argenx SE

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Operating Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Net Income	457.2	-21.7	-425	-720.3	-348.7	-477.6	-198.9	-94.1	-27.5	-22.5	-16.9
Operating Profit
Depreciation & Amortization	22.2	17.5	111.3	104.3	5.9	3.9	2.4	0.6	0.5	0.4	0.2
Amortization of Intangible Assets
Depreciation of Property, Plant and Equipment
Stock Based Compensation	243.6	235.2	233	157	179.4	96.9	44.2	22	5.1	3	2.5
Expense Recognized in Respect of Share-Based Payments
Other Adjustments	36.6	11.4	-30.7	-28.1	-102.3	-6.1	-6.2	-0.7	0	0	—
Loss on Disposal of Fixed Assets
Provisions for Employee Benefits
Fair Value Gains on Financial Assets at Fair Value Through Profit or Loss
Non-Cash Revenue
Loss from Investment in a Joint Venture
Other Non-Cash Expenses
Interest Paid
Income Taxes Paid
Income Taxes Received
Changes in Trade Receivables	-685.1	-423.1	-185.7	-222.3	-31.6	22	-25.7	-0.1	-0.1	-0.6	-0.7
Change in Trade and Other Receivables
Changes in Inventories	-44.9	-96	-83	-119.3	-83.9	-23.9	—	—	—	—	—
Change in Inventories
Changes in Accounts Payable	529.2	246.3	95.6	0.3	134.9	50.5	53.7	25	3.7	8	-0.5
Change in Trade and Other Payables
Changes in Unearned Revenue	—	—	—	—	-315.4	-37.8	294	-11.8	-24.2	27.4	0.7
Change in Deferred Revenue
Change in Current Deferred Revenue
Change in Non-Current Deferred Revenue
Changes in Other Operating Activities	-175.2	-52.4	-135.8	-34.5	-45	-26.5	-12	-2.9	-1.4	-4.5	-0.4
Change in Other Financial Assets
Change in Other Current Assets
Change in Other Non-Current Assets
Change in Non-Current Prepaid Expense
Cash from Operating Activities	1,419.2	-172.9	-802.9	-1,700.6	-1,197.2	-1,173.4	308.3	-194.6	-87.7	3.1	-15.1
Net Cash Flows from Operating Activities
Net Cash Flows Provided by Operating Activities
Net Cash Flows Provided by Operating Activities
Net Cash Flows from Operating Activities
Cash Generated from Operations Before Changes in Working Capital
Cash Generated from Operations
Cash Generated from Operating Activities
Cash Flows from Operating Activities
Net Cash Flows from Operating Activities, Before Interest and Taxes
Net Cash Flows Provided by Operating Activities

Investing Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Capital Expenditure	-6.2	-1.8	-0.8	-0.8	-3.6	-1.1	-1.8	-0.7	-0.4	-0.9	-0.3
Purchase of Property, Plant and Equipment
Purchases of Intangible Assets	-88.8	-66.5	-43	-103	-117.8	-4.1	-44.9	-0.1	-0	-0	-0
Purchase of Intangible Assets
Purchases of Investments	-2,184.1	-2,183.5	-1,271.7	-1,694	—	—	—	—	—	—	—
Purchase of Current Financial Assets
Proceeds from Sale of Investments	2,015.5	1,429.6	1,544	1,325.5	—	—	—	—	—	—	—
Sale of Current Financial Assets
Other Investing Activities	122.1	104.6	79.8	11.1	-225.6	349.8	-786.5	-122.8	-194	0.1	18.6
Change in Current Financial Assets
Interest Received
Investment in a Joint Venture
Cash from Investing Activities	-141.5	-717.6	308.2	-461.2	-347.1	344.7	-833.3	-123.6	-194.4	-0.8	18.3
Net Cash Flows from Investing Activities

Financing Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Issuance of Long-Term Debt	—	—	—	—	—	—	—	—	—	—	—
Proceeds from Borrowings
Repayments of Long-Term Debt	—	—	—	—	—	—	—	—	—	—	—
Repayment of Borrowings
Issuance of Common Shares	342.8	309.3	1,353.5	854.6	1,125.7	836.2	761	298	394	48.9	0.3
Proceeds from Issue of Shares
Proceeds from Issue of New Shares, Gross Amount
Proceeds from Exercise of Stock Options
Exchange Gains from Currency Conversion on Proceeds from Issue of New Shares
Net Issuance / (Repurchases) of Common Shares	342.8	309.3	1,353.5	854.6	1,125.7	836.2	761	298	394	48.9	0.3
Other Financing Activities	-29.6	-29.5	-16.8	-10.8	-4.4	-3.2	-27.3	-16.8	-27.6	-1.9	—
Principal Elements of Lease Payments
Issue Costs Paid
Payment of Employee Withholding Taxes Relating to Restricted Stock Unit Awards
Cash from Financing Activities	313.2	279.8	1,336.7	843.8	1,121.3	833	733.7	281.2	366.4	46.9	0.3
Net Cash Flows from Financing Activities

Free Cash Flow	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Free Cash Flow	—	-174.7	-803.7	-1,701.5	-1,200.8	-1,174.4	306.5	-195.3	-88.1	2.2	-15.4
NOPAT	—	-211.8	-411.9	-700.9	-356.2	-480.1	-204.9	-95.2	-28.1	-22.5	-16.9
Levered Free Cash Flow	—	946.7	-307.8	-759.6	-715.3	-643.2	155.2	-66.4	-55.5	8	-16.8
Unlevered Free Cash Flow	—	-98.1	-424.6	-750.8	-663.3	-514.8	131.5	-85	-49.9	7.9	-17.1
Net Change in Cash	—	-610.7	842	-1,318	-422.9	4.3	208.7	-37	84.3	49.2	3.4