044 |
| **Total inventories** | **340621** | **407233** |

---

The cost of inventories, which is recognized under "Cost of sales" on the unaudited condensed consolidated

statements of profit or loss, amounted to $119million for the six months ended June 30, 2025 (compared to $76

million for the six months ended June 30, 2024).

## 5 Trade and other receivables
Trade and other receivables are composed of receivables which are detailed below:

---

| | | |
|:---|:---|:---|
| | **As of June 30,** | **As of December 31,** |
| <br>(in thousands of $) | **2025** | **2024** |
| Trade receivables | 1126445 | 817707 |
| Interest receivables | 37720 | 40214 |
| Tax receivables | 32733 | 40886 |
| Other receivables | 171 | 5664 |
| **Total trade and other receivables** | **1197070** | **904471** |

---

The carrying amounts of trade and other receivables approximate their respective fair values. On June 30, 2025 and

December 31, 2024, the Company did not have a material provision for expected credit losses.

## 6 Financial assets - Current

---

| | | |
|:---|:---|:---|
| | **As of June 30,** | **As of December 31,** |
| <br>(in thousands of $) | **2025** | **2024** |
| Term accounts | 1842200 | 1878890 |
| **Total current financial assets** | **1842200** | **1878890** |

---

On June 30, 2025, the current financial assets included$117 million (€100 million) held in EUR 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 and reporting currency is USD.

---

| | | |
|:---|:---|:---|
| argenx Half-Year 2025 Financial Report | Notes to the unaudited condensed consolidated interim financial statements  | 15 |

---

---

| | | | |
|:---|:---|:---|:---|
| **[**Table of Contents**](#ia166a794aaad4759b85b5729ce77d6a4_70)** | **[Management Report](#ia166a794aaad4759b85b5729ce77d6a4_73)** | **[Financial Statements](#ia166a794aaad4759b85b5729ce77d6a4_711)** | **[Notes](#ia166a794aaad4759b85b5729ce77d6a4_103)** |

---

## 7 Cash and cash equivalents

---

| | | |
|:---|:---|:---|
| | **As of June 30,** | **As of December 31,** |
| <br>(in thousands of $) | **2025** | **2024** |
| Money market funds | 2082094 | 1394409 |
| Term accounts | – | 100000 |
| Cash and bank balances | 3882 | 5527 |
| **Total cash and cash equivalents** | **2085976** | **1499936** |

---

Cash and cash equivalents comprise 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 June 30, 2025, cash and cash equivalents included$429 million (€366 million) held in EUR 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 and reporting currency is USD.

## 8 Share capital and share premium
On June 30, 2025, the Company's share capital was represented by 61,166,252 shares. All shares were issued, fully

paid up and of the same class. The table below summarizes the share issuances as a result of the exercise of stock

options and vesting of restricted stock units under the Company's Employee Stock Option Plan, for the period ended

June 30, 2025.

---

| | |
|:---|:---|
| **Number of shares outstanding on December 31, 2024** | **60,760,957** |
| Exercise of stock options | 346,001 |
| Vesting of RSUs | 59,294 |
| **Number of shares outstanding on June 30, 2025** | **61,166,252** |

---

## 9 Share-based payments
The Company has an equity incentive plan for the employees, key consultants, board members, senior managers

and key outside advisors ("key persons") of the Company and its subsidiaries. In accordance with the term of the

plan, as approved by shareholders, employees may be granted stock options and/or restricted stock units and/or

performance stock units.

9.1Stock 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.

---

| | | |
|:---|:---|:---|
| argenx Half-Year 2025 Financial Report | Notes to the unaudited condensed consolidated interim financial statements  | 16 |

---

---

| | | | |
|:---|:---|:---|:---|
| **[**Table of Contents**](#ia166a794aaad4759b85b5729ce77d6a4_70)** | **[Management Report](#ia166a794aaad4759b85b5729ce77d6a4_73)** | **[Financial Statements](#ia166a794aaad4759b85b5729ce77d6a4_711)** | **[Notes](#ia166a794aaad4759b85b5729ce77d6a4_103)** |

---

The stock options granted vest, in principle, as follows:

• 1/3<sup>rd</sup> of the total stock options granted on the first anniversary of the granting of the stock options; and

• 1/36<sup>th</sup> of the total grant on the first day of each month following the first anniversary of the date of grant 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 4th year following the date of grant of those stock options, and in any case no

later than the expiration date of the option.

No other conditions are attached to stock options.

Below is an overview of the parameters used in relation to the new grant during the six months ended June 30, 2025:

---

| | | |
|:---|:---|:---|
| **Stock options granted in** | **March 2025** | **June 2025**<sup>1)</sup> |
| Number of options granted | 21469 | 593475 |
| Average Fair value of options (in $) <sup>2)</sup> | 147.95 - 194.55 | 177.33 - 195.75 |
| Share price (in $) <sup>2)</sup> | 547.67 - 584.66 | 550.61 |
| Exercise price (in $) <sup>2)</sup> | 596.99 | 561.74 |
| Expected volatility | 32.61 - 33.43% | 31.56 - 31.61% |
| Average Expected option life (in years) | 4.33 - 6.52 | 5.34 - 6.35 |
| Risk-free interest rate | 1.91 - 2.43% | 2.30 - 2.37% |
| Expected dividends | –% | –% |
| 1)In June 2025, the Company granted a total of 593,475 stock options of which 180,620 stock options to Belgian taxed beneficiaries. Belgian taxed <br>beneficiaries can choose between a contractual term of 5 or 10 years. The expected option life ranges between 4.16 and 6.35 years. The fair value per option <br>granted to Belgian taxed beneficiaries at grant date would have ranged from $153.82 to $195.75 depending on the accepted terms of the grant. This estimate <br>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 5 or 10 <br>years.<br>2)Amounts have been converted to USD at the applicable rate prevailing at the grant date. | 1)In June 2025, the Company granted a total of 593,475 stock options of which 180,620 stock options to Belgian taxed beneficiaries. Belgian taxed <br>beneficiaries can choose between a contractual term of 5 or 10 years. The expected option life ranges between 4.16 and 6.35 years. The fair value per option <br>granted to Belgian taxed beneficiaries at grant date would have ranged from $153.82 to $195.75 depending on the accepted terms of the grant. This estimate <br>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 5 or 10 <br>years.<br>2)Amounts have been converted to USD at the applicable rate prevailing at the grant date. | 1)In June 2025, the Company granted a total of 593,475 stock options of which 180,620 stock options to Belgian taxed beneficiaries. Belgian taxed <br>beneficiaries can choose between a contractual term of 5 or 10 years. The expected option life ranges between 4.16 and 6.35 years. The fair value per option <br>granted to Belgian taxed beneficiaries at grant date would have ranged from $153.82 to $195.75 depending on the accepted terms of the grant. This estimate <br>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 5 or 10 <br>years.<br>2)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 unaudited condensed

consolidated interim statement of profit or loss totaled $55 million for the six months ended June 30, 2025 compared

to $70 million for the six months ended June 30, 2024.

9.2Restricted 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 our Company's common stock on the day prior to the date of issuance. RSUs

vest over a period of four years with 1/4<sup>th</sup> 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 1/4<sup>th</sup> 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 total share-based payment expense related to RSUs recognized in the unaudited condensed consolidated

interim statements of profit or loss totaled $56 million for the six months ended June 30, 2025 compared to $33

million for six months ended June 30, 2024.

---

| | | |
|:---|:---|:---|
| argenx Half-Year 2025 Financial Report | Notes to the unaudited condensed consolidated interim financial statements  | 17 |

---

---

| | | | |
|:---|:---|:---|:---|
| **[**Table of Contents**](#ia166a794aaad4759b85b5729ce77d6a4_70)** | **[Management Report](#ia166a794aaad4759b85b5729ce77d6a4_73)** | **[Financial Statements](#ia166a794aaad4759b85b5729ce77d6a4_711)** | **[Notes](#ia166a794aaad4759b85b5729ce77d6a4_103)** |

---

9.3Performance 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-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. PSUs have a

maximum upside payout opportunity of 150% of target.

The Company granted 30,360 units of PSUs on June 30, 2025.This is the first grant of PSUs by the Company.

## 10 Trade and other payables

---

| | | |
|:---|:---|:---|
| | **As of June 30,** | **As of December 31,** |
| <br>(in thousands of $) | **2025** | **2024** |
| Trade payables | 531969 | 342228 |
| Sales rebates and reserves | 320234 | 140474 |
| Short-term employee benefits | 127720 | 150818 |
| Other payables | 36237 | 16473 |
| **Total trade and other payables** | **1016160** | **649993** |

---

The carrying amounts of trade and other payables approximate their respective fair values.

Trade payables correspond primarily to research & development, commercial and manufacturing activities and

include accrued expenses related to these activities.

Short-term employee benefits include payables and accruals for compensation and bonuses to be paid to the

employees of the Company.

The following table summarizes the movement in the sales rebates and reserves:

---

| | | | |
|:---|:---|:---|:---|
| (in thousands of $) | **Rebates and** <br>**chargebacks**<br>| **Distribution fees** <br>**and product** <br>**returns**<br>| **Total sales rebates** <br>**and reserves**<br>|
| **Balance on January 1, 2025** | **127411** | **13063** | **140474** |
| Estimate related to current period sales | 355083 | 49371 | 404454 |
| Adjustment for prior year sales | (3922) | 212 | (3710) |
| Credits or payments | (185975) | (44470) | (230445) |
| Foreign currency translation differences | 9975 | (514) | 9461 |
| **Balance on June 30, 2025** | **302572** | **17662** | **320234** |

---

---

| | | |
|:---|:---|:---|
| argenx Half-Year 2025 Financial Report | Notes to the unaudited condensed consolidated interim financial statements  | 18 |

---

---

| | | | |
|:---|:---|:---|:---|
| **[**Table of Contents**](#ia166a794aaad4759b85b5729ce77d6a4_70)** | **[Management Report](#ia166a794aaad4759b85b5729ce77d6a4_73)** | **[Financial Statements](#ia166a794aaad4759b85b5729ce77d6a4_711)** | **[Notes](#ia166a794aaad4759b85b5729ce77d6a4_103)** |

---

## 11 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.

The following table summarizes the product net sales by country of sales based on the country of the entity that

recognizes product net sales:

---

| | | |
|:---|:---|:---|
| | **Six Months Ended** | **Six Months Ended** |
| | **June 30,** | **June 30,** |
| <br>(in thousands of $) | **2025** | **2024**<sup>1)</sup> |
| United States | 1482882 | 754542 |
| Japan | 83678 | 38114 |
| China | 32902 | 16196 |
| Netherlands | 1588 | – |
| Rest of the World | 137594 | 67066 |
| **Total product net sales** | **1738644** | **875918** |
| 1)Comparative figures have been presented to be consistent with the one adopted in the Company's latest Annual Report.  | 1)Comparative figures have been presented to be consistent with the one adopted in the Company's latest Annual Report.  | 1)Comparative figures have been presented to be consistent with the one adopted in the Company's latest Annual Report.  |

---

The Company sells its products through a limited number of distributors and wholesalers. Five U.S. customers

represent approximately 85% of the product net sales during the six months ended June 30, 2025 (compared to 86%

for the same period in 2024).

## 12 Research and development expenses

---

| | | |
|:---|:---|:---|
| | **Six Months Ended** | **Six Months Ended** |
| | **June 30,** | **June 30,** |
| <br>(in thousands of $) | **2025** | **2024** |
| External research and development expenses | 416448 | 286038 |
| Personnel expenses | 167840 | 132903 |
| BIS expenses | 26429 | 16493 |
| Materials and consumables | 3983 | 2309 |
| Depreciation and amortization | 5047 | 2769 |
| Other expenses | 17020 | 9743 |
| **Total research and development expenses** | **636767** | **450255** |

---

---

| | | |
|:---|:---|:---|
| argenx Half-Year 2025 Financial Report | Notes to the unaudited condensed consolidated interim financial statements  | 19 |

---

---

| | | | |
|:---|:---|:---|:---|
| **[**Table of Contents**](#ia166a794aaad4759b85b5729ce77d6a4_70)** | **[Management Report](#ia166a794aaad4759b85b5729ce77d6a4_73)** | **[Financial Statements](#ia166a794aaad4759b85b5729ce77d6a4_711)** | **[Notes](#ia166a794aaad4759b85b5729ce77d6a4_103)** |

---

## 13 Selling, general and administrative expenses

---

| | | |
|:---|:---|:---|
| | **Six Months Ended** | **Six Months Ended** |
| | **June 30,** | **June 30,** |
| <br>(in thousands of $) | **2025** | **2024**<sup>1)</sup> |
| Personnel expenses | 225419 | 194026 |
| Marketing services | 178240 | 150341 |
| Professional fees | 105550 | 90576 |
| BIS expenses | 21259 | 11647 |
| Supervisory board | 8558 | 4267 |
| Facilities and occupancy expenses | 8479 | 6613 |
| Depreciation and amortization | 3548 | 1424 |
| Other expenses | 50097 | 32800 |
| **Total selling, general and administrative expenses** | **601150** | **491694** |
| <sup>1)</sup>Comparative figures have been presented to be consistent with the one adopted in the Company's latest Annual Report. | <sup>1)</sup>Comparative figures have been presented to be consistent with the one adopted in the Company's latest Annual Report. | <sup>1)</sup>Comparative figures have been presented to be consistent with the one adopted in the Company's latest Annual Report. |

---

## 14 Income taxes
The Company recorded an income tax expense of $74 million for the six months ended June 30, 2025compared to

an income tax benefit of $57 million for the same period in 2024.

Income tax expense for the six months ended June 30, 2025, consists of $70 million of current income tax expense

and $4 million of deferred tax expense, compared to $16 million of current income tax expense and $72 million of

deferred tax benefit for the comparable prior period.

The key elements impacting the effective tax rate for the six months ended June 30, 2025 were primarily the mix of

income generated among the jurisdictions in which the Company operates and various tax incentives in certain

jurisdictions.

## 15 Earnings per share

---

| | | |
|:---|:---|:---|
| | **Six Months Ended** | **Six Months Ended** |
| | **30 June,** | **30 June,** |
| <br>(in thousands of $ except for shares and EPS) | **2025** | **2024** |
| Profit/(loss) for the period | $414827 | $(32531) |
| Weighted average number of shares outstanding | 61034202 | 59400217 |
| Basic profit/(loss) per share (in $) | 6.80 | (0.55) |
| Weighted average number of shares outstanding for purpose of diluted profit/(loss) per share | 65653007 | 59400217 |
| **Diluted profit/(loss) per share (in $)** | **6.32** | **(0.55)** |

---

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 period. 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 for the six months ending June 30, 2024, 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 periods.

---

| | | |
|:---|:---|:---|
| argenx Half-Year 2025 Financial Report | Notes To The Unaudited Condensed Consolidated Interim Financial Statements  | 20 |

---

---

| | | | |
|:---|:---|:---|:---|
| **[**Table of Contents**](#ia166a794aaad4759b85b5729ce77d6a4_70)** | **[Management Report](#ia166a794aaad4759b85b5729ce77d6a4_73)** | **[Financial Statements](#ia166a794aaad4759b85b5729ce77d6a4_711)** | **[Notes](#ia166a794aaad4759b85b5729ce77d6a4_103)** |

---

## 16 Related party transactions
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 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. The Company contributed $6.5 million in 2025 ($7 million in the year

ended December 31, 2024).

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 unaudited condensed

consolidated interim statements of financial position. The share of net loss resulting from investment in joint ventures

is presented in the unaudited condensed consolidated interim statements of profit or loss and the unaudited

condensed consolidated interim statements of other comprehensive income or loss in line "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" in the unaudited condensed consolidated interim statements

of cash flows.

During the six months ended June 30, 2025 a total of 73,091 stock options and 24,742PSUs were granted to senior

management members as a group. During the six months ended June 30, 2025 a total of 5,624 restricted stock units

were granted to non-executive board members.

## 17 Commitments
As of the balance sheet date, there were no commitments signed for the acquisition of property, plant and equipment.

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 $70 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.

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 manufacturing commitments with Lonza, its drug substance manufacturing contractor, relate to the

ongoing execution of the biologic license application (BLA) services for efgartigimod and its manufacturing activities

related to the potential future commercialization. In December 2018, the Company signed its first commercial supply

agreement with Lonza related to the reservation of commercial drug substance supply capacity for efgartigimod. In

the aggregate, the Company has outstanding commitments for efgartigimod under the commercial supply

agreements of $456 million as of June 30, 2025.

The Company has engaged with Fujifilm for large-scale manufacturing of efgartigimod drug substance. The

commitments under this commercial supply agreement total $130 million as of June 30, 2025.

---

| | | |
|:---|:---|:---|
| argenx Half-Year 2025 Financial Report | Notes to the unaudited condensed consolidated interim financial statements  | 21 |

---

---

| | | | |
|:---|:---|:---|:---|
| **[**Table of Contents**](#ia166a794aaad4759b85b5729ce77d6a4_70)** | **[Management Report](#ia166a794aaad4759b85b5729ce77d6a4_73)** | **[Financial Statements](#ia166a794aaad4759b85b5729ce77d6a4_711)** | **[Notes](#ia166a794aaad4759b85b5729ce77d6a4_103)** |

---

## 18 Events after the balance sheet date
No events have occurred after the balance sheet date that could have a material impact on the unaudited condensed

consolidated financial statements.

## Exhibit 99.3

![](argenx2q2025investorpres001.jpg)

Reaching Patients Through Immunology Innovation 2 Q 2 0 2 5 F I N A N C I A L R E S U L T S C A L L J U L Y 3 1 , 2 0 2 5

------

![](argenx2q2025investorpres002.jpg)

Forward Looking Statements This presentation has been prepared by argenx se ("argenx" or the "company") for informational purposes only and not for any other purpose. Nothing contained in this presentation is, or should be construed as, a recommendation, promise or representation by the presenter or the company or any director, employee, agent, or adviser of the company. This presentation does not purport to be all- inclusive or to contain all of the information you may desire. Certain information contained in this presentation relates to or is based on studies, publications, surveys and other data obtained from third- party sources and the company's own internal estimates and research. While argenx believes these third-party studies, publications, surveys and other data to be reliable as of the date of this presentation, it has not independently verified, and makes no representation as to the adequacy, fairness, accuracy or completeness of, any information obtained from third-party sources. In addition, no independent source has evaluated the reasonableness or accuracy of argenx's internal estimates or research, and no reliance should be made on any information or statements made in this presentation relating to or based on such internal estimates and research. Certain statements contained in this presentation, other than present and historical facts and conditions independently verifiable at July 31, 2025, may constitute forward-looking statements. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "advance," "growth," "is," and "potential" and include statements argenx makes concerning its strategic priorities, including reaching more patients with VYVGART, including through the earlier line use of the PFS; its goal to drive growth of its IIP, including by expanding its technical capabilities through collaboration with other companies; its innovation agenda and growth strategy, including its Vision 2030 to reach 50,000 patients globally across 10 labeled indications and to advance five new molecules in Phase 3 across efgartigimod, empasiprubart and ARGX-119; the advancement and outcome of ongoing registrational studies across efgartigimod and empasiprubart and the new registrational study expected to start for ARGX-119; its goal of delivering innovation for patients; and the potential expansion of its MG opportunity, including through growth of its market share for this biologic and its expectation that the total addressable market for MG will expand to up to 60,000 patients in 2030. By their nature, forward-looking statements involve risks and uncertainties and readers are cautioned that any such forward-looking statements are not guarantees of future performance. argenx's actual results may differ materially from those predicted by the forward-looking statements as a result of various important factors, including the results of argenx's clinical trials; expectations regarding the inherent uncertainties associated with the development of novel drug therapies; preclinical and clinical trial and product development activities and regulatory approval requirements in products and product candidates; the acceptance of argenx's products and product candidates by patients as safe, effective and cost-effective; the impact of governmental laws and regulations on our business, including tariffs, export controls, sanctions and other regulations on its business; its reliance of third-party suppliers, service providers and manufacturers; inflation and deflation and the corresponding fluctuations in interest rates; and regional instability and conflicts. A further list and description of these risks, uncertainties and other risks can be found in argenx's U.S. Securities and Exchange Commission (the "SEC") filings and reports, including in argenx's most recent annual report on Form 20-F filed with the SEC as well as subsequent filings and reports filed by argenx with the SEC. Given these uncertainties, the reader is advised not to place any undue reliance on such forward-looking statements. These forward-looking statements speak only as of the date of publication of this document. argenx undertakes no obligation to publicly update or revise the information in this presentation, including any forward-looking statements, except as may be required by law. This presentation contains trademarks, trade names and service marks of other companies, which are the property of their respective owners. 2

------

![](argenx2q2025investorpres003.jpg)

New Molecules in Phase 3 Patients on TreatmentK Advancing Vision 2030 with Strong 2Q Financial Results 3 Labeled Indications \*Globally ex-China as of June 30, 2025 3 New Molecules Entered Phase 1 3 Phase 3 Assets ~15K Patients Treated Globally\* V IS ION 2030

------

![](argenx2q2025investorpres004.jpg)

Advancing a Late-Stage Pipeline with Transformative Potential Efgartigimod Empasiprubart ARGX-119 indications Potent C2 sweeping antibody MuSK agonist antibody First and only Fc Fragment Ongoing registrational studies Ongoing registrational studies indications indications Registrational study to start 4

------

![](argenx2q2025investorpres005.jpg)

Pipeline Growth Driven By Immunology Innovation Program Internal Value Creation Efgartigimod ARGX-119 Empasiprubart ARGX-109 ARGX-213 ARGX-121 ARGX-XXX Expanding Technical Capabilities Through Collaboration 5 Leading Translational Biology Labs DISEASE INSIGHT TECHNOLOGY KNOW-HOW ANTIBODY ENGINEERING CLINICAL DEVELOPMENT External Value Creation OncoVerity (Cusatuzumab) LEO (ARGX-112) AbbVie (ARGX-115) ARGX-118 Agomab (ARGX-114) Dualyx

------

![](argenx2q2025investorpres006.jpg)

Product Net Sales: Q2 of $949 million 6 21 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 75 131 173 218 269 329 374 398 478 573 737 790 949 China RoW Japan US 7 7 2 14 11 12 20 12 1 6 11 12 26 24 31 37 45 48 57 83 2 6 8 10 13 15 17 18 20 24 27 32 52 21 73 124 159 197 244 280 326 347 407 492 649 681 802 $'m Q2 2025: growth of 19% vs Q1 2025 \*All growth is operational and excludes the impact of FX (in millions of $) Q2 2025 Q1 2025 QoQ % Growth \* US 802 681 18% Japan 52 32 55% RoW 83 57 37% China supply 12 20 (39%) Total 949 790 19% Total excluding China 937 770 21% (in millions of $) Q2 2025 Q2 2024 Growth % \* US 802 407 97% Japan 52 20 138% RoW 83 37 119% China supply 12 14 (10%) Total 949 478 97% Q2 2025: growth of 97% vs Q2 2024Product Net Sales by Quarter \*Net sales growth % excludes the impact of fx.

------

![](argenx2q2025investorpres007.jpg)

Q2 2025 Financial Summary Net cash flow from operating activities \* Alternative Performance Measure (APM). Refer to the APM Statement. $2.1 billion in cash and cash equivalents and $1.8 billion in current financial assets Ended Q2 with cash\* of $3.9B Cash\* Growth in Product Net Sales, Operating Profit and Cash Flows 7 Summary Profit or Loss For the six months ended June 30, 2025 $0.4B (in million of $) 2025 2024 2025 2024 Product net sales 949 478 1,739 876 Other operating income 19 12 36 26 Total operating income 967 489 1,775 902 Cost of sales (111) (52) (192) (96) Research and development expenses (328) (225) (637) (450) Selling, general and administrative expenses (325) (256) (601) (492) Loss from investment in joint venture (3) (2) (5) (3) Total operating expenses (766) (535) (1,435) (1,041) Operating profit/(loss) 201 (45) 340 (139) Financial income 38 39 76 78 Financial expense (1) (1) (2) (1) Exchange gains/(losses) 49 (8) 76 (27) Profit/(Loss) for the period before taxes 287 (15) 489 (89) Income tax (expense)/benefit (42) 44 (74) 57 Profit/(Loss) for the period 245 29 415 (33) Comparative figures have been presented to be consistent with the one adopted in the current period with respect to the combination of collaboration revenue and other operating income. June 30 June 30 Three months ended Six months ended

------

![](argenx2q2025investorpres008.jpg)

Delivering Innovation for Patients I don't have to plan travel around my hospital schedule, or sacrifice my treatment timing - or my peace of mind – for the needed time away. Lynn, CIDP Patient For the first time in 8 years 8

------

![](argenx2q2025investorpres009.jpg)

Strong Launch Fundamentals Driving Expansion US Reaching Patients Earlier M G P A T I E N T G R O W T H Consistent QoQ New Patient Starts Continued Launch Momentum C I D P P A T I E N T G R O W T H Reaching New Prescribers 1K PFS Prescribers 15% new to VYVGART P R E S C R I B E R E X P A N S I O N PFS Driving Growth B R O A D E S T O F F E R I N G #1 Branded Biologic for gMG 9 Increased Patient Demand

------

![](argenx2q2025investorpres010.jpg)

Growing VYVGART Leadership in MG U.S. Addressable MG Patients Addressable Market at Launch 17K +11K +7K +25K 60K Seronegative Ocular Growth in Biologics Share of Market Path to 60K Addressable Patients 10Source: argenx market research Total Addressable Market in 2030 PFS Driving Expansion

------

![](argenx2q2025investorpres011.jpg)

Delivering Impact for CIDP Patients 2,500CIDP Patients treated globally Scott, CIDP Patient 11

------

![](argenx2q2025investorpres012.jpg)

Innovation has no meaning unless it provides real benefit to patients 12

------

![](argenx2q2025investorpres013.jpg)

Alternative Performance Measure In this document, argenx's financial results are provided in accordance with IFRS® Accounting Standards (IFRS) and using a non-IFRS financial measure, cash, cash equivalents and current financial assets. This value should not be viewed as a substitute for the company's IFRS financial information and is provided as a complement to financial information provided in accordance with IFRS and should be read in conjunction with the most directly comparable IFRS financial information as set out below. Management believes this non-IFRS financial measure is useful for securities analysts, investors and other interested parties to gain a more complete understanding of the company's available financial liquidities given that the company's current financial assets are held in term accounts with an initial maturity of more than three months but less than twelve that may be used to meet its financial obligations. Such non- IFRS financial information, as calculated herein, may not be comparable to similarly named measures used by other companies and should not be considered comparable to IFRS financial measures. Non-IFRS financial measures have limitations as an analytical tool and should not be considered in isolation from, or as a substitute for, an analysis of the company's financial results as reported under IFRS. A reconciliation of the IFRS financial information to non-IFRS financial information is included below: Cash, cash equivalents and current financial assets totaled $3.9 billion as of June 30, 2025, compared to $3.4 billion as of December 31, 2024. The balance as of the period ended June 30, 2025 consists of $2.1 billion in cash and cash equivalents and $1.8 billion in current financial assets. 13

------