argenx SE Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	1,292	833.04	-295.05	-709.59	-408.27
Depreciation & Amortization	28.1	7.25	107.63	103.63	5.4
Other Amortization	-	10.28	3.67	0.71	0.47
Loss (Gain) From Sale of Investments	-11.58	-3.83	-	-4.26	-11.15
Loss (Gain) on Equity Investments	12.39	7.64	4.41	0.68	-
Stock-Based Compensation	248.08	235.18	232.97	157.03	179.37
Other Operating Activities	-461.21	-847.13	-165.08	-35.28	-31.68
Change in Accounts Receivable	-802.33	-423.11	-185.69	-222.26	-31.63
Change in Inventory	-98.95	-96	-83.03	-119.28	-83.88
Change in Accounts Payable	612.33	246.34	95.6	0.33	134.89
Change in Unearned Revenue	-	-	-	-	-315.37
Change in Other Net Operating Assets	-133.68	-52.4	-135.77	-34.51	-44.97
Operating Cash Flow	685.19	-82.75	-420.33	-862.81	-606.81
Capital Expenditures	-6.17	-1.8	-0.81	-0.84	-3.62
Sale (Purchase) of Intangibles	-105.52	-66.5	-43	-102.99	-117.81
Investment in Securities	933.02	-760.94	259.27	-370.51	-228.24
Other Investing Activities	162.67	111.65	92.75	13.15	2.6
Investing Cash Flow	984.01	-717.59	308.21	-461.18	-347.07
Long-Term Debt Repaid	-4.11	-7.64	-3.8	-4.17	-3.86
Net Debt Issued (Repaid)	-4.11	-7.64	-3.8	-4.17	-3.86
Issuance of Common Stock	278.38	309.27	1,355	854.15	1,125
Repurchase of Common Stock	-41.26	-21.87	-12.14	-5.86	-
Other Financing Activities	-	-	-2.33	-0.37	0.44
Financing Cash Flow	233.01	279.76	1,337	843.76	1,121
Foreign Exchange Rate Adjustments	89.15	-28.33	23.49	-53.7	-49.59
Net Cash Flow	1,991	-548.91	1,248	-533.94	117.87
Free Cash Flow	679.03	-84.55	-421.14	-863.64	-610.44
Free Cash Flow Margin	15.98%	-3.76%	-33.20%	-195.83%	-115.55%
Free Cash Flow Per Share	10.28	-1.30	-7.37	-15.88	-11.95
Cash Interest Paid	0.9	0.39	0.21	0.85	0.68
Cash Income Tax Paid	254.86	-7.8	37.52	24.14	15.77
Levered Free Cash Flow	519.5	-143.39	-205.62	-670.02	-334.38
Unlevered Free Cash Flow	522.06	-142.1	-205.19	-669.18	-334.12
Change in Working Capital	-422.63	-325.17	-308.89	-375.72	-340.95

Source: S&P Global Market Intelligence. Standard template. Financial Sources.