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1. General Information about the Company
argenx SE is a Dutch European public company with limited liability incorporated under the laws of the
Netherlands. The company (COC 24435214) has its official seat in Amsterdam, The Netherlands, and its
registered office is at Laarderhoogtweg 25, 1101 EB Amsterdam, the Netherlands. An overview of the
company and its subsidiaries (the Company) are described in \u2018\u2018Note\u00a030\u00a0Overview of Consolidation Scope\u2019\u2019.
argenx SE is a publicly traded company with ordinary shares listed on Euronext Brussels under the symbol
\u201cARGX\u201d since July\u00a02014 and with American Depositary Shares listed on Nasdaq under the symbol \u201cARGX\u201d
since May\u00a02017.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-425": { "value": "argenx SE", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-426": { "value": "argenx SE", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-427": { "value": "Dutch European public company with limited liability", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-428": { "value": "Netherlands", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-429": { "value": "Netherlands", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-430": { "value": "Netherlands", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-431": { "value": "Laarderhoogtweg 25, 1101 EB Amsterdam, the Netherlands", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-432": { "value": "argenx SE", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-433": { "value": "argenx SE", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-434": { "value": "
2. Material Accounting Policy Information
The Company\u2019s material accounting policies are summarized below.
2.1 Statement of compliance and basis of preparation
The consolidated financial statements are prepared in accordance with the IFRS\u00ae Accounting Standards
(IFRS) as adopted by the European Union (EU-IFRS) and in accordance with the legal requirements of Part 9
of Book 2 of the Dutch Civil Code. The consolidated financial statements provide a general overview of the
Company\u2019s activities and the results achieved. They present fairly the entity\u2019s financial position, its financial
performance and cash flows, on a going concern basis.
The material accounting policy information applied in the preparation of the above consolidated financial
statements are set out below. All amounts are presented in thousands of US dollar, unless otherwise
indicated, rounded to the nearest $ \u2018000.
The consolidated financial statements have been approved for issue by the Company\u2019s Board of Directors
(the \u201cBoard\u201d) on March 19, 2025.
2.2 Adoption of new and revised standards
New standards and interpretations applicable for the annual period beginning on January\u00a01, 2024
In the current year, the Group has assessed and adopted amendments to IFRS that are mandatorily
effective for accounting periods that begin on or after January 1, 2024. Their adoption has not had any
material impact on the disclosures or on the amounts reported in these consolidated financial statements.
New standards and interpretations issued, but not yet applicable for the annual period beginning
on January\u00a01, 2024
\u2022 IFRS 18 Presentation and Disclosures in Financial Statements
IFRS 18 replaces IAS 1, carrying forward many of the requirements in IAS 1 unchanged and complementing
them with new requirements. In addition, some IAS 1 paragraphs have been moved to IAS 8 Accounting
Policies, Changes in Accounting Estimates and Errors and IFRS 7 Financial Instruments: Disclosures. Furthermore,
the IASB has made minor amendments to IAS 7 Statement of Cash Flows and IAS 33 Earnings per Share.
IFRS 18 introduces new requirements to:
\u2022 present specified categories and defined subtotals in the statement of profit or loss
\u2022 provide disclosures on management-defined performance measures (MPMs) in the notes to the financial
statements
\u2022 improve aggregation and disaggregation.
An entity is required to apply IFRS 18 for annual reporting periods beginning on or after January 1, 2027,
with earlier application permitted. The amendments to IAS 7 and IAS 33, as well as the revised IAS 8 and
IFRS 7, become effective when an entity applies IFRS 18. IFRS 18 requires retrospective application with
specific transition provisions.
\u2022 Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9
and IFRS 7)
The amendments address matters identified during the post-implementation review of the classification
and measurement requirements of IFRS 9 Financial Instruments. The amendments are effective for
reporting periods beginning on or after January 1, 2026.
The Group continues to evaluate the impacts of the application of these amendments 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.
2.3 Basis of consolidation
The consolidated financial statements include the financial statements of the Company and entities
controlled by the Company (its subsidiaries). Control is achieved when the Company:
\u2022 has power over the investee;
\u2022 is exposed, or has rights, to variable returns from its involvement with the investee; and
\u2022 has the ability to use its power to affect its returns.
The Company reassesses whether or not it controls an investee if facts and circumstances indicate that
there are changes to one or more of the three elements of control listed above.
The results of the subsidiaries are included in the consolidated statements of profit or loss and
consolidated statements of other comprehensive income or loss from the effective date of acquisition up to
the date when control ceases to exist. When necessary, adjustments are made to the financial statements
of subsidiaries to bring their accounting policies into line with those used by other members of the Group.
All intercompany transactions and unrealized gains on transactions between group companies are
eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an
impairment of the transferred asset.
2.4 Foreign currency transactions
2.4.1 Functional and presentation currency
Items included in the consolidated financial statements of each of the entities are valued using the currency
of their economic environment in which the entity operates. The consolidated financial statements are
presented in USD ($), which is the Company\u2019s functional and presentation currency.
2.4.2 Transactions and balances
Transactions in foreign currencies are translated at the exchange rate ruling at the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling
at the reporting date. Foreign exchange differences arising on translation are recognized in the
consolidated statements of profit or loss and the consolidated statements of other comprehensive income
or loss as \u201cExchange (losses)/gains\u201d. Non-monetary assets and liabilities denominated in foreign currencies
are translated at the foreign exchange rate applicable at the date of the transaction.
2.4.3 Financial statements of foreign entities
For foreign entities using a different functional currency than USD:
\u2022 assets and liabilities for each balance sheet presented are translated at the closing rate at the date of the
balance sheet;
\u2022 income and expenses for each statement presenting profit or loss and statements of other
comprehensive income or loss are translated at average exchange rates.
2.5 Intangible assets
2.5.1 Internally generated intangible assets
Expenditure on research activities is recognized as an expense in the period in which it is incurred.
2.5.2 Acquired In-Process R&D and Acquired R&D available for use
Upfront payments and development milestone payments for \u201cAcquired In-Process R&D\u201d obtained through
in-licensing arrangements are capitalized as intangible assets under \u201cAcquired In-Process R&D\u201d upon
meeting the IAS 38 capitalization criteria. These intangibles are considered as intangible assets with definite
useful lives and are carried at cost less amortization and accumulated impairment losses. The Company has
not started to amortize \u201cAcquired In-Process R&D\u201d as they are not available for use until regulatory
approval has been obtained, but they are evaluated for potential impairment on an annual basis or when
facts and circumstances may indicate a risk of impairment. Any impairment charge is recorded in the
consolidated statements of profit or loss and the consolidated statements of other comprehensive income
or loss under \u201cResearch and development expense\u201d. Once an asset included in \u201cAcquired In-Process R&D\u201d
has received marketing approval from a regulatory authority, it is recorded under \u201cAcquired R&D available
for use\u201d category.
Regulatory milestone payments and sales-based milestone payments for R&D obtained through in-licensing
arrangements acquired are capitalized intangible assets under \u201cAcquired R&D available for use\u201d upon
meeting the IAS 38 capitalization criteria. All intangibles classified under \u201cAcquired R&D available for use\u201d
are considered as intangible assets with finite useful lives and are carried at cost less accumulated
amortization and accumulated impairment losses. \u201cAcquired R&D available for use\u201d is evaluated for
potential impairment when the Company identifies indications based on facts and circumstances of the
asset. Any impairment charge is recorded in the consolidated statements of profit or loss and the
consolidated statements of other comprehensive income or loss under \u201cCost of sales\u201d. \u201cAcquired R&D
available for use\u201d is amortized under \u201cCost of sales\u201d on a straight-line basis over the estimated useful life,
being the longer of the current patent protection life of the acquired R&D and patent protection life of the
combined product.
2.5.3 Other intangible assets
Other intangible assets could include a Priority Review Voucher (PRV) which the Company can use to obtain
the priority review by the FDA for one of its future regulatory submissions or may sell or transfer to a third
party. The PRV is initially measured at cost and annually reviewed for impairment when events or
circumstances indicate that the carrying value may not be recoverable. Any impairment charge is recorded
in the consolidated statements of profit or loss and the consolidated statements of other comprehensive
income or loss under \u201cResearch and development expenses.\u201d Using the PRV results in amortization
recorded in the consolidated statements of profit or loss and the consolidated statements of other
comprehensive income or loss under \u201cResearch and development expenses\u201d and subsequent
derecognition of the intangible asset.
2.6 Research and development incentives receivables
The current and non-current research and development incentive receivables relate to refunds resulting
from research and development incentives on Research and development expenses in Belgium and are
credited to the consolidated statements of profit or loss and the consolidated statements of other
comprehensive income or loss under the line \u201cOther operating income\u201d when the relevant expenditure has
been incurred and there is a reasonable assurance that the research and development incentives will be
received.
2.7 Inventories
Inventories are carried at cost or net realizable value, whichever is lowest. Cost comprises of costs of
purchase, costs of conversion and other costs incurred in bringing the inventories to their present location
and condition. If the expected sales price less completion costs to execute sales (net realizable value) is
lower than the carrying amount, a write-down is recognized for the amount by which the carrying amount
exceeds its net realizable value.
Included in inventory are products which could, besides commercial activities, be used in preclinical and
clinical programs, and free-of-charge, compassionate use and pre-approval access program. These
products are expensed either through \u201cResearch & development expenses\u201d or \u201cSelling, general and
administrative expenses\u201d.
We capitalize inventory costs associated with products prior to the regulatory approval of these products,
or for inventory produced in production facilities not yet approved, when it is highly probable that the pre-
approval inventories will be sellable. The determination to capitalize is based on the particular facts and
circumstances relating to the expected regulatory approval of the product or production facility being
considered. The assessment of whether or not the product is considered highly probable to be sellable is
made and includes, but is not limited to, how far a particular product or facility has progressed along the
approval process, any known safety or efficacy concern and other impediments.
Previously capitalized costs related to pre-launch inventories could be required to be written down upon a
change in such judgement or due to a denial or delay of approval by regulatory bodies, a delay in
commercialization or other potential factors, which will be recorded under \u201cResearch and development
expenses\u201d in the consolidated statements of profit or loss and the consolidated statements of other
comprehensive income or loss.
2.8 Trade and other receivables
Trade and other receivables are designated as financial assets measured at amortized cost. They are
initially measured either at their invoiced amounts or at transaction price, in the absence of a significant
financing component less adjustments for estimated revenue deductions such as rebates, chargebacks and
returns. All receivables are subsequently measured at amortized cost, which generally corresponds to
nominal value less expected credit loss provision.
Loss allowance for expected credit losses are established using a simplified approach of forward-looking
expected credit loss model (ECL), which includes possible default events on the trade receivables over the
entire holding period of the trade receivable. These provisions represent the difference between the trade
receivable\u2019s carrying amount in the consolidated statements of financial position and the estimated
collectible amount. Charges for loss allowance for expected credit losses are recorded under \u201cSelling,
general and administrative expenses\u201d in the consolidated statements of profit or loss and consolidated
statements of other comprehensive income or loss.
2.9 Current financial assets
Current financial assets measured at amortized costs comprise of term accounts that have an initial
maturity equal or less than twelve months, but exceeding three months.
Current financial assets measured at fair value through profit or loss comprise of money market funds.
Interests on Current financial assets are reported under Cash Flow from investment activities under
\u201cInterest received\u201d
2.10 Cash and cash equivalents
Cash are financial assets measured at amortized cost and comprise of cash at bank.
Cash equivalents measured at amortized cost comprise of term accounts that have an initial maturity of
less than three months that are subject to an insignificant risk of changes in values.
Cash equivalents measured at fair value through profit or loss comprise of money market funds that are
readily convertible to cash and are subject to insignificant risk of changes in value and which are used by
the Company in the management of its short-term commitments. The Company applies judgement at each
reporting period on the classification of its money market funds.
Cash and cash equivalents exclude restricted cash, which is presented in the consolidated statements of
financial position under the line \u201cOther non-current assets\u201d.
Interests on Cash and cash equivalents is reported under Cash Flow from investment activities under
\u201cInterest received\u201d.
2.11 Trade and other payables
Trade and other payables are comprised of liabilities that are due less than one year from the balance
sheet date and are in general not interest bearing and settled on an ongoing basis during the financial year.
They also include accrued expenses related to the Company\u2019s research and development activities, sales
rebates and reserves and short-term employee benefits. Trade and other payables are initially measured at
their transaction price, which are subsequent to initial recognition measured at amortized cost.
Short-term employee benefits include payables and accruals for salaries and bonuses to be paid to the
employees of the Company. They are recognized as expenses for the period in which employees perform
the corresponding services.
2.12 Leases
The Company assesses whether a contract is or contains a lease, at inception of the contract. The Company
recognizes a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in
which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less)
and leases of low value assets. For short-term leases, the Company recognizes the lease payments as an
operating expense on a straight-line basis over the term of the lease unless another systematic basis is
more representative of the time pattern in which economic benefits from the leased assets are consumed.
The lease liability is initially measured at the present value of the lease payments that are not paid at the
commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily
determined, the lessee uses its incremental borrowing rate. The lease liability is subsequently measured by
increasing the carrying amount to reflect interest on the lease liability (using the effective interest method)
and by reducing the carrying amount to reflect the lease payments made. The lease liability is presented as
a separate line in the consolidated statements of financial position.
The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease
payments made at or before the commencement day, less any lease incentives received and any initial
direct costs. They are subsequently measured at cost less accumulated depreciation and impairment
losses. Right-of-use assets are depreciated over the shorter period of lease term and useful life of the
underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset
reflects that the Company expects to exercise a purchase option, the related right-of-use asset is
depreciated over the useful life of the underlying asset. The right-of-use assets are presented in the
consolidated statements of financial position under the caption \u201cProperty, plant and equipment\u201d.
2.13 Financial instruments
Financial instruments are initially recognized either at fair value or at transaction price and subsequently
measured at either amortized cost or fair value under IFRS 9 on the basis of both the Company\u2019s model for
managing the financial assets and the contractual cash flow characteristics of the financial asset. A financial
asset is classified as current when the cash flows expected to flow from the instrument mature within one
year.
Profit share in AgomAb Therapeutics NV: The Company holds investments in non-current financial assets,
which based on IFRS 9, are designated as financial assets at fair value through profit or loss. The fair value
of listed investments is based upon the closing price of such securities at each reporting date. As there is no
active market for this equity instrument, the Company establishes the fair value by using valuation
techniques. The changes to the fair valuation is recorded under \u201cOther operating income\u201d in the
consolidated statements of profit or loss.
Shares of Zai Lab Ltd: Based on IFRS 9, the Company irrevocably elected to designate this specific investment
as a financial asset at fair value through OCI as the participation is not held for trading purposes nor
contingent consideration recognized by an acquirer in a business combination. The investment is recorded
under \u201cOther non-current assets\u201d in consolidated statements of financial position and changes to the fair
valuation is recorded under \u201cFair value gain/(loss) on investments in equity instruments designated as at
FVTOCI\u201d in the consolidated statements of other comprehensive income or loss.
2.14 Shareholder\u2019s equity
An equity instrument is any contract that evidences a residual interest in the assets of an entity after
deducting all of its liabilities. Equity instruments issued by the Company are recognized at the proceeds
received, net of direct issue costs.
The Company has never distributed any dividends to its shareholders. As of December\u00a031, 2024, no profits
were available for distribution.
2.15 Share-based payments
Equity-settled share-based payments to employees and others providing similar services are measured at
the fair value of the equity instruments at the acceptance date. Equity settled share based payments
includes expenses related to stock options and restricted stock units granted by the Company.
The fair value determined at the acceptance date of the equity-settled share-based payments is expensed
on a straight-line basis over the vesting period, based on the Company\u2019s estimate of equity instruments
that will eventually vest, with a corresponding increase in equity. At the end of each reporting period, the
Company revises its estimate of the number of equity instruments expected to vest. The impact of the
revision of the original estimates, if any, is recognized in the consolidated statements of profit or loss and
the consolidated statements of other comprehensive income or loss such that the cumulative expense
reflects the revised estimate, with a corresponding adjustment to the equity-settled share-based payment
reserve.
The share-based payment expense is recorded in the \u201cConsolidated Statements of Profit or Loss\u201d
depending on the nature of the services provided by each beneficiary.
2.16 Income taxes
Income tax in the consolidated statements of profit or loss and the consolidated statements of other
comprehensive income or loss represents the total of the current tax and deferred tax.
The current tax is based on taxable profit for the year. Taxable profit differs from profit as reported in the
consolidated statements of profit or loss and consolidated statements of other comprehensive income or
loss as it excludes items of income or expense that are taxable or deductible in other\u00a0years and items that
are never taxable or deductible. The Company\u2019s liability for current tax is calculated using tax rates that
have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities
in the consolidated financial statements and the corresponding tax basis used in the computation of
taxable profit. The Company recognizes deferred tax assets, including the tax base of tax loss
carryforwards, if management assesses that these tax assets can be offset against positive taxable profits in
the future. This judgment is made on an ongoing basis, considering actual results, budgets, and business
plans for the coming years. The realization of deferred tax assets depends on all available factors as of
reporting date.
The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to
the extent that it is not probable that sufficient taxable profits will be available to allow all or part of the
asset to be recovered. Deferred tax assets and liabilities are offset if there is a legally enforceable right to
offset.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in
which the liability is settled or the asset realized, based on tax rates (and tax laws) that have been enacted
or substantially enacted by the end of the reporting period.
The Company records uncertain tax positions in accordance with IAS 12 Income Taxes using the 2-step test
whereby (1) the Company determines whether it is probable that the tax positions will be accepted by
relevant taxing authorities, and (2) for those tax positions that are not probable that a tax authority will
accept in full the position, the Company recognizes uncertain tax positions using either the most likely
amount or the expected value, depending on specific facts and circumstances.
2.17 Product net sales
Revenue from the sale of products is recognized at an amount that reflects the consideration that the
Company expects to be entitled to receive in exchange for transferring goods to a customer, at the time
when the customer obtains control of the goods rendered, this means when the customer has the ability to
direct the use of the asset. The consideration that is committed in a contract with a customer can include
fixed amounts, variable amounts, or both. The amount of the consideration may vary due to discounts,
rebates, returns, chargebacks or other similar items. Contingent consideration is included in the transaction
price when it is highly probable that the amount of revenue recognized is not subject to future significant
reversals.
Product net sales are recognized once we satisfy the performance obligation at a point in time under the
revenue recognition criteria in accordance with IFRS 15 Revenue from contracts with customers.
Revenue arising from the commercial sale of commercial product is presented in the consolidated
statements of profit or loss and the consolidated statements of other comprehensive income or loss under
\u201cProduct net sales\u201d. In accordance with IFRS 15, such revenue is recognized when the product is physically
transferred, in accordance with the delivery and acceptance terms agreed with the customer. Payment of
the transaction price is payable at the point the customer obtains the legal title to the goods.
The amount of revenue recognized reflects the various types of price reductions or rights of return offered
by the Company to its customers. Such price reductions and rights of return qualify as variable
consideration under IFRS 15.
Products sold are covered by various Government and State programs (such as Medicare and Medicaid)
under which products are sold at a discount. Rebates are granted to healthcare authorities, and under
contractual arrangements with certain customers. Some wholesalers are entitled to chargeback incentives
based on the selling price to the end customer, under specific contractual arrangements. Rebates,
chargebacks and other incentives are recognized in the period in which the underlying sales are recognized
as a reduction of product sales.
The significant components of variable consideration are as follows:
Co-payment assistance: We provide co-payment assistance to patients who have commercial insurance
and meet certain eligibility requirements. We use the expected-value method for estimating co-payment
assistance based on estimates of program redemption using data provided by third-party administrators.
Estimates for the co-payment assistance are adjusted quarterly to reflect actual experience. We record an
accrued liability for unredeemed co-payment assistance related to products for which control has been
transferred to customers.
Chargebacks: Chargebacks are discounts that occur when contracted parties purchase directly from a
specialty distributor. Contracted parties, which currently consist primarily of Public Health Service
Institutions and federal government entities purchasing via the Federal Supply Schedule, generally
purchase the product at a discounted price. The specialty distributor, in turn, charges back the difference
between the price initially paid by the specialty distributor and the discounted price paid to the specialty
distributor by the contracted parties to the Company. The reserves for chargeback are based on known
sales to contracted parties. We establish the reserves for chargebacks in the same period that the related
revenue is recognized, resulting in an accrued liability and reduction of product gross sales.
Rebates: We are subject to government mandated rebates for Medicaid Drug Rebate Program, Medicare
Part D Prescription Drug Benefit Program, and other government health care programs in the U.S. Rebate
amounts are based upon contractual agreements or legal requirements with public sector benefit
providers. We use the expected-value method for estimating these rebates. The expected utilization of
rebates is estimated based on third-party data from the specialty pharmacies and specialty distributor.
Estimates for these rebates are adjusted quarterly to reflect the most recent information. We record an
accrued liability and reduction of product sales for unpaid rebates related to products for which control has
been transferred to customers.
Medicare Part D Coverage Gap: The Medicare Part D coverage gap is a federal program to subsidize the
costs of prescription drugs for Medicare beneficiaries in the U.S., which mandates manufacturers to fund a
portion of the Medicare Part D insurance coverage gap for prescription drugs sold to eligible patients.
Funding of the coverage gap is generally invoiced and paid in arrears. We estimate the impact of the
Medicare Part D coverage gap using the expected-value method based on an amount expected to be
incurred for the current quarter\u2019s activity, plus an accrual balance for known prior quarters. Estimates for
the impact of the Medicare Part D coverage gap are adjusted quarterly to reflect actual experience. We
record an accrued liability for unpaid reserves related to the Medicare Part D coverage gap.
Distributor fees: The specialty distributor provides distribution services to the Company for a fee, based
on a contractually determined fixed percentage of sales. As the services being provided by the specialty
distributor are not distinct, the recurring service fees paid to specialty distributors are treated as variable
consideration and a reduction to the transaction price. We estimate these distributor fees and record such
estimates in the same period the related revenue is recognized, resulting in a reduction of product gross
sales. We record an accrued liability for unpaid distributor fees.
Value-based arrangements (VBAs): VBAs are arrangements with third party payers where the Company
will pay the third-party payers rebates and other fees on eligible purchases of the Company\u2019s product. In
consideration for the rebates and fees paid, the third-party Payers will cover its\u2019 patient purchases made of
the Company\u2019s products. The structure of the rebates and fees are largely structured based on volume of
product purchased. The rebates and fees paid will be treated as variable consideration and a reduction to
the transaction price. We use the expected-value method for estimating the ultimate rebate and fee paid,
which are based on the volume of product sold. We apply the applicable rebate rate against a payer mix
factor for the relevant patient populations and to the vials sold in the effective plan year of the rebate to
derive a liability recorded. Estimates for these agreements are adjusted quarterly to reflect the most recent
information. We record an accrued liability for unpaid value-based agreements.
The estimated amounts described above are recognized in the consolidated statements of profit or loss
and the consolidated statements of other comprehensive income or loss within \u201cProduct net sales\u201d as a
reduction of gross sales, and within \u201cTrade and other payables\u201d in the consolidated statements of financial
position. They are subject to regular review and adjustment as appropriate based on the most recent data
available to management. Each of the above items require significant estimates, judgement and
information obtained from external sources. If management\u2019s estimates differ from actual results, we will
record adjustments that would affect product sales in the period of adjustment.
2.18 Collaboration and license agreements
The Company has currently two active collaboration and license agreements in scope of IFRS 15:
Zai Lab
Under the collaboration agreement, the Company provides clinical and commercial supply to Zai Lab. The
Company concludes to recognize such sales as revenue given that the Company acts as principal in the
transaction as the risk related to inventory is borne by the Company until the inventory is transferred to Zai
Lab. The revenue related to clinical supply is recorded under line item \u201cCollaboration revenue\u201d. The revenue
related to commercial supply is recorded under line item \u201cProduct net sales\u201d in the Consolidated
Statements of Profit or Loss. The income related to royalties on sales made in China is recorded under line
item \u201cCollaboration revenue\u201d.
AbbVie
For the collaboration agreement with AbbVie the Company has determined that the transfer of license
combined with the performance of research and development activities represent one single performance
obligation. The Company concluded that the license is not distinct in the context of the contract.
The transaction price is composed of a fixed part, being an upfront license fee, and a variable part, being
milestone payments and cost reimbursements for research and development activities delivered. Milestone
payments are only included in the transaction price to the extent it is highly probable that a significant
reversal in the amount of cumulative revenue recognition will not occur when the uncertainty associated
with the variable consideration is subsequently resolved. Management estimates the amount to be
included in the transaction price upon achievement of the milestone event. Sales-based milestones and
sales-based royalties are a part of the Company\u2019s arrangements but are not yet included in its revenues.
The transaction price has been allocated to the single performance obligation and revenues have been
recognized over the estimated service period based on an input model, being the percentage of completion
method. The upfront license fee has been fully recognized since 2021 as the performance obligation has
been fulfilled at that time. Milestone payments that become highly probable after the performance
obligation has been fulfilled are therefore recognized at that point in time.
2.19 Cost of Sales
Cost of sales are recognized when the associated revenue from product net sales is recognized. Cost of
sales include material, manufacturing costs and other costs attributable to production, including shipping
costs relevant amortizations, as well as royalties payable on sold products.
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 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 \u201cInvestment in a joint venture\u201d in the
consolidated statements of financial position. The share of net loss resulting from investment in joint
ventures is presented in consolidated statements of profit or loss and the consolidated statements of other
comprehensive income or loss in line \u201cLoss from investment in a joint venture\u201d. The cash contributions
made by the Company to the Joint Venture is reported under Cash flow from investing activities under
\u201cInvestment in a joint venture\u201d.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-436": { "value": "
2.1 Statement of compliance and basis of preparation
The consolidated financial statements are prepared in accordance with the IFRS\u00ae Accounting Standards
(IFRS) as adopted by the European Union (EU-IFRS) and in accordance with the legal requirements of Part 9
of Book 2 of the Dutch Civil Code. The consolidated financial statements provide a general overview of the
Company\u2019s activities and the results achieved. They present fairly the entity\u2019s financial position, its financial
performance and cash flows, on a going concern basis.
The material accounting policy information applied in the preparation of the above consolidated financial
statements are set out below. All amounts are presented in thousands of US dollar, unless otherwise
indicated, rounded to the nearest $ \u2018000.
The consolidated financial statements have been approved for issue by the Company\u2019s Board of Directors
(the \u201cBoard\u201d) on March 19, 2025.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-435": { "value": "
2.1 Statement of compliance and basis of preparation
The consolidated financial statements are prepared in accordance with the IFRS\u00ae Accounting Standards
(IFRS) as adopted by the European Union (EU-IFRS) and in accordance with the legal requirements of Part 9
of Book 2 of the Dutch Civil Code. The consolidated financial statements provide a general overview of the
Company\u2019s activities and the results achieved. They present fairly the entity\u2019s financial position, its financial
performance and cash flows, on a going concern basis.
The material accounting policy information applied in the preparation of the above consolidated financial
statements are set out below. All amounts are presented in thousands of US dollar, unless otherwise
indicated, rounded to the nearest $ \u2018000.
The consolidated financial statements have been approved for issue by the Company\u2019s Board of Directors
(the \u201cBoard\u201d) on March 19, 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-437": { "value": ".
The consolidated financial statements have been approved for issue by the Company\u2019s Board of Directors
(the \u201cBoard\u201d) on March 19, 2025", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-438": { "value": "
2.2 Adoption of new and revised standards
New standards and interpretations applicable for the annual period beginning on January\u00a01, 2024
In the current year, the Group has assessed and adopted amendments to IFRS that are mandatorily
effective for accounting periods that begin on or after January 1, 2024. Their adoption has not had any
material impact on the disclosures or on the amounts reported in these consolidated financial statements.
New standards and interpretations issued, but not yet applicable for the annual period beginning
on January\u00a01, 2024
\u2022 IFRS 18 Presentation and Disclosures in Financial Statements
IFRS 18 replaces IAS 1, carrying forward many of the requirements in IAS 1 unchanged and complementing
them with new requirements. In addition, some IAS 1 paragraphs have been moved to IAS 8 Accounting
Policies, Changes in Accounting Estimates and Errors and IFRS 7 Financial Instruments: Disclosures. Furthermore,
the IASB has made minor amendments to IAS 7 Statement of Cash Flows and IAS 33 Earnings per Share.
IFRS 18 introduces new requirements to:
\u2022 present specified categories and defined subtotals in the statement of profit or loss
\u2022 provide disclosures on management-defined performance measures (MPMs) in the notes to the financial
statements
\u2022 improve aggregation and disaggregation.
An entity is required to apply IFRS 18 for annual reporting periods beginning on or after January 1, 2027,
with earlier application permitted. The amendments to IAS 7 and IAS 33, as well as the revised IAS 8 and
IFRS 7, become effective when an entity applies IFRS 18. IFRS 18 requires retrospective application with
specific transition provisions.
\u2022 Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9
and IFRS 7)
The amendments address matters identified during the post-implementation review of the classification
and measurement requirements of IFRS 9 Financial Instruments. The amendments are effective for
reporting periods beginning on or after January 1, 2026.
The Group continues to evaluate the impacts of the application of these amendments 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-439": { "value": "
2.3 Basis of consolidation
The consolidated financial statements include the financial statements of the Company and entities
controlled by the Company (its subsidiaries). Control is achieved when the Company:
\u2022 has power over the investee;
\u2022 is exposed, or has rights, to variable returns from its involvement with the investee; and
\u2022 has the ability to use its power to affect its returns.
The Company reassesses whether or not it controls an investee if facts and circumstances indicate that
there are changes to one or more of the three elements of control listed above.
The results of the subsidiaries are included in the consolidated statements of profit or loss and
consolidated statements of other comprehensive income or loss from the effective date of acquisition up to
the date when control ceases to exist. When necessary, adjustments are made to the financial statements
of subsidiaries to bring their accounting policies into line with those used by other members of the Group.
All intercompany transactions and unrealized gains on transactions between group companies are
eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an
impairment of the transferred asset.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-440": { "value": "
All intercompany transactions and unrealized gains on transactions between group companies are
eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an
impairment of the transferred asset.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-441": { "value": "
2.4 Foreign currency transactions
2.4.1 Functional and presentation currency
Items included in the consolidated financial statements of each of the entities are valued using the currency
of their economic environment in which the entity operates. The consolidated financial statements are
presented in USD ($), which is the Company\u2019s functional and presentation currency.
2.4.2 Transactions and balances
Transactions in foreign currencies are translated at the exchange rate ruling at the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling
at the reporting date. Foreign exchange differences arising on translation are recognized in the
consolidated statements of profit or loss and the consolidated statements of other comprehensive income
or loss as \u201cExchange (losses)/gains\u201d. Non-monetary assets and liabilities denominated in foreign currencies
are translated at the foreign exchange rate applicable at the date of the transaction.
2.4.3 Financial statements of foreign entities
For foreign entities using a different functional currency than USD:
\u2022 assets and liabilities for each balance sheet presented are translated at the closing rate at the date of the
balance sheet;
\u2022 income and expenses for each statement presenting profit or loss and statements of other
comprehensive income or loss are translated at average exchange rates.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-442": { "value": "
2.4.1 Functional and presentation currency
Items included in the consolidated financial statements of each of the entities are valued using the currency
of their economic environment in which the entity operates. The consolidated financial statements are
presented in USD ($), which is the Company\u2019s functional and presentation currency.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-443": { "value": "
2.5 Intangible assets
2.5.1 Internally generated intangible assets
Expenditure on research activities is recognized as an expense in the period in which it is incurred.
2.5.2 Acquired In-Process R&D and Acquired R&D available for use
Upfront payments and development milestone payments for \u201cAcquired In-Process R&D\u201d obtained through
in-licensing arrangements are capitalized as intangible assets under \u201cAcquired In-Process R&D\u201d upon
meeting the IAS 38 capitalization criteria. These intangibles are considered as intangible assets with definite
useful lives and are carried at cost less amortization and accumulated impairment losses. The Company has
not started to amortize \u201cAcquired In-Process R&D\u201d as they are not available for use until regulatory
approval has been obtained, but they are evaluated for potential impairment on an annual basis or when
facts and circumstances may indicate a risk of impairment. Any impairment charge is recorded in the
consolidated statements of profit or loss and the consolidated statements of other comprehensive income
or loss under \u201cResearch and development expense\u201d. Once an asset included in \u201cAcquired In-Process R&D\u201d
has received marketing approval from a regulatory authority, it is recorded under \u201cAcquired R&D available
for use\u201d category.
Regulatory milestone payments and sales-based milestone payments for R&D obtained through in-licensing
arrangements acquired are capitalized intangible assets under \u201cAcquired R&D available for use\u201d upon
meeting the IAS 38 capitalization criteria. All intangibles classified under \u201cAcquired R&D available for use\u201d
are considered as intangible assets with finite useful lives and are carried at cost less accumulated
amortization and accumulated impairment losses. \u201cAcquired R&D available for use\u201d is evaluated for
potential impairment when the Company identifies indications based on facts and circumstances of the
asset. Any impairment charge is recorded in the consolidated statements of profit or loss and the
consolidated statements of other comprehensive income or loss under \u201cCost of sales\u201d. \u201cAcquired R&D
available for use\u201d is amortized under \u201cCost of sales\u201d on a straight-line basis over the estimated useful life,
being the longer of the current patent protection life of the acquired R&D and patent protection life of the
combined product.
2.5.3 Other intangible assets
Other intangible assets could include a Priority Review Voucher (PRV) which the Company can use to obtain
the priority review by the FDA for one of its future regulatory submissions or may sell or transfer to a third
party. The PRV is initially measured at cost and annually reviewed for impairment when events or
circumstances indicate that the carrying value may not be recoverable. Any impairment charge is recorded
in the consolidated statements of profit or loss and the consolidated statements of other comprehensive
income or loss under \u201cResearch and development expenses.\u201d Using the PRV results in amortization
recorded in the consolidated statements of profit or loss and the consolidated statements of other
comprehensive income or loss under \u201cResearch and development expenses\u201d and subsequent
derecognition of the intangible asset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-445": { "value": "Any impairment charge is recorded in the
consolidated statements of profit or loss and the consolidated statements of other comprehensive income
or loss under \u201cResearch and development expense\u201d.Any impairment charge is recorded
in the consolidated statements of profit or loss and the consolidated statements of other comprehensive
income or loss under \u201cResearch and development expenses.\u201d", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-444": { "value": "Any impairment charge is recorded in the
consolidated statements of profit or loss and the consolidated statements of other comprehensive income
or loss under \u201cResearch and development expense\u201d.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-446": { "value": "
2.6 Research and development incentives receivables
The current and non-current research and development incentive receivables relate to refunds resulting
from research and development incentives on Research and development expenses in Belgium and are
credited to the consolidated statements of profit or loss and the consolidated statements of other
comprehensive income or loss under the line \u201cOther operating income\u201d when the relevant expenditure has
been incurred and there is a reasonable assurance that the research and development incentives will be
received.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-447": { "value": "
2.7 Inventories
Inventories are carried at cost or net realizable value, whichever is lowest. Cost comprises of costs of
purchase, costs of conversion and other costs incurred in bringing the inventories to their present location
and condition. If the expected sales price less completion costs to execute sales (net realizable value) is
lower than the carrying amount, a write-down is recognized for the amount by which the carrying amount
exceeds its net realizable value.
Included in inventory are products which could, besides commercial activities, be used in preclinical and
clinical programs, and free-of-charge, compassionate use and pre-approval access program. These
products are expensed either through \u201cResearch & development expenses\u201d or \u201cSelling, general and
administrative expenses\u201d.
We capitalize inventory costs associated with products prior to the regulatory approval of these products,
or for inventory produced in production facilities not yet approved, when it is highly probable that the pre-
approval inventories will be sellable. The determination to capitalize is based on the particular facts and
circumstances relating to the expected regulatory approval of the product or production facility being
considered. The assessment of whether or not the product is considered highly probable to be sellable is
made and includes, but is not limited to, how far a particular product or facility has progressed along the
approval process, any known safety or efficacy concern and other impediments.
Previously capitalized costs related to pre-launch inventories could be required to be written down upon a
change in such judgement or due to a denial or delay of approval by regulatory bodies, a delay in
commercialization or other potential factors, which will be recorded under \u201cResearch and development
expenses\u201d in the consolidated statements of profit or loss and the consolidated statements of other
comprehensive income or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-448": { "value": "
2.8 Trade and other receivables
Trade and other receivables are designated as financial assets measured at amortized cost. They are
initially measured either at their invoiced amounts or at transaction price, in the absence of a significant
financing component less adjustments for estimated revenue deductions such as rebates, chargebacks and
returns. All receivables are subsequently measured at amortized cost, which generally corresponds to
nominal value less expected credit loss provision.
Loss allowance for expected credit losses are established using a simplified approach of forward-looking
expected credit loss model (ECL), which includes possible default events on the trade receivables over the
entire holding period of the trade receivable. These provisions represent the difference between the trade
receivable\u2019s carrying amount in the consolidated statements of financial position and the estimated
collectible amount. Charges for loss allowance for expected credit losses are recorded under \u201cSelling,
general and administrative expenses\u201d in the consolidated statements of profit or loss and consolidated
statements of other comprehensive income or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-449": { "value": "
2.9 Current financial assets
Current financial assets measured at amortized costs comprise of term accounts that have an initial
maturity equal or less than twelve months, but exceeding three months.
Current financial assets measured at fair value through profit or loss comprise of money market funds.
Interests on Current financial assets are reported under Cash Flow from investment activities under
\u201cInterest received\u201d
2.10 Cash and cash equivalents
Cash are financial assets measured at amortized cost and comprise of cash at bank.
Cash equivalents measured at amortized cost comprise of term accounts that have an initial maturity of
less than three months that are subject to an insignificant risk of changes in values.
Cash equivalents measured at fair value through profit or loss comprise of money market funds that are
readily convertible to cash and are subject to insignificant risk of changes in value and which are used by
the Company in the management of its short-term commitments. The Company applies judgement at each
reporting period on the classification of its money market funds.
Cash and cash equivalents exclude restricted cash, which is presented in the consolidated statements of
financial position under the line \u201cOther non-current assets\u201d.
Interests on Cash and cash equivalents is reported under Cash Flow from investment activities under
\u201cInterest received\u201d.
Profit share in AgomAb Therapeutics NV: The Company holds investments in non-current financial assets,
which based on IFRS 9, are designated as financial assets at fair value through profit or loss. The fair value
of listed investments is based upon the closing price of such securities at each reporting date. As there is no
active market for this equity instrument, the Company establishes the fair value by using valuation
techniques. The changes to the fair valuation is recorded under \u201cOther operating income\u201d in the
consolidated statements of profit or loss
Shares of Zai Lab Ltd: Based on IFRS 9, the Company irrevocably elected to designate this specific investment
as a financial asset at fair value through OCI as the participation is not held for trading purposes nor
contingent consideration recognized by an acquirer in a business combination. The investment is recorded
under \u201cOther non-current assets\u201d in consolidated statements of financial position and changes to the fair
valuation is recorded under \u201cFair value gain/(loss) on investments in equity instruments designated as at
FVTOCI\u201d in the consolidated statements of other comprehensive income or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-450": { "value": "
Interests on Current financial assets are reported under Cash Flow from investment activities under
\u201cInterest received\u201d
Interests on Cash and cash equivalents is reported under Cash Flow from investment activities under
\u201cInterest received\u201d.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-452": { "value": "
2.10 Cash and cash equivalents
Cash are financial assets measured at amortized cost and comprise of cash at bank.
Cash equivalents measured at amortized cost comprise of term accounts that have an initial maturity of
less than three months that are subject to an insignificant risk of changes in values.
Cash equivalents measured at fair value through profit or loss comprise of money market funds that are
readily convertible to cash and are subject to insignificant risk of changes in value and which are used by
the Company in the management of its short-term commitments. The Company applies judgement at each
reporting period on the classification of its money market funds.
Cash and cash equivalents exclude restricted cash, which is presented in the consolidated statements of
financial position under the line \u201cOther non-current assets\u201d.
Interests on Cash and cash equivalents is reported under Cash Flow from investment activities under
\u201cInterest received\u201d.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-451": { "value": "
2.10 Cash and cash equivalents
Cash are financial assets measured at amortized cost and comprise of cash at bank.
Cash equivalents measured at amortized cost comprise of term accounts that have an initial maturity of
less than three months that are subject to an insignificant risk of changes in values.
Cash equivalents measured at fair value through profit or loss comprise of money market funds that are
readily convertible to cash and are subject to insignificant risk of changes in value and which are used by
the Company in the management of its short-term commitments. The Company applies judgement at each
reporting period on the classification of its money market funds.
Cash and cash equivalents exclude restricted cash, which is presented in the consolidated statements of
financial position under the line \u201cOther non-current assets\u201d.
Interests on Cash and cash equivalents is reported under Cash Flow from investment activities under
\u201cInterest received\u201d.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-453": { "value": "
2.11 Trade and other payables
Trade and other payables are comprised of liabilities that are due less than one year from the balance
sheet date and are in general not interest bearing and settled on an ongoing basis during the financial year.
They also include accrued expenses related to the Company\u2019s research and development activities, sales
rebates and reserves and short-term employee benefits. Trade and other payables are initially measured at
their transaction price, which are subsequent to initial recognition measured at amortized cost.
Short-term employee benefits include payables and accruals for salaries and bonuses to be paid to the
employees of the Company. They are recognized as expenses for the period in which employees perform
the corresponding services.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-454": { "value": "
2.11 Trade and other payables
Trade and other payables are comprised of liabilities that are due less than one year from the balance
sheet date and are in general not interest bearing and settled on an ongoing basis during the financial year.
They also include accrued expenses related to the Company\u2019s research and development activities, sales
rebates and reserves and short-term employee benefits. Trade and other payables are initially measured at
their transaction price, which are subsequent to initial recognition measured at amortized cost.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-455": { "value": "
Short-term employee benefits include payables and accruals for salaries and bonuses to be paid to the
employees of the Company. They are recognized as expenses for the period in which employees perform
the corresponding services.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-456": { "value": "
2.12 Leases
The Company assesses whether a contract is or contains a lease, at inception of the contract. The Company
recognizes a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in
which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less)
and leases of low value assets. For short-term leases, the Company recognizes the lease payments as an
operating expense on a straight-line basis over the term of the lease unless another systematic basis is
more representative of the time pattern in which economic benefits from the leased assets are consumed.
The lease liability is initially measured at the present value of the lease payments that are not paid at the
commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily
determined, the lessee uses its incremental borrowing rate. The lease liability is subsequently measured by
increasing the carrying amount to reflect interest on the lease liability (using the effective interest method)
and by reducing the carrying amount to reflect the lease payments made. The lease liability is presented as
a separate line in the consolidated statements of financial position.
The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease
payments made at or before the commencement day, less any lease incentives received and any initial
direct costs. They are subsequently measured at cost less accumulated depreciation and impairment
losses. Right-of-use assets are depreciated over the shorter period of lease term and useful life of the
underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset
reflects that the Company expects to exercise a purchase option, the related right-of-use asset is
depreciated over the useful life of the underlying asset. The right-of-use assets are presented in the
consolidated statements of financial position under the caption \u201cProperty, plant and equipment\u201d.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-458": { "value": "
2.13 Financial instruments
Financial instruments are initially recognized either at fair value or at transaction price and subsequently
measured at either amortized cost or fair value under IFRS 9 on the basis of both the Company\u2019s model for
managing the financial assets and the contractual cash flow characteristics of the financial asset. A financial
asset is classified as current when the cash flows expected to flow from the instrument mature within one
year.
Profit share in AgomAb Therapeutics NV: The Company holds investments in non-current financial assets,
which based on IFRS 9, are designated as financial assets at fair value through profit or loss. The fair value
of listed investments is based upon the closing price of such securities at each reporting date. As there is no
active market for this equity instrument, the Company establishes the fair value by using valuation
techniques. The changes to the fair valuation is recorded under \u201cOther operating income\u201d in the
consolidated statements of profit or loss.
Shares of Zai Lab Ltd: Based on IFRS 9, the Company irrevocably elected to designate this specific investment
as a financial asset at fair value through OCI as the participation is not held for trading purposes nor
contingent consideration recognized by an acquirer in a business combination. The investment is recorded
under \u201cOther non-current assets\u201d in consolidated statements of financial position and changes to the fair
valuation is recorded under \u201cFair value gain/(loss) on investments in equity instruments designated as at
FVTOCI\u201d in the consolidated statements of other comprehensive income or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-457": { "value": "
2.13 Financial instruments
Financial instruments are initially recognized either at fair value or at transaction price and subsequently
measured at either amortized cost or fair value under IFRS 9 on the basis of both the Company\u2019s model for
managing the financial assets and the contractual cash flow characteristics of the financial asset. A financial
asset is classified as current when the cash flows expected to flow from the instrument mature within one
year.
Profit share in AgomAb Therapeutics NV: The Company holds investments in non-current financial assets,
which based on IFRS 9, are designated as financial assets at fair value through profit or loss. The fair value
of listed investments is based upon the closing price of such securities at each reporting date. As there is no
active market for this equity instrument, the Company establishes the fair value by using valuation
techniques. The changes to the fair valuation is recorded under \u201cOther operating income\u201d in the
consolidated statements of profit or loss.
Shares of Zai Lab Ltd: Based on IFRS 9, the Company irrevocably elected to designate this specific investment
as a financial asset at fair value through OCI as the participation is not held for trading purposes nor
contingent consideration recognized by an acquirer in a business combination. The investment is recorded
under \u201cOther non-current assets\u201d in consolidated statements of financial position and changes to the fair
valuation is recorded under \u201cFair value gain/(loss) on investments in equity instruments designated as at
FVTOCI\u201d in the consolidated statements of other comprehensive income or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-459": { "value": "
Profit share in AgomAb Therapeutics NV: The Company holds investments in non-current financial assets,
which based on IFRS 9, are designated as financial assets at fair value through profit or loss. The fair value
of listed investments is based upon the closing price of such securities at each reporting date. As there is no
active market for this equity instrument, the Company establishes the fair value by using valuation
techniques. The changes to the fair valuation is recorded under \u201cOther operating income\u201d in the
consolidated statements of profit or loss.
Shares of Zai Lab Ltd: Based on IFRS 9, the Company irrevocably elected to designate this specific investment
as a financial asset at fair value through OCI as the participation is not held for trading purposes nor
contingent consideration recognized by an acquirer in a business combination. The investment is recorded
under \u201cOther non-current assets\u201d in consolidated statements of financial position and changes to the fair
valuation is recorded under \u201cFair value gain/(loss) on investments in equity instruments designated as at
FVTOCI\u201d in the consolidated statements of other comprehensive income or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-460": { "value": "
2.14 Shareholder\u2019s equity
An equity instrument is any contract that evidences a residual interest in the assets of an entity after
deducting all of its liabilities. Equity instruments issued by the Company are recognized at the proceeds
received, net of direct issue costs.
The Company has never distributed any dividends to its shareholders. As of December\u00a031, 2024, no profits
were available for distribution.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-461": { "value": "
The Company has never distributed any dividends to its shareholders. As of December\u00a031, 2024, no profits
were available for distribution.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-462": { "value": "
2.15 Share-based payments
Equity-settled share-based payments to employees and others providing similar services are measured at
the fair value of the equity instruments at the acceptance date. Equity settled share based payments
includes expenses related to stock options and restricted stock units granted by the Company.
The fair value determined at the acceptance date of the equity-settled share-based payments is expensed
on a straight-line basis over the vesting period, based on the Company\u2019s estimate of equity instruments
that will eventually vest, with a corresponding increase in equity. At the end of each reporting period, the
Company revises its estimate of the number of equity instruments expected to vest. The impact of the
revision of the original estimates, if any, is recognized in the consolidated statements of profit or loss and
the consolidated statements of other comprehensive income or loss such that the cumulative expense
reflects the revised estimate, with a corresponding adjustment to the equity-settled share-based payment
reserve.
The share-based payment expense is recorded in the \u201cConsolidated Statements of Profit or Loss\u201d
depending on the nature of the services provided by each beneficiary.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-463": { "value": "
2.16 Income taxes
Income tax in the consolidated statements of profit or loss and the consolidated statements of other
comprehensive income or loss represents the total of the current tax and deferred tax.
The current tax is based on taxable profit for the year. Taxable profit differs from profit as reported in the
consolidated statements of profit or loss and consolidated statements of other comprehensive income or
loss as it excludes items of income or expense that are taxable or deductible in other\u00a0years and items that
are never taxable or deductible. The Company\u2019s liability for current tax is calculated using tax rates that
have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities
in the consolidated financial statements and the corresponding tax basis used in the computation of
taxable profit. The Company recognizes deferred tax assets, including the tax base of tax loss
carryforwards, if management assesses that these tax assets can be offset against positive taxable profits in
the future. This judgment is made on an ongoing basis, considering actual results, budgets, and business
plans for the coming years. The realization of deferred tax assets depends on all available factors as of
reporting date.
The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to
the extent that it is not probable that sufficient taxable profits will be available to allow all or part of the
asset to be recovered. Deferred tax assets and liabilities are offset if there is a legally enforceable right to
offset.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in
which the liability is settled or the asset realized, based on tax rates (and tax laws) that have been enacted
or substantially enacted by the end of the reporting period.
The Company records uncertain tax positions in accordance with IAS 12 Income Taxes using the 2-step test
whereby (1) the Company determines whether it is probable that the tax positions will be accepted by
relevant taxing authorities, and (2) for those tax positions that are not probable that a tax authority will
accept in full the position, the Company recognizes uncertain tax positions using either the most likely
amount or the expected value, depending on specific facts and circumstances.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-464": { "value": "
Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities
in the consolidated financial statements and the corresponding tax basis used in the computation of
taxable profit. The Company recognizes deferred tax assets, including the tax base of tax loss
carryforwards, if management assesses that these tax assets can be offset against positive taxable profits in
the future. This judgment is made on an ongoing basis, considering actual results, budgets, and business
plans for the coming years. The realization of deferred tax assets depends on all available factors as of
reporting date.
The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to
the extent that it is not probable that sufficient taxable profits will be available to allow all or part of the
asset to be recovered. Deferred tax assets and liabilities are offset if there is a legally enforceable right to
offset.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in
which the liability is settled or the asset realized, based on tax rates (and tax laws) that have been enacted
or substantially enacted by the end of the reporting period.
The Company records uncertain tax positions in accordance with IAS 12 Income Taxes using the 2-step test
whereby (1) the Company determines whether it is probable that the tax positions will be accepted by
relevant taxing authorities, and (2) for those tax positions that are not probable that a tax authority will
accept in full the position, the Company recognizes uncertain tax positions using either the most likely
amount or the expected value, depending on specific facts and circumstances.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-465": { "value": "
2.17 Product net sales
Revenue from the sale of products is recognized at an amount that reflects the consideration that the
Company expects to be entitled to receive in exchange for transferring goods to a customer, at the time
when the customer obtains control of the goods rendered, this means when the customer has the ability to
direct the use of the asset. The consideration that is committed in a contract with a customer can include
fixed amounts, variable amounts, or both. The amount of the consideration may vary due to discounts,
rebates, returns, chargebacks or other similar items. Contingent consideration is included in the transaction
price when it is highly probable that the amount of revenue recognized is not subject to future significant
reversals.
Product net sales are recognized once we satisfy the performance obligation at a point in time under the
revenue recognition criteria in accordance with IFRS 15 Revenue from contracts with customers.
Revenue arising from the commercial sale of commercial product is presented in the consolidated
statements of profit or loss and the consolidated statements of other comprehensive income or loss under
\u201cProduct net sales\u201d. In accordance with IFRS 15, such revenue is recognized when the product is physically
transferred, in accordance with the delivery and acceptance terms agreed with the customer. Payment of
the transaction price is payable at the point the customer obtains the legal title to the goods.
The amount of revenue recognized reflects the various types of price reductions or rights of return offered
by the Company to its customers. Such price reductions and rights of return qualify as variable
consideration under IFRS 15.
Products sold are covered by various Government and State programs (such as Medicare and Medicaid)
under which products are sold at a discount. Rebates are granted to healthcare authorities, and under
contractual arrangements with certain customers. Some wholesalers are entitled to chargeback incentives
based on the selling price to the end customer, under specific contractual arrangements. Rebates,
chargebacks and other incentives are recognized in the period in which the underlying sales are recognized
as a reduction of product sales.
The significant components of variable consideration are as follows:
Co-payment assistance: We provide co-payment assistance to patients who have commercial insurance
and meet certain eligibility requirements. We use the expected-value method for estimating co-payment
assistance based on estimates of program redemption using data provided by third-party administrators.
Estimates for the co-payment assistance are adjusted quarterly to reflect actual experience. We record an
accrued liability for unredeemed co-payment assistance related to products for which control has been
transferred to customers.
Chargebacks: Chargebacks are discounts that occur when contracted parties purchase directly from a
specialty distributor. Contracted parties, which currently consist primarily of Public Health Service
Institutions and federal government entities purchasing via the Federal Supply Schedule, generally
purchase the product at a discounted price. The specialty distributor, in turn, charges back the difference
between the price initially paid by the specialty distributor and the discounted price paid to the specialty
distributor by the contracted parties to the Company. The reserves for chargeback are based on known
sales to contracted parties. We establish the reserves for chargebacks in the same period that the related
revenue is recognized, resulting in an accrued liability and reduction of product gross sales.
Rebates: We are subject to government mandated rebates for Medicaid Drug Rebate Program, Medicare
Part D Prescription Drug Benefit Program, and other government health care programs in the U.S. Rebate
amounts are based upon contractual agreements or legal requirements with public sector benefit
providers. We use the expected-value method for estimating these rebates. The expected utilization of
rebates is estimated based on third-party data from the specialty pharmacies and specialty distributor.
Estimates for these rebates are adjusted quarterly to reflect the most recent information. We record an
accrued liability and reduction of product sales for unpaid rebates related to products for which control has
been transferred to customers.
Medicare Part D Coverage Gap: The Medicare Part D coverage gap is a federal program to subsidize the
costs of prescription drugs for Medicare beneficiaries in the U.S., which mandates manufacturers to fund a
portion of the Medicare Part D insurance coverage gap for prescription drugs sold to eligible patients.
Funding of the coverage gap is generally invoiced and paid in arrears. We estimate the impact of the
Medicare Part D coverage gap using the expected-value method based on an amount expected to be
incurred for the current quarter\u2019s activity, plus an accrual balance for known prior quarters. Estimates for
the impact of the Medicare Part D coverage gap are adjusted quarterly to reflect actual experience. We
record an accrued liability for unpaid reserves related to the Medicare Part D coverage gap.
Distributor fees: The specialty distributor provides distribution services to the Company for a fee, based
on a contractually determined fixed percentage of sales. As the services being provided by the specialty
distributor are not distinct, the recurring service fees paid to specialty distributors are treated as variable
consideration and a reduction to the transaction price. We estimate these distributor fees and record such
estimates in the same period the related revenue is recognized, resulting in a reduction of product gross
sales. We record an accrued liability for unpaid distributor fees.
Value-based arrangements (VBAs): VBAs are arrangements with third party payers where the Company
will pay the third-party payers rebates and other fees on eligible purchases of the Company\u2019s product. In
consideration for the rebates and fees paid, the third-party Payers will cover its\u2019 patient purchases made of
the Company\u2019s products. The structure of the rebates and fees are largely structured based on volume of
product purchased. The rebates and fees paid will be treated as variable consideration and a reduction to
the transaction price. We use the expected-value method for estimating the ultimate rebate and fee paid,
which are based on the volume of product sold. We apply the applicable rebate rate against a payer mix
factor for the relevant patient populations and to the vials sold in the effective plan year of the rebate to
derive a liability recorded. Estimates for these agreements are adjusted quarterly to reflect the most recent
information. We record an accrued liability for unpaid value-based agreements.
The estimated amounts described above are recognized in the consolidated statements of profit or loss
and the consolidated statements of other comprehensive income or loss within \u201cProduct net sales\u201d as a
reduction of gross sales, and within \u201cTrade and other payables\u201d in the consolidated statements of financial
position. They are subject to regular review and adjustment as appropriate based on the most recent data
available to management. Each of the above items require significant estimates, judgement and
information obtained from external sources. If management\u2019s estimates differ from actual results, we will
record adjustments that would affect product sales in the period of adjustment.
2.18 Collaboration and license agreements
The Company has currently two active collaboration and license agreements in scope of IFRS 15:
Zai Lab
Under the collaboration agreement, the Company provides clinical and commercial supply to Zai Lab. The
Company concludes to recognize such sales as revenue given that the Company acts as principal in the
transaction as the risk related to inventory is borne by the Company until the inventory is transferred to Zai
Lab. The revenue related to clinical supply is recorded under line item \u201cCollaboration revenue\u201d. The revenue
related to commercial supply is recorded under line item \u201cProduct net sales\u201d in the Consolidated
Statements of Profit or Loss. The income related to royalties on sales made in China is recorded under line
item \u201cCollaboration revenue\u201d.
AbbVie
For the collaboration agreement with AbbVie the Company has determined that the transfer of license
combined with the performance of research and development activities represent one single performance
obligation. The Company concluded that the license is not distinct in the context of the contract.
The transaction price is composed of a fixed part, being an upfront license fee, and a variable part, being
milestone payments and cost reimbursements for research and development activities delivered. Milestone
payments are only included in the transaction price to the extent it is highly probable that a significant
reversal in the amount of cumulative revenue recognition will not occur when the uncertainty associated
with the variable consideration is subsequently resolved. Management estimates the amount to be
included in the transaction price upon achievement of the milestone event. Sales-based milestones and
sales-based royalties are a part of the Company\u2019s arrangements but are not yet included in its revenues.
The transaction price has been allocated to the single performance obligation and revenues have been
recognized over the estimated service period based on an input model, being the percentage of completion
method. The upfront license fee has been fully recognized since 2021 as the performance obligation has
been fulfilled at that time. Milestone payments that become highly probable after the performance
obligation has been fulfilled are therefore recognized at that point in time.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-466": { "value": "
The significant components of variable consideration are as follows:
Co-payment assistance: We provide co-payment assistance to patients who have commercial insurance
and meet certain eligibility requirements. We use the expected-value method for estimating co-payment
assistance based on estimates of program redemption using data provided by third-party administrators.
Estimates for the co-payment assistance are adjusted quarterly to reflect actual experience. We record an
accrued liability for unredeemed co-payment assistance related to products for which control has been
transferred to customers.
Chargebacks: Chargebacks are discounts that occur when contracted parties purchase directly from a
specialty distributor. Contracted parties, which currently consist primarily of Public Health Service
Institutions and federal government entities purchasing via the Federal Supply Schedule, generally
purchase the product at a discounted price. The specialty distributor, in turn, charges back the difference
between the price initially paid by the specialty distributor and the discounted price paid to the specialty
distributor by the contracted parties to the Company. The reserves for chargeback are based on known
sales to contracted parties. We establish the reserves for chargebacks in the same period that the related
revenue is recognized, resulting in an accrued liability and reduction of product gross sales.
Rebates: We are subject to government mandated rebates for Medicaid Drug Rebate Program, Medicare
Part D Prescription Drug Benefit Program, and other government health care programs in the U.S. Rebate
amounts are based upon contractual agreements or legal requirements with public sector benefit
providers. We use the expected-value method for estimating these rebates. The expected utilization of
rebates is estimated based on third-party data from the specialty pharmacies and specialty distributor.
Estimates for these rebates are adjusted quarterly to reflect the most recent information. We record an
accrued liability and reduction of product sales for unpaid rebates related to products for which control has
been transferred to customers.
Medicare Part D Coverage Gap: The Medicare Part D coverage gap is a federal program to subsidize the
costs of prescription drugs for Medicare beneficiaries in the U.S., which mandates manufacturers to fund a
portion of the Medicare Part D insurance coverage gap for prescription drugs sold to eligible patients.
Funding of the coverage gap is generally invoiced and paid in arrears. We estimate the impact of the
Medicare Part D coverage gap using the expected-value method based on an amount expected to be
incurred for the current quarter\u2019s activity, plus an accrual balance for known prior quarters. Estimates for
the impact of the Medicare Part D coverage gap are adjusted quarterly to reflect actual experience. We
record an accrued liability for unpaid reserves related to the Medicare Part D coverage gap.
Distributor fees: The specialty distributor provides distribution services to the Company for a fee, based
on a contractually determined fixed percentage of sales. As the services being provided by the specialty
distributor are not distinct, the recurring service fees paid to specialty distributors are treated as variable
consideration and a reduction to the transaction price. We estimate these distributor fees and record such
estimates in the same period the related revenue is recognized, resulting in a reduction of product gross
sales. We record an accrued liability for unpaid distributor fees.
Value-based arrangements (VBAs): VBAs are arrangements with third party payers where the Company
will pay the third-party payers rebates and other fees on eligible purchases of the Company\u2019s product. In
consideration for the rebates and fees paid, the third-party Payers will cover its\u2019 patient purchases made of
the Company\u2019s products. The structure of the rebates and fees are largely structured based on volume of
product purchased. The rebates and fees paid will be treated as variable consideration and a reduction to
the transaction price. We use the expected-value method for estimating the ultimate rebate and fee paid,
which are based on the volume of product sold. We apply the applicable rebate rate against a payer mix
factor for the relevant patient populations and to the vials sold in the effective plan year of the rebate to
derive a liability recorded. Estimates for these agreements are adjusted quarterly to reflect the most recent
information. We record an accrued liability for unpaid value-based agreements.
The estimated amounts described above are recognized in the consolidated statements of profit or loss
and the consolidated statements of other comprehensive income or loss within \u201cProduct net sales\u201d as a
reduction of gross sales, and within \u201cTrade and other payables\u201d in the consolidated statements of financial
position. They are subject to regular review and adjustment as appropriate based on the most recent data
available to management. Each of the above items require significant estimates, judgement and
information obtained from external sources. If management\u2019s estimates differ from actual results, we will
record adjustments that would affect product sales in the period of adjustment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-467": { "value": "
2.19 Cost of Sales
Cost of sales are recognized when the associated revenue from product net sales is recognized. Cost of
sales include material, manufacturing costs and other costs attributable to production, including shipping
costs relevant amortizations, as well as royalties payable on sold products.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-468": { "value": "
3. Critical accounting judgments and major sources of estimation
uncertainty
In the application of the Company\u2019s accounting policies, which are described above, the Company is
required to make judgments, estimates and assumptions about the carrying amounts of assets and
liabilities that are not readily apparent from other sources. The estimates and associated assumptions are
based on historical experience and other factors that are considered to be relevant. Actual results may
differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognized in the period in which the estimate is revised if the revision affects only that
period or in the period of the revision and future periods if the revision affects both current and future
periods.
Major sources of estimation uncertainty
Sales rebates and reserves
Product Sales are recognized when the Company has transferred control of the goods to the customer.
Product Sales are subject to various deductions, which are primarily composed of rebates to government
agencies, distributors, health insurance companies and managed healthcare organizations to arrive to
\u2018\u2018Product net sales\u2019\u2019. Certain deductions from Product Sales are subject to payment based on claims after
the initial recognition of the sale due to the time lag between the point of sale and receipt of a claim.\u00a0
Upon initial recognition of the Product Sales, the Company recognizes a liability for the variable
consideration based on the Company\u2019s best estimate of expected claims. This estimate is a source of
complexity and uncertainty as the Company estimates the transaction price based upon contracts with
customers, healthcare providers, payors and government agencies, regulated discounts applicable to
government-funded programs, historical experience of claims received, estimated payer mix, and other
relevant factors. These open claims are recorded as liabilities under \u201cSales rebates and reserves\u2019\u2019 in the
\u2018\u2018Consolidated Statements of Financial Position\u2019\u2019.
The Company reviews these liabilities at each reporting period to take into account potential changes in the
programs, the volume of claims and/or the most probable final outcome associated to each sale. In line
with IFRS 15, the Company applies constraint in recognition of variable compensation on Product Net Sales.
Due to the nature of these liabilities it is not practicable to give meaningful sensitivity estimates due to the
large volume of variables that contribute to the overall rebates, chargebacks, and other incentives as
outlined in \u201cNote\u00a02.17\u00a0Product net sales\u201d. Future events could cause the assumptions within our valuation
models to change and materially affect the future results of the Company.
Please refer to \u201cNote\u00a014\u00a0Trade and Other Payables\u201d for the movement over the period and the ending
balance of the sales rebates and reserves.
Critical accounting judgment
Deferred Tax Assets
The Company recognizes deferred tax assets if management assesses that these tax assets are recoverable
in the future. This judgment is made on an ongoing basis, considering actual results, forecasts, and
business plans for the look-forward period.
The Company has exercised a Critical Accounting Judgement with respect to defining the number of years
of forecasted future taxable profits to be considered as reliable as positive evidence towards its estimate on
recognition of deferred tax assets. The Company has aligned the duration of its deferred tax assessment
with the time horizon of its annual operating plan and long-range predictive estimates.
In the fourth quarter of the year ended December 31, 2024, the Company reassessed the body of evidence
as part of its 2025 budgeting and forecasting cycle noting the shift of positive evidence outweighing
negative evidence. Such positive evidence, includes significant revenue growth in the U.S. based Product
Net Sales, as well as, expectations regarding future operating and taxable profits. The Company expects its
future revenues to sustain its investments in its clinical and pre-clinical pipeline.
This evaluation was done alongside the evolution of the external competitive landscape of our
commercialized products, and the positive evidence following our execution in the second half of 2024 on
the approvals of VYVGART HYTRULO for CIDP. Our evaluation of the evidence for the current reporting
period is further detailed in \u201cNote\u00a023\u00a0Income taxes\u201d which presents the balance of $708 million in net
deferred tax assets for argenx BV as of December 31, 2024.
The Company considers the evaluation of all available positive and negative evidence used in its overall
recognition conclusion to be a Critical Accounting Judgment.
The Company has determined that a key estimate in exercising this judgement is related to the growth of
U.S. based Product Net Sales. The forecasts for future growth in this market are important for the utilization
of deferred tax assets against taxable profits by argenx BV. Based on sensitivities and analysis over
assumptions in the model, the Company has determined that other inputs are less sensitive or significant
to the recognition of our deferred tax assets. The Company\u2019s current sensitivities do not exceed the look-
forward period.
The Critical Accounting Judgement and the key estimate relating to deferred tax assets are limited to the
Company\u2019s subsidiary argenx BV which holds these assets.
No other Critical accounting judgments and major sources of estimation uncertainty have been made in the
current period by the Company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-469": { "value": "
4. Property, Plant and Equipment
(in thousands of $)
IT,
office\u00a0and
lab
equipment
Right-of-
use assets
Buildings
Right-of-
use assets
Vehicles
Leasehold
improve\u00ad
ments
Leased
equipment
Total
Cost
On January 1, 2022
7,938
16,462
3,075
1,981
346
29,802
Additions
962
3,353
905
\u2013
\u2013
5,219
Disposals
(105)
\u2013
\u2013
\u2013
\u2013
(105)
Currency translation adjustment
(635)
\u2013
\u2013
\u2013
\u2013
(635)
On December 31, 2022
8,160
19,815
3,980
1,981
346
34,282
Additions
937
8,770
2,327
48
\u2013
12,082
Disposals
(202)
\u2013
(757)
(54)
\u2013
(1,013)
On December 31, 2023
8,895
28,585
5,550
1,975
346
45,350
Additions
1,039
20,639
5,492
982
\u2013
28,152
Disposals
(220)
(234)
(333)
\u2013
\u2013
(787)
On December 31, 2024
9,714
48,990
10,709
2,957
346
72,715
Depreciation and impairment
On January 1, 2022
(4,565)
(6,774)
(1,411)
(1,093)
(116)
(13,958)
Depreciation
(1,388)
(2,179)
(735)
(257)
(35)
(4,593)
Disposals
90
\u2013
\u2013
\u2013
\u2013
90
Currency translation adjustment
408
5
1
1
\u2013
414
On December 31, 2022
(5,454)
(8,948)
(2,145)
(1,350)
(150)
(18,047)
Depreciation
(1,539)
(2,839)
(971)
(189)
(36)
(5,574)
Disposals
189
\u2013
757
\u2013
\u2013
946
On December 31, 2023
(6,804)
(11,787)
(2,359)
(1,539)
(186)
(22,675)
Depreciation
(1,252)
(3,657)
(2,067)
(234)
(35)
(7,245)
Disposals
155
234
333
\u2013
\u2013
722
On December 31, 2024
(7,901)
(15,210)
(4,093)
(1,773)
(221)
(29,198)
Carrying Amount
On December 31, 2022
2,706
10,867
1,835
631
196
16,234
On December 31, 2023
2,091
16,798
3,191
436
160
22,675
On December 31, 2024
1,813
33,780
6,615
1,184
125
43,517
Depreciation is recognized as from the moment when the asset is ready for its intended use so as to
depreciate the cost of the assets less their residual values over their useful lives, using the straight-line
method. Unless revised due to specific changes in the estimated useful life, annual depreciation rates are
as follows:
\u2022 Office and lab equipment: three to five years
\u2022 IT equipment: three years
Depreciation of right-of-use assets is done over the expected duration of the lease including lease
extensions where applicable.
As of December\u00a031, 2024, there are no material commitments to acquire property, plant and equipment.
Furthermore, no items of property, plant and equipment are pledged. See \u201cNote\u00a021\u00a0Leases\u201d for information
for leases where the Company is a lessee.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-471": { "value": "
Depreciation is recognized as from the moment when the asset is ready for its intended use so as to
depreciate the cost of the assets less their residual values over their useful lives, using the straight-line
method. Unless revised due to specific changes in the estimated useful life, annual depreciation rates are
as follows:
\u2022 Office and lab equipment: three to five years
\u2022 IT equipment: three years
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-470": { "value": "
Depreciation is recognized as from the moment when the asset is ready for its intended use so as to
depreciate the cost of the assets less their residual values over their useful lives, using the straight-line
method. Unless revised due to specific changes in the estimated useful life, annual depreciation rates are
as follows:
\u2022 Office and lab equipment: three to five years
\u2022 IT equipment: three years
Depreciation of right-of-use assets is done over the expected duration of the lease including lease
extensions where applicable.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-472": { "value": "
5. Intangible Assets
(in thousands of $)
Acquired
R&D
available
for use
Acquired
In-Process
R&D
Software &
databases
Other
Intangibles
Total
Cost
On January 1, 2022
\u2013
70,180
3,353
99,058
172,591
Additions
\u2013
\u2013
992
102,000
102,992
Disposals
\u2013
\u2013
(5)
\u2013
(5)
Derecognition
\u2013
\u2013
\u2013
(99,058)
(99,058)
On December\u00a031, 2022
\u2013
70,180
4,340
102,000
176,519
Additions
56,000
\u2013
\u2013
\u2013
56,000
Derecognition
\u2013
\u2013
\u2013
(102,000)
(102,000)
Reclassification
52,931
(52,931)
\u2013
\u2013
\u2013
On December\u00a031, 2023
108,931
17,249
4,340
\u2013
130,520
Additions
36,500
30,000
\u2013
\u2013
66,500
Derecognition
\u2013
\u2013
\u2013
\u2013
\u2013
Reclassification
\u2013
\u2013
\u2013
\u2013
\u2013
On December\u00a031, 2024
145,431
47,249
4,340
\u2013
197,020
Amortization and impairment
On January 1, 2022
\u2013
\u2013
(907)
\u2013
(907)
Amortization
\u2013
\u2013
(711)
(99,058)
(99,768)
Derecognition
\u2013
\u2013
\u2013
99,058
99,058
On December\u00a031, 2022
\u2013
\u2013
(1,618)
\u2013
(1,618)
Amortization
(3,392)
\u2013
(282)
(102,000)
(105,674)
Derecognition
\u2013
\u2013
\u2013
102,000
102,000
On December\u00a031, 2023
(3,392)
\u2013
(1,900)
\u2013
(5,292)
Amortization
(10,069)
\u2013
(213)
(10,282)
Derecognition
\u2013
\u2013
\u2013
\u2013
\u2013
On December\u00a031, 2024
(13,461)
\u2013
(2,113)
\u2013
(15,575)
Carrying Amount
On December\u00a031, 2022
\u2013
70,180
2,722
102,000
174,901
On December\u00a031, 2023
105,539
17,249
2,440
\u2013
125,228
On December\u00a031, 2024
131,970
47,249
2,226
\u2013
181,445
Acquired In-Process R&D is mainly related to the in-licensing of the ENHANZE\u00ae drug delivery technology
from Halozyme. In line with its accounting policies, the Company has capitalized the upfront payment upon
commencement of the in-license agreement. In June 2023, the Company obtained the FDA approval for
VYVGART HYTRULO. During the year ended December 31, 2023, upon obtaining regulatory approval,
$53\u00a0million has been moved from \u201cAcquired In-Process R&D\u201d to \u201cAcquired R&D available for use\u201d.
In 2024, the Company extended its collaboration with Halozyme and nominated four new targets to be in-
licensed to the ENHANZE\u00ae drug delivery technology. The cost of the license was capitalized as \u201cAcquired In-
Process R&D\u201d.
Further, the additions to \u201cAcquired R&D available for use\u201d are related to sales-based milestones triggered
during 2024. The \u201cAcquired R&D available for use\u201d are amortized under \u201cCost of sales\u201d on a straight-line
basis over their useful life.
The Company performs an annual impairment review on the intangible assets. This review did not result in
the recognition of an impairment charge for the years ended December\u00a031, 2024, 2023 and 2022.
In the fourth quarter of 2023, the Company utilized the PRV submitted with the sBLA filing for VYVGART
HYTRULO for the treatment of CIDP, which resulted in the amortization of $102 million of intangible assets
which is recognized under \u201cResearch and development expenses\u201d within the consolidated statements of
profit or loss and the consolidated statements of other comprehensive income or loss and subsequent
derecognition of $102 million of intangibles included under \u201cOther intangibles\u201d on the consolidated
statements of financial position.
As of December\u00a031, 2024, there are no material commitments to acquire intangible assets, except as set
forth in \u201cNote\u00a028\u00a0Commitments\u201d. No intangible assets are pledged as security for liabilities nor are there
any intangible assets whose title is restricted.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-473": { "value": "
The Company performs an annual impairment review on the intangible assets. This review did not result in
the recognition of an impairment charge for the years ended December\u00a031, 2024, 2023 and 2022.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-474": { "value": "
6. Other Non-Current Assets
Other non-current assets consisted of non-current restricted cash and financial assets held at fair value
through profit or loss or through OCI.
As of December 31,
(in thousands of $)
2024
2023
2022
Non-current restricted cash
1,964
2,419
1,736
Non-current financial assets held at fair value through profit or loss
25,549
21,715
21,715
Non-current financial assets held at fair value through OCI
14,880
15,528
17,443
Total other non-current assets
42,393
39,662
40,894
Non-current restricted cash on December\u00a031, 2024 was mainly composed of deposit guarantees paid under
the lease agreements for the laboratory and offices of the Company.
Non-current financial assets held at fair value through profit or loss is comprised of the profit share in
AgomAb Therapeutics NV. In March 2019, the Company entered into a license agreement with AgomAb
Therapeutics NV for the use of HGF-mimetic SIMPLE Antibodies\u2122, developed under the Company\u2019s
Immunology Innovative Program. In exchange for granting this license, the Company received a profit share
in AgomAb Therapeutics NV. Since AgomAb Therapeutics NV is a private company, the valuation of the
profit share is based on the post-money valuation coming from its most recent financing round.
In June 2022, AgomAb Therapeutics NV secured \u20ac38\u00a0million as a result of the extension of Series B. The
Company used the post-money valuation of this Series B financing round and the number of outstanding
shares in determining the fair value of the profit-sharing instrument, which resulted in a change in fair
value of non-current financial assets of \u20ac4\u00a0million recorded through profit or loss in 2022.
In October 2023, AgomAb Therapeutics NV secured \u20ac100\u00a0million as a result of a Series C financing round.
The Company\u2019s profit share was diluted, but resulting in no change of the fair value. In October 2024,
AgomAb Therapeutics NV secured $89\u00a0million as a result of a Series D financing round. The Company\u2019s
profit share was diluted and resulted in an increase of the fair value.
Fair value changes on non-current financial assets with fair value through profit or loss are recognized in
the consolidated statements of profit or loss and the consolidated statements of other comprehensive
income or loss under \u201cOther operating income\u201d.
As part of the license agreement for the development and commercialization for efgartigimod in Greater
China, in 2021 the Company obtained, amongst others, 568,182 newly issued Zai Lab shares calculated at a
price of \u20ac132 per share. The fair value of the equity instrument at reporting date is determined by
reference to the closing price of such securities at each reporting date (classified as level 1 in the fair value
hierarchy). The Company made the irrevocable election to recognize subsequent changes in fair value
through OCI under \u201cFair value gain/(loss) on investments in equity instruments designated as at FVTOCI\u201d.
The table below illustrates these non-current financials assets at fair value through profit or loss or OCI as
of December\u00a031, 2024, 2023 and 2022.
As of December 31,
(in thousands of $)
2024
2023
2022
Cost on January 1
76,659
76,659
76,659
Additions of the year
\u2013
\u2013
\u2013
Cost on December 31
76,659
76,659
76,659
Fair value adjustments on January 1
(39,416)
(37,501)
(23,490)
Fair value adjustment of the year through profit or loss
3,834
\u2013
4,256
Fair value adjustment of the year through OCI
(648)
(1,915)
(18,267)
Fair value adjustment on December 31
(36,230)
(39,416)
(37,501)
Net book value on December 31
40,429
37,243
39,158
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-475": { "value": "
As of December 31,
(in thousands of $)
2024
2023
2022
Non-current restricted cash
1,964
2,419
1,736
Non-current financial assets held at fair value through profit or loss
25,549
21,715
21,715
Non-current financial assets held at fair value through OCI
14,880
15,528
17,443
Total other non-current assets
42,393
39,662
40,894
Non-current restricted cash on December\u00a031, 2024 was mainly composed of deposit guarantees paid under
the lease agreements for the laboratory and offices of the Company.
11. Cash and Cash Equivalents
As of December 31,
(in thousands of $)
2024
2023
2022
Money market funds
1,394,409
1,678,100
669,147
Term accounts
100,000
350,000
54,116
Cash and bank balances
5,527
20,744
77,477
Total cash and cash equivalents
1,499,936
2,048,844
800,740
Cash and cash equivalents comprise of cash and bank balances, term accounts with an original maturity
not exceeding three months and money market funds that are readily convertible to cash and are subject
to an insignificant risk of changes in value.
Cash positions are invested with preferred financial partners, which are considered to be high quality
financial institutions with sound credit ratings to reduce credit risk.
On December\u00a031, 2024, the cash and cash equivalents included $653 million (\u20ac628 million) held in EUR, and
$2 million (\u00a5257 million) held in JPY which could generate a foreign currency exchange gain or loss in the
financial results in accordance with the fluctuations of the USD/EUR and USD/JPY exchange rates as the
Company\u2019s functional currency is USD.
Please also refer to \u201cNote\u00a025\u00a0Financial Risk Management\u201d for more information on the financial risk
management.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-476": { "value": "
Non-current financial assets held at fair value through profit or loss is comprised of the profit share in
AgomAb Therapeutics NV. In March 2019, the Company entered into a license agreement with AgomAb
Therapeutics NV for the use of HGF-mimetic SIMPLE Antibodies\u2122, developed under the Company\u2019s
Immunology Innovative Program. In exchange for granting this license, the Company received a profit share
in AgomAb Therapeutics NV. Since AgomAb Therapeutics NV is a private company, the valuation of the
profit share is based on the post-money valuation coming from its most recent financing round.
In June 2022, AgomAb Therapeutics NV secured \u20ac38\u00a0million as a result of the extension of Series B. The
Company used the post-money valuation of this Series B financing round and the number of outstanding
shares in determining the fair value of the profit-sharing instrument, which resulted in a change in fair
value of non-current financial assets of \u20ac4\u00a0million recorded through profit or loss in 2022.
In October 2023, AgomAb Therapeutics NV secured \u20ac100\u00a0million as a result of a Series C financing round.
The Company\u2019s profit share was diluted, but resulting in no change of the fair value. In October 2024,
AgomAb Therapeutics NV secured $89\u00a0million as a result of a Series D financing round. The Company\u2019s
profit share was diluted and resulted in an increase of the fair value.
Fair value changes on non-current financial assets with fair value through profit or loss are recognized in
the consolidated statements of profit or loss and the consolidated statements of other comprehensive
income or loss under \u201cOther operating income\u201d.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-479": { "value": "
As of December 31,
(in thousands of $)
2024
2023
2022
Cost on January 1
76,659
76,659
76,659
Additions of the year
\u2013
\u2013
\u2013
Cost on December 31
76,659
76,659
76,659
Fair value adjustments on January 1
(39,416)
(37,501)
(23,490)
Fair value adjustment of the year through profit or loss
3,834
\u2013
4,256
Fair value adjustment of the year through OCI
(648)
(1,915)
(18,267)
Fair value adjustment on December 31
(36,230)
(39,416)
(37,501)
Net book value on December 31
40,429
37,243
39,158
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-478": { "value": "
As of December 31,
(in thousands of $)
2024
2023
2022
Cost on January 1
76,659
76,659
76,659
Additions of the year
\u2013
\u2013
\u2013
Cost on December 31
76,659
76,659
76,659
Fair value adjustments on January 1
(39,416)
(37,501)
(23,490)
Fair value adjustment of the year through profit or loss
3,834
\u2013
4,256
Fair value adjustment of the year through OCI
(648)
(1,915)
(18,267)
Fair value adjustment on December 31
(36,230)
(39,416)
(37,501)
Net book value on December 31
40,429
37,243
39,158
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-477": { "value": "
As of December 31,
(in thousands of $)
2024
2023
2022
Cost on January 1
76,659
76,659
76,659
Additions of the year
\u2013
\u2013
\u2013
Cost on December 31
76,659
76,659
76,659
Fair value adjustments on January 1
(39,416)
(37,501)
(23,490)
Fair value adjustment of the year through profit or loss
3,834
\u2013
4,256
Fair value adjustment of the year through OCI
(648)
(1,915)
(18,267)
Fair value adjustment on December 31
(36,230)
(39,416)
(37,501)
Net book value on December 31
40,429
37,243
39,158
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-480": { "value": "
7. Inventories
As of December 31,
(in thousands of $)
2024
2023
2022
Raw materials and consumables
337,832
240,836
126,046
Inventories in process
26,357
47,074
65,016
Finished goods
43,044
22,640
37,291
Total inventories
407,233
310,550
228,353
The cost of inventories, which is recognized under \u201cCost of sales\u201d in the consolidated statements of profit or
loss and the consolidated statements of other comprehensive income or loss, amounted to $168 million for
the year ended December\u00a031, 2024 (compared to $101 million for the year ended December\u00a031, 2023 and
$29 million for the year ended December\u00a031, 2022).
The Company has pre-launch inventory awaiting regulatory approval amounting to $4.5 million as of the
current year end.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-481": { "value": "
8. Prepaid Expenses (Current)
The current prepaid expenses are composed of prepayments which are detailed below:
As of December 31,
(in thousands of $)
2024
2023
2022
Prepaid research and development expenses
110,249
71,201
44,905
Prepaid inventory
34,753
22,460
11,667
Prepaid software
18,564
6,240
4,309
Prepaid advertising expenses
9,463
19,933
13,479
Other prepaid expenses
14,919
14,238
1,662
Total prepaid expenses
187,948
134,072
76,022
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-482": { "value": "
9. Trade and Other Receivables
The trade and other receivables are composed of receivables which are detailed below:
As of December 31,
(in thousands of $)
2024
2023
2022
Trade receivables
817,707
417,994
241,228
Tax receivables
40,886
63,605
20,526
Interest receivables
40,214
13,126
12,918
Other receivables
5,664
1,962
1,025
Total trade and other receivables
904,471
496,687
275,697
The carrying amounts of trade and other receivables approximate their respective fair values. On
December\u00a031, 2024, 2023 and 2022, we did not have a material provision for expected credit losses.
Please also refer to \u201cNote\u00a025\u00a0Financial Risk Management\u201d for more information on the financial risk
management.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-483": { "value": "On
December\u00a031, 2024, 2023 and 2022, we did not have a material provision for expected credit losses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-484": { "value": "
10. Financial Assets \u2014 Current
These current financial assets relate to term accounts with an initial maturity longer than three months and
less than 12 months and money market funds that do not qualify as cash equivalents as they are not
expected to be used to meet short-term commitments.
As of December 31,
(in thousands of $)
2024
2023
2022
Money market funds
\u2013
\u2013
46,162
Term accounts
1,878,890
1,131,000
1,345,646
Total current financial assets
1,878,890
1,131,000
1,391,808
On December\u00a031, 2024, the current financial assets included $104 million (\u20ac100 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\u2019s functional currency is USD.
Please also refer to \u201cNote\u00a025\u00a0Financial Risk Management\u201d for more information on the financial risk
management.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-485": { "value": "
11. Cash and Cash Equivalents
As of December 31,
(in thousands of $)
2024
2023
2022
Money market funds
1,394,409
1,678,100
669,147
Term accounts
100,000
350,000
54,116
Cash and bank balances
5,527
20,744
77,477
Total cash and cash equivalents
1,499,936
2,048,844
800,740
Cash and cash equivalents comprise of cash and bank balances, term accounts with an original maturity
not exceeding three months and money market funds that are readily convertible to cash and are subject
to an insignificant risk of changes in value.
Cash positions are invested with preferred financial partners, which are considered to be high quality
financial institutions with sound credit ratings to reduce credit risk.
On December\u00a031, 2024, the cash and cash equivalents included $653 million (\u20ac628 million) held in EUR, and
$2 million (\u00a5257 million) held in JPY which could generate a foreign currency exchange gain or loss in the
financial results in accordance with the fluctuations of the USD/EUR and USD/JPY exchange rates as the
Company\u2019s functional currency is USD.
Please also refer to \u201cNote\u00a025\u00a0Financial Risk Management\u201d for more information on the financial risk
management.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-487": { "value": "
12. Share Capital and Share Premium
As of December\u00a031, 2024, the Company\u2019s share capital was represented by 60,760,957 shares. All shares
were issued, fully paid up and of the same class. The table below summarizes the share issuances as a
result of offerings, exercise of stock options and the vesting of restricted stock units under the Company\u2019s
Employee Stock Option Plan.
Roll forward of number of shares outstanding:
Number of shares outstanding on January 1, 2022
51,668,315
Exercise of stock options
1,024,626
Vesting of RSUs
19,581
Global public offering on Euronext and Nasdaq on March 23, 2022
2,333,334
Overallotment option exercised by underwriters on March 29, 2022
350,000
Number of shares outstanding on December 31, 2022
55,395,856
Exercise of stock options
1,137,439
Vesting of RSUs
79,560
Global public offering on Nasdaq on July 18, 2023
2,244,899
Over-allotment option exercised by underwriters on July 19, 2023
336,734
Number of shares outstanding on December 31, 2023
59,194,488
Exercise of stock options
1,478,225
Vesting of RSUs
88,244
Number of shares outstanding on December 31, 2024
60,760,957
On July 18, 2023, argenx SE offered 2,244,899 of its ordinary shares through a global offering which
consisted of 1,580,981 ADSs in the U.S. at a price of $490.00 per ADS, before underwriting discounts and
commissions and offering expenses; and 663,918 ordinary shares in the European Economic Area at a price
of \u20ac436.37 per share, before underwriting discounts and commissions and offering expenses. On July 19,
2023, the underwriters of the offering exercised their overallotment option to purchase 336,734 additional
ADSs in full. As a result, argenx SE received $1.3\u00a0billion in gross proceeds from this offering, decreased by
$66\u00a0million of underwriter discounts and commissions, and offering expenses, of which $1\u00a0million has been
deducted from equity. The total net cash proceeds from the offering amounted to $1.2\u00a0billion.
On May 7, 2024, at the annual general meeting, the shareholders of the Company approved the
authorization to the Board to issue up to a maximum of 10% of the then-outstanding share capital, for a
period of 18 months.
On December\u00a031, 2024, an amount of \u20ac461,348, represented by 4,613,483 shares, still remained available
under the authorization to issue shares as granted to the Board by the shareholders of the Company.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-486": { "value": "
12. Share Capital and Share Premium
As of December\u00a031, 2024, the Company\u2019s share capital was represented by 60,760,957 shares. All shares
were issued, fully paid up and of the same class. The table below summarizes the share issuances as a
result of offerings, exercise of stock options and the vesting of restricted stock units under the Company\u2019s
Employee Stock Option Plan.
Roll forward of number of shares outstanding:
Number of shares outstanding on January 1, 2022
51,668,315
Exercise of stock options
1,024,626
Vesting of RSUs
19,581
Global public offering on Euronext and Nasdaq on March 23, 2022
2,333,334
Overallotment option exercised by underwriters on March 29, 2022
350,000
Number of shares outstanding on December 31, 2022
55,395,856
Exercise of stock options
1,137,439
Vesting of RSUs
79,560
Global public offering on Nasdaq on July 18, 2023
2,244,899
Over-allotment option exercised by underwriters on July 19, 2023
336,734
Number of shares outstanding on December 31, 2023
59,194,488
Exercise of stock options
1,478,225
Vesting of RSUs
88,244
Number of shares outstanding on December 31, 2024
60,760,957
On July 18, 2023, argenx SE offered 2,244,899 of its ordinary shares through a global offering which
consisted of 1,580,981 ADSs in the U.S. at a price of $490.00 per ADS, before underwriting discounts and
commissions and offering expenses; and 663,918 ordinary shares in the European Economic Area at a price
of \u20ac436.37 per share, before underwriting discounts and commissions and offering expenses. On July 19,
2023, the underwriters of the offering exercised their overallotment option to purchase 336,734 additional
ADSs in full. As a result, argenx SE received $1.3\u00a0billion in gross proceeds from this offering, decreased by
$66\u00a0million of underwriter discounts and commissions, and offering expenses, of which $1\u00a0million has been
deducted from equity. The total net cash proceeds from the offering amounted to $1.2\u00a0billion.
On May 7, 2024, at the annual general meeting, the shareholders of the Company approved the
authorization to the Board to issue up to a maximum of 10% of the then-outstanding share capital, for a
period of 18 months.
On December\u00a031, 2024, an amount of \u20ac461,348, represented by 4,613,483 shares, still remained available
under the authorization to issue shares as granted to the Board by the shareholders of the Company.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-488": { "value": "
13. Share-Based Payments
The Company has an equity incentive plan for the employees, key consultants, board members, senior
management and key outside advisors (\u201ckey persons\u201d) of the Company and its subsidiaries. In accordance
with the terms of the plan, as approved by shareholders, employees may be granted stock options and/or
restricted stock units.
13.1 Stock Options
The stock options are granted to key persons of the Company and its subsidiaries. The stock options may
be granted to purchase ordinary shares at an exercise price. The stock options have been granted free of
charge. Each employee\u2019s stock option converts into one ordinary share of the Company upon exercise. The
stock options carry neither rights to dividends nor voting rights. Stock options may be exercised at any time
from the date of vesting to the date of their expiry.
The stock options granted vest, in principle, as follows:
\u2022 1/3rd\u00a0of the total stock options granted will vest on the first anniversary of the granting of the stock
options, and
\u2022 1/36th\u00a0of the total stock options granted will vest on the first day of each month following the first
anniversary of the granting of the stock options.
Stock options granted to non-executive directors vest on the third anniversary of the date of grant.
Upon leave of the key persons stock options must be exercised before the later of (i) 90 days after the last
working day at argenx, or (ii) March 31 of the fourth year following the date of grant of those stock options,
and in any case no later than the expiration date of the option.
In order to pre-finance the taxes that are paid upon the grant of stock options, Belgian employees have the
ability, in exchange for the taxes due upon the grant of the stock options, to transfer the economic benefits
related to part of those stock options to a third party. In the year ending December\u00a031, 2024, the economic
benefits of 20,823 stock options, for which accelerated vesting applies, were transferred to a third party.
No other conditions are attached to stock options.
The following stock option arrangements were in existence during the current and prior\u00a0years and which
are exercisable at the end of each period presented:
Outstanding stock options on December 31,
Expiry date
Exercise price per stock options (in\u00a0$) \u00b9\u207e
2024
2023
2022
2024
2.53
\u2013
3,308
19,743
2024
4.10
\u2013
532
5,127
2024
7.45
\u2013
81,500
214,800
2025
11.89
400
1,600
2,000
2025
9.84
78,690
99,326
101,861
2026
11.82
14,000
24,400
30,000
2026
11.92
93,378
97,972
99,772
2026
14.68
103,859
111,811
115,211
2027
19.13
35,046
38,434
42,509
2027
21.99
152,085
225,852
303,867
2023
83.96
\u2013
\u2013
12,111
2028
83.96
7,370
13,890
19,490
2023
89.68
\u2013
\u2013
124,338
2028
89.68
190,011
225,457
264,392
2024
117.90
\u2013
26,171
110,774
2029
117.90
44,158
71,573
110,756
2024
141.03
\u2013
104,176
202,852
2029
141.03
275,154
370,566
537,110
2025
124.18
3,758
16,712
16,712
2030
124.18
30,675
50,801
71,486
2025
203.78
7,926
126,331
127,731
2030
203.78
79,691
160,677
223,812
2025
208.01
5,629
31,424
32,100
2030
208.01
47,908
78,534
117,790
2025
257.23
90,425
202,205
202,475
2030
257.23
351,911
559,173
620,014
2026
243.52
23,491
23,491
23,491
2031
243.52
19,486
27,201
35,214
2026
265.02
59,527
59,626
60,890
2031
265.02
96,888
128,600
167,406
2026
269.59
45,044
45,228
45,862
2031
269.59
39,359
62,138
81,311
2027
293.49
13,876
13,957
14,976
2032
293.49
34,773
58,255
79,155
2028
310.32
6,043
\u2013
\u2013
2033
310.32
61,806
79,305
\u2013
2025
321.23
\u2013
16,000
\u2013
2026
321.23
80,179
80,425
80,833
2031
321.23
169,196
226,520
286,353
2028
353.95
15,014
15,014
\u2013
2033
353.95
36,065
43,856
\u2013
2028
369.23
121,071
127,490
\u2013
2033
369.23
415,859
495,821
\u2013
2027
371.41
57,118
58,091
61,816
2032
371.41
144,505
192,291
238,532
2027
373.59
134,748
136,459
137,778
2032
373.59
249,755
347,765
370,354
2029
380.34
3,291
\u2013
\u2013
2034
380.34
37,642
\u2013
\u2013
2029-2034 \u00b2\u207e
618.56
20,296
\u2013
\u2013
4,300,760
5,118,949
5,511,767
1) Amounts have been converted to USD at the closing rate as of December\u00a031, 2024.
2) In December 2024, the Company granted stock options for which the Belgian taxed beneficiaries had a 60-day period to choose between a
contractual term of five or ten years.
2024
2023
2022
Number of
stock
options
Weighted
average
exercise
price \u00b9\u207e
(in $)
Number of
stock
options
Weighted
average
exercise
price \u00b9\u207e
(in $)
Number of
stock
options
Weighted
average
exercise
price \u00b9\u207e
(in $)
Outstanding as of January\u00a01
5,118,949
255.41
5,511,767
205.02
5,619,113
164.33
Granted
756,234
451.63
844,011
395.92
1,021,642
375.58
Exercised
(1,478,225)
206.43
(1,137,439)
142.31
(1,025,780)
92.62
Forfeited
(96,198)
367.18
(99,390)
356.57
(103,208)
273.93
Outstanding as of December 31
4,300,760
283.29
5,118,949
255.41
5,511,767
205.02
Exercisable as of December 31
2,492,709
203.36
3,030,486
179.22
3,983,960
148.11
1) Amounts have been converted to USD at the closing rate of the respective period.
The weighted average share price at the date of exercise of options exercised during the year ended
December\u00a031, 2024 was $498.6, compared to $456.8 during the year ended December\u00a031, 2023 and $336.5
during the year ended December\u00a031, 2022. The weighted average remaining contractual life of the stock
options outstanding amounted to 5.89 years on December\u00a031, 2024 compared to 5.90 years on
December\u00a031, 2023 and 6.20 years on December\u00a031, 2022. The table below shows the weighted average
remaining contractual life for each range of exercise price:
Exercise price (in $)
Outstanding\u00a0on
December 31, 2024
Weighted average
remaining contractual
life (in\u00a0years)
9.84 - 11.89
79,090
0.95
11.82 - 14.68
211,237
1.67
19.13 - 21.99
187,131
2.87
83.96 - 89.68
197,381
3.96
117.90 - 141.03
319,312
4.91
124.18 - 257.23
617,923
5.16
243.52 - 321.23
533,170
4.79
293.49 - 382.83
705,359
6.22
310.32 - 478.52
714,875
7.55
380.34 - 618.56
735,282
8.84
The fair market value of the stock options has been determined based on the Black-Scholes model using
the following unobservable assumptions:
\u2022 The expected volatility, determined on the basis of the implied volatility of the share price over the
expected life of the option.
\u2022 The expected option life, calculated as the estimated duration until exercise, taking into account the
specific features of the plans.
Below is an overview of the parameters used in relation to the determination of the fair value of the grants
during 2024:
Stock options granted in
April 2024
June 2024
September 2024
December 2024 \u00b9\u207e
Number of options granted
42,243
660,166
33,529
20,296
Average Fair value of options (in $) \u00b2\u207e
112.14 - 156.49
158.50 - 215.16
188.85 - 298.99
187.13 - 236.00
Share price (in $) \u00b2\u207e
365.56 - 396.30
437.41 - 492.86
543.68 - 656.53
623.34
Exercise price (in $) \u00b2\u207e
396.30
445.76
535.95
618.56
Expected volatility
35.53 - 39.04 %
35.17 - 36.16 %
33.33 - 35.61 %
34.37 - 34.47 %
Average Expected option life (in years)
4.30 - 6.49
4.16 - 6.35
4.05 - 6.24
3.88 - 6.07
Risk\u2011free interest rate
2.66 - 3.02 %
2.48 - 2.87 %
2.06 - 2.24 %
2.22 - 2.27 %
Expected dividends
\u2013%
\u2013%
\u2013%
\u2013%
1) In December 2024, the Company granted a total of 20,296 stock options of which 3,158 stock options to Belgian taxed beneficiaries. Belgian taxed
beneficiaries can choose between a contractual term of five or ten years. The expected option life ranges between 3.88 and 6.07 years. This
estimate will be reassessed once the acceptance period of 60 days has passed and the beneficiaries will have made a choice between a
contractual term of five or ten years. The total fair value of the grant to Belgian taxed beneficiaries would be below $1 million irrespective of 100%
of the stock options of Belgian taxed beneficiaries with a contractual term of five years or 100% of the stock options of Belgian beneficiaries with
a contractual term of ten years.
2) Amounts have been converted to USD at the applicable rate prevailing at the grant date.
Below is an overview of the parameters used in relation to the determination of the fair value of grants
during 2023:
Stock options granted in
April 2023
July 2023
October 2023
December 2023 \u00b9\u207e
Number of options granted
61,056
629,121
74,529
79,305
Average Fair value of options (in $) \u00b2\u207e
158.21 - 196.18
176.44 - 271.59
123.94 - 209.04
161.88 - 200.55
Share price (in $) \u00b2\u207e
361.64 - 401.21
380.81 - 521.19
439.42 - 491.75
371.36 - 403.77
Exercise price (in $) \u00b2\u207e
370.34
387.35
485.01
329.26
Expected volatility
41.00 - 42.18 %
36.22 - 43.99 %
35.35 - 36.67 %
36.21 - 38.64 %
Average Expected option life (in years)
4.00 - 6.50
4.00 - 6.50
4.00 - 6.50
4.00 - 6.50
Risk\u2011free interest rate
2.96 - 3.14 %
2.90 - 3.03 %
2.80 - 3.44 %
2.40 - 2.81 %
Expected dividends
\u2013%
\u2013%
\u2013%
\u2013%
1) In December 2023, the Company granted a total of 79,305 stock options. Belgian beneficiaries could choose between a contractual term of five or
ten years impacting the parameters used in determination of the fair value of the grant. Once the acceptance period of 60 days has passed in
which the beneficiaries made a choice between a contractual term of five or ten years years, the parameters and fair value used in the financial
year ending December\u00a031, 2023 has been reassessed.
2) Amounts have been converted to USD at the applicable rate prevailing at the grant date.
Below is an overview of the parameter used in relation to the determination of the fair value of grants
during 2022:
Stock options granted in
April 2022
July 2022
October 2022
December 2022
Number of options granted
102,081
311,311
100,118
508,132
Average Fair value of options (in $) \u00b9\u207e
111.27 - 140.23
153.45 - 190.53
136.66 - 169.96
127.68 - 163.94
Share price (in $) \u00b9\u207e
320.84 - 321.06
378.11 - 397.92
352.97 - 376.01
368.69 - 377.61
Exercise price (in $) \u00b9\u207e
312.22
372.69
359.80
381.97
Expected volatility
39.18 - 40.87 %
41.30 - 43.10 %
39.64 - 45.97 %
39.74 - 40.26 %
Average Expected option life (in years)
4.00 - 6.50
4.00 - 6.50
4.00 - 6.50
4.00 - 6.50
Risk\u2011free interest rate
1.05 - 1.62 %
1.77 - 2.28 %
2.57 - 2.80 %
3.09 - 3.29 %
Expected dividends
\u2013%
\u2013%
\u2013%
\u2013%
1) Amounts have been converted to USD at the applicable rate prevailing at the grant date.
The total share-based payment expense related to stock options recognized in the consolidated statements
of profit or loss totaled $147 million for the year ended December\u00a031, 2024, compared to $164 million for
the year ended December\u00a031, 2023 and $120 million for the year ended December\u00a031, 2022.
13.2 Restricted Stock Units (RSUs)
The RSUs are granted to key persons of the Company and its subsidiaries. The RSUs have been granted free
of charge. Each employee\u2019s RSUs converts into one ordinary share of the Company upon vesting. The RSUs
carry neither rights to dividends nor voting rights. RSUs once converted into ordinary shares, may be sold at
any time from the date of vesting, have no expiry date and may be held by the participant without
limitation. The fair value of RSUs is based on the closing sale price of the Company\u2019s common stock on the
day prior to the date of issuance. RSUs vest over a period of four years with 1/4th of the total grant vesting
at each anniversary of the date of grant.
The following restricted stock units arrangements were in existence during the current and prior\u00a0years:
2024
2023
2022
Number\u00a0of
RSUs
Weighted
average
Grant Date
Fair Value 1)
(in $)
Number\u00a0of
RSUs
Weighted
average
Grant Date
Fair Value 1)
(in $)
Number\u00a0of
RSUs
Weighted
average
Grant Date
Fair Value 1)
(in $)
Non-vested units on
January 1
442,322
375.89
385,280
387.20
213,038
314.25
Granted
349,521
454.57
192,237
396.22
243,010
375.81
Vested
(140,667)
344.68
(105,678)
352.61
(53,872)
\u2013
Forfeited
(35,816)
374.10
(29,517)
358.49
(16,896)
307.11
Non-vested units on
December 31
615,360
403.29
442,322
375.89
385,280
387.20
1) Amounts have been converted to USD at the closing rate of the respective period.
The total share-based payment expense related to RSUs recognized in the consolidated statements of profit
or loss totaled $88 million for the year ended December\u00a031, 2024 compared to $69 million for the year
ended December\u00a031, 2023 and $37 million for the year ended December\u00a031, 2022.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-490": { "value": "
14. Trade and Other Payables
As of December 31,
(in thousands of $)
2024
2023
2022
Trade payables
342,228
245,557
188,721
Short\u2011term employee benefits
150,818
95,104
84,337
Sales rebates and reserves
140,474
55,788
19,478
Other
16,473
17,564
3,142
Total trade and other payables
649,993
414,013
295,679
The carrying amounts of trade and other payables approximate their respective fair values.
Trade payables correspond primarily to R&D, commercial and manufacturing activities and include accrued
expenses related to these activities.
Short-term employee benefits include payables and accruals for salaries and bonuses to be paid to the
employees of the Company.
The following table summarizes the movement in the sales rebates and reserves for the year ended
December\u00a031, 2024, 2023 and 2022:
(in thousands of $)
Rebates and
chargebacks
Distribution
fees, product
returns
Total sales
rebates and
reserves
Balance on January 1, 2022
\u2013
\u2013
\u2013
Current estimate related to the sales made in the current year
35,426
10,740
46,166
(Credits or payments related to sales made during the year)
(20,028)
(6,661)
(26,689)
Balance on December 31, 2022
15,398
4,079
19,478
Current estimate related to the sales made in the current year
123,542
26,427
149,969
Adjustment for prior year sales
(4,041)
(883)
(4,924)
(Credits or payments related to sales made during the year)
(78,327)
(20,722)
(99,049)
(Credits or payments related to sales made during prior year)
(6,910)
(2,775)
(9,685)
Balance on December 31, 2023
49,662
6,126
55,788
Current estimate related to the sales made in the current period
285,863
50,239
336,102
Adjustment for prior year sales
(10,912)
(162)
(11,074)
(Credits or payments related to sales made during the year)
(170,391)
(39,104)
(209,495)
(Credits or payments related to sales made during prior year)
(26,811)
(4,036)
(30,847)
Balance on December 31, 2024
127,411
13,063
140,474
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-489": { "value": "
14. Trade and Other Payables
As of December 31,
(in thousands of $)
2024
2023
2022
Trade payables
342,228
245,557
188,721
Short\u2011term employee benefits
150,818
95,104
84,337
Sales rebates and reserves
140,474
55,788
19,478
Other
16,473
17,564
3,142
Total trade and other payables
649,993
414,013
295,679
The carrying amounts of trade and other payables approximate their respective fair values.
Trade payables correspond primarily to R&D, commercial and manufacturing activities and include accrued
expenses related to these activities.
Short-term employee benefits include payables and accruals for salaries and bonuses to be paid to the
employees of the Company.
The following table summarizes the movement in the sales rebates and reserves for the year ended
December\u00a031, 2024, 2023 and 2022:
(in thousands of $)
Rebates and
chargebacks
Distribution
fees, product
returns
Total sales
rebates and
reserves
Balance on January 1, 2022
\u2013
\u2013
\u2013
Current estimate related to the sales made in the current year
35,426
10,740
46,166
(Credits or payments related to sales made during the year)
(20,028)
(6,661)
(26,689)
Balance on December 31, 2022
15,398
4,079
19,478
Current estimate related to the sales made in the current year
123,542
26,427
149,969
Adjustment for prior year sales
(4,041)
(883)
(4,924)
(Credits or payments related to sales made during the year)
(78,327)
(20,722)
(99,049)
(Credits or payments related to sales made during prior year)
(6,910)
(2,775)
(9,685)
Balance on December 31, 2023
49,662
6,126
55,788
Current estimate related to the sales made in the current period
285,863
50,239
336,102
Adjustment for prior year sales
(10,912)
(162)
(11,074)
(Credits or payments related to sales made during the year)
(170,391)
(39,104)
(209,495)
(Credits or payments related to sales made during prior year)
(26,811)
(4,036)
(30,847)
Balance on December 31, 2024
127,411
13,063
140,474
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-492": { "value": "
15. Collaboration Revenue
Year Ended December 31,
(in thousands of $)
2024
2023
2022
Zai Lab
4,348
5,533
4,238
AbbVie
\u2013
30,000
\u2013
Other
\u2013
\u2013
5,788
Total collaboration revenue
4,348
35,533
10,026
For the years ended December\u00a031, 2024, the collaboration revenue was generated under the agreement
with Zai Lab. This note should be read alongside \u2018\u2018Note\u00a02.18\u00a0Collaboration and license agreements\u2019\u2019.
AbbVie
In April\u00a02016, the Company entered into a collaboration agreement with AbbVie to develop and
commercialize ARGX-115 (ABBV-151). In October 2023, the Company achieved the second development
milestone upon initiation of a non-pivotal clinical trial, triggering a $30\u00a0million payment.
Subject to the continuing progress of ARGX-115 (ABBV-151) by AbbVie, the Company is eligible to receive
future development, regulatory and commercial milestone payments in aggregate amounts of up to
$50\u00a0million, $190\u00a0million and $325\u00a0million, respectively, as well as tiered royalties on sales at\u00a0percentages
ranging from the mid-single digits to the lower teens, subject to customary reductions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-491": { "value": "
15. Collaboration Revenue
Year Ended December 31,
(in thousands of $)
2024
2023
2022
Zai Lab
4,348
5,533
4,238
AbbVie
\u2013
30,000
\u2013
Other
\u2013
\u2013
5,788
Total collaboration revenue
4,348
35,533
10,026
For the years ended December\u00a031, 2024, the collaboration revenue was generated under the agreement
with Zai Lab. This note should be read alongside \u2018\u2018Note\u00a02.18\u00a0Collaboration and license agreements\u2019\u2019.
AbbVie
In April\u00a02016, the Company entered into a collaboration agreement with AbbVie to develop and
commercialize ARGX-115 (ABBV-151). In October 2023, the Company achieved the second development
milestone upon initiation of a non-pivotal clinical trial, triggering a $30\u00a0million payment.
Subject to the continuing progress of ARGX-115 (ABBV-151) by AbbVie, the Company is eligible to receive
future development, regulatory and commercial milestone payments in aggregate amounts of up to
$50\u00a0million, $190\u00a0million and $325\u00a0million, respectively, as well as tiered royalties on sales at\u00a0percentages
ranging from the mid-single digits to the lower teens, subject to customary reductions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-494": { "value": "
16. Other Operating Income
Year Ended December 31,
(in thousands of $)
2024
2023
2022
Research and development incentives
46,106
27,815
19,502
Payroll tax rebates
11,855
11,925
8,576
Grants
13
2,538
2,186
Change in fair value on non-current financial assets
3,834
\u2013
4,256
Total other operating income
61,808
42,278
34,520
", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-493": { "value": "
16. Other Operating Income
Year Ended December 31,
(in thousands of $)
2024
2023
2022
Research and development incentives
46,106
27,815
19,502
Payroll tax rebates
11,855
11,925
8,576
Grants
13
2,538
2,186
Change in fair value on non-current financial assets
3,834
\u2013
4,256
Total other operating income
61,808
42,278
34,520
16.1 Research and development incentives
The Company has accounted for tax incentives following a research and development tax incentive scheme
in Belgium according to which the incentive will be refunded after a 5 years period, if not offset against the
current tax payable over the period.
16.2 Payroll tax rebates
The Company accounted for payroll tax rebates as a reduction in withholding income taxes for its highly
qualified personnel employed in its research and development department.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-495": { "value": "
17. Segment Reporting
The Company manages its activities and operates as one business unit which is reflected in its
organizational structure and internal reporting. The Company does not distinguish in its internal reporting
different segments, neither business nor geographical segments. The chief operating decision-maker is the
Board of Directors.
Following table summarizes the product net sales by country of sales based on the country of the entity
that recognizes product net sales:
Year Ended December 31,
(in thousands of $)
2024
2023
2022
United States
1,895,919
1,046,592
377,659
Japan
89,389
56,432
15,764
China
39,177
14,907
\u2013
Netherlands
153
\u2013
\u2013
Rest of the World
161,245
72,852
7,297
Total product net sales
2,185,883
1,190,783
400,720
The Company sells its products through a limited number of distributors and wholesalers. Five U.S.
customers represent approximately 87% of the product net sales during the twelve months ended
December\u00a031, 2024 (compared to 86% and 91% for four customers the same period in 2023 and 2022
respectively).
Collaboration revenue is generated by external customers with their main registered office geographically
located as shown in the table below:
Year Ended December 31,
(in thousands of $)
2024
2023
2022
China
4,348
5,533
4,238
United States
\u2013
30,000
\u2013
Denmark
\u2013
\u2013
5,365
Other
\u2013
\u2013
424
Total collaboration revenue
4,348
35,533
10,026
The non-current assets including property, plant and equipment and intangible assets are presented
geographically as shown in the table below:
Year Ended December 31,
(in thousands of $)
2024
2023
2022
Netherlands
\u2013
\u2013
\u2013
Belgium
209,758
138,252
186,923
United States
11,557
6,219
2,275
Japan
2,242
2,971
1,938
Rest of the World
1,405
461
130
Total non-current assets
224,962
147,903
191,136
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-496": { "value": "
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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-499": { "value": "
18. Research and Development Expenses
Year Ended December 31,
(in thousands of $)
2024
2023
2022
External research and development expenses
605,082
483,192
366,955
Personnel expenses
310,992
226,344
162,010
BIS expenses
34,012
19,935
12,678
Materials and consumables
5,863
4,057
2,396
Depreciation and amortization
6,204
105,546
102,132
Other expenses
21,270
20,418
17,194
Total Research and development expenses
983,423
859,492
663,366
19. Selling, General and Administrative Expenses
Year Ended December 31,
(in thousands of $)
2024
2023 1)
2022 1)
Personnel expenses
424,916
303,033
234,740
Marketing services
306,987
202,146
115,950
Professional fees
170,215
108,820
62,620
BIS expenses
27,295
20,408
17,431
Facilities and occupancy expenses
20,888
11,264
9,627
Supervisory board
9,724
8,362
6,912
Depreciation and amortization
3,149
2,366
2,211
Other expenses
92,163
55,506
22,641
Total Selling, general and administrative expenses
1,055,337
711,905
472,132
1) Comparative figures have been presented to be consistent with the one adopted in the current year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-498": { "value": "
18. Research and Development Expenses
Year Ended December 31,
(in thousands of $)
2024
2023
2022
External research and development expenses
605,082
483,192
366,955
Personnel expenses
310,992
226,344
162,010
BIS expenses
34,012
19,935
12,678
Materials and consumables
5,863
4,057
2,396
Depreciation and amortization
6,204
105,546
102,132
Other expenses
21,270
20,418
17,194
Total Research and development expenses
983,423
859,492
663,366
19. Selling, General and Administrative Expenses
Year Ended December 31,
(in thousands of $)
2024
2023 1)
2022 1)
Personnel expenses
424,916
303,033
234,740
Marketing services
306,987
202,146
115,950
Professional fees
170,215
108,820
62,620
BIS expenses
27,295
20,408
17,431
Facilities and occupancy expenses
20,888
11,264
9,627
Supervisory board
9,724
8,362
6,912
Depreciation and amortization
3,149
2,366
2,211
Other expenses
92,163
55,506
22,641
Total Selling, general and administrative expenses
1,055,337
711,905
472,132
1) Comparative figures have been presented to be consistent with the one adopted in the current year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-497": { "value": "
18. Research and Development Expenses
Year Ended December 31,
(in thousands of $)
2024
2023
2022
External research and development expenses
605,082
483,192
366,955
Personnel expenses
310,992
226,344
162,010
BIS expenses
34,012
19,935
12,678
Materials and consumables
5,863
4,057
2,396
Depreciation and amortization
6,204
105,546
102,132
Other expenses
21,270
20,418
17,194
Total Research and development expenses
983,423
859,492
663,366
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-500": { "value": "
19. Selling, General and Administrative Expenses
Year Ended December 31,
(in thousands of $)
2024
2023 1)
2022 1)
Personnel expenses
424,916
303,033
234,740
Marketing services
306,987
202,146
115,950
Professional fees
170,215
108,820
62,620
BIS expenses
27,295
20,408
17,431
Facilities and occupancy expenses
20,888
11,264
9,627
Supervisory board
9,724
8,362
6,912
Depreciation and amortization
3,149
2,366
2,211
Other expenses
92,163
55,506
22,641
Total Selling, general and administrative expenses
1,055,337
711,905
472,132
1) Comparative figures have been presented to be consistent with the one adopted in the current year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-501": { "value": "
20. Personnel Expenses
The personnel expenses mentioned in \u2018\u2018Note\u00a018\u00a0Research and Development Expenses\u201d and
\u2018\u2018Note\u00a019\u00a0Selling, General and Administrative Expenses\u2019\u2019 above are as follows:
Year Ended December 31,
(in thousands of $)
2024
2023
2022
Short\u2011term employee benefits - Salaries
410,184
266,482
216,847
Short\u2011term employee benefits - Social Security
30,856
19,231
16,274
Post\u2011employment benefits
12,330
7,758
5,406
Termination benefits
2,498
1,089
401
Share\u2011based payment
228,142
226,830
151,912
Employer social security contributions share-based payments
51,898
7,987
5,910
Total personnel expenses
735,908
529,377
396,750
The post-employment benefits relate to the pension plans the Company has in place for its employees.
The average number of full-time equivalents (FTE) by function is presented below:
Year Ended December 31,
Average Number of FTEs
2024
2023
2022
Research and development
805
607
475
Selling, general and administrative
835
681
442
Total number of FTEs
1,639
1,289
917
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-502": { "value": "
The average number of full-time equivalents (FTE) by function is presented below:
Year Ended December 31,
Average Number of FTEs
2024
2023
2022
Research and development
805
607
475
Selling, general and administrative
835
681
442
Total number of FTEs
1,639
1,289
917
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-503": { "value": "
21. Leases
The statements of financial position shows the following amounts relating to leases:
Year Ended December 31,
(in thousands of $)
2024
2023
2022
Right-of-use assets
Buildings
33,780
16,798
10,867
Vehicles
6,615
3,191
1,835
Equipment
125
160
196
40,520
20,149
12,897
Lease liabilities
Current
6,533
4,646
3,417
Non-current
32,520
15,354
9,009
39,053
20,000
12,426
Additions to the right-of-use assets amounted to $26 million for the year ended December\u00a031, 2024,
compared to $11 million and $4 million for the years ended December\u00a031, 2023 and 2022 respectively.
The table below shows a maturity analysis of the lease liabilities as on December\u00a031, 2024:
(in thousands of $)
Less than
1 year
1-3 years
3-5 years
More than
5 years
Total
contrac\u00ad
tual cash
flows
Carrying
value
Lease liabilities
8,047
14,499
11,171
11,829
45,547
39,053
The consolidated statements of profit or loss and the consolidated statements of other comprehensive
income or loss shows the following amounts relating to leases:
Year Ended December 31,
(in thousands of $)
2024
2023
2022
Depreciation charges
Buildings
3,657
2,839
2,179
Vehicles
2,067
971
735
Equipment
35
36
35
5,759
3,846
2,949
Interest expense (included in finance cost)
2,072
693
1,343
Expense relating to short-term leases
1,517
1,517
732
Expense relating to leases of low-value assets that are not shown above as
short-term leases
40
40
21
The total cash outflow for leases in 2024, 2023 and 2022 was $8 million, $4 million and $4 million
respectively.
The Company did not enter into any lease agreement with variable lease payments or residual value
guarantees. The Company has leases that include extension options. These options provide flexibility in
managing the leased assets and align with the Company\u2019s business needs. The Company exercises
judgement in deciding whether it is reasonably certain that the extension options will be exercised.", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-506": { "value": "
22. Financial Result and Exchange Gains/(Losses)
Year Ended December 31,
(in thousands of $)
2024
2023
2022
Interest income
138,740
92,962
24,741
Net gain on cash equivalents & current financial assets held at fair value
through profit or loss and cash equivalents
18,769
14,424
2,924
Financial income
157,509
107,386
27,665
Net loss on cash equivalents & current financial assets held at fair value
through profit or loss and cash equivalents
\u2013
(2)
(1,713)
Other financial expense
(2,464)
(904)
(2,193)
Financial expense
(2,464)
(906)
(3,906)
Realized exchange (losses)/gains
(5,444)
29
(3,743)
Unrealized exchange (losses)/gains
(42,767)
14,044
(28,989)
Exchange (losses)/gains
(48,211)
14,073
(32,732)
The exchange losses of $48 million for the year ended December\u00a031, 2024 were primarily attributable to
unrealized exchange rate gains on the cash and cash equivalents and current financial assets position in
EUR due to the fluctuation of the EUR/USD exchange rate over the period.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-505": { "value": "
22. Financial Result and Exchange Gains/(Losses)
Year Ended December 31,
(in thousands of $)
2024
2023
2022
Interest income
138,740
92,962
24,741
Net gain on cash equivalents & current financial assets held at fair value
through profit or loss and cash equivalents
18,769
14,424
2,924
Financial income
157,509
107,386
27,665
Net loss on cash equivalents & current financial assets held at fair value
through profit or loss and cash equivalents
\u2013
(2)
(1,713)
Other financial expense
(2,464)
(904)
(2,193)
Financial expense
(2,464)
(906)
(3,906)
Realized exchange (losses)/gains
(5,444)
29
(3,743)
Unrealized exchange (losses)/gains
(42,767)
14,044
(28,989)
Exchange (losses)/gains
(48,211)
14,073
(32,732)
The exchange losses of $48 million for the year ended December\u00a031, 2024 were primarily attributable to
unrealized exchange rate gains on the cash and cash equivalents and current financial assets position in
EUR due to the fluctuation of the EUR/USD exchange rate over the period.", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-504": { "value": "
22. Financial Result and Exchange Gains/(Losses)
Year Ended December 31,
(in thousands of $)
2024
2023
2022
Interest income
138,740
92,962
24,741
Net gain on cash equivalents & current financial assets held at fair value
through profit or loss and cash equivalents
18,769
14,424
2,924
Financial income
157,509
107,386
27,665
Net loss on cash equivalents & current financial assets held at fair value
through profit or loss and cash equivalents
\u2013
(2)
(1,713)
Other financial expense
(2,464)
(904)
(2,193)
Financial expense
(2,464)
(906)
(3,906)
Realized exchange (losses)/gains
(5,444)
29
(3,743)
Unrealized exchange (losses)/gains
(42,767)
14,044
(28,989)
Exchange (losses)/gains
(48,211)
14,073
(32,732)
The exchange losses of $48 million for the year ended December\u00a031, 2024 were primarily attributable to
unrealized exchange rate gains on the cash and cash equivalents and current financial assets position in
EUR due to the fluctuation of the EUR/USD exchange rate over the period.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-510": { "value": "
Year Ended December 31,
(in thousands of $)
2024
2023
2022
Interest income
138,740
92,962
24,741
Net gain on cash equivalents & current financial assets held at fair value
through profit or loss and cash equivalents
18,769
14,424
2,924
Financial income
157,509
107,386
27,665
Net loss on cash equivalents & current financial assets held at fair value
through profit or loss and cash equivalents
\u2013
(2)
(1,713)
Other financial expense
(2,464)
(904)
(2,193)
Financial expense
(2,464)
(906)
(3,906)
Realized exchange (losses)/gains
(5,444)
29
(3,743)
Unrealized exchange (losses)/gains
(42,767)
14,044
(28,989)
Exchange (losses)/gains
(48,211)
14,073
(32,732)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-509": { "value": "
Year Ended December 31,
(in thousands of $)
2024
2023
2022
Interest income
138,740
92,962
24,741
Net gain on cash equivalents & current financial assets held at fair value
through profit or loss and cash equivalents
18,769
14,424
2,924
Financial income
157,509
107,386
27,665
Net loss on cash equivalents & current financial assets held at fair value
through profit or loss and cash equivalents
\u2013
(2)
(1,713)
Other financial expense
(2,464)
(904)
(2,193)
Financial expense
(2,464)
(906)
(3,906)
Realized exchange (losses)/gains
(5,444)
29
(3,743)
Unrealized exchange (losses)/gains
(42,767)
14,044
(28,989)
Exchange (losses)/gains
(48,211)
14,073
(32,732)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-508": { "value": "
Year Ended December 31,
(in thousands of $)
2024
2023
2022
Interest income
138,740
92,962
24,741
Net gain on cash equivalents & current financial assets held at fair value
through profit or loss and cash equivalents
18,769
14,424
2,924
Financial income
157,509
107,386
27,665
Net loss on cash equivalents & current financial assets held at fair value
through profit or loss and cash equivalents
\u2013
(2)
(1,713)
Other financial expense
(2,464)
(904)
(2,193)
Financial expense
(2,464)
(906)
(3,906)
Realized exchange (losses)/gains
(5,444)
29
(3,743)
Unrealized exchange (losses)/gains
(42,767)
14,044
(28,989)
Exchange (losses)/gains
(48,211)
14,073
(32,732)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-507": { "value": "
Year Ended December 31,
(in thousands of $)
2024
2023
2022
Interest income
138,740
92,962
24,741
Net gain on cash equivalents & current financial assets held at fair value
through profit or loss and cash equivalents
18,769
14,424
2,924
Financial income
157,509
107,386
27,665
Net loss on cash equivalents & current financial assets held at fair value
through profit or loss and cash equivalents
\u2013
(2)
(1,713)
Other financial expense
(2,464)
(904)
(2,193)
Financial expense
(2,464)
(906)
(3,906)
Realized exchange (losses)/gains
(5,444)
29
(3,743)
Unrealized exchange (losses)/gains
(42,767)
14,044
(28,989)
Exchange (losses)/gains
(48,211)
14,073
(32,732)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-512": { "value": "
23. Income taxes
Income taxes recognized in the income statements can be detailed as follows:
Year Ended December 31,
(in thousands of $)
2024
2023
2022
Current year
(53,462)
(9,592)
(27,162)
Income tax prior years
(383)
(2,080)
(12)
Current tax (expense)/benefit
(53,845)
(11,672)
(27,174)
Recognition of deferred tax assets
724,700
\u2013
\u2013
Originating and reversal of temporary differences
77,005
21,115
46,894
Deferred tax benefit
801,705
21,115
46,894
Total tax benefit
747,860
9,443
19,720
The difference between the provision for income taxes and the amount that would result from applying the
Dutch statutory tax rate to income before provision for income taxes is as follows:
Year Ended December 31,
(in thousands of $)
2024
2023
2022
(Profit)/Loss before taxes
(85,180)
304,496
729,314
Income tax (expense)/benefit calculated at the Dutch statutory federal
income tax rates
(21,977)
78,560
188,163
Effect of intercompany asset deal/transaction
\u2013
396
(112,200)
Effect of expenses not deductible in determining taxable results
(5,383)
(2,674)
(1,570)
Effect of share based payment expenses that are not deductible in
determining taxable results
(13,151)
(43,040)
(27,043)
Effect of stock issue expenses that are not taxable in determining taxable
results
\u2013
18,620
11,412
Effect of concessions
102,823
87,123
18,263
Effect of change of (de)recognition of deferred tax assets on tax losses
187,361
(2,282)
(194)
Effect of different tax rates in jurisdictions in which the company operates
4,169
(3,509)
(5,566)
Effect of change of (de)recognition of deferred tax assets
535,598
(124,457)
(51,320)
Effect of foreign exchange translation
(38,307)
\u2013
\u2013
Other 1)
(3,273)
706
(225)
Income tax (expense)/benefit recognized in the consolidated
statements of profit or loss
747,860
9,443
19,720
1) Comparative figures have been presented to be consistent with the one adopted in the current year.
Deferred tax assets are recognized to the extent that it is probable that sufficient taxable profits will be
available in the look-forward period. The Company believes that it is probable that sufficient future taxable
profits will be generated to support the recognized deferred tax asset for tax losses carried forward in
Belgium. As part of its assessment, the Company has taken into account recent taxable profits or losses,
forecasted operating profits and taxable earnings, U.S. based Product Net Sales from the commercialization
of the VYVGART franchise, evolution of the external competitive landscape, and likelihood that factors
contributing to past losses will not recur, while considering the risks and uncertainties associated with
those forecasts. We consider that the management forecasts used specifically in this assessment to be
reasonable, based on historical accuracy and alignment with external market data.
The Company considered ordering rules established by tax legislation Belgium noting that under Belgian
tax legislation, tax losses and Innovation Income Deduction can be carried forward indefinitely. Based on
the weight of available evidence, in the fourth quarter of 2024, the Company recognized a consolidated tax
benefit for previously unrecognized net deferred tax assets existing as of December 31, 2023 amounting to
$725 million. As of December 31, 2024, the Company\u2019s balance of net deferred tax assets for argenx BV
totaled $708 million.
During 2022, argenx Benelux BV transferred certain pipeline activities to argenx BV through a transfer of
assets, (hereafter referred to as \u201casset deal\u201d), for a total amount of $449 million. As a result of the asset
deal, argenx Benelux BV realized a capital gain on this intellectual property, which results in the rate
reconciling item categorized as \u201ceffect of intercompany asset deal/transaction\u201d.
The amount of deferred tax assets and liability by type of temporary difference can be detailed as follows:
As of December 31, 2024
(in thousands of $)
Assets
Liabilities
Net
Deferred tax assets/(liabilities)
Innovation income deduction
122,306
\u2013
122,306
Net operating loss carryforwards
177,599
\u2013
177,599
Capitalized R&D expenses
312,420
\u2013
312,420
Intangible assets
100,321
\u2013
100,321
Accruals and allowances
25,037
\u2013
25,037
Share-based payments
71,481
\u2013
71,481
Profit in inventory
110,474
\u2013
110,474
Other tax carryforwards
8,874
8,874
Property, plant and equipment
3,392
(3,012)
380
Non-current fixed assets
\u2013
(6,289)
(6,289)
Other
2,265
(569)
1,696
Netting by taxable entity
(9,870)
9,870
\u2013
Net deferred tax assets
924,299
\u2013
924,299
As of December 31, 2023
(in thousands of $)
Assets
Liabilities
Net
Deferred tax assets/(liabilities)
Accruals and allowances
13,189
\u2013
13,189
Share-based payments
23,310
\u2013
23,310
Profit in inventory
52,026
\u2013
52,026
Other tax carryforwards
6,339
\u2013
6,339
Property, plant and equipment
2,136
(1,550)
586
Non-current fixed assets
\u2013
(5,155)
(5,155)
Other
1,760
\u2013
1,760
Netting by taxable entity
(1,549)
1,550
1
Net deferred tax assets/(liabilities)
97,211
(5,155)
92,056
As of December 31, 2022
(in thousands of $)
Assets
Liabilities
Net
Deferred tax assets/(liabilities)
Accruals and allowances
8,884
\u2013
8,884
Share-based payments
26,887
\u2013
26,887
Profit in inventory
29,711
\u2013
29,711
R&D capitalized expense
11,316
\u2013
11,316
Property, plant and equipment
856
(549)
307
Intangible assets
\u2013
(3,430)
(3,430)
Non-current fixed assets
\u2013
(4,975)
(4,975)
Other
2,117
\u2013
2,117
Netting by taxable entity
(549)
549
\u2013
Net deferred tax assets/(liabilities)
79,222
(8,406)
70,817
The change in net deferred taxes recorded in the consolidated statements of financial position can be
detailed as follows:
(in thousands of $)
Deferred tax assets
Deferred tax liabilities
Balance on January 1, 2024
97,211
(5,155)
Recognized in profit or loss
758,264
5,155
Recognized in equity
30,846
\u2013
Effects of change in foreign exchange rate
37,978
\u2013
Balance on December 31, 2024
924,299
\u2013
(in thousands of $)
Deferred tax assets
Deferred tax liabilities
Balance on January 1, 2023
79,222
(8,406)
Recognized in profit or loss
17,685
3,430
Recognized in equity
381
\u2013
Effects of change in foreign exchange rate
(77)
(179)
Balance on December 31, 2023
97,211
(5,155)
(in thousands of $)
Deferred tax assets
Deferred tax liabilities
Balance on January 1, 2022
32,191
(6,438)
Recognized in profit or loss
49,075
(2,180)
Recognized in equity
(1,960)
\u2013
Effects of change in foreign exchange rate
(84)
212
Balance on December 31, 2022
79,222
(8,406)
The Company also has unrecognized tax losses carried forward in the Netherlands in the amount of $46
million as of December\u00a031, 2024, compared to $33 million on December\u00a031, 2023 and $35 million on
December\u00a031, 2022. These losses carried forward do not have an expiration date based upon the applicable
enacted tax legislation in the Netherlands.
As of December\u00a031, 2024, the Company has $125 million of undistributed earnings attributable to foreign
subsidiaries for which no provision for deferred tax liabilities have been recognized because the Company
has control over the timing of the reversal of the temporary differences and there are no plans of
distributions in the foreseeable future.
On 23 May 2023, the International Accounting Standards Board (the IASB or Board) issued International Tax
Reform \u2013 Pillar Two Model Rules \u2013 Amendments to IAS 12 which clarified the application of IAS 12 Income Taxes
arising from tax law enacted or substantively enacted to implement the OECD/G20 Inclusive Framework on
Base Erosion and Profit Shifting Pillar Two model rules.
Based on current information, management expects that the Company will be subject to the Pillar Two
Directive and implementing domestic laws in 2025, as it is the year the Company has met all requirements
under the Pillar Two legislation. The company is currently in the process of determining the impact, if any,
for 2025. Based on the preliminary analysis, we do not expect the Pillar Two Rules to have a material impact
on our effective tax rate.
It is unclear if the Pillar Two model rules create additional temporary differences, whether to remeasure
deferred taxes for the Pillar Two model rules, and which tax rate to use to measure deferred taxes. In
response to this unclarity, the amendments mentioned above introduced a mandatory temporary
exception to the requirements of IAS 12 under which a company does not recognize or disclose information
about deferred tax assets and liabilities related to the Pillar Two model rules. We continue to apply the
temporary exception for the year ended December 31, 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-511": { "value": "
23. Income taxes
Income taxes recognized in the income statements can be detailed as follows:
Year Ended December 31,
(in thousands of $)
2024
2023
2022
Current year
(53,462)
(9,592)
(27,162)
Income tax prior years
(383)
(2,080)
(12)
Current tax (expense)/benefit
(53,845)
(11,672)
(27,174)
Recognition of deferred tax assets
724,700
\u2013
\u2013
Originating and reversal of temporary differences
77,005
21,115
46,894
Deferred tax benefit
801,705
21,115
46,894
Total tax benefit
747,860
9,443
19,720
The difference between the provision for income taxes and the amount that would result from applying the
Dutch statutory tax rate to income before provision for income taxes is as follows:
Year Ended December 31,
(in thousands of $)
2024
2023
2022
(Profit)/Loss before taxes
(85,180)
304,496
729,314
Income tax (expense)/benefit calculated at the Dutch statutory federal
income tax rates
(21,977)
78,560
188,163
Effect of intercompany asset deal/transaction
\u2013
396
(112,200)
Effect of expenses not deductible in determining taxable results
(5,383)
(2,674)
(1,570)
Effect of share based payment expenses that are not deductible in
determining taxable results
(13,151)
(43,040)
(27,043)
Effect of stock issue expenses that are not taxable in determining taxable
results
\u2013
18,620
11,412
Effect of concessions
102,823
87,123
18,263
Effect of change of (de)recognition of deferred tax assets on tax losses
187,361
(2,282)
(194)
Effect of different tax rates in jurisdictions in which the company operates
4,169
(3,509)
(5,566)
Effect of change of (de)recognition of deferred tax assets
535,598
(124,457)
(51,320)
Effect of foreign exchange translation
(38,307)
\u2013
\u2013
Other 1)
(3,273)
706
(225)
Income tax (expense)/benefit recognized in the consolidated
statements of profit or loss
747,860
9,443
19,720
1) Comparative figures have been presented to be consistent with the one adopted in the current year.
Deferred tax assets are recognized to the extent that it is probable that sufficient taxable profits will be
available in the look-forward period. The Company believes that it is probable that sufficient future taxable
profits will be generated to support the recognized deferred tax asset for tax losses carried forward in
Belgium. As part of its assessment, the Company has taken into account recent taxable profits or losses,
forecasted operating profits and taxable earnings, U.S. based Product Net Sales from the commercialization
of the VYVGART franchise, evolution of the external competitive landscape, and likelihood that factors
contributing to past losses will not recur, while considering the risks and uncertainties associated with
those forecasts. We consider that the management forecasts used specifically in this assessment to be
reasonable, based on historical accuracy and alignment with external market data.
The Company considered ordering rules established by tax legislation Belgium noting that under Belgian
tax legislation, tax losses and Innovation Income Deduction can be carried forward indefinitely. Based on
the weight of available evidence, in the fourth quarter of 2024, the Company recognized a consolidated tax
benefit for previously unrecognized net deferred tax assets existing as of December 31, 2023 amounting to
$725 million. As of December 31, 2024, the Company\u2019s balance of net deferred tax assets for argenx BV
totaled $708 million.
During 2022, argenx Benelux BV transferred certain pipeline activities to argenx BV through a transfer of
assets, (hereafter referred to as \u201casset deal\u201d), for a total amount of $449 million. As a result of the asset
deal, argenx Benelux BV realized a capital gain on this intellectual property, which results in the rate
reconciling item categorized as \u201ceffect of intercompany asset deal/transaction\u201d.
The amount of deferred tax assets and liability by type of temporary difference can be detailed as follows:
As of December 31, 2024
(in thousands of $)
Assets
Liabilities
Net
Deferred tax assets/(liabilities)
Innovation income deduction
122,306
\u2013
122,306
Net operating loss carryforwards
177,599
\u2013
177,599
Capitalized R&D expenses
312,420
\u2013
312,420
Intangible assets
100,321
\u2013
100,321
Accruals and allowances
25,037
\u2013
25,037
Share-based payments
71,481
\u2013
71,481
Profit in inventory
110,474
\u2013
110,474
Other tax carryforwards
8,874
8,874
Property, plant and equipment
3,392
(3,012)
380
Non-current fixed assets
\u2013
(6,289)
(6,289)
Other
2,265
(569)
1,696
Netting by taxable entity
(9,870)
9,870
\u2013
Net deferred tax assets
924,299
\u2013
924,299
As of December 31, 2023
(in thousands of $)
Assets
Liabilities
Net
Deferred tax assets/(liabilities)
Accruals and allowances
13,189
\u2013
13,189
Share-based payments
23,310
\u2013
23,310
Profit in inventory
52,026
\u2013
52,026
Other tax carryforwards
6,339
\u2013
6,339
Property, plant and equipment
2,136
(1,550)
586
Non-current fixed assets
\u2013
(5,155)
(5,155)
Other
1,760
\u2013
1,760
Netting by taxable entity
(1,549)
1,550
1
Net deferred tax assets/(liabilities)
97,211
(5,155)
92,056
As of December 31, 2022
(in thousands of $)
Assets
Liabilities
Net
Deferred tax assets/(liabilities)
Accruals and allowances
8,884
\u2013
8,884
Share-based payments
26,887
\u2013
26,887
Profit in inventory
29,711
\u2013
29,711
R&D capitalized expense
11,316
\u2013
11,316
Property, plant and equipment
856
(549)
307
Intangible assets
\u2013
(3,430)
(3,430)
Non-current fixed assets
\u2013
(4,975)
(4,975)
Other
2,117
\u2013
2,117
Netting by taxable entity
(549)
549
\u2013
Net deferred tax assets/(liabilities)
79,222
(8,406)
70,817
The change in net deferred taxes recorded in the consolidated statements of financial position can be
detailed as follows:
(in thousands of $)
Deferred tax assets
Deferred tax liabilities
Balance on January 1, 2024
97,211
(5,155)
Recognized in profit or loss
758,264
5,155
Recognized in equity
30,846
\u2013
Effects of change in foreign exchange rate
37,978
\u2013
Balance on December 31, 2024
924,299
\u2013
(in thousands of $)
Deferred tax assets
Deferred tax liabilities
Balance on January 1, 2023
79,222
(8,406)
Recognized in profit or loss
17,685
3,430
Recognized in equity
381
\u2013
Effects of change in foreign exchange rate
(77)
(179)
Balance on December 31, 2023
97,211
(5,155)
(in thousands of $)
Deferred tax assets
Deferred tax liabilities
Balance on January 1, 2022
32,191
(6,438)
Recognized in profit or loss
49,075
(2,180)
Recognized in equity
(1,960)
\u2013
Effects of change in foreign exchange rate
(84)
212
Balance on December 31, 2022
79,222
(8,406)
The Company also has unrecognized tax losses carried forward in the Netherlands in the amount of $46
million as of December\u00a031, 2024, compared to $33 million on December\u00a031, 2023 and $35 million on
December\u00a031, 2022. These losses carried forward do not have an expiration date based upon the applicable
enacted tax legislation in the Netherlands.
As of December\u00a031, 2024, the Company has $125 million of undistributed earnings attributable to foreign
subsidiaries for which no provision for deferred tax liabilities have been recognized because the Company
has control over the timing of the reversal of the temporary differences and there are no plans of
distributions in the foreseeable future.
On 23 May 2023, the International Accounting Standards Board (the IASB or Board) issued International Tax
Reform \u2013 Pillar Two Model Rules \u2013 Amendments to IAS 12 which clarified the application of IAS 12 Income Taxes
arising from tax law enacted or substantively enacted to implement the OECD/G20 Inclusive Framework on
Base Erosion and Profit Shifting Pillar Two model rules.
Based on current information, management expects that the Company will be subject to the Pillar Two
Directive and implementing domestic laws in 2025, as it is the year the Company has met all requirements
under the Pillar Two legislation. The company is currently in the process of determining the impact, if any,
for 2025. Based on the preliminary analysis, we do not expect the Pillar Two Rules to have a material impact
on our effective tax rate.
It is unclear if the Pillar Two model rules create additional temporary differences, whether to remeasure
deferred taxes for the Pillar Two model rules, and which tax rate to use to measure deferred taxes. In
response to this unclarity, the amendments mentioned above introduced a mandatory temporary
exception to the requirements of IAS 12 under which a company does not recognize or disclose information
about deferred tax assets and liabilities related to the Pillar Two model rules. We continue to apply the
temporary exception for the year ended December 31, 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-513": { "value": "
24. Earnings per Share
Year Ended December 31
(in thousands of $ except for shares and EPS)
2024
2023
2022
Profit/(Loss) for the period
833,040
(295,053)
(709,594)
Weighted average number of shares outstanding
59,855,585
57,169,253
54,381,371
Basic profit/(loss) per share (in $)
13.92
(5.16)
(13.05)
Weighted average number of shares for purpose of diluted profit/(loss) per
share
65,177,815
57,169,253
54,381,371
Diluted profit/(loss) per share (in $)
12.78
(5.16)
(13.05)
Profit/(loss) per ordinary share is calculated by dividing the profit/(loss) for the period by the weighted
average number of ordinary shares during the year. Diluted profit/(loss) per share is calculated by adjusting
the weighted average number of shares by in the money outstanding dilutive stock options and RSUs.
As the Company reported a net loss in 2023 and 2022, stock options and RSUs have an anti-dilutive effect
rather than a dilutive effect. As such, there is no difference between basic and diluted loss per ordinary
share for those periods.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-515": { "value": "
25. Financial Risk Management
The financial risks are managed centrally. The Company coordinates the access to national and
international financial markets and considers and manages continuously the financial risks concerning the
Company\u2019s activities. These relate to credit risk, liquidity risk, interest rate risk and currency risk. The
Company does not buy or trade financial instruments for speculative purposes.
Categories of financial assets and liabilities:
Measurement
category
Carrying amount on December 31
(in thousands of $)
2024
2023
2022
Financial assets - non-current
FVTPL
25,549
21,715
21,715
Financial assets - non-current
FVTOCI
14,880
15,528
17,443
Research and development incentive receivables - non-
current
Amortized cost
94,854
76,706
47,488
Restricted cash - non-current
Amortized cost
1,964
2,419
1,736
Trade and other receivables
Amortized cost
904,471
496,687
275,697
Financial assets - current
FVTPL
\u2013
\u2013
46,162
Financial assets - current
Amortized cost
1,878,890
1,131,000
1,345,646
Research and development incentive receivables - current
Amortized cost
4,625
2,584
1,578
Cash and bank balances
Amortized cost
5,527
20,744
77,477
Cash equivalents
FVTPL
1,394,409
1,678,100
669,147
Cash equivalents
Amortized cost
100,000
350,000
54,116
Trade and other payables
Amortized cost
649,993
414,013
295,679
The carrying amounts of trade and other payables and trade and other receivables are considered to be the
same as their fair values, due to their short-term nature.
Financial assets held at fair value through profit or loss or OCI
Financial assets held at fair value through profit or loss or OCI consisted of equity instruments of listed and
non-listed companies and money market funds.
The Company has no restrictions on the sale of these equity instruments and the assets are not pledged
under any of its liabilities. These instruments are classified as financial assets held at fair value through
profit or loss or OCI which qualify for:
\u2022 Level 1 fair value measurement with respect to current financial assets and cash equivalents based upon
the closing price (net asset value) of such securities at each reporting date.
\u2022 Level 3 fair value measurement with respect to non-current financial assets.
The market price of these financial instruments might face fluctuations and might be affected by a variety
of factors, such as the global economic situation. Current financial assets and cash equivalents include
collective investment funds denominated in \u20ac and $ of which the underlying investments include bonds and
other international debt securities. Based on the weighted average maturity of the underlying instruments,
amongst others, these investments are either classified as current financial assets or cash equivalents.
The maximum exposure to credit risk is the carrying amount at reporting date.
The Company carried the following assets at fair value on December\u00a031, 2024, 2023 and 2022 respectively:
As of December 31, 2024
(in thousands of $)
Level\u00a01
Level\u00a02
Level\u00a03
Non-current financial assets
14,880
\u2013
25,549
Cash and cash equivalents
1,394,409
\u2013
\u2013
Assets carried at fair value
1,409,289
\u2013
25,549
As of December 31, 2023
(in thousands of $)
Level\u00a01
Level\u00a02
Level\u00a03
Non-current financial assets
15,528
\u2013
21,715
Cash and cash equivalents
1,678,100
\u2013
\u2013
Assets carried at fair value
1,693,628
\u2013
21,715
As of December 31, 2022
(in thousands of $)
Level\u00a01
Level\u00a02
Level\u00a03
Non-current financial assets
17,443
\u2013
21,715
Current financial assets
46,162
\u2013
\u2013
Cash and cash equivalents
669,147
\u2013
\u2013
Assets carried at fair value
732,752
\u2013
21,715
During the disclosed calendar\u00a0year, no transfers occurred between the applicable categories.
Non-current financial assets \u2013 Level 3
In March 2019, the Company entered into a license agreement with AgomAb Therapeutics NV for the use of
HGF-mimetic SIMPLE Antibodies\u2122, developed under the Company\u2019s Immunology Innovative Program. In
exchange for granting this license, the Company received a profit share in AgomAb Therapeutics NV. The
changes in the value of this investment are detailed in \u2018\u2018Note\u00a06\u00a0Other Non-Current Assets\u2019\u2019.
Non-current financial assets \u2013 Level 1
In January 2021, as part of the license agreement for the development and commercialization for
efgartigimod in Greater China, the Company obtained, amongst others, 568,182 newly issued Zai Lab
shares calculated at a price of $132 per share. The fair value of the equity instrument at period-end is
determined by reference to the closing price of such securities at each reporting date (classified as level 1 in
the fair value hierarchy), resulting in a change in fair value. The Company made the irrevocable election to
recognize subsequent changes in fair value through OCI.
Capital risk
The Company manages its capital to ensure that it will be able to continue as a going concern. The capital
structure of the Company consists of equity attributed to the holders of equity instruments of the
Company, such as capital, reserves and accumulated losses as mentioned in the consolidated statements of
changes in equity. The Company makes the necessary adjustments in light of changes in the economic
circumstances, risks associated to the different assets and the projected cash needs of the current and
projected research activities. On December\u00a031, 2024, cash and cash equivalents amounted to $1.5 billion,
current financial assets amounted to $1.9 billion and total capital amounted to $5.5 billion. The current
cash situation and the anticipated cash generation and usage are the most important parameters in
assessing the capital structure. The Company\u2019s objective is to maintain the capital structure at a level to be
able to finance its activities for at least twelve\u00a0months. Cash income from operations is taken into account
and, if needed and possible, the Company can issue new shares or enter into financing agreements.
Credit risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in
financial loss to the Company. The Company has adopted a policy of only dealing with creditworthy
counterparties and obtaining sufficient collateral, where appropriate, as a means of mitigating the risk of
financial loss from defaults. Concentrations in credit risk are determined based on an analysis of
counterparties and their importance on the overall outstanding contractual obligations at\u00a0year-end.
The Company's commercial revenue are concentrated as discussed in \u201cNote\u00a017\u00a0Segment Reporting\u201d, on a
limited number of U.S. customers with high quality creditworthiness. The Company sets customer specific
credit limits in order to reduce credit risk from commercial payers.
The Company applied the IFRS 9 simplified approach to measuring expected credit losses which uses a
lifetime expected loss allowance for all receivables. To measure the expected credit losses, receivables have
been grouped based on credit risk characteristics and the days past due. The provision for expected credit
losses was not significant given that there have been no credit losses over the last three years and the high
quality nature of the Company\u2019s customers.
Cash and cash equivalents and current financial assets are invested with several highly reputable banks and
financial institutions. The main purpose of the Cash Investment Policy is to preserve the available cash and
to ensure sufficient short-term liquidity at all times. Therefore, the Company holds its cash and cash
equivalents, in addition to current financial assets mainly with banks which are independently rated A- or
higher. Amounts of cash held with banks rated lower than A- are limited to insignificant balances. The
maximum amount and tenor of time deposits depends on the rating of the counterparty bank. The
Company also holds cash equivalents in the form of money market funds with a low historical volatility.
These money market funds are highly liquid investments and can be readily convertible into a known
amount of cash. The company has adopted a policy whereby money market funds must have a minimum
rating of A, and whereby 95% of its money market funds should have a AAA-rating.
Liquidity risk
The Company manages liquidity risk by maintaining adequate reserves, by continuously monitoring
forecast and actual cash flows, and by matching the maturity profile of financial assets and liabilities.
The Company\u2019s main sources of cash are the sale of commercial product and exercise of stock options. This
cash is invested in savings accounts, term accounts and money market funds. These money market funds
represent the majority of the Company\u2019s available sources of liquidity. Since all of these are immediately
tradable and convertible in cash they have an important mitigating effect on any short-term liquidity risk.
As of December 31, 2024, the Company had lines of credit totaling $16 million with the banks which were
not used as of year end.
Interest rate risk
The only variable interest-bearing financial instruments are cash and cash equivalents and current financial
assets. Changes in interest rates may cause variations in interest income resulting from short-term interest-
bearing assets. Lower short-term interests may have a negative impact on the interest income of the
Company.
For the year ended December\u00a031, 2024, if applicable interest rates would increase/decrease by 25 basis
points, this would have a positive/negative impact of $8 million (compared to $8 million for the year ended
December\u00a031, 2023 and $6 million for the year ended December\u00a031, 2022).
Foreign exchange risk
The Company undertakes transactions denominated in foreign currencies, causing exposures to exchange
rate fluctuations. The Company is mainly exposed to the Euro, Japanese yen, British pound and Swiss franc.
To limit this risk, the Company attempts to align incoming and outgoing cash flows in currencies other than
USD.
The net exposure to exchange differences of the monetary assets (being from cash and cash equivalents, in
addition to current financial assets) of the Company at the end of the reporting period are as follows:
As of December 31,
(in thousands of $)
2024
2023
2022
EUR
756,676
923,773
613,866
JPY
1,640
8,232
5,613
GBP
11
7
59,026
CHF
18
193
3,832
CAD
3
266
657
Other currencies
7
10
13
On December\u00a031, 2024, if the EUR would have strengthened/weakened versus the USD by 10%, this would
have had a negative/positive impact of $76 million, compared to $92 million and $61 million on
December\u00a031, 2023 and December\u00a031, 2022, respectively. On December\u00a031, 2024, if other currencies would
have strengthen/weakened against the USD by 10%, this would have had no significant impact.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-514": { "value": "
25. Financial Risk Management
The financial risks are managed centrally. The Company coordinates the access to national and
international financial markets and considers and manages continuously the financial risks concerning the
Company\u2019s activities. These relate to credit risk, liquidity risk, interest rate risk and currency risk. The
Company does not buy or trade financial instruments for speculative purposes.
Categories of financial assets and liabilities:
Measurement
category
Carrying amount on December 31
(in thousands of $)
2024
2023
2022
Financial assets - non-current
FVTPL
25,549
21,715
21,715
Financial assets - non-current
FVTOCI
14,880
15,528
17,443
Research and development incentive receivables - non-
current
Amortized cost
94,854
76,706
47,488
Restricted cash - non-current
Amortized cost
1,964
2,419
1,736
Trade and other receivables
Amortized cost
904,471
496,687
275,697
Financial assets - current
FVTPL
\u2013
\u2013
46,162
Financial assets - current
Amortized cost
1,878,890
1,131,000
1,345,646
Research and development incentive receivables - current
Amortized cost
4,625
2,584
1,578
Cash and bank balances
Amortized cost
5,527
20,744
77,477
Cash equivalents
FVTPL
1,394,409
1,678,100
669,147
Cash equivalents
Amortized cost
100,000
350,000
54,116
Trade and other payables
Amortized cost
649,993
414,013
295,679
The carrying amounts of trade and other payables and trade and other receivables are considered to be the
same as their fair values, due to their short-term nature.
Financial assets held at fair value through profit or loss or OCI
Financial assets held at fair value through profit or loss or OCI consisted of equity instruments of listed and
non-listed companies and money market funds.
The Company has no restrictions on the sale of these equity instruments and the assets are not pledged
under any of its liabilities. These instruments are classified as financial assets held at fair value through
profit or loss or OCI which qualify for:
\u2022 Level 1 fair value measurement with respect to current financial assets and cash equivalents based upon
the closing price (net asset value) of such securities at each reporting date.
\u2022 Level 3 fair value measurement with respect to non-current financial assets.
The market price of these financial instruments might face fluctuations and might be affected by a variety
of factors, such as the global economic situation. Current financial assets and cash equivalents include
collective investment funds denominated in \u20ac and $ of which the underlying investments include bonds and
other international debt securities. Based on the weighted average maturity of the underlying instruments,
amongst others, these investments are either classified as current financial assets or cash equivalents.
The maximum exposure to credit risk is the carrying amount at reporting date.
The Company carried the following assets at fair value on December\u00a031, 2024, 2023 and 2022 respectively:
As of December 31, 2024
(in thousands of $)
Level\u00a01
Level\u00a02
Level\u00a03
Non-current financial assets
14,880
\u2013
25,549
Cash and cash equivalents
1,394,409
\u2013
\u2013
Assets carried at fair value
1,409,289
\u2013
25,549
As of December 31, 2023
(in thousands of $)
Level\u00a01
Level\u00a02
Level\u00a03
Non-current financial assets
15,528
\u2013
21,715
Cash and cash equivalents
1,678,100
\u2013
\u2013
Assets carried at fair value
1,693,628
\u2013
21,715
As of December 31, 2022
(in thousands of $)
Level\u00a01
Level\u00a02
Level\u00a03
Non-current financial assets
17,443
\u2013
21,715
Current financial assets
46,162
\u2013
\u2013
Cash and cash equivalents
669,147
\u2013
\u2013
Assets carried at fair value
732,752
\u2013
21,715
During the disclosed calendar\u00a0year, no transfers occurred between the applicable categories.
Non-current financial assets \u2013 Level 3
In March 2019, the Company entered into a license agreement with AgomAb Therapeutics NV for the use of
HGF-mimetic SIMPLE Antibodies\u2122, developed under the Company\u2019s Immunology Innovative Program. In
exchange for granting this license, the Company received a profit share in AgomAb Therapeutics NV. The
changes in the value of this investment are detailed in \u2018\u2018Note\u00a06\u00a0Other Non-Current Assets\u2019\u2019.
Non-current financial assets \u2013 Level 1
In January 2021, as part of the license agreement for the development and commercialization for
efgartigimod in Greater China, the Company obtained, amongst others, 568,182 newly issued Zai Lab
shares calculated at a price of $132 per share. The fair value of the equity instrument at period-end is
determined by reference to the closing price of such securities at each reporting date (classified as level 1 in
the fair value hierarchy), resulting in a change in fair value. The Company made the irrevocable election to
recognize subsequent changes in fair value through OCI.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-516": { "value": "
Capital risk
The Company manages its capital to ensure that it will be able to continue as a going concern. The capital
structure of the Company consists of equity attributed to the holders of equity instruments of the
Company, such as capital, reserves and accumulated losses as mentioned in the consolidated statements of
changes in equity. The Company makes the necessary adjustments in light of changes in the economic
circumstances, risks associated to the different assets and the projected cash needs of the current and
projected research activities. On December\u00a031, 2024, cash and cash equivalents amounted to $1.5 billion,
current financial assets amounted to $1.9 billion and total capital amounted to $5.5 billion. The current
cash situation and the anticipated cash generation and usage are the most important parameters in
assessing the capital structure. The Company\u2019s objective is to maintain the capital structure at a level to be
able to finance its activities for at least twelve\u00a0months. Cash income from operations is taken into account
and, if needed and possible, the Company can issue new shares or enter into financing agreements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-517": { "value": "
Credit risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in
financial loss to the Company. The Company has adopted a policy of only dealing with creditworthy
counterparties and obtaining sufficient collateral, where appropriate, as a means of mitigating the risk of
financial loss from defaults. Concentrations in credit risk are determined based on an analysis of
counterparties and their importance on the overall outstanding contractual obligations at\u00a0year-end.
The Company's commercial revenue are concentrated as discussed in \u201cNote\u00a017\u00a0Segment Reporting\u201d, on a
limited number of U.S. customers with high quality creditworthiness. The Company sets customer specific
credit limits in order to reduce credit risk from commercial payers.
The Company applied the IFRS 9 simplified approach to measuring expected credit losses which uses a
lifetime expected loss allowance for all receivables. To measure the expected credit losses, receivables have
been grouped based on credit risk characteristics and the days past due. The provision for expected credit
losses was not significant given that there have been no credit losses over the last three years and the high
quality nature of the Company\u2019s customers.
Cash and cash equivalents and current financial assets are invested with several highly reputable banks and
financial institutions. The main purpose of the Cash Investment Policy is to preserve the available cash and
to ensure sufficient short-term liquidity at all times. Therefore, the Company holds its cash and cash
equivalents, in addition to current financial assets mainly with banks which are independently rated A- or
higher. Amounts of cash held with banks rated lower than A- are limited to insignificant balances. The
maximum amount and tenor of time deposits depends on the rating of the counterparty bank. The
Company also holds cash equivalents in the form of money market funds with a low historical volatility.
These money market funds are highly liquid investments and can be readily convertible into a known
amount of cash. The company has adopted a policy whereby money market funds must have a minimum
rating of A, and whereby 95% of its money market funds should have a AAA-rating.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-518": { "value": "
Liquidity risk
The Company manages liquidity risk by maintaining adequate reserves, by continuously monitoring
forecast and actual cash flows, and by matching the maturity profile of financial assets and liabilities.
The Company\u2019s main sources of cash are the sale of commercial product and exercise of stock options. This
cash is invested in savings accounts, term accounts and money market funds. These money market funds
represent the majority of the Company\u2019s available sources of liquidity. Since all of these are immediately
tradable and convertible in cash they have an important mitigating effect on any short-term liquidity risk.
As of December 31, 2024, the Company had lines of credit totaling $16 million with the banks which were
not used as of year end.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-519": { "value": "
Interest rate risk
The only variable interest-bearing financial instruments are cash and cash equivalents and current financial
assets. Changes in interest rates may cause variations in interest income resulting from short-term interest-
bearing assets. Lower short-term interests may have a negative impact on the interest income of the
Company.
For the year ended December\u00a031, 2024, if applicable interest rates would increase/decrease by 25 basis
points, this would have a positive/negative impact of $8 million (compared to $8 million for the year ended
December\u00a031, 2023 and $6 million for the year ended December\u00a031, 2022).
Foreign exchange risk
The Company undertakes transactions denominated in foreign currencies, causing exposures to exchange
rate fluctuations. The Company is mainly exposed to the Euro, Japanese yen, British pound and Swiss franc.
To limit this risk, the Company attempts to align incoming and outgoing cash flows in currencies other than
USD.
The net exposure to exchange differences of the monetary assets (being from cash and cash equivalents, in
addition to current financial assets) of the Company at the end of the reporting period are as follows:
As of December 31,
(in thousands of $)
2024
2023
2022
EUR
756,676
923,773
613,866
JPY
1,640
8,232
5,613
GBP
11
7
59,026
CHF
18
193
3,832
CAD
3
266
657
Other currencies
7
10
13
On December\u00a031, 2024, if the EUR would have strengthened/weakened versus the USD by 10%, this would
have had a negative/positive impact of $76 million, compared to $92 million and $61 million on
December\u00a031, 2023 and December\u00a031, 2022, respectively. On December\u00a031, 2024, if other currencies would
have strengthen/weakened against the USD by 10%, this would have had no significant impact.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-520": { "value": "
26. Related Party Transactions
26.1 Relationship and transactions with joint venture entity
In 2022, the University of Colorado Anschutz Medical Campus and the University of Colorado Health
(UCHealth) created an asset-centric spin-off, OncoVerity, Inc (OncoVerity), focused on optimizing and
advancing the development of cusatuzumab, a novel anti-CD70 antibody, in 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.
argenx contributed $7 million in 2024 ($13 million and $2 million in 2023 and 2022 respectively).
The investment has been accounted under IAS 28 Investment in associates and Joint Ventures using the
equity method of accounting and has been designated as an \u201cInvestment in a joint venture\u201d in the
consolidated statements of financial position. The share of net loss resulting from investment in joint
ventures is presented in consolidated statements of profit or loss and the consolidated statements of other
comprehensive income or loss in line \u201cLoss from investment in a joint venture\u201d. The cash contributions
made by the Company to the Joint Venture is reported under Cash flow from investing activities under
\u201cInvestment in a joint venture\u201d.
26.2 Relationship and transactions with subsidiaries
See \u2018\u2018Note\u00a030\u00a0Overview of Consolidation Scope\u2019\u2019 for an overview of the consolidated companies of the
group, which are all wholly-owned subsidiaries of argenx SE.
Balances and transactions between the Company and its subsidiaries, which are related parties of the
Company, have been eliminated on consolidation and are not disclosed in this note.
26.3 Relationship and transactions with key personnel
The Company\u2019s key management personnel consists of the members of the management team and the
members of the board of directors.
Remuneration of key management personnel
On December\u00a031, 2024, the Senior Management Team consisted of 8 members: Chief Executive Officer,
Chief Operating Officer, Chief Financial Officer, Chief Scientific Officer, General Counsel, Chief Medical
Officer, Vice President Corporate Development and Strategy and Global Head of Quality Assurance. They
provide their services on a full-time basis.
On December\u00a031, 2024, the board of directors consisted of 10 members: Mr. Peter Verhaeghe,
Dr.\u00a0Donald\u00a0deBethizy, Dr. Pamela Klein, Anthony Rosenberg, James Daly, Camilla Sylvest, Dr. Brian\u00a0Kotzin,
Dr.\u00a0Ana\u00a0Cespedes, Mr. Steve Krognes and Tim Van Hauwermeiren.
Only the Chief Executive Officer is a member of both the Senior Management Team and the board of
directors. The Chief Executive Officer does not receive any remuneration for his board membership, as this
is part of his total remuneration package in his capacity as member of the Senior Management Team.
The remuneration package of the members of key management personnel comprises:
Year Ended December 31,
(in thousands of $, except for the number of stock options & RSUs)
2024
2023
2022
Remuneration of key management personnel
Short-term benefits for the Senior Management Team
Gross salary
4,529
4,161
4,199
Variable pay
3,084
2,816
3,077
Employer social security
1,473
807
1,015
Other short term benefits
672
545
372
Termination Benefits
\u2013
\u2013
\u2013
Post-employment benefits for the Senior Management Team
274
167
104
Cost of stock options granted in the year for the Senior Management Team
17,758
27,983
18,393
Cost of restricted stock units granted in the year for the Senior Management
Team
16,211
11,694
9,594
Employer social security cost related to stock options
2,825
(494)
1,101
Total benefits for key management personnel
46,826
47,679
37,855
Numbers of stock options granted in the year
Senior Management Team
98,306
132,100
117,600
Numbers of restricted stock units granted in the year
Senior Management Team
36,365
30,425
26,500
Remuneration of Non-Executive Directors
Board fees and other short-term benefits for Non-Executive Directors
731
533
437
Cost of stock options granted in the year for Non-Executive Directors
\u2013
2,280
3,643
Cost of restricted stock units granted in the year for Non-Executive Directors
4,511
1,034
1,850
Total benefits for Non-Executive Directors
5,242
3,847
5,929
Numbers of stock options granted in the year
Non-Executive Directors
\u2013
12,400
21,600
Numbers of restricted stock units granted in the year
Non-Executive Directors
10,118
2,713
4,800
Other
No loans, quasi-loans or other guarantees were given by the Company or any of its subsidiaries to
members of the board of directors or the Senior Management Team. We have not entered into transactions
with the Company\u2019s key management personnel, other than as described above with respect to
remuneration arrangements relating to the exercise of their mandates as members of the Senior
Management Team and the board of directors.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-521": { "value": "
26.1 Relationship and transactions with joint venture entity
In 2022, the University of Colorado Anschutz Medical Campus and the University of Colorado Health
(UCHealth) created an asset-centric spin-off, OncoVerity, Inc (OncoVerity), focused on optimizing and
advancing the development of cusatuzumab, a novel anti-CD70 antibody, in 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.
argenx contributed $7 million in 2024 ($13 million and $2 million in 2023 and 2022 respectively).
The investment has been accounted under IAS 28 Investment in associates and Joint Ventures using the
equity method of accounting and has been designated as an \u201cInvestment in a joint venture\u201d in the
consolidated statements of financial position. The share of net loss resulting from investment in joint
ventures is presented in consolidated statements of profit or loss and the consolidated statements of other
comprehensive income or loss in line \u201cLoss from investment in a joint venture\u201d. The cash contributions
made by the Company to the Joint Venture is reported under Cash flow from investing activities under
\u201cInvestment in a joint venture\u201d.
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-522": { "value": "
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 \u201cInvestment in a joint venture\u201d in the
consolidated statements of financial position. The share of net loss resulting from investment in joint
ventures is presented in consolidated statements of profit or loss and the consolidated statements of other
comprehensive income or loss in line \u201cLoss from investment in a joint venture\u201d. The cash contributions
made by the Company to the Joint Venture is reported under Cash flow from investing activities under
\u201cInvestment in a joint venture\u201d.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-523": { "value": "argenx SE", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-524": { "value": "argenx SE", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-525": { "value": "
26.3 Relationship and transactions with key personnel
The Company\u2019s key management personnel consists of the members of the management team and the
members of the board of directors.
Remuneration of key management personnel
On December\u00a031, 2024, the Senior Management Team consisted of 8 members: Chief Executive Officer,
Chief Operating Officer, Chief Financial Officer, Chief Scientific Officer, General Counsel, Chief Medical
Officer, Vice President Corporate Development and Strategy and Global Head of Quality Assurance. They
provide their services on a full-time basis.
On December\u00a031, 2024, the board of directors consisted of 10 members: Mr. Peter Verhaeghe,
Dr.\u00a0Donald\u00a0deBethizy, Dr. Pamela Klein, Anthony Rosenberg, James Daly, Camilla Sylvest, Dr. Brian\u00a0Kotzin,
Dr.\u00a0Ana\u00a0Cespedes, Mr. Steve Krognes and Tim Van Hauwermeiren.
Only the Chief Executive Officer is a member of both the Senior Management Team and the board of
directors. The Chief Executive Officer does not receive any remuneration for his board membership, as this
is part of his total remuneration package in his capacity as member of the Senior Management Team.
The remuneration package of the members of key management personnel comprises:
Year Ended December 31,
(in thousands of $, except for the number of stock options & RSUs)
2024
2023
2022
Remuneration of key management personnel
Short-term benefits for the Senior Management Team
Gross salary
4,529
4,161
4,199
Variable pay
3,084
2,816
3,077
Employer social security
1,473
807
1,015
Other short term benefits
672
545
372
Termination Benefits
\u2013
\u2013
\u2013
Post-employment benefits for the Senior Management Team
274
167
104
Cost of stock options granted in the year for the Senior Management Team
17,758
27,983
18,393
Cost of restricted stock units granted in the year for the Senior Management
Team
16,211
11,694
9,594
Employer social security cost related to stock options
2,825
(494)
1,101
Total benefits for key management personnel
46,826
47,679
37,855
Numbers of stock options granted in the year
Senior Management Team
98,306
132,100
117,600
Numbers of restricted stock units granted in the year
Senior Management Team
36,365
30,425
26,500
Remuneration of Non-Executive Directors
Board fees and other short-term benefits for Non-Executive Directors
731
533
437
Cost of stock options granted in the year for Non-Executive Directors
\u2013
2,280
3,643
Cost of restricted stock units granted in the year for Non-Executive Directors
4,511
1,034
1,850
Total benefits for Non-Executive Directors
5,242
3,847
5,929
Numbers of stock options granted in the year
Non-Executive Directors
\u2013
12,400
21,600
Numbers of restricted stock units granted in the year
Non-Executive Directors
10,118
2,713
4,800
Other
No loans, quasi-loans or other guarantees were given by the Company or any of its subsidiaries to
members of the board of directors or the Senior Management Team. We have not entered into transactions
with the Company\u2019s key management personnel, other than as described above with respect to
remuneration arrangements relating to the exercise of their mandates as members of the Senior
Management Team and the board of directors.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-528": { "value": "
27. Contingencies
The Company is currently not facing any outstanding claims or litigation that may have a significant adverse
impact on the Company\u2019s consolidated financial position.
28. Commitments
At 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 $95 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\u2019s 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 $496 million.
As of December\u00a031, 2024, the Company had a line of credit totaling $16 million with the banks.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-527": { "value": "
27. Contingencies
The Company is currently not facing any outstanding claims or litigation that may have a significant adverse
impact on the Company\u2019s consolidated financial position.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-526": { "value": "
27. Contingencies
The Company is currently not facing any outstanding claims or litigation that may have a significant adverse
impact on the Company\u2019s consolidated financial position.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-529": { "value": "
28. Commitments
At 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 $95 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\u2019s 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 $496 million.
As of December\u00a031, 2024, the Company had a line of credit totaling $16 million with the banks.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-530": { "value": "
29. Audit Fees
The following auditors\u2019 fees were expensed in the consolidated statements of profit or loss and the
consolidated statements of other comprehensive income or loss:
Year Ended December 31,
(in thousands of\u00a0$)
2024
2023
2022
Audit fees 1)
2,657
1,979
1,394
Audit-related fees
597
330
380
Total
3,254
2,309
1,774
1) Audit services performed by Deloitte Accountants B.V. as the external auditor referred to in Section\u00a01 of the Dutch Accounting Firms Oversight Act
(Wta) as well as by the Deloitte network.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-531": { "value": "
30. Overview of Consolidation Scope
The parent company argenx SE is domiciled in The Netherlands. The Company, argenx SE, has one
subsidiary, argenx BV, which is based in Belgium. argenx BV has fourteen subsidiaries. Details of the
Company\u2019s consolidated entities at the end of the reporting period are as follows:
Name
Country
Participation
argenx SE
The Netherlands
100%
argenx B.V.
Belgium
100%
argenx Benelux B.V.
Belgium
100%
argenx US, Inc.
USA
100%
argenx Switzerland, S.A.
Switzerland
100%
argenx Japan KK.
Japan
100%
argenx France SAS
France
100%
argenx Germany GmbH
Germany
100%
argenx Canada Inc.
Canada
100%
argenx UK Ltd.
United Kingdom
100%
argenx Netherlands Services B.V.
The Netherlands
100%
argenx Italy S.r.l.
Italy
100%
argenx Spain S.L.
Spain
100%
argenx Australia Pty. Ltd.
Australia
100%
argenx Spain S.L. - Sucursal em Portugal
Portugal
100%
argenx Austria Services GmbH
Austria
100%
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31. Events After the Balance Sheet Date
No events have occurred after the balance sheet date that could have a material impact on the
consolidated financial statements.
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