argenx(US:ARGX)2025-07-31 12:16Financial Performance - Global product net sales for the first six months of 2025 reached $1,739 million, representing a 98% operational growth year-over-year from $876 million in the same period of 2024[8]. - Total operating income for the six months ended June 30, 2025, was $1,775 million, compared to $902 million for the same period in 2024[9]. - Profit for the period of six months ended June 30, 2025, was $415 million, compared to a loss of $33 million for the same period in 2024[13]. - Cash flow from operating activities for the first half of 2025 was $362 million, compared to a cash outflow of $126 million in the same period of 2024[13]. - For the six months ended June 30, 2025, product net sales reached $1,738,644, a significant increase from $875,918 in the same period of 2024, representing a growth of 98.3%[25]. - Total operating income for the same period was $1,774,557, compared to $901,941 in 2024, indicating an increase of 96.5%[25]. - The company reported an operating profit of $340,001 for the first half of 2025, a turnaround from an operating loss of $138,882 in the prior year[25]. - Profit for the period attributable to owners of the parent was $414,827, compared to a loss of $32,531 in the same period of 2024[25]. - The total assets as of June 30, 2025, amounted to $7,175,592, up from $6,202,522 at the end of 2024, reflecting an increase of 15.7%[22]. - Cash and cash equivalents increased to $2,085,976 as of June 30, 2025, compared to $1,499,936 at the end of 2024, marking a growth of 39.1%[22]. - Operating profit for the first half of 2025 reached $340,001, compared to a loss of $138,882 in the same period of 2024, indicating a significant turnaround[10]. - Total cash and cash equivalents increased to $2,085,976 as of June 30, 2025, up from $1,499,936 at the end of 2024, reflecting a cash position improvement of approximately 39%[41]. - Trade receivables rose to $1,126,445 as of June 30, 2025, compared to $817,707 at the end of 2024, representing a 38% increase[38]. - The cost of inventories recognized under "Cost of sales" was $119 million for the first half of 2025, up from $76 million in the same period of 2024, marking a 56% increase[37]. - Total inventories decreased to $340,621 as of June 30, 2025, from $407,233 at the end of 2024, indicating a reduction of approximately 16%[37]. - Share-based payments recognized during the first half of 2025 amounted to $110,794, compared to $102,381 in the same period of 2024, reflecting an increase of about 8%[10]. - The company’s share capital increased to $7,264 as of June 30, 2025, with a total of 61,166,252 shares outstanding, up from 60,760,957 shares at the end of 2024[43]. - The company recorded an income tax expense of $74 million for the six months ended June 30, 2025, compared to an income tax benefit of $57 million for the same period in 2024[67]. - Trade payables increased to $532.0 million as of June 30, 2025, from $342.2 million as of December 31, 2024[57]. Research and Development - Research and development expenses for the first half of 2025 were $637 million, up from $450 million in the same period of 2024[10]. - External research and development expenses amounted to $416.4 million for the six months ended June 30, 2025, compared to $286.0 million for the same period in 2024, reflecting a 45.6% increase[64]. - Total research and development expenses for the six months ended June 30, 2025, were $636.8 million, up from $450.3 million in the same period of 2024, indicating a 41.3% increase[64]. - The company plans to advance four new pipeline molecules and generate sustainable value through continued investment in its innovation pipeline[16]. - Six registrational and six proof-of-concept readouts are expected by the end of 2026, indicating a robust pipeline for future growth[5]. - Topline results from ongoing studies in various autoimmune diseases are expected between late 2025 and 2027, showcasing the company's commitment to innovation[9]. - The anticipated clinical development includes topline results for seronegative gMG expected in the second half of 2025 and for ocular and pediatric MG expected in the first half of 2026[16]. - The registrational EMPASSION study in MMN is expected to yield topline results in the second half of 2026, with the study starting in the first half of 2025[17]. Strategic Goals - The company aims to treat 50,000 patients globally with its medicines and secure 10 labeled indications across all approved medicines by 2030[6]. - The company aims to reach 50,000 patients globally across 10 labeled indications by 2030 as part of its Vision 2030 strategy[16]. - The company has entered a strategic collaboration with Unnatural Products to enhance its discovery capabilities in the oral peptide space[9]. - The company has outstanding commitments for efgartigimod under commercial supply agreements totaling $456 million as of June 30, 2025[76].