Argenx stock holds after 2025 results and 2026 pipeline update

Argenx (ISIN NL0010832176) is being framed by its 2025 results and 2026 guidance rather than a fresh market-moving headline, with revenue of €3.0 billion in 2025 and non-IFRS operating profit of €721 million for the year. The company said on its investor relations page that it expects 2026 operating expenses of €2.0 billion to €2.2 billion, a range that gives investors a clear cost reference for the year ahead.

Revenue reached €3.0 billion

Argenx reported 2025 revenue of €3.0 billion, compared with €2.2 billion in 2024, which implies growth of about 36% year on year. That comparison matters because the company paired the higher top line with a full-year non-IFRS operating profit of €721 million in 2025, showing that scale translated into earnings power as well as sales growth.

Free cash flow also turned positive at €877 million in 2025, after a much smaller level in 2024, and management ended the year with an unrestricted cash position of €3.6 billion. Those figures matter for a commercial-stage biotech because they reduce dependence on external funding while the product base continues to expand.

Expenses guided to €2.0 billion to €2.2 billion

For 2026, Argenx guided operating expenses to €2.0 billion to €2.2 billion, a period reference that gives investors a way to test margin discipline against the 2025 profit base. The same guidance frame also helps explain why the market tends to focus on the company’s expense trajectory as closely as its product launches.

The latest investor material places the emphasis on execution rather than a single quarter, because the company is now large enough for annual revenue, cash generation, and guided spending to matter together. That mix is especially relevant when the business has already shown €721 million in non-IFRS operating profit and €877 million in free cash flow in 2025.

Vyvgart remains the product anchor

Vyvgart remains the company’s central commercial product and the clearest bridge between the 2025 numbers and 2026 spending plans. In a business that booked €3.0 billion of revenue in 2025, the product line is not just a scientific asset; it is the operating base that supports cash generation and the €3.6 billion year-end cash position.

That matters because Argenx is no longer a development story alone. The market now has to weigh a business that produced €721 million in non-IFRS operating profit in 2025 against guidance for €2.0 billion to €2.2 billion of operating expenses in 2026.

Closing price and market value

Argenx shares closed at EUR 513.80 on Nasdaq on 11 August 2026, giving the stock a market capitalization of EUR 31.1 billion on the same date. The valuation context is important because it sets the scale of the company against the 2025 revenue base of €3.0 billion and the guided 2026 expense range of €2.0 billion to €2.2 billion.