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Published: 2024-02-29 16:04:20 ET
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EX-99.3 4 tm247489d1_ex99-3.htm EXHIBIT 99.3

 

Exhibit 99.3

 

ARGENX SE

 

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

 

   As of 
   December 31, 
(in thousands of $)  2023   2022   2021 
ASSETS               
Non-current assets               
Property, plant and equipment  $22,675   $16,234   $15,844 
Intangible assets   125,228    174,901    171,684 
Deferred tax asset   97,211    79,222    32,191 
Research and development incentive receivables   76,706    47,488    32,707 
Investment in joint venture   9,912    1,323    — 
Prepaid expenses   47,327    —    — 
Other non-current assets   39,662    40,894    54,876 
Total non-current assets   418,721    360,064    307,303 
                
Current assets               
Inventories  $310,550   $228,353   $109,076 
Prepaid expenses   134,072    76,022    58,946 
Trade and other receivables   496,687    275,697    38,221 
Research and development incentive receivables   2,584    1,578    — 
Financial assets   1,131,000    1,391,808    1,002,052 
Cash and cash equivalents   2,048,844    800,740    1,334,676 
Total current assets   4,123,737    2,774,197    2,542,971 
                
TOTAL ASSETS  $4,542,458   $3,134,261   $2,850,274 

 

   As of 
   December 31, 
(in thousands of $)  2023   2022   2021 
EQUITY AND LIABILITIES               
Equity               
Equity attributable to owners of the parent               
Share capital  $7,058   $6,640   $6,233 
Share premium   5,651,497    4,309,880    3,462,775 
Translation differences   131,543    129,280    131,684 
Accumulated losses   (2,404,844)   (2,109,791)   (1,400,197)
Other reserves   712,253    477,691    333,729 
Total equity  $4,097,507   $2,813,699   $2,534,224 
                
Non-current liabilities               
Provisions for employee benefits   1,449    870    417 
Lease liabilities   15,354    9,009    7,956 
Deferred tax liabilities   5,155    8,406    6,438 
Total non-current liabilities   21,958    18,285    14,811 
                
Current liabilities               
Lease liabilities   4,646    3,417    3,509 
Trade and other payables   414,013    295,679    293,415 
Tax liabilities   4,334    3,181    4,315 
Total current liabilities   422,993    302,277    301,239 
                
Total liabilities  $444,951   $320,562   $316,050 
                
TOTAL EQUITY AND LIABILITIES  $4,542,458   $3,134,261   $2,850,274 

 

 

 

 

ARGENX SE

 

CONSOLIDATED STATEMENTS OF PROFIT OR LOSS

 

   Year Ended 
   December 31, 
(in thousands of $ except for shares and EPS)  2023   2022   2021 
Product net sales  $1,190,783   $400,720   $— 
Collaboration revenue   35,533    10,026    497,277 
Other operating income   42,278    34,520    42,141 
Total operating income   1,268,594    445,267    539,418 
                
Cost of sales   (117,835)   (29,431)   — 
Research and development expenses   (859,492)   (663,366)   (580,520)
Selling, general and administrative expenses   (711,905)   (472,132)   (307,644)
Loss from investment in joint venture   (4,411)   (677)   — 
Total operating expenses   (1,693,643)   (1,165,607)   (888,164)
                
Operating loss  $(425,049)  $(720,341)  $(348,746)
                
Financial income   107,386    27,665    3,633 
Financial expense   (906)   (3,906)   (4,578)
Exchange gains/(losses)   14,073    (32,732)   (50,053)
                
Loss for the year before taxes  $(304,496)  $(729,314)  $(399,743)
Income tax benefit / (expense)  $9,443   $19,720   $(8,522)
Loss for the year  $(295,053)  $(709,594)  $(408,265)
Loss for the year attributable to:               
Owners of the parent   (295,053)  $(709,594)  $(408,265)
Weighted average number of shares outstanding   57,169,253    54,381,371    51,075,827 
Basic and diluted (loss) per share (in $)   (5.16)   (13.05)   (7.99)

 

ARGENX SE

 

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

 

   Year Ended 
   December 31, 
(in thousands of $)  2023   2022   2021 
Loss for the year  $(295,053)  $(709,594)  $(408,265)
                
Items that may be reclassified subsequently to profit or loss, net of tax               
Currency translation differences, arisen from translating foreign activities   2,263    (2,404)   (3,048)
Items that will not be reclassified subsequently to profit or loss, net of tax               
Fair value gain/(loss) on investments in equity instruments designated as at FVTOCI   (1,915)   (18,267)   (39,290)
                
Other comprehensive loss, net of income   348    (20,671)   (42,338)
                
Total comprehensive loss attributable to:               
Owners of the parent  $(294,705)  $(730,266)  $(450,603)

 

 

 

 

ARGENX SE

 

CONSOLIDATED STATEMENTS OF CASH FLOWS

 

   Year Ended 
   December 31, 
(in thousands of $)  2023   2022   2021 
Operating loss  $(425,049)  $(720,341)  $(348,746)
Adjustments for non-cash items               
Amortization of intangible assets   105,674    99,766    776 
Depreciation of property, plant and equipment   5,633    4,576    5,091 
Provisions for employee benefits   573    459    260 
Expense recognized in respect of share-based payments   232,974    157,026    179,366 
Fair value gains on financial assets at fair value through profit or loss   —    (4,256)   (11,152)
Non-cash revenue   —    —    (75,000)
Loss from investment in joint venture   4,411    677    — 
Other non-cash expenses   2,074    —    — 
   $(73,710)  $(462,093)  $(249,405)
Movements in current assets/liabilities               
(Increase)/decrease in trade and other receivables   (185,694)   (222,260)   (31,632)
(Increase)/decrease in inventories   (83,030)   (119,277)   (83,880)
(Increase)/decrease in other current assets   (59,024)   (18,294)   (30,990)
Increase/(decrease) in trade and other payables   95,600    329    134,892 
Increase/(decrease) in deferred revenue — current   —    —    (46,327)
Movements in non-current assets/liabilities               
(Increase)/decrease in other non-current assets   (29,416)   (16,220)   (13,975)
(Increase)/decrease in non-current prepaid expense   (47,327)   —    — 
Increase/(decrease) in deferred revenue — non-current   —    —    (269,039)
                
Net cash flows used in operating activities   (382,601)   (837,815)   (590,356)
                
Interest paid   (211)   (851)   (684)
Income taxes paid   (37,515)   (24,141)   (15,772)
                
Net cash flows used in operating activities  $(420,327)  $(862,807)  $(606,812)
                
Purchase of intangible assets   (43,000)   (102,986)   (117,811)
Purchase of property, plant and equipment   (812)   (837)   (3,623)
(Increase)/decrease in current financial assets   —    —    (228,239)
Purchase of current financial investments   (1,271,730)   (1,694,046)   — 
Sale of current financial investments   1,543,999    1,325,540    — 
Interest received   92,753    13,146    2,603 
Investment in joint venture   (13,000)   (2,000)   — 
                
Net cash flows (used in) / from investing activities  $308,210   $(461,184)  $(347,070)
                
Principal elements of lease payments   (3,801)   (4,165)   (3,855)
Proceeds from issue of new shares, gross amount   1,196,731    760,953    1,091,326 
Issue costs paid   (821)   (781)   (528)
Exchange gain/(losses) from currency conversion on proceeds from issue of new shares   (1,507)   410    966 
Payment of employee withholding taxes relating to restricted stock unit awards   (12,138)   (5,855)   — 
Proceeds from exercise of stock options   158,263    93,195    33,433 
                
Net cash flows from financing activities  $1,336,727   $843,757   $1,121,342 
                
Increase/decrease (-) in cash and cash equivalents  $1,224,610   $(480,234)  $167,460 
                
Cash and cash equivalents at the beginning of the period  $800,740   $1,334,676   $1,216,803 
Exchange gains/(losses) on cash and cash equivalents  $23,494   $(53,702)  $(49,587)
Cash and cash equivalents at the end of the period  $2,048,844   $800,740   $1,334,676 

 

 

 

 

ARGENX SE

 

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

 

   Attributable to owners of the parent 
                   Share-based       Total     
                   payment and       equity     
                   income tax   Fair value movement on   attributable     
                   deduction on   investment in equity   to owners     
   Share   Share   Accumulated   Translation   share-based   instruments designated   of the   Total 
(in thousands of $)  capital   premium   losses   differences   payments   as at FVTOCI   parent   equity 
Balance at January 1, 2021  $5,744   $2,339,033   $(991,932)  $134,732   $186,474   $—   $1,674,051   $1,674,051 
                                         
Loss for the year             (408,265)                  (408,265)   (408,265)
Other comprehensive income / (loss)                  (3,048)        (39,290)   (42,338)   (42,338)
Total comprehensive income / (loss) for the year             (408,265)   (3,048)        (39,290)   (450,603)   (450,603)
Income tax benefit from excess tax deductions related to share-based payments                       7,179         7,179    7,179 
Share-based payment                       179,366         179,366    179,366 
Issue of share capital   430    1,090,896                        1,091,326    1,091,326 
Transaction costs for equity issue        (528)                       (528)   (528)
Exercise of stock options   59    33,374                        33,433    33,433 
                                         
Balance year ended December 31, 2021  $6,233   $3,462,775   $(1,400,197)  $131,684   $373,019   $(39,290)  $2,534,224   $2,534,224 
                                         
Loss for the year             (709,594)                  (709,594)   (709,594)
Other comprehensive income / (loss)                  (2,404)        (18,267)   (20,671)   (20,671)
Total comprehensive income / (loss) for the year             (709,594)   (2,404)        (18,267)   (730,266)   (730,266)
Income tax benefit from excess tax deductions related to share-based payments                       3,946         3,946    3,946 
Share-based payment                       158,282         158,282    158,282 
Issue of share capital   294    760,659                        760,953    760,953 
Transaction costs for equity issue        (781)                       (781)   (781)
Exercise of stock options   113    93,082                        93,195    93,195 
Ordinary shares withheld for payment of employees’ withholding tax liability        (5,855)                       (5,855)   (5,855)
                                         
Balance year ended December 31, 2022  $6,640    4,309,880    (2,109,791)   129,280    535,247    (57,557)   2,813,699    2,813,699 
                                         
Loss for the year             (295,053)                  (295,053)   (295,053)
Other comprehensive income / (loss)                  2,263         (1,915)   348    348 
Total comprehensive income / (loss) for the year             (295,053)   2,263         (1,915)   (294,705)   (294,705)
Income tax benefit from excess tax deductions related to share-based payments                       2,310         2,310    2,310 
Share-based payment                       234,168         234,168    234,168 
Issue of share capital   288    1,196,444                        1,196,732    1,196,732 
Transaction costs for equity issue        (821)                       (821)   (821)
Exercise of stock options   130    158,133                        158,263    158,263 
Ordinary shares withheld for payment of employees’ withholding tax liability        (12,139)                       (12,139)   (12,139)
                                         
Balance year ended December 31, 2023  $7,058   $5,651,497   $(2,404,844)  $131,543   $771,725   $(59,472)  $4,097,507   $4,097,507