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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\u00a0EB\u00a0Amsterdam, the Netherlands. An overview of the
company and its subsidiaries (the Company) are described in \u2018\u2018Note\u00a029\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.
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", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-419": { "value": "argenx SE", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-420": { "value": "Dutch European public company with limited liability", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-421": { "value": "Netherlands", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-422": { "value": "Netherlands", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-423": { "value": "Laarderhoogtweg 25, 1101\u00a0EB\u00a0Amsterdam, the Netherlands", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-424": { "value": "
2. Material Accounting Policy Information
The Company\u2019s material accounting policies are summarized below.
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 or the asset is ready for its intended use, but they are evaluated for potential
impairment on an annual basis or when facts and circumstances may indicate a risk of impairment. Any
impairment charge is recorded in the consolidated statements of profit or loss and the consolidated
statements of other comprehensive income or loss under \u201cResearch and development expense\u201d. Once an
asset included in \u201cAcquired In-Process R&D\u201d has received marketing approval from a regulatory authority or
is ready for its intended use, 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 for assets which are
currently generating product net sales. \u201cAcquired R&D available for use\u201d is amortized under \u201cCost of sales\u201d
for assets which are currently generating product net sales on a straight-line basis over the estimated
useful life, being the longer of the current patent protection life of the acquired R&D and patent protection
life of the combined product. Impairment and amortization relating to assets available for use but not
generating sales are recorded under \u201cResearch & Development Expenses\u201d.
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 valued at the lower of cost and net realizable value. Costs incurred in bringing each product
to its present location and condition are accounted for, and include purchase cost, cost of direct materials
and labor, and a proportion of manufacturing overheads based on the normal operating capacity. Net
realizable value is the estimated selling price in the ordinary course of business, less estimated costs of
completion and the estimated costs necessary to make the sale. When the net realizable value falls below
the carrying amount, or when inventories become obsolete or excessive, a write-down is recognized.
Inventories include products which could be used, besides in commercial activities, in preclinical and clinical
programs, in free-of-charge, compassionate use or pre-approval access program. These products, when
they are used, are expensed either through \u201cResearch & development expenses\u201d or \u201cSelling, general and
administrative expenses\u201d.
The Company capitalizes inventory costs associated with products prior to the regulatory approval of these
products, or for inventory produced in production facilities not yet approved, when it is highly probable that
the pre-approval inventories will be sellable. The determination to capitalize is based on the particular facts
and circumstances relating to the expected regulatory approval of the product or production facility being
considered. The assessment of whether or not the product is considered highly probable to be sellable is
made and includes, but is not limited to, how far a particular product or facility has progressed along the
approval process, any known safety or efficacy concern and other impediments.
Capitalized costs related to pre-launch inventories could be written down upon a change in facts and
circumstances. The write-down would be recorded under \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 and under \u201cFinancial income\u2019\u2019 in the Consolidated Statement of Profit or Loss.
2.10 Cash and cash equivalents
Cash are financial assets measured at amortized cost and comprise of cash at bank.
Cash equivalents measured at amortized cost comprise of term accounts that have an initial maturity of
less than three months that are subject to an insignificant risk of changes in values.
Cash equivalents are determined at inception and measured at fair value through profit or loss comprise of
money market funds that are readily convertible to cash. They are subject to insignificant risk of changes in
value and which are used by the Company in the management of its short-term commitments.
Cash and cash equivalents exclude restricted cash, which is presented in the consolidated statements of
financial position under the line \u201cOther non-current assets\u201d.
Interests on Cash and cash equivalents is reported under Cash Flow from investment activities under
\u201cInterest received\u201d and under \u201cFinancial income\u2019\u2019 in the Consolidated Statement of Profit or Loss.
2.11 Trade and other payables
Trade and other payables are comprised of liabilities that are due less than one year from the balance
sheet date and are in general not interest bearing and settled on an ongoing basis during the financial year.
They also include accrued expenses related to the Company\u2019s operating activities. Trade and other payables
are initially measured at their transaction price, which are subsequent to initial recognition measured at
amortized cost.
Short-term employee benefits include payables and accruals for salaries and bonuses to be paid to the
employees of the Company. They are recognized as expenses for the period in which employees perform
the corresponding services.
2.12 Leases
The Company assesses at contract inception whether a contract is, or contains, a lease. That is, if the
contract conveys the right to control the use of an identified asset for a period of time in exchange for
consideration.
The Company applies a single recognition and measurement approach for all leases, except for short-term
leases and leases of low-value assets. The Company recognizes lease liabilities to make lease payments and
right-of-use assets representing the right to use the underlying assets.
The Company recognizes right-of-use assets at the commencement date of the lease (i.e., the date the
underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated
depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of
right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease
payments made at or before the commencement date less any lease incentives received. Right-of-use
assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful
lives of the assets, as follows:
\u2022 Buildings2 to 15 years
\u2022 Vehicles2 to 4 years
\u2022 Equipment2 to 5 years
If ownership of the leased asset transfers to the Company at the end of the lease term or the cost reflects
the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset.
The Company\u2019s right-of-use assets are included in \u201cProperty, Plant and Equipment\u201d.
At the commencement date of the lease, the Company recognizes lease liabilities measured at the present
value of lease payments to be made over the lease term. The lease payments include fixed payments, and
payments of penalties for terminating the lease, if the lease term reflects the Company exercising the
option to terminate.
In calculating the present value of of lease payments, the Company uses its incremental borrowing rate at
the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the
commencement date, the amount of lease liabilities is reduced for the lease payments made. In addition,
the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a
change in the lease payments, or a change in the assessment of an option to purchase the underlying asset.
The Company\u2019s lease liabilities are included in \u201cLease Liabilities Non-Current\u201d and \u201cLease Liabilities Current\u201d.
The Company applies the short-term lease recognition exemption (i.e., those leases that have a lease term
of 12 months or less from the commencement date and do not contain a purchase option) and the lease of
low-value assets recognition exemption to leases that are considered to be of low value. Lease payments
on short-term leases and leases of low-value assets are recognized as expense within the operating
category in the statement of profit or loss, on a straight-line basis over the lease term.
2.13 Financial instruments
Financial instruments are initially recognized either at fair value or at transaction price and subsequently
measured at either amortized cost or fair value under IFRS 9 on the basis of both the Company\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, 2025, no profits
were available for distribution.
2.15 Share-based payments
Equity-settled share-based payments to employees and others providing similar services are measured at
the fair value of the equity instruments at the acceptance date. Equity settled share-based payments
includes expenses related to stock options, restricted stock units and performance stock units granted by
the Company.
The fair value determined at the acceptance date of the equity-settled share-based payments is expensed
over the vesting period, based on the Company\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 and
intention to offset the income taxes and relates to same tax jurisdiction.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in
which the liability is settled or the asset realized, based on tax rates (and tax laws) that have been enacted
or substantially enacted by the end of the reporting period.
The Company records uncertain tax positions in accordance with IAS 12 Income Taxes using the two-step
test whereby (1) the Company determines whether it is probable that the tax positions will be accepted by
relevant taxing authorities, and (2) for those tax positions that are not probable that a tax authority will
accept in full the position, the Company recognizes uncertain tax positions using either the most likely
amount or the expected value, depending on specific facts and circumstances.
2.17 Product net sales
Revenue from the sale of products is recognized at an amount that reflects the consideration that the
Company expects to be entitled to receive in exchange for transferring goods to a customer, at the time
when the customer obtains control of the goods rendered. The consideration that is committed in a
contract with a customer can include fixed amounts, variable amounts, or both. The amount of the
consideration may vary due to discounts, rebates, returns, chargebacks or other similar items. Contingent
consideration is included in the transaction price when it is highly probable that the amount of revenue
recognized is not subject to significant future reversals.
Product net sales are recognized once we satisfy the performance obligation at a point in time under the
revenue recognition criteria in accordance with IFRS 15 Revenue from contracts with customers.
Revenue arising from the sale of commercial product is presented in the consolidated statements of profit
or loss and the consolidated statements of other comprehensive income or loss under \u201cProduct net sales\u201d.
In accordance with IFRS 15, such revenue is recognized when the product is transferred, in accordance with
the delivery and acceptance terms agreed with the customer. Payment of the transaction price is payable as
from the point the customer obtains the legal title to the goods. A deferred revenue is recognized if the
Company receives consideration, or has an unconditional right to receive revenue, prior to the completion
of all performance obligation.
The amount of revenue recognized reflects the various types of price reductions or rights of return offered
by the Company to its customers. Such price reductions and rights of return qualify as variable
consideration under IFRS 15.
Products sold are covered by various Government and State programs for which specific discounts are
applied. Rebates are granted to healthcare authorities, and under contractual arrangements with certain
customers. Some wholesalers are entitled to chargeback incentives based on the selling price to the end
customer, under specific contractual arrangements. Rebates, chargebacks and other incentives are
recognized in the period in which the underlying sales are recognized as a reduction of product sales.
The significant components of variable consideration are as follows:
Rebates & Discounts: We are subject to government mandated rebates & discounts in multiple
jurisdictions globally including in the U.S. for Medicaid Drug Rebate Program, Medicare Part D Manufacturer
Discount Program, and other government health care programs. Rebate amounts are based upon
contractual agreements and/or legal requirements with public sector benefit providers. We use the
expected-value method for estimating these rebates.
The structure of the Medicare Part D Manufacturer Discount Program was updated to reflect provisions of
the Inflation Reduction Act of 2022 (IRA) that became effective January 1, 2025.\u00a0 The Part D redesign sunset
the Coverage Gap Discount Program (CGDP) and established the Manufacturer Discount Program. The
Medicare Part D Manufacturer Discount Program is a federal program to subsidize the costs of prescription
drugs for Medicare beneficiaries in the U.S., which mandates manufacturers to fund a portion of the
Medicare Part D coverage for prescription drugs sold to eligible patients.
The expected utilization is estimated based on available third-party data and/or historical data. Estimates
for these rebates and discounts are adjusted quarterly to reflect the most recent information. We record an
accrued liability and reduction of product sales for unpaid rebates related to products for which control has
been transferred to customers.
Commercial Rebates: Commercial rebates are arrangements with third party payors where the Company
will pay the third-party payors rebates and other fees on eligible purchases of the Company\u2019s product. In
consideration for the rebates and fees paid, the third-party payors will cover its\u2019 patient purchases made of
the Company\u2019s products. The rebates and fees paid will be treated as variable consideration and a
reduction to the transaction price. We use the expected-value method for estimating the ultimate rebate
and fee paid, which are based on the volume of product sold. We apply the applicable rebate rate against a
payor mix factor for the relevant patient populations and to the vials sold in the effective plan year of the
rebate to derive a liability recorded. Estimates for these agreements are adjusted quarterly to reflect the
most recent information. We record an accrued liability for unpaid commercial rebates.
Chargebacks: Chargebacks are discounts that occur in multiple jurisdictions globally, whereby contracted
parties purchase directly from a specialty distributor. Contracted parties primarily consist of public health
service institutions and government entities. In the U.S., 340B and Veterans Affairs (VA) chargebacks are
initiated through arrangements between manufacturers and the government, for which the product is
purchased at an agreed discounted price. The reserves for chargeback are based on known sales to
contracted parties. We establish the reserves for chargebacks in the same period that the related revenue
is recognized, resulting in an accrued liability and reduction of product gross sales.
Distributor fees: Specialty distributors provide distribution services to the Company for a fee, based on a
contractually determined fixed percentage of sales. As the services being provided by the specialty
distributor are not distinct, the recurring service fees paid to specialty distributors are treated as variable
consideration and a reduction to the transaction price. We estimate these distributor fees and record such
estimates in the same period the related revenue is recognized, resulting in a reduction of product gross
sales. We record an accrued liability for unpaid distributor fees.
Other components of the variable considerations include co-pay assistance program, Medicare Part B
discarded drug refund program in the U.S., and product returns.
The estimated amounts described above are recognized in the consolidated statements of profit or loss
and the consolidated statements of other comprehensive income or loss within \u201cProduct net sales\u201d as a
reduction of gross sales, and generally 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.
The Company has determined that sales rebates and reserves constitute a major source of estimation
uncertainty as disclosed in \u2018\u2018Note\u00a03\u00a0Critical accounting judgments and major sources of estimation
uncertainty\u2019\u2019. The major source of estimation uncertainty has been isolated to rebates and chargebacks as
disclosed in \u2018\u2018Note\u00a014\u00a0Trade and Other Payables\u2019\u2019. If management\u2019s estimates differ from actual results, we
will record adjustments that would affect product sales in the period of adjustment.
2.18 Other operating income - Collaboration and license agreements
Amongst the Company\u2019s collaboration and license agreements in scope of IFRS 15, the following two have
generated revenue in the reporting periods:
Zai Lab
Under the collaboration agreement, the Company provides clinical and commercial supply to Zai Lab. The
Company concludes to recognize such sales as revenue given that the Company acts as principal in the
transaction as the risk related to inventory is borne by the Company until the inventory is transferred to Zai
Lab. The revenue related to clinical supply is recorded under line item \u201cOther operating income\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 or sales-based milestones on sales made in
China is recorded under line item \u201cOther operating income\u201d.
AbbVie
For the AbbVie Collaboration Agreement the Company has determined that the transfer of license
combined with the performance of research and development activities represent one single performance
obligation. The Company concluded that the license is not distinct in the context of the contract.
The transaction price is composed of a fixed part, being an upfront license fee, and a variable part, being
milestone payments and cost reimbursements for research and development activities delivered. Milestone
payments are only included in the transaction price to the extent it is highly probable that a significant
reversal in the amount of cumulative revenue recognition will not occur when the uncertainty associated
with the variable consideration is subsequently resolved. Management estimates the amount to be
included in the transaction price upon achievement of the milestone event. Sales-based milestones and
sales-based royalties are a part of the Company\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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-425": { "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 18, 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-426": { "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.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-427": { "value": ".
The consolidated financial statements have been approved for issue by the Company\u2019s Board of Directors
(the \u201cBoard\u201d) on March 18, 2026", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-429": { "value": "
2.2 Adoption of new and revised standards
New standards and interpretations applicable for the annual period beginning on January\u00a01, 2025
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, 2025. Their adoption has not had any
material impact on the disclosures or on the amounts reported in these consolidated financial statements.
New standards and interpretations issued, but not yet applicable for the annual period beginning
on January\u00a01, 2025
\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.
The Company is currently working to identify all impacts the new standard and amendments will have on
the primary financial statements and notes to the financial statements. The initial expected material impact
on the Company\u2019s financial statements is, as follows:
\u2022 Foreign exchange differences will be classified in the same category as the income and expenses from
the items giving rising to the foreign exchange differences.
\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 annual
periods starting on or after 1 January 2026.
The Company does not anticipate that the amendments will have a material effect on the Company\u2019s
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:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-428": { "value": "
2.2 Adoption of new and revised standards
New standards and interpretations applicable for the annual period beginning on January\u00a01, 2025
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, 2025. Their adoption has not had any
material impact on the disclosures or on the amounts reported in these consolidated financial statements.
New standards and interpretations issued, but not yet applicable for the annual period beginning
on January\u00a01, 2025
\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.
The Company is currently working to identify all impacts the new standard and amendments will have on
the primary financial statements and notes to the financial statements. The initial expected material impact
on the Company\u2019s financial statements is, as follows:
\u2022 Foreign exchange differences will be classified in the same category as the income and expenses from
the items giving rising to the foreign exchange differences.
\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 annual
periods starting on or after 1 January 2026.
The Company does not anticipate that the amendments will have a material effect on the Company\u2019s
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-431": { "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:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-430": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-432": { "value": "
2.3 Basis of consolidation
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-433": { "value": "
2.4 Foreign currency transactions
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-434": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-436": { "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 or the asset is ready for its intended use, but they are evaluated for potential
impairment on an annual basis or when facts and circumstances may indicate a risk of impairment. Any
impairment charge is recorded in the consolidated statements of profit or loss and the consolidated
statements of other comprehensive income or loss under \u201cResearch and development expense\u201d. Once an
asset included in \u201cAcquired In-Process R&D\u201d has received marketing approval from a regulatory authority or
is ready for its intended use, 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 for assets which are
currently generating product net sales. \u201cAcquired R&D available for use\u201d is amortized under \u201cCost of sales\u201d
for assets which are currently generating product net sales on a straight-line basis over the estimated
useful life, being the longer of the current patent protection life of the acquired R&D and patent protection
life of the combined product. Impairment and amortization relating to assets available for use but not
generating sales are recorded under \u201cResearch & Development Expenses\u201d.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-435": { "value": "
2.5 Intangible assets
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 or the asset is ready for its intended use, but they are evaluated for potential
impairment on an annual basis or when facts and circumstances may indicate a risk of impairment. Any
impairment charge is recorded in the consolidated statements of profit or loss and the consolidated
statements of other comprehensive income or loss under \u201cResearch and development expense\u201d. Once an
asset included in \u201cAcquired In-Process R&D\u201d has received marketing approval from a regulatory authority or
is ready for its intended use, 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 for assets which are
currently generating product net sales. \u201cAcquired R&D available for use\u201d is amortized under \u201cCost of sales\u201d
for assets which are currently generating product net sales on a straight-line basis over the estimated
useful life, being the longer of the current patent protection life of the acquired R&D and patent protection
life of the combined product. Impairment and amortization relating to assets available for use but not
generating sales are recorded under \u201cResearch & Development Expenses\u201d.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-437": { "value": "
2.7 Inventories
Inventories are valued at the lower of cost and net realizable value. Costs incurred in bringing each product
to its present location and condition are accounted for, and include purchase cost, cost of direct materials
and labor, and a proportion of manufacturing overheads based on the normal operating capacity. Net
realizable value is the estimated selling price in the ordinary course of business, less estimated costs of
completion and the estimated costs necessary to make the sale. When the net realizable value falls below
the carrying amount, or when inventories become obsolete or excessive, a write-down is recognized.
Inventories include products which could be used, besides in commercial activities, in preclinical and clinical
programs, in free-of-charge, compassionate use or pre-approval access program. These products, when
they are used, are expensed either through \u201cResearch & development expenses\u201d or \u201cSelling, general and
administrative expenses\u201d.
The Company capitalizes inventory costs associated with products prior to the regulatory approval of these
products, or for inventory produced in production facilities not yet approved, when it is highly probable that
the pre-approval inventories will be sellable. The determination to capitalize is based on the particular facts
and circumstances relating to the expected regulatory approval of the product or production facility being
considered. The assessment of whether or not the product is considered highly probable to be sellable is
made and includes, but is not limited to, how far a particular product or facility has progressed along the
approval process, any known safety or efficacy concern and other impediments.
Capitalized costs related to pre-launch inventories could be written down upon a change in facts and
circumstances. The write-down would be recorded under \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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-441": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-440": { "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.
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 and under \u201cFinancial income\u2019\u2019 in the Consolidated Statement of Profit or Loss.
2.10 Cash and cash equivalents
Cash are financial assets measured at amortized cost and comprise of cash at bank.
Cash equivalents measured at amortized cost comprise of term accounts that have an initial maturity of
less than three months that are subject to an insignificant risk of changes in values.
Cash equivalents are determined at inception and measured at fair value through profit or loss comprise of
money market funds that are readily convertible to cash. They are subject to insignificant risk of changes in
value and which are used by the Company in the management of its short-term commitments.
Cash and cash equivalents exclude restricted cash, which is presented in the consolidated statements of
financial position under the line \u201cOther non-current assets\u201d.
Interests on Cash and cash equivalents is reported under Cash Flow from investment activities under
\u201cInterest received\u201d and under \u201cFinancial income\u2019\u2019 in the Consolidated Statement of Profit or Loss.
2.11 Trade and other payables
Trade and other payables are comprised of liabilities that are due less than one year from the balance
sheet date and are in general not interest bearing and settled on an ongoing basis during the financial year.
They also include accrued expenses related to the Company\u2019s operating activities. Trade and other payables
are initially measured at their transaction price, which are subsequent to initial recognition measured at
amortized cost.
Short-term employee benefits include payables and accruals for salaries and bonuses to be paid to the
employees of the Company. They are recognized as expenses for the period in which employees perform
the corresponding services.
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-439": { "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.
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 and under \u201cFinancial income\u2019\u2019 in the Consolidated Statement of Profit or Loss.
2.10 Cash and cash equivalents
Cash are financial assets measured at amortized cost and comprise of cash at bank.
Cash equivalents measured at amortized cost comprise of term accounts that have an initial maturity of
less than three months that are subject to an insignificant risk of changes in values.
Cash equivalents are determined at inception and measured at fair value through profit or loss comprise of
money market funds that are readily convertible to cash. They are subject to insignificant risk of changes in
value and which are used by the Company in the management of its short-term commitments.
Cash and cash equivalents exclude restricted cash, which is presented in the consolidated statements of
financial position under the line \u201cOther non-current assets\u201d.
Interests on Cash and cash equivalents is reported under Cash Flow from investment activities under
\u201cInterest received\u201d and under \u201cFinancial income\u2019\u2019 in the Consolidated Statement of Profit or Loss.
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-438": { "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:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-442": { "value": "
2.8 Trade and other receivables
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:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-443": { "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 are determined at inception and measured at fair value through profit or loss comprise of
money market funds that are readily convertible to cash. They are subject to insignificant risk of changes in
value and which are used by the Company in the management of its short-term commitments.
Cash and cash equivalents exclude restricted cash, which is presented in the consolidated statements of
financial position under the line \u201cOther non-current assets\u201d.
Interests on Cash and cash equivalents is reported under Cash Flow from investment activities under
\u201cInterest received\u201d and under \u201cFinancial income\u2019\u2019 in the Consolidated Statement of Profit or Loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-444": { "value": "
2.10 Cash and cash equivalents
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-446": { "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 operating activities. Trade and other payables
are initially measured at their transaction price, which are subsequent to initial recognition measured at
amortized cost.
Short-term employee benefits include payables and accruals for salaries and bonuses to be paid to the
employees of the Company. They are recognized as expenses for the period in which employees perform
the corresponding services.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-445": { "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 operating activities. Trade and other payables
are initially measured at their transaction price, which are subsequent to initial recognition measured at
amortized cost.
Short-term employee benefits include payables and accruals for salaries and bonuses to be paid to the
employees of the Company. They are recognized as expenses for the period in which employees perform
the corresponding services.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-447": { "value": "
2.11 Trade and other payables
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.
2.15 Share-based payments
Equity-settled share-based payments to employees and others providing similar services are measured at
the fair value of the equity instruments at the acceptance date. Equity settled share-based payments
includes expenses related to stock options, restricted stock units and performance stock units granted by
the Company.
The fair value determined at the acceptance date of the equity-settled share-based payments is expensed
over the vesting period, based on the Company\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:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-448": { "value": "
2.12 Leases
The Company assesses at contract inception whether a contract is, or contains, a lease. That is, if the
contract conveys the right to control the use of an identified asset for a period of time in exchange for
consideration.
The Company applies a single recognition and measurement approach for all leases, except for short-term
leases and leases of low-value assets. The Company recognizes lease liabilities to make lease payments and
right-of-use assets representing the right to use the underlying assets.
The Company recognizes right-of-use assets at the commencement date of the lease (i.e., the date the
underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated
depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of
right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease
payments made at or before the commencement date less any lease incentives received. Right-of-use
assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful
lives of the assets, as follows:
\u2022 Buildings2 to 15 years
\u2022 Vehicles2 to 4 years
\u2022 Equipment2 to 5 years
If ownership of the leased asset transfers to the Company at the end of the lease term or the cost reflects
the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset.
The Company\u2019s right-of-use assets are included in \u201cProperty, Plant and Equipment\u201d.
At the commencement date of the lease, the Company recognizes lease liabilities measured at the present
value of lease payments to be made over the lease term. The lease payments include fixed payments, and
payments of penalties for terminating the lease, if the lease term reflects the Company exercising the
option to terminate.
In calculating the present value of of lease payments, the Company uses its incremental borrowing rate at
the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the
commencement date, the amount of lease liabilities is reduced for the lease payments made. In addition,
the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a
change in the lease payments, or a change in the assessment of an option to purchase the underlying asset.
The Company\u2019s lease liabilities are included in \u201cLease Liabilities Non-Current\u201d and \u201cLease Liabilities Current\u201d.
The Company applies the short-term lease recognition exemption (i.e., those leases that have a lease term
of 12 months or less from the commencement date and do not contain a purchase option) and the lease of
low-value assets recognition exemption to leases that are considered to be of low value. Lease payments
on short-term leases and leases of low-value assets are recognized as expense within the operating
category in the statement of profit or loss, on a straight-line basis over the lease term.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-449": { "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:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-450": { "value": "
2.13 Financial instruments
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-451": { "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", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-452": { "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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-453": { "value": "
The Company has never distributed any dividends to its shareholders. As of December\u00a031, 2025, no profits
were available for distribution.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-454": { "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, restricted stock units and performance stock units granted by
the Company.
The fair value determined at the acceptance date of the equity-settled share-based payments is expensed
over the vesting period, based on the Company\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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-455": { "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 and
intention to offset the income taxes and relates to same tax jurisdiction.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in
which the liability is settled or the asset realized, based on tax rates (and tax laws) that have been enacted
or substantially enacted by the end of the reporting period.
The Company records uncertain tax positions in accordance with IAS 12 Income Taxes using the two-step
test whereby (1) the Company determines whether it is probable that the tax positions will be accepted by
relevant taxing authorities, and (2) for those tax positions that are not probable that a tax authority will
accept in full the position, the Company recognizes uncertain tax positions using either the most likely
amount or the expected value, depending on specific facts and circumstances.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-456": { "value": "
2.16 Income taxes
Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities
in the consolidated financial statements and the corresponding tax basis used in the computation of
taxable profit. The Company recognizes deferred tax assets, including the tax base of tax loss
carryforwards, if management assesses that these tax assets can be offset against positive taxable profits in
the future. This judgment is made on an ongoing basis, considering actual results, budgets, and business
plans for the coming years. The realization of deferred tax assets depends on all available factors as of
reporting date.
The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to
the extent that it is not probable that sufficient taxable profits will be available to allow all or part of the
asset to be recovered. Deferred tax assets and liabilities are offset if there is a legally enforceable right and
intention to offset the income taxes and relates to same tax jurisdiction.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in
which the liability is settled or the asset realized, based on tax rates (and tax laws) that have been enacted
or substantially enacted by the end of the reporting period.
The Company records uncertain tax positions in accordance with IAS 12 Income Taxes using the two-step
test whereby (1) the Company determines whether it is probable that the tax positions will be accepted by
relevant taxing authorities, and (2) for those tax positions that are not probable that a tax authority will
accept in full the position, the Company recognizes uncertain tax positions using either the most likely
amount or the expected value, depending on specific facts and circumstances.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-457": { "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. 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 significant future reversals.
Product net sales are recognized once we satisfy the performance obligation at a point in time under the
revenue recognition criteria in accordance with IFRS 15 Revenue from contracts with customers.
Revenue arising from the sale of commercial product is presented in the consolidated statements of profit
or loss and the consolidated statements of other comprehensive income or loss under \u201cProduct net sales\u201d.
In accordance with IFRS 15, such revenue is recognized when the product is transferred, in accordance with
the delivery and acceptance terms agreed with the customer. Payment of the transaction price is payable as
from the point the customer obtains the legal title to the goods. A deferred revenue is recognized if the
Company receives consideration, or has an unconditional right to receive revenue, prior to the completion
of all performance obligation.
The amount of revenue recognized reflects the various types of price reductions or rights of return offered
by the Company to its customers. Such price reductions and rights of return qualify as variable
consideration under IFRS 15.
Products sold are covered by various Government and State programs for which specific discounts are
applied. Rebates are granted to healthcare authorities, and under contractual arrangements with certain
customers. Some wholesalers are entitled to chargeback incentives based on the selling price to the end
customer, under specific contractual arrangements. Rebates, chargebacks and other incentives are
recognized in the period in which the underlying sales are recognized as a reduction of product sales.
The significant components of variable consideration are as follows:
Rebates & Discounts: We are subject to government mandated rebates & discounts in multiple
jurisdictions globally including in the U.S. for Medicaid Drug Rebate Program, Medicare Part D Manufacturer
Discount Program, and other government health care programs. Rebate amounts are based upon
contractual agreements and/or legal requirements with public sector benefit providers. We use the
expected-value method for estimating these rebates.
The structure of the Medicare Part D Manufacturer Discount Program was updated to reflect provisions of
the Inflation Reduction Act of 2022 (IRA) that became effective January 1, 2025.\u00a0 The Part D redesign sunset
the Coverage Gap Discount Program (CGDP) and established the Manufacturer Discount Program. The
Medicare Part D Manufacturer Discount Program is a federal program to subsidize the costs of prescription
drugs for Medicare beneficiaries in the U.S., which mandates manufacturers to fund a portion of the
Medicare Part D coverage for prescription drugs sold to eligible patients.
The expected utilization is estimated based on available third-party data and/or historical data. Estimates
for these rebates and discounts are adjusted quarterly to reflect the most recent information. We record an
accrued liability and reduction of product sales for unpaid rebates related to products for which control has
been transferred to customers.
Commercial Rebates: Commercial rebates are arrangements with third party payors where the Company
will pay the third-party payors rebates and other fees on eligible purchases of the Company\u2019s product. In
consideration for the rebates and fees paid, the third-party payors will cover its\u2019 patient purchases made of
the Company\u2019s products. The rebates and fees paid will be treated as variable consideration and a
reduction to the transaction price. We use the expected-value method for estimating the ultimate rebate
and fee paid, which are based on the volume of product sold. We apply the applicable rebate rate against a
payor mix factor for the relevant patient populations and to the vials sold in the effective plan year of the
rebate to derive a liability recorded. Estimates for these agreements are adjusted quarterly to reflect the
most recent information. We record an accrued liability for unpaid commercial rebates.
Chargebacks: Chargebacks are discounts that occur in multiple jurisdictions globally, whereby contracted
parties purchase directly from a specialty distributor. Contracted parties primarily consist of public health
service institutions and government entities. In the U.S., 340B and Veterans Affairs (VA) chargebacks are
initiated through arrangements between manufacturers and the government, for which the product is
purchased at an agreed discounted price. The reserves for chargeback are based on known sales to
contracted parties. We establish the reserves for chargebacks in the same period that the related revenue
is recognized, resulting in an accrued liability and reduction of product gross sales.
Distributor fees: Specialty distributors provide distribution services to the Company for a fee, based on a
contractually determined fixed percentage of sales. As the services being provided by the specialty
distributor are not distinct, the recurring service fees paid to specialty distributors are treated as variable
consideration and a reduction to the transaction price. We estimate these distributor fees and record such
estimates in the same period the related revenue is recognized, resulting in a reduction of product gross
sales. We record an accrued liability for unpaid distributor fees.
Other components of the variable considerations include co-pay assistance program, Medicare Part B
discarded drug refund program in the U.S., and product returns.
The estimated amounts described above are recognized in the consolidated statements of profit or loss
and the consolidated statements of other comprehensive income or loss within \u201cProduct net sales\u201d as a
reduction of gross sales, and generally 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.
The Company has determined that sales rebates and reserves constitute a major source of estimation
uncertainty as disclosed in \u2018\u2018Note\u00a03\u00a0Critical accounting judgments and major sources of estimation
uncertainty\u2019\u2019. The major source of estimation uncertainty has been isolated to rebates and chargebacks as
disclosed in \u2018\u2018Note\u00a014\u00a0Trade and Other Payables\u2019\u2019. If management\u2019s estimates differ from actual results, we
will record adjustments that would affect product sales in the period of adjustment.
2.18 Other operating income - Collaboration and license agreements
Amongst the Company\u2019s collaboration and license agreements in scope of IFRS 15, the following two have
generated revenue in the reporting periods:
Zai Lab
Under the collaboration agreement, the Company provides clinical and commercial supply to Zai Lab. The
Company concludes to recognize such sales as revenue given that the Company acts as principal in the
transaction as the risk related to inventory is borne by the Company until the inventory is transferred to Zai
Lab. The revenue related to clinical supply is recorded under line item \u201cOther operating income\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 or sales-based milestones on sales made in
China is recorded under line item \u201cOther operating income\u201d.
AbbVie
For the AbbVie Collaboration Agreement the Company has determined that the transfer of license
combined with the performance of research and development activities represent one single performance
obligation. The Company concluded that the license is not distinct in the context of the contract.
The transaction price is composed of a fixed part, being an upfront license fee, and a variable part, being
milestone payments and cost reimbursements for research and development activities delivered. Milestone
payments are only included in the transaction price to the extent it is highly probable that a significant
reversal in the amount of cumulative revenue recognition will not occur when the uncertainty associated
with the variable consideration is subsequently resolved. Management estimates the amount to be
included in the transaction price upon achievement of the milestone event. Sales-based milestones and
sales-based royalties are a part of the Company\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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-458": { "value": "
2.17 Product net sales
The significant components of variable consideration are as follows:
Rebates & Discounts: We are subject to government mandated rebates & discounts in multiple
jurisdictions globally including in the U.S. for Medicaid Drug Rebate Program, Medicare Part D Manufacturer
Discount Program, and other government health care programs. Rebate amounts are based upon
contractual agreements and/or legal requirements with public sector benefit providers. We use the
expected-value method for estimating these rebates.
The structure of the Medicare Part D Manufacturer Discount Program was updated to reflect provisions of
the Inflation Reduction Act of 2022 (IRA) that became effective January 1, 2025.\u00a0 The Part D redesign sunset
the Coverage Gap Discount Program (CGDP) and established the Manufacturer Discount Program. The
Medicare Part D Manufacturer Discount Program is a federal program to subsidize the costs of prescription
drugs for Medicare beneficiaries in the U.S., which mandates manufacturers to fund a portion of the
Medicare Part D coverage for prescription drugs sold to eligible patients.
The expected utilization is estimated based on available third-party data and/or historical data. Estimates
for these rebates and discounts are adjusted quarterly to reflect the most recent information. We record an
accrued liability and reduction of product sales for unpaid rebates related to products for which control has
been transferred to customers.
Commercial Rebates: Commercial rebates are arrangements with third party payors where the Company
will pay the third-party payors rebates and other fees on eligible purchases of the Company\u2019s product. In
consideration for the rebates and fees paid, the third-party payors will cover its\u2019 patient purchases made of
the Company\u2019s products. The rebates and fees paid will be treated as variable consideration and a
reduction to the transaction price. We use the expected-value method for estimating the ultimate rebate
and fee paid, which are based on the volume of product sold. We apply the applicable rebate rate against a
payor mix factor for the relevant patient populations and to the vials sold in the effective plan year of the
rebate to derive a liability recorded. Estimates for these agreements are adjusted quarterly to reflect the
most recent information. We record an accrued liability for unpaid commercial rebates.
Chargebacks: Chargebacks are discounts that occur in multiple jurisdictions globally, whereby contracted
parties purchase directly from a specialty distributor. Contracted parties primarily consist of public health
service institutions and government entities. In the U.S., 340B and Veterans Affairs (VA) chargebacks are
initiated through arrangements between manufacturers and the government, for which the product is
purchased at an agreed discounted price. The reserves for chargeback are based on known sales to
contracted parties. We establish the reserves for chargebacks in the same period that the related revenue
is recognized, resulting in an accrued liability and reduction of product gross sales.
Distributor fees: Specialty distributors provide distribution services to the Company for a fee, based on a
contractually determined fixed percentage of sales. As the services being provided by the specialty
distributor are not distinct, the recurring service fees paid to specialty distributors are treated as variable
consideration and a reduction to the transaction price. We estimate these distributor fees and record such
estimates in the same period the related revenue is recognized, resulting in a reduction of product gross
sales. We record an accrued liability for unpaid distributor fees.
Other components of the variable considerations include co-pay assistance program, Medicare Part B
discarded drug refund program in the U.S., and product returns.
The estimated amounts described above are recognized in the consolidated statements of profit or loss
and the consolidated statements of other comprehensive income or loss within \u201cProduct net sales\u201d as a
reduction of gross sales, and generally 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.
The Company has determined that sales rebates and reserves constitute a major source of estimation
uncertainty as disclosed in \u2018\u2018Note\u00a03\u00a0Critical accounting judgments and major sources of estimation
uncertainty\u2019\u2019. The major source of estimation uncertainty has been isolated to rebates and chargebacks as
disclosed in \u2018\u2018Note\u00a014\u00a0Trade and Other Payables\u2019\u2019. If management\u2019s estimates differ from actual results, we
will record adjustments that would affect product sales in the period of adjustment.
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 specifically estimates the payor mix. Additionally, the
transaction price is based upon contracts with customers, healthcare providers, payors and government
agencies, regulated discounts applicable to government-funded programs, historical experience of claims
received and other relevant factors. These open claims are recorded as liabilities under \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 Medicare Part D, commercial rebates and chargebacks 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
The Company has not exercised a critical accounting judgment in the current year ended December 31,
2025. As of the year ended December 31, 2024, the Company had applied judgment related to the number
of years of forecasted future taxable profits to be considered as reliable as positive evidence towards its
estimate on recognition of deferred tax assets.
The Company considers that as of December 31, 2025, the recognition of its deferred tax assets do not
constitute a critical accounting judgment based on the facts and circumstances; specifically, significant
growth in the U.S. based Product Net Sales, current and future taxable profit levels and the current external
competitive landscape.
No other Critical accounting judgments and major sources of estimation uncertainty have been made in the
current period by the Company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-460": { "value": "2.17 Product net sales
The significant components of variable consideration are as follows:
Rebates & Discounts: We are subject to government mandated rebates & discounts in multiple
jurisdictions globally including in the U.S. for Medicaid Drug Rebate Program, Medicare Part D Manufacturer
Discount Program, and other government health care programs. Rebate amounts are based upon
contractual agreements and/or legal requirements with public sector benefit providers. We use the
expected-value method for estimating these rebates.
The structure of the Medicare Part D Manufacturer Discount Program was updated to reflect provisions of
the Inflation Reduction Act of 2022 (IRA) that became effective January 1, 2025.\u00a0 The Part D redesign sunset
the Coverage Gap Discount Program (CGDP) and established the Manufacturer Discount Program. The
Medicare Part D Manufacturer Discount Program is a federal program to subsidize the costs of prescription
drugs for Medicare beneficiaries in the U.S., which mandates manufacturers to fund a portion of the
Medicare Part D coverage for prescription drugs sold to eligible patients.
The expected utilization is estimated based on available third-party data and/or historical data. Estimates
for these rebates and discounts are adjusted quarterly to reflect the most recent information. We record an
accrued liability and reduction of product sales for unpaid rebates related to products for which control has
been transferred to customers.
Commercial Rebates: Commercial rebates are arrangements with third party payors where the Company
will pay the third-party payors rebates and other fees on eligible purchases of the Company\u2019s product. In
consideration for the rebates and fees paid, the third-party payors will cover its\u2019 patient purchases made of
the Company\u2019s products. The rebates and fees paid will be treated as variable consideration and a
reduction to the transaction price. We use the expected-value method for estimating the ultimate rebate
and fee paid, which are based on the volume of product sold. We apply the applicable rebate rate against a
payor mix factor for the relevant patient populations and to the vials sold in the effective plan year of the
rebate to derive a liability recorded. Estimates for these agreements are adjusted quarterly to reflect the
most recent information. We record an accrued liability for unpaid commercial rebates.
Chargebacks: Chargebacks are discounts that occur in multiple jurisdictions globally, whereby contracted
parties purchase directly from a specialty distributor. Contracted parties primarily consist of public health
service institutions and government entities. In the U.S., 340B and Veterans Affairs (VA) chargebacks are
initiated through arrangements between manufacturers and the government, for which the product is
purchased at an agreed discounted price. The reserves for chargeback are based on known sales to
contracted parties. We establish the reserves for chargebacks in the same period that the related revenue
is recognized, resulting in an accrued liability and reduction of product gross sales.
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 generally 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.
The Company has determined that sales rebates and reserves constitute a major source of estimation
uncertainty as disclosed in \u2018\u2018Note\u00a03\u00a0Critical accounting judgments and major sources of estimation
uncertainty\u2019\u2019. The major source of estimation uncertainty has been isolated to rebates and chargebacks as
disclosed in \u2018\u2018Note\u00a014\u00a0Trade and Other Payables\u2019\u2019. 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-459": { "value": "2.17 Product net sales The significant components of variable consideration are as follows:Rebates & Discounts: We are subject to government mandated rebates & discounts in multiple jurisdictions globally including in the U.S. for Medicaid Drug Rebate Program, Medicare Part D Manufacturer Discount Program, and other government health care programs. Rebate amounts are based upon contractual agreements and/or legal requirements with public sector benefit providers. We use the expected-value method for estimating these rebates. The structure of the Medicare Part D Manufacturer Discount Program was updated to reflect provisions of the Inflation Reduction Act of 2022 (IRA) that became effective January 1, 2025.\u00a0 The Part D redesign sunset the Coverage Gap Discount Program (CGDP) and established the Manufacturer Discount Program. The Medicare Part D Manufacturer Discount Program is a federal program to subsidize the costs of prescription drugs for Medicare beneficiaries in the U.S., which mandates manufacturers to fund a portion of the Medicare Part D coverage for prescription drugs sold to eligible patients. The expected utilization is estimated based on available third-party data and/or historical data. Estimates for these rebates and discounts are adjusted quarterly to reflect the most recent information. We record an accrued liability and reduction of product sales for unpaid rebates related to products for which control has been transferred to customers.Commercial Rebates: Commercial rebates are arrangements with third party payors where the Company will pay the third-party payors rebates and other fees on eligible purchases of the Company\u2019s product. In consideration for the rebates and fees paid, the third-party payors will cover its\u2019 patient purchases made of the Company\u2019s products. The rebates and fees paid will be treated as variable consideration and a reduction to the transaction price. We use the expected-value method for estimating the ultimate rebate and fee paid, which are based on the volume of product sold. We apply the applicable rebate rate against a payor mix factor for the relevant patient populations and to the vials sold in the effective plan year of the rebate to derive a liability recorded. Estimates for these agreements are adjusted quarterly to reflect the most recent information. We record an accrued liability for unpaid commercial rebates.Chargebacks: Chargebacks are discounts that occur in multiple jurisdictions globally, whereby contracted parties purchase directly from a specialty distributor. Contracted parties primarily consist of public health service institutions and government entities. In the U.S., 340B and Veterans Affairs (VA) chargebacks are initiated through arrangements between manufacturers and the government, for which the product is purchased at an agreed discounted price. The reserves for chargeback are based on known sales to contracted parties. We establish the reserves for chargebacks in the same period that the related revenue is recognized, resulting in an accrued liability and reduction of product gross sales.Distributor fees: Specialty distributors provide distribution services to the Company for a fee, based on a contractually determined fixed percentage of sales. As the services being provided by the specialty distributor are not distinct, the recurring service fees paid to specialty distributors are treated as variable consideration and a reduction to the transaction price. We estimate these distributor fees and record such estimates in the same period the related revenue is recognized, resulting in a reduction of product gross sales. We record an accrued liability for unpaid distributor fees.Other components of the variable considerations include co-pay assistance program, Medicare Part B discarded drug refund program in the U.S., and product returns.The estimated amounts described above are recognized in the consolidated statements of profit or loss and the consolidated statements of other comprehensive income or loss within \u201cProduct net sales\u201d as a reduction of gross sales, and generally 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.The Company has determined that sales rebates and reserves constitute a major source of estimation uncertainty as disclosed in \u2018\u2018Note\u00a03\u00a0Critical accounting judgments and major sources of estimation uncertainty\u2019\u2019. The major source of estimation uncertainty has been isolated to rebates and chargebacks as disclosed in \u2018\u2018Note\u00a014\u00a0Trade and Other Payables\u2019\u2019. If management\u2019s estimates differ from actual results, we will record adjustments that would affect product sales in the period of adjustment.Major sources of estimation uncertaintySales rebates and reservesProduct 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 specifically estimates the payor mix. Additionally, the transaction price is based upon contracts with customers, healthcare providers, payors and government agencies, regulated discounts applicable to government-funded programs, historical experience of claims received and other relevant factors. These open claims are recorded as liabilities under \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 Medicare Part D, commercial rebates and chargebacks 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.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-464": { "value": "
2.18 Other operating income - Collaboration and license agreements
Amongst the Company\u2019s collaboration and license agreements in scope of IFRS 15, the following two have
generated revenue in the reporting periods:
Zai Lab
Under the collaboration agreement, the Company provides clinical and commercial supply to Zai Lab. The
Company concludes to recognize such sales as revenue given that the Company acts as principal in the
transaction as the risk related to inventory is borne by the Company until the inventory is transferred to Zai
Lab. The revenue related to clinical supply is recorded under line item \u201cOther operating income\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 or sales-based milestones on sales made in
China is recorded under line item \u201cOther operating income\u201d.
AbbVie
For the AbbVie Collaboration Agreement the Company has determined that the transfer of license
combined with the performance of research and development activities represent one single performance
obligation. The Company concluded that the license is not distinct in the context of the contract.
The transaction price is composed of a fixed part, being an upfront license fee, and a variable part, being
milestone payments and cost reimbursements for research and development activities delivered. Milestone
payments are only included in the transaction price to the extent it is highly probable that a significant
reversal in the amount of cumulative revenue recognition will not occur when the uncertainty associated
with the variable consideration is subsequently resolved. Management estimates the amount to be
included in the transaction price upon achievement of the milestone event. Sales-based milestones and
sales-based royalties are a part of the Company\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.
15. Other Operating Income
Year Ended December 31,
(in thousands of $)
\u00a0
\u00a0
\u00a0
\u00a0
2025
\u00a0
\u00a0
\u00a0
\u00a0
20241)
20231)
Research and development incentives
\u00a0
62,503
46,106
27,815
Payroll tax rebates
\u00a0
19,061
\u00a0
11,855
\u00a0
11,925
Collaboration revenue
2,166
4,348
35,533
Change in fair value on non-current financial assets
11,581
3,834
\u2013
Other operating income
1,423
13
2,538
Total other operating income
96,734
66,156
77,811
1) Comparative figures have been aligned with the presentation adopted in the current year.
For the year ended December\u00a031, 2025, the collaboration revenue was generated under the agreement
with Zai Lab. This note should be read alongside \u2018\u2018Note\u00a02.18\u00a0Other operating income - Collaboration and
license agreements
15.3. Collaboration revenue - AbbVie
In April\u00a02016, the Company entered into the AbbVie Collaboration Agreement to develop and commercialize
ARGX-115 (ABBV-151). In October 2023, the Company achieved the second development milestone upon
initiation of a non-pivotal clinical trial, triggering a $30\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.
16. Segment Reporting
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 $)
\u00a0
\u00a0
\u00a0
\u00a0
2025
2024 1)
\u00a0
\u00a0
\u00a0
\u00a0
2023
United States
3,533,939
1,895,919
1,046,592
Japan
206,835
89,389
56,432
China
67,920
39,177
14,907
Rest of the World
342,622
161,398
72,852
Total product net sales
\u00a0
4,151,316
2,185,883
1,190,783
1) Comparative figures have been presented to be consistent with the presentation adopted in the current year.
Four U.S. customers represent approximately 78% of the product net sales during the twelve months ended
December\u00a031, 2025 (compared to five U.S. customers which represented 87% in 2024 and four customers
which represented 86% for the same period in 2023).
Product net sales and non-current assets in the Netherlands, the Company\u2019s country of domicile, are not
material.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-463": { "value": "
2.18 Other operating income - Collaboration and license agreements
Amongst the Company\u2019s collaboration and license agreements in scope of IFRS 15, the following two have
generated revenue in the reporting periods:
Zai Lab
Under the collaboration agreement, the Company provides clinical and commercial supply to Zai Lab. The
Company concludes to recognize such sales as revenue given that the Company acts as principal in the
transaction as the risk related to inventory is borne by the Company until the inventory is transferred to Zai
Lab. The revenue related to clinical supply is recorded under line item \u201cOther operating income\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 or sales-based milestones on sales made in
China is recorded under line item \u201cOther operating income\u201d.
AbbVie
For the AbbVie Collaboration Agreement the Company has determined that the transfer of license
combined with the performance of research and development activities represent one single performance
obligation. The Company concluded that the license is not distinct in the context of the contract.
The transaction price is composed of a fixed part, being an upfront license fee, and a variable part, being
milestone payments and cost reimbursements for research and development activities delivered. Milestone
payments are only included in the transaction price to the extent it is highly probable that a significant
reversal in the amount of cumulative revenue recognition will not occur when the uncertainty associated
with the variable consideration is subsequently resolved. Management estimates the amount to be
included in the transaction price upon achievement of the milestone event. Sales-based milestones and
sales-based royalties are a part of the Company\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.
15. Other Operating Income
Year Ended December 31,
(in thousands of $)
\u00a0
\u00a0
\u00a0
\u00a0
2025
\u00a0
\u00a0
\u00a0
\u00a0
20241)
20231)
Research and development incentives
\u00a0
62,503
46,106
27,815
Payroll tax rebates
\u00a0
19,061
\u00a0
11,855
\u00a0
11,925
Collaboration revenue
2,166
4,348
35,533
Change in fair value on non-current financial assets
11,581
3,834
\u2013
Other operating income
1,423
13
2,538
Total other operating income
96,734
66,156
77,811
1) Comparative figures have been aligned with the presentation adopted in the current year.
For the year ended December\u00a031, 2025, the collaboration revenue was generated under the agreement
with Zai Lab. This note should be read alongside \u2018\u2018Note\u00a02.18\u00a0Other operating income - Collaboration and
license agreements\u2019\u2019.
15.3. Collaboration revenue - AbbVie
In April\u00a02016, the Company entered into the AbbVie Collaboration Agreement to develop and commercialize
ARGX-115 (ABBV-151). In October 2023, the Company achieved the second development milestone upon
initiation of a non-pivotal clinical trial, triggering a $30\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.
16. Segment Reporting
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 $)
\u00a0
\u00a0
\u00a0
\u00a0
2025
2024 1)
\u00a0
\u00a0
\u00a0
\u00a0
2023
United States
3,533,939
1,895,919
1,046,592
Japan
206,835
89,389
56,432
China
67,920
39,177
14,907
Rest of the World
342,622
161,398
72,852
Total product net sales
\u00a0
4,151,316
2,185,883
1,190,783
1) Comparative figures have been presented to be consistent with the presentation adopted in the current year.
Four U.S. customers represent approximately 78% of the product net sales during the twelve months ended
December\u00a031, 2025 (compared to five U.S. customers which represented 87% in 2024 and four customers
which represented 86% for the same period in 2023).
Product net sales and non-current assets in the Netherlands, the Company\u2019s country of domicile, are not
material.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-462": { "value": "
2.18 Other operating income - Collaboration and license agreements
Amongst the Company\u2019s collaboration and license agreements in scope of IFRS 15, the following two have
generated revenue in the reporting periods:
Zai Lab
Under the collaboration agreement, the Company provides clinical and commercial supply to Zai Lab. The
Company concludes to recognize such sales as revenue given that the Company acts as principal in the
transaction as the risk related to inventory is borne by the Company until the inventory is transferred to Zai
Lab. The revenue related to clinical supply is recorded under line item \u201cOther operating income\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 or sales-based milestones on sales made in
China is recorded under line item \u201cOther operating income\u201d.
AbbVie
For the AbbVie Collaboration Agreement the Company has determined that the transfer of license
combined with the performance of research and development activities represent one single performance
obligation. The Company concluded that the license is not distinct in the context of the contract.
The transaction price is composed of a fixed part, being an upfront license fee, and a variable part, being
milestone payments and cost reimbursements for research and development activities delivered. Milestone
payments are only included in the transaction price to the extent it is highly probable that a significant
reversal in the amount of cumulative revenue recognition will not occur when the uncertainty associated
with the variable consideration is subsequently resolved. Management estimates the amount to be
included in the transaction price upon achievement of the milestone event. Sales-based milestones and
sales-based royalties are a part of the Company\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.
15. Other Operating Income
Year Ended December 31,
(in thousands of $)
\u00a0
\u00a0
\u00a0
\u00a0
2025
\u00a0
\u00a0
\u00a0
\u00a0
20241)
20231)
Research and development incentives
\u00a0
62,503
46,106
27,815
Payroll tax rebates
\u00a0
19,061
\u00a0
11,855
\u00a0
11,925
Collaboration revenue
2,166
4,348
35,533
Change in fair value on non-current financial assets
11,581
3,834
\u2013
Other operating income
1,423
13
2,538
Total other operating income
96,734
66,156
77,811
1) Comparative figures have been aligned with the presentation adopted in the current year.
For the year ended December\u00a031, 2025, the collaboration revenue was generated under the agreement
with Zai Lab. This note should be read alongside \u2018\u2018Note\u00a02.18\u00a0Other operating income - Collaboration and
license agreements\u2019\u2019.
15.1. Research and development incentives
The Company has accounted for tax incentives following a research and development tax incentive scheme
in Belgium according to which the incentive will be refunded after a five years period, if not offset against
the current tax payable over the period.
15.2. Payroll tax rebates
The Company accounted for payroll tax rebates as a reduction in withholding income taxes for its highly
qualified personnel employed in its research and development department.
15.3. Collaboration revenue - AbbVie
In April\u00a02016, the Company entered into the AbbVie Collaboration Agreement to develop and commercialize
ARGX-115 (ABBV-151). In October 2023, the Company achieved the second development milestone upon
initiation of a non-pivotal clinical trial, triggering a $30\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:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-461": { "value": "
2.18 Other operating income - Collaboration and license agreements
Amongst the Company\u2019s collaboration and license agreements in scope of IFRS 15, the following two have
generated revenue in the reporting periods:
Zai Lab
Under the collaboration agreement, the Company provides clinical and commercial supply to Zai Lab. The
Company concludes to recognize such sales as revenue given that the Company acts as principal in the
transaction as the risk related to inventory is borne by the Company until the inventory is transferred to Zai
Lab. The revenue related to clinical supply is recorded under line item \u201cOther operating income\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 or sales-based milestones on sales made in
China is recorded under line item \u201cOther operating income\u201d.
AbbVie
For the AbbVie Collaboration Agreement the Company has determined that the transfer of license
combined with the performance of research and development activities represent one single performance
obligation. The Company concluded that the license is not distinct in the context of the contract.
The transaction price is composed of a fixed part, being an upfront license fee, and a variable part, being
milestone payments and cost reimbursements for research and development activities delivered. Milestone
payments are only included in the transaction price to the extent it is highly probable that a significant
reversal in the amount of cumulative revenue recognition will not occur when the uncertainty associated
with the variable consideration is subsequently resolved. Management estimates the amount to be
included in the transaction price upon achievement of the milestone event. Sales-based milestones and
sales-based royalties are a part of the Company\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.
15. Other Operating Income
Year Ended December 31,
(in thousands of $)
\u00a0
\u00a0
\u00a0
\u00a0
2025
\u00a0
\u00a0
\u00a0
\u00a0
20241)
20231)
Research and development incentives
\u00a0
62,503
46,106
27,815
Payroll tax rebates
\u00a0
19,061
\u00a0
11,855
\u00a0
11,925
Collaboration revenue
2,166
4,348
35,533
Change in fair value on non-current financial assets
11,581
3,834
\u2013
Other operating income
1,423
13
2,538
Total other operating income
96,734
66,156
77,811
1) Comparative figures have been aligned with the presentation adopted in the current year.
For the year ended December\u00a031, 2025, the collaboration revenue was generated under the agreement
with Zai Lab. This note should be read alongside \u2018\u2018Note\u00a02.18\u00a0Other operating income - Collaboration and
license agreements\u2019\u2019.
15.1. Research and development incentives
The Company has accounted for tax incentives following a research and development tax incentive scheme
in Belgium according to which the incentive will be refunded after a five years period, if not offset against
the current tax payable over the period.
15.2. Payroll tax rebates
The Company accounted for payroll tax rebates as a reduction in withholding income taxes for its highly
qualified personnel employed in its research and development department.
15.3. Collaboration revenue - AbbVie
In April\u00a02016, the Company entered into the AbbVie Collaboration Agreement to develop and commercialize
ARGX-115 (ABBV-151). In October 2023, the Company achieved the second development milestone upon
initiation of a non-pivotal clinical trial, triggering a $30\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:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-465": { "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:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-467": { "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, 2023
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
45,351
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
72,716
Additions
2,740
9,478
10,408
4,532
\u2013
27,158
Disposals
(1,107)
(11,555)
(3,243)
\u2013
\u2013
(15,905)
On December 31, 2025
11,347
46,913
17,874
7,489
346
83,969
Depreciation and
impairment
On January 1, 2023
(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)
Depreciation
(1,660)
(6,135)
(4,272)
(1,143)
(34)
(13,244)
Disposals
1,107
2,825
2,788
\u2013
\u2013
6,720
On December 31, 2025
(8,454)
(18,520)
(5,577)
(2,916)
(255)
(35,722)
Carrying Amount
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
On December 31, 2025
2,893
28,393
12,297
4,573
91
48,247
Depreciation is recognized as from the moment when the asset is ready for its intended use to depreciate
the cost of the assets less their residual values over their useful lives, using the straight-line method. Unless
revised due to specific changes in the estimated useful life, annual depreciation rates are as follows:
\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, 2025, there are no material commitments to acquire property, plant and equipment.
Furthermore, no items of property, plant and equipment are pledged. See \u201cNote\u00a020\u00a0Leases\u201d for information
for leases where the Company is a lessee.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-466": { "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, 2023
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
45,351
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
72,716
Additions
2,740
9,478
10,408
4,532
\u2013
27,158
Disposals
(1,107)
(11,555)
(3,243)
\u2013
\u2013
(15,905)
On December 31, 2025
11,347
46,913
17,874
7,489
346
83,969
Depreciation and
impairment
On January 1, 2023
(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)
Depreciation
(1,660)
(6,135)
(4,272)
(1,143)
(34)
(13,244)
Disposals
1,107
2,825
2,788
\u2013
\u2013
6,720
On December 31, 2025
(8,454)
(18,520)
(5,577)
(2,916)
(255)
(35,722)
Carrying Amount
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
On December 31, 2025
2,893
28,393
12,297
4,573
91
48,247
Depreciation is recognized as from the moment when the asset is ready for its intended use to depreciate
the cost of the assets less their residual values over their useful lives, using the straight-line method. Unless
revised due to specific changes in the estimated useful life, annual depreciation rates are as follows:
\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.
17. Research and Development Expenses
Year Ended December 31,
(in thousands of $)
\u00a0
\u00a0
\u00a0
\u00a0
2025
\u00a0
\u00a0
\u00a0
\u00a0
2024
2023
External research and development expenses
\u00a0
859,179
\u00a0
605,082
483,192
Personnel expenses
\u00a0
388,557
310,992
226,344
Digital technology expenses
\u00a0
58,367
34,012
19,935
Materials and consumables
\u00a0
7,895
5,863
4,057
Depreciation and amortization
12,739
6,204
105,546
Other expenses
\u00a0
37,395
21,270
20,418
Total Research and development expenses
\u00a0
1,364,132
983,423
859,492
18. Selling, General and Administrative Expenses
Year Ended December 31,
(in thousands of $)
\u00a0
\u00a0
\u00a0
\u00a0
2025
2024 1)
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
20231)
Personnel expenses
\u00a0
500,530
424,916
303,033
Marketing services
\u00a0
395,374
306,987
202,146
Professional fees
238,228
170,215
108,820
Digital technology expenses
\u00a0
47,104
27,295
20,408
Distribution and commercial support expenses
33,818
19,695
10,356
Facilities and occupancy expenses
16,035
20,888
11,264
Supervisory board
11,829
9,724
8,362
Depreciation and amortization
7,079
3,149
2,366
Other expenses
\u00a0
117,060
72,468
45,150
Total Selling, general and administrative expenses
\u00a0
1,367,057
1,055,337
711,905
1) Comparative figures have been aligned with the presentation adopted in the current year.
20. Leases
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 $)
\u00a0
\u00a0
\u00a0
\u00a0
2025
\u00a0
\u00a0
\u00a0
\u00a0
2024
2023
Depreciation charges
\u00a0
Buildings
\u00a0
6,135
\u00a0
3,657
\u00a0
2,839
Vehicles
4,272
2,067
971
Equipment
34
35
36
\u00a0
10,441
\u00a0
5,759
\u00a0
3,846
Interest expense (included in finance cost)
3,175
2,072
693
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-470": { "value": "
5. Intangible Assets
(in thousands of $)
Acquired
R&D
available
for use
Acquired In-
Process
R&D
Other
Intangibles1)
Total
Cost
On January 1, 2023
\u2013
70,180
106,340
176,520
Additions
56,000
\u2013
\u2013
56,000
Disposals
\u2013
\u2013
(102,000)
(102,000)
Reclassification
52,931
(52,931)
\u2013
\u2013
On December\u00a031, 2023
108,931
17,249
4,340
130,520
Additions
36,500
30,000
\u2013
66,500
On December\u00a031, 2024
145,431
47,249
4,340
197,020
Additions
55,000
37,727
12,788
105,515
Reclassification
(7,500)
\u2013
7,500
\u2013
On December\u00a031, 2025
192,931
84,976
24,628
302,535
Amortization and impairment
On January 1, 2023
\u2013
\u2013
(1,618)
(1,618)
Amortization
(3,392)
\u2013
(102,282)
(105,674)
Disposals
\u2013
\u2013
102,000
102,000
On December\u00a031, 2023
(3,392)
\u2013
(1,900)
(5,292)
Amortization
(10,069)
\u2013
(213)
(10,282)
On December\u00a031, 2024
(13,461)
\u2013
(2,113)
(15,574)
Amortization
(10,408)
\u2013
(4,450)
(14,858)
Reclassification
1,154
\u2013
(1,154)
\u2013
On December\u00a031, 2025
(22,715)
\u2013
(7,717)
(30,432)
Carrying Amount
On December\u00a031, 2023
105,539
17,249
2,440
125,228
On December\u00a031, 2024
131,970
47,249
2,227
181,445
On December\u00a031, 2025
170,216
84,976
16,911
272,103
1) Comparative figures have been aligned to the presentation adopted in the current year.
\u201cAcquired R&D available for use\u201d and \u201cAcquired In-Process R&D\u201d 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 in 2025 to \u201cAcquired R&D available for use\u201d are mainly related to sales-based
milestones in the context of the Halozyme agreement. 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, 2025, 2024 and 2023.
In the fourth quarter of 20232024, 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.
The Company continually assesses the useful life of intangible assets based on the shorter of its expected
useful life and legal life. Currently, intangible assets are amortized over a range of three to more than
fifteen years.
As of December\u00a031, 2025, there are no material commitments to acquire intangible assets, except as set
forth in \u201cNote\u00a027\u00a0Commitments\u201d. No intangible assets are pledged as security for liabilities nor are there
any intangible assets whose title is restricted.
27. Commitments
In February 2019, the Company entered into a global collaboration and license agreement with Halozyme
Therapeutics, which was later amended in September 2020 and again in September 2024.
Under the terms of the agreement, the Company will pay up to $40 million to achievement of specific
regulatory and sales-based milestones related specifically to its FcRn target. This amount represents the
maximum amount that would be paid if all milestones would be achieved but excludes variable royalty
payments based on unit sales.
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 commercial supply is manufactured in collaboration with Lonza and Fujifilm. In the
aggregate, the Company has outstanding commitments for efgartigimod under these commercial supply
agreements amounting to approximately $1.3 billion. These agreements provide commercial supply of
efgartigimod to the Company\u2019s global commercial operations through facilities in the U.S., Europe and Asia.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-469": { "value": "
5. Intangible Assets
(in thousands of $)
Acquired
R&D
available
for use
Acquired In-
Process
R&D
Other
Intangibles1)
Total
Cost
On January 1, 2023
\u2013
70,180
106,340
176,520
Additions
56,000
\u2013
\u2013
56,000
Disposals
\u2013
\u2013
(102,000)
(102,000)
Reclassification
52,931
(52,931)
\u2013
\u2013
On December\u00a031, 2023
108,931
17,249
4,340
130,520
Additions
36,500
30,000
\u2013
66,500
On December\u00a031, 2024
145,431
47,249
4,340
197,020
Additions
55,000
37,727
12,788
105,515
Reclassification
(7,500)
\u2013
7,500
\u2013
On December\u00a031, 2025
192,931
84,976
24,628
302,535
Amortization and impairment
On January 1, 2023
\u2013
\u2013
(1,618)
(1,618)
Amortization
(3,392)
\u2013
(102,282)
(105,674)
Disposals
\u2013
\u2013
102,000
102,000
On December\u00a031, 2023
(3,392)
\u2013
(1,900)
(5,292)
Amortization
(10,069)
\u2013
(213)
(10,282)
On December\u00a031, 2024
(13,461)
\u2013
(2,113)
(15,574)
Amortization
(10,408)
\u2013
(4,450)
(14,858)
Reclassification
1,154
\u2013
(1,154)
\u2013
On December\u00a031, 2025
(22,715)
\u2013
(7,717)
(30,432)
Carrying Amount
On December\u00a031, 2023
105,539
17,249
2,440
125,228
On December\u00a031, 2024
131,970
47,249
2,227
181,445
On December\u00a031, 2025
170,216
84,976
16,911
272,103
1) Comparative figures have been aligned to the presentation adopted in the current year.
\u201cAcquired R&D available for use\u201d and \u201cAcquired In-Process R&D\u201d 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 in 2025 to \u201cAcquired R&D available for use\u201d are mainly related to sales-based
milestones in the context of the Halozyme agreement. 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, 2025, 2024 and 2023.
In the fourth quarter of 20232024, 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.
The Company continually assesses the useful life of intangible assets based on the shorter of its expected
useful life and legal life. Currently, intangible assets are amortized over a range of three to more than
fifteen years.
As of December\u00a031, 2025, there are no material commitments to acquire intangible assets, except as set
forth in \u201cNote\u00a027\u00a0Commitments\u201d. No intangible assets are pledged as security for liabilities nor are there
any intangible assets whose title is restricted.
27. Commitments
In February 2019, the Company entered into a global collaboration and license agreement with Halozyme
Therapeutics, which was later amended in September 2020 and again in September 2024.
Under the terms of the agreement, the Company will pay up to $40 million to achievement of specific
regulatory and sales-based milestones related specifically to its FcRn target. This amount represents the
maximum amount that would be paid if all milestones would be achieved but excludes variable royalty
payments based on unit sales.
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 commercial supply is manufactured in collaboration with Lonza and Fujifilm. In the
aggregate, the Company has outstanding commitments for efgartigimod under these commercial supply
agreements amounting to approximately $1.3 billion. These agreements provide commercial supply of
efgartigimod to the Company\u2019s global commercial operations through facilities in the U.S., Europe and Asia.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-468": { "value": "
5. Intangible Assets
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, 2025, 2024 and 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-471": { "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 $)
\u00a0
\u00a0
\u00a0
\u00a0
2025
\u00a0
\u00a0
\u00a0
\u00a0
2024
2023
Non-current restricted assets
\u00a0
4,838
1,964
2,419
Non-current financial assets held at fair value through profit or loss
\u00a0
37,130
\u00a0
25,549
21,715
Non-current financial assets held at fair value through OCI
10,022
14,880
15,528
Total other non-current assets
\u00a0
51,990
\u00a0
42,393
39,662
Non-current restricted assets on December\u00a031, 2025 was mainly composed of deposit guarantees paid
under the lease agreements for the laboratory and offices of the Company.
Non-current financial assets held at fair value through profit or loss is comprised of the profit share in
AgomAb Therapeutics NV. In March 2019, the Company entered into a license agreement with AgomAb
Therapeutics NV for the use of HGF-mimetic SIMPLE Antibodies\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 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 reassessed the fair value of the asset as of December 31, 2025 based on publicly available
clinical announcements as of the reporting date.
Fair value changes on non-current financial assets with fair value through profit or loss are recognized in
the consolidated statements of profit or loss and the consolidated statements of other comprehensive
income or loss under \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 31,
(in thousands of $)
\u00a0
\u00a0
\u00a0
\u00a0
2025
\u00a0
\u00a0
\u00a0
\u00a0
2024
\u00a0
\u00a0
\u00a0
\u00a0
2023
Cost on January 1
\u00a0
76,659
\u00a0
76,659
\u00a0
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
(36,230)
(39,416)
(37,501)
Fair value adjustment of the year through profit or loss
11,581
3,834
\u2013
Fair value adjustment of the year through OCI
(4,858)
(648)
(1,915)
Fair value adjustment on December 31
(29,507)
(36,230)
(39,416)
Net book value on December 31
\u00a0
47,152
\u00a0
40,429
\u00a0
37,243
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 $)
\u00a0
\u00a0
\u00a0
\u00a0
2025
\u00a0
\u00a0
\u00a0
\u00a0
2024
2023
Trade receivables
1,489,572
817,707
417,994
Tax receivables
123,123
40,886
63,605
Interest receivables
33,533
40,214
13,126
Other receivables
464
5,664
1,962
Total trade and other receivables
\u00a0
1,646,692
904,471
496,687
The carrying amounts of trade and other receivables approximate their respective fair values. On
December\u00a031, 2025, 2024 and 2023, we did not have a material provision for expected credit losses.
Please also refer to \u201cNote\u00a024\u00a0Financial Risk Management\u201d for more information on the financial risk
management.
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 $)
\u00a0
\u00a0
\u00a0
\u00a0
2025
\u00a0
\u00a0
\u00a0
\u00a0
2024
2023
Term accounts
948,750
1,878,890
1,131,000
Total current financial assets
\u00a0
948,750
\u00a0
1,878,890
1,131,000
On December\u00a031, 2025, the current financial assets included $59 million (\u20ac50 million) held in EUR
(compared to $104 million (\u20ac100 million) for the year ended December\u00a031, 2024 and $221 million
(\u20ac200 million) for the year ended December\u00a031, 2023) which could generate a foreign currency exchange
gain or loss in the financial results in accordance with the fluctuations of the USD/EUR exchange rate as the
Company\u2019s functional currency is USD.
Please also refer to \u201cNote\u00a024\u00a0Financial Risk Management\u201d for more information on the financial risk
management.
11. Cash and Cash Equivalents
As of December 31,
(in thousands of $)
\u00a0
\u00a0
\u00a0
\u00a0
2025
\u00a0
\u00a0
\u00a0
\u00a0
2024
2023
Money market funds
\u00a0
2,541,112
1,394,409
1,678,100
Term accounts
945,001
100,000
350,000
Cash and bank balances
\u00a0
5,176
5,527
20,744
Total cash and cash equivalents
\u00a0
3,491,289
1,499,936
2,048,844
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, 2025, the cash and cash equivalents included $97 million (\u20ac83 million) held in EUR
(compared to $653 million (\u20ac628 million) for the year ended December\u00a031, 2024 and $703 million
(\u20ac636 million) for the year ended December\u00a031, 2023) which could generate a foreign currency exchange
gain or loss in the financial results in accordance with the fluctuation of the USD/EUR exchange rate as the
Company\u2019s functional currency is USD.
Please also refer to \u201cNote\u00a024\u00a0Financial Risk Management\u201d for more information on the financial risk
management.
14. Trade and Other Payables
As of December 31,
(in thousands of $)
\u00a0
\u00a0
\u00a0
\u00a0
2025
\u00a0
\u00a0
\u00a0
\u00a0
2024
2023
Trade payables
\u00a0
554,268
342,228
245,557
Sales rebates and reserves
\u00a0
402,032
140,474
55,788
Short\u2011term employee benefits
212,344
150,818
95,104
Other
98,500
16,473
17,564
Total trade and other payables
\u00a0
1,267,144
649,993
414,013
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, 2025, 2024 and 2023:
(in thousands of $)
Rebates and
chargebacks
Distribution
fees, product
returns
Total sales
rebates and
reserves
Balance on January 1, 2023
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 periods
(4,041)
(883)
(4,924)
Credits or payments1)
(85,237)
(23,497)
(108,734)
Balance on December 31, 2023
49,662
6,126
55,788
Current estimate related to the sales made in the current year
285,863
50,239
336,102
Adjustment for prior periods
(10,912)
(162)
(11,074)
Credits or payments1)
(197,202)
(43,140)
(240,342)
Balance on December 31, 2024
127,411
13,063
140,474
Current estimate related to the sales made in the current period
824,251
132,171
956,422
Adjustment for prior periods
(6,507)
2,038
(4,469)
Credits or payments
(583,779)
(112,685)
(696,464)
Foreign currency translation differences
6,584
(515)
6,069
Balance on December 31, 2025
367,960
34,072
402,032
1) Comparative figures have been aligned to the presentation adopted in the current year.
21. Exchange Gains/(Losses)
The exchange gains/losses for the year ended December\u00a031, 2025 and prior periods were primarily
attributable to unrealized exchange rate gains on the cash and cash equivalents and current financial
assets position in EUR due to the fluctuation of the EUR/USD exchange rate over the period.
24. Financial Risk Management
The financial risks are managed centrally. The Company coordinates the access to national and
international financial markets and considers and manages continuously the financial risks concerning the
Company\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 $)
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
2025
2024
\u00a0
\u00a0
\u00a0
\u00a0
2023
Financial assets - non-current
\u00a0
FVTPL
\u00a0
37,130
25,549
21,715
Financial assets - non-current
FVTOCI
10,022
14,880
15,528
Research and development incentive receivables - non-
current
Amortized cost
86,212
94,854
76,706
Restricted assets - non-current
\u00a0
Amortized cost
4,838
1,964
2,419
Trade and other receivables
Amortized cost
1,646,692
904,471
496,687
Financial assets - current
Amortized cost
948,750
1,878,890
1,131,000
Research and development incentive receivables - current
Amortized cost
10,367
4,625
2,584
Cash and bank balances
\u00a0
Amortized cost
5,176
5,527
20,744
Cash equivalents
FVTPL
2,541,112
1,394,409
1,678,100
Cash equivalents
Amortized cost
945,001
100,000
350,000
Trade and other payables
Amortized cost
1,267,144
649,993
414,013
The carrying amounts of research and development incentive receivables, financial assets, trade and other
receivables, and trade and other payables are considered to be the same as their fair values, due to their
short-term nature.
Financial assets held at fair value through profit or loss or OCI
Financial assets held at fair value through profit or loss or OCI consisted of equity instruments of listed and
non-listed companies and money market funds.
The Company has no restrictions on the sale of these equity instruments and the assets are not pledged
under any of its liabilities. These instruments are classified as financial assets held at fair value through
profit or loss or OCI which qualify for:
\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, 2025, 2024 and 2023 respectively:
As of December 31, 2025
(in thousands of $)
\u00a0
\u00a0
\u00a0
\u00a0
Level\u00a01
\u00a0
\u00a0
\u00a0
\u00a0
Level\u00a02
\u00a0
\u00a0
\u00a0
\u00a0
Level\u00a03
Non-current financial assets
\u00a0
10,022
\u00a0
\u2013
\u00a0
37,130
Cash and cash equivalents
2,541,112
\u2013
\u2013
Assets carried at fair value
\u00a0
2,551,134
\u00a0
\u2013
\u00a0
37,130
As of December 31, 2024
(in thousands of $)
\u00a0
\u00a0
\u00a0
\u00a0
Level\u00a01
Level\u00a02
Level\u00a03
Non-current financial assets
\u00a0
14,880
\u00a0
\u2013
\u00a0
25,549
Cash and cash equivalents
\u00a0
1,394,409
\u2013
\u2013
Assets carried at fair value
\u00a0
1,409,289
\u00a0
\u2013
\u00a0
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
During the disclosed calendar\u00a0year, no transfers occurred between the applicable categories.
Non-current financial assets \u2013 Level 1
The Company owns shares of Zai Lab due to its license and collaboration agreement. The fair value shares
of the equity instrument at period-end is determined by reference to the closing price of such securities at
each reporting date (classified as level 1 in the fair value hierarchy), resulting in a change in fair value. The
Company made the irrevocable election to recognize subsequent changes in fair value through OCI.
Non-current financial assets \u2013 Level 3
The Company has a profit share in AgomAb Therapeutics NV which is a non-publicly listed company valued
using certain unobservable inputs and assumptions.
The changes in the value of these investments are detailed in \u2018\u2018Note\u00a06\u00a0Other Non-Current Assets
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\u00a016\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 payors.
The Company applied the IFRS 9 simplified approach to measuring expected credit losses which uses a
lifetime expected loss allowance for trade receivables. To measure the expected credit losses, receivables
have been grouped based on credit risk characteristics and the days past due. The provision for expected
credit losses was not significant given that there have been no significant credit losses over the last three
years and the high quality nature of the Company\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 term accounts depends on the rating of the counterparty bank. The
Company also holds cash equivalents in the form of money market funds with a low historical volatility.
These money market funds are highly liquid investments and can be readily convertible into a known
amount of cash. The company has adopted a policy whereby money market funds must have a minimum
rating of A, and whereby 95% of its money market funds should have a AAA-rating.
Liquidity risk
The Company manages liquidity risk by maintaining adequate reserves, by continuously monitoring
forecast and actual cash flows, and by matching the maturity profile of financial assets and liabilities.
The Company\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, 2025, the Company had lines of credit totaling $29 million with financial institutions
mainly relating to leasing guarantees.
Interest rate risk
The only variable interest-bearing financial instruments are cash and cash equivalents and current financial
assets. Changes in interest rates may cause variations in interest income resulting from short-term interest-
bearing assets. Lower short-term interests may have a negative impact on the interest income of the
Company.
For the year ended December\u00a031, 2025, if applicable interest rates would increase/decrease by 50 basis
points, this would have a positive/negative impact of $22 million (compared to $8 million for the year ended
December\u00a031, 2024 and $8 million for the year ended December\u00a031, 2023 if applicable interest rates would
increase/decrease by 25 basis points).
Foreign exchange risk
The Company undertakes transactions denominated in foreign currencies, causing exposures to exchange
rate fluctuations. The Company is mainly exposed to the Euro, Japanese yen, British pound and Swiss franc.
To limit this risk, the Company attempts to align incoming and outgoing cash flows in currencies other than
USD. The Company further limits its non-USD liquidity holdings when possible.
The net exposure to exchange differences of the monetary assets (being from cash and cash equivalents, in
addition to current financial assets) of the Company at the end of the reporting period are as follows:
As of December 31,
(in thousands of $)
\u00a0
\u00a0
\u00a0
\u00a0
2025
\u00a0
\u00a0
\u00a0
\u00a0
2024
\u00a0
\u00a0
\u00a0
\u00a0
2023
EUR
\u00a0
155,757
\u00a0
756,676
\u00a0
923,773
Other currencies
1,258
1,679
8,708
On December\u00a031, 2025, if the EUR would have strengthened/weakened versus the USD by 10%, this would
have had a negative/positive impact of $16 million, compared to $76 million and $92 million on
December\u00a031, 2024 and December\u00a031, 2023, respectively.If other currencies would have strengthen or
weakened against the USD by 10%, this would have had no significant impact in all reported periods.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-473": { "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 $)
\u00a0
\u00a0
\u00a0
\u00a0
2025
\u00a0
\u00a0
\u00a0
\u00a0
2024
2023
Non-current restricted assets
\u00a0
4,838
1,964
2,419
Non-current financial assets held at fair value through profit or loss
\u00a0
37,130
\u00a0
25,549
21,715
Non-current financial assets held at fair value through OCI
10,022
14,880
15,528
Total other non-current assets
\u00a0
51,990
\u00a0
42,393
39,662
Non-current restricted assets on December\u00a031, 2025 was mainly composed of deposit guarantees paid
under the lease agreements for the laboratory and offices of the Company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-475": { "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 $)
\u00a0
\u00a0
\u00a0
\u00a0
2025
\u00a0
\u00a0
\u00a0
\u00a0
2024
2023
Non-current restricted assets
\u00a0
4,838
1,964
2,419
Non-current financial assets held at fair value through profit or loss
\u00a0
37,130
\u00a0
25,549
21,715
Non-current financial assets held at fair value through OCI
10,022
14,880
15,528
Total other non-current assets
\u00a0
51,990
\u00a0
42,393
39,662
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 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 reassessed the fair value of the asset as of December 31, 2025 based on publicly available
clinical announcements as of the reporting date.
Fair value changes on non-current financial assets with fair value through profit or loss are recognized in
the consolidated statements of profit or loss and the consolidated statements of other comprehensive
income or loss under \u201cOther operating income\u201d.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "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 $)
\u00a0
\u00a0
\u00a0
\u00a0
2025
\u00a0
\u00a0
\u00a0
\u00a0
2024
2023
Non-current restricted assets
\u00a0
4,838
1,964
2,419
Non-current financial assets held at fair value through profit or loss
\u00a0
37,130
\u00a0
25,549
21,715
Non-current financial assets held at fair value through OCI
10,022
14,880
15,528
Total other non-current assets
\u00a0
51,990
\u00a0
42,393
39,662
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 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 reassessed the fair value of the asset as of December 31, 2025 based on publicly available
clinical announcements as of the reporting date.
Fair value changes on non-current financial assets with fair value through profit or loss are recognized in
the consolidated statements of profit or loss and the consolidated statements of other comprehensive
income or loss under \u201cOther operating income\u201d.
The table below illustrates these non-current financials assets at fair value through profit or loss or OCI:
As of December 31,
(in thousands of $)
\u00a0
\u00a0
\u00a0
\u00a0
2025
\u00a0
\u00a0
\u00a0
\u00a0
2024
\u00a0
\u00a0
\u00a0
\u00a0
2023
Cost on January 1
\u00a0
76,659
\u00a0
76,659
\u00a0
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
(36,230)
(39,416)
(37,501)
Fair value adjustment of the year through profit or loss
11,581
3,834
\u2013
Fair value adjustment of the year through OCI
(4,858)
(648)
(1,915)
Fair value adjustment on December 31
(29,507)
(36,230)
(39,416)
Net book value on December 31
\u00a0
47,152
\u00a0
40,429
\u00a0
37,243
11. Cash and Cash Equivalents
As of December 31,
(in thousands of $)
\u00a0
\u00a0
\u00a0
\u00a0
2025
\u00a0
\u00a0
\u00a0
\u00a0
2024
2023
Money market funds
\u00a0
2,541,112
1,394,409
1,678,100
Term accounts
945,001
100,000
350,000
Cash and bank balances
\u00a0
5,176
5,527
20,744
Total cash and cash equivalents
\u00a0
3,491,289
1,499,936
2,048,844
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.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-472": { "value": "
6. Other Non-Current Assets
The table below illustrates these non-current financials assets at fair value through profit or loss or OCI:
As of December 31,
(in thousands of $)
\u00a0
\u00a0
\u00a0
\u00a0
2025
\u00a0
\u00a0
\u00a0
\u00a0
2024
\u00a0
\u00a0
\u00a0
\u00a0
2023
Cost on January 1
\u00a0
76,659
\u00a0
76,659
\u00a0
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
(36,230)
(39,416)
(37,501)
Fair value adjustment of the year through profit or loss
11,581
3,834
\u2013
Fair value adjustment of the year through OCI
(4,858)
(648)
(1,915)
Fair value adjustment on December 31
(29,507)
(36,230)
(39,416)
Net book value on December 31
\u00a0
47,152
\u00a0
40,429
\u00a0
37,243
24. Financial Risk Management
The financial risks are managed centrally. The Company coordinates the access to national and
international financial markets and considers and manages continuously the financial risks concerning the
Company\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 $)
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
2025
2024
\u00a0
\u00a0
\u00a0
\u00a0
2023
Financial assets - non-current
\u00a0
FVTPL
\u00a0
37,130
25,549
21,715
Financial assets - non-current
FVTOCI
10,022
14,880
15,528
Research and development incentive receivables - non-
current
Amortized cost
86,212
94,854
76,706
Restricted assets - non-current
\u00a0
Amortized cost
4,838
1,964
2,419
Trade and other receivables
Amortized cost
1,646,692
904,471
496,687
Financial assets - current
Amortized cost
948,750
1,878,890
1,131,000
Research and development incentive receivables - current
Amortized cost
10,367
4,625
2,584
Cash and bank balances
\u00a0
Amortized cost
5,176
5,527
20,744
Cash equivalents
FVTPL
2,541,112
1,394,409
1,678,100
Cash equivalents
Amortized cost
945,001
100,000
350,000
Trade and other payables
Amortized cost
1,267,144
649,993
414,013
The carrying amounts of research and development incentive receivables, financial assets, trade and other
receivables, and trade and other payables are considered to be the same as their fair values, due to their
short-term nature.
The Company carried the following assets at fair value on December\u00a031, 2025, 2024 and 2023 respectively:
As of December 31, 2025
(in thousands of $)
\u00a0
\u00a0
\u00a0
\u00a0
Level\u00a01
\u00a0
\u00a0
\u00a0
\u00a0
Level\u00a02
\u00a0
\u00a0
\u00a0
\u00a0
Level\u00a03
Non-current financial assets
\u00a0
10,022
\u00a0
\u2013
\u00a0
37,130
Cash and cash equivalents
2,541,112
\u2013
\u2013
Assets carried at fair value
\u00a0
2,551,134
\u00a0
\u2013
\u00a0
37,130
As of December 31, 2024
(in thousands of $)
\u00a0
\u00a0
\u00a0
\u00a0
Level\u00a01
Level\u00a02
Level\u00a03
Non-current financial assets
\u00a0
14,880
\u00a0
\u2013
\u00a0
25,549
Cash and cash equivalents
\u00a0
1,394,409
\u2013
\u2013
Assets carried at fair value
\u00a0
1,409,289
\u00a0
\u2013
\u00a0
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-476": { "value": "
7. Inventories
As of December 31,
(in thousands of $)
\u00a0
\u00a0
\u00a0
\u00a0
2025
\u00a0
\u00a0
\u00a0
\u00a0
2024
2023
Raw materials and consumables
335,540
\u00a0
337,832
240,836
Inventories in process
55,535
26,357
47,074
Finished goods
82,455
43,044
22,640
Total inventories
\u00a0
473,530
\u00a0
407,233
310,550
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 $243 million for
the year ended December\u00a031, 2025 (compared to $168 million for the year ended December\u00a031, 2024 and
$101 million for the year ended December\u00a031, 2023).
The Company has pre-launch inventory awaiting regulatory approval amounting to $37 million as of the
year ended December\u00a031, 2025 compared to $5 million as of December\u00a031, 2024 and $101 million as of
December\u00a031, 2023", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-477": { "value": "
7. Inventories
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 $243 million for
the year ended December\u00a031, 2025 (compared to $168 million for the year ended December\u00a031, 2024 and
$101 million for the year ended December\u00a031, 2023", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-478": { "value": "
8. Prepaid Expenses (Current)
The current prepaid expenses are composed of prepayments which are detailed below:
As of December 31,
(in thousands of $)
\u00a0
\u00a0
\u00a0
\u00a0
2025
\u00a0
\u00a0
\u00a0
\u00a0
2024
2023
Prepaid research and development expenses
214,631
110,249
71,201
Prepaid software
50,148
18,564
6,240
Prepaid inventory
19,249
34,753
22,460
Prepaid advertising expenses
12,711
9,463
19,933
Other prepaid expenses
31,737
14,919
14,238
Total prepaid expenses
\u00a0
328,476
\u00a0
187,948
134,072
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-480": { "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 $)
\u00a0
\u00a0
\u00a0
\u00a0
2025
\u00a0
\u00a0
\u00a0
\u00a0
2024
2023
Trade receivables
1,489,572
817,707
417,994
Tax receivables
123,123
40,886
63,605
Interest receivables
33,533
40,214
13,126
Other receivables
464
5,664
1,962
Total trade and other receivables
\u00a0
1,646,692
904,471
496,687
The carrying amounts of trade and other receivables approximate their respective fair values. On
December\u00a031, 2025, 2024 and 2023, we did not have a material provision for expected credit losses.
Please also refer to \u201cNote\u00a024\u00a0Financial Risk Management\u201d for more information on the financial risk
management.
Credit risk
The Company applied the IFRS 9 simplified approach to measuring expected credit losses which uses a
lifetime expected loss allowance for trade receivables. To measure the expected credit losses, receivables
have been grouped based on credit risk characteristics and the days past due. The provision for expected
credit losses was not significant given that there have been no significant credit losses over the last three
years and the high quality nature of the Company\u2019s customers.", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-479": { "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 $)
\u00a0
\u00a0
\u00a0
\u00a0
2025
\u00a0
\u00a0
\u00a0
\u00a0
2024
2023
Trade receivables
1,489,572
817,707
417,994
Tax receivables
123,123
40,886
63,605
Interest receivables
33,533
40,214
13,126
Other receivables
464
5,664
1,962
Total trade and other receivables
\u00a0
1,646,692
904,471
496,687
The carrying amounts of trade and other receivables approximate their respective fair values. On
December\u00a031, 2025, 2024 and 2023, we did not have a material provision for expected credit losses.
Please also refer to \u201cNote\u00a024\u00a0Financial Risk Management\u201d for more information on the financial risk
management.
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\u00a016\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 payors.
The Company applied the IFRS 9 simplified approach to measuring expected credit losses which uses a
lifetime expected loss allowance for trade receivables. To measure the expected credit losses, receivables
have been grouped based on credit risk characteristics and the days past due. The provision for expected
credit losses was not significant given that there have been no significant credit losses over the last three
years and the high quality nature of the Company\u2019s customers.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-481": { "value": "
11. Cash and Cash Equivalents
As of December 31,
(in thousands of $)
\u00a0
\u00a0
\u00a0
\u00a0
2025
\u00a0
\u00a0
\u00a0
\u00a0
2024
2023
Money market funds
\u00a0
2,541,112
1,394,409
1,678,100
Term accounts
945,001
100,000
350,000
Cash and bank balances
\u00a0
5,176
5,527
20,744
Total cash and cash equivalents
\u00a0
3,491,289
1,499,936
2,048,844
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, 2025, the cash and cash equivalents included $97 million (\u20ac83 million) held in EUR
(compared to $653 million (\u20ac628 million) for the year ended December\u00a031, 2024 and $703 million
(\u20ac636 million) for the year ended December\u00a031, 2023) which could generate a foreign currency exchange
gain or loss in the financial results in accordance with the fluctuation of the USD/EUR exchange rate as the
Company\u2019s functional currency is USD.
Please also refer to \u201cNote\u00a024\u00a0Financial Risk Management\u201d for more information on the financial risk
management.
Credit risk
Cash and cash equivalents and current financial assets are invested with several highly reputable banks and
financial institutions. The main purpose of the Cash Investment Policy is to preserve the available cash and
to ensure sufficient short-term liquidity at all times. Therefore, the Company holds its cash and cash
equivalents, in addition to current financial assets mainly with banks which are independently rated A- or
higher. Amounts of cash held with banks rated lower than A- are limited to insignificant balances. The
maximum amount and tenor of term accounts depends on the rating of the counterparty bank. The
Company also holds cash equivalents in the form of money market funds with a low historical volatility.
These money market funds are highly liquid investments and can be readily convertible into a known
amount of cash. The company has adopted a policy whereby money market funds must have a minimum
rating of A, and whereby 95% of its money market funds should have a AAA-rating.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-483": { "value": "
12. Share Capital and Share Premium
As of December\u00a031, 2025, the Company\u2019s share capital was represented by 61,883,306 shares. All shares
were issued, fully paid up and of the same class. The table below summarizes the share issuances as a
result of offerings, exercise of stock options and the vesting of restricted stock units under the Company\u2019s
Employee Stock Option Plan.
Roll forward of number of shares outstanding:
Number of shares outstanding on January 1, 2023
\u00a0
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
\u00a0
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
Exercise of stock options
986,507
Vesting of RSUs
135,842
Number of shares outstanding on December 31, 2025
61,883,306
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 27, 2025, at the annual general meeting, the shareholders of the Company approved the
authorization to the Board to issue up to a maximum of 10% of the then-outstanding share capital, for a
period of 18 months.
On December\u00a031, 2025, an amount of \u20ac532,863, represented by 5,328,634 shares, still remained available
under the authorization to issue shares as granted to the Board by the shareholders of the Company.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-482": { "value": "
12. Share Capital and Share Premium
As of December\u00a031, 2025, the Company\u2019s share capital was represented by 61,883,306 shares. All shares
were issued, fully paid up and of the same class. The table below summarizes the share issuances as a
result of offerings, exercise of stock options and the vesting of restricted stock units under the Company\u2019s
Employee Stock Option Plan.
Roll forward of number of shares outstanding:
Number of shares outstanding on January 1, 2023
\u00a0
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
\u00a0
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
Exercise of stock options
986,507
Vesting of RSUs
135,842
Number of shares outstanding on December 31, 2025
61,883,306
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 27, 2025, at the annual general meeting, the shareholders of the Company approved the
authorization to the Board to issue up to a maximum of 10% of the then-outstanding share capital, for a
period of 18 months.
On December\u00a031, 2025, an amount of \u20ac532,863, represented by 5,328,634 shares, still remained available
under the authorization to issue shares as granted to the Board by the shareholders of the Company.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-484": { "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 (\u2018\u2019key 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 and/or performance stock units.
13.1. Stock Options
The stock options are granted to key persons of the Company and its subsidiaries. The stock options may
be granted to purchase ordinary shares at an exercise price. The stock options have been granted free of
charge. Each employee\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, 2025, the economic
benefits of 12,951 stock options, for which accelerated vesting applies, were transferred to a third party.
No other conditions are attached to stock options.
The following stock option arrangements were in existence during the current and prior\u00a0years and which
are exercisable at the end of each period presented:
Outstanding stock options on December 31,
Expiry date
\u00a0
\u00a0
\u00a0
\u00a0
Exercise price per stock options (in\u00a0$)\u00b9\u207e
\u00a0
\u00a0
\u00a0
\u00a0
2025
\u00a0
\u00a0
\u00a0
\u00a0
2024
\u00a0
\u00a0
\u00a0
\u00a0
2023
2024
\u00a0
2.87
\u2013
\u2013
3,308
2024
\u00a0
4.64
\u2013
\u2013
532
2024
\u00a0
8.43
\u2013
\u2013
81,500
2025
\u00a0
13.44
\u2013
400
1,600
2025
\u00a0
11.13
\u2013
78,690
99,326
2026
\u00a0
13.48
75,643
93,378
97,972
2026
\u00a0
13.37
10,000
14,000
24,400
2026
\u00a0
16.61
95,749
103,859
111,811
2027
21.63
31,646
35,046
38,434
2027
24.87
136,705
152,085
225,852
2028
94.96
6,670
7,370
13,890
2028
101.43
187,281
190,011
225,457
2024
133.35
\u2013
\u2013
26,171
2029
133.35
33,513
44,158
71,573
2024
159.51
\u2013
\u2013
104,176
2029
159.51
251,019
275,154
370,566
2025
140.45
\u2013
3,758
16,712
2030
140.45
18,291
30,675
50,801
2025
230.48
\u2013
7,926
126,331
2030
230.48
69,359
79,691
160,677
2025
235.26
\u2013
5,629
31,424
2030
235.26
31,388
47,908
78,534
2025
290.93
\u2013
90,425
202,205
2030
290.93
246,192
351,911
559,173
Outstanding stock options on December 31,
Expiry date
\u00a0
\u00a0
\u00a0
\u00a0
Exercise price per stock options (in\u00a0$)\u00b9\u207e
\u00a0
\u00a0
\u00a0
\u00a0
2025
\u00a0
\u00a0
\u00a0
\u00a0
2024
\u00a0
\u00a0
\u00a0
\u00a0
2023
2026
275.42
9,413
23,491
23,491
2031
275.42
8,820
19,486
27,201
2026
299.74
22,733
59,527
59,626
2031
299.74
38,475
96,888
128,600
2026
304.91
5,085
45,044
45,228
2031
304.91
24,697
39,359
62,138
2025
363.31
\u2013
\u2013
16,000
2026
363.31
47,559
80,179
80,425
2031
363.31
124,043
169,196
226,520
2027
331.94
13,876
13,876
13,957
2032
331.94
19,412
34,773
58,255
2027
420.06
57,024
57,118
58,091
2032
420.06
104,811
144,505
192,291
2027
432.99
13,764
13,764
13,764
2032
432.99
41,692
56,820
73,288
2027
422.53
134,492
134,748
136,459
2032
422.53
179,832
249,755
347,765
2028
400.32
15,014
15,014
15,014
2033
400.32
28,285
36,065
43,856
2028
417.60
120,517
121,071
127,490
2033
417.60
318,762
415,859
495,821
2028
541.21
2,173
2,235
2,235
2033
541.21
43,035
56,782
69,704
2028
350.97
6,043
6,043
\u2013
2033
350.97
43,405
61,806
79,305
2029
430.17
3,202
3,291
\u2013
2034
430.17
27,767
37,642
\u2013
2029
489.27
87,700
88,157
\u2013
2034
489.27
454,081
553,251
\u2013
2029
562.47
6,023
6,023
\u2013
2034
562.47
23,579
26,622
\u2013
2029
699.60
2,079
2,137
\u2013
2034
699.60
15,737
18,159
\u2013
2030
648.60
3,763
\u2013
\u2013
2035
648.60
16,453
\u2013
\u2013
2030
563.18
64,565
\u2013
\u2013
2035
563.18
513,390
\u2013
\u2013
2030
718.16
1,519
\u2013
\u2013
2035
718.16
29,243
\u2013
\u2013
2030\u20132035\u00b2\u207e
837.78
17,595
\u2013
\u2013
3,883,114
4,300,760
\u00a0
5,118,949
1) Amounts have been converted to USD at the closing rate as of December\u00a031, 2025.
2) In December 2025, the Company granted stock options for which the Belgian taxed beneficiaries had a 60-day period to choose between a
contractual term of five or ten years.
2025
2024
2023
Number of
stock
options
Weighted
average
exercise
price\u00b9\u207e
Number of
stock
options
Weighted
average
exercise
price\u00b9\u207e
Number of
stock
options
Weighted
average
exercise
price\u00b9\u207e
Outstanding as of January\u00a01
\u00a0
4,300,760
283.29
5,118,949
\u00a0
255.41
\u00a0
5,511,767
\u00a0
205.02
Granted
\u00a0
663,301
580.41
756,234
\u00a0
451.63
\u00a0
844,011
\u00a0
395.92
Exercised
\u00a0
(986,507)
296.31
(1,478,225)
\u00a0
206.43
\u00a0
(1,137,439)
\u00a0
142.31
Forfeited
\u00a0
(94,440)
481.03
(96,198)
\u00a0
367.18
\u00a0
(99,390)
\u00a0
356.57
Outstanding as of December 31
\u00a0
3,883,114
366.90
4,300,760
\u00a0
283.29
\u00a0
5,118,949
\u00a0
255.41
Exercisable as of December 31
\u00a0
2,340,218
275.83
2,492,709
\u00a0
203.36
\u00a0
3,030,486
\u00a0
179.22
1) Amounts have been converted to USD at the closing rate of the respective period.
The weighted average share price at the date of exercise of options exercised during the year ended
December\u00a031, 2025 was $754.00, compared to $498.58 during the year ended December\u00a031, 2024 and
$456.80 during the year ended December\u00a031, 2023. The weighted average remaining contractual life of the
stock options outstanding amounted to 5.68 years on December\u00a031, 2025 compared to 5.89 years on
December\u00a031, 2024 and 5.90 years on December\u00a031, 2023. The table below shows the weighted average
remaining contractual life for each range of exercise price:
Exercise price (in $)
Outstanding\u00a0on
December 31, 2025
Weighted average
remaining contractual
life (in\u00a0years)
13.37 - 16.61
181,392
0.69
21.63 - 24.87
168,351
1.87
94.96 - 101.43
193,951
2.96
133.35 - 159.51
284,532
3.92
140.45 - 290.93
365,230
4.82
275.42 - 363.31
280,825
4.30
331.94 - 432.99
564,903
4.84
350.97 - 541.21
577,234
6.30
430.17 - 699.60
620,168
7.71
563.18 - 837.78
646,528
8.98
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 2025:
Stock options granted in
March 2025
June 2025
September 2025
December 2025\u00b9\u207e
Number of options granted
21,469
593,475
30,762
17,595
Average Fair value of options (in $)\u00b2\u207e
147.95 - 194.55
177.33 - 308.47
249.21 - 446.49
324.22
Share price (in $)\u00b2\u207e
547.67 - 584.66
550.61 - 707.89
724.65 - 918.62
842.24
Exercise price (in $)\u00b2\u207e
596.99
561.74
717.61
837.78
Expected volatility
32.61 - 33.43%
30.54 - 31.61%
33.16 - 37.48%
38.22%
Average Expected option life (in years)
4.33 - 6.52
4.16 - 6.35
4.02 - 6.22
5.34
Risk\u2011free interest rate
1.91 - 2.43%
2.02 - 2.37%
2.09 - 2.26%
2.35%
Expected dividends
\u2013%
\u2013%
\u2013%
\u2013%
1) In December 2025, the Company granted a total of 17,595 stock options of which 1,833 stock options to Belgian taxed beneficiaries. Belgian
taxed beneficiaries can choose between a contractual term of five or ten years. The expected option life ranges between 3.88 and 6.07 years.
This estimate will be reassessed once the acceptance period of 60 days has passed and the beneficiaries will have made a choice between a
contractual term of five or ten years. The total difference in fair value of the grant to Belgian taxed beneficiaries would not be material
irrespective of 100% of the stock options of Belgian taxed beneficiaries with a contractual term of five years or ten years.
2) Amounts have been converted to USD at the applicable rate prevailing at the grant date.
Below is an overview of the parameters used in relation to the determination of the fair value of grants
during 2024:
Stock options granted in
April 2024
June 2024
September 2024
December 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
170.44 - 220.99
Share price (in $)\u00b2\u207e
365.56 - 396.30
437.41 - 492.86
543.68 - 656.53
620.43 - 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%
31.55 - 34.46%
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%
1.97 - 2.25%
Expected dividends
\u2013%
\u2013%
\u2013%
\u2013%
1) In December 2024, the Company granted a total of 20,296 stock options. Belgian beneficiaries could choose between a contractual term of five
or ten years impacting the parameters used in determination of the fair value of the grant. Once the acceptance period of 60 days had passed
in which the beneficiaries made a choice between a contractual term of five or ten years years, the parameters and fair value used in the
financial year ending December\u00a031, 2024 were\u00a0 reassessed.
2) Amounts have been converted to USD at the applicable rate prevailing at the grant date.
Below is an overview of the parameter used in relation to the determination of the fair value of grants
during 2023:
Stock options granted in
April 2023
July 2023
October 2023
December 2023
Number of options granted
61,056
629,121
74,529
79,305
Average Fair value of options (in $)\u00b9\u207e
158.21 - 196.18
176.44 - 271.59
123.94 - 209.04
161.88 - 200.55
Share price (in $)\u00b9\u207e
361.64 - 401.21
380.81 - 521.19
439.42 - 491.75
371.36 - 403.77
Exercise price (in $)\u00b9\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) Amounts have been converted to USD at the applicable rate prevailing at the grant date.
The total share-based payment expense related to stock options recognized in the consolidated statements
of profit or loss totaled $128 million for the year ended December\u00a031, 2025, compared to $147 million for
the year ended December\u00a031, 2024 and $164 million for the year ended December\u00a031, 2023.
13.2. Restricted Stock Units (RSUs)
The RSUs are granted to key persons of the Company and its subsidiaries. The RSUs have been granted free
of charge. Each employee\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.
RSUs granted to non-executive directors prior to the year ended December 31, 2024 vest over a period of
four years with 1/4th of the total grant vesting at each anniversary of the date of grant. RSUs granted to
non-executive directors as from the year ended December 31, 2024 vest at the one year anniversary of the
grant and are subject to a holding period of three years after vesting. The Company has assessed a
reduction in fair value associated to RSUs subject to a holding period.
The following restricted stock units arrangements were in existence during the current and prior\u00a0years:
2025
2024
2023
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
\u00a0
615,360
403.29
442,322
375.89
385,280
387.20
Granted
\u00a0
234,845
597.86
349,521
454.57
192,237
396.22
Vested
\u00a0
(218,488)
433.33
(140,667)
344.68
(105,678)
353
Forfeited
\u00a0
(47,064)
472.60
(35,816)
374.10
(29,517)
358.49
Non-vested units on
December 31
\u00a0
584,653
499.68
615,360
403.29
442,322
375.89
1) Amounts have been converted to USD at the closing rate of the respective period.
The total share-based payment expense related to RSUs recognized in the consolidated statements of profit
or loss totaled $115 million for the year ended December\u00a031, 2025 compared to $88\u00a0million for the year
ended December\u00a031, 2024 and $69 million for the year ended December\u00a031, 2023.
13.3. Performance Stock Units (PSUs)
The PSUs are granted to key persons of the Company and its subsidiaries. The PSUs have been granted free
of charge. Each employee\u2019s PSUs converts into one ordinary share of the Company upon vesting. The PSUs
carry neither rights to dividends nor voting rights. PSUs once converted into ordinary shares, may be sold at
any time from the date of vesting, have no expiry date and may be held by the participant without
limitation. The fair value of PSUs is based on the closing sale price of our Company\u2019s common stock on the
day prior to the date of issuance. PSUs vest at the end of their three years performance period. Pay-out
levels depend upon the achievement of performance measures, subject to threshold, target and maximum
levels as determined by the Board. PSUs have a maximum upside payout opportunity of 150% of target.
The Company granted 30,360 units of PSUs on June 30, 2025.
2025
Number\u00a0of
PSUs
Weighted
average
Grant Date
Fair Value 1)
(in $)
Non-vested units on January 1
\u00a0
\u2013
\u2013
Granted
\u00a0
30,360
563.18
Vested
\u00a0
\u2013
\u2013
Forfeited
\u00a0
\u2013
\u2013
Non-vested units on December 31
\u00a0
30,360
563.18
1) Amounts have been converted to USD at the closing rate of the respective period.
This was the first grant of PSUs by the Company, there are therefore no comparable periods.
The total share-based payment expense related to PSUs recognized in the consolidated statements of profit
or loss totaled $6 million for the year ended December\u00a031, 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-485": { "value": "
14. Trade and Other Payables
As of December 31,
(in thousands of $)
\u00a0
\u00a0
\u00a0
\u00a0
2025
\u00a0
\u00a0
\u00a0
\u00a0
2024
2023
Trade payables
\u00a0
554,268
342,228
245,557
Sales rebates and reserves
\u00a0
402,032
140,474
55,788
Short\u2011term employee benefits
212,344
150,818
95,104
Other
98,500
16,473
17,564
Total trade and other payables
\u00a0
1,267,144
649,993
414,013
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, 2025, 2024 and 2023:
(in thousands of $)
Rebates and
chargebacks
Distribution
fees, product
returns
Total sales
rebates and
reserves
Balance on January 1, 2023
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 periods
(4,041)
(883)
(4,924)
Credits or payments1)
(85,237)
(23,497)
(108,734)
Balance on December 31, 2023
49,662
6,126
55,788
Current estimate related to the sales made in the current year
285,863
50,239
336,102
Adjustment for prior periods
(10,912)
(162)
(11,074)
Credits or payments1)
(197,202)
(43,140)
(240,342)
Balance on December 31, 2024
127,411
13,063
140,474
Current estimate related to the sales made in the current period
824,251
132,171
956,422
Adjustment for prior periods
(6,507)
2,038
(4,469)
Credits or payments
(583,779)
(112,685)
(696,464)
Foreign currency translation differences
6,584
(515)
6,069
Balance on December 31, 2025
367,960
34,072
402,032
1) Comparative figures have been aligned to the presentation adopted in the current year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-486": { "value": "
16. Segment Reporting
The Company manages its activities and operates as one business unit which is reflected in its
organizational structure and internal reporting. The Company does not distinguish in its internal reporting
different segments, neither business nor geographical segments. The chief operating decision-maker is the
Board of Directors.
Following table summarizes the product net sales by country of sales based on the country of the entity
that recognizes product net sales:
Year Ended December 31,
(in thousands of $)
\u00a0
\u00a0
\u00a0
\u00a0
2025
2024 1)
\u00a0
\u00a0
\u00a0
\u00a0
2023
United States
3,533,939
1,895,919
1,046,592
Japan
206,835
89,389
56,432
China
67,920
39,177
14,907
Rest of the World
342,622
161,398
72,852
Total product net sales
\u00a0
4,151,316
2,185,883
1,190,783
1) Comparative figures have been presented to be consistent with the presentation adopted in the current year.
Four U.S. customers represent approximately 78% of the product net sales during the twelve months ended
December\u00a031, 2025 (compared to five U.S. customers which represented 87% in 2024 and four customers
which represented 86% for the same period in 2023).
The non-current assets including property, plant and equipment and intangible assets are presented
geographically as shown in the table below:
Year Ended December 31,
(in thousands of $)
\u00a0
\u00a0
\u00a0
\u00a0
2025
\u00a0
\u00a0
\u00a0
\u00a0
2024
2023
Belgium
\u00a0
303,026
\u00a0
209,758
\u00a0
138,252
United States
\u00a0
9,235
\u00a0
11,557
\u00a0
6,219
Japan
\u00a0
1,916
\u00a0
2,242
\u00a0
2,971
Rest of the World
6,173
1,405
461
Total non-current assets
\u00a0
320,350
\u00a0
224,962
147,903
Product net sales and non-current assets in the Netherlands, the Company\u2019s country of domicile, are not
material.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-489": { "value": "
17. Research and Development Expenses
Year Ended December 31,
(in thousands of $)
\u00a0
\u00a0
\u00a0
\u00a0
2025
\u00a0
\u00a0
\u00a0
\u00a0
2024
2023
External research and development expenses
\u00a0
859,179
\u00a0
605,082
483,192
Personnel expenses
\u00a0
388,557
310,992
226,344
Digital technology expenses
\u00a0
58,367
34,012
19,935
Materials and consumables
\u00a0
7,895
5,863
4,057
Depreciation and amortization
12,739
6,204
105,546
Other expenses
\u00a0
37,395
21,270
20,418
Total Research and development expenses
\u00a0
1,364,132
983,423
859,492
18. Selling, General and Administrative Expenses
Year Ended December 31,
(in thousands of $)
\u00a0
\u00a0
\u00a0
\u00a0
2025
2024 1)
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
20231)
Personnel expenses
\u00a0
500,530
424,916
303,033
Marketing services
\u00a0
395,374
306,987
202,146
Professional fees
238,228
170,215
108,820
Digital technology expenses
\u00a0
47,104
27,295
20,408
Distribution and commercial support expenses
33,818
19,695
10,356
Facilities and occupancy expenses
16,035
20,888
11,264
Supervisory board
11,829
9,724
8,362
Depreciation and amortization
7,079
3,149
2,366
Other expenses
\u00a0
117,060
72,468
45,150
Total Selling, general and administrative expenses
\u00a0
1,367,057
1,055,337
711,905
1) Comparative figures have been aligned with the presentation adopted in the current year.
19. Personnel Expenses
The personnel expenses mentioned in \u2018\u2018Note\u00a017\u00a0Research and Development Expenses\u201d and
\u2018\u2018Note\u00a018\u00a0Selling, General and Administrative Expenses\u2019\u2019 above are as follows:
Year Ended December 31,
(in thousands of $)
\u00a0
\u00a0
\u00a0
\u00a0
2025
\u00a0
\u00a0
\u00a0
\u00a0
2024
\u00a0
\u00a0
\u00a0
\u00a0
2023
Short\u2011term employee benefits - Salaries
\u00a0
538,056
410,184
266,482
Short\u2011term employee benefits - Social Security
\u00a0
39,086
\u00a0
30,856
\u00a0
19,231
Post\u2011employment benefits
\u00a0
24,751
\u00a0
12,330
\u00a0
7,758
Termination benefits
\u00a0
2,283
\u00a0
2,498
\u00a0
1,089
Share\u2011based payment
\u00a0
238,493
228,142
226,830
Employer social security contributions share-based payments
\u00a0
46,418
\u00a0
51,898
\u00a0
7,987
Total personnel expenses
\u00a0
889,087
735,908
529,377
The post-employment benefits relate to the pension plans the Company has in place for its employees.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-488": { "value": "
17. Research and Development Expenses
Year Ended December 31,
(in thousands of $)
\u00a0
\u00a0
\u00a0
\u00a0
2025
\u00a0
\u00a0
\u00a0
\u00a0
2024
2023
External research and development expenses
\u00a0
859,179
\u00a0
605,082
483,192
Personnel expenses
\u00a0
388,557
310,992
226,344
Digital technology expenses
\u00a0
58,367
34,012
19,935
Materials and consumables
\u00a0
7,895
5,863
4,057
Depreciation and amortization
12,739
6,204
105,546
Other expenses
\u00a0
37,395
21,270
20,418
Total Research and development expenses
\u00a0
1,364,132
983,423
859,492
18. Selling, General and Administrative Expenses
Year Ended December 31,
(in thousands of $)
\u00a0
\u00a0
\u00a0
\u00a0
2025
2024 1)
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
20231)
Personnel expenses
\u00a0
500,530
424,916
303,033
Marketing services
\u00a0
395,374
306,987
202,146
Professional fees
238,228
170,215
108,820
Digital technology expenses
\u00a0
47,104
27,295
20,408
Distribution and commercial support expenses
33,818
19,695
10,356
Facilities and occupancy expenses
16,035
20,888
11,264
Supervisory board
11,829
9,724
8,362
Depreciation and amortization
7,079
3,149
2,366
Other expenses
\u00a0
117,060
72,468
45,150
Total Selling, general and administrative expenses
\u00a0
1,367,057
1,055,337
711,905
1) Comparative figures have been aligned with the presentation adopted in the current year.
19. Personnel Expenses
The personnel expenses mentioned in \u2018\u2018Note\u00a017\u00a0Research and Development Expenses\u201d and
\u2018\u2018Note\u00a018\u00a0Selling, General and Administrative Expenses\u2019\u2019 above are as follows:
Year Ended December 31,
(in thousands of $)
\u00a0
\u00a0
\u00a0
\u00a0
2025
\u00a0
\u00a0
\u00a0
\u00a0
2024
\u00a0
\u00a0
\u00a0
\u00a0
2023
Short\u2011term employee benefits - Salaries
\u00a0
538,056
410,184
266,482
Short\u2011term employee benefits - Social Security
\u00a0
39,086
\u00a0
30,856
\u00a0
19,231
Post\u2011employment benefits
\u00a0
24,751
\u00a0
12,330
\u00a0
7,758
Termination benefits
\u00a0
2,283
\u00a0
2,498
\u00a0
1,089
Share\u2011based payment
\u00a0
238,493
228,142
226,830
Employer social security contributions share-based payments
\u00a0
46,418
\u00a0
51,898
\u00a0
7,987
Total personnel expenses
\u00a0
889,087
735,908
529,377
The post-employment benefits relate to the pension plans the Company has in place for its employees.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-487": { "value": "
17. Research and Development Expenses
Year Ended December 31,
(in thousands of $)
\u00a0
\u00a0
\u00a0
\u00a0
2025
\u00a0
\u00a0
\u00a0
\u00a0
2024
2023
External research and development expenses
\u00a0
859,179
\u00a0
605,082
483,192
Personnel expenses
\u00a0
388,557
310,992
226,344
Digital technology expenses
\u00a0
58,367
34,012
19,935
Materials and consumables
\u00a0
7,895
5,863
4,057
Depreciation and amortization
12,739
6,204
105,546
Other expenses
\u00a0
37,395
21,270
20,418
Total Research and development expenses
\u00a0
1,364,132
983,423
859,492
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-490": { "value": "
18. Selling, General and Administrative Expenses
Year Ended December 31,
(in thousands of $)
\u00a0
\u00a0
\u00a0
\u00a0
2025
2024 1)
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
20231)
Personnel expenses
\u00a0
500,530
424,916
303,033
Marketing services
\u00a0
395,374
306,987
202,146
Professional fees
238,228
170,215
108,820
Digital technology expenses
\u00a0
47,104
27,295
20,408
Distribution and commercial support expenses
33,818
19,695
10,356
Facilities and occupancy expenses
16,035
20,888
11,264
Supervisory board
11,829
9,724
8,362
Depreciation and amortization
7,079
3,149
2,366
Other expenses
\u00a0
117,060
72,468
45,150
Total Selling, general and administrative expenses
\u00a0
1,367,057
1,055,337
711,905
1) Comparative figures have been aligned with the presentation adopted in the current year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-491": { "value": "
19. Personnel Expenses
The personnel expenses mentioned in \u2018\u2018Note\u00a017\u00a0Research and Development Expenses\u201d and
\u2018\u2018Note\u00a018\u00a0Selling, General and Administrative Expenses\u2019\u2019 above are as follows:
Year Ended December 31,
(in thousands of $)
\u00a0
\u00a0
\u00a0
\u00a0
2025
\u00a0
\u00a0
\u00a0
\u00a0
2024
\u00a0
\u00a0
\u00a0
\u00a0
2023
Short\u2011term employee benefits - Salaries
\u00a0
538,056
410,184
266,482
Short\u2011term employee benefits - Social Security
\u00a0
39,086
\u00a0
30,856
\u00a0
19,231
Post\u2011employment benefits
\u00a0
24,751
\u00a0
12,330
\u00a0
7,758
Termination benefits
\u00a0
2,283
\u00a0
2,498
\u00a0
1,089
Share\u2011based payment
\u00a0
238,493
228,142
226,830
Employer social security contributions share-based payments
\u00a0
46,418
\u00a0
51,898
\u00a0
7,987
Total personnel expenses
\u00a0
889,087
735,908
529,377
The post-employment benefits relate to the pension plans the Company has in place for its employees.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-492": { "value": "
The average number of full-time equivalents (FTE) by function is presented below:
Year Ended December 31,
Average Number of FTEs
\u00a0
\u00a0
\u00a0
\u00a0
2025
\u00a0
\u00a0
\u00a0
\u00a0
2024
\u00a0
\u00a0
\u00a0
\u00a0
2023
Research and development
\u00a0
1,003
\u00a0
805
\u00a0
607
Selling, general and administrative
\u00a0
1,006
\u00a0
835
\u00a0
681
Total number of FTEs
\u00a0
2,009
\u00a0
1,639
\u00a0
1,289
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-495": { "value": "
20. Leases
The statements of financial position shows the following amounts relating to leases:
Year Ended December 31,
(in thousands of $)
\u00a0
\u00a0
\u00a0
\u00a0
2025
2,024
2,023
Right-of-use assets
\u00a0
Buildings
\u00a0
28,393
\u00a0
33,780
\u00a0
16,798
Vehicles
12,297
6,615
3,191
Equipment
91
125
160
\u00a0
40,781
40,520
20,149
Lease liabilities
\u00a0
Current
\u00a0
10,833
\u00a0
6,533
\u00a0
4,646
Non-current
36,327
32,520
15,354
\u00a0
47,160
39,053
20,000
Additions to the right-of-use assets amounted to $20 million for the year ended December\u00a031, 2025,
compared to $26 million and $11 million for the years ended December\u00a031, 2024 and 2023 respectively.
The table below shows a maturity analysis of the lease liabilities:
Year Ended December 31,
(in thousands of $)
2025
2024 1)
2023 1)
Lease liabilities
Less than 1 year
12,458
8,047
4,286
Years 1 through 5
32,718
25,670
13,890
Greater than 5 years
7,786
11,829
1,824
Total contractual cash flows
52,962
45,546
20,000
Total carrying amount
47,160
39,053
20,000
1) Comparative figures have been aligned with the presentation adopted in the current year.
The consolidated statements of profit or loss and the consolidated statements of other comprehensive
income or loss shows the following amounts relating to leases:
Year Ended December 31,
(in thousands of $)
\u00a0
\u00a0
\u00a0
\u00a0
2025
\u00a0
\u00a0
\u00a0
\u00a0
2024
2023
Depreciation charges
\u00a0
Buildings
\u00a0
6,135
\u00a0
3,657
\u00a0
2,839
Vehicles
4,272
2,067
971
Equipment
34
35
36
\u00a0
10,441
\u00a0
5,759
\u00a0
3,846
Interest expense (included in finance cost)
3,175
2,072
693
The total cash outflows for leases in 2025, 2024 and 2023 were $4 million, $8 million and $4 million
respectively.
The Company applies the short-term lease recognition exemption (i.e., those leases that have a lease term
of 12 months or less from the commencement date and do not contain a purchase option) and the lease of
low-value assets recognition exemption. Lease payments on short-term leases and leases of low-value
assets are immaterial and are recognized as an expense within the operating category in the statement of
profit on a straight-line basis over the lease term.
The Company does not have any lease agreement with variable lease payments or residual value
guarantees. The Company has several leases that include extension and termination options. These options
provide flexibility in managing the leased-asset portfolio and align with the Company\u2019s business needs. The
Company exercises judgment in determining whether these extension and termination options are
reasonably certain to be exercised. The undiscounted potential future rental payments relating to periods
following the exercise date of extension and termination options that are not included in the lease term are
not material.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-494": { "value": "
20. Leases
The table below shows a maturity analysis of the lease liabilities:
Year Ended December 31,
(in thousands of $)
2025
2024 1)
2023 1)
Lease liabilities
Less than 1 year
12,458
8,047
4,286
Years 1 through 5
32,718
25,670
13,890
Greater than 5 years
7,786
11,829
1,824
Total contractual cash flows
52,962
45,546
20,000
Total carrying amount
47,160
39,053
20,000
1) Comparative figures have been aligned with the presentation adopted in the current year.
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, 2025, the Company had lines of credit totaling $29 million with financial institutions
mainly relating to leasing guarantees.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-493": { "value": "
20. Leases
The table below shows a maturity analysis of the lease liabilities:
Year Ended December 31,
(in thousands of $)
2025
2024 1)
2023 1)
Lease liabilities
Less than 1 year
12,458
8,047
4,286
Years 1 through 5
32,718
25,670
13,890
Greater than 5 years
7,786
11,829
1,824
Total contractual cash flows
52,962
45,546
20,000
Total carrying amount
47,160
39,053
20,000
1) Comparative figures have been aligned with the presentation adopted in the current year.
24. Financial Risk Management
The financial risks are managed centrally. The Company coordinates the access to national and
international financial markets and considers and manages continuously the financial risks concerning the
Company\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.
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\u00a016\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 payors.
The Company applied the IFRS 9 simplified approach to measuring expected credit losses which uses a
lifetime expected loss allowance for trade receivables. To measure the expected credit losses, receivables
have been grouped based on credit risk characteristics and the days past due. The provision for expected
credit losses was not significant given that there have been no significant credit losses over the last three
years and the high quality nature of the Company\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 term accounts depends on the rating of the counterparty bank. The
Company also holds cash equivalents in the form of money market funds with a low historical volatility.
These money market funds are highly liquid investments and can be readily convertible into a known
amount of cash. The company has adopted a policy whereby money market funds must have a minimum
rating of A, and whereby 95% of its money market funds should have a AAA-rating.
Liquidity risk
The Company manages liquidity risk by maintaining adequate reserves, by continuously monitoring
forecast and actual cash flows, and by matching the maturity profile of financial assets and liabilities.
The Company\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, 2025, the Company had lines of credit totaling $29 million with financial institutions
mainly relating to leasing guarantees.
Interest rate risk
The only variable interest-bearing financial instruments are cash and cash equivalents and current financial
assets. Changes in interest rates may cause variations in interest income resulting from short-term interest-
bearing assets. Lower short-term interests may have a negative impact on the interest income of the
Company.
For the year ended December\u00a031, 2025, if applicable interest rates would increase/decrease by 50 basis
points, this would have a positive/negative impact of $22 million (compared to $8 million for the year ended
December\u00a031, 2024 and $8 million for the year ended December\u00a031, 2023 if applicable interest rates would
increase/decrease by 25 basis points).
Foreign exchange risk
The Company undertakes transactions denominated in foreign currencies, causing exposures to exchange
rate fluctuations. The Company is mainly exposed to the Euro, Japanese yen, British pound and Swiss franc.
To limit this risk, the Company attempts to align incoming and outgoing cash flows in currencies other than
USD. The Company further limits its non-USD liquidity holdings when possible.
The net exposure to exchange differences of the monetary assets (being from cash and cash equivalents, in
addition to current financial assets) of the Company at the end of the reporting period are as follows:
As of December 31,
(in thousands of $)
\u00a0
\u00a0
\u00a0
\u00a0
2025
\u00a0
\u00a0
\u00a0
\u00a0
2024
\u00a0
\u00a0
\u00a0
\u00a0
2023
EUR
\u00a0
155,757
\u00a0
756,676
\u00a0
923,773
Other currencies
1,258
1,679
8,708
On December\u00a031, 2025, if the EUR would have strengthened/weakened versus the USD by 10%, this would
have had a negative/positive impact of $16 million, compared to $76 million and $92 million on
December\u00a031, 2024 and December\u00a031, 2023, respectively.If other currencies would have strengthen or
weakened against the USD by 10%, this would have had no significant impact in all reported periods.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-496": { "value": "
21. Exchange Gains/(Losses)
The exchange gains/losses for the year ended December\u00a031, 2025 and prior periods were primarily
attributable to unrealized exchange rate gains on the cash and cash equivalents and current financial
assets position in EUR due to the fluctuation of the EUR/USD exchange rate over the period.", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-498": { "value": "
22. Income taxes
Income taxes recognized in the income statements can be detailed as follows:
Year Ended December 31,
(in thousands of $)
\u00a0
\u00a0
\u00a0
\u00a0
2025
\u00a0
\u00a0
\u00a0
\u00a0
2024
\u00a0
\u00a0
\u00a0
\u00a0
2023
Current year
\u00a0
(351,264)
\u00a0
(53,462)
\u00a0
(9,592)
Income tax prior years
\u00a0
13,224
(383)
(2,080)
Current tax expense
\u00a0
(338,040)
\u00a0
(53,845)
\u00a0
(11,672)
Recognition of deferred tax assets
\u2013
724,700
\u2013
Originating and reversal of temporary differences
351,468
77,005
21,115
Deferred tax benefit
\u00a0
351,468
\u00a0
801,705
\u00a0
21,115
Total income tax benefit
13,428
747,860
9,443
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 $)
2025
2024
2023
(Profit)/Loss before taxes
(1,278,607)
(85,180)
304,496
Income tax (expense)/benefit calculated at the Dutch statutory federal
income tax rates
(329,881)
(21,977)
78,560
Effect of intercompany asset deal/transaction
\u2013
\u2013
396
Effect of expenses not deductible in determining taxable results
(6,188)
(5,383)
(2,674)
Effect of share-based payment expenses that are not deductible in
determining taxable results
(29,673)
(13,151)
(43,040)
Effect of stock issue expenses that are not taxable in determining taxable
results
\u2013
\u2013
18,620
Effect of tax credits and incentives 1)
291,865
102,823
87,123
Effect of change of (de)recognition of deferred tax assets on tax losses
(2,500)
187,361
(2,282)
Effect of different tax rates in jurisdictions in which the company operates
9,685
4,169
(3,509)
Effect of change of (de)recognition of deferred tax assets
\u2013
535,598
(124,457)
Effect of foreign exchange translation
87,070
(38,307)
\u2013
Other
(6,950)
(3,273)
706
Income tax (expense)/benefit recognized in the consolidated
statements of profit or loss
13,428
747,860
9,443
1) This item was renamed from \u2018Effect of concessions\u2019 to enhance clarity for financial statement presentation.
Deferred tax assets are recognized to the extent that it is probable that sufficient taxable profits will be
available in the look-forward period. In the fourth quarter of 2024, the Company recognized a consolidated
tax benefit for previously unrecognized net deferred tax assets amounting to $725 million, based on the
weight of available evidence.
The amount of deferred tax assets and liability by type of temporary difference can be detailed as follows:
As of December 31, 2025
(in thousands of $)
Assets
Liabilities
\u00a0
\u00a0
\u00a0
\u00a0
Net
Deferred tax assets/(liabilities)
Innovation income deduction credit
159,360
\u2013
159,360
Net operating loss carryforwards
138,487
\u2013
138,487
Capitalized R&D expenses
445,550
\u2013
445,550
Intangible assets
94,383
\u2013
94,383
Accruals and allowances
122,654
\u2013
122,654
Share-based payments
99,408
\u2013
99,408
Profit in inventory
225,033
\u2013
225,033
Other tax carryforwards
16,206
\u2013
16,206
Property, plant and equipment
4,130
(2,121)
2,009
Non-current fixed assets
\u2013
(8,683)
(8,683)
Other
1,944
(498)
1,446
Netting by taxable entity
(11,302)
11,302
\u2013
Net deferred tax assets
1,295,853
\u00a0
\u2013
\u00a0
1,295,853
As of December 31, 2024
(in thousands of $)
\u00a0
\u00a0
\u00a0
\u00a0
Assets
Liabilities
\u00a0
\u00a0
\u00a0
\u00a0
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
\u2013
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/(liabilities)
\u00a0
924,299
\u00a0
\u2013
\u00a0
924,299
As of December 31, 2023
(in thousands of $)
\u00a0
\u00a0
\u00a0
\u00a0
Assets
Liabilities
\u00a0
\u00a0
\u00a0
\u00a0
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)
\u00a0
97,211
\u00a0
(5,155)
\u00a0
92,056
The change in net deferred taxes recorded in the consolidated statements of financial position can be
detailed as follows:
(in thousands of $)
\u00a0
\u00a0
\u00a0
\u00a0
Deferred tax assets
\u00a0
\u00a0
\u00a0
\u00a0
Deferred tax liabilities
Balance on January 1, 2025
\u00a0
924,299
\u00a0
\u2013
Recognized in profit or loss
264,021
\u2013
Recognized in equity
20,780
\u2013
Effects of change in foreign exchange rate
86,753
\u2013
Balance on December 31, 2025
1,295,853
\u2013
(in thousands of $)
\u00a0
\u00a0
\u00a0
\u00a0
Deferred tax assets
\u00a0
\u00a0
\u00a0
\u00a0
Deferred tax liabilities
Balance on January 1, 2024
\u00a0
97,211
\u00a0
(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 $)
\u00a0
\u00a0
\u00a0
\u00a0
Deferred tax assets
\u00a0
\u00a0
\u00a0
\u00a0
Deferred tax liabilities
Balance on January 1, 2023
\u00a0
79,222
\u00a0
(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)
The Company also has unrecognized tax losses carried forward in the Netherlands in the amount of
$56 million as of December\u00a031, 2025, compared to $46 million on December\u00a031, 2024 and $33 million on
December\u00a031, 2023. These losses carried forward do not have an expiration date based upon the applicable
enacted tax legislation in the Netherlands.
As of December\u00a031, 2025, the Company has $209 million of undistributed earnings attributable to foreign
subsidiaries (compared to $125 million on December\u00a031, 2024 and $128 million on December\u00a031, 2023) for
which no provision for deferred tax liabilities have been recognized because the Company has control over
the timing of the reversal of the temporary differences and there are no plans of distributions in the
foreseeable future.
The Company is subject to the OECD Pillar Two Directive and implementing domestic laws in 2025. The
Pillar Two Rules does not have a material impact on our effective tax rate or the recognition of our deferred
tax assets.
The Company continues to apply the exception relating to recognizing and disclosing information about
deferred tax assets and liabilities related to legislation that is enacted to implement the OECD Pillar Two
model rules.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-497": { "value": "
22. Income taxes
Income taxes recognized in the income statements can be detailed as follows:
Year Ended December 31,
(in thousands of $)
\u00a0
\u00a0
\u00a0
\u00a0
2025
\u00a0
\u00a0
\u00a0
\u00a0
2024
\u00a0
\u00a0
\u00a0
\u00a0
2023
Current year
\u00a0
(351,264)
\u00a0
(53,462)
\u00a0
(9,592)
Income tax prior years
\u00a0
13,224
(383)
(2,080)
Current tax expense
\u00a0
(338,040)
\u00a0
(53,845)
\u00a0
(11,672)
Recognition of deferred tax assets
\u2013
724,700
\u2013
Originating and reversal of temporary differences
351,468
77,005
21,115
Deferred tax benefit
\u00a0
351,468
\u00a0
801,705
\u00a0
21,115
Total income tax benefit
13,428
747,860
9,443
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 $)
2025
2024
2023
(Profit)/Loss before taxes
(1,278,607)
(85,180)
304,496
Income tax (expense)/benefit calculated at the Dutch statutory federal
income tax rates
(329,881)
(21,977)
78,560
Effect of intercompany asset deal/transaction
\u2013
\u2013
396
Effect of expenses not deductible in determining taxable results
(6,188)
(5,383)
(2,674)
Effect of share-based payment expenses that are not deductible in
determining taxable results
(29,673)
(13,151)
(43,040)
Effect of stock issue expenses that are not taxable in determining taxable
results
\u2013
\u2013
18,620
Effect of tax credits and incentives 1)
291,865
102,823
87,123
Effect of change of (de)recognition of deferred tax assets on tax losses
(2,500)
187,361
(2,282)
Effect of different tax rates in jurisdictions in which the company operates
9,685
4,169
(3,509)
Effect of change of (de)recognition of deferred tax assets
\u2013
535,598
(124,457)
Effect of foreign exchange translation
87,070
(38,307)
\u2013
Other
(6,950)
(3,273)
706
Income tax (expense)/benefit recognized in the consolidated
statements of profit or loss
13,428
747,860
9,443
1) This item was renamed from \u2018Effect of concessions\u2019 to enhance clarity for financial statement presentation.
Deferred tax assets are recognized to the extent that it is probable that sufficient taxable profits will be
available in the look-forward period. In the fourth quarter of 2024, the Company recognized a consolidated
tax benefit for previously unrecognized net deferred tax assets amounting to $725 million, based on the
weight of available evidence.
The amount of deferred tax assets and liability by type of temporary difference can be detailed as follows:
As of December 31, 2025
(in thousands of $)
Assets
Liabilities
\u00a0
\u00a0
\u00a0
\u00a0
Net
Deferred tax assets/(liabilities)
Innovation income deduction credit
159,360
\u2013
159,360
Net operating loss carryforwards
138,487
\u2013
138,487
Capitalized R&D expenses
445,550
\u2013
445,550
Intangible assets
94,383
\u2013
94,383
Accruals and allowances
122,654
\u2013
122,654
Share-based payments
99,408
\u2013
99,408
Profit in inventory
225,033
\u2013
225,033
Other tax carryforwards
16,206
\u2013
16,206
Property, plant and equipment
4,130
(2,121)
2,009
Non-current fixed assets
\u2013
(8,683)
(8,683)
Other
1,944
(498)
1,446
Netting by taxable entity
(11,302)
11,302
\u2013
Net deferred tax assets
1,295,853
\u00a0
\u2013
\u00a0
1,295,853
As of December 31, 2024
(in thousands of $)
\u00a0
\u00a0
\u00a0
\u00a0
Assets
Liabilities
\u00a0
\u00a0
\u00a0
\u00a0
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
\u2013
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/(liabilities)
\u00a0
924,299
\u00a0
\u2013
\u00a0
924,299
As of December 31, 2023
(in thousands of $)
\u00a0
\u00a0
\u00a0
\u00a0
Assets
Liabilities
\u00a0
\u00a0
\u00a0
\u00a0
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)
\u00a0
97,211
\u00a0
(5,155)
\u00a0
92,056
The change in net deferred taxes recorded in the consolidated statements of financial position can be
detailed as follows:
(in thousands of $)
\u00a0
\u00a0
\u00a0
\u00a0
Deferred tax assets
\u00a0
\u00a0
\u00a0
\u00a0
Deferred tax liabilities
Balance on January 1, 2025
\u00a0
924,299
\u00a0
\u2013
Recognized in profit or loss
264,021
\u2013
Recognized in equity
20,780
\u2013
Effects of change in foreign exchange rate
86,753
\u2013
Balance on December 31, 2025
1,295,853
\u2013
(in thousands of $)
\u00a0
\u00a0
\u00a0
\u00a0
Deferred tax assets
\u00a0
\u00a0
\u00a0
\u00a0
Deferred tax liabilities
Balance on January 1, 2024
\u00a0
97,211
\u00a0
(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 $)
\u00a0
\u00a0
\u00a0
\u00a0
Deferred tax assets
\u00a0
\u00a0
\u00a0
\u00a0
Deferred tax liabilities
Balance on January 1, 2023
\u00a0
79,222
\u00a0
(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)
The Company also has unrecognized tax losses carried forward in the Netherlands in the amount of
$56 million as of December\u00a031, 2025, compared to $46 million on December\u00a031, 2024 and $33 million on
December\u00a031, 2023. These losses carried forward do not have an expiration date based upon the applicable
enacted tax legislation in the Netherlands.
As of December\u00a031, 2025, the Company has $209 million of undistributed earnings attributable to foreign
subsidiaries (compared to $125 million on December\u00a031, 2024 and $128 million on December\u00a031, 2023) for
which no provision for deferred tax liabilities have been recognized because the Company has control over
the timing of the reversal of the temporary differences and there are no plans of distributions in the
foreseeable future.
The Company is subject to the OECD Pillar Two Directive and implementing domestic laws in 2025. The
Pillar Two Rules does not have a material impact on our effective tax rate or the recognition of our deferred
tax assets.
The Company continues to apply the exception relating to recognizing and disclosing information about
deferred tax assets and liabilities related to legislation that is enacted to implement the OECD Pillar Two
model rules.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-499": { "value": "
23. Earnings per Share
Year Ended December 31
(in thousands of $ except for shares and EPS)
2025
2024
2023
Profit/(Loss) for the period
\u00a0
1,292,035
\u00a0
833,040
\u00a0
(295,053)
Weighted average number of shares used for basic profit/(loss) per share
\u00a0
61,295,149
59,855,585
57,169,253
Basic profit/(loss) per share (in $)
\u00a0
21.08
\u00a0
13.92
\u00a0
(5.16)
Weighted average number of shares used for diluted profit/(loss) per share
66,029,215
65,177,815
57,169,253
Diluted profit/(loss) per share (in $)
19.57
12.78
(5.16)
Profit/(loss) per ordinary share is calculated by dividing the profit/(loss) for the period by the weighted
average number of ordinary shares during the year. Diluted profit/(loss) per share is calculated by adjusting
the weighted average number of shares by in the money outstanding dilutive stock options, RSUs and PSUs.
As the Company reported a net loss in 2023, stock options and RSUs had an anti-dilutive effect rather than
a dilutive effect. As such, there is no difference between basic and diluted loss per ordinary share for this
period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-500": { "value": "
24. Financial Risk Management
The financial risks are managed centrally. The Company coordinates the access to national and
international financial markets and considers and manages continuously the financial risks concerning the
Company\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 $)
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
2025
2024
\u00a0
\u00a0
\u00a0
\u00a0
2023
Financial assets - non-current
\u00a0
FVTPL
\u00a0
37,130
25,549
21,715
Financial assets - non-current
FVTOCI
10,022
14,880
15,528
Research and development incentive receivables - non-
current
Amortized cost
86,212
94,854
76,706
Restricted assets - non-current
\u00a0
Amortized cost
4,838
1,964
2,419
Trade and other receivables
Amortized cost
1,646,692
904,471
496,687
Financial assets - current
Amortized cost
948,750
1,878,890
1,131,000
Research and development incentive receivables - current
Amortized cost
10,367
4,625
2,584
Cash and bank balances
\u00a0
Amortized cost
5,176
5,527
20,744
Cash equivalents
FVTPL
2,541,112
1,394,409
1,678,100
Cash equivalents
Amortized cost
945,001
100,000
350,000
Trade and other payables
Amortized cost
1,267,144
649,993
414,013
The carrying amounts of research and development incentive receivables, financial assets, trade and other
receivables, and trade and other payables are considered to be the same as their fair values, due to their
short-term nature.
Financial assets held at fair value through profit or loss or OCI
Financial assets held at fair value through profit or loss or OCI consisted of equity instruments of listed and
non-listed companies and money market funds.
The Company has no restrictions on the sale of these equity instruments and the assets are not pledged
under any of its liabilities. These instruments are classified as financial assets held at fair value through
profit or loss or OCI which qualify for:
\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, 2025, 2024 and 2023 respectively:
As of December 31, 2025
(in thousands of $)
\u00a0
\u00a0
\u00a0
\u00a0
Level\u00a01
\u00a0
\u00a0
\u00a0
\u00a0
Level\u00a02
\u00a0
\u00a0
\u00a0
\u00a0
Level\u00a03
Non-current financial assets
\u00a0
10,022
\u00a0
\u2013
\u00a0
37,130
Cash and cash equivalents
2,541,112
\u2013
\u2013
Assets carried at fair value
\u00a0
2,551,134
\u00a0
\u2013
\u00a0
37,130
As of December 31, 2024
(in thousands of $)
\u00a0
\u00a0
\u00a0
\u00a0
Level\u00a01
Level\u00a02
Level\u00a03
Non-current financial assets
\u00a0
14,880
\u00a0
\u2013
\u00a0
25,549
Cash and cash equivalents
\u00a0
1,394,409
\u2013
\u2013
Assets carried at fair value
\u00a0
1,409,289
\u00a0
\u2013
\u00a0
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
During the disclosed calendar\u00a0year, no transfers occurred between the applicable categories.
Non-current financial assets \u2013 Level 1
The Company owns shares of Zai Lab due to its license and collaboration agreement. The fair value shares
of the equity instrument at period-end is determined by reference to the closing price of such securities at
each reporting date (classified as level 1 in the fair value hierarchy), resulting in a change in fair value. The
Company made the irrevocable election to recognize subsequent changes in fair value through OCI.
Non-current financial assets \u2013 Level 3
The Company has a profit share in AgomAb Therapeutics NV which is a non-publicly listed company valued
using certain unobservable inputs and assumptions.
The changes in the value of these investments are detailed in \u2018\u2018Note\u00a06\u00a0Other Non-Current Assets", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-501": { "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, 2025, cash and cash equivalents amounted to $3.5 billion,
current financial assets amounted to $0.9 billion and total capital amounted to $7.3 billion. The current
cash situation and the anticipated cash generation and usage are the most important parameters in
assessing the capital structure. The Company\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 enter into financing agreements or issue new shares.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-502": { "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\u00a016\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 payors.
The Company applied the IFRS 9 simplified approach to measuring expected credit losses which uses a
lifetime expected loss allowance for trade receivables. To measure the expected credit losses, receivables
have been grouped based on credit risk characteristics and the days past due. The provision for expected
credit losses was not significant given that there have been no significant credit losses over the last three
years and the high quality nature of the Company\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 term accounts depends on the rating of the counterparty bank. The
Company also holds cash equivalents in the form of money market funds with a low historical volatility.
These money market funds are highly liquid investments and can be readily convertible into a known
amount of cash. The company has adopted a policy whereby money market funds must have a minimum
rating of A, and whereby 95% of its money market funds should have a AAA-rating.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-503": { "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, 2025, if applicable interest rates would increase/decrease by 50 basis
points, this would have a positive/negative impact of $22 million (compared to $8 million for the year ended
December\u00a031, 2024 and $8 million for the year ended December\u00a031, 2023 if applicable interest rates would
increase/decrease by 25 basis points).
Foreign exchange risk
The Company undertakes transactions denominated in foreign currencies, causing exposures to exchange
rate fluctuations. The Company is mainly exposed to the Euro, Japanese yen, British pound and Swiss franc.
To limit this risk, the Company attempts to align incoming and outgoing cash flows in currencies other than
USD. The Company further limits its non-USD liquidity holdings when possible.
The net exposure to exchange differences of the monetary assets (being from cash and cash equivalents, in
addition to current financial assets) of the Company at the end of the reporting period are as follows:
As of December 31,
(in thousands of $)
\u00a0
\u00a0
\u00a0
\u00a0
2025
\u00a0
\u00a0
\u00a0
\u00a0
2024
\u00a0
\u00a0
\u00a0
\u00a0
2023
EUR
\u00a0
155,757
\u00a0
756,676
\u00a0
923,773
Other currencies
1,258
1,679
8,708
On December\u00a031, 2025, if the EUR would have strengthened/weakened versus the USD by 10%, this would
have had a negative/positive impact of $16 million, compared to $76 million and $92 million on
December\u00a031, 2024 and December\u00a031, 2023, respectively.If other currencies would have strengthen or
weakened against the USD by 10%, this would have had no significant impact in all reported periods.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-504": { "value": "
25. Related Party Transactions
25.1. Relationship and transactions with joint venture entity
In 2022, the University of Colorado Anschutz Medical Campus and the University of Colorado Health
(UCHealth) created an asset-centric spin-off, OncoVerity, Inc (OncoVerity), focused on optimizing and
advancing the development of cusatuzumab, a novel anti-CD70 antibody, in AML. OncoVerity is an entity of
co-creation, combining the extensive translational biology insights from Dr. Clayton Smith, M.D. from the
University of Colorado with our experience on the CD70/CD27 pathway. argenx contributed $7 million in
2025 ($7 million and $13 million in 2024 and 2023 respectively).
The investment has been accounted under IAS 28 Investment in associates and Joint Ventures using the
equity method of accounting and has been designated as an \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 as \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.
25.2. Relationship and transactions with subsidiaries
See \u2018\u2018Note\u00a029\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.
25.3. 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, 2025, the Senior Management Team consisted of eight members: Chief Executive Officer,
Chief Operating Officer, Chief Financial Officer, Chief Scientific Officer, General Counsel, Chief Medical
Officer, Vice President Corporate Development and Strategy and Global Head of Quality Assurance. They
provide their services on a full-time basis.
On December\u00a031, 2025, the board of directors consisted of eight Non-Executive Directors: Peter Verhaeghe,
Pamela Klein, Anthony Rosenberg, James Daly, Camilla Sylvest, Ana\u00a0C\u00e9spedes, Steve Krognes, Brian\u00a0Kotzin,
and one executive director, Tim Van Hauwermeiren.
Only the CEO is a member of both the Senior Management Team and the Board of Directors. The CEO does
not receive any remuneration for his membership of the Board of Directors, as this is part of his total
remuneration package in his capacity as member of the Senior Management Team.
The remuneration package of the members of key management personnel comprises:
\u00a0
\u00a0
\u00a0
\u00a0
Year Ended December 31,
(in thousands of $, except for the number of stock options & RSUs)
\u00a0
\u00a0
\u00a0
\u00a0
2025
\u00a0
\u00a0
\u00a0
\u00a0
2024
\u00a0
\u00a0
\u00a0
\u00a0
2023
Remuneration of key management personnel
\u00a0
\u00a0
\u00a0
Short-term benefits for the Senior Management Team
\u00a0
\u00a0
\u00a0
Gross salary
5,285
4,529
4,161
Variable pay
3,276
3,084
2,816
Employer social security
2,497
1,473
807
Other short term benefits
497
672
545
Post-employment benefits for the Senior Management Team
327
274
167
Cost of stock options granted in the year for the Senior Management Team
16,819
17,758
27,983
Cost of restricted stock units granted in the year for the Senior Management
Team
\u2013
16,211
11,694
Cost of performance stock units granted in the year for the Senior
Management Team
13,899
\u2013
\u2013
Employer social security cost related to stock options
1,432
2,825
(494)
Total benefits for key management personnel
44,032
46,826
47,679
Numbers of stock options granted in the year
Senior Management Team
73,091
98,306
132,100
Numbers of restricted stock units granted in the year
Senior Management Team
\u2013
36,365
30,425
Numbers of performance stock units granted in the year
Senior Management Team
24,742
\u2013
\u2013
Remuneration of Non-Executive Directors
Board fees and other short-term benefits for Non-Executive Directors
774
731
533
Cost of stock options granted in the year for Non-Executive Directors
\u2013
\u2013
2,280
Cost of restricted stock units granted in the year for Non-Executive Directors
3,159
4,511
1,034
Total benefits for Non-Executive Directors
3,933
5,242
3,846
Numbers of stock options granted in the year
Non-Executive Directors
\u2013
\u2013
12,400
Numbers of restricted stock units granted in the year
Non-Executive Directors
5,624
10,118
2,713
Other
No loans, quasi-loans or other guarantees were given by the Company or any of its subsidiaries to
members of the Senior Management Team or the Board of Directors. We have not entered into
transactions with the Company\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.
29. Overview of Consolidation Scope
The parent company argenx SE is domiciled in the Netherlands. The Company, argenx SE, has one
subsidiary, argenx BV, which is based in Belgium. argenx BV has sixteen subsidiaries. Details of the
Company\u2019s consolidated entities at the end of the reporting period are as follows:
Name
\u00a0
\u00a0
\u00a0
\u00a0
Country
\u00a0
\u00a0
\u00a0
\u00a0
Participation
argenx SE
the Netherlands
100%
argenx B.V.
Belgium
100%
argenx Benelux B.V.
Belgium
100%
argenx US, Inc.
USA
100%
argenx Australia Pty. Ltd.
Australia
100%
argenx Austria Services GmbH
Austria
100%
argenx Brasil Produtos Farmac\u00eauticos Ltda
Brazil
100%
argenx Canada Inc.
Canada
100%
argenx France SAS
France
100%
argenx Germany GmbH
Germany
100%
argenx Italy S.r.l.
Italy
100%
argenx Japan KK.
Japan
100%
argenx Netherlands Services B.V.
the Netherlands
100%
argenx Spain S.L.
Spain
100%
argenx Spain S.L. - Sucursal em Portugal
Portugal
100%
argenx Switzerland, S.A.
Switzerland
100%
argenx UK Ltd.
United Kingdom
100%
Broteio Pharma B.V.
the Netherlands
100%
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-507": { "value": "
25.1. Relationship and transactions with joint venture entity
In 2022, the University of Colorado Anschutz Medical Campus and the University of Colorado Health
(UCHealth) created an asset-centric spin-off, OncoVerity, Inc (OncoVerity), focused on optimizing and
advancing the development of cusatuzumab, a novel anti-CD70 antibody, in AML. OncoVerity is an entity of
co-creation, combining the extensive translational biology insights from Dr. Clayton Smith, M.D. from the
University of Colorado with our experience on the CD70/CD27 pathway. argenx contributed $7 million in
2025 ($7 million and $13 million in 2024 and 2023 respectively).
The investment has been accounted under IAS 28 Investment in associates and Joint Ventures using the
equity method of accounting and has been designated as an \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 as \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:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-506": { "value": "
25.1. Relationship and transactions with joint venture entity
In 2022, the University of Colorado Anschutz Medical Campus and the University of Colorado Health
(UCHealth) created an asset-centric spin-off, OncoVerity, Inc (OncoVerity), focused on optimizing and
advancing the development of cusatuzumab, a novel anti-CD70 antibody, in AML. OncoVerity is an entity of
co-creation, combining the extensive translational biology insights from Dr. Clayton Smith, M.D. from the
University of Colorado with our experience on the CD70/CD27 pathway. argenx contributed $7 million in
2025 ($7 million and $13 million in 2024 and 2023 respectively).
The investment has been accounted under IAS 28 Investment in associates and Joint Ventures using the
equity method of accounting and has been designated as an \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 as \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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-505": { "value": "
25.1. Relationship and transactions with joint venture entity
In 2022, the University of Colorado Anschutz Medical Campus and the University of Colorado Health
(UCHealth) created an asset-centric spin-off, OncoVerity, Inc (OncoVerity), focused on optimizing and
advancing the development of cusatuzumab, a novel anti-CD70 antibody, in AML. OncoVerity is an entity of
co-creation, combining the extensive translational biology insights from Dr. Clayton Smith, M.D. from the
University of Colorado with our experience on the CD70/CD27 pathway. argenx contributed $7 million in
2025 ($7 million and $13 million in 2024 and 2023 respectively).
The investment has been accounted under IAS 28 Investment in associates and Joint Ventures using the
equity method of accounting and has been designated as an \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 as \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.
29. Overview of Consolidation Scope
The parent company argenx SE is domiciled in the Netherlands. The Company, argenx SE, has one
subsidiary, argenx BV, which is based in Belgium. argenx BV has sixteen subsidiaries. Details of the
Company\u2019s consolidated entities at the end of the reporting period are as follows:
Name
\u00a0
\u00a0
\u00a0
\u00a0
Country
\u00a0
\u00a0
\u00a0
\u00a0
Participation
argenx SE
the Netherlands
100%
argenx B.V.
Belgium
100%
argenx Benelux B.V.
Belgium
100%
argenx US, Inc.
USA
100%
argenx Australia Pty. Ltd.
Australia
100%
argenx Austria Services GmbH
Austria
100%
argenx Brasil Produtos Farmac\u00eauticos Ltda
Brazil
100%
argenx Canada Inc.
Canada
100%
argenx France SAS
France
100%
argenx Germany GmbH
Germany
100%
argenx Italy S.r.l.
Italy
100%
argenx Japan KK.
Japan
100%
argenx Netherlands Services B.V.
the Netherlands
100%
argenx Spain S.L.
Spain
100%
argenx Spain S.L. - Sucursal em Portugal
Portugal
100%
argenx Switzerland, S.A.
Switzerland
100%
argenx UK Ltd.
United Kingdom
100%
Broteio Pharma B.V.
the Netherlands
100%
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-508": { "value": "
25.3. 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, 2025, the Senior Management Team consisted of eight members: Chief Executive Officer,
Chief Operating Officer, Chief Financial Officer, Chief Scientific Officer, General Counsel, Chief Medical
Officer, Vice President Corporate Development and Strategy and Global Head of Quality Assurance. They
provide their services on a full-time basis.
On December\u00a031, 2025, the board of directors consisted of eight Non-Executive Directors: Peter Verhaeghe,
Pamela Klein, Anthony Rosenberg, James Daly, Camilla Sylvest, Ana\u00a0C\u00e9spedes, Steve Krognes, Brian\u00a0Kotzin,
and one executive director, Tim Van Hauwermeiren.
Only the CEO is a member of both the Senior Management Team and the Board of Directors. The CEO does
not receive any remuneration for his membership of the Board of Directors, as this is part of his total
remuneration package in his capacity as member of the Senior Management Team.
The remuneration package of the members of key management personnel comprises:
\u00a0
\u00a0
\u00a0
\u00a0
Year Ended December 31,
(in thousands of $, except for the number of stock options & RSUs)
\u00a0
\u00a0
\u00a0
\u00a0
2025
\u00a0
\u00a0
\u00a0
\u00a0
2024
\u00a0
\u00a0
\u00a0
\u00a0
2023
Remuneration of key management personnel
\u00a0
\u00a0
\u00a0
Short-term benefits for the Senior Management Team
\u00a0
\u00a0
\u00a0
Gross salary
5,285
4,529
4,161
Variable pay
3,276
3,084
2,816
Employer social security
2,497
1,473
807
Other short term benefits
497
672
545
Post-employment benefits for the Senior Management Team
327
274
167
Cost of stock options granted in the year for the Senior Management Team
16,819
17,758
27,983
Cost of restricted stock units granted in the year for the Senior Management
Team
\u2013
16,211
11,694
Cost of performance stock units granted in the year for the Senior
Management Team
13,899
\u2013
\u2013
Employer social security cost related to stock options
1,432
2,825
(494)
Total benefits for key management personnel
44,032
46,826
47,679
Numbers of stock options granted in the year
Senior Management Team
73,091
98,306
132,100
Numbers of restricted stock units granted in the year
Senior Management Team
\u2013
36,365
30,425
Numbers of performance stock units granted in the year
Senior Management Team
24,742
\u2013
\u2013
Remuneration of Non-Executive Directors
Board fees and other short-term benefits for Non-Executive Directors
774
731
533
Cost of stock options granted in the year for Non-Executive Directors
\u2013
\u2013
2,280
Cost of restricted stock units granted in the year for Non-Executive Directors
3,159
4,511
1,034
Total benefits for Non-Executive Directors
3,933
5,242
3,846
Numbers of stock options granted in the year
Non-Executive Directors
\u2013
\u2013
12,400
Numbers of restricted stock units granted in the year
Non-Executive Directors
5,624
10,118
2,713
Other
No loans, quasi-loans or other guarantees were given by the Company or any of its subsidiaries to
members of the Senior Management Team or the Board of Directors. We have not entered into
transactions with the Company\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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-511": { "value": "
26. 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-510": { "value": "
26. 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-509": { "value": "
26. 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.
27. Commitments
In February 2019, the Company entered into a global collaboration and license agreement with Halozyme
Therapeutics, which was later amended in September 2020 and again in September 2024.
Under the terms of the agreement, the Company will pay up to $40 million to achievement of specific
regulatory and sales-based milestones related specifically to its FcRn target. This amount represents the
maximum amount that would be paid if all milestones would be achieved but excludes variable royalty
payments based on unit sales.
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 commercial supply is manufactured in collaboration with Lonza and Fujifilm. In the
aggregate, the Company has outstanding commitments for efgartigimod under these commercial supply
agreements amounting to approximately $1.3 billion. These agreements provide commercial supply of
efgartigimod to the Company\u2019s global commercial operations through facilities in the U.S., Europe and Asia.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-512": { "value": "
27. Commitments
In February 2019, the Company entered into a global collaboration and license agreement with Halozyme
Therapeutics, which was later amended in September 2020 and again in September 2024.
Under the terms of the agreement, the Company will pay up to $40 million to achievement of specific
regulatory and sales-based milestones related specifically to its FcRn target. This amount represents the
maximum amount that would be paid if all milestones would be achieved but excludes variable royalty
payments based on unit sales.
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 commercial supply is manufactured in collaboration with Lonza and Fujifilm. In the
aggregate, the Company has outstanding commitments for efgartigimod under these commercial supply
agreements amounting to approximately $1.3 billion. These agreements provide commercial supply of
efgartigimod to the Company\u2019s global commercial operations through facilities in the U.S., Europe and Asia.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-513": { "value": "
28. Audit Fees
The following auditors\u2019 fees were expensed in the consolidated statements of profit or loss and the
consolidated statements of other comprehensive income or loss:
Year Ended December 31,
(in thousands of\u00a0$)
\u00a0
\u00a0
\u00a0
\u00a0
2025 1)
\u00a0
\u00a0
\u00a0
\u00a0
2024 2)
\u00a0
\u00a0
\u00a0
\u00a0
2023 2)
Audit fees
\u00a0
2,633
\u00a0
2,657
\u00a0
1,979
Audit-related fees
\u00a0
705
\u00a0
597
\u00a0
330
Total
\u00a0
3,338
\u00a0
3,254
\u00a0
2,309
1) Audit fees reported are audit services performed by EY Accountants B.V. as the external auditor in 2025 referred to in Section\u00a01 of the Dutch
Accounting Firms Oversight Act (Wta) as well as by the EY network. In 2025, audit and audit related fees of EY Accountants B.V. (excluding its
member firms and/or affiliates) amounted to $973 and $677, respectively.
2) Audit fees reported are audit services performed by Deloitte Accountants B.V. as the external auditor in 2024 and 2023 referred to in Section\u00a01
of the Dutch Accounting Firms Oversight Act (Wta) as well as by the Deloitte network.
At the meeting held on May 7, 2024, the Company\u2019s general assembly of shareholders appointed EY
Accountants B.V. as external auditor for the financial year ending December\u00a031, 2025. Deloitte Accountants
B.V. completed its mandate as external auditor as of the financial year ending December\u00a031, 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-514": { "value": "
29. Overview of Consolidation Scope
The parent company argenx SE is domiciled in the Netherlands. The Company, argenx SE, has one
subsidiary, argenx BV, which is based in Belgium. argenx BV has sixteen subsidiaries. Details of the
Company\u2019s consolidated entities at the end of the reporting period are as follows:
Name
\u00a0
\u00a0
\u00a0
\u00a0
Country
\u00a0
\u00a0
\u00a0
\u00a0
Participation
argenx SE
the Netherlands
100%
argenx B.V.
Belgium
100%
argenx Benelux B.V.
Belgium
100%
argenx US, Inc.
USA
100%
argenx Australia Pty. Ltd.
Australia
100%
argenx Austria Services GmbH
Austria
100%
argenx Brasil Produtos Farmac\u00eauticos Ltda
Brazil
100%
argenx Canada Inc.
Canada
100%
argenx France SAS
France
100%
argenx Germany GmbH
Germany
100%
argenx Italy S.r.l.
Italy
100%
argenx Japan KK.
Japan
100%
argenx Netherlands Services B.V.
the Netherlands
100%
argenx Spain S.L.
Spain
100%
argenx Spain S.L. - Sucursal em Portugal
Portugal
100%
argenx Switzerland, S.A.
Switzerland
100%
argenx UK Ltd.
United Kingdom
100%
Broteio Pharma B.V.
the Netherlands
100%
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-515": { "value": "argenx SE", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-516": { "value": "
30. Events After the Balance Sheet Date
No events have occurred after the balance sheet date that could have a material impact on the
consolidated financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:7245009C5FZE6G9ODQ71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fn-1": { "value": "
1) Comparative figures have been aligned with the presentation adopted in the current period, reflecting the combination of collaboration revenue
and other operating income.
", "dimensions": { "concept": "xbrl:note", "noteId": "fn-1", "language": "en" } }, "fn-2": { "value": "
1) Comparative figures have been aligned to the presentation adopted in the current year.
", "dimensions": { "concept": "xbrl:note", "noteId": "fn-2", "language": "en" } } } }