Argenx SE cash flow statement

In fiscal 2025, Argenx SE's operations generated $685m of cash; it spent $6.2m on capital projects, leaving free cash flow of $679m.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Argenx SE: cash flow statement, annual
Fiscal year	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Cash from operations	−15	12	−41	—	152	−398	−607	−863	−420	−83	685
Stock-based pay	3	3	5	—	44	97	179	157	233	235	248
Capital spending	0	1	0	—	2	1	4	1	1	2	6
Free cash flow	−16	11	−42	—	150	−400	−610	−864	−421	−85	679
Free cash flow after stock pay	−18	8	−47	—	106	−496	−790	−1,021	−654	−320	431

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

Compare with peers

Head to head: ARGX vs NBIX ARGX vs BMRN ARGX vs BNTX ARGX vs INCY

More: Biotechnology stocks compared, Health Care sector, rankings of US companies

Figures from Argenx SE's SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Argenx SE.