argenx SE (ARGX)
argenx develops antibody medicines for severe autoimmune diseases. Its one approved medicine, efgartigimod, is sold as VYVGART and VYVGART HYTRULO and is approved in three conditions: generalised myasthenia gravis and chronic inflammatory demyelinating polyneuropathy globally, and immune thrombocytopenia in Japan, where it is sold as VYVDURA. The company was incorporated in the Netherlands in April 2008 and converted to a Dutch European public company in April 2017, has its official seat in Amsterdam and reports in US dollars. It had 1,863 full-time employees at the end of 2025.
argenx SE files a 20-F with the SEC once a year, in US dollars. In the year to 31 December 2025 it reported revenue from the sale of goods of USD 4,151 million, up 89.9% on the year before. Its profit attributable to shareholders was USD 1,292 million, up 55.1%, and diluted earnings per share USD 19.57.
argenx (ARGX) in brief
At the close of 10 November 2026 the market cap of argenx was $60.1 billion, 49.7 times its earnings over the last twelve months.
The share in the US
| Last close | $971.88 on 10 November 2026 |
| 52-week range | $663.93 (20 March 2026) to $1,058.90 (27 August 2026) |
| Over one year | up 11.7% |
| Market cap | $60.1 billion: 61,883,306 shares outstanding at 31 December 2025 (20-F), each US share standing for one ordinary share |
| P/E, latest fiscal year | 49.7: the last close over diluted EPS for the year to Dec 2025, USD 19.57 per ordinary share. The company reports once a year, so this is the latest fiscal year, not the last four quarters. |
US dollars per share as it trades in the US; the market cap and the P/E are worked out here, not filed. Prices from IEX, for splits.
Ratios
From the latest annual report, the year to Dec 2025, in dollars
ROE17.6%
ROCE14.4%
Operating marginn/a
Net marginn/a
FCF marginn/a
Interest cover258.16
Debt to equity0.00
Cash conversion0.53
Share count, last 12 months2.4%
Sales CAGR, 3 years118.0%
Profit CAGR, 3 yearsn/a
EPS$19.57
At the close of 10 November 2026
Price$971.88
Market cap$60.1 billion
Stock P/E49.66
Price to book8.21
EV / EBITDAn/a
Dividend yieldn/a
Market cap / sales14.49
52-week high$1,058.90
52-week low$663.93
Price, 1 year11.7%
Price CAGR, 3 yearsn/a
Price CAGR, 5 yearsn/a
Worked from the filed figures; hover a name for the formula.
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The priced ones use the latest price, the last regular-hours trade on IEX. argenx SE's balance sheet shows no borrowings, so debt here is nil; lease liabilities are a separate line. Nothing here is a valuation or a view.ARGXgreeksoup.ai
Daily prices to 10 November 2026, adjusted for splits; from 28 September 2026 each day's price is the last regular-hours trade on IEX.
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Data provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. Day by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. This company reports once a year, so every view here moves once a year, on the day each annual report was filed, and holds until the next. P/E is the close over the year's EPS per US share: the EPS as filed. Sales and margin are each year's revenue and its operating margin. EV/EBITDA, price to book and market cap to sales set the close against that year's balance sheet and its share count per US share. The dashed line is the median over the range shown. Drawn in your browser; the range and overlay you pick are remembered here only.The public record on ARGX
| Dividends | no dividend in its filings for fiscal 2015 onward |
| Filings | 29 in twelve months: 27 reports on Form 6-K, most often argenx Presents Phase 3 ALKIVIA Data at ACR Convergence 2026 Showing Rapid and Sustained Improvement with Efgartigimod in Autoimmune Myositis (1); argenx to Acquire Unnatural Products, Inc., Adding Peptide Discovery Engine to Broaden Immunology Capabilities (1); argenx Reports Third Quarter 2026 Financial Results and Provides Business Update (1); argenx to Present Phase 3 ALKIVIA Results in Autoimmune Myositis as a Late-Breaking Oral Presentation at ACR Convergence 2026 (1); argenx Announces Positive Topline Results from Phase 2 Study of FB102 in Celiac Disease (1) |
| Planned insider sales | no Form 144 notice in twelve months |
| Options tape | put/call 0.98 by open interest at the 10 November 2026 close; the straddle prices a 5.8% move to 20 November 2026 |
| 13F holders | 511 funds reported a position for the quarter to 30 June 2026; largest FMR LLC |
| Congress | 0 House trades disclosed in six months |
| Short interest | 1.4 million shares short, 3.42 days to cover at 30 October 2026 |
Income statement (profit and loss), 8 fiscal years
Play it forward: change any box and its column follows; every box opens at the company's own record, shown under the row's name, and says when you set it outside every year in the table.
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Each column runs from the latest year filed to the year chosen in its heading, at a yearly rate. Sales growth starts at the company's own five-year rate and eases a third of the way each year toward the median of the 131 peers in Pharmaceutical Products (15.5% a year), because a rate far from the rest rarely lasts. Before you open a year, the strip reads today's price backwards: the yearly sales growth that brings EPS, at the company's own margins, tax and share count, to today's price at the median P/E of the 64 peers in Pharmaceutical Products (25.1). Low, middle, high opens three columns for one year: the low and high cases take the company's own weaker and stronger years in the table (the lower and upper quarter of its yearly sales growth and operating margin) and the lower and higher of today's P/E and its peers'; the middle is the boxes as they open. Net income keeps the share that went to minority holders; EPS is net income over the diluted shares, on the same basis as the EPS in the table. The price is that year's EPS at the P/E you set, and the yearly return runs from today's price to the year's end. These are your assumptions and your arithmetic, not an estimate of ours. The link carries your columns, so you can send the forecast to someone.| Year to | Dec 2018 | Dec 2019 | Dec 2020 † | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue from the sale of goods | n/a | n/a | n/a | n/a | 401 | 1,191 | 2,186 | 4,151 |
| Cost of sales | n/a | n/a | n/a | n/a | 29.4 | 118 | 227 | 451 |
| Research and development | 83.6 | 221 | 371 | 581 | 663 | 859 | 983 | 1,364 |
| Selling, general and administrative | n/a | n/a | n/a | n/a | 472 | 712 | 1,055 | 1,367 |
| Operating profit | -81.8 | -199 | -478 | -349 | -720 | -425 | -21.7 | 1,054 |
| Finance costs | n/a | n/a | 8.0 | 4.6 | 3.9 | 0.9 | 2.5 | 4.1 |
| Profit before tax | n/a | -176 | -605 | -400 | -729 | -304 | 85.2 | 1,279 |
| Income tax | n/a | 5.3 | 3.1 | 8.5 | -19.7 | -9.4 | -748 | -13.4 |
| Profit for the year | -66.6 | -181 | -608 | -408 | -710 | -295 | 833 | 1,292 |
| Profit attributable to shareholders | -66.6 | -181 | -608 | -408 | -710 | -295 | 833 | 1,292 |
| Filing | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F |
USD million, from each year's annual report on the SEC's EDGAR, linked in the last row, on the IFRS tags the company filed.
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A line the company does not file under the standard tag is left out rather than estimated. A year marked † shows the figure as the company restated it in a later annual report (Dec 2020); the first-filed figure is in the CSV. Profit attributable to shareholders is the profit for the year; the company reports no minority interests. Profit for the year includes the part that belongs to minority shareholders; profit attributable to shareholders is the part EPS is struck on. Each year links to its own page.| Year to | Dec 2018 | Dec 2019 | Dec 2020 † | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Diluted EPS | n/a | -4.69 | -13.40 | -7.99 | -13.05 | -5.16 | 12.78 | 19.57 |
| Basic EPS | n/a | -4.69 | -13.40 | -7.99 | -13.05 | -5.16 | 13.92 | 21.08 |
| Filing | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F |
USD per ordinary share, as filed. One US-listed share can stand for more or fewer ordinary shares; the P/E above puts the two on the same basis.
Revenue by region
| Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 | Share of the parts, latest year | |
|---|---|---|---|---|---|
| United States | 378 | 1,047 | 1,896 | 3,534 | 85.1% |
| Rest of the World | 7.3 | 72.9 | 161 | 343 | 8.3% |
| Japan | 15.8 | 56.4 | 89.4 | 207 | 5.0% |
| China | 0.0 | 14.9 | 39.2 | 67.9 | 1.6% |
| Netherlands | 0.0 | n/a | n/a | n/a | n/a |
United StatesRest of the WorldJapanChina FY2023 to FY2025
USD million; hover a block for its figure and share; a part named with years is one the company split its revenue into only then
USD million, from the latest 20-F, in the company's own words. A year is shown only where the parts add up to the revenue above.
Cash flow statement
Follow the cash: free cash flow, which is operating cash flow less capital expenditure and share-based pay, for five years and after, in today's money.
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The figure a share at the top is what a discounted cash flow calls intrinsic value, worked out on your assumptions. Everything after year five is one sum: the sixth year's cash, growing at the long-run rate every year after, added up and brought back to today's money. Each year runs from the latest year filed. Sales growth opens where Play it forward does: the company's own five-year rate, easing a third of the way each year toward the median of the 131 peers in Pharmaceutical Products (15.5% a year); change a year and the years after it follow. Operating cash flow, capital expenditure and share-based pay open at the company's own median share of sales over its last five years, shown under each row. Share-based pay is taken off because operating cash flow adds back the shares paid to staff as if they cost nothing; set it to 0 to leave it in. Capital spending counts every capital line the company files in its cash flow, such as equipment it leases to customers, software, wells or property it develops, named under the row, while the Capital expenditure row in the table below stays the one line as filed; buying a business, securities or a finished property is not counted. The discount rate opens at 10%, about what US stocks have returned a year over the long run, so it is the return you give up by holding this company instead of the market; the growth after year five opens at 3%, a little under the US economy's long-run growth in dollars, because no company outgrows it for ever. Net debt is the debt and short-term borrowings less the cash on the latest balance sheet that shows the debt; the figure per share divides what is left by the diluted share count. These are your assumptions and your arithmetic, not an estimate of ours. The link carries them, so you can send them to someone.| Year to | Dec 2018 | Dec 2019 | Dec 2020 † | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | n/a | 152 | -398 | -607 | -863 | -420 | -82.7 | 685 |
| Purchase of property, plant and equipment | n/a | 1.8 | 1.1 | 3.6 | 0.8 | 0.8 | 1.8 | 6.2 |
| Free cash flow | n/a | 150 | -400 | -610 | -864 | -421 | -84.5 | 679 |
| Cash from investing | n/a | -833 | 345 | -347 | -461 | 308 | -718 | 984 |
| Cash from financing | n/a | 734 | 833 | 1,121 | 844 | 1,337 | 280 | 233 |
| Filing | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F |
USD million, from the cash flow statement as filed.
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Purchase of property, plant and equipment is the cash line as filed; purchases of intangible assets and acquisitions are not in it. Free cash flow is cash from operations less that purchase, arithmetic on the two filed lines. Cash from investing and from financing are the company's own section totals, below zero where cash went out. Buybacks are the cash paid for the company's own shares.Balance sheet at year end
| Year to | Dec 2018 | Dec 2019 | Dec 2020 † | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Funded by | ||||||||
| Equity attributable to shareholders | 616 | 1,180 | 1,674 | 2,534 | 2,814 | 4,098 | 5,498 | 7,323 |
| Borrowings, as filed | n/a | 0.0 | 0.0 | 0.0 | 0.0 | 7.2 | 0.0 | 0.0 |
| Lease liabilities | n/a | 7.3 | 9.7 | 11.5 | 12.4 | 20.0 | 39.1 | 47.2 |
| Other liabilities | n/a | 422 | 596 | 305 | 308 | 418 | 665 | 1,312 |
| Total equity and liabilities | n/a | 1,610 | 2,279 | 2,850 | 3,134 | 4,542 | 6,203 | 8,683 |
| Owned | ||||||||
| Property, plant and equipment | n/a | 9.2 | 11.6 | 15.8 | 16.2 | 22.7 | 43.5 | 48.2 |
| Other intangible assets | n/a | 45.1 | 167 | 172 | 175 | 125 | 181 | 272 |
| Cash and cash equivalents | 322 | 372 | 1,217 | 1,335 | 801 | 2,049 | 1,500 | 3,491 |
| Trade and other receivables | n/a | 31.6 | 7.0 | 38.2 | 276 | 497 | 904 | 1,647 |
| Inventories | n/a | n/a | 25.2 | 109 | 228 | 311 | 407 | 474 |
| Other assets | n/a | 1,152 | 852 | 1,181 | 1,638 | 1,538 | 3,166 | 2,751 |
| Total assets | n/a | 1,610 | 2,279 | 2,850 | 3,134 | 4,542 | 6,203 | 8,683 |
| Filing | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F |
USD million, at each fiscal year end.
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Both totals are the company's own; other liabilities and other assets are each total less the rows shown. Borrowings is the company's own stated total where it files one; it is never added up from its parts here.Ratios on the filed lines
| Year to | Dec 2018 | Dec 2019 | Dec 2020 † | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Return on year-end equity | -10.8% | -15.4% | -36.3% | -16.1% | -25.2% | -7.2% | 15.2% | 17.6% |
| Effective tax rate | n/a | n/a | n/a | n/a | n/a | n/a | -878.0% | -1.1% |
| Filing | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F |
Arithmetic on the filed lines of the same year: margins over revenue, return on equity as profit attributable to shareholders over year-end equity, tax over profit before tax.
Questions
What is argenx's market cap?
The market cap of argenx was $60.1 billion at the close of 10 November 2026.
Peers: Pharmaceutical Products
| Company | Market cap | P/E | ROE | Op. margin | Sales growth TTM | Debt to equity | Div. yield |
|---|---|---|---|---|---|---|---|
| Amgen Inc. AMGN | $251.6 billion | 26.98 | 65.4% | 32.4% | 8.2% | 3.76 | 2.2% |
| Gilead Sciences, Inc. GILD | $212.1 billion | n/a | -29.6% | -7.6% | 6.5% | 2.01 | 1.9% |
| Moderna, Inc. MRNA | $101.3 billion | n/a | -40.8% | -116.0% | 13.1% | 0.52 | n/a |
| argenx SE ARGX * | $60.1 billion | 49.66 | 17.6% | n/a | 89.9% | 0.00 | n/a |
| Biogen Inc. BIIB | $37.4 billion | 108.21 | 1.8% | 4.3% | 2.3% | 0.41 | n/a |
| BioNTech SE BNTX * | $21.9 billion | n/a | -5.9% | -49.0% | 4.3% | 0.01 | n/a |
| Exelixis, Inc. EXEL | $17.3 billion | 21.12 | 48.3% | 40.2% | 9.1% | 0.00 | n/a |
| Neurocrine Biosciences Inc. NBIX | $17.1 billion | 25.09 | 18.1% | 24.0% | 38.0% | 0.00 | n/a |
| Halozyme Therapeutics, Inc. HALO | $11.7 billion | 26.22 | n/a | 37.4% | 45.0% | n/a | n/a |
| Kymera Therapeutics, Inc. KYMR | $11.7 billion | n/a | -21.6% | -396.0% | 133.8% | 0.00 | n/a |
| Bio-Techne Corp. TECH | $11.4 billion | 66.81 | 7.9% | 19.6% | 0.9% | 0.09 | 0.4% |
| Repligen Corp. RGEN | $9.9 billion | n/a | -0.6% | 2.3% | 13.8% | 0.27 | n/a |
All 174 in Pharmaceutical Products
| Company | Market cap | P/E | ROE | Op. margin | Sales growth TTM | Debt to equity | Div. yield |
|---|---|---|---|---|---|---|---|
| Eli Lilly & Co. LLY | $1.35 trillion | 46.51 | 68.5% | n/a | 45.5% | 1.23 | 0.4% |
| Johnson & Johnson JNJ | $675.9 billion | 42.54 | 19.7% | n/a | 7.8% | 0.55 | 1.9% |
| AbbVie Inc. ABBV | $519.4 billion | 50.58 | n/a | 32.2% | 10.7% | n/a | 2.4% |
| Merck & Co., Inc. MRK | $364.8 billion | 152.57 | 5.5% | n/a | 4.9% | 1.20 | 2.3% |
| Novartis AG NVS * | $311.5 billion | 22.83 | 30.3% | n/a | 8.4% | 0.62 | 2.5% |
| AstraZeneca PLC AZN * | $289.7 billion | 28.56 | 21.0% | 23.4% | 8.6% | 0.57 | 1.7% |
| Amgen Inc. AMGN | $251.6 billion | 26.98 | 65.4% | 32.4% | 8.2% | 3.76 | 2.2% |
| Gilead Sciences, Inc. GILD | $212.1 billion | n/a | -29.6% | -7.6% | 6.5% | 2.01 | 1.9% |
| Abbott Laboratories ABT | $191.3 billion | 41.21 | 9.2% | 13.8% | 10.0% | 0.61 | 2.3% |
| Novo Nordisk A/S NVO * | $181.7 billion | 11.84 | 52.8% | 41.3% | 6.4% | 0.67 | 4.3% |
| Pfizer Inc. PFE | $167.3 billion | 41.94 | 4.5% | n/a | 1.3% | 0.70 | 5.9% |
| Vertex Pharmaceuticals Inc. VRTX | $138.9 billion | 35.24 | 19.0% | 33.2% | 10.5% | 0.22 | n/a |
| Bristol-Myers Squibb Co. BMY | $128.4 billion | 13.92 | 39.5% | 22.6% | 4.2% | 1.83 | 4.0% |
| Sanofi SNY * | $117.6 billion | 13.57 | 10.9% | n/a | 6.2% | 0.26 | 4.6% |
| GSK plc GSK * | $102.8 billion | 13.80 | 34.9% | 24.3% | 4.1% | 1.08 | 3.3% |
| Moderna, Inc. MRNA | $101.3 billion | n/a | -40.8% | -116.0% | 13.1% | 0.52 | n/a |
| Regeneron Pharmaceuticals, Inc. REGN | $96.8 billion | 20.23 | 14.4% | 28.8% | 18.6% | 0.06 | 0.4% |
| Takeda Pharmaceutical Company Limited TAK * | $66.1 billion | n/a | -2.1% | 0.1% | -1.7% | 0.66 | 3.1% |
| argenx SE ARGX * | $60.1 billion | 49.66 | 17.6% | n/a | 89.9% | 0.00 | n/a |
| IDEXX Laboratories Inc. IDXX | $54.9 billion | 46.95 | 63.2% | 32.3% | 11.9% | 0.45 | n/a |
| Teva Pharmaceutical Industries Ltd. TEVA | $49.5 billion | 98.59 | 6.4% | 8.3% | 2.7% | 2.10 | n/a |
| Royalty Pharma plc RPRX | $38.7 billion | 45.69 | 6.9% | 57.1% | 11.4% | 0.88 | 1.3% |
| Biogen Inc. BIIB | $37.4 billion | 108.21 | 1.8% | 4.3% | 2.3% | 0.41 | n/a |
| Genmab A/S GMAB * | $34.7 billion | 35.19 | 16.5% | 28.6% | 19.2% | 0.90 | n/a |
| Zoetis Inc. ZTS | $33.6 billion | 14.02 | 75.3% | n/a | 1.0% | 2.74 | 2.5% |
| Roivant Sciences Ltd. ROIV | $29.8 billion | n/a | -8.6% | -1,358.1% | 102.1% | 0.00 | n/a |
| Insmed Inc. INSM | $26.2 billion | n/a | -83.4% | -37.1% | 240.0% | 0.76 | n/a |
| United Therapeutics Corp. UTHR | $24.9 billion | 22.19 | 19.6% | 41.4% | 1.9% | 0.00 | n/a |
| Viatris Inc. VTRS | $23.9 billion | n/a | -4.4% | -0.0% | 4.3% | 0.97 | 2.3% |
| BioNTech SE BNTX * | $21.9 billion | n/a | -5.9% | -49.0% | 4.3% | 0.01 | n/a |
| Alnylam Pharmaceuticals, Inc. ALNY | $20.3 billion | 7.87 | 75.6% | 19.5% | 56.2% | 0.28 | n/a |
| Exelixis, Inc. EXEL | $17.3 billion | 21.12 | 48.3% | 40.2% | 9.1% | 0.00 | n/a |
| Neurocrine Biosciences Inc. NBIX | $17.1 billion | 25.09 | 18.1% | 24.0% | 38.0% | 0.00 | n/a |
| Jazz Pharmaceuticals plc JAZZ | $15.8 billion | 83.52 | 4.9% | 9.0% | 13.5% | 1.33 | n/a |
| BridgeBio Pharma, Inc. BBIO | $15.4 billion | n/a | n/a | -38.5% | 167.3% | n/a | n/a |
| Kiniksa Pharmaceuticals International, plc KNSA | $14.9 billion | 73.14 | 15.4% | 13.8% | 58.2% | 0.00 | n/a |
| Elanco Animal Health Inc. ELAN | $13.4 billion | n/a | -2.2% | n/a | 12.1% | 0.52 | n/a |
| Dr. Reddy’s Laboratories Limited RDY * | $12.4 billion | 27.15 | 11.4% | 15.0% | 3.2% | 0.21 | 0.6% |
| Halozyme Therapeutics, Inc. HALO | $11.7 billion | 26.22 | n/a | 37.4% | 45.0% | n/a | n/a |
| Kymera Therapeutics, Inc. KYMR | $11.7 billion | n/a | -21.6% | -396.0% | 133.8% | 0.00 | n/a |
| Bio-Techne Corp. TECH | $11.4 billion | 66.81 | 7.9% | 19.6% | 0.9% | 0.09 | 0.4% |
| Biomarin Pharmaceutical Inc. BMRN | $11.1 billion | n/a | -0.3% | 3.1% | 18.1% | 0.67 | n/a |
| Madrigal Pharmaceuticals, Inc. MDGL | $10.0 billion | n/a | -24.8% | -10.7% | 92.8% | 0.54 | n/a |
| Repligen Corp. RGEN | $9.9 billion | n/a | -0.6% | 2.3% | 13.8% | 0.27 | n/a |
| TG Therapeutics, Inc. TGTX | $9.7 billion | 97.39 | 18.5% | 21.5% | 68.8% | 1.30 | n/a |
| Krystal Biotech, Inc. KRYS | $9.1 billion | 41.60 | 15.7% | 48.4% | 26.0% | 0.00 | n/a |
| Protagonist Therapeutics, Inc. PTGX | $8.9 billion | 28.85 | 31.5% | 58.6% | 163.7% | 0.00 | n/a |
| Twist Bioscience Corp. TWST | $8.3 billion | n/a | -30.7% | -33.6% | 19.2% | 0.03 | n/a |
| Corcept Therapeutics Inc. CORT | $8.0 billion | 57.76 | 19.5% | 11.5% | 30.0% | 0.00 | n/a |
| Rhythm Pharmaceuticals, Inc. RYTM | $7.9 billion | n/a | -220.3% | -66.7% | 61.0% | 1.17 | n/a |
| Cytokinetics Inc. CYTK | $7.8 billion | n/a | n/a | -625.2% | 29.9% | n/a | n/a |
| Alkermes plc. ALKS | $7.8 billion | n/a | -0.0% | 3.7% | 15.3% | 0.81 | n/a |
| Amneal Pharmaceuticals, Inc. AMRX | $7.5 billion | 50.93 | 25.1% | 15.0% | 8.9% | 5.87 | n/a |
| Axsome Therapeutics, Inc. AXSM | $7.4 billion | n/a | -149.2% | -17.5% | 54.2% | 1.78 | n/a |
| ImmunityBio, Inc. IBRX | $7.2 billion | n/a | n/a | -150.2% | 121.2% | n/a | n/a |
| Arrowhead Pharmaceuticals, Inc. ARWR | $6.9 billion | n/a | -68.7% | -33.8% | 16.8% | 1.86 | n/a |
| Lantheus Holdings, Inc. LNTH | $6.6 billion | 25.03 | 19.9% | 18.6% | 2.4% | 0.42 | n/a |
| CG Oncology, Inc. CGON | $6.5 billion | n/a | -24.0% | -4,293.5% | 183.6% | 0.00 | n/a |
| Ligand Pharmaceuticals Inc. LGND | $6.3 billion | 140.12 | 5.4% | 9.5% | 1.0% | 1.17 | n/a |
| Mirum Pharmaceuticals, Inc. MIRM | $6.2 billion | n/a | n/a | -133.6% | 42.2% | n/a | n/a |
| Scholar Rock Holding Corp. SRRK | $5.9 billion | n/a | n/a | n/a | n/a | 1.16 | n/a |
| PTC Therapeutics, Inc. PTCT | $5.4 billion | n/a | n/a | 12.8% | -35.1% | n/a | n/a |
| Travere Therapeutics, Inc. TVTX | $5.0 billion | n/a | -538.0% | -20.5% | 49.4% | 26.72 | n/a |
| Adaptive Biotechnologies Corp. ADPT | $4.7 billion | n/a | -40.0% | -16.2% | 17.9% | 1.90 | n/a |
| Ionis Pharmaceuticals Inc. IONS | $4.7 billion | n/a | -138.8% | -58.8% | -0.7% | 3.36 | n/a |
| Liquidia Corp. LQDA | $4.6 billion | n/a | n/a | -15.6% | 798.4% | n/a | n/a |
| Relay Therapeutics, Inc. RLAY | $4.4 billion | n/a | -35.9% | -3,094.9% | 23.9% | 0.00 | n/a |
| Crispr Therapeutics AG CRSP | $4.4 billion | n/a | -27.7% | -2,114.8% | -34.3% | 0.36 | n/a |
| Tango Therapeutics, Inc. TNGX | $4.1 billion | n/a | -21.2% | n/a | n/a | 0.00 | n/a |
| AbCellera Biologics Inc. ABCL | $4.1 billion | n/a | -14.0% | -298.0% | 92.1% | 0.00 | n/a |
| Xenon Pharmaceuticals Inc. XENE | $4.1 billion | n/a | -37.4% | n/a | n/a | 0.00 | n/a |
| Iovance Biotherapeutics, Inc. IOVA | $3.7 billion | n/a | -27.1% | -60.8% | 51.3% | 0.00 | n/a |
| Viking Therapeutics, Inc. VKTX | $3.7 billion | n/a | -106.6% | n/a | n/a | 0.43 | n/a |
| Organon & Co. OGN | $3.6 billion | 18.27 | 17.9% | n/a | -3.2% | 7.17 | 0.6% |
| Tarsus Pharmaceuticals, Inc. TARS | $3.6 billion | n/a | -675.0% | -102.0% | 86.3% | 0.70 | 0.0% |
| DBV Technologies S.A. DBVT | $3.6 billion | n/a | -139.5% | -5,420.1% | -31.5% | 0.00 | n/a |
| Viridian Therapeutics, Inc. VRDN | $3.5 billion | n/a | -78.1% | -1,781.4% | -62.8% | 0.63 | n/a |
| Arcutis Biotherapeutics, Inc. ARQT | $3.5 billion | 130.57 | 12.3% | 6.9% | 60.0% | 0.45 | n/a |
| Supernus, Inc. SUPN | $3.4 billion | 8.03 | n/a | 40.6% | 16.4% | n/a | n/a |
| Denali Therapeutics Inc. DNLI | $3.2 billion | n/a | n/a | n/a | n/a | 0.00 | n/a |
| Acadia Pharmaceuticals Inc. ACAD | $3.2 billion | 8.66 | 26.1% | 10.2% | 14.8% | 0.00 | n/a |
| Bausch Health Companies Inc. BHC | $3.1 billion | n/a | n/a | 11.2% | 10.8% | n/a | n/a |
| Ideaya Biosciences, Inc. IDYA | $3.1 billion | n/a | n/a | n/a | n/a | 0.00 | n/a |
| Vericel Corp. VCEL | $3.0 billion | 92.27 | 8.7% | 8.3% | 25.3% | 0.00 | n/a |
| Xencor Inc. XNCR | $2.9 billion | n/a | -21.0% | -72.7% | 33.5% | 0.17 | n/a |
| Xeris Biopharma Holdings, Inc. XERS | $2.9 billion | n/a | -13.3% | 12.7% | 38.4% | 3.89 | n/a |
| Adma Biologics, Inc. ADMA | $2.8 billion | 16.44 | 41.6% | 46.5% | 6.3% | 0.45 | n/a |
| Silence Therapeutics plc SLN | $2.8 billion | n/a | -155.8% | -11,106.8% | -97.7% | 0.00 | n/a |
| Beam Therapeutics Inc. BEAM | $2.6 billion | n/a | -11.2% | -267.7% | 163.3% | 0.11 | n/a |
| Neogen Corp. NEOG | $2.5 billion | n/a | -2.7% | -0.8% | -0.3% | 0.37 | n/a |
| Septerna, Inc. SEPN | $2.5 billion | n/a | -13.8% | -76.2% | 336.7% | 0.00 | n/a |
| Schrodinger, Inc. SDGR | $2.4 billion | n/a | -19.6% | -49.6% | 4.8% | 0.00 | n/a |
| Celldex Therapeutics, Inc. CLDX | $2.4 billion | n/a | -47.6% | -213,033.8% | -94.0% | 0.00 | n/a |
| Arcus Biosciences, Inc. RCUS | $2.4 billion | n/a | -126.5% | -475.0% | -58.3% | 0.28 | n/a |
| Perrigo Co. plc PRGO | $2.3 billion | n/a | -72.5% | -39.4% | -4.5% | 1.35 | 6.9% |
| NewAmsterdam Pharma Co. N.V. NAMS | $2.3 billion | n/a | -32.5% | -900.1% | -26.4% | 0.00 | n/a |
| Zymeworks Inc. ZYME | $2.2 billion | 60.50 | 16.8% | 16.6% | 97.8% | 1.31 | n/a |
| Vir Biotechnology, Inc. VIR | $2.2 billion | n/a | -20.6% | -69.8% | 1,696.0% | 0.00 | n/a |
| Aurinia Pharmaceuticals Inc. AUPH | $2.2 billion | 7.12 | 47.8% | 48.6% | 21.0% | 0.00 | n/a |
| Prestige Consumer Healthcare Inc. PBH | $2.1 billion | 13.89 | 8.0% | 25.0% | 5.1% | 1.07 | n/a |
| Immunome Inc. IMNM | $2.1 billion | n/a | -62.2% | n/a | n/a | 0.00 | n/a |
| Maze Therapeutics, Inc. MAZE | $2.0 billion | n/a | n/a | n/a | n/a | 0.09 | n/a |
| Recursion Pharmaceuticals, Inc. RXRX | $2.0 billion | n/a | -52.5% | -725.4% | 56.2% | 0.01 | n/a |
| Harmony Biosciences Holdings, Inc. HRMY | $2.0 billion | 11.11 | 16.7% | 22.2% | 19.8% | 0.14 | n/a |
| Eton Pharmaceuticals, Inc. ETON | $1.9 billion | 44.36 | 57.4% | 28.8% | 100.6% | 0.27 | n/a |
| Zenas BioPharma, Inc. ZBIO | $1.9 billion | n/a | n/a | n/a | n/a | 1.41 | n/a |
| Biocryst Pharmaceuticals Inc. BCRX | $1.9 billion | n/a | n/a | -30.1% | 60.3% | n/a | n/a |
| Agios Pharmaceuticals, Inc. AGIO | $1.9 billion | n/a | -38.1% | -297.7% | 214.4% | 0.00 | n/a |
| Trulieve Cannabis Corp. TRLV | $1.9 billion | n/a | -57.8% | -25.6% | -9.1% | 0.37 | n/a |
| Generate Biomedicines, Inc. GENB | $1.8 billion | n/a | n/a | n/a | n/a | 0.00 | n/a |
| Stoke Therapeutics, Inc. STOK | $1.8 billion | n/a | -69.0% | -913.1% | -86.3% | 0.00 | n/a |
| Sarepta Therapeutics, Inc. SRPT | $1.8 billion | n/a | -7.5% | -2.5% | -18.9% | 0.56 | n/a |
| Nurix Therapeutics, Inc. NRIX | $1.7 billion | 6.87 | 30.5% | 41.3% | 738.8% | 0.00 | 0.0% |
| Novavax Inc. NVAX | $1.7 billion | n/a | n/a | -21.2% | -61.3% | n/a | n/a |
| Immunocore Holdings plc IMCR | $1.7 billion | n/a | -7.7% | -6.8% | 13.1% | 0.94 | 0.0% |
| Ultragenyx Pharmaceutical Inc. RARE | $1.6 billion | n/a | n/a | -64.0% | 15.8% | n/a | n/a |
| Precigen, Inc. PGEN | $1.6 billion | 129.20 | 29.1% | 21.4% | n/a | 1.12 | n/a |
| ANI Pharmaceuticals Inc. ANIP | $1.6 billion | 14.03 | 18.3% | 16.0% | 25.9% | 0.95 | n/a |
| uniQure N.V. QURE | $1.6 billion | n/a | -79.0% | -1,001.7% | 28.0% | 0.17 | n/a |
| Intellia Therapeutics, Inc. NTLA | $1.6 billion | n/a | -69.5% | -821.2% | -8.1% | 0.12 | n/a |
| Nuvation Bio Inc. NUVB | $1.5 billion | n/a | -59.6% | -61.2% | 654.2% | 1.25 | n/a |
| Pacira BioSciences, Inc. PCRX | $1.5 billion | 39.23 | 5.3% | 4.8% | 3.7% | 0.41 | n/a |
| Ocular Therapeutix, Inc. OCUL | $1.5 billion | n/a | -74.1% | -680.9% | -9.7% | 0.17 | n/a |
| Phibro Animal Health Corp. PAHC | $1.4 billion | 13.85 | 24.6% | 12.5% | 10.1% | 1.76 | 1.4% |
| Korsana Biosciences, Inc. KRSA | $1.4 billion | n/a | n/a | n/a | n/a | 0.00 | n/a |
| Taysha Gene Therapies, Inc. TSHA | $1.4 billion | n/a | -38.6% | -2,792.3% | -32.3% | 0.13 | n/a |
| Avalyn Pharma Inc. AVLN | $1.4 billion | n/a | n/a | n/a | n/a | 0.04 | n/a |
| Innoviva, Inc. INVA | $1.4 billion | 9.59 | 17.0% | 38.8% | 12.8% | 0.23 | n/a |
| Mannkind Corp. MNKD | $1.4 billion | n/a | n/a | -2.9% | 31.7% | n/a | n/a |
| Inhibrx Biosciences, Inc. INBX | $1.3 billion | n/a | n/a | n/a | n/a | n/a | n/a |
| Opko Health, Inc. OPK | $1.3 billion | n/a | -13.3% | -25.5% | -21.9% | 0.43 | n/a |
| Cronos Group Inc. CRON | $1.3 billion | 20.06 | 5.4% | 3.4% | 55.8% | 0.00 | n/a |
| Rapport Therapeutics, Inc. RAPP | $1.2 billion | n/a | n/a | n/a | n/a | 0.00 | n/a |
| Omeros Corp. OMER | $1.2 billion | n/a | n/a | n/a | n/a | n/a | n/a |
| UroGen Pharma Ltd. URGN | $1.2 billion | n/a | n/a | -12.4% | 159.3% | n/a | n/a |
| Amphastar Pharmaceuticals, Inc. AMPH | $1.2 billion | 13.28 | 12.1% | 18.7% | 3.1% | 0.75 | n/a |
| Harrow, Inc. HROW | $1.1 billion | n/a | -97.6% | -2.0% | 21.3% | 10.03 | n/a |
| Cryoport, Inc. CYRX | $1.1 billion | n/a | -7.8% | -20.0% | 1.1% | 0.39 | n/a |
| Odyssey Therapeutics, Inc. ODTX | $957 million | n/a | n/a | n/a | n/a | 0.00 | n/a |
| Aktis Oncology, Inc. AKTS | $934 million | n/a | n/a | n/a | n/a | 0.00 | n/a |
| MeiraGTx Holdings plc MGTX | $906 million | 13.54 | 36.6% | 46.3% | 948.3% | 0.46 | n/a |
| Monte Rosa Therapeutics, Inc. GLUE | $896 million | n/a | -26.4% | -214.5% | -61.3% | 0.00 | n/a |
| Syndax Pharmaceuticals Inc. SNDX | $851 million | n/a | n/a | -61.7% | 159.5% | n/a | n/a |
| Lexicon Pharmaceuticals, Inc. LXRX | $838 million | n/a | -38.1% | -147.4% | -45.6% | 0.32 | n/a |
| Rigel Pharmaceuticals Inc. RIGL | $827 million | 2.83 | 69.0% | 26.3% | 2.2% | 0.02 | n/a |
| Verastem, Inc. VSTM | $824 million | n/a | n/a | n/a | n/a | 11.82 | n/a |
| Ironwood Pharmaceuticals Inc. IRWD | $797 million | 5.35 | n/a | 62.9% | 18.1% | n/a | n/a |
| QuidelOrtho Corp. QDEL | $791 million | n/a | -20.6% | -4.9% | -4.5% | 1.64 | n/a |
| Ginkgo Bioworks Holdings, Inc. DNA | $775 million | n/a | -63.9% | -242.5% | -44.2% | 0.00 | n/a |
| Nektar Therapeutics NKTR | $770 million | n/a | -17.4% | -257.8% | -27.2% | 0.00 | n/a |
| Arbutus Biopharma Corp. ABUS | $762 million | 3.38 | 256.5% | 81.1% | 1,142.6% | 0.00 | n/a |
| Collegium Pharmaceutical, Inc. COLL | $760 million | 24.46 | 12.9% | 15.2% | 7.7% | 3.65 | n/a |
| Ardelyx, Inc. ARDX | $754 million | n/a | -33.8% | -7.7% | 17.6% | 1.54 | n/a |
| Janux Therapeutics, Inc. JANX | $736 million | n/a | -11.0% | -599.3% | 132.9% | 0.00 | n/a |
| Zevra Therapeutics, Inc. ZVRA | $709 million | 9.86 | 32.7% | 60.8% | 75.1% | 0.00 | n/a |
| Kura Oncology, Inc. KURA | $695 million | n/a | -1,630.7% | -394.3% | n/a | 0.55 | n/a |
| Design Therapeutics, Inc. DSGN | $679 million | n/a | -36.6% | n/a | n/a | 0.00 | n/a |
| Wave Life Sciences, Inc. WVE | $671 million | n/a | -52.4% | -320.9% | n/a | 0.00 | n/a |
| Geron Corp. GERN | $627 million | n/a | n/a | n/a | n/a | 0.53 | n/a |
| Aclaris Therapeutics, Inc. ACRS | $626 million | n/a | -47.7% | -1,414.0% | -59.3% | 0.00 | n/a |
| Myriad Genetics Inc. MYGN | $541 million | n/a | -48.0% | -14.3% | -2.6% | 0.45 | n/a |
| Monopar Therapeutics MNPR | $481 million | n/a | n/a | n/a | n/a | 0.00 | n/a |
| Arvinas, Inc. ARVN | $452 million | n/a | -1.8% | -12.1% | -11.8% | 0.00 | n/a |
| Gyre Therapeutics, Inc. GYRE | $452 million | n/a | -37.5% | -20.6% | 13.5% | 0.00 | n/a |
| Evolus, Inc. EOLS | $450 million | n/a | n/a | -4.8% | 13.9% | n/a | n/a |
| Phathom Pharmaceuticals, Inc. PHAT | $442 million | n/a | n/a | -9.3% | 86.8% | n/a | n/a |
| Aquestive Therapeutics, Inc. AQST | $442 million | n/a | n/a | -114.1% | 12.5% | n/a | n/a |
| CytomX Therapeutics, Inc. CTMX | $434 million | n/a | -30.0% | -676.5% | -87.7% | 0.00 | n/a |
| Puma Biotechnology, Inc. PBYI | $420 million | 17.65 | 16.3% | 11.3% | 9.4% | 0.00 | n/a |
| CorMedix Inc. CRMD | $416 million | 2.50 | 40.6% | 47.0% | n/a | 0.00 | n/a |
| Crescent Biopharma, Inc. CBIO | $386 million | n/a | n/a | n/a | n/a | 0.00 | n/a |
| Canopy Growth Corp. CGC | $251 million | n/a | n/a | -54.2% | 10.7% | 0.38 | n/a |
| Atrium Therapeutics, Inc. RNA | $141 million | n/a | n/a | n/a | n/a | n/a | n/a |
| Gossamer Bio, Inc. GOSS | $69 million | n/a | n/a | -140.0% | 78.0% | n/a | n/a |
38 companies share its SEC industry code (Biological Products, (No Diagnostic Substances)); the rest are the names nearest in size in its wider industry, Pharmaceutical Products, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
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By market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.Annual reports on EDGAR
| Form | Year to | Filed | |
|---|---|---|---|
| 20-F | 31 December 2025 | 19 March 2026 | EDGAR |
| 20-F | 31 December 2024 | 20 March 2025 | EDGAR |
| 20-F | 31 December 2023 | 21 March 2024 | EDGAR |
| 20-F | 31 December 2022 | 16 March 2023 | EDGAR |
| 20-F | 31 December 2021 | 21 March 2022 | EDGAR |
| 20-F | 31 December 2020 | 30 March 2021 | EDGAR |
| 20-F | 31 December 2019 | 31 March 2020 | EDGAR |
| 20-F | 31 December 2018 | 26 March 2019 | EDGAR |
| 20-F | 31 December 2017 | 26 March 2018 | EDGAR |