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Published: 2025-02-27 06:34:35 ET
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EX-99.3 4 a10fullyear2024financialre.htm EX-99.3 Document

ARGENX SE
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
As of December 31,
(in thousands of $)202420232022
Assets
Non‑current assets
Property, plant and equipment$43,517 $22,675 $16,234 
Intangible assets181,445 125,228 174,901 
Deferred tax assets924,299 97,211 79,222 
Research and development incentive receivables94,854 76,706 47,488 
Investment in a joint venture9,268 9,912 1,323 
Prepaid expenses23,643 47,327 — 
Other non-current assets42,393 39,662 40,894 
Total non‑current assets$1,319,419 $418,721 $360,064 
Current assets
Inventories$407,233 $310,550 $228,353 
Prepaid expenses187,948 134,072 76,022 
Trade and other receivables904,471 496,687 275,697 
Research and development incentive receivables4,625 2,584 1,578 
Financial assets1,878,890 1,131,000 1,391,808 
Cash and cash equivalents1,499,936 2,048,844 800,740 
Total current assets$4,883,103 $4,123,737 $2,774,197 
Total assets$6,202,522 $4,542,458 $3,134,261 
As of December 31,
(in thousands of $)202420232022
Equity and liabilities
Equity
Equity attributable to owners of the parent
Share capital$7,227 $7,058 $6,640 
Share premium5,948,916 5,651,497 4,309,880 
Translation differences126,832 131,543 129,280 
Accumulated losses(1,571,804)(2,404,844)(2,109,791)
Other reserves987,112 712,253 477,691 
Total equity$5,498,283 $4,097,507 $2,813,699 
Non-current liabilities
Provisions for employee benefits$1,803 $1,449 $870 
Lease liabilities32,520 15,354 9,009 
Deferred tax liabilities— 5,155 8,406 
Total non-current liabilities34,323 21,958 18,285 
Current liabilities
Lease liabilities$6,533 $4,646 $3,417 
Trade and other payables649,993 414,013 295,679 
Tax liabilities13,390 4,334 3,181 
Total current liabilities669,916 422,993 302,277 
Total liabilities$704,239 $444,951 $320,562 
Total equity and liabilities$6,202,522 $4,542,458 $3,134,261 


ARGENX SE
UNAUDITED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS
Year Ended December 31,
(in thousands of $ except for shares and EPS)202420232022
Product net sales $2,185,883 $1,190,783 $400,720 
Collaboration revenue4,348 35,533 10,026 
Other operating income61,808 42,278 34,520 
Total operating income2,252,039 1,268,594 445,267 
Cost of sales(227,289)(117,835)(29,431)
Research and development expenses(983,423)(859,492)(663,366)
Selling, general and administrative expenses(1,055,337)(711,905)(472,132)
Loss from investment in a joint venture(7,644)(4,411)(677)
Total operating expenses(2,273,693)(1,693,643)(1,165,607)
Operating loss$(21,654)$(425,049)$(720,341)
Financial income157,509 107,386 27,665 
Financial expense(2,464)(906)(3,906)
Exchange (losses)/gains(48,211)14,073 (32,732)
Profit/(Loss) for the year before taxes$85,180 $(304,496)$(729,314)
Income tax benefit$747,860 $9,443 $19,720 
Profit/(Loss) for the year$833,040 $(295,053)$(709,594)
Profit/(Loss) for the year attributable to:
Owners of the parent833,040 (295,053)(709,594)
Weighted average number of shares outstanding59,855,585 57,169,253 54,381,371 
Weighted average number of shares for purpose of diluted profit/(loss) per share65,177,815 57,169,253 54,381,371 
Basic profit/(loss) per share (in $)13.92 (5.16)(13.05)
Diluted profit/(loss) per share (in $)12.78 (5.16)(13.05)
ARGENX SE
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME OR LOSS
Year Ended December 31,
(in thousands of $)202420232022
Profit/(Loss) for the year$833,040 $(295,053)$(709,594)
Items that may be reclassified subsequently to profit or loss, net of tax
Currency translation differences, arisen from translating foreign activities(4,711)2,263 (2,404)
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 FVTOCI (648)(1,915)(18,267)
Other comprehensive profit/(loss), net of income tax$(5,359)$348 $(20,671)
Total comprehensive profit/(loss) attributable to:
Owners of the parent$827,681 $(294,705)$(730,266)


ARGENX SE
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended December 31,
(in thousands of $)202420232022
Operating profit/(loss)$(21,654)$(425,049)$(720,341)
Adjustments for non-cash items
Amortization of intangible assets10,282 105,674 99,766 
Depreciation of property, plant and equipment7,245 5,633 4,576 
Provisions for employee benefits432 573 459 
Expense recognized in respect of share-based payments235,179 232,974 157,026 
Fair value gains on financial assets at fair value through profit or loss(3,834)— (4,256)
Loss from investment in a joint venture7,644 4,411 677 
Other non-cash (benefit)/expenses
(277)2,074 — 
$235,017 $(73,710)$(462,093)
Movements in current assets/liabilities
(Increase)/decrease in trade and other receivables(423,112)(185,694)(222,260)
(Increase)/decrease in inventories(95,996)(83,030)(119,277)
(Increase)/decrease in other current assets(56,154)(59,024)(18,294)
Increase/(decrease) in trade and other payables246,336 95,600 329 
Movements in non-current assets/liabilities
(Increase)/decrease in other non‑current assets(19,930)(29,416)(16,220)
(Increase)/decrease in non-current prepaid expense23,683 (47,327)— 
Net cash flows used in operating activities, before interest and taxes$(90,156)$(382,601)$(837,815)
Interest paid(392)(211)(851)
Income taxes received/(paid)7,801 (37,515)(24,141)
Net cash flows used in operating activities$(82,747)$(420,327)$(862,807)
Purchase of intangible assets(66,500)(43,000)(102,986)
Purchase of property, plant and equipment(1,801)(812)(837)
Purchase of current financial assets(2,183,542)(1,271,730)(1,694,046)
Sale of current financial assets1,429,600 1,543,999 1,325,540 
Interest received111,649 92,753 13,146 
Investment in a joint venture(7,000)(13,000)(2,000)
Net cash flows from/(used in) investing activities$(717,594)$308,210 $(461,184)
Principal elements of lease payments(7,638)(3,801)(4,165)
Proceeds from issue of new shares, gross amount— 1,196,731 760,953 
Issue costs paid— (821)(781)
Exchange (losses)/gains from currency conversion on proceeds from issue of new shares— (1,507)410 
Payment of employee withholding taxes relating to restricted stock unit awards(21,868)(12,138)(5,855)
Proceeds from exercise of stock options309,265 158,263 93,195 
Net cash flows from financing activities$279,759 $1,336,727 $843,757 
Increase/(decrease) in cash and cash equivalents$(520,582)$1,224,610 $(480,234)
Cash and cash equivalents at the beginning of the year$2,048,844 $800,740 $1,334,676 
Exchange gains/(losses) on cash and cash equivalents$(28,326)$23,494 $(53,702)
Cash and cash equivalents at the end of the year$1,499,936 $2,048,844 $800,740 


ARGENX SE
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Attributable to owners of the parent
(in thousands of $)Share capitalShare premiumAccumulated lossesTranslation differencesShare-based payment and income tax deduction on share-based paymentsFair value movement on investment in equity instruments designated as at FVTOCITotal equity attributable to owners of the parentTotal equity
Balance on January 1, 2022$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 payments3,946 3,946 3,946 
Share-based payment158,282 158,282 158,282 
Issue of share capital294 760,659 760,953 760,953 
Transaction costs for equity issue(781)(781)(781)
Exercise of stock options113 93,082 93,195 93,195 
Ordinary shares withheld for payment of employees’ withholding tax liability(5,855)(5,855)(5,855)
Balance on 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 payments2,310 2,310 2,310 
Share-based payment234,168 234,168 234,168 
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 on December 31, 2023$7,058 $5,651,497 $(2,404,844)$131,543 $771,725 $(59,472)$4,097,507 $4,097,507 
Profit for the year833,040 833,040 833,040 
Other comprehensive income/(loss)(4,711)(648)(5,359)(5,359)
Total comprehensive income/(loss) for the year— — 833,040 (4,711)— (648)827,681 827,681 
Income tax benefit from excess tax deductions related to share-based payments39,650 39,650 39,650 
Share-based payment235,856 235,856 235,856 
Exercise of stock options 169 319,288 319,457 319,457 
Ordinary shares withheld for payment of employees’ withholding tax liability(21,869)(21,869)(21,869)
Balance on December 31, 2024$7,227 $5,948,916 $(1,571,804)$126,832 $1,047,231 $(60,119)$5,498,283 $5,498,283