argenx SE (ARGX) 6-K 27 Jul 23 Current report (foreign) Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Jun. 30, 2023
Cover [Abstract]
Document Type	6-K
Document Period End Date	Jun. 30, 2023
Entity Registrant Name	ARGENX SE
Entity Central Index Key	0001697862
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

UNAUDITED CONDENSED CONSOLIDATE

UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Non-current assets
Property, plant and equipment	$ 14,676	$ 16,234
Intangible assets	189,857	174,901
Deferred tax asset	138,767	79,222
Other non-current assets	39,232	40,894
Research and development incentive receivables	59,976	47,488
Investment in joint venture	12,443	1,323
Prepaid expenses	47,327
Total non-current assets	502,277	360,064
Current assets
Inventories	201,112	228,353
Prepaid expenses	138,825	76,022
Trade and other receivables	353,232	275,697
Research and development incentive receivables	1,377	1,578
Financial assets	886,401	1,391,808
Cash and cash equivalents	1,110,567	800,740
Total current assets	2,691,514	2,774,197
TOTAL ASSETS	3,193,791	3,134,261
Equity
Share capital	6,698	6,640
Share premium	4,374,291	4,309,880
Translation Differences	130,042	129,280
Accumulated losses	(2,233,029)	(2,109,791)
Other reserves	580,049	477,691
Total equity	2,858,051	2,813,699
Non-current liabilities
Provisions for employee benefits	1,011	870
Lease liabilities	8,044	9,009
Deferred tax liabilities	8,894	8,406
Total non-current liabilities	17,949	18,285
Current liabilities
Lease liabilities	3,198	3,417
Trade and other payables	309,985	295,679
Tax liabilities	4,608	3,181
Total current liabilities	317,791	302,277
Total liabilities	335,740	320,562
TOTAL EQUITY AND LIABILITIES	$ 3,193,791	$ 3,134,261

UNAUDITED CONDENSED CONSOLIDA_2

UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENTS OF PROFIT OR LOSS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENTS OF PROFIT OR LOSS
Product net sales	$ 487,335	$ 95,996
Collaboration revenue	2,355	2,610
Other operating income	21,225	18,057
Total operating income	510,915	116,663
Cost of sales	(42,359)	(6,382)
Research and development expenses	(361,364)	(278,887)
Selling, general and administrative expenses	(311,149)	(228,664)
Loss from investment in joint venture	(1,880)
Total operating expenses	(716,752)	(513,933)
Operating loss	(205,837)	(397,270)
Financial income	37,029	5,733
Financial expense	(395)	(2,131)
Exchange gains/(losses)	9,164	(53,382)
Loss for the period before taxes	(160,039)	(447,050)
Income tax benefit	36,800	11,114
Loss for the period	(123,239)	(435,936)
Owners of the parent	$ (123,239)	$ (435,936)
Weighted average number of shares outstanding	55,690,873	53,449,915
Basic loss per share (in $)	$ (2.21)	$ (8.16)
Diluted loss per share (in $)	$ (2.21)	$ (8.16)

UNAUDITED CONDENSED CONSOLIDA_3

UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE INCOME AND LOSS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE INCOME AND LOSS
Loss for the period	$ (123,239)	$ (435,936)
Currency translation differences, arisen from translating foreign activities	762	(2,993)
Fair value gain/(loss) on investments in equity instruments designated as at FVTOCI	(1,688)	(16,006)
Other comprehensive loss, net of income tax	(926)	(18,999)
Total comprehensive loss attributable to:	(124,165)	(454,935)
Owners of the parent	$ (124,165)	$ (454,935)

UNAUDITED CONDENSED CONSOLIDA_4

UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
CASH FLOWS (USED IN) / FROM OPERATING ACTIVITIES
Operating loss	$ (205,837)	$ (397,270)
Adjustments for non-cash items
Amortization of intangible assets	43	389
Depreciation of property, plant and equipment	2,661	2,671
Provisions for employee benefits	138	137
Expense recognized in respect of share-based payments	102,083	76,634
Fair value gains on financial assets at fair value through profit or loss		(4,256)
Loss from investment in joint venture	1,880
Adjustments for non-cash items	(99,032)	(321,695)
Movements in current assets/liabilities
(Increase)/decrease in trade and other receivables	(68,057)	(71,152)
(Increase)/decrease in inventories	27,240	(26,636)
(Increase)/decrease in other current assets	(62,500)	(25,119)
Increase/(decrease) in trade and other payables	(616)	(33,251)
Movements in non-current assets/liabilities
(Increase)/decrease in noncurrent prepaid expenses	(47,327)
(Increase)/decrease in other noncurrent assets	(11,603)	(7,244)
Cash flows used in operating activities	(261,894)	(485,097)
Interest paid	(78)	(505)
Income taxes paid	(23,465)	(8,911)
Net cash flows used in operating activities	(285,436)	(494,513)
CASH FLOWS (USED IN) / FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment	(479)	(183)
(Increase)/decrease in current financial assets		(234,244)
Purchase of current financial investments (1)	(267,196)
Sale of current financial investments (1)	780,331
Interest received	27,361	2,082
Investment in joint venture	(13,000)
Net cash flows (used in) / from investing activities	527,017	(232,345)
CASH FLOWS (USED IN) / FROM FINANCING ACTIVITIES
Principal elements of lease payments	(2,182)	(2,224)
Proceeds from issue of new shares, gross amount		760,954
Issue costs paid		(843)
Exchange gain from currency conversion on proceeds from issue of new shares		410
Payment on employee withholding taxes related to restricted stock unit awards	(604)
Proceeds from exercise of stock options	65,074	49,979
Net cash flows from financing activities	62,288	808,276
Increase/(decrease) in cash and cash equivalents	303,868	81,418
Cash and cash equivalents at the beginning of the period	800,740	1,334,676
Exchange gains/(losses) on cash & cash equivalents	5,960	(48,806)
Cash and cash equivalents at the end of the period	$ 1,110,567	$ 1,367,288

UNAUDITED CONDENSED CONSOLIDA_5

UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Thousands	Share Capital	Share Premium	Accumulated Losses	Translation Difference	Share-based payment and income tax deduction on share-based payments	Other comprehensive income.	Total Equity Attributable to Owners of the Parent	Total
Equity at beginning of period at Dec. 31, 2021	$ 6,233	$ 3,462,775	$ (1,400,197)	$ 131,684	$ 373,019	$ (39,290)	$ 2,534,224	$ 2,534,224
Total loss of the period			(435,936)				(435,936)	(435,936)
Other comprehensive income / (loss)				(2,993)		(16,006)	(18,999)	(18,999)
Total comprehensive income/(loss) for the period			(435,936)	(2,993)		(16,006)	(454,935)	(454,935)
Income tax benefit from excess tax deductions related to share-based payments					3,957		3,957	3,957
Share-based payment					76,935		76,935	76,935
Issue of share capital	294	760,659					760,953	760,953
Transaction costs for equity issue		(781)					(781)	(781)
Exercise of stock options	76	49,842					49,919	49,919
Equity at end of period at Jun. 30, 2022	6,603	4,272,495	(1,836,133)	128,691	453,911	(55,296)	2,970,271	2,970,271
Equity at beginning of period at Dec. 31, 2022	6,640	4,309,880	(2,109,791)	129,280	535,247	(57,557)	2,813,699	2,813,699
Total loss of the period			(123,239)				(123,239)	(123,239)
Other comprehensive income / (loss)				762		(1,688)	(926)	(926)
Total comprehensive income/(loss) for the period			(123,239)	762		(1,688)	(124,165)	(124,165)
Income tax benefit from excess tax deductions related to share-based payments					1,396		1,396	1,396
Share-based payment					102,651		102,651	102,651
Exercise of stock options	58	65,016					65,074	65,074
Ordinary shares withheld for payment of employees' withholding tax liability		(604)					(604)	(604)
Equity at end of period at Jun. 30, 2023	$ 6,698	$ 4,374,291	$ (2,233,029)	$ 130,042	$ 639,294	$ (59,245)	$ 2,858,051	$ 2,858,051

General information about the c

General information about the company	6 Months Ended
	Jun. 30, 2023
General information about the company
General information about the company	1. General information about the Company argenx SE is a Dutch European public company with limited liability incorporated under the laws of the Netherlands. The Company (COC 24435214) has its official seat in Rotterdam, the Netherlands, and its registered office is at Laarderhoogteweg 25, 1101 EB Amsterdam, the Netherlands. argenx SE is a publicly traded company with ordinary shares listed on Euronext Brussels under the symbol “ARGX” since July 2014 and with American Depositary Shares listed on Nasdaq under the symbol “ARGX” since May 2017.

Basis of preparation

Basis of preparation	6 Months Ended
	Jun. 30, 2023
Basis of preparation
Basis of preparation	2. Basis of preparation The unaudited condensed consolidated interim financial statements for the six months ended June 30, 2023 have been prepared in accordance with IAS 34 ‘Interim Financial Reporting’ as issued by the IASB and as adopted by the European Union. The unaudited condensed consolidated interim financial statements should be read in conjunction with the annual financial statements for the year ended December 31, 2022. All amounts herein are presented in thousands of $, unless otherwise indicated, rounded to the nearest $ ‘000. The unaudited condensed consolidated financial statements have been approved for issue by the Company’s Board of Directors (the “Board”) on July 25, 2023.

Significant accounting policies

Significant accounting policies	6 Months Ended
	Jun. 30, 2023
Significant accounting policies
Significant accounting policies	3. Significant accounting policies There were no significant changes in accounting policies, critical accounting judgements and key sources of estimation uncertainty applied by us in these unaudited condensed consolidated interim financial statements compared to those used in the annual consolidated financial statements as of December 31, 2022.

Other non-current assets

Other non-current assets	6 Months Ended
	Jun. 30, 2023
Other non-current assets.
Other non-current assets	4. Other non-current assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ June 30, ​ December 31, (in thousands of $) 2023 2022 Non-current restricted cash ​ $ 1,762 ​ $ 1,736 Non-current financial assets held at fair value through profit or loss ​ 21,715 ​ 21,715 Non-current financial assets held at fair value through OCI ​ 15,756 ​ 17,443 Total other non-current assets $ 39,232 $ 40,894 ​ Please also refer to note 18 for more information on the financial instruments.

Non-current prepaid expense

Non-current prepaid expense	6 Months Ended
	Jun. 30, 2023
Non-current prepaid expense
Non-current prepaid expense	5. Non-current prepaid expense Non-current prepaid expense is related to prepaid inventory. Please also refer to note 6 for more information on inventory. ​ ​ ​

Inventories

Inventories	6 Months Ended
	Jun. 30, 2023
Inventories
Inventories	6. Inventories ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ June 30, ​ December 31, (in thousands of $) 2023 2022 Raw materials and consumables $ 113,128 $ 126,046 Inventories in process ​ 58,806 ​ 65,016 Finished goods ​ ​ 29,178 ​ ​ 37,291 Total inventories $ 201,112 $ 228,353 ​ The cost of inventories, which is recognized as an expense and included in the “cost of sales” on the unaudited condensed consolidated statements of profit or loss, amounted to $42.4 million for the six months ended June 30, 2023 (compared to $6.4 million for the six months ended June 30, 2022). As a result of the detection of a latent defect in the second quarter of 2023 in drug substance batches produced in 2022 at one of the facilities awaiting approval, the Company has decreased inventory with an amount of $47.3 million. The discovered latent defect comprises an error in the concentration of an excipient in the final formulation, which disqualifies the material for commercial use and causes the Company to write-down its value. The Company has obtained the commitment from the supplier to replace the drug substance from these batches in the coming years, which is reflected in the recognition of a non-current prepaid expense amounting to $47.3 million. Included in inventory are products which could be used either for commercial activities, or for in-house preclinical and clinical programs, non-reimbursed pre-approval programs and clinical programs carried out by Zai Lab.

Trade and other receivables

Trade and other receivables	6 Months Ended
	Jun. 30, 2023
Trade and other receivables.
Trade and other receivables	7. Trade and other receivables Trade and other receivables are composed of receivables which are detailed below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ June 30, ​ December 31, (in thousands of $) 2023 2022 Trade receivables ​ 304,229 ​ 241,228 Other receivables ​ ​ 29,557 ​ ​ 12,918 Interest receivable ​ 19,446 ​ 21,551 Total trade and other receivables $ 353,232 $ 275,697 ​ The carrying amounts of trade and other receivables approximate their respective fair values. On June 30, 2023 and December 31, 2022, the Company did not have any provision for expected credit losses.

Current financial assets

Current financial assets	6 Months Ended
	Jun. 30, 2023
Current financial assets
Current financial assets	8. Current financial assets These current financial assets relate to term accounts with an initial maturity longer than 3 months but less than 12 months and money market funds which do not qualify as cash equivalents. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ June 30, ​ December 31, (in thousands of $) 2023 2022 Money market funds $ 113,215 $ 46,162 Term accounts ​ ​ 773,186 ​ ​ 1,345,646 Total Current Financial Assets $ 886,401 $ 1,391,808 ​ Please also refer to note 18 for more information on the financial instruments.

Cash and cash equivalents

Cash and cash equivalents	6 Months Ended
	Jun. 30, 2023
Cash and cash equivalents
Cash and cash equivalents	9. Cash and cash equivalents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ June 30, ​ December 31, (in thousands of $) 2023 2022 Money market funds $ 845,573 $ 669,147 Term accounts ​ ​ 210,000 ​ ​ 54,116 Cash and bank balances ​ 54,994 ​ 77,477 Total cash and cash equivalents $ 1,110,567 $ 800,740 ​ On June 30, 2023, cash and cash equivalents amounted to $1,110.6 million, compared to $800.7 million on December 31, 2022 and included money market funds that are readily convertible to cash and subject to an insignificant risk of changes in value, term accounts with an initial maturity not exceeding 3 months and cash and bank balances held at various financial institutions. Please also refer to note 18 for more information on the financial instruments.

Shareholder's capital

Shareholder's capital	6 Months Ended
	Jun. 30, 2023
Shareholders' capital
Shareholders' capital	10. Shareholders’ capital On June 30, 2023, the Company’s share capital was represented by 55,955,544 shares. All shares were issued, fully paid up and of the same class. The table below summarizes our capital increases, as a result of the exercise of stock options and vesting of RSUs under the argenx Employee Stock Option Plan, for the period ended June 30, 2023. ​ ​ ​ ​ Number of shares outstanding on December 31, 2022 55,395,856 Exercise of stock options ​ 533,478 Vesting of RSUs ​ 26,210 Number of shares outstanding on June 30, 2023 55,955,544 ​

Share-based payments

Share-based payments	6 Months Ended
	Jun. 30, 2023
Share-based payments
Share-based payments	11. Share based payments The Company has an equity incentive plan for the employees, key consultants, board members, senior managers and key outside advisors (“key persons”) of the Company and its subsidiaries. In accordance with the term of the plan, as approved by shareholders, employees may be granted stock options and/or restricted stock units. 11.1 Stock options On April 3, 2023, the Company granted a total of 61,056 stock options to certain of its employees and consultants. Below is an overview of the parameters used in relation to the new grant during 2023: ​ ​ ​ ​ Stock options granted in Apr-23 Number of options granted ​ 61,056 Fair value of options (in USD) (*) $ 158.21 - 196.18 Share price (in USD) (*) $ 361.64 - 401.21 Exercise price (in USD) (*) $ 370.34 Expected volatility % 41.00 - 42.18 Expected option life (in years) ​ 4.0 - 6.5 Risk‑free interest rate % 2.96 - 3.14 Expected dividends ​ — (*) amounts have been converted to US dollar at the closing rate of grant date ​ ​ ​ The stock options are granted to key persons of the Company and its subsidiaries. The stock options may be granted to purchase ordinary shares at an exercise price. The stock options have been granted free of charge. Each employee’s stock option converts into one ordinary share of the Company upon exercise. The stock options carry neither rights to dividends nor voting rights. Stock options may be exercised at any time from the date of vesting to the date of their expiry. The stock options granted vest, in principle, as follows: ● 1/3 rd of the total stock options granted on the first anniversary of the granting of the stock options; and ● 1/36 th of the total grant on the first day of each month following the first anniversary of the date of grant of the stock options. Upon leave of the employee, consultant or director, stock options must be exercised before the later of (i) 90 days after the last working day at argenx, or (ii) March 31 of the 4th year following the date of grant of those stock options, and in any case no later than the expiration date of the option. The total share-based payment expense related to stock options recognized in the unaudited condensed consolidated statement of income or loss totaled $72.0 million for the six months ended June 30, 2023 compared to $60.4 million for the six months ended June 30, 2022. 11.2 Restricted Stock Units (RSUs) The RSUs are granted to key persons of the Company and its subsidiaries. The RSUs have been granted free of charge. Each employee’s RSUs converts into one ordinary share of the Company upon vesting. The RSUs carry neither rights to dividends nor voting rights. RSUs once converted into ordinary shares, may be sold at any time from the date of vesting, have no expiry date and may be held by the participant without limitation. The fair value of RSUs is based on the closing sale price of our common stock on the day prior to the date of issuance. RSUs vest over a period of 4 years with 1/4 th The total share-based payment expense related to RSUs recognized in the unaudited condensed consolidated interim statements of profit or loss totaled $30.1 million for the six months ended June 30, 2023 compared to $16.2 million for six months ended June 30, 2022.

Trade and other payables

Trade and other payables	6 Months Ended
	Jun. 30, 2023
Trade and other payables.
Trade and other payables	12. Trade and other payables ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ June 30, ​ December 31, (in thousands of $) 2023 2022 Trade payables ​ $ 195,268 $ 188,721 Short term employee benefits ​ ​ 70,217 ​ ​ 84,337 Gross-to-net accruals ​ ​ 39,153 ​ ​ 19,478 Other ​ ​ 5,347 ​ ​ 3,142 Total trade and other payables ​ $ 309,985 ​ $ 295,679 ​ The carrying amounts of trade and other payables approximate their respective fair values. Trade payables correspond primarily to clinical and manufacturing activities and include accrued expenses related to these activities. Short term employee benefits include payables and accruals for salaries and bonuses to be paid to the employees of the Company. The movement in gross-to-net accruals as of June 30, 2023 and as of June 30, 2022 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Distribution ​ ​ ​ ​ ​ ​ Rebates and ​ ​ fees, product ​ ​ ​ ​ ​ ​ charge backs ​ ​ returns and ​ ​ Total (in thousands of $) ​ ​ ​ ​ other ​ ​ ​ Balance at January 01, 2022 ​ $ — $ — ​ $ — Current estimate related to the sales made in current year ​ ​ 10,078 ​ ​ 3,270 ​ ​ 13,348 (Credits or payments related to sales made during the year) ​ ​ (5,592) ​ ​ (2,312) ​ ​ (7,904) Balance at June 30, 2022 ​ $ 4,485 ​ $ 958 ​ $ 5,443 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at January 01, 2023 ​ $ 15,399 ​ $ 4,079 ​ $ 19,478 Current estimate related to the sales made in current year ​ ​ 56,801 ​ ​ 11,339 ​ ​ 68,140 Adjustments for prior year sales ​ ​ 632 ​ ​ (883) ​ ​ (251) (Credits or payments related to sales made during the year) ​ ​ (29,711) ​ ​ (7,474) ​ ​ (37,185) (Credits or payments related to sales made during the prior year) ​ ​ (8,260) ​ ​ (2,769) ​ ​ (11,029) Balance at June 30, 2023 ​ $ 34,861 ​ $ 4,292 ​ $ 39,153 ​

Product net sales

Product net sales	6 Months Ended
	Jun. 30, 2023
Product net sales.
Product net sales	13. Product net sales For the six months ended June 30, 2023, the product gross sales was fully related to sales of VYVGART and amounts to $555.7 million and the gross to net adjustment for six months ended June 30, 2023 was $68.4 million, resulting in $487.3 million of product net sales for six months ended June 30, 2023. For the six months ended June 30, 2022, the product gross sales was fully related to sales of VYVGART and amounts to $109.4 million and the gross to net adjustment for six months ended June 30, 2022 was $13.4 million, resulting in $96.0 million of product net sales for six months ended June 30, 2022. Refer to note 14 for the breakdown of product net sales by regions for six month ended June 30, 2023.

Segment reporting

Segment reporting	6 Months Ended
	Jun. 30, 2023
Segment reporting
Segment reporting	14. Segment reporting The following table summarizes our product net sales by territory of sales based on the country of the entity that recognizes product net sales: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ ​ June 30, (in thousands of $) 2023 ​ 2022 Product net sales ​ $ ​ ​ $ ​ United States ​ ​ 440,853 ​ ​ 94,349 Japan ​ ​ 23,645 ​ ​ 1,514 EMEA ​ ​ 22,836 ​ ​ 133 Total $ 487,335 $ 95,996 ​ We sell our products through a limited number of distributors and wholesalers. Four U.S. customers represent approximately 88% of our product net sales in the U.S. during six months ended June 30, 2023 (compared to 92% for the same period in 2022). ​ The non-current assets of the Company, with the exception of the deferred tax assets, are geographically located as shown in the table below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ June 30, ​ December 31, (in thousands of $) ​ 2023 2022 Belgium ​ $ 359,122 $ 275,620 United States ​ ​ 1,893 ​ 2,325 Japan ​ ​ 2,332 ​ 2,763 Germany ​ ​ 149 ​ ​ 130 France ​ ​ 7 ​ ​ 4 Italy ​ ​ 7 ​ ​ — Total ​ $ 363,510 $ 280,841 ​

Research and development expens

Research and development expenses	6 Months Ended
	Jun. 30, 2023
Research and development expenses
Research and development expenses	15. Research and development expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ ​ June 30, (in thousands of $) ​ 2023 2022 Personnel expense ​ $ 99,482 $ 79,497 External research and development expenses ​ ​ 233,868 ​ 185,453 Materials and consumables ​ ​ 2,044 ​ 1,407 Depreciation and amortization ​ ​ 3,498 ​ 1,842 Other expenses ​ ​ 22,472 ​ 10,688 Total research and development expenses ​ $ 361,364 $ 278,887 ​

Selling, general and administra

Selling, general and administrative expenses	6 Months Ended
	Jun. 30, 2023
Selling, general and administrative expenses
Selling, general and administrative expenses	16. Selling, general and administrative expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ ​ June 30, (in thousands of $) ​ 2023 ​ 2022 Personnel expense ​ $ 134,862 ​ $ 115,397 Professional and marketing fees ​ ​ 133,232 ​ ​ 78,018 Supervisory board ​ ​ 3,978 ​ ​ 4,107 Depreciation and amortization ​ ​ 1,083 ​ ​ 1,217 IT expenses ​ ​ 5,496 ​ ​ 8,075 Other expenses ​ ​ 32,499 ​ ​ 21,849 Total selling, general and administrative expenses ​ $ 311,149 ​ $ 228,664 ​

Income tax benefit

Income tax benefit	6 Months Ended
	Jun. 30, 2023
Income tax benefit
Income tax benefit	17. Income tax benefit The Company recorded an income tax benefit of $36.8 million (compared to $11.1 million for the same period in 2022) in relation to a pretax loss of $160.0 million for the six months ended June 30, 2023 (compared to $447.1 million for the same period in 2022). The effective tax rate for the six months ended June 30, 2023 and June 30, 2022 was primarily impacted by the following items: (i) the mix of income generated among the jurisdictions in which the Company operates, (ii) certain deferred tax assets not recognized due to the history of losses and forecasted losses, and (iii) a $44.1 million deferred tax impact of intra-group inventory transfers (compared to $13.2 million for the same period in 2022). ​

Financial instruments and finan

Financial instruments and financial risk management	6 Months Ended
	Jun. 30, 2023
Financial instruments and financial risk management
Financial instruments and financial risk management	18. Financial instruments and financial risk management The Company carried the following assets at fair value on June 30, 2023 and December 31, 2022, respectively: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At June 30, 2023 (in thousands of $) Level 1 Level 2 Level 3 Non-current financial assets $ 15,756 $ — $ 21,715 Current financial assets ​ ​ 113,215 ​ ​ — ​ ​ — Cash equivalents ​ 845,573 ​ — ​ — Assets carried at fair value $ 974,543 $ — $ 21,715 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At December 31, 2022 (in thousands of $) Level 1 Level 2 Level 3 Non-current financial assets $ 17,443 $ — $ 21,715 Current financial assets ​ 46,162 ​ — ​ — Cash equivalents ​ ​ 669,147 ​ ​ — ​ ​ — Assets carried at fair value $ 732,752 $ — $ 21,715 ​ Non-current financial assets – Level 3 In March 2019, the Company entered into a license agreement with AgomAb Therapeutics NV for the use of HGF-mimetic SIMPLE Antibodies™, developed under the Company’s Immunology Innovative Program. In exchange for granting this license, the Company received a profit share in AgomAb Therapeutics NV. In March 2021, AgomAb Therapeutics NV secured $74 million in Series B financing by issuing 286,705 of Preferred B Shares. The Company used the post-money valuation of Series B financing round and the number of outstanding shares in determining the fair value of the profit-sharing instrument, which results in a change in fair value of $11.2 million non-current assets being recorded through profit or loss. Since AgomAb Therapeutics NV is a private company, the valuation of the profit share is based on level 3 assumptions. In June 2022, AgomAb Therapeutics NV secured €38.4 million as a result of the extension of Series B. The Company used the post-money valuation of this Series B financing round and the number of outstanding shares in determining the fair value of the profit-sharing instrument, which results in a change in fair value of non-current financial assets of $4.3 million recorded through profit or loss for the year ended December 31, 2022. Non-current financial assets – Level 1 As part of the license agreement for the development and commercialization for efgartigimod in Greater China, the Company obtained, amongst others, 568,182 newly issued Zai Lab shares calculated at a price of $132 per share. The fair value of the equity instrument at period-end is determined by reference to the closing price of such securities at each reporting date (classified as level 1 in the fair value hierarchy), resulting in a change in fair value. The Company made the irrevocable election to recognize subsequent changes in fair value through OCI.

Related party transaction

Related party transaction	6 Months Ended
	Jun. 30, 2023
Related party transaction
Related party transaction	19. Related party transaction The Company has a joint venture agreement with the University of Colorado Anschutz Medical Campus and UCHealth resulting in a separate legal entity, OncoVerity, Inc. During the first six months of 2023, the Company contributed $13 million towards the joint venture to fund its operations.

Contractual obligations and com

Contractual obligations and commitments	6 Months Ended
	Jun. 30, 2023
Contractual obligations and commitments
Contractual obligations and commitments	20. Contractual obligations and commitments The Company’s manufacturing commitments with Lonza, its drug substance manufacturing contractor, relate to the ongoing execution of the biologic license application (BLA) services for efgartigimod and its manufacturing activities related to the commercialization or potential future commercialization. In December 2018, the Company signed its first commercial supply agreement with Lonza related to the reservation of commercial drug substance supply capacity for efgartigimod. In the aggregate, as of June 30, 2023, the Company has outstanding commitments for efgartigimod under the first commercial supply agreement of $379.2 million. During 2022, the Company signed an agreement with Fujifilm, for activities relating to the large-scale manufacturing of efgartigimod drug substance. In the aggregate, as of June 30, 2023, the Company has outstanding commitments for efgartigimod under the commercial supply agreement of $2.3 million. ​

Events after the balance sheet

Events after the balance sheet date	6 Months Ended
	Jun. 30, 2023
Events after the balance sheet date
Events after the balance sheet date	21. Events after the balance sheet date On July 17, 2023, the Company offered 2,244,899 of its ordinary shares through a global offering which consisted of 1,580,981 ADSs in the U.S. at a price of $490.0 per ADS, before underwriting discounts and commissions and offering expenses; and 663,918 ordinary shares in the European Economic Area at a price of €436.37 per share, before underwriting discounts and commissions and offering expenses. On July 19, 2023, the underwriters of the offering exercised their over-allotment option to purchase 336,734 additional ADSs in full. As a result, the Company received $1.27 billion in gross proceeds from this offering. ​ The Company generated its first commercial sale of Vyvgart Hytrulo in the United States during July 2023, which trigged a milestone payment of $18 million by the Company towards Halozyme Inc. ​ No other events have occurred after the balance sheet date that could have a material impact on the unaudited condensed consolidated financial statements. ​

Significant accounting polici_2

Significant accounting policies (Policies)	6 Months Ended
	Jun. 30, 2023
Significant accounting policies
Basis of preparation	The unaudited condensed consolidated interim financial statements for the six months ended June 30, 2023 have been prepared in accordance with IAS 34 ‘Interim Financial Reporting’ as issued by the IASB and as adopted by the European Union. The unaudited condensed consolidated interim financial statements should be read in conjunction with the annual financial statements for the year ended December 31, 2022. All amounts herein are presented in thousands of $, unless otherwise indicated, rounded to the nearest $ ‘000. The unaudited condensed consolidated financial statements have been approved for issue by the Company’s Board of Directors (the “Board”) on July 25, 2023.

Other non-current assets (Table

Other non-current assets (Tables)	6 Months Ended
	Jun. 30, 2023
Other non-current assets.
Schedule of other non-current assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ June 30, ​ December 31, (in thousands of $) 2023 2022 Non-current restricted cash ​ $ 1,762 ​ $ 1,736 Non-current financial assets held at fair value through profit or loss ​ 21,715 ​ 21,715 Non-current financial assets held at fair value through OCI ​ 15,756 ​ 17,443 Total other non-current assets $ 39,232 $ 40,894

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2023
Inventories
Schedule of inventories	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ June 30, ​ December 31, (in thousands of $) 2023 2022 Raw materials and consumables $ 113,128 $ 126,046 Inventories in process ​ 58,806 ​ 65,016 Finished goods ​ ​ 29,178 ​ ​ 37,291 Total inventories $ 201,112 $ 228,353

Trade and other receivables (Ta

Trade and other receivables (Tables)	6 Months Ended
	Jun. 30, 2023
Trade and other receivables.
Schedule of trade and other receivables	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ June 30, ​ December 31, (in thousands of $) 2023 2022 Trade receivables ​ 304,229 ​ 241,228 Other receivables ​ ​ 29,557 ​ ​ 12,918 Interest receivable ​ 19,446 ​ 21,551 Total trade and other receivables $ 353,232 $ 275,697

Current financial assets (Table

Current financial assets (Tables)	6 Months Ended
	Jun. 30, 2023
Current financial assets
Schedule of current financial assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ June 30, ​ December 31, (in thousands of $) 2023 2022 Money market funds $ 113,215 $ 46,162 Term accounts ​ ​ 773,186 ​ ​ 1,345,646 Total Current Financial Assets $ 886,401 $ 1,391,808

Cash and cash equivalents (Tabl

Cash and cash equivalents (Tables)	6 Months Ended
	Jun. 30, 2023
Cash and cash equivalents
Schedule of cash and cash equivalents	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ June 30, ​ December 31, (in thousands of $) 2023 2022 Money market funds $ 845,573 $ 669,147 Term accounts ​ ​ 210,000 ​ ​ 54,116 Cash and bank balances ​ 54,994 ​ 77,477 Total cash and cash equivalents $ 1,110,567 $ 800,740

Shareholders' capital (Tables)

Shareholders' capital (Tables)	6 Months Ended
	Jun. 30, 2023
Shareholders' capital
Schedule of number of share outstanding	​ ​ ​ ​ Number of shares outstanding on December 31, 2022 55,395,856 Exercise of stock options ​ 533,478 Vesting of RSUs ​ 26,210 Number of shares outstanding on June 30, 2023 55,955,544

Share-based payments (Tables)

Share-based payments (Tables)	6 Months Ended
	Jun. 30, 2023
Share-based payments
Schedule of parameters used in relation to the new grants	​ ​ ​ ​ Stock options granted in Apr-23 Number of options granted ​ 61,056 Fair value of options (in USD) (*) $ 158.21 - 196.18 Share price (in USD) (*) $ 361.64 - 401.21 Exercise price (in USD) (*) $ 370.34 Expected volatility % 41.00 - 42.18 Expected option life (in years) ​ 4.0 - 6.5 Risk‑free interest rate % 2.96 - 3.14 Expected dividends ​ — (*) amounts have been converted to US dollar at the closing rate of grant date ​ ​

Trade and other payables (Table

Trade and other payables (Tables)	6 Months Ended
	Jun. 30, 2023
Trade and other payables.
Schedule of trade and other payables	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ June 30, ​ December 31, (in thousands of $) 2023 2022 Trade payables ​ $ 195,268 $ 188,721 Short term employee benefits ​ ​ 70,217 ​ ​ 84,337 Gross-to-net accruals ​ ​ 39,153 ​ ​ 19,478 Other ​ ​ 5,347 ​ ​ 3,142 Total trade and other payables ​ $ 309,985 ​ $ 295,679
Schedule of movement in gross to net accruals	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Distribution ​ ​ ​ ​ ​ ​ Rebates and ​ ​ fees, product ​ ​ ​ ​ ​ ​ charge backs ​ ​ returns and ​ ​ Total (in thousands of $) ​ ​ ​ ​ other ​ ​ ​ Balance at January 01, 2022 ​ $ — $ — ​ $ — Current estimate related to the sales made in current year ​ ​ 10,078 ​ ​ 3,270 ​ ​ 13,348 (Credits or payments related to sales made during the year) ​ ​ (5,592) ​ ​ (2,312) ​ ​ (7,904) Balance at June 30, 2022 ​ $ 4,485 ​ $ 958 ​ $ 5,443 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at January 01, 2023 ​ $ 15,399 ​ $ 4,079 ​ $ 19,478 Current estimate related to the sales made in current year ​ ​ 56,801 ​ ​ 11,339 ​ ​ 68,140 Adjustments for prior year sales ​ ​ 632 ​ ​ (883) ​ ​ (251) (Credits or payments related to sales made during the year) ​ ​ (29,711) ​ ​ (7,474) ​ ​ (37,185) (Credits or payments related to sales made during the prior year) ​ ​ (8,260) ​ ​ (2,769) ​ ​ (11,029) Balance at June 30, 2023 ​ $ 34,861 ​ $ 4,292 ​ $ 39,153

Segment reporting (Tables)

Segment reporting (Tables)	6 Months Ended
	Jun. 30, 2023
Segment reporting
Schedule of product net sales by country of sales	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ ​ June 30, (in thousands of $) 2023 ​ 2022 Product net sales ​ $ ​ ​ $ ​ United States ​ ​ 440,853 ​ ​ 94,349 Japan ​ ​ 23,645 ​ ​ 1,514 EMEA ​ ​ 22,836 ​ ​ 133 Total $ 487,335 $ 95,996
Schedule of external customers geographically location	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ June 30, ​ December 31, (in thousands of $) ​ 2023 2022 Belgium ​ $ 359,122 $ 275,620 United States ​ ​ 1,893 ​ 2,325 Japan ​ ​ 2,332 ​ 2,763 Germany ​ ​ 149 ​ ​ 130 France ​ ​ 7 ​ ​ 4 Italy ​ ​ 7 ​ ​ — Total ​ $ 363,510 $ 280,841

Research and development expe_2

Research and development expenses (Tables)	6 Months Ended
	Jun. 30, 2023
Research and development expenses
Schedule of research and development expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ ​ June 30, (in thousands of $) ​ 2023 2022 Personnel expense ​ $ 99,482 $ 79,497 External research and development expenses ​ ​ 233,868 ​ 185,453 Materials and consumables ​ ​ 2,044 ​ 1,407 Depreciation and amortization ​ ​ 3,498 ​ 1,842 Other expenses ​ ​ 22,472 ​ 10,688 Total research and development expenses ​ $ 361,364 $ 278,887

Selling, general and administ_2

Selling, general and administrative expenses (Tables)	6 Months Ended
	Jun. 30, 2023
Selling, general and administrative expenses
Schedule of selling, general and administrative expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ ​ June 30, (in thousands of $) ​ 2023 ​ 2022 Personnel expense ​ $ 134,862 ​ $ 115,397 Professional and marketing fees ​ ​ 133,232 ​ ​ 78,018 Supervisory board ​ ​ 3,978 ​ ​ 4,107 Depreciation and amortization ​ ​ 1,083 ​ ​ 1,217 IT expenses ​ ​ 5,496 ​ ​ 8,075 Other expenses ​ ​ 32,499 ​ ​ 21,849 Total selling, general and administrative expenses ​ $ 311,149 ​ $ 228,664

Financial instruments and fin_2

Financial instruments and financial risk management (Tables)	6 Months Ended
	Jun. 30, 2023
Financial instruments and financial risk management
Schedule of assets at fair value	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At June 30, 2023 (in thousands of $) Level 1 Level 2 Level 3 Non-current financial assets $ 15,756 $ — $ 21,715 Current financial assets ​ ​ 113,215 ​ ​ — ​ ​ — Cash equivalents ​ 845,573 ​ — ​ — Assets carried at fair value $ 974,543 $ — $ 21,715 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At December 31, 2022 (in thousands of $) Level 1 Level 2 Level 3 Non-current financial assets $ 17,443 $ — $ 21,715 Current financial assets ​ 46,162 ​ — ​ — Cash equivalents ​ ​ 669,147 ​ ​ — ​ ​ — Assets carried at fair value $ 732,752 $ — $ 21,715

Other non-current assets - (Det

Other non-current assets - (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Other non-current assets.
Non-current restricted cash	$ 1,762	$ 1,736
Non-current financial assets held at fair value through profit or loss	21,715	21,715
Non-current financial assets held at fair value through OCI	15,756	17,443
Total other non-current assets	$ 39,232	$ 40,894

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Inventories
Raw materials and consumables	$ 113,128	$ 113,128		$ 126,046
Inventories in process	58,806	58,806		65,016
Finished goods	29,178	29,178		37,291
Total inventories	201,112	201,112		$ 228,353
Cost of merchandise sold		42,400	$ 6,400
Decreased in inventory	47,300
Prepaid expenses	$ 47,327	$ 47,327

Trade and other receivables (De

Trade and other receivables (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Trade and other receivables.
Trade receivables	$ 304,229	$ 241,228
Other receivables	29,557	12,918
Interest receivable	19,446	21,551
Total trade and other receivables	$ 353,232	$ 275,697

Current financial assets (Detai

Current financial assets (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Total Current Financial Assets
Financial assets	$ 886,401	$ 1,391,808
Minimum
Total Current Financial Assets
Maturity Term of Financial Assets	3 months
Maximum
Total Current Financial Assets
Maturity Term of Financial Assets	12 months
Money market funds
Total Current Financial Assets
Financial assets	$ 113,215	46,162
Term accounts
Total Current Financial Assets
Financial assets	$ 773,186	$ 1,345,646

Cash and cash equivalents (Deta

Cash and cash equivalents (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Cash and cash equivalents
Money market funds	$ 845,573	$ 669,147
Term accounts	210,000	54,116
Cash and bank balances	54,994	77,477
Total cash and cash equivalents	$ 1,110,567	$ 800,740	$ 1,367,288	$ 1,334,676

Shareholders' capital (Details)

Shareholders' capital (Details)	6 Months Ended
	Jun. 30, 2023 EquityInstruments shares
Shareholders' capital
Number of shares outstanding at beginning of period	55,395,856
Exercise of stock options	533,478
Vesting of RSUs | EquityInstruments	26,210
Number of shares outstanding at end of period	55,955,544

Share based payments - Outstand

Share based payments - Outstanding stock options (Details) $ in Millions		1 Months Ended	6 Months Ended
	Apr. 03, 2023 EquityInstruments	Apr. 30, 2023 EquityInstruments	Jun. 30, 2023 USD ($) shares	Jun. 30, 2022 USD ($)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options granted | EquityInstruments	61,056	61,056
Number of shares on conversion | shares			1
Total share based payment expense | $			$ 72	$ 60.4
Tranche One
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting percentage			33.33%
Tranche Two
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting percentage			2.78%

Share-based payments - Overview

Share-based payments - Overview (Details)		1 Months Ended
	Apr. 03, 2023 EquityInstruments	Apr. 30, 2023 USD ($) EquityInstruments Y $ / shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options granted | EquityInstruments	61,056	61,056
Exercise price		$ 370.34
Minimum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Fair value of options | $		$ 158,210
Share price		$ 361.64
Expected volatility		41%
Expected option life (in years) | Y		4
Risk-free interest rate		2.96%
Maximum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Fair value of options | $		$ 196,180
Share price		$ 401.21
Expected volatility		42.18%
Expected option life (in years) | Y		6.5
Risk-free interest rate		3.14%

Share-based payments - Restrict

Share-based payments - Restricted Stock Units (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of shares on conversion	1
Expense from share-based payment transactions with employees	$ 72	$ 60.4
Restricted Stock Units (RSUs)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of shares on conversion	1
Vesting period	4 years
Vesting percentage	25%
Expense from share-based payment transactions with employees	$ 30.1	$ 16.2

Trade and other payables (Detai

Trade and other payables (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022
Trade and other payables.
Trade payables	$ 195,268	$ 188,721
Short term employee benefits	70,217	84,337
Gross-to-net accruals	39,153	19,478	$ 5,443
Other	5,347	3,142
Total trade and other payables	$ 309,985	$ 295,679

Trade and other payables - Move

Trade and other payables - Movement in net accruals (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Disclosure of subsidiaries [line items]
Accruals	$ 19,478
Current estimate related to the sales made in the current year	68,140	$ 13,348
Adjustments for prior year sales	(251)
(Credits or payments related to sales made during the year)	(37,185)	(7,904)
(Credits or payments related to sales made during the prior year)	(11,029)
Accruals	39,153	5,443
Rebates and charge backs
Disclosure of subsidiaries [line items]
Accruals	15,399
Current estimate related to the sales made in the current year	56,801	10,078
Adjustments for prior year sales	632
(Credits or payments related to sales made during the year)	(29,711)	(5,592)
(Credits or payments related to sales made during the prior year)	(8,260)
Accruals	34,861	4,485
Distribution fees, product returns and other
Disclosure of subsidiaries [line items]
Accruals	4,079
Current estimate related to the sales made in the current year	11,339	3,270
Adjustments for prior year sales	(883)
(Credits or payments related to sales made during the year)	(7,474)	(2,312)
(Credits or payments related to sales made during the prior year)	(2,769)
Accruals	$ 4,292	$ 958

Product net sales - (Details)

Product net sales - (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Product net sales.
Revenue from Sale of Goods Gross	$ 555,700	$ 109,400
Cost of Goods Sold	68,400	13,400
Product net sales	$ 487,335	$ 95,996

Segment reporting - Product net

Segment reporting - Product net sales by country of sales (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Disclosure of geographical areas [line items]
Total product net sales	$ 487,335	$ 95,996
United States
Disclosure of geographical areas [line items]
Total product net sales	440,853	94,349
Japan
Disclosure of geographical areas [line items]
Total product net sales	23,645	1,514
EMEA
Disclosure of geographical areas [line items]
Total product net sales	$ 22,836	$ 133

Segment reporting - Major distr

Segment reporting - Major distributor or whole sellers (Details) - item	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Segment reporting
Number of major customers from U.S.	4
Percentage of product net sales from major customers from United States	88%	92%

Segment reporting - Noncurrent

Segment reporting - Noncurrent assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Disclosure of geographical areas [line items]
Non current Assets exclude deferred tax assets	$ 363,510	$ 280,841
Belgium
Disclosure of geographical areas [line items]
Non current Assets exclude deferred tax assets	359,122	275,620
United States
Disclosure of geographical areas [line items]
Non current Assets exclude deferred tax assets	1,893	2,325
Japan
Disclosure of geographical areas [line items]
Non current Assets exclude deferred tax assets	2,332	2,763
Germany
Disclosure of geographical areas [line items]
Non current Assets exclude deferred tax assets	149	130
France
Disclosure of geographical areas [line items]
Non current Assets exclude deferred tax assets	7	$ 4
ITALY
Disclosure of geographical areas [line items]
Non current Assets exclude deferred tax assets	$ 7

Research and development expe_3

Research and development expenses (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Research and development expenses
Personnel expense	$ 99,482	$ 79,497
External research and development expenses	233,868	185,453
Materials and consumables	2,044	1,407
Depreciation and amortization	3,498	1,842
Other expenses	22,472	10,688
Total research and development expenses	$ 361,364	$ 278,887

Selling, general and administ_3

Selling, general and administrative expenses (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Selling, general and administrative expenses
Personnel expense	$ 134,862	$ 115,397
Professional and marketing fees	133,232	78,018
Supervisory board	3,978	4,107
Depreciation and amortization	1,083	1,217
IT expenses	5,496	8,075
Other expenses	32,499	21,849
Total selling, general and administrative expenses	$ 311,149	$ 228,664

Income tax benefit (Details)

Income tax benefit (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Income tax benefit
Income tax benefit	$ (36,800)	$ (11,114)
Pretax loss	(160,039)	(447,050)
Deferred tax impact	$ 44,100	$ 13,200

Financial instruments and fin_3

Financial instruments and financial risk management - Fair value (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Level 1
Financial instruments and financial risk management
Non-current financial assets	$ 15,756	$ 17,443
Current financial assets	113,215	46,162
Cash equivalents	845,573	669,147
Assets carried at fair value	974,543	732,752
Level 3
Financial instruments and financial risk management
Non-current financial assets	21,715	21,715
Assets carried at fair value	$ 21,715	$ 21,715

Financial instruments and fin_4

Financial instruments and financial risk management - License agreement (Details) $ / shares in Units, € in Millions, $ in Millions	1 Months Ended			6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2022 EUR (€)	Mar. 31, 2021 USD ($) shares	Jun. 30, 2023 $ / shares shares
AgomAb
Financial instruments and financial risk management
Fair value of current financial assets | $	$ 4.3
AgomAb | Preferred Class B Shares
Financial instruments and financial risk management
Proceeds from issue of shares		€ 38.4	$ 74
Shares issued | shares			286,705
Fair value of current financial assets | $			$ 11.2
Zai Lab
Financial instruments and financial risk management
Number of equity instruments obtained | shares				568,182
Price of equity instrument | $ / shares				$ 132

Related party transaction - Com

Related party transaction - Compensation (Details) $ in Millions	Jun. 30, 2023 USD ($)
Onco Verity Inc. Joint Venture
Compensation of key management personnel
Contractual capital commitments	$ 13

Contractual obligations and c_2

Contractual obligations and commitments (Details) - USD ($) $ in Millions	1 Months Ended
	Jul. 31, 2023	Jun. 30, 2023
Efgartigimod
Commitments [Line Items]
Outstanding commitment		$ 379.2
Contractual obligations		$ 2.3
Halozyme | Global Collaboration and License Agreement
Commitments [Line Items]
Payment for additional milestones	$ 18

Events after the balance shee_2

Events after the balance sheet date (Details) $ / shares in Units, $ in Millions				1 Months Ended
	Jul. 21, 2023 USD ($) shares	Jul. 17, 2023 $ / shares shares	Jul. 17, 2023 € / shares shares	Jul. 31, 2023 USD ($)
Halozyme | Global Collaboration and License Agreement
Events after the balance sheet date
Payment to be paid for a milestone | $				$ 18
Global Offering | Major ordinary share transactions
Events after the balance sheet date
Number of shares issued		2,244,899	2,244,899
Global Offering | American Depositary Shares | Major ordinary share transactions
Events after the balance sheet date
Number of shares issued		1,580,981	1,580,981
Share price | $ / shares		$ 490
Global Offering | Ordinary shares | Major ordinary share transactions
Events after the balance sheet date
Number of shares issued		663,918	663,918
Share price | € / shares			€ 436.37
Underwriters' Over Allotment Option | American Depositary Shares | Major ordinary share transactions
Events after the balance sheet date
Number of shares issued	336,734
Gross proceeds from issue of shares | $	$ 1,270