Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2023 shares | |
Entity Information [Line Items] | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Document Period End Date | Dec. 31, 2023 |
Entity File Number | 001-38097 |
Entity Incorporation, State or Country Code | P7 |
Entity Registrant Name | ARGENX SE |
Entity Address, Address Line One | Laarderhoogtweg 25 |
Entity Address, Address Line Two | 1101EB |
Entity Address, City or Town | Amsterdam |
Entity Address, Country | NL |
Entity Common Stock, Shares Outstanding | 59,194,488 |
Auditor Name | Deloitte Accountants B.V. |
Auditor Firm ID | 1243 |
Auditor Location | Rotterdam, The Netherlands |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
Document Financial Statement Error Correction [Flag] | false |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
Entity Central Index Key | 0001697862 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
ICFR Auditor Attestation Flag | true |
Business Contact [Member] | |
Entity Information [Line Items] | |
Entity Address, Address Line One | Industriepark Zwijnaarde 7, |
Entity Address, Address Line Two | Building C9052 Zwijnaarde |
Entity Address, City or Town | Ghent |
Entity Address, Country | BE |
Contact Personnel Name | Tim Van Hauwermeiren |
Contact Personnel Email Address | TVanHauwermeiren@argenx.com |
Entity Address, Postal Zip Code | 9052 |
City Area Code | 0 |
Local Phone Number | 10 70 38 441 |
American Depositary Shares | |
Entity Information [Line Items] | |
Title of 12(b) Security | American Depositary Shares, each representing one ordinary share with a nominal value of €0.10 per share |
Trading Symbol | ARGX |
Security Exchange Name | NASDAQ |
Ordinary shares | |
Entity Information [Line Items] | |
Title of 12(b) Security | Ordinary shares with a nominal value of €0.10 per share |
Trading Symbol | ARGX |
Security Exchange Name | NASDAQ |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION $ in Thousands, € in Millions, ¥ in Millions | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Non-current assets | |||
Property, plant and equipment | $ 22,675 | $ 16,234 | $ 15,844 |
Intangible assets | 125,228 | 174,901 | 171,684 |
Deferred tax asset | 97,211 | 79,222 | 32,191 |
Research and development incentive receivables | 76,706 | 47,488 | 32,707 |
Investment in joint venture | 9,912 | 1,323 | |
Prepaid expenses | 47,327 | ||
Other non-current assets | 39,662 | 40,894 | 54,876 |
Total noncurrent assets | 418,721 | 360,064 | 307,303 |
Current assets | |||
Inventories | 310,550 | 228,353 | 109,076 |
Prepaid expenses | 134,072 | 76,022 | 58,946 |
Trade and other receivables | 496,687 | 275,697 | 38,221 |
Research and development incentive receivables | 2,584 | 1,578 | |
Financial assets | 1,131,000 | 1,391,808 | 1,002,052 |
Cash and cash equivalents | 2,048,800 | 800,740 | 1,334,676 |
Total current assets | 4,123,737 | 2,774,197 | 2,542,971 |
TOTAL ASSETS | 4,542,458 | 3,134,261 | 2,850,274 |
Equity | |||
Share capital | 7,058 | 6,640 | 6,233 |
Share premium | 5,651,497 | 4,309,880 | 3,462,775 |
Translation differences | 131,543 | 129,280 | 131,684 |
Accumulated losses | (2,404,844) | (2,109,791) | (1,400,197) |
Other reserves | 712,253 | 477,691 | 333,729 |
Total equity | 4,097,507 | 2,813,699 | 2,534,224 |
Non-current liabilities | |||
Provisions for employee benefits | 1,449 | 870 | 417 |
Lease liabilities | 15,354 | 9,009 | 7,956 |
Deferred tax liabilities | 5,155 | 8,406 | 6,438 |
Total non-current liabilities | 21,958 | 18,285 | 14,811 |
Current liabilities | |||
Lease liabilities | 4,646 | 3,417 | 3,509 |
Trade and other payables | 414,013 | 295,679 | 293,415 |
Tax liabilities | 4,334 | 3,181 | 4,315 |
Total current liabilities | 422,993 | 302,277 | 301,239 |
Total liabilities | 444,951 | 320,562 | 316,050 |
TOTAL EQUITY AND LIABILITIES | $ 4,542,458 | $ 3,134,261 | $ 2,850,274 |
CONSOLIDATED STATEMENTS OF PROF
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS | |||
Product net sales | $ 1,190,783 | $ 400,720 | |
Collaboration revenue | 35,533 | 10,026 | $ 497,277 |
Other operating income | 42,278 | 34,520 | 42,141 |
Total operating income | 1,268,594 | 445,267 | 539,418 |
Cost of sales | (117,835) | (29,431) | |
Research and development expenses | (859,492) | (663,366) | (580,520) |
Selling, general and administrative expenses | (711,905) | (472,132) | (307,644) |
Loss from investment in joint venture | (4,411) | (677) | |
Total operating expenses | (1,693,643) | (1,165,607) | (888,164) |
Operating loss | (425,049) | (720,341) | (348,746) |
Financial income | 107,386 | 27,665 | 3,633 |
Financial expense | (906) | (3,906) | (4,578) |
Exchange gains/(losses) | 14,073 | (32,732) | (50,053) |
Loss for the year before taxes | (304,496) | (729,314) | (399,743) |
Income tax benefit / (expense) | 9,443 | 19,720 | (8,522) |
Loss for the year | (295,053) | (709,594) | (408,265) |
Owners of the parent | $ (295,053) | $ (709,594) | $ (408,265) |
Weighted average number of shares outstanding | 57,169,253 | 54,381,371 | 51,075,827 |
Basic loss per share (in $) | $ (5.16) | $ (13.05) | $ (7.99) |
Diluted (loss) per share (in $) | $ (5.16) | $ (13.05) | $ (7.99) |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||
Loss for the year | $ (295,053) | $ (709,594) | $ (408,265) |
Currency translation differences, arisen from translating foreign activities | 2,263 | (2,404) | (3,048) |
Fair value gain/(loss) on investments in equity instruments designated as at FVTOCI | (1,915) | (18,267) | (39,290) |
Other comprehensive income/(loss), net of income | 348 | (20,671) | (42,338) |
Owners of the parent | $ (294,705) | $ (730,266) | $ (450,603) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands, € in Millions, ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
CASH FLOWS (USED IN) / FROM OPERATING ACTIVITIES | |||
Operating loss | $ (425,049) | $ (720,341) | $ (348,746) |
Adjustments for non-cash items | |||
Amortization of intangible assets | 105,674 | 99,766 | 776 |
Depreciation of property, plant and equipment | 5,633 | 4,576 | 5,091 |
Provisions for employee benefits | 573 | 459 | 260 |
Expense recognized in respect of share-based payments | 232,974 | 157,026 | 179,366 |
Fair value gains on financial assets at fair value through profit or loss | (4,256) | (11,152) | |
Non-cash revenue | (75,000) | ||
Loss from investment in joint venture | 4,411 | 677 | |
Other non-cash expenses | 2,074 | ||
Adjustments for non-cash items | (73,710) | (462,093) | (249,405) |
Movements in current assets/liabilities | |||
(Increase)/decrease in trade and other receivables | (185,694) | (222,260) | (31,632) |
(Increase)/decrease in inventories | (83,030) | (119,277) | (83,880) |
(Increase)/decrease in other current assets | (59,024) | (18,294) | (30,990) |
Increase/(decrease) in trade and other payables | 95,600 | 329 | 134,892 |
Increase/(decrease) in deferred revenue - current | (46,327) | ||
Movements in non-current assets/liabilities | |||
(Increase)/decrease in other noncurrent assets | (29,416) | (16,220) | (13,975) |
(Increase)/decrease in non-current prepaid expense | (47,327) | ||
Increase/(decrease) in deferred revenue - non-current | (269,039) | ||
Net cash flows used in operating activities, before interest and taxes | (382,601) | (837,815) | (590,356) |
Interest paid | (211) | (851) | (684) |
Income taxes paid | (37,515) | (24,141) | (15,772) |
Net cash flows used in operating activities | (420,327) | (862,807) | (606,812) |
CASH FLOWS (USED IN) / FROM INVESTING ACTIVITIES | |||
Purchase of intangible assets | (43,000) | (102,986) | (117,811) |
Purchase of property, plant and equipment | (812) | (837) | (3,623) |
(Increase)/decrease in current financial assets | (228,239) | ||
Purchase of current financial investments | (1,271,730) | (1,694,046) | |
Sale of current financial investments | 1,543,999 | 1,325,540 | |
Interest received | 92,753 | 13,146 | 2,603 |
Investment in joint venture | (13,000) | (2,000) | |
Net cash flows from / (used in) investing activities | 308,210 | (461,184) | (347,070) |
CASH FLOWS (USED IN) / FROM FINANCING ACTIVITIES | |||
Principal elements of lease payments | (3,801) | (4,165) | (3,855) |
Proceeds from issue of new shares, gross amount | 1,196,731 | 760,953 | 1,091,326 |
Issue costs paid | (821) | (781) | (528) |
Exchange (losses)/gains from currency conversion on proceeds from issue of new shares | (1,507) | 410 | 966 |
Payment of employee withholding taxes relating to restricted stock unit awards | (12,138) | (5,855) | |
Proceeds from exercise of stock options | 158,263 | 93,195 | 33,433 |
Net cash flows from financing activities | 1,336,727 | 843,757 | 1,121,342 |
Increase/(decrease) in cash and cash equivalents | 1,224,610 | (480,234) | 167,460 |
Cash and cash equivalents at the beginning of the period | 800,740 | 1,334,676 | 1,216,803 |
Exchange gains/(losses) on cash and cash equivalents | 23,494 | (53,702) | (49,587) |
Cash and cash equivalents at the end of the period | $ 2,048,800 | $ 800,740 | $ 1,334,676 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS 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 | Fair value movement on investment in equity instruments designated as at FVTOCI | Total Equity Attributable to Owners of the Parent | Total |
Equity at beginning of period at Dec. 31, 2020 | $ 5,744 | $ 2,339,033 | $ (991,932) | $ 134,732 | $ 186,474 | $ 1,674,051 | $ 1,674,051 | |
Loss for the year | (408,265) | (408,265) | (408,265) | |||||
Other comprehensive income / (loss) | (3,048) | $ (39,290) | (42,338) | (42,338) | ||||
Total comprehensive income / (loss) for the year | (408,265) | (3,048) | (39,290) | (450,603) | (450,603) | |||
Income tax benefit from excess tax deductions related to share-based payments | 7,179 | 7,179 | 7,179 | |||||
Share-based payment | 179,366 | 179,366 | 179,366 | |||||
Issue of share capital | 430 | 1,090,896 | 1,091,326 | 1,091,326 | ||||
Transaction costs for equity issue | (528) | (528) | (528) | |||||
Exercise of stock options | 59 | 33,374 | 33,433 | 33,433 | ||||
Equity at end 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 |
Loss for the year | (709,594) | (709,594) | (709,594) | |||||
Other comprehensive income / (loss) | (2,404) | (18,267) | (20,671) | (20,671) | ||||
Total comprehensive income / (loss) for the year | (709,594) | (2,404) | (18,267) | (730,266) | (730,266) | |||
Income tax benefit from excess tax deductions related to share-based payments | 3,946 | 3,946 | 3,946 | |||||
Share-based payment | 158,282 | 158,282 | 158,282 | |||||
Issue of share capital | 294 | 760,659 | 760,953 | 760,953 | ||||
Transaction costs for equity issue | (781) | (781) | (781) | |||||
Exercise of stock options | 113 | 93,082 | 93,195 | 93,195 | ||||
Ordinary shares withheld for payment of employees' withholding tax liability | (5,855) | (5,855) | (5,855) | |||||
Equity at end 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 |
Loss for the year | (295,053) | (295,053) | (295,053) | |||||
Other comprehensive income / (loss) | 2,263 | (1,915) | 348 | 348 | ||||
Total comprehensive income / (loss) for the year | (295,053) | 2,263 | (1,915) | (294,705) | (294,705) | |||
Income tax benefit from excess tax deductions related to share-based payments | 2,310 | 2,310 | 2,310 | |||||
Share-based payment | 234,168 | 234,168 | 234,168 | |||||
Issue of share capital | 288 | 1,196,444 | 1,196,732 | 1,196,732 | ||||
Transaction costs for equity issue | (821) | (821) | (821) | |||||
Exercise of stock options | 130 | 158,133 | 158,263 | 158,263 | ||||
Ordinary shares withheld for payment of employees' withholding tax liability | (12,139) | (12,139) | (12,139) | |||||
Equity at end of period at Dec. 31, 2023 | $ 7,058 | $ 5,651,497 | $ (2,404,844) | $ 131,543 | $ 771,725 | $ (59,472) | $ 4,097,507 | $ 4,097,507 |
General information about the c
General information about the company | 12 Months Ended |
Dec. 31, 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 Laarderhoogtweg 25, 1101 EB Amsterdam, the Netherlands. An overview of the company and its subsidiaries (the Company) are described in note 31. 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. |
Material accounting policy info
Material accounting policy information | 12 Months Ended |
Dec. 31, 2023 | |
Material accounting policy information | |
Material accounting policy information | 2. Material accounting policy information The Company’s material accounting policies are summarized below. 2.1 Statement of compliance and basis of preparation The consolidated financial statements are prepared in accordance with the International Financial Reporting Standards (IFRS), issued by the International Accounting Standards Board (IASB) and the interpretations issued by the IASB’s International Financial Reporting Interpretation Committee. The consolidated financial statements provide a general overview of the Company’s activities and the results achieved. They present fairly the entity’s financial position, its financial performance and cash flows, on a going concern basis. The material accounting policy information applied in the preparation of the above consolidated financial statements are set out below. All amounts are presented in thousands of dollar, unless otherwise indicated, rounded to the nearest $ ‘000. The consolidated financial statements have been approved for issue by the Company’s Board of Directors (the “Board”) on March 19, 2024. 2.2 Adoption of new and revised standards New standards and interpretations applicable for the annual period beginning on January 1, 2023 ● Amendments to IAS 1 – Presentation of Financial Statements and IFRS Practice Statement 2 – Making Materiality Judgements . The amendments to IAS 1 require companies to disclose their material accounting policy information rather than their significant accounting policies. The amendments to IFRS Practice Statement 2 provide guidance on how to apply the concept of materiality to accounting policy disclosures. As result the Company revised its accounting policy disclosure in the consolidated financial statements and removed accounting policy information that the Company deemed to relate to immaterial transactions or other events or conditions. No other standards and interpretations for the annual period beginning on January 1, 2023 have any material impact on the consolidated financial statements. New standards and interpretations issued, but not yet applicable for the annual period beginning on January 1, 2023 ● Amendments to IAS 12 - issued International Tax Reform—Pillar Two Model Rules. On 23 May 2023, the International Accounting Standards Board (the IASB or Board) issued International Tax Reform – Pillar Two Model Rules – Amendments to IAS 12 which clarified the application of IAS 12 income taxes arising from tax law enacted or substantively enacted to implement the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting Pillar Two model rules. Based on current information, management expects that the Company could become subject to the Pillar Two Directive and implementing domestic laws as early as 2025. Thus, there is no impact for argenx in 2023. The company is currently in the process of determining the impact, if any, for 2025. Based on the preliminary analysis, we do not expect the Pillar Two Rules to have a material impact on our effective tax rate. It is unclear if the Pillar Two model rules create additional temporary differences, whether to remeasure deferred taxes for the Pillar Two model rules, and which tax rate to use to measure deferred taxes. In response to this unclarity, the amendments mentioned above introduced a mandatory temporary exception to the requirements of IAS 12 under which a company does not recognise or disclose information about deferred tax assets and liabilities related to the Pillar Two model rules. We applied the temporary exception in financial year 2023. We have not early adopted any other standard, interpretation, or amendment that has been issued but is not yet effective. Of the standards that are not yet effective, we expect no standard to have a material impact on the financial statements in the period of initial application. 2.3 Basis of consolidation The consolidated financial statements include the financial statements of the Company and entities controlled by the Company (its subsidiaries). Control is achieved when the Company: ● has power over the investee; ● is exposed, or has rights, to variable returns from its involvement with the investee; and ● has the ability to use its power to affect its returns. The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. The results of the subsidiaries are included in the consolidated statements of profit or loss and consolidated statements of other comprehensive income (loss) from the effective date of acquisition up to the date when control ceases to exist. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by other members of the Group. All intercompany transactions and unrealized gains on transactions between group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. 2.4 Foreign currency transactions 2.4.1 Functional and presentation currency Items included in the consolidated financial statements of each of the entities are valued using the currency of their economic environment in which the entity operates. The consolidated financial statements are presented in USD ($), which is the Company’s presentation currency. 2.4.2 Transactions and balances Transactions in foreign currencies are translated at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date. Foreign exchange differences arising on translation are recognized in the consolidated statements of profit or loss and the consolidated statements of other comprehensive income (loss) as “Exchange gains /(losses)”. Non-monetary assets and liabilities denominated in foreign currencies are translated at the foreign exchange rate ruling at the date of the transaction. 2.4.3 Financial statements of foreign entities For foreign entities using a different functional currency than USD: ● assets and liabilities for each balance sheet presented are translated at the closing rate at the date of the balance sheet. ● income and expenses for each statement presenting profit or loss and statements of other comprehensive income (loss) are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rate on the dates of the transactions). ● all resulting exchange differences are recognized in the statements of other comprehensive income (loss). 2.5 Intangible assets 2.5.1 Internally generated intangible assets Expenditure on research activities is recognized as an expense in the period in which it is incurred. Due to uncertainties inherent to the development and registration with the relevant healthcare authorities of its products, the Company estimates that the conditions for capitalization per IAS 38 can not be met before the regulatory procedures required by such healthcare authorities have been finalized. Also once regulatory approval has been obtained, an internally generated intangible asset arising from development is capitalized if, and only if, all of the criteria under IAS 38 have been demonstrated. 2.5.2 Acquired In-Process R&D and Acquired R&D available for use Upfront payments and development milestone payments for “Acquired In-Process R&D obtained through in-licensing arrangements are capitalized as intangible assets under “Acquired In-Process R&D” upon meeting the IAS 38 capitalization criteria. These intangibles are considered as intangible assets with definite useful lives and are carried at cost less accumulated impairment losses. “Acquired In-Process R&D” is not amortized, but is evaluated for potential impairment on an annual basis or when facts and circumstances warrant. Any impairment charge is recorded in the consolidated statements of profit or loss and the consolidated statements of other comprehensive income (loss) under “Research and development expense”. Once an asset included in “Acquired In-Process R&D” has received marketing approval from a regulatory authority, it is recorded under “Acquired R&D available for Regulatory milestone payments and sales-based milestone payments for R&D obtained through in-licensing arrangements acquired are capitalized intangible assets under “Acquired R&D available for use” upon meeting the IAS 38 capitalization criteria. All intangibles classified under “Acquired R&D available for use” are considered as intangible assets with finite useful lives and are carried at cost less accumulated amortization and accumulated impairment losses. “Acquired R&D available for use” is evaluated for potential impairment when the Company identifies indications based on facts and circumstances of the asset. Any impairment charge is recorded in the consolidated statements of profit or loss and the consolidated statements of other comprehensive income (loss) under "Cost of sales". “Acquired R&D available for use” is amortized under “Cost of sales” on a straight-line basis over the estimated useful life, being the longer of the current patent protection life of the acquired R&D and patent protection life of the combined product. 2.5.3. Other intangible assets Other intangible assets could include the Priority Review Voucher (“PRV”) which the Company can use to obtain the priority review by the FDA for one of its future regulatory submissions or may sell or transfer to a third party. The PRV is initially measured at cost and annually reviewed for impairment when events or circumstances indicate that the carrying value may not be recoverable. Any impairment charge is recorded in the consolidated statements of profit or loss and the consolidated statements of other comprehensive income (loss) under “Research and development expenses.” Using the PRV results in amortization recorded in the consolidated statements of profit or loss and the consolidated statements of other comprehensive income (loss) under “Research and development expenses” and subsequent derecognition of the intangible asset. 2.6 Research and development incentives receivables The current and non-current research and development incentive receivables relate to refunds resulting from research and development incentives on Research and development expenses in Belgium and are credited to the consolidated statements of profit or loss and the consolidated statements of other comprehensive income (loss) under the line “Other operating income” when the relevant expenditure has been incurred and there is a reasonable assurance that the research and development incentives will be received. 2.7 Inventories Inventories are carried at cost or net realisable value, whichever is lowest. Cost comprises of costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. If the expected sales price less completion costs to execute sales (net realizable value) is lower than the carrying amount, a write-down is recognized for the amount by which the carrying amount exceeds its net realisable value Included in inventory are products which could, besides commercial activities, be used in preclinical and clinical programs, and free-of-charge, compassionate use and pre-approval access program. These products are charged to “Research & development expenses” or “Selling, general and administrative expenses”, respectively, when dedicated to this channel. We capitalize inventory costs associated with products prior to the regulatory approval of these products, or for inventory produced in production facilities not yet approved, when it is highly probable that the pre-approval inventories will be saleable. The determination to capitalize is based on the particular facts and circumstances relating to the expected regulatory approval of the product or production facility being considered. The assessment of whether or not the product is considered highly probable to be saleable is made and includes, but is not limited to, how far a particular product or facility has progressed along the approval process, any known safety or efficacy concern and other impediments. Previously capitalized costs related to pre-launch inventories could be required to be written down upon a change in such judgement or due to a denial or delay of approval by regulatory bodies, a delay in commercialization or other potential factors, which will be recorded under “Research and development expenses” in the consolidated statements of profit or loss and the consolidated statements of other comprehensive income (loss). 2.8 Trade and other receivables Trade and other receivables are designated as financial assets measured at amortized cost. They are initially measured either at their invoiced amounts or at transaction price, in the absence of a significant financing component less adjustments for estimated revenue deductions such as rebates, chargebacks and returns. All receivables are subsequently measured at amortized cost, which generally corresponds to nominal value less expected credit loss provision. Loss allowance for expected credit losses are established using a simplified approach of forward-looking expected credit loss model (ECL), which includes possible default events on the trade receivables over the entire holding period of the trade receivable. These provisions represent the difference between the trade receivable’s carrying amount in the consolidated statements of financial position and the estimated collectible amount. Charges for loss allowance for expected credit losses are recorded under “Selling, general and administrative expenses” in the consolidated statements of profit or loss and consolidated statements of other comprehensive income (loss). 2.9 Current financial assets Current financial assets measured at amortized costs comprise of term accounts that have an initial maturity equal or less than 12 months, but exceeding 3 months. Current financial assets measured at fair value through profit or loss comprise of money market funds. Interests on Current financial assets is reported under Cash Flow from investment activities under “Interest received”. 2.10 Cash and cash equivalents Cash are financial assets measured at amortized cost and comprise of cash at bank. Cash equivalents measured at amortized cost comprise of term accounts that have an initial maturity of less than 3 months that are subject to an insignificant risk of changes in values. Those are used by the Company in the management of short-term commitments. Cash and cash equivalents exclude restricted cash, which is presented in the consolidated statements of financial position under the line “Other non-current assets”. Cash equivalents measured at fair value through profit or loss comprise of money market funds that are readily convertible to cash and are subject to insignificant risk of changes in value. These financial assets are used by the Company in the management of the short-term commitments. Interests on Cash equivalents is reported under Cash Flow from investment activities under “Interest received”. 2.11 Trade and other payables Trade and other payables are comprised of liabilities that are due less than one year from the balance sheet date and are in general not interest bearing and settled on an ongoing basis during the financial year. They also include accrued expense related to the Company’s research and development activities, gross-to-net accruals and short-term employee benefits. Trade and other payables are initially measured at their transaction price, which are subsequent to initial recognition measured at amortized cost. Short-term employee benefits include payables and accruals for salaries and bonuses to be paid to the employees of the Company. They are recognized as expenses for the period in which employees perform the corresponding services. 2.12 Leases The Company assesses whether a contract is or contains a lease, at inception of the contract. The Company recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Company recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the lessee uses its incremental borrowing rate. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The lease liability is presented as a separate line in the consolidated statements of financial position. The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day, less any lease incentives received and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses. Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Company expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The right-of-use assets are presented in the consolidated statements of financial position under the caption “Property, plant and equipment”. 2.13 Financial instruments Financial instruments are initially recognized either at fair value or at transaction price and subsequently measured at either amortized cost or fair value under IFRS 9 on the basis of both the Company’s model for managing the financial assets and the contractual cash flow characteristics of the financial asset. A financial asset is classified as current when the cash flows expected to flow from the instrument mature within one year. Profit share in AgomAb Therapeutics NV: Shares of Zai Lab: 2.14 Shareholder’s equity An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the Company are recognized at the proceeds received, net of direct issue costs. The Company has never distributed any dividends to its shareholders. As of December 31, 2023, no profits were available for distribution. As of January 1, 2021, the Company changed its functional and presentation currency from EUR to USD. Differences resulting from the re-presentation have been presented as translation difference, a component within shareholders’ equity. Share capital, share premium, and other reserves are translated at historic rates prevailing at the date of transaction. 2.15 Share-based payments Equity-settled share-based payments to employees and others providing similar services are measured at the fair value of the equity instruments at the acceptance date. Equity settled share based payments includes expenses related to stock options and restricted stock units granted by the Company. The fair value determined at the acceptance date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Company’s estimate of equity instruments that will eventually vest, with a corresponding increase in equity. At the end of each reporting period, the Company revises its estimate of the number of equity instruments expected to vest. The impact of the revision of the original estimates, if any, is recognized in the consolidated statements of profit or loss and the consolidated statements of other comprehensive income (loss) such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to the equity-settled share-based payment reserve. The share-based payment expense is recorded under “Research and development expenses” or “Selling, general & administrative expenses” depending on the nature of the services provided by each beneficiary. 2.16 Income taxes Income tax in the consolidated statements of profit or loss and the consolidated statements of other comprehensive income (loss) represents the total of the current tax and deferred tax. The current tax is based on taxable profit for the year. Taxable profit differs from profit as reported in the consolidated statements of profit or loss and consolidated statements of other comprehensive income (loss) as it excludes items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax basis used in the computation of taxable profit. Deferred tax assets are recognized to the extent that it is probable that future taxable profits will be available against which those deductible temporary differences can be utilized. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is not probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realized, based on tax rates (and tax laws) that have been enacted or substantially enacted by the end of the reporting period. The Company records uncertain tax positions in accordance with IAS 12 using the 2 step test whereby (1) the Company determines whether it is probable that the tax positions will be accepted by relevant taxing authorities, and (2) for those tax positions that are not probable that a tax authority will accept in full the position, the Company recognizes uncertain tax positions using either the most likely amount or the expected value, depending on specific facts and circumstances. 2.17 Product net sales Revenue from the sale of goods is recognized at an amount that reflects the consideration that the Company expects to be entitled to receive in exchange for transferring goods to a customer, at the time when the customer obtains control of the goods rendered, this means when the customer has the ability to direct the use of the asset. The consideration that is committed in a contract with a customer can include fixed amounts, variable amounts, or both. The amount of the consideration may vary due to discounts, rebates, returns, chargebacks or other similar items. Contingent consideration is included in the transaction price when it is highly probable that the amount of revenue recognized is not subject to future significant reversals. Product net sales are recognized once we satisfy the performance obligation at a point in time under the revenue recognition criteria in accordance with IFRS 15 Revenue from contracts with customers Revenue arising from the commercial sale of commercial product is presented in the consolidated statements of profit or loss under “Product net sales”. In accordance with IFRS 15 Revenue from contracts with customers , such revenue is recognized when the product is physically transferred, in accordance with the delivery and acceptance terms agreed with the customer. Payment of the transaction price is payable at the point the customer obtains the legal title to the goods. The amount of revenue recognized reflects the various types of price reductions or rights of return offered by the Company to its customers. Such price reductions and rights of return qualify as variable consideration under IFRS 15 Revenue from contracts with customers . Products sold are covered by various Government and State programs (such as Medicare and Medicaid) under which products are sold at a discount. Rebates are granted to healthcare authorities, and under contractual arrangements with certain customers. Some wholesalers are entitled to chargeback incentives based on the selling price to the end customer, under specific contractual arrangements. Rebates, chargebacks and other incentives are recognized in the period in which the underlying sales are recognized as a reduction of product sales. The significant components of variable consideration are as follows: Co-payment assistance: Chargebacks: Rebates: Medicare Part D Coverage Gap: Distributor fees: Value-based arrangements (VBAs The estimated amounts described above are recognized in the consolidated statements of profit or loss and the consolidated statements of other comprehensive income (loss) within “Product net sales” as a reduction of gross sales, and within “Trade and other payables” in the consolidated statements of financial position. They are subject to regular review and adjustment as appropriate based on the most recent data available to management. Each of the above items require significant estimates, judgement and information obtained from external sources. If management’s estimates differ from actual results, we will record adjustments that would affect product sales in the period of adjustment. 2.18 Collaborations and license agreements The Company has currently two active collaboration and license agreements in scope of IFRS 15: Zai Lab For the collaboration agreement with Zai Lab the Company has assessed that there is more than one distinct performance obligation, being the transfer of a license and supply of clinical and commercial product. The Company concluded that these performance obligations are distinct in the context of the contract. Therefore, the Company assesses to allocate the transaction price to all performance obligations identified. The transaction price of these two agreements is composed of (i) a fixed part, that being an upfront payment in the form of newly issued Zai Lab shares, and a guaranteed, non-creditable, non-refundable payment and (ii) a milestone payment for approval of efgartigimod in the U.S. and the consideration received in return for the supply of clinical and commercial product. The fixed part of the transaction price, as well as the milestone for approval of efgartigimod in the U.S. has been allocated to the transfer of a license performance obligation. The Company concluded that the license as of the effective date of the contract, being January 2021, has standalone value. As such, the Company concluded that the promise in granting the license to Zai Lab is to provide a right to use the entity’s intellectual property as it exists at the point in time at which the license is granted and therefore, revenue was recognized at a point in time in January 2021. Under the collaboration agreement, the Company provides clinical and commercial supply to Zai Lab. Company concludes to recognize such sales as revenue given that the Company acts as principal in the transaction as the risk related to inventory is born by the Company until the inventory is transferred to Zai Lab. The revenue related to clinical supply is recorded under line item “Collaboration revenue”. The revenue related to commercial supply is recorded under line item “product net sales” in the Consolidated statements of other comprehensive Income (Loss). The income related to royalties is recorded under line item item “Collaboration revenue”. AbbVie For the collaboration agreement with AbbVie the Company has determined that the transfer of license combined with the performance of research and development activities represent one single performance obligation. The Company concluded that the license is not distinct in the context of the contract. The transaction price is composed of a fixed part, that being an upfront license fee, and a variable part, being milestone payments and cost reimbursements of research and development activities delivered. Milestone payments are only included in the transaction price to the extent it is highly probable that a significant reversal in the amount of cumulative revenue recognition will not occur when the uncertainty associate with the variable consideration is subsequently resolved. Management estimates the amount to be included in the transaction price upon achievement of the milestone event. Sales-based milestones and sales-based royalties are a part of the Company’s arrangements but are not yet included in its revenues. The transaction price has been allocated to the single performance obligation and revenues has been recognized over the estimated service period based on an input model, being the percentage of completion method. The upfront license fee has been fully recognized since 2021 as the performance obligation has been fulfilled at that time. Milestone payments that become highly probable after the performance obligation has been fulfilled are therefore recognized at that point in time. 2.19 Cost of Sales Cost of sales are recognized when the associated revenue from product net sales is recognized. Cost of sales include material, manufacturing costs and other costs attributable to production, including shipping costs, as well as royalties payable on sold products. |
Critical accounting estimates a
Critical accounting estimates and judgments | 12 Months Ended |
Dec. 31, 2023 | |
Critical accounting estimates and judgments | |
Critical accounting estimates and judgments | 3. Critical accounting estimates and judgments In the application of the Company’s accounting policies, which are described above, the Company is required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. Critical estimates in applying accounting policies Gross to net adjustments The product gross sales are subject to various deductions, which are primarily composed of rebates to government agencies, distributors, health insurance companies and managed healthcare organizations. These deductions represent estimates of the related obligations, requiring the use of judgment when estimating the effect of these sales deductions on product gross sales for a reporting period. These adjustments are deducted from product gross sales to arrive at product net sales. The significant components of variable consideration under revenue recognition policy summarizes the nature of these deductions and how the deduction is estimated, see note 2.17. After recording these, product net sales represent the Company’s best estimate of the cash that we expect to ultimately collect. If in future periods the actuals vary from prior period best estimates, this would affect revenue in the period of adjustment. Please refer to note 14 for the movement over the period and the ending balance of the gross-to-net-accruals. |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property, plant and equipment. | |
Property, plant and equipment | 4. Property, plant and equipment IT, office and lab Right-of-use assets Right-of-use assets Leasehold Lease (in thousands of $) equipment Buildings Vehicles improvements equipment Total Cost On January 1, 2021 $ 4,889 11,721 2,273 1,424 346 20,653 Additions 3,163 4,923 802 543 — 9,430 Disposals (217) — — — — (217) Currency translation adjustment 104 (182) — 14 — (64) On December 31, 2021 7,938 16,462 3,075 1,981 346 29,802 Additions 962 3,353 905 — — 5,219 Disposals (105) — — — — (105) Currency translation adjustment (635) — — — — (635) On December 31, 2022 8,160 $ 19,815 $ 3,980 $ 1,981 $ 346 $ 34,282 Additions 937 8,770 2,327 48 — 12,082 Disposals (202) — (757) (54) — (1,013) On December 31, 2023 $ 8,895 $ 28,585 $ 5,550 $ 1,975 $ 346 $ 45,350 Depreciation and impairment On January 1, 2021 $ (3,642) (4,044) (760) (543) (82) (9,071) Depreciation (1,118) (2,714) (651) (539) (34) (5,055) Disposals 158 — — — — 158 Currency translation adjustment 37 (15) — (11) — 10 On December 31, 2021 (4,565) (6,774) (1,411) (1,093) (116) (13,958) Depreciation (1,388) (2,179) (735) (257) (35) (4,593) Disposals 90 — — — — 90 Currency translation adjustment 408 5 1 1 — 414 On December 31, 2022 (5,454) $ (8,948) $ (2,145) $ (1,350) $ (150) $ (18,047) Depreciation (1,539) (2,839) (971) (189) (36) (5,574) Disposals 189 — 757 — — 946 On December 31, 2023 $ (6,804) $ (11,787) $ (2,359) $ (1,539) $ (186) $ (22,675) Carrying Amount On December 31, 2021 $ 3,373 $ 9,688 $ 1,664 $ 888 $ 230 $ 15,844 On December 31, 2022 2,706 10,867 1,835 631 196 16,234 On December 31, 2023 $ 2,091 $ 16,798 $ 3,191 $ 436 $ 160 $ 22,675 Depreciation is recognized as from acquisition date onwards (unless asset is not ready for use) so as to write off the cost or valuation of assets less their residual values over their useful lives, using the straight-line method. Unless revised due to specific changes in the estimated useful life, annual depreciation rates are as follows: ● Office and lab equipment: 3 – 5 years ● IT equipment: 3 years As of December 31, 2023, there are no material commitments to acquire property, plant and equipment. Furthermore, no items of property, plant and equipment are pledged. See note 22 for information for leases where the Company is a lessee. |
Intangible assets
Intangible assets | 12 Months Ended |
Dec. 31, 2023 | |
Intangible assets | |
Intangible assets | 5. Intangible assets (in thousands of $) Acquired R&D available for use Acquired In-Process R&D Software & databases Other Intangibles Total Cost On January 1, 2021 $ — $ 65,180 $ 3,543 $ 99,058 $ 167,781 Additions — 5,000 — — 5,000 Translation differences — — (190) — (190) On December 31, 2021 — 70,180 3,353 99,058 172,591 Additions — — 992 102,000 102,992 Disposals — — (5) — (5) Derecognition — — — (99,058) (99,058) On December 31, 2022 — 70,180 4,340 102,000 176,519 Additions 56,000 — — — 56,000 Derecognition — — — (102,000) (102,000) Reclassification 52,931 (52,931) — — — On December 31, 2023 $ 108,931 $ 17,249 $ 4,340 $ — $ 130,520 Amortization and impairment On January 1, 2021 $ — $ — $ (437) $ — $ (437) Amortization (470) — (470) On December 31, 2021 — — (907) — (907) Amortization — — (711) (99,058) (99,768) Derecognition — — — 99,058 99,058 On December 31, 2022 — — (1,618) — (1,618) Amortization (3,392) — (282) (102,000) (105,674) Derecognition — — — 102,000 102,000 On December 31, 2023 $ (3,392) $ — $ (1,900) $ — $ (5,292) Carrying Amount On December 31, 2021 $ — $ 70,180 $ 2,446 $ 99,058 $ 171,684 On December 31, 2022 — 70,180 2,722 102,000 174,901 On December 31, 2023 $ 105,539 $ 17,249 $ 2,440 $ — $ 125,228 Acquired In-Process R&D is mainly related to the in-licensing of the ENHANZE® drug delivery technology from Halozyme. In line with its accounting policies, the Company has capitalized the upfront payment upon commencement of the in-license agreement in 2019 and the development milestone payments when the respective milestone has been achieved. In June 2023, the Company obtained the FDA approval for VYVGART Hytrulo, which is a subcutaneous product combination of efgartigimod alfa and Halozyme’s ENHANZE® drug delivery technology. Upon this regulatory approval, the $52.9 million Further, the additions to “Acquired R&D available for use” are related to regulatory and sales-based milestones triggered during 2023 related to the in-licensing of the ENHANZE® drug delivery technology from Halozyme. In line with its accounting policies, the Company has capitalized the regulatory and sales-based milestone payments when the respective milestones have been achieved. The “Acquired R&D available for use” are amortized under “Cost of sales” on a straight-line basis over their useful life, being the longer of the patent protection life of the Acquired R&D available for use and patent protection life of the combined product, which is 2036 for VYVGART Hytrulo. The Company performs an annual impairment review on the intangible assets. This review did not result in the recognition of an impairment charge for the years ended December 31, 2023, 2022 and 2021. In the fourth quarter of 2023, the Company utilized the PRV submitted with the sBLA filing for VYVGART Hytrulo for the treatment of CIDP, which resulted in amortization of $102.0 million of intangible asset which is recognized under “Research and development expenses” within the consolidated statements of profit or loss and the consolidated statements of other comprehensive income (loss) and subsequent derecognition of $102.0 million of intangibles included under “other intangibles” on the consolidated statements of financial position As of December 31, 2023, there are no material commitments to acquire intangible assets, except as set forth in note 29. No intangible assets are pledged as security for liabilities nor are there any intangible assets whose title is restricted. |
Other non-current assets
Other non-current assets | 12 Months Ended |
Dec. 31, 2023 | |
Other non-current assets, | |
Other non-current assets | 6. Other non-current assets Other non-current assets consisted of non-current restricted cash and financial assets held at fair value through profit or loss or through OCI. At December 31, (in thousands of $) 2023 2022 2021 Non-current restricted cash $ 2,419 $ 1,736 $ 1,707 Non-current financial assets held at fair value through profit or loss 21,715 21,715 17,459 Non-current financial assets held at fair value through OCI 15,528 17,443 35,710 Total other non-current assets $ 39,662 $ 40,894 $ 54,876 Non-current restricted cash on December 31, 2023 was mainly composed of deposit guarantees paid under the lease agreements for the laboratory and offices of the Company. Non-current financial assets held at fair value through profit or loss is comprised of the profit share in AgomAb Therapeutics NV. 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. 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 resulted in a change in fair value of non-current financial assets of $4.3 million recorded through profit or loss in 2022. In October 2023, AgomAb Therapeutics NV secured $100.0 million as a result of a Series C financing round. The Company’s profit share diluted as the number of shares held by the company stayed stable where the post-money valuation of AgomAb increased, which results in no change in fair value of the non-current asset. Fair value changes on non-current financial assets with fair value through profit or loss are recognized in the consolidated statements of profit or loss and the consolidated statements of other comprehensive income (loss) under “Other operating income”. As part of the license agreement for the development and commercialization for efgartigimod in Greater China, in 2021 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 reporting date is determined by reference to the closing price of such securities at each reporting date (classified as level 1 in the fair value hierarchy). The Company made the irrevocable election to recognize subsequent changes in fair value through OCI under “Fair value gain/(loss) on investments in equity instruments designated as at FVTOCI”. The table below illustrates these non-current financials assets at fair value through profit or loss or OCI as of December 31, 2023, 2022 and 2021. At December 31, (in thousands of $) 2023 2022 2021 Cost at January 1 $ 76,659 $ 76,659 $ 1,659 Additions of the year — — 75,000 Cost at December 31 $ 76,659 $ 76,659 $ 76,659 Fair value adjustments at January 1 $ (37,501) $ (23,490) $ 4,648 Fair value adjustment of the year through profit or loss — 4,256 11,152 Fair value adjustment of the year through OCI (1,915) (18,267) (39,290) Fair value adjustment at December 31 $ (39,416) $ (37,501) $ (23,490) Net book value at December 31 $ 37,243 $ 39,158 $ 53,169 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2023 | |
Inventories | |
Inventories | 7. Inventories At December 31, (in thousands of $) 2023 2022 2021 Raw materials and consumables $ 240,836 $ 126,046 $ 70,134 Inventories in process 47,074 65,016 37,705 Finished goods 22,640 37,291 1,237 Total inventories $ 310,550 $ 228,353 $ 109,076 The cost of inventories, which is recognized under “Cost of sales” in the consolidated statements of profit or loss and the consolidated statements of other comprehensive income (loss), amounted to $101.2 million for the year ended December 31, 2023 (compared to $29.4 million for the year ended December 31, 2022). On December 31, 2023, pre-launch inventory awaiting facility approval amounted to $101.3 million. 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 Company has obtained the commitment from the supplier to replace the drug substance from these batches in the coming years, which is reflected under “non-current prepaid expense” in the consolidated statement of financial position amounting to $47.3 million. |
Prepaid expenses (Current)
Prepaid expenses (Current) | 12 Months Ended |
Dec. 31, 2023 | |
Prepaid expenses (Current) | |
Prepaid expenses (Current) | 8. Prepaid expenses (Current) The current prepaid expenses are composed of prepayments which are details below: At December 31, (in thousands of $) 2023 2022 2021 Prepaid inventory 22,460 11,667 10,786 Prepaid research and development expenses 71,201 44,905 39,684 Prepaid advertising expenses 19,933 13,479 2,006 Prepaid software 6,240 4,309 2,272 Other prepaid expenses 14,238 1,662 4,198 Total prepaid expenses $ 134,072 $ 76,022 $ 58,946 |
Trade and other receivables
Trade and other receivables | 12 Months Ended |
Dec. 31, 2023 | |
Trade and other receivables. | |
Trade and other receivables | 9. Trade and other receivables The trade and other receivables are composed of receivables which are detailed below: At December 31, (in thousands of $) 2023 2022 2021 Trade receivable $ 417,994 $ 241,228 $ 28,058 Interest receivable 13,126 12,918 1,325 Tax receivables 63,605 20,526 7,974 Other receivable 1,962 1,025 864 Total trade and other receivables $ 496,687 $ 275,697 $ 38,221 The carrying amounts of trade and other receivables approximate their respective fair values. On December 31, 2023, 2022 and 2021, we did not have any provision for expected credit losses. Please also refer to Note 26 for more information on the financial risk management. |
Financial assets - current
Financial assets - current | 12 Months Ended |
Dec. 31, 2023 | |
Financial assets - current. | |
Financial assets - current | 10. Financial assets — current 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 that do not qualify as cash equivalents. At December 31, (in thousands of $) 2023 2022 2021 Money market funds $ — $ 46,162 $ 73,052 Term accounts 1,131,000 1,345,646 929,000 Total current financial assets $ 1,131,000 $ 1,391,808 $ 1,002,052 On December 31, 2023, the current financial assets included $221.0 million (€200.0 million) held in EUR, which could generate a foreign currency exchange gain or loss in the financial results in accordance with the fluctuations of the USD/EUR exchange rate as the Company’s functional currency is USD. Please also refer to Note 26 for more information on the financial risk management. |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 31, 2023 | |
Cash and cash equivalents | |
Cash and cash equivalents | 11. Cash and cash equivalents At December 31, (in thousands of $) 2023 2022 2021 Money market funds $ 1,678,100 $ 669,147 $ 997,092 Term accounts 350,000 54,116 95,090 Cash and bank balances 20,744 77,477 242,494 Total cash and cash equivalents $ 2,048,844 $ 800,740 $ 1,334,676 Cash and cash equivalents may comprise of cash and bank balances, saving accounts, term accounts with an original maturity not exceeding 3 months and money market funds that are readily convertible to cash and are subject to an insignificant risk of changes in value. Cash positions are invested with preferred financial partners, which are mostly considered to be high quality financial institutions with sound credit ratings to reduce credit risk. On December 31, 2023, the cash and cash equivalents included $702.8 million (€636.0 million) held in EUR, and $8.2 million (¥1,164.6 million) held in JPY which could generate a foreign currency exchange gain or loss in the financial results in accordance with the fluctuations of the USD/EUR and USD/JPY exchange rates as the Company’s functional currency is USD. Please also refer to Note 26 for more information on the financial risk management. |
Share capital and share premium
Share capital and share premium | 12 Months Ended |
Dec. 31, 2023 | |
Share capital and share premium | |
Share capital and share premium | 12. Share capital and share premium On December 31, 2023, the Company’s share capital was represented by 59,194,488 shares. All shares were issued, fully paid up and of the same class. The table below summarizes the share issuances as a result of offerings, exercise of stock options and the vesting of restricted stock units under the Company’s Employee Stock Option Plan. Roll forward of number of shares outstanding: Number of shares outstanding on January 1, 2021 47,571,283 Exercise of stock options 503,282 Global public offering in Euronext and Nasdaq on February 2, 2021 3,125,000 Over-allotment option exercised by underwriters on February 4, 2021 468,750 Number of shares outstanding on December 31, 2021 51,668,315 Exercise of stock options 1,024,626 Vesting of RSUs 19,581 Global public offering in Euronext and Nasdaq on March 23, 2022 2,333,334 Over-allotment option exercised by underwriters on March 29, 2022 350,000 Number of shares outstanding on December 31, 2022 55,395,856 Exercise of stock options 1,137,439 Vesting of RSUs 79,560 Global public offering in Nasdaq on July 18, 2023 2,244,899 Over-allotment option exercised by underwriters on July 19, 2023 336,734 Number of shares outstanding on December 31, 2023 59,194,488 On May 2, 2023, at the annual general meeting, the shareholders of the Company approved the authorization to the Board to issue up to a maximum of 10% of the then-outstanding share capital, for a period of 18 months. On July 18, 2023, argenx SE 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 overallotment option to purchase 336,734 additional ADSs in full. As a result, argenx SE received $1.26 billion in gross proceeds from this offering, decreased by $65.9 million of underwriter discounts and commissions, and offering expenses, of which $0.8 million has been deducted from equity. The total net cash proceeds from the offering amounted to $1.2 billion. On December 31, 2023, an amount of €202,408.2, represented by 2,024,082 shares, still remained available under the authorization to issue shares as granted to the Board by the shareholders of the Company. |
Share-based payments
Share-based payments | 12 Months Ended |
Dec. 31, 2023 | |
Share-based payments | |
Share-based payments | 13. Share-based payments The Company has an equity incentive plan for the employees, key consultants, board members, senior management and key outside advisors (“key persons”) of the Company and its subsidiaries. In accordance with the terms of the plan, as approved by shareholders, employees may be granted stock options and/or restricted stock units. 13.1 Stock Option 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: ● 1/3rd of the total stock options granted will vest on the first anniversary of the granting of the stock options, and ● 1/36th of the total grant on the first day of each month following the first anniversary of the date of grant of the stock options. Stock options granted to non-executive directors vest on the third anniversary of the date of grant. Upon leave of the key persons 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. In order to prefinance the taxes that are paid upon the grant of stock options, Belgian employees have the ability, in exchange for the taxes due upon the grant of the stock options, to transfer the economic benefits related to part of those stock options to a third party. In the year ending December 31, 2023, the economic benefits of 43,336 stock options, for which accelerated vesting applies, were transferred to a third party. No other conditions are attached to the stock options. The following stock option arrangements were in existence during the current and prior years and which are exercisable at the end of each period presented: Exercise price Outstanding per stock stock options on options December 31, Expiry date (in $) (1) 2023 2022 2021 2022 $ 2.70 — — 125,339 2024 2.70 3,308 19,743 94,088 2024 4.36 532 5,127 6,113 2024 7.92 81,500 214,800 276,500 2025 12.64 1,600 2,000 4,500 2025 10.46 99,326 101,861 105,857 2026 12.57 24,400 30,000 41,000 2026 12.67 97,972 99,772 102,840 2026 15.62 111,811 115,211 117,581 2027 20.34 38,434 42,509 53,143 2027 23.39 225,852 303,867 361,350 2023 89.31 — 12,111 85,080 2028 89.31 13,890 19,490 39,515 2023 95.38 — 124,338 321,473 2028 95.38 225,457 264,392 350,631 2024 125.40 26,171 110,774 111,174 2029 125.40 71,573 110,756 146,765 2024 150.00 104,176 202,852 203,658 2029 150.00 370,566 537,110 611,122 2025 132.08 16,712 16,712 16,712 2030 132.08 50,801 71,486 102,558 2025 216.75 126,331 127,731 129,711 2030 216.75 160,677 223,812 282,475 2025 221.24 31,424 32,100 32,100 2030 221.24 78,534 117,790 136,601 2030 273.60 559,173 620,014 692,214 2025 273.60 202,205 202,475 203,214 2026 259.01 23,491 23,491 24,366 2026 281.89 59,626 60,890 61,505 2026 286.75 45,228 45,862 48,138 2031 259.01 27,201 35,214 42,282 2031 281.89 128,600 167,406 207,464 2031 286.75 62,138 81,311 92,456 2026 341.67 80,425 80,833 82,430 2031 341.67 226,520 286,353 307,158 2027 312.16 13,957 14,976 — 2032 312.16 58,255 79,155 — 2027 395.04 58,091 61,816 — 2032 395.04 192,291 238,532 — 2027 407.19 13,764 13,764 — 2032 407.19 73,288 85,199 — 2032 397.36 347,765 370,354 — 2027 397.36 136,459 137,778 — 2025 341.67 16,000 — — 2028 376.47 15,014 — — 2033 376.47 43,856 — — 2028 392.72 127,490 — — 2033 392.72 495,821 — — 2028 508.96 2,235 — — 2033 508.96 69,704 — — 2028-2032 (2) $ 330.06 79,305 — — 5,118,949 5,511,767 5,619,113 (1) Amounts have been converted to USD at the closing rate as of December 31, 2023. (2) In December 2023, the Company granted stock options for which the Belgian taxed beneficiaries had a 60-day period to choose between a contractual term of five or ten years 2023 2022 2021 Number of Weighted average Number of Weighted average Number of Weighted average stock options exercise price (*) stock options exercise price (*) stock options exercise price (*) Outstanding at January 1 5,511,767 $ 205.02 5,619,113 $ 164.33 5,365,743 $ 142.87 Granted 844,011 395.92 1,021,642 375.58 882,584 314.99 Exercised (1,137,439) 142.31 (1,025,780) 92.62 (503,282) 64.72 Forfeited (99,390) 356.57 (103,208) 273.93 (125,932) 234.98 Outstanding at December 31 5,118,949 255.41 5,511,767 205.02 5,619,113 164.33 Exercisable at December 31 3,030,486 $ 179.22 3,983,960 $ 148.11 3,613,371 $ 106.53 (*) amounts have been converted to USD at the closing rate of the respective period. The weighted average share price at the date of exercise of options exercised during the year ended December 31, 2023 was $456.8, compared to $336.5 during the year ended December 31, 2022 and Weighted average remaining Outstanding on contractual life Exercise price (in $) December 31, 2023 (in years) 2.7 - 7.92 85,340 0.96 10.46 - 12.64 100,926 1.95 12.57 - 15.62 234,183 2.67 20.34 - 23.39 264,286 3.89 89.31 - 95.38 239,347 4.95 125.4 - 150 572,486 4.75 132.08 - 273.6 1,225,857 5.26 259.01 - 341.67 669,229 6.04 312.16 - 407.19 893,870 7.53 330.06 - 508.96 833,425 8.69 The fair market value of the stock options has been determined based on the Black and Scholes model using the following unobservable assumptions: ● The expected volatility, determined on the basis of the implied volatility of the share price over the expected life of the option. ● The expected option life, calculated as the estimated duration until exercise, taking into account the specific features of the plans. Below is an overview of the parameters used in relation to the determination of the fair value of the grants during 2023: Stock options granted in April 2023 July 2023 October 2023 December 2023 (1) Number of options granted 61,056 629,121 74,529 79,305 Average Fair value of options (in $) (*) $ 158.21-196.18 $ 176.44 - 271.59 $ 123.94 - 209.04 $ 161.88 - 165.69 Share price (in $) (*) $ 361.64-401.21 $ 380.81 - 521.19 $ 439.42 - 491.75 $ 371.36 Exercise price (in $) (*) $ 370.34 $ 387.35 $ 485.01 $ 329.26 Expected volatility 41.00 - 42.18 % 36.22 - 43.99 % 35.35 - 36.67 % 36.20 - 36.21 % Average Expected option life (in years) 4 - 6.50 4 - 6.50 4 - 6.50 6.15 - 6.50 Risk‑free interest rate 2.96 - 3.14 % 2.90 - 3.03 % 2.80 - 3.44 % 2.40 % Expected dividends — % — % — % — % (1) In December 2023, the Company granted a total of 79,305 stock options of which 8,459 stock options to Belgian taxed beneficiaries. Belgian taxed beneficiaries can choose between a contractual term of five or ten years . The expected option life ranges between 6.15 and 6.50 years. This estimate will be reassessed once the acceptance period of 60 days has passed and the beneficiaries will have made a choice between a contractual term of five or ten years . The total fair value of the grant to Belgian taxed beneficiaries would range from $ 1.1 million ( 100% of the stock options of Belgian taxed beneficiaries with a contractual term of five years ) to $1.4 million ( 100% of the stock options of Belgian taxed beneficiaries with a contractual term of ten years ). (*) amounts have been converted to USD at the applicable rate prevailing at the grant date. Below is an overview of the parameters used in relation to the determination of the fair value of grants during 2022: Stock options granted in April 2022 July 2022 October 2022 December 2022 (1) Number of options granted 102,081 311,311 100,118 508,132 Average Fair value of options (in $) (*) $ 111.27 - 140.23 $ 153.45 - 190.53 $ 136.66 - 169.96 $ 127.68 - 163.94 Share price (in $) (*) $ 320.84 - 321.06 $ 378.11 - 397.92 $ 352.97 - 376.01 $ 368.69 - 377.61 Exercise price (in $) (*) $ 312.22 $ 372.69 $ 359.80 $ 381.97 Expected volatility 39.18 - 40.87 % 41.30 - 43.10 % 39.64 - 45.97 % 39.74 - 40.26 % Average Expected option life (in years) 4 - 6.50 4 - 6.50 4 - 6.50 4 - 6.50 Risk‑free interest rate 1.05 - 1.62 % 1.77 - 2.28 % 2.57 - 2.80 % 3.09 - 3.29 % Expected dividends — % — % — % — % (*) amounts have been converted to USD at the applicable rate prevailing at the grant date. (1) In December 2022, the Company granted a total of 508,132 stock options. Belgian beneficiaries could choose between a contractual term of five or ten years impacting the parameters used in determination of the fair value of the grant. Once the acceptance period of 60 days has passed in which the beneficiaries made a choice between a contractual term of five or ten years , the parameters and fair value used in the financial year ending December 31, 2022 has been reassessed. Below is an overview of the parameter used in relation to the determination of the fair value of grants during 2021: Stock options granted in April 2021 July 2021 October 2021 December 2021 Number of options granted 67,833 280,339 144,824 389,588 Average Fair value of options (in $) (*) $ 98.96 - 154.88 $ 131.65 - 159.13 $ 101.53 - 131.80 $ 75.03 - 145.34 Share price (in $) (*) $ 248.9 - 283.67 $ 300.78 - 340.95 $ 286.52 - 304.5 $ 277.72 - 351.73 Exercise price (in $) (*) $ 275.33 $ 303.16 $ 301.02 $ 349.92 Expected volatility 54.24 - 60.08 % 45.58 - 47.96 % 46.01 - 48.46 % 43.24 - 43.64 % Average expected option life (in years) 4 - 6.50 4 - 6.50 4 - 6.50 4 - 6.50 Risk‑free interest rate (0.41) - (0.08) % (0.41) - (0.17) % (0.18) - (0.05) % 0.03 - 0.67 % Expected dividends — % — % — % — % (*) amounts have been converted to USD at the closing rate of the respective period. The total share-based payment expense related to stock options recognized in the consolidated statements of profit or loss totaled $164.0 million for the year ended December 31, 2023, compared to $120.2 million for the year ended December 31, 2022 and $171.2 million for the year ended December 31, 2021. 13.2 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 the Company’s common stock on the day prior to the date of issuance. RSUs vest over a period of 4 years with 1/4th The following restricted stock units arrangements were in existence during the current and prior years: 2023 2022 2021 Weighted average Weighted average Weighted average Number of Grant Date Number of Grant Date Number of Grant Date RSUs Fair Value RSUs Fair Value RSUs Fair Value Non-vested units at January 1 385,280 $ 387.20 213,038 $ 314.25 — $ — Granted 192,237 396.22 243,010 375.81 216,522 313.84 Vested (105,678) 352.61 (53,872) — — — Forfeited (29,517) 358.49 (16,896) 307.11 (3,484) 288.92 Non-vested units at December 31 442,322 $ 375.89 385,280 $ 387.20 213,038 $ 314.25 The total share-based payment expense related to RSUs recognized in the consolidated statements of profit or loss totaled $69.0 million for the year ended December 31, 2023 compared to $36.9 million for the year ended December 31, 2022 and $8.1 million for the year ended December 31, 2021. |
Trade and other payables
Trade and other payables | 12 Months Ended |
Dec. 31, 2023 | |
Trade and other payables. | |
Trade and other payables | 14. Trade and other payables At December 31, (in thousands of $) 2023 2022 2021 Trade payables $ 245,557 $ 188,721 $ 208,850 Short‑term employee benefits 95,104 84,337 83,737 Gross-to-net-accruals 55,788 19,478 — Other 17,564 3,142 828 Total trade and other payables $ 414,013 $ 295,679 $ 293,415 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 following table summerizes the movement in the gross-to-net-accruals for the year ended December 31, 2023, 2022: (in thousands of $) Rebates and chargebacks Distribution fees, product returns and other Total Balance at January 1, 2022 $ — $ — $ — Current estimate related to the sales made in the current year 35,426 10,740 46,166 (Credits or payments related to sales made during the year) (20,028) (6,661) (26,689) Balance at December 31, 2022 $ 15,398 $ 4,079 $ 19,478 Current estimate related to the sales made in the current year 123,542 26,427 149,969 Adjustment for prior year sales (4,041) (883) (4,924) (Credits or payments related to sales made during the year) (78,327) (20,722) (99,049) (Credit or payments related to sales made during prior year) (6,910) (2,775) (9,685) Balance at December 31, 2023 $ 49,662 $ 6,126 $ 55,788 |
Product net sales
Product net sales | 12 Months Ended |
Dec. 31, 2023 | |
Product net sales. | |
Product net sales | 15. Product net sales Year Ended December 31, (in thousands of $) 2023 2022 2021 Product gross sales $ 1,342,148 446,923 - Gross to net adjustment (151,365) (46,203) - Product net sales $ 1,190,783 400,720 - For the twelve months ended December 31, 2023, the product net sales was related to sales of VYVGART and VYVGART SC. For the twelve months ended December 31, 2022, the product net sales was related to sales of VYVGART. Refer to note 18 for the breakdown of Product net sales by country of sale. |
Collaboration revenue
Collaboration revenue | 12 Months Ended |
Dec. 31, 2023 | |
Collaboration revenue | |
Collaboration revenue | 16. Collaboration revenue The following table summarizes details of collaboration revenues for the year ended December 31, 2023, 2022 and 2021 by collaboration agreement and by category of revenue: upfront payments, milestone payments, research and development service fees and other revenue. Year Ended December 31, (in thousands of $) 2023 2022 2021 Zai Lab $ — — J&J — — 292,279 AbbVie — — 121 Upfront payments — — 444,303 Zai Lab — — 25,634 J&J — — 22,865 AbbVie 30,000 — 102 Other — 5,365 1,214 Milestone payments 30,000 5,365 49,815 J&J — — 2,028 Other — 424 298 Research and development service fees — 424 2,326 Zai Lab 5,533 4,238 833 Other collaboration revenue 5,533 4,238 833 Total collaboration revenue $ 35,533 $ 10,026 $ 497,277 For the years ended December 31, 2023, 2022 and 2021, the collaboration revenue was generated under the agreements with Zai Lab, J&J and AbbVie, each as described below. Zai Lab On January 6, 2021, argenx and Zai Lab announced the License agreement for the development and commercialization of efgartigimod in Greater China, granting Zai Lab the exclusive rights to develop and commercialize efgartigimod in Greater China. Under the terms of the agreement, the Company received $175.0 million in collaboration payments, comprised of a $75 million upfront payment in the form of 568,182 newly issued Zai Lab shares calculated at a price of $132 per share, $75 million as guaranteed non-creditable, non-refundable payment, received in the first quarter of 2021, and an additional $25 million milestone payment upon regulatory approval of efgartigimod by FDA in the U.S. The Company is also eligible to receive tiered royalties (mid-teen to low twenties on a percentage basis) based on annual net sales of efgartigimod in Greater China. As stated in the accounting policies regarding this collaboration with Zai Lab, the Company concluded there are two performance obligations under IFRS 15, being the transfer of a license and the at arms-length supply of clinical and commercial product. The transaction price of these two agreements was composed of a fixed part, that being an upfront payment of $75 million in the form of newly issued Zai Lab shares, and a $75 million guaranteed, non-creditable, non-refundable payment and $25 million milestone for approval of efgartigimod in the U.S. and the consideration received in return for the supply of clinical and commercial product. The fixed part of the transaction price, as well as the $25 million milestone for approval of efgartigimod in the U.S. has been allocated to the transfer of a license performance obligation, which has been satisfied as of the effective date of the contract, being January 2021 and therefore the revenue is recognized at that point in time. Under the collaboration agreement, the Company provides clinical supply to Zai Lab. The revenue related to clinical supply is recorded under line item “Other revenues” within the collaboration revenue. The income related to royalties is recorded as “Other revenues” under “collaboration revenue”. During the year ending December 31, 2023 the first revenue related to commercial supply and related royalties are recognized. Please refer to Note 2 for the material accounting policies on the remainder elements of the agreement. AbbVie In April 2016, the Company entered into a collaboration agreement with AbbVie to develop and commercialize ARGX-115 (ABBV-151). The Company granted AbbVie an exclusive option, for a specified period following completion of IND enabling studies, to obtain a worldwide, exclusive license to the ARGX-115 (ABBV-151) program to develop and commercialize products. In October 2023, the Company achieved the second development milestone upon initiation of a non-pivotal Clinical Trial, triggering a $30.0 million payment. Subject to the continuing progress of ARGX-115 (ABBV-151) by AbbVie, the Company is eligible to receive future development, regulatory and commercial milestone payments in aggregate amounts of up to $50 million, $190 million and $325 million, respectively, as well as tiered royalties on sales at percentages ranging from the mid-single digits to the lower teens, subject to customary reductions. J&J Innovative Medicines On June 4, 2021, the Company received a termination notification from Cilag GmbH International, an affiliate of J&J Innovative Medicines (J&J), which results in the termination of the Collaboration Agreement to jointly develop and commercialize cusatuzumab. Following the termination, the Company concluded that it has substantially satisfied the performance obligation, and as a consequence, recorded $315.1 million for the 12 months ending December 31, 2021. |
Other operating income
Other operating income | 12 Months Ended |
Dec. 31, 2023 | |
Other operating income | |
Other operating income | 17. Other operating income Year Ended December 31, (in thousands of $) 2023 2022 2021 Grants $ 2,538 $ 2,186 $ 4,398 Research and development incentives 27,815 19,502 13,970 Payroll tax rebates 11,925 8,576 12,621 Change in fair value on non-current financial assets — 4,256 11,152 Total other operating income $ 42,278 $ 34,520 $ 42,141 17.1 Research and development incentives The Company has accounted for a tax incentive following a research and development tax incentive scheme in Belgium according to which the incentive will be refunded after a five year period, if not offset against the current tax payable over the period. 17.2 Payroll tax rebates The Company accounted for payroll tax rebates as a reduction in withholding income taxes for its highly qualified personnel employed in its research and development department. |
Segment reporting
Segment reporting | 12 Months Ended |
Dec. 31, 2023 | |
Segment reporting | |
Segment reporting | 18. Segment reporting The Company manages its activities and operates as one business unit which is reflected in its organizational structure and internal reporting. The Company does not distinguish in its internal reporting different segments, neither business nor geographical segments. The chief operating decision-maker is the Board of Directors. Following table summarizes the product net sales by country of sales based on the country of the entity that recognizes product net sales: Year Ended December 31, (in thousands of $) 2023 2022 United States $ 1,046,592 $ 377,659 Japan 56,432 15,764 EMEA 72,852 7,297 China 14,907 — Total product net sales $ 1,190,783 $ 400,720 The Company sells its products through a limited number of distributors and wholesellers. Four U.S. customers represent approximately 86% of the product net sales in U.S. during twelve months ended December 31, 2023 (compared to 91% for the same period in 2022). Collaboration revenue is generated by external customers with their main registered office geographically located as shown in the table below: Year ended December 31, (in thousands of $) 2023 2022 2021 Denmark $ — $ 5,365 $ 1,389 United States 30,000 — 317,396 China 5,533 4,238 178,370 Other — 424 123 Total collaboration revenue $ 35,533 $ 10,026 $ 497,277 The property plant and equipment and intangible assets of the Company are geographically located as shown in the table below: Non-current assets At December 31, (in thousands of $) 2023 2022 2021 Netherlands $ — $ — $ — Belgium 138,252 186,923 182,118 United States 6,219 2,275 3,091 Japan 2,971 1,938 2,319 Germany 461 — — Total $ 147,903 $ 191,136 $ 187,528 Prior year amounts were updated/recast to match current year presentation |
Research and development expens
Research and development expenses | 12 Months Ended |
Dec. 31, 2023 | |
Research and development expenses | |
Research and development expenses | 19. Research and development expenses Year Ended December 31, (in thousands of $) 2023 2022 2021 Personnel expenses $ 226,344 $ 162,010 $ 160,464 External research and development expenses 483,192 366,955 382,902 Materials and consumables 4,057 2,396 2,735 Depreciation and amortization 105,546 102,132 3,742 IT expenses 19,935 12,678 7,798 Other expenses 20,418 17,194 22,879 Total Research and development expenses $ 859,492 $ 663,366 $ 580,520 |
Selling, general and administra
Selling, general and administrative expenses | 12 Months Ended |
Dec. 31, 2023 | |
Selling, general and administrative expenses | |
Selling, general and administrative expenses | 20. Selling, general and administrative expenses Year Ended December 31, (in thousands of $) 2023 2022 2021 Personnel expenses $ 303,033 $ 234,740 $ 164,646 Marketing services 202,146 115,950 59,968 Professional fees 108,820 62,620 42,707 Supervisory board 8,362 6,912 12,958 Depreciation and amortization 2,366 2,211 2,126 IT expenses 20,408 17,431 8,977 Other expenses 66,770 32,268 16,263 Total Selling, general and administrative expenses $ 711,905 $ 472,132 $ 307,644 |
Personnel expenses
Personnel expenses | 12 Months Ended |
Dec. 31, 2023 | |
Personnel expenses | |
Personnel expenses | 21. Personnel expenses The personnel expenses mentioned in notes 19 and 20 above are as follows: Year Ended December 31, (in thousands of $) 2023 2022 2021 Short‑term employee benefits—Salaries $ 266,482 $ 216,847 $ 135,676 Short‑term employee benefits—Social Security 19,231 16,274 12,785 Post‑employment benefits 7,758 5,406 2,864 Termination benefits 1,089 401 818 Share‑based payment 226,830 151,912 167,965 Employer social security contributions stock options 7,987 5,910 5,002 Total personnel expenses $ 529,377 $ 396,750 $ 325,110 The post-employment benefits relate to the pension plans the Company has in place for its employees. The average number of full-time equivalents (FTE) employees by function is presented below: Year Ended December 31, Average Number of FTE 2023 2022 2021 Research and development 607.3 474.8 349.7 Selling, general and administrative 681.2 442.4 264.4 1,288.5 917.2 614.1 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases | |
Leases | 22. Leases The statements of financial position shows the following amounts relating to leases: Year Ended December 31, December 31, December 31, In thousands of $ 2023 2022 2021 Right-of-use assets Buildings $ 16,798 $ 10,867 $ 9,688 Vehicles 3,191 1,835 1,664 Equipment 160 196 230 $ 20,149 $ 12,897 $ 11,583 Lease liabilities Current $ 4,646 $ 3,417 $ 3,509 Non-current 15,354 9,009 7,956 $ 20,000 $ 12,426 $ 11,465 Additions to the right-of-use assets amounted to $11.1 million for the year ended December 31, 2023, compared to $4.2 million and $5.7 million for the years ended December 31, 2022 and 2021 respectively. The table below shows a maturity analysis of the lease liabilities as on December 31, 2023: (in thousands of $) Less than 1 year 1-3 years 3-5 years More than 5 years Total contractual cash flows Carrying amount Lease liabilities $ 4,286 $ 8,136 $ 5,754 $ 1,824 $ 20,000 $ 20,000 The consolidated statements of profit or loss and the consolidated statements of other comprehensive income (loss) shows the following amounts relating to leases: Year Ended December 31, In thousands of $ 2023 2022 2021 Depreciation charges Buildings $ 2,839 $ 2,179 $ 2,714 Vehicles 971 735 651 Equipment 36 35 34 $ 3,846 $ 2,949 $ 3,399 Interest expense (included in finance cost) $ 693 $ 1,343 $ 412 Expense relating to short-term leases 1,517 732 212 Expense relating to leases of low-value assets that are not shown above as short-term leases 40 21 7 The total cash outflow for leases in 2023, 2022 and 2021 was $3.8 million, $4.2 million and $4.5 million respectively. The Company did not enter into any lease agreement with variable lease payments or residual value guarantees. The Company has leases that include extension options. These options provide flexibility in managing the leased assets and align with the Company’s business needs. The Company exercises judgement in deciding whether it is reasonably certain that the extension options will be exercised. |
Financial result and exchange g
Financial result and exchange gains (losses) | 12 Months Ended |
Dec. 31, 2023 | |
Financial result and exchange gains/(losses) | |
Financial result and exchange gains/(losses) | 23. Financial result and exchange gains/(losses) Year Ended December 31, (in thousands of $) 2023 2022 2021 Interest income $ 92,962 $ 24,741 $ 3,489 Net gain on cash equivalents & current financial assets held at fair value through profit or loss and cash equivalents 14,424 2,924 144 Financial income $ 107,386 $ 27,665 $ 3,633 Net loss on cash equivalents & current financial assets held at fair value through profit or loss and cash equivalents $ (2) $ (1,713) $ (3,482) Other financial expense (904) (2,193) (1,096) Financial expense $ (906) $ (3,906) $ (4,578) Realized exchange gains/(losses) $ 29 $ (3,743) $ 15 Unrealized exchange gains/(losses) 14,044 (28,989) (50,068) Exchange gains/(losses) $ 14,073 $ (32,732) $ (50,053) The exchange gains of $14.1 million for the year ended December 31, 2023 were primarily attributable to unrealized exchange rate gains on the cash and cash equivalents and current financial assets position in EUR due to the fluctuation of the EUR/USD exchange rate over the period. |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income taxes | |
Income taxes | 24. Income taxes Income taxes recognized in the income statements can be detailed as follows: Year Ended December 31, (in thousands of $) 2023 2022 2021 Current year $ (9,592) $ (27,162) $ (15,224) Income tax prior years (2,080) (12) 398 Current tax (expense) / benefit (11,672) (27,174) (14,826) Originating and reversal of temporary differences 21,115 46,894 6,304 Deferred tax (expense) / benefit 21,115 46,894 6,304 Total tax (expense) / benefit $ 9,443 $ 19,720 $ (8,522) The difference between the provision for income taxes and the amount that would result from applying the Dutch statutory tax rate to income before provision for income taxes is as follows: Year Ended December 31, (in thousands of $) 2023 2022 2021 Loss before taxes $ 304,496 $ 729,314 $ 399,743 Income tax (expense)/benefit calculated at the Dutch statutory federal income tax rates for applicable tax years (1) 78,560 188,163 99,936 Effect of intercompany asset deal / transaction 396 (112,200) — Effect of expenses not deductible in determining taxable results (2,674) (1,570) (4,441) Effect of share based payment expenses that are not deductible in determining taxable results (43,040) (27,043) (29,925) Effect of stock issue expenses that are not taxable in determining taxable results 18,620 11,412 14,119 Effect of concessions 87,123 18,263 13,413 Effect of change of (de)recognition of deferred tax assets on tax losses (2,282) (194) (44,232) Effect of different tax rates in jurisdictions in which the company operates (3,509) (5,566) (2,084) Effect of change of (de)recognition of deferred tax assets (124,457) (51,320) (50,389) Withholding tax paid (68) — (5,076) (Underprovided)/overprovided in prior years (2,080) (12) 398 Other 2,854 (213) (241) Income tax (expense)/benefit recognized in the consolidated statements of profit or loss $ 9,443 $ 19,720 $ (8,522) (1) Applicable tax rates are 25.8% for 2022 and 2023, and 25.0% for 2021 During 2022, argenx Benelux BV transferred certain pipeline activities to argenx BV through a transfer of assets, (hereafter referred to as “asset deal”), for a total amount of $449.0 million. As a result of the asset deal, argenx Benelux BV realised a capital gain on this intellectual property, which results in the rate reconciling item categorized as “effect of intercompany asset deal / transaction”. The available deferred tax assets relates to argenx US Inc., argenx UK Ltd and argenx Japan KK which are profitable due to the global transfer pricing model of argenx, and the deferred tax liabilities are related to argenx BV. The amount of deferred tax assets and liability by type of temporary difference can be detailed as follow: At December 31, 2023 (in thousands of $) Assets Liabilities Net Deferred tax assets / (liabilities) Accruals and allowances $ 13,189 $ — $ 13,189 Income tax benefit from excess tax deductions related to share-based payments 23,310 — 23,310 Profit in inventory 52,026 — 52,026 Other tax carryforwards 6,339 — 6,339 Property, plant and equipment 2,136 (1,550) 586 Non-current fixed assets — (5,155) (5,155) Other 1,760 — 1,760 Netting by taxable entity (1,549) 1,550 1 Net deferred tax assets / (liabilities) $ 97,211 $ (5,155) $ 92,056 At December 31, 2022 (in thousands of $) Assets Liabilities Net Deferred tax assets / (liabilities) Accruals and allowances $ 8,884 $ — $ 8,884 Income tax benefit from excess tax deductions related to share-based payments 26,887 — 26,887 Profit in inventory 29,711 — 29,711 R&D capitalized expense 11,316 — 11,316 Property, plant and equipment 856 (549) 307 Intangible assets — (3,430) (3,430) Non-current fixed assets — (4,975) (4,975) Other 2,117 — 2,117 Netting by taxable entity (549) 549 — Net deferred tax assets / (liabilities) $ 79,222 $ (8,406) $ 70,817 At December 31, 2021 (in thousands of $) Assets Liabilities Net Deferred tax assets / (liabilities) Accruals and allowances $ 2,858 $ — $ 2,858 Income tax benefit from excess tax deductions related to share-based payments 26,026 — 26,026 Profit in inventory 3,305 — 3,305 Property, plant and equipment 532 (740) (208) Intangible assets — (2,714) (2,714) Non-current fixed assets — (3,725) (3,725) Other 210 — 210 Netting by taxable entity (740) 740 — Net deferred tax assets / (liabilities) $ 32,191 $ (6,438) $ 25,753 The change in net deferred taxes recorded in the consolidated statements of financial position can be detailed as follows: (in thousands of $) Deferred tax assets Deferred tax liabilities Balance at January 1, 2023 $ 79,222 $ (8,406) Recognized in profit or loss 17,685 3,430 Recognized in equity 381 — Effects of change in foreign exchange rate (77) (179) Balance at December 31, 2023 $ 97,211 $ (5,155) (in thousands of $) Deferred tax assets Deferred tax liabilities Balance at January 1, 2022 $ 32,191 $ (6,438) Recognized in profit or loss 49,075 (2,180) Recognized in equity (1,960) — Effects of change in foreign exchange rate (84) 212 Balance at December 31, 2022 $ 79,222 $ (8,406) (in thousands of $) Deferred tax assets Deferred tax liabilities Balance at January 1, 2021 $ 15,038 $ (1,487) Recognized in profit or loss 11,385 (5,082) Recognized in equity 5,494 — Effects of change in foreign exchange rate 274 131 Balance at December 31, 2021 $ 32,191 $ (6,438) The unrecognized deferred tax asset on unused tax losses amounts to $196.1 million on December 31, 2023, compared to $189.3 million on December 31, 2022 and $203.8 million on December 31, 2021. The Company has unused tax losses carried forward for an amount of $783.3 million on December 31, 2023, compared to $756.1 million on December 31, 2022, and $789.6 million on December 31, 2021. All available tax losses carried forward are in Belgium ($750.1 million on December 31, 2023 versus $720.7 million on December 31, 2022 and $764.7 million on December 31, 2021) and the Netherlands ($33.2, million on December 31, 2023 versus $35.4 million on December 31, 2022 and $24.9 million on December 31, 2021), and do not have an expiration date based upon the applicable enacted tax legislation. As a company active in research and development in Belgium, we expect to benefit from the innovation income deduction, or IID, in Belgium. The innovation income deduction regime allows net profits attributable to revenue from among others patented products to be taxed at a lower effective tax rate than other revenues. At the end of 2023, 2022 and 2021, we had $654.9 million, $428.8 million and $213.6 million of cumulative carry-forward IID in Belgium (argenx BV). The unrecognized deferred tax asset on IID amounts to $163.7 million on December 31, 2023, compared to $107.2 million on December 31, 2022, and $53.4 million on December 31, 2021. Also, the unrecognized deferred tax asset on the excess depreciations on R&D costs in Belgium amounts to $278.2 million on December 31, 2023 compared to $204.7 million on December 31, 2022 and $166.3 million on December 31, 2021 (argenx BV). Additionally, argenx BV has unrecognized deferred tax asset amounting to $106.3 million on December 31, 2023 compared to $112.2 million on December 31, 2022 on the future amortizations on IP assets. As of December 31, 2023, the Company had an estimated $127.9 million of undistributed earnings attributable to foreign subsidiaries for which no provision for deferred tax liabilities have been recognized because the Company has control over the timing of the reversal of the temporary differences and there are no plans of distributions in the foreseeable future. |
Loss per share
Loss per share | 12 Months Ended |
Dec. 31, 2023 | |
Loss per share | |
Loss per share | 25. Loss per share Year Ended December 31, (in thousands of $) 2023 2022 2021 Loss for the year $ (295,053) $ (709,594) $ (408,265) Weighted average number of shares outstanding 57,169,253 54,381,371 51,075,827 Basic and diluted (loss) per share (in $) $ (5.16) $ (13.05) $ (7.99) Earnings/losses per ordinary share are calculated by dividing the loss for the period by the weighted average number of ordinary shares during the year. As the Company reported a net loss in 2023, 2022 and 2021, stock options and RSUs have an anti-dilutive effect rather than a dilutive effect. As such, there is no difference between basic and diluted loss per ordinary share. |
Financial risk management
Financial risk management | 12 Months Ended |
Dec. 31, 2023 | |
Financial risk management | |
Financial risk management | 26. Financial risk management The financial risks are managed centrally. The Company coordinates the access to national and international financial markets and considers and manages continuously the financial risks concerning the Company’s activities. These relate to the financial markets risk, credit risk, liquidity risk and currency risk. There are no other important risks, such as interest rate risk on borrowings, as the Company has no financial debt. The Company does not buy or trade financial instruments for speculative purposes. Categories of financial assets and liabilities: Measurement category Carrying amount At December 31, (in thousands of $) 2023 2022 2021 Financial assets — non-current FVTPL $ 21,715 $ 21,715 $ 17,459 Financial assets — non-current FVTOCI 15,528 17,443 35,710 Research and development incentive receivables — non-current Amortised cost 76,706 47,488 32,707 Restricted cash — non-current Amortised cost 2,419 1,736 1,707 Trade and other receivables Amortised cost 496,687 275,697 38,221 Financial assets—current FVTPL — 46,162 73,052 Financial assets—current Amortised cost 1,131,000 1,345,646 929,000 Research and development incentive receivables — current Amortised cost 2,584 1,578 — Cash and bank balances Amortised cost 20,744 77,477 242,494 Cash equivalents FVTPL 1,678,100 669,147 997,092 Cash equivalents Amortised cost 350,000 54,116 95,090 Trade and other payables Amortised cost 414,013 295,679 293,415 The carrying amounts of trade and other payables and trade and other receivables are considered to be the same as their fair values, due to their short-term nature. Financial assets held at fair value through profit or loss or OCI Financial assets held at fair value through profit or loss or OCI consisted of equity instruments of listed and non-listed companies and money market funds. The Company has no restrictions on the sale of these equity instruments and the assets are not pledged under any of its liabilities. These instruments are classified as financial assets held at fair value through profit or loss or OCI which qualify for: ● Level 1 fair value measurement with respect to current financial assets and cash equivalents based upon the closing price (net asset value) of such securities at each reporting date. ● Level 3 fair value measurement with respect to non-current financial assets. The market price of these financial instruments might face fluctuations and might be affected by a variety of factors, such as the global economic situation. Current financial assets and cash equivalents include collective investment funds nominated in € and $ of which the underlying investments include bonds and other international debt securities. Based on the weighted average maturity of the underlying instruments, amongst others, these investments are either classified as current financial assets or cash equivalents. The maximum exposure to credit risk is the carrying amount at reporting date. The Company carried the following assets at fair value on December 31, 2023, 2022 and 2021 respectively: At December 31, 2023 (in thousands of $) Level 1 Level 2 Level 3 Non-current financial assets $ 15,528 $ — $ 21,715 Cash and cash equivalents 1,678,100 — — Assets carried at fair value $ 1,693,628 $ — $ 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 and cash equivalents 669,147 — — Assets carried at fair value $ 732,752 $ — $ 21,715 At December 31, 2021 (in thousands of $) Level 1 Level 2 Level 3 Non-current financial assets $ 35,710 $ — $ 17,459 Current financial assets 73,052 — — Cash and cash equivalents 997,092 — — Assets carried at fair value $ 1,105,854 $ — $ 17,459 During the disclosed calendar year, no transfers occurred between the applicable categories. 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 $74.0 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 non-current financial assets of $11.2 million 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. In October 2023, AgomAb Therapeutics NV secured $100.0 million as a result of a Series C financing round. The Company’s profit share diluted as the number of shares held by the company stayed stable where the post-money valuation of AgomAb increased, which results in unchanged fair value of the non-current asset . Non-current financial assets – Level 1 In January 2021, as part of the license agreement for the development and commercialization for efgartigimod in Greater China (see note 16 for further information), 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. Capital risk The Company manages its capital to ensure that it will be able to continue as a going concern. The capital structure of the Company consists of equity attributed to the holders of equity instruments of the Company, such as capital, reserves and accumulated losses as mentioned in the consolidated statements of changes in equity. The Company makes the necessary adjustments in the light of changes in the economic circumstances, risks associated to the different assets and the projected cash needs of the current and projected research activities. On December 31, 2023, cash and cash equivalents amounted to $2,048.8 million, current financial assets amounted to $1,131.0 million and total capital amounted to $5,658.6 million. The current cash situation and the anticipated cash generation and usage are the most important parameters in assessing the capital structure. The Company’s objective is to maintain the capital structure at a level to be able to finance its activities for at least twelve months. Cash income from existing and new partnerships is taken into account and, if needed and possible, the Company can issue new shares or enter into financing agreements. Credit risk Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Company. The Company has adopted a policy of only dealing with creditworthy counterparties and obtaining sufficient collateral, where appropriate, as a means of mitigating the risk of financial loss from defaults. Concentrations in credit risk are determined based on an analysis of counterparties and their importance on the overall outstanding contractual obligations at year-end. The Company has a limited number of collaboration and license partners and therefore has a significant concentration of credit risk. However, it has policies in place to ensure that credit exposure is kept to a minimum and significant concentrations of credit exposure are only granted for short periods of time to high credit quality collaboration partners. The Company applied the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all receivables. To measure the expected credit losses, receivables have been grouped based on credit risk characteristics and the days past due. The provision for expected credit losses was not significant given that there have been no credit losses over the last three years and the high quality nature of the Company’s customers. Cash and cash equivalents and current financial assets are invested with several highly reputable banks and financial institutions. The Company holds its cash and cash equivalents mainly with different banks which are independently rated with a minimum rating of ‘A-’. The Company also holds cash equivalents in the form of money market funds with a recommended investment horizon of 6 months or shorter but with a low historical volatility. These money market funds are highly liquid investments, can be readily convertible into a known amount of cash. The company has adopted a policy whereby money market funds must have an average rating of “BBB” or higher. Liquidity risk The Company manages liquidity risk by maintaining adequate reserves, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities. The Company’s main sources of cash inflows are obtained through sale of commercial product, capital increases and collaboration agreements. This cash is invested in savings accounts, term accounts and short term investment funds in the form of money market funds. These money market funds represent the majority of the Company’s available sources of liquidity. Since all of these are immediately tradable and convertible in cash they have a no impact on the liquidity risk. Interest rate risk The only variable interest-bearing financial instruments are cash and cash equivalents and current financial assets. Changes in interest rates may cause variations in interest income and expense resulting from short-term interest-bearing assets. Interest rate cuts may have a negative impact on the interest income of the Company. For the year ended December 31, 2023, if applicable interest rates would increase/decrease by 25 basis points, this would have a positive/negative impact of $7.9 million (compared to $6.2 million for the year ended December 31, 2022 and $0.9 million for the year ended December 31, 2021). Foreign exchange risk The Company undertakes transactions denominated in foreign currencies, causing exposures to exchange rate fluctuations. The Company is mainly exposed to the Euro, Japanese yen, British pound and Swiss franc. To limit this risk, the Company attempts to align incoming and outgoing cash flows in currencies other than USD. The net exposure to exchange differences of the monetary assets (being cash, cash equivalents and current financial assets) of the Company at the end of the reporting period are as follows: At December 31, (in thousands of $) 2023 2022 2021 EUR 923,773 613,866 591,887 JPY 8,232 5,613 6,316 GBP 7 59,026 1,237 CHF 193 3,832 727 CAD 266 657 — SEK 1 7 — DKK 9 6 — On December 31, 2023, if the EUR would have strengthened/weakened negative/positive December 31, 2022 December 31, 2021 strengthen/weakened against the USD by impact |
Related party transactions
Related party transactions | 12 Months Ended |
Dec. 31, 2023 | |
Related party transactions | |
Related party transactions | 27. Related party transactions 27.1 Relationship and transactions with joint venture entity In July 2022, the Company entered into a joint venture agreement with the University of Colorado Anschutz Medical Campus and UCHealth and created a separate legal entity, OncoVerity, Inc., which is focused on optimizing and advancing the development of cusatuzumab, a novel anti-CD70 antibody, in AML. The Company contributed $2 million in 2022 and $13 million in 2023. The investment has been accounted under IAS 28 Investment in associates and joint ventures using the equity method of accounting and has been designated as “investment in joint venture” in the consolidated statements of financial position. The share of net loss resulting from investment in joint ventures is presented in consolidated statements of profit or loss and the consolidated statements of other comprehensive income (loss) in line “Loss from investment in joint ventures”. The cash contributions made by the Company to the Joint Venture is reported under Cash flow from investing activities under “Investment in joint venture”. 27.2 Relationship and transactions with subsidiaries See note 31 for an overview of the consolidated companies of the group, which are all wholly-owned subsidiaries of argenx SE. Balances and transactions between the Company and its subsidiaries, which are related parties of the Company, have been eliminated on consolidation and are not disclosed in this note. 27.3 Relationship and transactions with key personnel The Company’s key management personnel consists of the members of the management team and the members of the board of directors. Remuneration of key management personnel On December 31, 2023, the senior management consisted of 8 members: Chief Executive Officer, Chief Operating Officer, Chief Financial Officer, Chief Scientific Officer, General Counsel, Chief Medical Officer, Vice President Corporate Development and Strategy and Global Head of Quality Assurance. They provide their services on a full-time basis. On December 31, 2023, the board of directors consisted of 9 members: Peter Verhaeghe, Don deBethizy, Pamela M. Klein, A.A. Rosenberg, James M. Daly, Camilla Sylvest, Ana Cespedes, Steve Krognes and Tim Van Hauwermeiren. Only the Chief Executive Officer is a member of both the senior management team and the board of directors. The Chief Executive Officer does not receive any remuneration for his board membership, as this is part of his total remuneration package in his capacity as member of the senior management team. The remuneration package of the members of key management personnel comprises: Year Ended December 31, (in thousands of $, except for the number of stock options & RSUs) 2023 2022 2021 Remuneration of key management personnel Short-term benefits for senior management members as a group Gross salary $ 4,161 $ 4,199 $ 3,465 Variable pay 2,816 3,077 2,020 Employer social security 807 1,015 789 Other short term benefits 545 372 274 Termination Benefits — — 382 Post-employment benefits for senior management members as a group 167 104 150 Cost of stock options granted in the year for senior management members as a group 27,983 18,393 15,060 Cost of restricted stock units granted in the year for senior management members as a group 11,694 9,594 8,025 Employer social security cost related to stock options (494) 1,101 4,172 Total benefits for key management personnel 47,679 37,855 34,337 Numbers of stock options granted in the year Senior Management as a group 132,100 117,600 101,446 Numbers of restricted stock units granted in the year Senior Management as a group 30,425 26,500 22,888 Remuneration of non-executive directors Board fees and other short-term benefits for non-executive directors 533 437 435 Cost of stock options granted in the year for non-executive directors 2,280 3,643 3,263 Cost of restricted stock units granted in the year for non-executive directors 1,034 1,850 1,731 Total benefits for non-executive board members $ 3,847 $ 5,929 $ 5,429 Numbers of stock options granted in the year Non-executive directors 12,400 21,600 22,950 Numbers of restricted stock units granted in the year Non-executive directors 2,713 4,800 5,100 Other No loans, quasi-loans or other guarantees were given by the Company or any of its subsidiaries to members of the board of directors or the senior management. We have not entered into transactions with the Company’s key management personnel, other than as described above with respect to remuneration arrangements relating to the exercise of their mandates as members of the senior management and the board of directors. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Contingencies | |
Contingencies | 28. Contingencies The Company is currently not facing any outstanding claims or litigations that may have a significant adverse impact on the Company’s consolidated financial position. |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2023 | |
Commitments | |
Commitments | 29. Commitments At balance sheet date, there were no commitments signed for the acquisition of property, plant and equipment. In February 2019, and as amended in September 2020, the Company entered into a global collaboration and license agreement with Halozyme Therapeutics, Inc. Under the terms of the agreement, the Company will pay up to $124.0 million to achievement of specific regulatory and sales-based milestones related to VYVGART SC. This amount represents the maximum amount that would be paid if all milestones would be achieved but excludes variable royalty payments based on unit sales. Further, the Company will pay $12.5 million per target for future target nominations and potential future payments of up to $160.0 million per selected target subject to achievement of specified development, regulatory and sales-based milestones and up to $40.0 million subject to the achievement of additional, specified sales-based milestones. This amount represents the maximum amount that would be paid if all milestones would be achieved but excludes variable royalty payments based on unit sales. 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 potential future commercialisation. 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, the Company has outstanding commitments for efgartigimod under the commercial supply agreements of $361.8 million. During 2022, Company signed an agreement with Fujifilm, for activities relating to the large-scale manufacturing of efgartigimod drug substance. In the aggregate, the Company has outstanding commitments for efgartigimod under the commercial supply agreement of $13.3 million. As of December 31, 2023, the Company had a line of credit totalling to $7.2 million (€6.5 million) with the banks. |
Audit fees
Audit fees | 12 Months Ended |
Dec. 31, 2023 | |
Audit fees | |
Audit fees | 30. Audit fees The following auditors’ fees were expensed in the consolidated statements of profit or loss and the consolidated statements of other comprehensive income (loss): Year Ended December 31, Fees 2023 2022 2021 in thousands of $ Audit fees (1) $ 1,979 $ 1,394 $ 1,183 Audit-related fees 330 380 267 Tax fees (2) — — 79 Total $ 2,309 $ 1,774 $ 1,529 (1) Auditor services performed by Deloitte Accountants B.V. as the external auditor referred to in Section 1 of the Dutch Accounting Firms Oversight Act (Wta) as well as by the Deloitte network. (2) Tax services performed by the Deloitte network . |
Overview of consolidation scope
Overview of consolidation scope | 12 Months Ended |
Dec. 31, 2023 | |
Overview of consolidation scope | |
Overview of consolidation scope | 31. Overview of consolidation scope The parent company argenx SE is domiciled in the Netherlands. The Company, argenx SE, has two subsidiaries, argenx BV and argenx Benelux BV, based in Belgium. argenx BV has ten subsidiaries. Details of the Company’s consolidated entities at the end of the reporting period are as follows: Name Country Participation argenx SE The Netherlands 100.00 % argenx BV Belgium 100.00 % argenx Benelux BV Belgium 100.00 % argenx US, Inc. USA 100.00 % argenx Switzerland, SA Switzerland 100.00 % argenx Japan KK Japan 100.00 % argenx France SAS France 100.00 % argenx Germany GmbH Germany 100.00 % argenx Canada Inc. Canada 100.00 % argenx UK Ltd. United Kingdom 100.00 % argenx Netherlands Services B.V. The Netherlands 100.00 % argenx Italy S.r.l. Italy 100.00 % argenx Spain S.L. Spain 100.00 % |
Events after the balance sheet
Events after the balance sheet date | 12 Months Ended |
Dec. 31, 2023 | |
Events after the balance sheet date | |
Events after the balance sheet date | 32. Events after the balance sheet date No events have occurred after the balance sheet date that could have a material impact on the consolidated financial statements. |
Material accounting policy in_2
Material accounting policy information (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Material accounting policy information | |
Statement of compliance and basis of preparation | 2.1 Statement of compliance and basis of preparation The consolidated financial statements are prepared in accordance with the International Financial Reporting Standards (IFRS), issued by the International Accounting Standards Board (IASB) and the interpretations issued by the IASB’s International Financial Reporting Interpretation Committee. The consolidated financial statements provide a general overview of the Company’s activities and the results achieved. They present fairly the entity’s financial position, its financial performance and cash flows, on a going concern basis. The material accounting policy information applied in the preparation of the above consolidated financial statements are set out below. All amounts are presented in thousands of dollar, unless otherwise indicated, rounded to the nearest $ ‘000. The consolidated financial statements have been approved for issue by the Company’s Board of Directors (the “Board”) on March 19, 2024. |
Adoption of new and revised standards | 2.2 Adoption of new and revised standards New standards and interpretations applicable for the annual period beginning on January 1, 2023 ● Amendments to IAS 1 – Presentation of Financial Statements and IFRS Practice Statement 2 – Making Materiality Judgements . The amendments to IAS 1 require companies to disclose their material accounting policy information rather than their significant accounting policies. The amendments to IFRS Practice Statement 2 provide guidance on how to apply the concept of materiality to accounting policy disclosures. As result the Company revised its accounting policy disclosure in the consolidated financial statements and removed accounting policy information that the Company deemed to relate to immaterial transactions or other events or conditions. No other standards and interpretations for the annual period beginning on January 1, 2023 have any material impact on the consolidated financial statements. New standards and interpretations issued, but not yet applicable for the annual period beginning on January 1, 2023 ● Amendments to IAS 12 - issued International Tax Reform—Pillar Two Model Rules. On 23 May 2023, the International Accounting Standards Board (the IASB or Board) issued International Tax Reform – Pillar Two Model Rules – Amendments to IAS 12 which clarified the application of IAS 12 income taxes arising from tax law enacted or substantively enacted to implement the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting Pillar Two model rules. Based on current information, management expects that the Company could become subject to the Pillar Two Directive and implementing domestic laws as early as 2025. Thus, there is no impact for argenx in 2023. The company is currently in the process of determining the impact, if any, for 2025. Based on the preliminary analysis, we do not expect the Pillar Two Rules to have a material impact on our effective tax rate. It is unclear if the Pillar Two model rules create additional temporary differences, whether to remeasure deferred taxes for the Pillar Two model rules, and which tax rate to use to measure deferred taxes. In response to this unclarity, the amendments mentioned above introduced a mandatory temporary exception to the requirements of IAS 12 under which a company does not recognise or disclose information about deferred tax assets and liabilities related to the Pillar Two model rules. We applied the temporary exception in financial year 2023. We have not early adopted any other standard, interpretation, or amendment that has been issued but is not yet effective. Of the standards that are not yet effective, we expect no standard to have a material impact on the financial statements in the period of initial application. |
Basis of consolidation | 2.3 Basis of consolidation The consolidated financial statements include the financial statements of the Company and entities controlled by the Company (its subsidiaries). Control is achieved when the Company: ● has power over the investee; ● is exposed, or has rights, to variable returns from its involvement with the investee; and ● has the ability to use its power to affect its returns. The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. The results of the subsidiaries are included in the consolidated statements of profit or loss and consolidated statements of other comprehensive income (loss) from the effective date of acquisition up to the date when control ceases to exist. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by other members of the Group. All intercompany transactions and unrealized gains on transactions between group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. |
Foreign currency transactions | 2.4 Foreign currency transactions 2.4.1 Functional and presentation currency Items included in the consolidated financial statements of each of the entities are valued using the currency of their economic environment in which the entity operates. The consolidated financial statements are presented in USD ($), which is the Company’s presentation currency. 2.4.2 Transactions and balances Transactions in foreign currencies are translated at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date. Foreign exchange differences arising on translation are recognized in the consolidated statements of profit or loss and the consolidated statements of other comprehensive income (loss) as “Exchange gains /(losses)”. Non-monetary assets and liabilities denominated in foreign currencies are translated at the foreign exchange rate ruling at the date of the transaction. 2.4.3 Financial statements of foreign entities For foreign entities using a different functional currency than USD: ● assets and liabilities for each balance sheet presented are translated at the closing rate at the date of the balance sheet. ● income and expenses for each statement presenting profit or loss and statements of other comprehensive income (loss) are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rate on the dates of the transactions). ● all resulting exchange differences are recognized in the statements of other comprehensive income (loss). |
Intangible assets | 2.5 Intangible assets 2.5.1 Internally generated intangible assets Expenditure on research activities is recognized as an expense in the period in which it is incurred. Due to uncertainties inherent to the development and registration with the relevant healthcare authorities of its products, the Company estimates that the conditions for capitalization per IAS 38 can not be met before the regulatory procedures required by such healthcare authorities have been finalized. Also once regulatory approval has been obtained, an internally generated intangible asset arising from development is capitalized if, and only if, all of the criteria under IAS 38 have been demonstrated. 2.5.2 Acquired In-Process R&D and Acquired R&D available for use Upfront payments and development milestone payments for “Acquired In-Process R&D obtained through in-licensing arrangements are capitalized as intangible assets under “Acquired In-Process R&D” upon meeting the IAS 38 capitalization criteria. These intangibles are considered as intangible assets with definite useful lives and are carried at cost less accumulated impairment losses. “Acquired In-Process R&D” is not amortized, but is evaluated for potential impairment on an annual basis or when facts and circumstances warrant. Any impairment charge is recorded in the consolidated statements of profit or loss and the consolidated statements of other comprehensive income (loss) under “Research and development expense”. Once an asset included in “Acquired In-Process R&D” has received marketing approval from a regulatory authority, it is recorded under “Acquired R&D available for Regulatory milestone payments and sales-based milestone payments for R&D obtained through in-licensing arrangements acquired are capitalized intangible assets under “Acquired R&D available for use” upon meeting the IAS 38 capitalization criteria. All intangibles classified under “Acquired R&D available for use” are considered as intangible assets with finite useful lives and are carried at cost less accumulated amortization and accumulated impairment losses. “Acquired R&D available for use” is evaluated for potential impairment when the Company identifies indications based on facts and circumstances of the asset. Any impairment charge is recorded in the consolidated statements of profit or loss and the consolidated statements of other comprehensive income (loss) under "Cost of sales". “Acquired R&D available for use” is amortized under “Cost of sales” on a straight-line basis over the estimated useful life, being the longer of the current patent protection life of the acquired R&D and patent protection life of the combined product. 2.5.3. Other intangible assets Other intangible assets could include the Priority Review Voucher (“PRV”) which the Company can use to obtain the priority review by the FDA for one of its future regulatory submissions or may sell or transfer to a third party. The PRV is initially measured at cost and annually reviewed for impairment when events or circumstances indicate that the carrying value may not be recoverable. Any impairment charge is recorded in the consolidated statements of profit or loss and the consolidated statements of other comprehensive income (loss) under “Research and development expenses.” Using the PRV results in amortization recorded in the consolidated statements of profit or loss and the consolidated statements of other comprehensive income (loss) under “Research and development expenses” and subsequent derecognition of the intangible asset. |
Research and development incentives | 2.6 Research and development incentives receivables The current and non-current research and development incentive receivables relate to refunds resulting from research and development incentives on Research and development expenses in Belgium and are credited to the consolidated statements of profit or loss and the consolidated statements of other comprehensive income (loss) under the line “Other operating income” when the relevant expenditure has been incurred and there is a reasonable assurance that the research and development incentives will be received. |
Inventories | 2.7 Inventories Inventories are carried at cost or net realisable value, whichever is lowest. Cost comprises of costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. If the expected sales price less completion costs to execute sales (net realizable value) is lower than the carrying amount, a write-down is recognized for the amount by which the carrying amount exceeds its net realisable value Included in inventory are products which could, besides commercial activities, be used in preclinical and clinical programs, and free-of-charge, compassionate use and pre-approval access program. These products are charged to “Research & development expenses” or “Selling, general and administrative expenses”, respectively, when dedicated to this channel. We capitalize inventory costs associated with products prior to the regulatory approval of these products, or for inventory produced in production facilities not yet approved, when it is highly probable that the pre-approval inventories will be saleable. The determination to capitalize is based on the particular facts and circumstances relating to the expected regulatory approval of the product or production facility being considered. The assessment of whether or not the product is considered highly probable to be saleable is made and includes, but is not limited to, how far a particular product or facility has progressed along the approval process, any known safety or efficacy concern and other impediments. Previously capitalized costs related to pre-launch inventories could be required to be written down upon a change in such judgement or due to a denial or delay of approval by regulatory bodies, a delay in commercialization or other potential factors, which will be recorded under “Research and development expenses” in the consolidated statements of profit or loss and the consolidated statements of other comprehensive income (loss). |
Trade and other receivables | 2.8 Trade and other receivables Trade and other receivables are designated as financial assets measured at amortized cost. They are initially measured either at their invoiced amounts or at transaction price, in the absence of a significant financing component less adjustments for estimated revenue deductions such as rebates, chargebacks and returns. All receivables are subsequently measured at amortized cost, which generally corresponds to nominal value less expected credit loss provision. Loss allowance for expected credit losses are established using a simplified approach of forward-looking expected credit loss model (ECL), which includes possible default events on the trade receivables over the entire holding period of the trade receivable. These provisions represent the difference between the trade receivable’s carrying amount in the consolidated statements of financial position and the estimated collectible amount. Charges for loss allowance for expected credit losses are recorded under “Selling, general and administrative expenses” in the consolidated statements of profit or loss and consolidated statements of other comprehensive income (loss). |
Current financial assets | 2.9 Current financial assets Current financial assets measured at amortized costs comprise of term accounts that have an initial maturity equal or less than 12 months, but exceeding 3 months. Current financial assets measured at fair value through profit or loss comprise of money market funds. Interests on Current financial assets is reported under Cash Flow from investment activities under “Interest received”. |
Cash and cash equivalents | 2.10 Cash and cash equivalents Cash are financial assets measured at amortized cost and comprise of cash at bank. Cash equivalents measured at amortized cost comprise of term accounts that have an initial maturity of less than 3 months that are subject to an insignificant risk of changes in values. Those are used by the Company in the management of short-term commitments. Cash and cash equivalents exclude restricted cash, which is presented in the consolidated statements of financial position under the line “Other non-current assets”. Cash equivalents measured at fair value through profit or loss comprise of money market funds that are readily convertible to cash and are subject to insignificant risk of changes in value. These financial assets are used by the Company in the management of the short-term commitments. Interests on Cash equivalents is reported under Cash Flow from investment activities under “Interest received”. |
Trade and other payables | 2.11 Trade and other payables Trade and other payables are comprised of liabilities that are due less than one year from the balance sheet date and are in general not interest bearing and settled on an ongoing basis during the financial year. They also include accrued expense related to the Company’s research and development activities, gross-to-net accruals and short-term employee benefits. Trade and other payables are initially measured at their transaction price, which are subsequent to initial recognition measured at amortized cost. Short-term employee benefits include payables and accruals for salaries and bonuses to be paid to the employees of the Company. They are recognized as expenses for the period in which employees perform the corresponding services. |
Leases | 2.12 Leases The Company assesses whether a contract is or contains a lease, at inception of the contract. The Company recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Company recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the lessee uses its incremental borrowing rate. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The lease liability is presented as a separate line in the consolidated statements of financial position. The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day, less any lease incentives received and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses. Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Company expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The right-of-use assets are presented in the consolidated statements of financial position under the caption “Property, plant and equipment”. |
Financial instruments | 2.13 Financial instruments Financial instruments are initially recognized either at fair value or at transaction price and subsequently measured at either amortized cost or fair value under IFRS 9 on the basis of both the Company’s model for managing the financial assets and the contractual cash flow characteristics of the financial asset. A financial asset is classified as current when the cash flows expected to flow from the instrument mature within one year. Profit share in AgomAb Therapeutics NV: Shares of Zai Lab: |
Shareholder's equity | 2.14 Shareholder’s equity An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the Company are recognized at the proceeds received, net of direct issue costs. The Company has never distributed any dividends to its shareholders. As of December 31, 2023, no profits were available for distribution. As of January 1, 2021, the Company changed its functional and presentation currency from EUR to USD. Differences resulting from the re-presentation have been presented as translation difference, a component within shareholders’ equity. Share capital, share premium, and other reserves are translated at historic rates prevailing at the date of transaction. |
Share-based payments | 2.15 Share-based payments Equity-settled share-based payments to employees and others providing similar services are measured at the fair value of the equity instruments at the acceptance date. Equity settled share based payments includes expenses related to stock options and restricted stock units granted by the Company. The fair value determined at the acceptance date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Company’s estimate of equity instruments that will eventually vest, with a corresponding increase in equity. At the end of each reporting period, the Company revises its estimate of the number of equity instruments expected to vest. The impact of the revision of the original estimates, if any, is recognized in the consolidated statements of profit or loss and the consolidated statements of other comprehensive income (loss) such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to the equity-settled share-based payment reserve. The share-based payment expense is recorded under “Research and development expenses” or “Selling, general & administrative expenses” depending on the nature of the services provided by each beneficiary. |
Income taxes | 2.16 Income taxes Income tax in the consolidated statements of profit or loss and the consolidated statements of other comprehensive income (loss) represents the total of the current tax and deferred tax. The current tax is based on taxable profit for the year. Taxable profit differs from profit as reported in the consolidated statements of profit or loss and consolidated statements of other comprehensive income (loss) as it excludes items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax basis used in the computation of taxable profit. Deferred tax assets are recognized to the extent that it is probable that future taxable profits will be available against which those deductible temporary differences can be utilized. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is not probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realized, based on tax rates (and tax laws) that have been enacted or substantially enacted by the end of the reporting period. The Company records uncertain tax positions in accordance with IAS 12 using the 2 step test whereby (1) the Company determines whether it is probable that the tax positions will be accepted by relevant taxing authorities, and (2) for those tax positions that are not probable that a tax authority will accept in full the position, the Company recognizes uncertain tax positions using either the most likely amount or the expected value, depending on specific facts and circumstances. |
Product net sales | 2.17 Product net sales Revenue from the sale of goods is recognized at an amount that reflects the consideration that the Company expects to be entitled to receive in exchange for transferring goods to a customer, at the time when the customer obtains control of the goods rendered, this means when the customer has the ability to direct the use of the asset. The consideration that is committed in a contract with a customer can include fixed amounts, variable amounts, or both. The amount of the consideration may vary due to discounts, rebates, returns, chargebacks or other similar items. Contingent consideration is included in the transaction price when it is highly probable that the amount of revenue recognized is not subject to future significant reversals. Product net sales are recognized once we satisfy the performance obligation at a point in time under the revenue recognition criteria in accordance with IFRS 15 Revenue from contracts with customers Revenue arising from the commercial sale of commercial product is presented in the consolidated statements of profit or loss under “Product net sales”. In accordance with IFRS 15 Revenue from contracts with customers , such revenue is recognized when the product is physically transferred, in accordance with the delivery and acceptance terms agreed with the customer. Payment of the transaction price is payable at the point the customer obtains the legal title to the goods. The amount of revenue recognized reflects the various types of price reductions or rights of return offered by the Company to its customers. Such price reductions and rights of return qualify as variable consideration under IFRS 15 Revenue from contracts with customers . Products sold are covered by various Government and State programs (such as Medicare and Medicaid) under which products are sold at a discount. Rebates are granted to healthcare authorities, and under contractual arrangements with certain customers. Some wholesalers are entitled to chargeback incentives based on the selling price to the end customer, under specific contractual arrangements. Rebates, chargebacks and other incentives are recognized in the period in which the underlying sales are recognized as a reduction of product sales. The significant components of variable consideration are as follows: Co-payment assistance: Chargebacks: Rebates: Medicare Part D Coverage Gap: Distributor fees: Value-based arrangements (VBAs The estimated amounts described above are recognized in the consolidated statements of profit or loss and the consolidated statements of other comprehensive income (loss) within “Product net sales” as a reduction of gross sales, and within “Trade and other payables” in the consolidated statements of financial position. They are subject to regular review and adjustment as appropriate based on the most recent data available to management. Each of the above items require significant estimates, judgement and information obtained from external sources. If management’s estimates differ from actual results, we will record adjustments that would affect product sales in the period of adjustment. |
Collaborations and license agreements | 2.18 Collaborations and license agreements The Company has currently two active collaboration and license agreements in scope of IFRS 15: Zai Lab For the collaboration agreement with Zai Lab the Company has assessed that there is more than one distinct performance obligation, being the transfer of a license and supply of clinical and commercial product. The Company concluded that these performance obligations are distinct in the context of the contract. Therefore, the Company assesses to allocate the transaction price to all performance obligations identified. The transaction price of these two agreements is composed of (i) a fixed part, that being an upfront payment in the form of newly issued Zai Lab shares, and a guaranteed, non-creditable, non-refundable payment and (ii) a milestone payment for approval of efgartigimod in the U.S. and the consideration received in return for the supply of clinical and commercial product. The fixed part of the transaction price, as well as the milestone for approval of efgartigimod in the U.S. has been allocated to the transfer of a license performance obligation. The Company concluded that the license as of the effective date of the contract, being January 2021, has standalone value. As such, the Company concluded that the promise in granting the license to Zai Lab is to provide a right to use the entity’s intellectual property as it exists at the point in time at which the license is granted and therefore, revenue was recognized at a point in time in January 2021. Under the collaboration agreement, the Company provides clinical and commercial supply to Zai Lab. Company concludes to recognize such sales as revenue given that the Company acts as principal in the transaction as the risk related to inventory is born by the Company until the inventory is transferred to Zai Lab. The revenue related to clinical supply is recorded under line item “Collaboration revenue”. The revenue related to commercial supply is recorded under line item “product net sales” in the Consolidated statements of other comprehensive Income (Loss). The income related to royalties is recorded under line item item “Collaboration revenue”. AbbVie For the collaboration agreement with AbbVie the Company has determined that the transfer of license combined with the performance of research and development activities represent one single performance obligation. The Company concluded that the license is not distinct in the context of the contract. The transaction price is composed of a fixed part, that being an upfront license fee, and a variable part, being milestone payments and cost reimbursements of research and development activities delivered. Milestone payments are only included in the transaction price to the extent it is highly probable that a significant reversal in the amount of cumulative revenue recognition will not occur when the uncertainty associate with the variable consideration is subsequently resolved. Management estimates the amount to be included in the transaction price upon achievement of the milestone event. Sales-based milestones and sales-based royalties are a part of the Company’s arrangements but are not yet included in its revenues. The transaction price has been allocated to the single performance obligation and revenues has been recognized over the estimated service period based on an input model, being the percentage of completion method. The upfront license fee has been fully recognized since 2021 as the performance obligation has been fulfilled at that time. Milestone payments that become highly probable after the performance obligation has been fulfilled are therefore recognized at that point in time. |
Cost of sales | 2.19 Cost of Sales Cost of sales are recognized when the associated revenue from product net sales is recognized. Cost of sales include material, manufacturing costs and other costs attributable to production, including shipping costs, as well as royalties payable on sold products. |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, plant and equipment. | |
Schedule of property, plant and equipment | IT, office and lab Right-of-use assets Right-of-use assets Leasehold Lease (in thousands of $) equipment Buildings Vehicles improvements equipment Total Cost On January 1, 2021 $ 4,889 11,721 2,273 1,424 346 20,653 Additions 3,163 4,923 802 543 — 9,430 Disposals (217) — — — — (217) Currency translation adjustment 104 (182) — 14 — (64) On December 31, 2021 7,938 16,462 3,075 1,981 346 29,802 Additions 962 3,353 905 — — 5,219 Disposals (105) — — — — (105) Currency translation adjustment (635) — — — — (635) On December 31, 2022 8,160 $ 19,815 $ 3,980 $ 1,981 $ 346 $ 34,282 Additions 937 8,770 2,327 48 — 12,082 Disposals (202) — (757) (54) — (1,013) On December 31, 2023 $ 8,895 $ 28,585 $ 5,550 $ 1,975 $ 346 $ 45,350 Depreciation and impairment On January 1, 2021 $ (3,642) (4,044) (760) (543) (82) (9,071) Depreciation (1,118) (2,714) (651) (539) (34) (5,055) Disposals 158 — — — — 158 Currency translation adjustment 37 (15) — (11) — 10 On December 31, 2021 (4,565) (6,774) (1,411) (1,093) (116) (13,958) Depreciation (1,388) (2,179) (735) (257) (35) (4,593) Disposals 90 — — — — 90 Currency translation adjustment 408 5 1 1 — 414 On December 31, 2022 (5,454) $ (8,948) $ (2,145) $ (1,350) $ (150) $ (18,047) Depreciation (1,539) (2,839) (971) (189) (36) (5,574) Disposals 189 — 757 — — 946 On December 31, 2023 $ (6,804) $ (11,787) $ (2,359) $ (1,539) $ (186) $ (22,675) Carrying Amount On December 31, 2021 $ 3,373 $ 9,688 $ 1,664 $ 888 $ 230 $ 15,844 On December 31, 2022 2,706 10,867 1,835 631 196 16,234 On December 31, 2023 $ 2,091 $ 16,798 $ 3,191 $ 436 $ 160 $ 22,675 |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Intangible assets | |
Schedule of intangible assets | (in thousands of $) Acquired R&D available for use Acquired In-Process R&D Software & databases Other Intangibles Total Cost On January 1, 2021 $ — $ 65,180 $ 3,543 $ 99,058 $ 167,781 Additions — 5,000 — — 5,000 Translation differences — — (190) — (190) On December 31, 2021 — 70,180 3,353 99,058 172,591 Additions — — 992 102,000 102,992 Disposals — — (5) — (5) Derecognition — — — (99,058) (99,058) On December 31, 2022 — 70,180 4,340 102,000 176,519 Additions 56,000 — — — 56,000 Derecognition — — — (102,000) (102,000) Reclassification 52,931 (52,931) — — — On December 31, 2023 $ 108,931 $ 17,249 $ 4,340 $ — $ 130,520 Amortization and impairment On January 1, 2021 $ — $ — $ (437) $ — $ (437) Amortization (470) — (470) On December 31, 2021 — — (907) — (907) Amortization — — (711) (99,058) (99,768) Derecognition — — — 99,058 99,058 On December 31, 2022 — — (1,618) — (1,618) Amortization (3,392) — (282) (102,000) (105,674) Derecognition — — — 102,000 102,000 On December 31, 2023 $ (3,392) $ — $ (1,900) $ — $ (5,292) Carrying Amount On December 31, 2021 $ — $ 70,180 $ 2,446 $ 99,058 $ 171,684 On December 31, 2022 — 70,180 2,722 102,000 174,901 On December 31, 2023 $ 105,539 $ 17,249 $ 2,440 $ — $ 125,228 |
Other non-current assets (Table
Other non-current assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other non-current assets, | |
Schedule of other non-current assets | At December 31, (in thousands of $) 2023 2022 2021 Non-current restricted cash $ 2,419 $ 1,736 $ 1,707 Non-current financial assets held at fair value through profit or loss 21,715 21,715 17,459 Non-current financial assets held at fair value through OCI 15,528 17,443 35,710 Total other non-current assets $ 39,662 $ 40,894 $ 54,876 |
Schedule of non current financial assets at fair value through profit or loss | At December 31, (in thousands of $) 2023 2022 2021 Cost at January 1 $ 76,659 $ 76,659 $ 1,659 Additions of the year — — 75,000 Cost at December 31 $ 76,659 $ 76,659 $ 76,659 Fair value adjustments at January 1 $ (37,501) $ (23,490) $ 4,648 Fair value adjustment of the year through profit or loss — 4,256 11,152 Fair value adjustment of the year through OCI (1,915) (18,267) (39,290) Fair value adjustment at December 31 $ (39,416) $ (37,501) $ (23,490) Net book value at December 31 $ 37,243 $ 39,158 $ 53,169 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Inventories | |
Schedule of inventories | At December 31, (in thousands of $) 2023 2022 2021 Raw materials and consumables $ 240,836 $ 126,046 $ 70,134 Inventories in process 47,074 65,016 37,705 Finished goods 22,640 37,291 1,237 Total inventories $ 310,550 $ 228,353 $ 109,076 |
Prepaid expenses (Current) (Tab
Prepaid expenses (Current) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Prepaid expenses (Current) | |
Schedule of current prepaid expenses | At December 31, (in thousands of $) 2023 2022 2021 Prepaid inventory 22,460 11,667 10,786 Prepaid research and development expenses 71,201 44,905 39,684 Prepaid advertising expenses 19,933 13,479 2,006 Prepaid software 6,240 4,309 2,272 Other prepaid expenses 14,238 1,662 4,198 Total prepaid expenses $ 134,072 $ 76,022 $ 58,946 |
Trade and other receivables (Ta
Trade and other receivables (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Trade and other receivables. | |
Schedule of trade and other receivables | At December 31, (in thousands of $) 2023 2022 2021 Trade receivable $ 417,994 $ 241,228 $ 28,058 Interest receivable 13,126 12,918 1,325 Tax receivables 63,605 20,526 7,974 Other receivable 1,962 1,025 864 Total trade and other receivables $ 496,687 $ 275,697 $ 38,221 |
Financial assets - current (Tab
Financial assets - current (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Financial assets - current. | |
Schedule of current financial assets | At December 31, (in thousands of $) 2023 2022 2021 Money market funds $ — $ 46,162 $ 73,052 Term accounts 1,131,000 1,345,646 929,000 Total current financial assets $ 1,131,000 $ 1,391,808 $ 1,002,052 |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Cash and cash equivalents | |
Schedule of cash and cash equivalents | At December 31, (in thousands of $) 2023 2022 2021 Money market funds $ 1,678,100 $ 669,147 $ 997,092 Term accounts 350,000 54,116 95,090 Cash and bank balances 20,744 77,477 242,494 Total cash and cash equivalents $ 2,048,844 $ 800,740 $ 1,334,676 |
Share capital and share premi_2
Share capital and share premium (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share capital and share premium. | |
Schedule of number of share outstanding | Number of shares outstanding on January 1, 2021 47,571,283 Exercise of stock options 503,282 Global public offering in Euronext and Nasdaq on February 2, 2021 3,125,000 Over-allotment option exercised by underwriters on February 4, 2021 468,750 Number of shares outstanding on December 31, 2021 51,668,315 Exercise of stock options 1,024,626 Vesting of RSUs 19,581 Global public offering in Euronext and Nasdaq on March 23, 2022 2,333,334 Over-allotment option exercised by underwriters on March 29, 2022 350,000 Number of shares outstanding on December 31, 2022 55,395,856 Exercise of stock options 1,137,439 Vesting of RSUs 79,560 Global public offering in Nasdaq on July 18, 2023 2,244,899 Over-allotment option exercised by underwriters on July 19, 2023 336,734 Number of shares outstanding on December 31, 2023 59,194,488 |
Share-based payments (Tables)
Share-based payments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-based payments | |
Schedule of share based payment arrangement | Exercise price Outstanding per stock stock options on options December 31, Expiry date (in $) (1) 2023 2022 2021 2022 $ 2.70 — — 125,339 2024 2.70 3,308 19,743 94,088 2024 4.36 532 5,127 6,113 2024 7.92 81,500 214,800 276,500 2025 12.64 1,600 2,000 4,500 2025 10.46 99,326 101,861 105,857 2026 12.57 24,400 30,000 41,000 2026 12.67 97,972 99,772 102,840 2026 15.62 111,811 115,211 117,581 2027 20.34 38,434 42,509 53,143 2027 23.39 225,852 303,867 361,350 2023 89.31 — 12,111 85,080 2028 89.31 13,890 19,490 39,515 2023 95.38 — 124,338 321,473 2028 95.38 225,457 264,392 350,631 2024 125.40 26,171 110,774 111,174 2029 125.40 71,573 110,756 146,765 2024 150.00 104,176 202,852 203,658 2029 150.00 370,566 537,110 611,122 2025 132.08 16,712 16,712 16,712 2030 132.08 50,801 71,486 102,558 2025 216.75 126,331 127,731 129,711 2030 216.75 160,677 223,812 282,475 2025 221.24 31,424 32,100 32,100 2030 221.24 78,534 117,790 136,601 2030 273.60 559,173 620,014 692,214 2025 273.60 202,205 202,475 203,214 2026 259.01 23,491 23,491 24,366 2026 281.89 59,626 60,890 61,505 2026 286.75 45,228 45,862 48,138 2031 259.01 27,201 35,214 42,282 2031 281.89 128,600 167,406 207,464 2031 286.75 62,138 81,311 92,456 2026 341.67 80,425 80,833 82,430 2031 341.67 226,520 286,353 307,158 2027 312.16 13,957 14,976 — 2032 312.16 58,255 79,155 — 2027 395.04 58,091 61,816 — 2032 395.04 192,291 238,532 — 2027 407.19 13,764 13,764 — 2032 407.19 73,288 85,199 — 2032 397.36 347,765 370,354 — 2027 397.36 136,459 137,778 — 2025 341.67 16,000 — — 2028 376.47 15,014 — — 2033 376.47 43,856 — — 2028 392.72 127,490 — — 2033 392.72 495,821 — — 2028 508.96 2,235 — — 2033 508.96 69,704 — — 2028-2032 (2) $ 330.06 79,305 — — 5,118,949 5,511,767 5,619,113 (1) Amounts have been converted to USD at the closing rate as of December 31, 2023. |
Schedule of number of stock options | 2023 2022 2021 Number of Weighted average Number of Weighted average Number of Weighted average stock options exercise price (*) stock options exercise price (*) stock options exercise price (*) Outstanding at January 1 5,511,767 $ 205.02 5,619,113 $ 164.33 5,365,743 $ 142.87 Granted 844,011 395.92 1,021,642 375.58 882,584 314.99 Exercised (1,137,439) 142.31 (1,025,780) 92.62 (503,282) 64.72 Forfeited (99,390) 356.57 (103,208) 273.93 (125,932) 234.98 Outstanding at December 31 5,118,949 255.41 5,511,767 205.02 5,619,113 164.33 Exercisable at December 31 3,030,486 $ 179.22 3,983,960 $ 148.11 3,613,371 $ 106.53 (*) amounts have been converted to USD at the closing rate of the respective period. |
Schedule of weighted average remaining contractual life for each range of exercise price: | Weighted average remaining Outstanding on contractual life Exercise price (in $) December 31, 2023 (in years) 2.7 - 7.92 85,340 0.96 10.46 - 12.64 100,926 1.95 12.57 - 15.62 234,183 2.67 20.34 - 23.39 264,286 3.89 89.31 - 95.38 239,347 4.95 125.4 - 150 572,486 4.75 132.08 - 273.6 1,225,857 5.26 259.01 - 341.67 669,229 6.04 312.16 - 407.19 893,870 7.53 330.06 - 508.96 833,425 8.69 |
Schedule of parameters used in relation to the new grants | Below is an overview of the parameters used in relation to the determination of the fair value of the grants during 2023: Stock options granted in April 2023 July 2023 October 2023 December 2023 (1) Number of options granted 61,056 629,121 74,529 79,305 Average Fair value of options (in $) (*) $ 158.21-196.18 $ 176.44 - 271.59 $ 123.94 - 209.04 $ 161.88 - 165.69 Share price (in $) (*) $ 361.64-401.21 $ 380.81 - 521.19 $ 439.42 - 491.75 $ 371.36 Exercise price (in $) (*) $ 370.34 $ 387.35 $ 485.01 $ 329.26 Expected volatility 41.00 - 42.18 % 36.22 - 43.99 % 35.35 - 36.67 % 36.20 - 36.21 % Average Expected option life (in years) 4 - 6.50 4 - 6.50 4 - 6.50 6.15 - 6.50 Risk‑free interest rate 2.96 - 3.14 % 2.90 - 3.03 % 2.80 - 3.44 % 2.40 % Expected dividends — % — % — % — % (1) In December 2023, the Company granted a total of 79,305 stock options of which 8,459 stock options to Belgian taxed beneficiaries. Belgian taxed beneficiaries can choose between a contractual term of five or ten years . The expected option life ranges between 6.15 and 6.50 years. This estimate will be reassessed once the acceptance period of 60 days has passed and the beneficiaries will have made a choice between a contractual term of five or ten years . The total fair value of the grant to Belgian taxed beneficiaries would range from $ 1.1 million ( 100% of the stock options of Belgian taxed beneficiaries with a contractual term of five years ) to $1.4 million ( 100% of the stock options of Belgian taxed beneficiaries with a contractual term of ten years ). (*) amounts have been converted to USD at the applicable rate prevailing at the grant date. Below is an overview of the parameters used in relation to the determination of the fair value of grants during 2022: Stock options granted in April 2022 July 2022 October 2022 December 2022 (1) Number of options granted 102,081 311,311 100,118 508,132 Average Fair value of options (in $) (*) $ 111.27 - 140.23 $ 153.45 - 190.53 $ 136.66 - 169.96 $ 127.68 - 163.94 Share price (in $) (*) $ 320.84 - 321.06 $ 378.11 - 397.92 $ 352.97 - 376.01 $ 368.69 - 377.61 Exercise price (in $) (*) $ 312.22 $ 372.69 $ 359.80 $ 381.97 Expected volatility 39.18 - 40.87 % 41.30 - 43.10 % 39.64 - 45.97 % 39.74 - 40.26 % Average Expected option life (in years) 4 - 6.50 4 - 6.50 4 - 6.50 4 - 6.50 Risk‑free interest rate 1.05 - 1.62 % 1.77 - 2.28 % 2.57 - 2.80 % 3.09 - 3.29 % Expected dividends — % — % — % — % (*) amounts have been converted to USD at the applicable rate prevailing at the grant date. (1) In December 2022, the Company granted a total of 508,132 stock options. Belgian beneficiaries could choose between a contractual term of five or ten years impacting the parameters used in determination of the fair value of the grant. Once the acceptance period of 60 days has passed in which the beneficiaries made a choice between a contractual term of five or ten years , the parameters and fair value used in the financial year ending December 31, 2022 has been reassessed. Below is an overview of the parameter used in relation to the determination of the fair value of grants during 2021: Stock options granted in April 2021 July 2021 October 2021 December 2021 Number of options granted 67,833 280,339 144,824 389,588 Average Fair value of options (in $) (*) $ 98.96 - 154.88 $ 131.65 - 159.13 $ 101.53 - 131.80 $ 75.03 - 145.34 Share price (in $) (*) $ 248.9 - 283.67 $ 300.78 - 340.95 $ 286.52 - 304.5 $ 277.72 - 351.73 Exercise price (in $) (*) $ 275.33 $ 303.16 $ 301.02 $ 349.92 Expected volatility 54.24 - 60.08 % 45.58 - 47.96 % 46.01 - 48.46 % 43.24 - 43.64 % Average expected option life (in years) 4 - 6.50 4 - 6.50 4 - 6.50 4 - 6.50 Risk‑free interest rate (0.41) - (0.08) % (0.41) - (0.17) % (0.18) - (0.05) % 0.03 - 0.67 % Expected dividends — % — % — % — % (*) amounts have been converted to USD at the closing rate of the respective period. |
Schedule of restricted stock units | 2023 2022 2021 Weighted average Weighted average Weighted average Number of Grant Date Number of Grant Date Number of Grant Date RSUs Fair Value RSUs Fair Value RSUs Fair Value Non-vested units at January 1 385,280 $ 387.20 213,038 $ 314.25 — $ — Granted 192,237 396.22 243,010 375.81 216,522 313.84 Vested (105,678) 352.61 (53,872) — — — Forfeited (29,517) 358.49 (16,896) 307.11 (3,484) 288.92 Non-vested units at December 31 442,322 $ 375.89 385,280 $ 387.20 213,038 $ 314.25 |
Trade and other payables (Table
Trade and other payables (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Trade and other payables. | |
Schedule of trade and other payables | At December 31, (in thousands of $) 2023 2022 2021 Trade payables $ 245,557 $ 188,721 $ 208,850 Short‑term employee benefits 95,104 84,337 83,737 Gross-to-net-accruals 55,788 19,478 — Other 17,564 3,142 828 Total trade and other payables $ 414,013 $ 295,679 $ 293,415 |
Schedule of movement in gross to net accruals | (in thousands of $) Rebates and chargebacks Distribution fees, product returns and other Total Balance at January 1, 2022 $ — $ — $ — Current estimate related to the sales made in the current year 35,426 10,740 46,166 (Credits or payments related to sales made during the year) (20,028) (6,661) (26,689) Balance at December 31, 2022 $ 15,398 $ 4,079 $ 19,478 Current estimate related to the sales made in the current year 123,542 26,427 149,969 Adjustment for prior year sales (4,041) (883) (4,924) (Credits or payments related to sales made during the year) (78,327) (20,722) (99,049) (Credit or payments related to sales made during prior year) (6,910) (2,775) (9,685) Balance at December 31, 2023 $ 49,662 $ 6,126 $ 55,788 |
Product net sales (Tables)
Product net sales (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Product net sales. | |
Product net sales | Year Ended December 31, (in thousands of $) 2023 2022 2021 Product gross sales $ 1,342,148 446,923 - Gross to net adjustment (151,365) (46,203) - Product net sales $ 1,190,783 400,720 - |
Collaboration revenue (Tables)
Collaboration revenue (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Collaboration revenue | |
Schedule of revenue | Year Ended December 31, (in thousands of $) 2023 2022 2021 Zai Lab $ — — J&J — — 292,279 AbbVie — — 121 Upfront payments — — 444,303 Zai Lab — — 25,634 J&J — — 22,865 AbbVie 30,000 — 102 Other — 5,365 1,214 Milestone payments 30,000 5,365 49,815 J&J — — 2,028 Other — 424 298 Research and development service fees — 424 2,326 Zai Lab 5,533 4,238 833 Other collaboration revenue 5,533 4,238 833 Total collaboration revenue $ 35,533 $ 10,026 $ 497,277 |
Other operating income (Tables)
Other operating income (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other operating income | |
Schedule of other operating income | Year Ended December 31, (in thousands of $) 2023 2022 2021 Grants $ 2,538 $ 2,186 $ 4,398 Research and development incentives 27,815 19,502 13,970 Payroll tax rebates 11,925 8,576 12,621 Change in fair value on non-current financial assets — 4,256 11,152 Total other operating income $ 42,278 $ 34,520 $ 42,141 |
Segment reporting (Tables)
Segment reporting (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment reporting | |
Schedule of product net sales by country of sales | Year Ended December 31, (in thousands of $) 2023 2022 United States $ 1,046,592 $ 377,659 Japan 56,432 15,764 EMEA 72,852 7,297 China 14,907 — Total product net sales $ 1,190,783 $ 400,720 |
Schedule of collaboration revenue generated by external customers | Year ended December 31, (in thousands of $) 2023 2022 2021 Denmark $ — $ 5,365 $ 1,389 United States 30,000 — 317,396 China 5,533 4,238 178,370 Other — 424 123 Total collaboration revenue $ 35,533 $ 10,026 $ 497,277 |
Schedule of external customers geographically location | Non-current assets At December 31, (in thousands of $) 2023 2022 2021 Netherlands $ — $ — $ — Belgium 138,252 186,923 182,118 United States 6,219 2,275 3,091 Japan 2,971 1,938 2,319 Germany 461 — — Total $ 147,903 $ 191,136 $ 187,528 |
Research and development expe_2
Research and development expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Research and development expenses | |
Schedule of research and development expenses | Year Ended December 31, (in thousands of $) 2023 2022 2021 Personnel expenses $ 226,344 $ 162,010 $ 160,464 External research and development expenses 483,192 366,955 382,902 Materials and consumables 4,057 2,396 2,735 Depreciation and amortization 105,546 102,132 3,742 IT expenses 19,935 12,678 7,798 Other expenses 20,418 17,194 22,879 Total Research and development expenses $ 859,492 $ 663,366 $ 580,520 |
Selling, general and administ_2
Selling, general and administrative expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Selling, general and administrative expenses | |
Schedule of selling, general and administrative expenses | Year Ended December 31, (in thousands of $) 2023 2022 2021 Personnel expenses $ 303,033 $ 234,740 $ 164,646 Marketing services 202,146 115,950 59,968 Professional fees 108,820 62,620 42,707 Supervisory board 8,362 6,912 12,958 Depreciation and amortization 2,366 2,211 2,126 IT expenses 20,408 17,431 8,977 Other expenses 66,770 32,268 16,263 Total Selling, general and administrative expenses $ 711,905 $ 472,132 $ 307,644 |
Personnel expenses (Tables)
Personnel expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Personnel expenses | |
Schedule of personnel expenses | Year Ended December 31, (in thousands of $) 2023 2022 2021 Short‑term employee benefits—Salaries $ 266,482 $ 216,847 $ 135,676 Short‑term employee benefits—Social Security 19,231 16,274 12,785 Post‑employment benefits 7,758 5,406 2,864 Termination benefits 1,089 401 818 Share‑based payment 226,830 151,912 167,965 Employer social security contributions stock options 7,987 5,910 5,002 Total personnel expenses $ 529,377 $ 396,750 $ 325,110 |
Schedule of average number of full-time equivalents employees | Year Ended December 31, Average Number of FTE 2023 2022 2021 Research and development 607.3 474.8 349.7 Selling, general and administrative 681.2 442.4 264.4 1,288.5 917.2 614.1 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases | |
Schedule of financial position relating to leases | Year Ended December 31, December 31, December 31, In thousands of $ 2023 2022 2021 Right-of-use assets Buildings $ 16,798 $ 10,867 $ 9,688 Vehicles 3,191 1,835 1,664 Equipment 160 196 230 $ 20,149 $ 12,897 $ 11,583 Lease liabilities Current $ 4,646 $ 3,417 $ 3,509 Non-current 15,354 9,009 7,956 $ 20,000 $ 12,426 $ 11,465 |
Schedule of maturity analysis of the lease liabilities | (in thousands of $) Less than 1 year 1-3 years 3-5 years More than 5 years Total contractual cash flows Carrying amount Lease liabilities $ 4,286 $ 8,136 $ 5,754 $ 1,824 $ 20,000 $ 20,000 |
Schedule of total lease liabilities recognized in our statement of financial position | Year Ended December 31, In thousands of $ 2023 2022 2021 Depreciation charges Buildings $ 2,839 $ 2,179 $ 2,714 Vehicles 971 735 651 Equipment 36 35 34 $ 3,846 $ 2,949 $ 3,399 Interest expense (included in finance cost) $ 693 $ 1,343 $ 412 Expense relating to short-term leases 1,517 732 212 Expense relating to leases of low-value assets that are not shown above as short-term leases 40 21 7 |
Financial result and exchange_2
Financial result and exchange gains(losses) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Financial result and exchange gains/(losses) | |
Schedule of financial result and exchange gains/(losses) | Year Ended December 31, (in thousands of $) 2023 2022 2021 Interest income $ 92,962 $ 24,741 $ 3,489 Net gain on cash equivalents & current financial assets held at fair value through profit or loss and cash equivalents 14,424 2,924 144 Financial income $ 107,386 $ 27,665 $ 3,633 Net loss on cash equivalents & current financial assets held at fair value through profit or loss and cash equivalents $ (2) $ (1,713) $ (3,482) Other financial expense (904) (2,193) (1,096) Financial expense $ (906) $ (3,906) $ (4,578) Realized exchange gains/(losses) $ 29 $ (3,743) $ 15 Unrealized exchange gains/(losses) 14,044 (28,989) (50,068) Exchange gains/(losses) $ 14,073 $ (32,732) $ (50,053) |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income taxes | |
Schedule of income taxes recognized in income | Year Ended December 31, (in thousands of $) 2023 2022 2021 Current year $ (9,592) $ (27,162) $ (15,224) Income tax prior years (2,080) (12) 398 Current tax (expense) / benefit (11,672) (27,174) (14,826) Originating and reversal of temporary differences 21,115 46,894 6,304 Deferred tax (expense) / benefit 21,115 46,894 6,304 Total tax (expense) / benefit $ 9,443 $ 19,720 $ (8,522) |
Schedule of difference between the provision for income taxes and the amount that would result from applying the Dutch statutory tax rate to income before provision for income taxes | Year Ended December 31, (in thousands of $) 2023 2022 2021 Loss before taxes $ 304,496 $ 729,314 $ 399,743 Income tax (expense)/benefit calculated at the Dutch statutory federal income tax rates for applicable tax years (1) 78,560 188,163 99,936 Effect of intercompany asset deal / transaction 396 (112,200) — Effect of expenses not deductible in determining taxable results (2,674) (1,570) (4,441) Effect of share based payment expenses that are not deductible in determining taxable results (43,040) (27,043) (29,925) Effect of stock issue expenses that are not taxable in determining taxable results 18,620 11,412 14,119 Effect of concessions 87,123 18,263 13,413 Effect of change of (de)recognition of deferred tax assets on tax losses (2,282) (194) (44,232) Effect of different tax rates in jurisdictions in which the company operates (3,509) (5,566) (2,084) Effect of change of (de)recognition of deferred tax assets (124,457) (51,320) (50,389) Withholding tax paid (68) — (5,076) (Underprovided)/overprovided in prior years (2,080) (12) 398 Other 2,854 (213) (241) Income tax (expense)/benefit recognized in the consolidated statements of profit or loss $ 9,443 $ 19,720 $ (8,522) (1) Applicable tax rates are 25.8% for 2022 and 2023, and 25.0% for 2021 |
Schedule of deferred tax assets and liability by type of temporary difference | At December 31, 2023 (in thousands of $) Assets Liabilities Net Deferred tax assets / (liabilities) Accruals and allowances $ 13,189 $ — $ 13,189 Income tax benefit from excess tax deductions related to share-based payments 23,310 — 23,310 Profit in inventory 52,026 — 52,026 Other tax carryforwards 6,339 — 6,339 Property, plant and equipment 2,136 (1,550) 586 Non-current fixed assets — (5,155) (5,155) Other 1,760 — 1,760 Netting by taxable entity (1,549) 1,550 1 Net deferred tax assets / (liabilities) $ 97,211 $ (5,155) $ 92,056 At December 31, 2022 (in thousands of $) Assets Liabilities Net Deferred tax assets / (liabilities) Accruals and allowances $ 8,884 $ — $ 8,884 Income tax benefit from excess tax deductions related to share-based payments 26,887 — 26,887 Profit in inventory 29,711 — 29,711 R&D capitalized expense 11,316 — 11,316 Property, plant and equipment 856 (549) 307 Intangible assets — (3,430) (3,430) Non-current fixed assets — (4,975) (4,975) Other 2,117 — 2,117 Netting by taxable entity (549) 549 — Net deferred tax assets / (liabilities) $ 79,222 $ (8,406) $ 70,817 At December 31, 2021 (in thousands of $) Assets Liabilities Net Deferred tax assets / (liabilities) Accruals and allowances $ 2,858 $ — $ 2,858 Income tax benefit from excess tax deductions related to share-based payments 26,026 — 26,026 Profit in inventory 3,305 — 3,305 Property, plant and equipment 532 (740) (208) Intangible assets — (2,714) (2,714) Non-current fixed assets — (3,725) (3,725) Other 210 — 210 Netting by taxable entity (740) 740 — Net deferred tax assets / (liabilities) $ 32,191 $ (6,438) $ 25,753 |
Schedule of change in net deferred taxes | (in thousands of $) Deferred tax assets Deferred tax liabilities Balance at January 1, 2023 $ 79,222 $ (8,406) Recognized in profit or loss 17,685 3,430 Recognized in equity 381 — Effects of change in foreign exchange rate (77) (179) Balance at December 31, 2023 $ 97,211 $ (5,155) (in thousands of $) Deferred tax assets Deferred tax liabilities Balance at January 1, 2022 $ 32,191 $ (6,438) Recognized in profit or loss 49,075 (2,180) Recognized in equity (1,960) — Effects of change in foreign exchange rate (84) 212 Balance at December 31, 2022 $ 79,222 $ (8,406) (in thousands of $) Deferred tax assets Deferred tax liabilities Balance at January 1, 2021 $ 15,038 $ (1,487) Recognized in profit or loss 11,385 (5,082) Recognized in equity 5,494 — Effects of change in foreign exchange rate 274 131 Balance at December 31, 2021 $ 32,191 $ (6,438) |
Loss per share (Tables)
Loss per share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Loss per share | |
Schedule of loss per share | Year Ended December 31, (in thousands of $) 2023 2022 2021 Loss for the year $ (295,053) $ (709,594) $ (408,265) Weighted average number of shares outstanding 57,169,253 54,381,371 51,075,827 Basic and diluted (loss) per share (in $) $ (5.16) $ (13.05) $ (7.99) |
Financial risk management (Tabl
Financial risk management (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Financial risk management | |
Schedule of overview of financial instruments | Measurement category Carrying amount At December 31, (in thousands of $) 2023 2022 2021 Financial assets — non-current FVTPL $ 21,715 $ 21,715 $ 17,459 Financial assets — non-current FVTOCI 15,528 17,443 35,710 Research and development incentive receivables — non-current Amortised cost 76,706 47,488 32,707 Restricted cash — non-current Amortised cost 2,419 1,736 1,707 Trade and other receivables Amortised cost 496,687 275,697 38,221 Financial assets—current FVTPL — 46,162 73,052 Financial assets—current Amortised cost 1,131,000 1,345,646 929,000 Research and development incentive receivables — current Amortised cost 2,584 1,578 — Cash and bank balances Amortised cost 20,744 77,477 242,494 Cash equivalents FVTPL 1,678,100 669,147 997,092 Cash equivalents Amortised cost 350,000 54,116 95,090 Trade and other payables Amortised cost 414,013 295,679 293,415 |
Schedule of assets at fair value | At December 31, 2023 (in thousands of $) Level 1 Level 2 Level 3 Non-current financial assets $ 15,528 $ — $ 21,715 Cash and cash equivalents 1,678,100 — — Assets carried at fair value $ 1,693,628 $ — $ 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 and cash equivalents 669,147 — — Assets carried at fair value $ 732,752 $ — $ 21,715 At December 31, 2021 (in thousands of $) Level 1 Level 2 Level 3 Non-current financial assets $ 35,710 $ — $ 17,459 Current financial assets 73,052 — — Cash and cash equivalents 997,092 — — Assets carried at fair value $ 1,105,854 $ — $ 17,459 |
Schedule of net exposure exchange differences of the monetary assets | At December 31, (in thousands of $) 2023 2022 2021 EUR 923,773 613,866 591,887 JPY 8,232 5,613 6,316 GBP 7 59,026 1,237 CHF 193 3,832 727 CAD 266 657 — SEK 1 7 — DKK 9 6 — |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Related party transactions | |
Schedule of remuneration of key management personnel | Year Ended December 31, (in thousands of $, except for the number of stock options & RSUs) 2023 2022 2021 Remuneration of key management personnel Short-term benefits for senior management members as a group Gross salary $ 4,161 $ 4,199 $ 3,465 Variable pay 2,816 3,077 2,020 Employer social security 807 1,015 789 Other short term benefits 545 372 274 Termination Benefits — — 382 Post-employment benefits for senior management members as a group 167 104 150 Cost of stock options granted in the year for senior management members as a group 27,983 18,393 15,060 Cost of restricted stock units granted in the year for senior management members as a group 11,694 9,594 8,025 Employer social security cost related to stock options (494) 1,101 4,172 Total benefits for key management personnel 47,679 37,855 34,337 Numbers of stock options granted in the year Senior Management as a group 132,100 117,600 101,446 Numbers of restricted stock units granted in the year Senior Management as a group 30,425 26,500 22,888 Remuneration of non-executive directors Board fees and other short-term benefits for non-executive directors 533 437 435 Cost of stock options granted in the year for non-executive directors 2,280 3,643 3,263 Cost of restricted stock units granted in the year for non-executive directors 1,034 1,850 1,731 Total benefits for non-executive board members $ 3,847 $ 5,929 $ 5,429 Numbers of stock options granted in the year Non-executive directors 12,400 21,600 22,950 Numbers of restricted stock units granted in the year Non-executive directors 2,713 4,800 5,100 |
Audit fees (Tables)
Audit fees (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Audit fees | |
Schedule of auditors' fees expensed in the income statement | Year Ended December 31, Fees 2023 2022 2021 in thousands of $ Audit fees (1) $ 1,979 $ 1,394 $ 1,183 Audit-related fees 330 380 267 Tax fees (2) — — 79 Total $ 2,309 $ 1,774 $ 1,529 (1) Auditor services performed by Deloitte Accountants B.V. as the external auditor referred to in Section 1 of the Dutch Accounting Firms Oversight Act (Wta) as well as by the Deloitte network. (2) Tax services performed by the Deloitte network . |
Overview of consolidation sco_2
Overview of consolidation scope (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Overview of consolidation scope | |
Schedule of overview of subsidiaries | Name Country Participation argenx SE The Netherlands 100.00 % argenx BV Belgium 100.00 % argenx Benelux BV Belgium 100.00 % argenx US, Inc. USA 100.00 % argenx Switzerland, SA Switzerland 100.00 % argenx Japan KK Japan 100.00 % argenx France SAS France 100.00 % argenx Germany GmbH Germany 100.00 % argenx Canada Inc. Canada 100.00 % argenx UK Ltd. United Kingdom 100.00 % argenx Netherlands Services B.V. The Netherlands 100.00 % argenx Italy S.r.l. Italy 100.00 % argenx Spain S.L. Spain 100.00 % |
Property, plant and equipment_2
Property, plant and equipment (Details) € in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2023 EUR (€) | |
Property, plant and equipment | ||||
Property, plant and equipment at beginning of period | $ 16,234 | $ 15,844 | ||
Property, plant and equipment at end of period | 22,675 | 16,234 | $ 15,844 | |
Commitments to acquire property, plant and equipment | 0 | € 0 | ||
Assets are pledged as security for liabilities | 0 | |||
IT, office and lab equipment | ||||
Property, plant and equipment | ||||
Property, plant and equipment at beginning of period | 2,706 | 3,373 | ||
Property, plant and equipment at end of period | $ 2,091 | 2,706 | 3,373 | |
IT, office and lab equipment | Minimum | ||||
Property, plant and equipment | ||||
Estimated useful life | 3 years | |||
IT, office and lab equipment | Maximum | ||||
Property, plant and equipment | ||||
Estimated useful life | 5 years | |||
Right-of-use assets Buildings | ||||
Property, plant and equipment | ||||
Property, plant and equipment at beginning of period | $ 10,867 | 9,688 | ||
Property, plant and equipment at end of period | 16,798 | 10,867 | 9,688 | |
Right-of-use assets Vehicles | ||||
Property, plant and equipment | ||||
Property, plant and equipment at beginning of period | 1,835 | 1,664 | ||
Property, plant and equipment at end of period | 3,191 | 1,835 | 1,664 | |
Leasehold improvements | ||||
Property, plant and equipment | ||||
Property, plant and equipment at beginning of period | 631 | 888 | ||
Property, plant and equipment at end of period | 436 | 631 | 888 | |
Lease equipment | ||||
Property, plant and equipment | ||||
Property, plant and equipment at beginning of period | 196 | 230 | ||
Property, plant and equipment at end of period | $ 160 | 196 | 230 | |
IT equipment | ||||
Property, plant and equipment | ||||
Estimated useful life | 3 years | |||
Cost | ||||
Property, plant and equipment | ||||
Property, plant and equipment at beginning of period | $ 34,282 | 29,802 | 20,653 | |
Additions | 12,082 | 5,219 | 9,430 | |
Disposals | (1,013) | (105) | (217) | |
Translation differences | (635) | (64) | ||
Property, plant and equipment at end of period | 45,350 | 34,282 | 29,802 | |
Cost | IT, office and lab equipment | ||||
Property, plant and equipment | ||||
Property, plant and equipment at beginning of period | 8,160 | 7,938 | 4,889 | |
Additions | 937 | 962 | 3,163 | |
Disposals | (202) | (105) | (217) | |
Translation differences | (635) | 104 | ||
Property, plant and equipment at end of period | 8,895 | 8,160 | 7,938 | |
Cost | Right-of-use assets Buildings | ||||
Property, plant and equipment | ||||
Property, plant and equipment at beginning of period | 19,815 | 16,462 | 11,721 | |
Additions | 8,770 | 3,353 | 4,923 | |
Translation differences | (182) | |||
Property, plant and equipment at end of period | 28,585 | 19,815 | 16,462 | |
Cost | Right-of-use assets Vehicles | ||||
Property, plant and equipment | ||||
Property, plant and equipment at beginning of period | 3,980 | 3,075 | 2,273 | |
Additions | 2,327 | 905 | 802 | |
Disposals | (757) | |||
Property, plant and equipment at end of period | 5,550 | 3,980 | 3,075 | |
Cost | Leasehold improvements | ||||
Property, plant and equipment | ||||
Property, plant and equipment at beginning of period | 1,981 | 1,981 | 1,424 | |
Additions | 48 | 543 | ||
Disposals | (54) | |||
Translation differences | 14 | |||
Property, plant and equipment at end of period | 1,975 | 1,981 | 1,981 | |
Cost | Lease equipment | ||||
Property, plant and equipment | ||||
Property, plant and equipment at beginning of period | 346 | 346 | 346 | |
Property, plant and equipment at end of period | 346 | 346 | 346 | |
Amortization, Depreciation and impairment | ||||
Property, plant and equipment | ||||
Property, plant and equipment at beginning of period | (18,047) | (13,958) | (9,071) | |
Depreciation | (5,574) | (4,593) | (5,055) | |
Disposals | 946 | 90 | 158 | |
Translation differences | 414 | 10 | ||
Property, plant and equipment at end of period | (22,675) | (18,047) | (13,958) | |
Amortization, Depreciation and impairment | IT, office and lab equipment | ||||
Property, plant and equipment | ||||
Property, plant and equipment at beginning of period | (5,454) | (4,565) | (3,642) | |
Depreciation | (1,539) | (1,388) | (1,118) | |
Disposals | 189 | 90 | 158 | |
Translation differences | 408 | 37 | ||
Property, plant and equipment at end of period | (6,804) | (5,454) | (4,565) | |
Amortization, Depreciation and impairment | Right-of-use assets Buildings | ||||
Property, plant and equipment | ||||
Property, plant and equipment at beginning of period | (8,948) | (6,774) | (4,044) | |
Depreciation | (2,839) | (2,179) | (2,714) | |
Translation differences | 5 | (15) | ||
Property, plant and equipment at end of period | (11,787) | (8,948) | (6,774) | |
Amortization, Depreciation and impairment | Right-of-use assets Vehicles | ||||
Property, plant and equipment | ||||
Property, plant and equipment at beginning of period | (2,145) | (1,411) | (760) | |
Depreciation | (971) | (735) | (651) | |
Disposals | 757 | |||
Translation differences | 1 | |||
Property, plant and equipment at end of period | (2,359) | (2,145) | (1,411) | |
Amortization, Depreciation and impairment | Leasehold improvements | ||||
Property, plant and equipment | ||||
Property, plant and equipment at beginning of period | (1,350) | (1,093) | (543) | |
Depreciation | (189) | (257) | (539) | |
Translation differences | 1 | (11) | ||
Property, plant and equipment at end of period | (1,539) | (1,350) | (1,093) | |
Amortization, Depreciation and impairment | Lease equipment | ||||
Property, plant and equipment | ||||
Property, plant and equipment at beginning of period | (150) | (116) | (82) | |
Depreciation | (36) | (35) | (34) | |
Property, plant and equipment at end of period | $ (186) | $ (150) | $ (116) |
Intangible assets (Details)
Intangible assets (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Intangible assets | |||||
Intangible assets other than goodwill at beginning of period | $ 174,901 | $ 171,684 | |||
Derecognition | 102,000 | ||||
Intangible assets other than goodwill at end of period | $ 125,228 | 125,228 | 174,901 | $ 171,684 | |
Commitments to acquire additional intangible assets | 0 | 0 | |||
Intangible assets are pledged as security | 0 | 0 | |||
Acquired R&D available for use | |||||
Intangible assets | |||||
Reclassification | $ 52,900 | ||||
Intangible assets other than goodwill at end of period | 105,539 | 105,539 | |||
Acquired In-Process R&D | |||||
Intangible assets | |||||
Intangible assets other than goodwill at beginning of period | 70,180 | 70,180 | |||
Reclassification | $ (52,900) | ||||
Intangible assets other than goodwill at end of period | 17,249 | 17,249 | 70,180 | 70,180 | |
Software & databases | |||||
Intangible assets | |||||
Intangible assets other than goodwill at beginning of period | 2,722 | 2,446 | |||
Intangible assets other than goodwill at end of period | 2,440 | 2,440 | 2,722 | 2,446 | |
Other Intangibles | |||||
Intangible assets | |||||
Intangible assets other than goodwill at beginning of period | 102,000 | 99,058 | |||
Amortization | (102,000) | ||||
Intangible assets other than goodwill at end of period | 102,000 | 99,058 | |||
Cost | |||||
Intangible assets | |||||
Intangible assets other than goodwill at beginning of period | 176,519 | 172,591 | 167,781 | ||
Additions | 56,000 | 102,992 | 5,000 | ||
Translation differences | (190) | ||||
Disposals | (5) | ||||
Derecognition | (102,000) | (99,058) | |||
Intangible assets other than goodwill at end of period | 130,520 | 130,520 | 176,519 | 172,591 | |
Cost | Acquired R&D available for use | |||||
Intangible assets | |||||
Additions | 56,000 | ||||
Reclassification | 52,931 | ||||
Intangible assets other than goodwill at end of period | 108,931 | 108,931 | |||
Cost | Acquired In-Process R&D | |||||
Intangible assets | |||||
Intangible assets other than goodwill at beginning of period | 70,180 | 70,180 | 65,180 | ||
Additions | 5,000 | ||||
Reclassification | (52,931) | ||||
Intangible assets other than goodwill at end of period | 17,249 | 17,249 | 70,180 | 70,180 | |
Cost | Software & databases | |||||
Intangible assets | |||||
Intangible assets other than goodwill at beginning of period | 4,340 | 3,353 | 3,543 | ||
Additions | 992 | ||||
Translation differences | (190) | ||||
Disposals | (5) | ||||
Intangible assets other than goodwill at end of period | 4,340 | 4,340 | 4,340 | 3,353 | |
Cost | Other Intangibles | |||||
Intangible assets | |||||
Intangible assets other than goodwill at beginning of period | 102,000 | 99,058 | 99,058 | ||
Additions | 102,000 | ||||
Derecognition | (102,000) | (99,058) | |||
Intangible assets other than goodwill at end of period | 102,000 | 99,058 | |||
Amortization, Depreciation and impairment | |||||
Intangible assets | |||||
Intangible assets other than goodwill at beginning of period | (1,618) | (907) | (437) | ||
Derecognition | 102,000 | 99,058 | |||
Amortization | (105,674) | (99,768) | (470) | ||
Intangible assets other than goodwill at end of period | (5,292) | (5,292) | (1,618) | (907) | |
Amortization, Depreciation and impairment | Acquired R&D available for use | |||||
Intangible assets | |||||
Amortization | (3,392) | ||||
Intangible assets other than goodwill at end of period | (3,392) | (3,392) | |||
Amortization, Depreciation and impairment | Software & databases | |||||
Intangible assets | |||||
Intangible assets other than goodwill at beginning of period | (1,618) | (907) | (437) | ||
Amortization | (282) | (711) | (470) | ||
Intangible assets other than goodwill at end of period | $ (1,900) | (1,900) | (1,618) | $ (907) | |
Amortization, Depreciation and impairment | Other Intangibles | |||||
Intangible assets | |||||
Derecognition | 102,000 | 99,058 | |||
Amortization | $ (102,000) | $ (99,058) |
Other non-current assets - (Det
Other non-current assets - (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Other non-current assets, | |||
Non-current restricted cash | $ 2,419 | $ 1,736 | $ 1,707 |
Non-current financial assets held at fair value through profit or loss | 21,715 | 21,715 | 17,459 |
Non-current financial assets held at fair value through OCI | 15,528 | 17,443 | 35,710 |
Total other non-current assets | $ 39,662 | $ 40,894 | $ 54,876 |
Other non-current assets - Fair
Other non-current assets - Fair Value (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other non-current assets.. | |||
Cost at beginning | $ 76,659 | $ 76,659 | $ 1,659 |
Additions of the year | 75,000 | ||
Cost at ending | 76,659 | 76,659 | 76,659 |
Fair value adjustments at beginning | (37,501) | (23,490) | 4,648 |
Fair value adjustment of the year through profit or loss | 4,256 | 11,152 | |
Fair value adjustment of the year through OCI | (1,915) | (18,267) | (39,290) |
Fair value adjustments at ending | (39,416) | (37,501) | (23,490) |
Net book value at ending | $ 37,243 | $ 39,158 | $ 53,169 |
Other non-current assets - Lice
Other non-current assets - License agreement (Details) $ / shares in Units, € in Millions, $ in Millions | 1 Months Ended | |||||
Jan. 01, 2021 $ / shares shares | Oct. 31, 2023 USD ($) | Jun. 30, 2022 EUR (€) | Jun. 30, 2022 USD ($) | Mar. 31, 2021 USD ($) shares | Jan. 31, 2021 $ / 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 non-current financial assets | $ 4.3 | $ 11.2 | ||||
AgomAb | Preferred Class C Shares | ||||||
Financial instruments and financial risk management | ||||||
Proceeds from issue of shares | $ 100 | |||||
Zai Lab | ||||||
Financial instruments and financial risk management | ||||||
Number of shares issued | shares | 568,182 | 568,182 | ||||
Share price | $ / shares | $ 132 | $ 132 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Inventories | ||||
Raw materials and consumables | $ 240,836 | $ 126,046 | $ 70,134 | |
Inventories in process | 47,074 | 65,016 | 37,705 | |
Finished goods | 22,640 | 37,291 | 1,237 | |
Total inventories | 310,550 | 228,353 | $ 109,076 | |
Cost of merchandise sold | 101,200 | $ 29,400 | ||
Decreased in inventory | $ 47,300 | |||
Prepaid expenses | 47,327 | |||
Pre-launch inventory awaiting facility approval | ||||
Inventories | ||||
Total inventories | $ 101,300 |
Prepaid expenses (Current) (Det
Prepaid expenses (Current) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Prepaid expenses (Current) | |||
Prepaid inventory | $ 22,460 | $ 11,667 | $ 10,786 |
Prepaid research and development expenses | 71,201 | 44,905 | 39,684 |
Prepaid advertising expenses | 19,933 | 13,479 | 2,006 |
Prepaid software | 6,240 | 4,309 | 2,272 |
Other prepaid expenses | 14,238 | 1,662 | 4,198 |
Total prepaid expenses | $ 134,072 | $ 76,022 | $ 58,946 |
Trade and other receivables (De
Trade and other receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Trade and other receivables. | |||
Trade receivable | $ 417,994 | $ 241,228 | $ 28,058 |
Interest receivable | 13,126 | 12,918 | 1,325 |
Tax receivables | 63,605 | 20,526 | 7,974 |
Other receivable | 1,962 | 1,025 | 864 |
Total trade and other receivables | $ 496,687 | $ 275,697 | $ 38,221 |
Financial assets - current (Det
Financial assets - current (Details) $ in Thousands, € in Millions | 12 Months Ended | |||
Dec. 31, 2023 USD ($) | Dec. 31, 2023 EUR (€) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Total Current Financial Assets | ||||
Financial assets | $ 1,131,000 | € 200 | $ 1,391,808 | $ 1,002,052 |
EUR | ||||
Total Current Financial Assets | ||||
Financial assets | $ 221,000 | |||
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 | 46,162 | 73,052 | ||
Term accounts | ||||
Total Current Financial Assets | ||||
Financial assets | $ 1,131,000 | $ 1,345,646 | $ 929,000 |
Cash and cash equivalents (Deta
Cash and cash equivalents (Details) $ in Thousands, € in Millions, ¥ in Millions | Dec. 31, 2023 USD ($) | Dec. 31, 2023 EUR (€) | Dec. 31, 2023 JPY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) |
Disclosure of financial assets [line items] | ||||||
Money market funds | $ 1,678,100 | $ 669,147 | $ 997,092 | |||
Term accounts | 350,000 | 54,116 | 95,090 | |||
Cash and bank balances | 20,744 | 77,477 | 242,494 | |||
Total cash and cash equivalents | 2,048,800 | € 636 | ¥ 1,164.6 | $ 800,740 | $ 1,334,676 | $ 1,216,803 |
EUR | ||||||
Disclosure of financial assets [line items] | ||||||
Total cash and cash equivalents | 702,800 | |||||
JPY | ||||||
Disclosure of financial assets [line items] | ||||||
Total cash and cash equivalents | $ 8,200 |
Share capital and share premi_3
Share capital and share premium (Details) | 12 Months Ended | ||||||||
Jul. 19, 2023 shares | Jul. 18, 2023 shares | Mar. 29, 2022 shares | Mar. 23, 2022 shares | Feb. 04, 2021 shares | Feb. 02, 2021 shares | Dec. 31, 2023 EquityInstruments shares | Dec. 31, 2022 shares | Dec. 31, 2021 shares | |
Disclosure of classes of share capital [line items] | |||||||||
Number of shares outstanding at beginning of period | 55,395,856 | 51,668,315 | 47,571,283 | ||||||
Exercise of stock options | 1,137,439 | 1,024,626 | 503,282 | ||||||
Vesting of RSUs | 79,560 | 19,581 | |||||||
New shares issued for private placement, initial public offering, public offering and underwriters' over-allotment option | 350,000 | ||||||||
Number of shares outstanding at end of period | 59,194,488 | 55,395,856 | 51,668,315 | ||||||
Global Offering | |||||||||
Disclosure of classes of share capital [line items] | |||||||||
New shares issued for private placement, initial public offering, public offering and underwriters' over-allotment option | 2,244,899 | 3,125,000 | |||||||
Underwriters' Over Allotment Option | |||||||||
Disclosure of classes of share capital [line items] | |||||||||
New shares issued for private placement, initial public offering, public offering and underwriters' over-allotment option | 336,734 | 2,333,334 | 468,750 |
Share capital and share premi_4
Share capital and share premium - Narrative (Details) $ / shares in Units, $ in Millions | 12 Months Ended | ||||||
Jul. 19, 2023 USD ($) shares | Jul. 18, 2023 $ / shares shares | May 02, 2023 | Dec. 31, 2023 EUR (€) shares | Dec. 31, 2022 shares | Dec. 31, 2021 shares | Dec. 31, 2020 shares | |
Disclosure of classes of share capital [line items] | |||||||
Number of shares outstanding | 59,194,488 | 55,395,856 | 51,668,315 | 47,571,283 | |||
Maximum authorized increase of then outstanding share capital (as a percent) | 10% | ||||||
Period of outstanding share capital | 18 months | ||||||
Maximum authorized increase in share capital | € | € 202,408.2 | ||||||
Maximum authorized increase in number of shares | 2,024,082 | ||||||
Global Offering | |||||||
Disclosure of classes of share capital [line items] | |||||||
Number of shares issued | 2,244,899 | ||||||
Global Offering | American Depositary Shares | |||||||
Disclosure of classes of share capital [line items] | |||||||
Number of shares issued | 1,580,981 | ||||||
Share price | $ / shares | $ 490 | ||||||
Global Offering | Ordinary shares | |||||||
Disclosure of classes of share capital [line items] | |||||||
Number of shares issued | 663,918 | ||||||
Share price | $ / shares | $ 436.37 | ||||||
Underwriters' Over Allotment Option | American Depositary Shares | |||||||
Disclosure of classes of share capital [line items] | |||||||
Number of shares issued | 336,734 | ||||||
Gross proceeds from issue of shares | $ | $ 1,260 | ||||||
Payments of stock issuance costs | $ | 65.9 | ||||||
Expenses deducted from equity | $ | 0.8 | ||||||
Net proceeds | $ | $ 1,200 |
Share based payments - Outstand
Share based payments - Outstanding stock options (Details) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2023 EquityInstruments $ / shares | Oct. 31, 2023 EquityInstruments $ / shares | Jul. 31, 2023 EquityInstruments $ / shares | Apr. 30, 2023 EquityInstruments $ / shares | Dec. 31, 2022 EquityInstruments $ / shares | Oct. 31, 2022 EquityInstruments $ / shares | Jul. 31, 2022 EquityInstruments $ / shares | Apr. 30, 2022 EquityInstruments $ / shares | Dec. 31, 2021 EquityInstruments $ / shares | Oct. 31, 2021 EquityInstruments $ / shares | Jul. 31, 2021 EquityInstruments $ / shares | Apr. 30, 2021 EquityInstruments $ / shares | Dec. 31, 2023 USD ($) EquityInstruments $ / shares shares | Dec. 31, 2022 USD ($) EquityInstruments $ / shares | Dec. 31, 2021 USD ($) EquityInstruments $ / shares | Dec. 31, 2020 EquityInstruments | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Exercise price | $ / shares | $ 329.26 | $ 485.01 | $ 387.35 | $ 370.34 | $ 381.97 | $ 359.80 | $ 372.69 | $ 312.22 | $ 349.92 | $ 301.02 | $ 303.16 | $ 275.33 | $ 329.26 | $ 381.97 | $ 349.92 | |
Number of options granted | 79,305 | 74,529 | 629,121 | 61,056 | 508,132 | 100,118 | 311,311 | 102,081 | 389,588 | 144,824 | 280,339 | 67,833 | 844,011 | 1,021,642 | 882,584 | |
Number of shares on conversion | shares | 1 | |||||||||||||||
Outstanding stock options | 5,118,949 | 5,511,767 | 5,619,113 | 5,118,949 | 5,511,767 | 5,619,113 | 5,365,743 | |||||||||
Number of share options granted being used to pay tax by transferring the economic benefits | shares | 43,336 | |||||||||||||||
Total share based payment expense | $ | $ 164 | $ 120.2 | $ 171.2 | |||||||||||||
2022 | 2.70 | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Exercise price | $ / shares | $ 2.70 | $ 2.70 | ||||||||||||||
Outstanding stock options | 125,339 | 125,339 | ||||||||||||||
2023 | 89.31 | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Exercise price | $ / shares | 89.31 | 89.31 | ||||||||||||||
Outstanding stock options | 12,111 | 85,080 | 12,111 | 85,080 | ||||||||||||
2023 | 95.38 | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Exercise price | $ / shares | 95.38 | 95.38 | ||||||||||||||
Outstanding stock options | 124,338 | 321,473 | 124,338 | 321,473 | ||||||||||||
2024 | 2.70 | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Exercise price | $ / shares | $ 2.70 | $ 2.70 | ||||||||||||||
Outstanding stock options | 3,308 | 19,743 | 94,088 | 3,308 | 19,743 | 94,088 | ||||||||||
2024 | 4.36 | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Exercise price | $ / shares | $ 4.36 | $ 4.36 | ||||||||||||||
Outstanding stock options | 532 | 5,127 | 6,113 | 532 | 5,127 | 6,113 | ||||||||||
2024 | 7.92 | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Exercise price | $ / shares | $ 7.92 | $ 7.92 | ||||||||||||||
Outstanding stock options | 81,500 | 214,800 | 276,500 | 81,500 | 214,800 | 276,500 | ||||||||||
2024 | 125.40 | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Exercise price | $ / shares | $ 125.40 | $ 125.40 | ||||||||||||||
Outstanding stock options | 26,171 | 110,774 | 111,174 | 26,171 | 110,774 | 111,174 | ||||||||||
2024 | 150.00 | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Exercise price | $ / shares | $ 150 | $ 150 | ||||||||||||||
Outstanding stock options | 104,176 | 202,852 | 203,658 | 104,176 | 202,852 | 203,658 | ||||||||||
2025 | 12.64 | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Exercise price | $ / shares | $ 12.64 | $ 12.64 | ||||||||||||||
Outstanding stock options | 1,600 | 2,000 | 4,500 | 1,600 | 2,000 | 4,500 | ||||||||||
2025 | 10.46 | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Exercise price | $ / shares | $ 10.46 | $ 10.46 | ||||||||||||||
Outstanding stock options | 99,326 | 101,861 | 105,857 | 99,326 | 101,861 | 105,857 | ||||||||||
2025 | 132.08 | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Exercise price | $ / shares | $ 132.08 | $ 132.08 | ||||||||||||||
Outstanding stock options | 16,712 | 16,712 | 16,712 | 16,712 | 16,712 | 16,712 | ||||||||||
2025 | 216.75 | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Exercise price | $ / shares | $ 216.75 | $ 216.75 | ||||||||||||||
Outstanding stock options | 126,331 | 127,731 | 129,711 | 126,331 | 127,731 | 129,711 | ||||||||||
2025 | 221.24 | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Exercise price | $ / shares | $ 221.24 | $ 221.24 | ||||||||||||||
Outstanding stock options | 31,424 | 32,100 | 32,100 | 31,424 | 32,100 | 32,100 | ||||||||||
2025 | 273.60 | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Exercise price | $ / shares | $ 273.60 | $ 273.60 | ||||||||||||||
Outstanding stock options | 202,205 | 202,475 | 203,214 | 202,205 | 202,475 | 203,214 | ||||||||||
2025 | 341.67 | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Exercise price | $ / shares | $ 341.67 | $ 341.67 | ||||||||||||||
Outstanding stock options | 16,000 | 16,000 | ||||||||||||||
2026 | 12.57 | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Exercise price | $ / shares | $ 12.57 | $ 12.57 | ||||||||||||||
Outstanding stock options | 24,400 | 30,000 | 41,000 | 24,400 | 30,000 | 41,000 | ||||||||||
2026 | 12.67 | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Exercise price | $ / shares | $ 12.67 | $ 12.67 | ||||||||||||||
Outstanding stock options | 97,972 | 99,772 | 102,840 | 97,972 | 99,772 | 102,840 | ||||||||||
2026 | 15.62 | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Exercise price | $ / shares | $ 15.62 | $ 15.62 | ||||||||||||||
Outstanding stock options | 111,811 | 115,211 | 117,581 | 111,811 | 115,211 | 117,581 | ||||||||||
2026 | 259.01 | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Exercise price | $ / shares | $ 259.01 | $ 259.01 | ||||||||||||||
Outstanding stock options | 23,491 | 23,491 | 24,366 | 23,491 | 23,491 | 24,366 | ||||||||||
2026 | 281.89 | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Exercise price | $ / shares | $ 281.89 | $ 281.89 | ||||||||||||||
Outstanding stock options | 59,626 | 60,890 | 61,505 | 59,626 | 60,890 | 61,505 | ||||||||||
2026 | 286.75 | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Exercise price | $ / shares | $ 286.75 | $ 286.75 | ||||||||||||||
Outstanding stock options | 45,228 | 45,862 | 48,138 | 45,228 | 45,862 | 48,138 | ||||||||||
2026 | 341.67 | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Exercise price | $ / shares | $ 341.67 | $ 341.67 | ||||||||||||||
Outstanding stock options | 80,425 | 80,833 | 82,430 | 80,425 | 80,833 | 82,430 | ||||||||||
2027 | 20.34 | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Exercise price | $ / shares | $ 20.34 | $ 20.34 | ||||||||||||||
Outstanding stock options | 38,434 | 42,509 | 53,143 | 38,434 | 42,509 | 53,143 | ||||||||||
2027 | 23.39 | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Exercise price | $ / shares | $ 23.39 | $ 23.39 | ||||||||||||||
Outstanding stock options | 225,852 | 303,867 | 361,350 | 225,852 | 303,867 | 361,350 | ||||||||||
2027 | 312.16 | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Exercise price | $ / shares | $ 312.16 | $ 312.16 | ||||||||||||||
Outstanding stock options | 13,957 | 14,976 | 13,957 | 14,976 | ||||||||||||
2027 | 395.04 | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Exercise price | $ / shares | $ 395.04 | $ 395.04 | ||||||||||||||
Outstanding stock options | 58,091 | 61,816 | 58,091 | 61,816 | ||||||||||||
2027 | 407.19 | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Exercise price | $ / shares | $ 407.19 | $ 407.19 | ||||||||||||||
Outstanding stock options | 13,764 | 13,764 | 13,764 | 13,764 | ||||||||||||
2027 | 397.36 | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Exercise price | $ / shares | $ 397.36 | $ 397.36 | ||||||||||||||
Outstanding stock options | 136,459 | 137,778 | 136,459 | 137,778 | ||||||||||||
2028 | 89.31 | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Exercise price | $ / shares | $ 89.31 | $ 89.31 | ||||||||||||||
Outstanding stock options | 13,890 | 19,490 | 39,515 | 13,890 | 19,490 | 39,515 | ||||||||||
2028 | 95.38 | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Exercise price | $ / shares | $ 95.38 | $ 95.38 | ||||||||||||||
Outstanding stock options | 225,457 | 264,392 | 350,631 | 225,457 | 264,392 | 350,631 | ||||||||||
2028 | 376.47 | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Exercise price | $ / shares | $ 376.47 | $ 376.47 | ||||||||||||||
Outstanding stock options | 15,014 | 15,014 | ||||||||||||||
2028 | 392.72 | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Exercise price | $ / shares | $ 392.72 | $ 392.72 | ||||||||||||||
Outstanding stock options | 127,490 | 127,490 | ||||||||||||||
2028 | 508.96 | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Exercise price | $ / shares | $ 508.96 | $ 508.96 | ||||||||||||||
Outstanding stock options | 2,235 | 2,235 | ||||||||||||||
2029 | 125.40 | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Exercise price | $ / shares | $ 125.40 | $ 125.40 | ||||||||||||||
Outstanding stock options | 71,573 | 110,756 | 146,765 | 71,573 | 110,756 | 146,765 | ||||||||||
2029 | 150.00 | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Exercise price | $ / shares | $ 150 | $ 150 | ||||||||||||||
Outstanding stock options | 370,566 | 537,110 | 611,122 | 370,566 | 537,110 | 611,122 | ||||||||||
2030 | 132.08 | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Exercise price | $ / shares | $ 132.08 | $ 132.08 | ||||||||||||||
Outstanding stock options | 50,801 | 71,486 | 102,558 | 50,801 | 71,486 | 102,558 | ||||||||||
2030 | 216.75 | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Exercise price | $ / shares | $ 216.75 | $ 216.75 | ||||||||||||||
Outstanding stock options | 160,677 | 223,812 | 282,475 | 160,677 | 223,812 | 282,475 | ||||||||||
2030 | 221.24 | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Exercise price | $ / shares | $ 221.24 | $ 221.24 | ||||||||||||||
Outstanding stock options | 78,534 | 117,790 | 136,601 | 78,534 | 117,790 | 136,601 | ||||||||||
2030 | 273.60 | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Exercise price | $ / shares | $ 273.60 | $ 273.60 | ||||||||||||||
Outstanding stock options | 559,173 | 620,014 | 692,214 | 559,173 | 620,014 | 692,214 | ||||||||||
2031 | 259.01 | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Exercise price | $ / shares | $ 259.01 | $ 259.01 | ||||||||||||||
Outstanding stock options | 27,201 | 35,214 | 42,282 | 27,201 | 35,214 | 42,282 | ||||||||||
2031 | 281.89 | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Exercise price | $ / shares | $ 281.89 | $ 281.89 | ||||||||||||||
Outstanding stock options | 128,600 | 167,406 | 207,464 | 128,600 | 167,406 | 207,464 | ||||||||||
2031 | 286.75 | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Exercise price | $ / shares | $ 286.75 | $ 286.75 | ||||||||||||||
Outstanding stock options | 62,138 | 81,311 | 92,456 | 62,138 | 81,311 | 92,456 | ||||||||||
2031 | 341.67 | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Exercise price | $ / shares | $ 341.67 | $ 341.67 | ||||||||||||||
Outstanding stock options | 226,520 | 286,353 | 307,158 | 226,520 | 286,353 | 307,158 | ||||||||||
2032 | 312.16 | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Exercise price | $ / shares | $ 312.16 | $ 312.16 | ||||||||||||||
Outstanding stock options | 58,255 | 79,155 | 58,255 | 79,155 | ||||||||||||
2032 | 395.04 | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Exercise price | $ / shares | $ 395.04 | $ 395.04 | ||||||||||||||
Outstanding stock options | 192,291 | 238,532 | 192,291 | 238,532 | ||||||||||||
2032 | 407.19 | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Exercise price | $ / shares | $ 407.19 | $ 407.19 | ||||||||||||||
Outstanding stock options | 73,288 | 85,199 | 73,288 | 85,199 | ||||||||||||
2032 | 397.36 | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Exercise price | $ / shares | $ 397.36 | $ 397.36 | ||||||||||||||
Outstanding stock options | 347,765 | 370,354 | 347,765 | 370,354 | ||||||||||||
2033 | 376.47 | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Exercise price | $ / shares | $ 376.47 | $ 376.47 | ||||||||||||||
Outstanding stock options | 43,856 | 43,856 | ||||||||||||||
2033 | 392.72 | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Exercise price | $ / shares | $ 392.72 | $ 392.72 | ||||||||||||||
Outstanding stock options | 495,821 | 495,821 | ||||||||||||||
2033 | 508.96 | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Exercise price | $ / shares | $ 508.96 | $ 508.96 | ||||||||||||||
Outstanding stock options | 69,704 | 69,704 | ||||||||||||||
2028-2032 | 330.06 | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Exercise price | $ / shares | $ 330.06 | $ 330.06 | ||||||||||||||
Outstanding stock options | 79,305 | 79,305 | ||||||||||||||
Tranche One | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Vesting percentage | 33% | |||||||||||||||
Tranche Two | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Vesting percentage | 4.16% |
Share-based payments - Rollforw
Share-based payments - Rollforward (Details) | 1 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2023 EquityInstruments $ / shares | Oct. 31, 2023 EquityInstruments | Jul. 31, 2023 EquityInstruments | Apr. 30, 2023 EquityInstruments | Dec. 31, 2022 EquityInstruments $ / shares | Oct. 31, 2022 EquityInstruments | Jul. 31, 2022 EquityInstruments | Apr. 30, 2022 EquityInstruments | Dec. 31, 2021 EquityInstruments $ / shares | Oct. 31, 2021 EquityInstruments | Jul. 31, 2021 EquityInstruments | Apr. 30, 2021 EquityInstruments | Dec. 31, 2023 EquityInstruments $ / shares | Dec. 31, 2022 EquityInstruments $ / shares | Dec. 31, 2021 EquityInstruments $ / shares | |
Number of stock options | |||||||||||||||
Total options at beginning of year | EquityInstruments | 5,511,767 | 5,619,113 | 5,365,743 | ||||||||||||
Number of options granted | EquityInstruments | 79,305 | 74,529 | 629,121 | 61,056 | 508,132 | 100,118 | 311,311 | 102,081 | 389,588 | 144,824 | 280,339 | 67,833 | 844,011 | 1,021,642 | 882,584 |
Exercised | EquityInstruments | (1,137,439) | (1,025,780) | (503,282) | ||||||||||||
Forfeited | EquityInstruments | (99,390) | (103,208) | (125,932) | ||||||||||||
Total options at end of year | EquityInstruments | 5,118,949 | 5,511,767 | 5,619,113 | 5,118,949 | 5,511,767 | 5,619,113 | |||||||||
Exercisable | EquityInstruments | 3,030,486 | 3,983,960 | 3,613,371 | 3,030,486 | 3,983,960 | 3,613,371 | |||||||||
Weighted average exercise price | |||||||||||||||
Beginning balance | $ 205.02 | $ 164.33 | $ 142.87 | ||||||||||||
Granted | 395.92 | 375.58 | 314.99 | ||||||||||||
Exercised | 142.31 | 92.62 | 64.72 | ||||||||||||
Forfeited | 356.57 | 273.93 | 234.98 | ||||||||||||
Ending balance | $ 255.41 | $ 205.02 | $ 164.33 | 255.41 | 205.02 | 164.33 | |||||||||
Exercisable | $ 179.22 | $ 148.11 | $ 106.53 | 179.22 | 148.11 | 106.53 | |||||||||
Weighted average share price | $ 456.8 | $ 336.5 | $ 305.9 | ||||||||||||
Weighted average remaining contractual life | 5 years 10 months 24 days | 6 years 2 months 12 days | 6 years 3 months 18 days |
Share-based payments - Overview
Share-based payments - Overview (Details) | 1 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2023 USD ($) EquityInstruments Y $ / shares | Oct. 31, 2023 USD ($) Y EquityInstruments $ / shares | Jul. 31, 2023 USD ($) EquityInstruments Y $ / shares | Apr. 30, 2023 Y EquityInstruments $ / shares | Dec. 31, 2022 EquityInstruments $ / shares | Oct. 31, 2022 Y EquityInstruments $ / shares | Jul. 31, 2022 Y EquityInstruments $ / shares | Apr. 30, 2022 Y EquityInstruments $ / shares | Dec. 31, 2021 EquityInstruments USD ($) $ / shares | Oct. 31, 2021 Y EquityInstruments $ / shares | Jul. 31, 2021 Y EquityInstruments $ / shares | Apr. 30, 2021 Y EquityInstruments $ / shares | Dec. 31, 2023 USD ($) EquityInstruments $ / shares | Dec. 31, 2022 EquityInstruments $ / shares | Dec. 31, 2021 EquityInstruments $ / shares | Dec. 31, 2020 EquityInstruments | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Number of options granted | EquityInstruments | 79,305 | 74,529 | 629,121 | 61,056 | 508,132 | 100,118 | 311,311 | 102,081 | 389,588 | 144,824 | 280,339 | 67,833 | 844,011 | 1,021,642 | 882,584 | |
Share price | $ 371.36 | |||||||||||||||
Exercise price | $ 329.26 | $ 485.01 | $ 387.35 | $ 370.34 | $ 381.97 | $ 359.80 | $ 372.69 | $ 312.22 | $ 349.92 | $ 301.02 | $ 303.16 | $ 275.33 | $ 329.26 | $ 381.97 | $ 349.92 | |
Risk-free interest rate | 2.40% | |||||||||||||||
Number of stock options | EquityInstruments | 5,118,949 | 5,511,767 | 5,619,113 | 5,118,949 | 5,511,767 | 5,619,113 | 5,365,743 | |||||||||
Weighted average remaining contractual life | 5 years 10 months 24 days | 6 years 2 months 12 days | 6 years 3 months 18 days | |||||||||||||
Exercised | EquityInstruments | (1,137,439) | (1,025,780) | (503,282) | |||||||||||||
Forfeited | EquityInstruments | (99,390) | (103,208) | (125,932) | |||||||||||||
Exercisable | EquityInstruments | 3,030,486 | 3,983,960 | 3,613,371 | 3,030,486 | 3,983,960 | 3,613,371 | ||||||||||
Beginning balance | $ 205.02 | $ 164.33 | $ 142.87 | |||||||||||||
Granted | 395.92 | 375.58 | 314.99 | |||||||||||||
Exercised | 142.31 | 92.62 | 64.72 | |||||||||||||
Forfeited | 356.57 | 273.93 | 234.98 | |||||||||||||
Ending balance | $ 255.41 | $ 205.02 | $ 164.33 | 255.41 | 205.02 | 164.33 | ||||||||||
Exercisable | $ 179.22 | 148.11 | 106.53 | $ 179.22 | $ 148.11 | $ 106.53 | ||||||||||
Belgian taxed beneficiaries | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Number of options granted | EquityInstruments | 8,459 | |||||||||||||||
10.46 - 12.64 | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Number of stock options | 100,926 | 100,926 | ||||||||||||||
Weighted average remaining contractual life | 1 year 11 months 12 days | |||||||||||||||
12.57 - 15.62 | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Number of stock options | 234,183 | 234,183 | ||||||||||||||
Weighted average remaining contractual life | 2 years 8 months 1 day | |||||||||||||||
20.34 - 23.39 | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Number of stock options | 264,286 | 264,286 | ||||||||||||||
Weighted average remaining contractual life | 3 years 10 months 20 days | |||||||||||||||
89.31 - 95.38 | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Number of stock options | 239,347 | 239,347 | ||||||||||||||
Weighted average remaining contractual life | 4 years 11 months 12 days | |||||||||||||||
125.4 - 150 | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Number of stock options | 572,486 | 572,486 | ||||||||||||||
Weighted average remaining contractual life | 4 years 9 months | |||||||||||||||
132.08 - 273.6 | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Number of stock options | 1,225,857 | 1,225,857 | ||||||||||||||
Weighted average remaining contractual life | 5 years 3 months 3 days | |||||||||||||||
259.01 - 341.67 | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Number of stock options | 669,229 | 669,229 | ||||||||||||||
Weighted average remaining contractual life | 6 years 14 days | |||||||||||||||
312.16 - 407.19 | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Number of stock options | 893,870 | 893,870 | ||||||||||||||
Weighted average remaining contractual life | 7 years 6 months 10 days | |||||||||||||||
330.06 - 508.96 | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Number of stock options | 833,425 | 833,425 | ||||||||||||||
Weighted average remaining contractual life | 8 years 8 months 8 days | |||||||||||||||
Minimum | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Fair value of options | $ | $ 123.94 | $ 176.44 | ||||||||||||||
Share price | $ 439.42 | $ 380.81 | $ 361.64 | $ 368.69 | $ 352.97 | $ 378.11 | $ 320.84 | $ 277.72 | $ 286.52 | $ 300.78 | $ 248.9 | |||||
Expected volatility | 36.20% | 35.35% | 36.22% | 41% | 39.74% | 39.64% | 41.30% | 39.18% | 43.24% | 46.01% | 45.58% | 54.24% | ||||
Expected option life (in years) | 6.15 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | |||||
Risk-free interest rate | 2.80% | 2.90% | 2.96% | 3.09% | 2.57% | 1.77% | 1.05% | 0.03% | (0.18%) | (0.41%) | (0.41%) | |||||
Average fair value per share option | $ 161.88 | $ 158.21 | $ 127.68 | $ 136.66 | $ 153.45 | $ 111.27 | $ 75.03 | $ 101.53 | $ 131.65 | $ 98.96 | ||||||
Time period for beneficiaries to choose contractual term | 5 years | 5 years | ||||||||||||||
Minimum | Belgian taxed beneficiaries | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Fair value of options | $ | $ 1,100,000 | $ 1,100,000 | ||||||||||||||
Time period for beneficiaries to choose contractual term | 5 years | 5 years | ||||||||||||||
Share options granted (as a percent) | 100% | |||||||||||||||
Minimum | 10.46 - 12.64 | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Exercise price | $ 10.46 | $ 10.46 | ||||||||||||||
Minimum | 12.57 - 15.62 | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Exercise price | 12.57 | 12.57 | ||||||||||||||
Minimum | 20.34 - 23.39 | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Exercise price | 20.34 | 20.34 | ||||||||||||||
Minimum | 89.31 - 95.38 | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Exercise price | 89.31 | 89.31 | ||||||||||||||
Minimum | 125.4 - 150 | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Exercise price | 125.4 | 125.4 | ||||||||||||||
Minimum | 132.08 - 273.6 | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Exercise price | 132.08 | 132.08 | ||||||||||||||
Minimum | 259.01 - 341.67 | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Exercise price | 259.01 | 259.01 | ||||||||||||||
Minimum | 312.16 - 407.19 | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Exercise price | 312.16 | 312.16 | ||||||||||||||
Minimum | 330.06 - 508.96 | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Exercise price | $ 330.06 | $ 330.06 | ||||||||||||||
Maximum | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Fair value of options | $ | $ 1,400,000 | $ 209.04 | $ 271.59 | $ 1,400,000 | ||||||||||||
Share price | $ 491.75 | $ 521.19 | $ 401.21 | $ 377.61 | $ 376.01 | $ 397.92 | $ 321.06 | $ 351.73 | $ 304.5 | $ 340.95 | $ 283.67 | |||||
Expected volatility | 36.21% | 36.67% | 43.99% | 42.18% | 40.26% | 45.97% | 43.10% | 40.87% | 43.64% | 48.46% | 47.96% | 60.08% | ||||
Expected option life (in years) | 6.50 | 6.50 | 6.50 | 6.50 | 6.50 | 6.50 | 6.50 | 6.50 | 6.50 | 6.50 | 6.50 | |||||
Risk-free interest rate | 3.44% | 3.03% | 3.14% | 3.29% | 2.80% | 2.28% | 1.62% | 0.67% | (0.05%) | (0.17%) | (0.08%) | |||||
Average fair value per share option | $ 165.69 | $ 196.18 | $ 163.94 | $ 169.96 | $ 190.53 | $ 140.23 | $ 145.34 | $ 131.80 | $ 159.13 | $ 154.88 | ||||||
Time period for beneficiaries to choose contractual term | 10 years | 10 years | ||||||||||||||
Maximum | Belgian taxed beneficiaries | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Time period for beneficiaries to choose contractual term | 10 years | 10 years | ||||||||||||||
Share options granted (as a percent) | 100% | |||||||||||||||
Maximum | 10.46 - 12.64 | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Exercise price | $ 12.64 | $ 12.64 | ||||||||||||||
Maximum | 12.57 - 15.62 | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Exercise price | 15.62 | 15.62 | ||||||||||||||
Maximum | 20.34 - 23.39 | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Exercise price | 23.39 | 23.39 | ||||||||||||||
Maximum | 89.31 - 95.38 | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Exercise price | 95.38 | 95.38 | ||||||||||||||
Maximum | 125.4 - 150 | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Exercise price | 150 | 150 | ||||||||||||||
Maximum | 132.08 - 273.6 | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Exercise price | 273.6 | 273.6 | ||||||||||||||
Maximum | 259.01 - 341.67 | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Exercise price | 341.67 | 341.67 | ||||||||||||||
Maximum | 312.16 - 407.19 | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Exercise price | 407.19 | 407.19 | ||||||||||||||
Maximum | 330.06 - 508.96 | ||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||
Exercise price | $ 508.96 | $ 508.96 |
Share-based payments - Range of
Share-based payments - Range of exercise price (Details) | 12 Months Ended | ||||||||||||
Dec. 31, 2023 EquityInstruments $ / shares | Dec. 31, 2022 EquityInstruments $ / shares | Dec. 31, 2021 EquityInstruments $ / shares | Oct. 31, 2023 $ / shares | Jul. 31, 2023 $ / shares | Apr. 30, 2023 $ / shares | Oct. 31, 2022 $ / shares | Jul. 31, 2022 $ / shares | Apr. 30, 2022 $ / shares | Oct. 31, 2021 $ / shares | Jul. 31, 2021 $ / shares | Apr. 30, 2021 $ / shares | Dec. 31, 2020 EquityInstruments | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Exercise price | $ 329.26 | $ 381.97 | $ 349.92 | $ 485.01 | $ 387.35 | $ 370.34 | $ 359.80 | $ 372.69 | $ 312.22 | $ 301.02 | $ 303.16 | $ 275.33 | |
Number of stock options | EquityInstruments | 5,118,949 | 5,511,767 | 5,619,113 | 5,365,743 | |||||||||
Weighted average remaining contractual life | 5 years 10 months 24 days | 6 years 2 months 12 days | 6 years 3 months 18 days | ||||||||||
2.7 - 7.92 | |||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Number of stock options | 85,340 | ||||||||||||
Weighted average remaining contractual life | 11 months 15 days | ||||||||||||
10.46 - 12.64 | |||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Number of stock options | 100,926 | ||||||||||||
Weighted average remaining contractual life | 1 year 11 months 12 days | ||||||||||||
12.57 - 15.62 | |||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Number of stock options | 234,183 | ||||||||||||
Weighted average remaining contractual life | 2 years 8 months 1 day | ||||||||||||
20.34 - 23.39 | |||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Number of stock options | 264,286 | ||||||||||||
Weighted average remaining contractual life | 3 years 10 months 20 days | ||||||||||||
89.31 - 95.38 | |||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Number of stock options | 239,347 | ||||||||||||
Weighted average remaining contractual life | 4 years 11 months 12 days | ||||||||||||
125.4 - 150 | |||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Number of stock options | 572,486 | ||||||||||||
Weighted average remaining contractual life | 4 years 9 months | ||||||||||||
132.08 - 273.6 | |||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Number of stock options | 1,225,857 | ||||||||||||
Weighted average remaining contractual life | 5 years 3 months 3 days | ||||||||||||
259.01 - 341.67 | |||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Number of stock options | 669,229 | ||||||||||||
Weighted average remaining contractual life | 6 years 14 days | ||||||||||||
312.16 - 407.19 | |||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Number of stock options | 893,870 | ||||||||||||
Weighted average remaining contractual life | 7 years 6 months 10 days | ||||||||||||
330.06 - 508.96 | |||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Number of stock options | 833,425 | ||||||||||||
Weighted average remaining contractual life | 8 years 8 months 8 days | ||||||||||||
Minimum | 2.7 - 7.92 | |||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Exercise price | $ 2.7 | ||||||||||||
Minimum | 10.46 - 12.64 | |||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Exercise price | 10.46 | ||||||||||||
Minimum | 12.57 - 15.62 | |||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Exercise price | 12.57 | ||||||||||||
Minimum | 20.34 - 23.39 | |||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Exercise price | 20.34 | ||||||||||||
Minimum | 89.31 - 95.38 | |||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Exercise price | 89.31 | ||||||||||||
Minimum | 125.4 - 150 | |||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Exercise price | 125.4 | ||||||||||||
Minimum | 132.08 - 273.6 | |||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Exercise price | 132.08 | ||||||||||||
Minimum | 259.01 - 341.67 | |||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Exercise price | 259.01 | ||||||||||||
Minimum | 312.16 - 407.19 | |||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Exercise price | 312.16 | ||||||||||||
Minimum | 330.06 - 508.96 | |||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Exercise price | 330.06 | ||||||||||||
Maximum | 2.7 - 7.92 | |||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Exercise price | 7.92 | ||||||||||||
Maximum | 10.46 - 12.64 | |||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Exercise price | 12.64 | ||||||||||||
Maximum | 12.57 - 15.62 | |||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Exercise price | 15.62 | ||||||||||||
Maximum | 20.34 - 23.39 | |||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Exercise price | 23.39 | ||||||||||||
Maximum | 89.31 - 95.38 | |||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Exercise price | 95.38 | ||||||||||||
Maximum | 125.4 - 150 | |||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Exercise price | 150 | ||||||||||||
Maximum | 132.08 - 273.6 | |||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Exercise price | 273.6 | ||||||||||||
Maximum | 259.01 - 341.67 | |||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Exercise price | 341.67 | ||||||||||||
Maximum | 312.16 - 407.19 | |||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Exercise price | 407.19 | ||||||||||||
Maximum | 330.06 - 508.96 | |||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Exercise price | $ 508.96 |
Share-based payments - Restrict
Share-based payments - Restricted Stock Units (Details) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) EquityInstruments $ / shares shares | Dec. 31, 2022 USD ($) EquityInstruments shares $ / shares | Dec. 31, 2021 USD ($) EquityInstruments $ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Vesting of RSUs | (79,560) | (19,581) | |
Number of shares on conversion | shares | 1 | ||
Total share based payment expense | $ | $ 164 | $ 120.2 | $ 171.2 |
Restricted Stock Units (RSUs) | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of RSUs - January 1 | EquityInstruments | 385,280 | 213,038 | |
Number of RSUs - Granted | EquityInstruments | 192,237 | 243,010 | 216,522 |
Vesting of RSUs | EquityInstruments | (105,678) | (53,872) | |
Number of RSUs - Forfeited | EquityInstruments | (29,517) | (16,896) | (3,484) |
Number of RSUs - December 31 | EquityInstruments | 442,322 | 385,280 | 213,038 |
Weighted average Grand Date Fair Value - January 1 | $ / shares | $ 387.20 | $ 314.25 | |
Weighted average Grand Date Fair Value - Granted | $ / shares | 396.22 | 375.81 | $ 313.84 |
Weighted average Grand Date Fair Value - Vested | $ / shares | 352.61 | ||
Weighted average Grand Date Fair Value - Forfeited | $ / shares | 358.49 | 307.11 | 288.92 |
Weighted average Grand Date Fair Value - December 31 | $ / shares | $ 375.89 | $ 387.20 | $ 314.25 |
Number of shares on conversion | shares | 1 | ||
Vesting period | 4 years | ||
Vesting percentage | 25% | ||
Total share based payment expense | $ | $ 69 | $ 36.9 | $ 8.1 |
Trade and other payables (Detai
Trade and other payables (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Trade and other payables. | |||
Trade payables | $ 245,557 | $ 188,721 | $ 208,850 |
Short term employee benefits | 95,104 | 84,337 | 83,737 |
Gross-to-net accruals | 55,788 | 19,478 | |
Other | 17,564 | 3,142 | 828 |
Total trade and other payables | $ 414,013 | $ 295,679 | $ 293,415 |
Trade and other payables - Move
Trade and other payables - Movement in net accruals (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of subsidiaries [line items] | ||
Gross-to-net accruals | $ 19,478 | |
Current estimate related to the sales made in the current year | 149,969 | $ 46,166 |
Adjustment for prior year sales | (4,924) | |
(Credits or payments related to sales made during the year) | (99,049) | (26,689) |
(Credits or payments related to sales made during the prior year) | (9,685) | |
Gross-to-net accruals | 55,788 | 19,478 |
Rebates and charge backs | ||
Disclosure of subsidiaries [line items] | ||
Gross-to-net accruals | 15,398 | |
Current estimate related to the sales made in the current year | 123,542 | 35,426 |
Adjustment for prior year sales | (4,041) | |
(Credits or payments related to sales made during the year) | (78,327) | (20,028) |
(Credits or payments related to sales made during the prior year) | (6,910) | |
Gross-to-net accruals | 49,662 | 15,398 |
Distribution fees, product returns and other | ||
Disclosure of subsidiaries [line items] | ||
Gross-to-net accruals | 4,079 | |
Current estimate related to the sales made in the current year | 26,427 | 10,740 |
Adjustment for prior year sales | (883) | |
(Credits or payments related to sales made during the year) | (20,722) | (6,661) |
(Credits or payments related to sales made during the prior year) | (2,775) | |
Gross-to-net accruals | $ 6,126 | $ 4,079 |
Product net sales - (Details)
Product net sales - (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Product net sales. | ||
Product gross sales | $ 1,342,148 | $ 446,923 |
Gross to net adjustment | (151,365) | (46,203) |
Product net sales | $ 1,190,783 | $ 400,720 |
Collaboration revenue (Details)
Collaboration revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Collaboration revenue | |||
Upfront payments | $ 444,303 | ||
Milestone payments | $ 30,000 | $ 5,365 | 49,815 |
Research and development service fees | 424 | 2,326 | |
Total collaboration revenue | 35,533 | 10,026 | 497,277 |
Collaboration revenue | 35,533 | 10,026 | 497,277 |
Zai Lab | |||
Collaboration revenue | |||
Upfront payments | 151,903 | ||
Milestone payments | 25,634 | ||
Other collaboration revenue | 5,533 | 4,238 | 833 |
J&J | |||
Collaboration revenue | |||
Upfront payments | 292,279 | ||
Milestone payments | 22,865 | ||
Research and development service fees | 2,028 | ||
AbbVie | |||
Collaboration revenue | |||
Upfront payments | 121 | ||
Milestone payments | 30,000 | 102 | |
Other | |||
Collaboration revenue | |||
Milestone payments | 5,365 | 1,214 | |
Research and development service fees | 424 | 298 | |
Other collaboration revenue | $ 5,533 | $ 4,238 | $ 833 |
Collaboration revenue - Additio
Collaboration revenue - Additional Information (Details) $ / shares in Units, $ in Millions | 1 Months Ended | |||
Jan. 06, 2021 USD ($) item $ / shares shares | Oct. 31, 2023 USD ($) | Mar. 31, 2019 USD ($) | Dec. 31, 2021 USD ($) | |
Zai Lab | ||||
Collaboration revenue | ||||
Number of shares issued | shares | 568,182 | |||
Share price | $ / shares | $ 132 | |||
Zai Lab | Collaboration and license agreement | ||||
Collaboration revenue | ||||
License payment committed | $ 175 | |||
Upfront payments | 75 | |||
Collaborative Arrangement Upfront Non-refundable non-creditable payment received | 75 | |||
Collaborative arrangement maximum additional milestone, contingent payments to be received | $ 25 | |||
Number of performance obligation | item | 2 | |||
Collaborative arrangements number of preclinical milestones achieved | item | 2 | |||
Transaction price allocated to remaining performance obligations | $ 25 | |||
J&J | Collaboration and license agreement | ||||
Collaboration revenue | ||||
Transaction price allocated to remaining performance obligations | $ 315.1 | |||
AbbVie | ||||
Collaboration revenue | ||||
Collaborative arrangements amount of preclinical milestones payment received | $ 30 | |||
Collaborative arrangement maximum additional development milestone payments to be received on exercise of option | $ 50 | |||
Collaborative arrangement maximum regulatory milestone payments to be received on exercise of option | 190 | |||
Collaborative arrangement maximum commercial Milestone payments to be received on exercise of Option | $ 325 |
Other operating income (Details
Other operating income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other operating income | |||
Grants | $ 2,538 | $ 2,186 | $ 4,398 |
Research and development incentives | 27,815 | 19,502 | 13,970 |
Payroll tax rebates | 11,925 | 8,576 | 12,621 |
Change in fair value on non-current financial assets | 4,256 | 11,152 | |
Total other operating income | $ 42,278 | $ 34,520 | $ 42,141 |
Other operating income - Other
Other operating income - Other Incentives (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Other operating income | |
Incentive refund period | 5 years |
Segment reporting - Product net
Segment reporting - Product net sales by country of sales (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Segment reporting | ||
Total product net sales | $ 1,190,783 | $ 400,720 |
United States | ||
Segment reporting | ||
Total product net sales | 1,046,592 | 377,659 |
Japan | ||
Segment reporting | ||
Total product net sales | 56,432 | 15,764 |
EMEA | ||
Segment reporting | ||
Total product net sales | 72,852 | $ 7,297 |
China | ||
Segment reporting | ||
Total product net sales | $ 14,907 |
Segment reporting - Major distr
Segment reporting - Major distributor or whole sellers (Details) | 12 Months Ended | |
Dec. 31, 2023 customer item | Dec. 31, 2022 | |
Segment reporting | ||
Number of operating segments | item | 1 | |
Number of major customers from U.S. | customer | 4 | |
Percentage of product net sales from major customers from United States | 86% | 91% |
Segment reporting (Details)
Segment reporting (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment reporting | |||
Revenue from external customers | $ 35,533 | $ 10,026 | $ 497,277 |
Denmark | |||
Segment reporting | |||
Revenue from external customers | 5,365 | 1,389 | |
United States | |||
Segment reporting | |||
Revenue from external customers | 30,000 | 317,396 | |
China | |||
Segment reporting | |||
Revenue from external customers | $ 5,533 | 4,238 | 178,370 |
Other | |||
Segment reporting | |||
Revenue from external customers | $ 424 | $ 123 |
Segment reporting - Noncurrent
Segment reporting - Noncurrent assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Segment reporting | |||
Non current Assets exclude deferred tax assets | $ 147,903 | $ 191,136 | $ 187,528 |
Belgium | |||
Segment reporting | |||
Non current Assets exclude deferred tax assets | 138,252 | 186,923 | 182,118 |
United States | |||
Segment reporting | |||
Non current Assets exclude deferred tax assets | 6,219 | 2,275 | 3,091 |
Japan | |||
Segment reporting | |||
Non current Assets exclude deferred tax assets | 2,971 | $ 1,938 | $ 2,319 |
Germany | |||
Segment reporting | |||
Non current Assets exclude deferred tax assets | $ 461 |
Research and development expe_3
Research and development expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Research and development expenses | |||
Personnel expenses | $ 226,344 | $ 162,010 | $ 160,464 |
External research and development expenses | 483,192 | 366,955 | 382,902 |
Materials and consumables | 4,057 | 2,396 | 2,735 |
Depreciation and amortization | 105,546 | 102,132 | 3,742 |
IT expenses | 19,935 | 12,678 | 7,798 |
Other expenses | 20,418 | 17,194 | 22,879 |
Total research and development expenses | $ 859,492 | $ 663,366 | $ 580,520 |
Selling, general and administ_3
Selling, general and administrative expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Selling, general and administrative expenses | |||
Personnel expenses | $ 303,033 | $ 234,740 | $ 164,646 |
Marketing services | 202,146 | 115,950 | 59,968 |
Professional fees | 108,820 | 62,620 | 42,707 |
Supervisory board | 8,362 | 6,912 | 12,958 |
Depreciation and amortization | 2,366 | 2,211 | 2,126 |
IT expenses | 20,408 | 17,431 | 8,977 |
Other expenses | 66,770 | 32,268 | 16,263 |
Total Selling, general and administrative expenses | $ 711,905 | $ 472,132 | $ 307,644 |
Personnel expenses (Details)
Personnel expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Personnel expenses | |||
Shortterm employee benefits-Salaries | $ 266,482 | $ 216,847 | $ 135,676 |
Shortterm employee benefits-Social Security | 19,231 | 16,274 | 12,785 |
Postemployment benefits | 7,758 | 5,406 | 2,864 |
Termination benefits | 1,089 | 401 | 818 |
Sharebased payment | 226,830 | 151,912 | 167,965 |
Employer social security contributions stock options | 7,987 | 5,910 | 5,002 |
Total personnel expenses | $ 529,377 | $ 396,750 | $ 325,110 |
Personnel expenses - FTE (Detai
Personnel expenses - FTE (Details) - employee | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Personnel expenses | |||
Research and development | 607.3 | 474.8 | 349.7 |
Selling, general and administrative | 681.2 | 442.4 | 264.4 |
Number of FTE | 1,288.5 | 917.2 | 614.1 |
Leases - Financial position rel
Leases - Financial position relating to leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of quantitative information about right-of-use assets | |||
Right-of-use assets | $ 20,149 | $ 12,897 | $ 11,583 |
Additions to right-of-use assets | 11,100 | 4,200 | 5,700 |
Lease liabilities | |||
Current | 4,646 | 3,417 | 3,509 |
Non-current | 15,354 | 9,009 | 7,956 |
Lease liabilities | 20,000 | 12,426 | 11,465 |
Buildings | |||
Disclosure of quantitative information about right-of-use assets | |||
Right-of-use assets | 16,798 | 10,867 | 9,688 |
Vehicles | |||
Disclosure of quantitative information about right-of-use assets | |||
Right-of-use assets | 3,191 | 1,835 | 1,664 |
Equipment | |||
Disclosure of quantitative information about right-of-use assets | |||
Right-of-use assets | $ 160 | $ 196 | $ 230 |
Leases - Total contractual cash
Leases - Total contractual cash flow carrying amount (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of maturity analysis of finance lease payments receivable [line items] | |||
Total contractual cash flow | $ 20,000 | ||
Lease liabilities | 20,000 | $ 12,426 | $ 11,465 |
Less than 1 year | |||
Disclosure of maturity analysis of finance lease payments receivable [line items] | |||
Total contractual cash flow | 4,286 | ||
1-3 years | |||
Disclosure of maturity analysis of finance lease payments receivable [line items] | |||
Total contractual cash flow | 8,136 | ||
3-5 years | |||
Disclosure of maturity analysis of finance lease payments receivable [line items] | |||
Total contractual cash flow | 5,754 | ||
More than 5 years | |||
Disclosure of maturity analysis of finance lease payments receivable [line items] | |||
Total contractual cash flow | $ 1,824 |
Leases - Statement of profit or
Leases - Statement of profit or loss and other comprehensive income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Financial position relating to leases | |||
Depreciation, right-of-use assets | $ 3,846 | $ 2,949 | $ 3,399 |
Interest expense (included in finance cost) | 693 | 1,343 | 412 |
Expense relating to short-term leases | 1,517 | 732 | 212 |
Expense relating to leases of low-value assets that are not shown above as short-term leases | 40 | 21 | 7 |
Cash outflow for leases | 3,800 | 4,200 | 4,500 |
Buildings | |||
Financial position relating to leases | |||
Depreciation, right-of-use assets | 2,839 | 2,179 | 2,714 |
Vehicles | |||
Financial position relating to leases | |||
Depreciation, right-of-use assets | 971 | 735 | 651 |
Equipment | |||
Financial position relating to leases | |||
Depreciation, right-of-use assets | $ 36 | $ 35 | $ 34 |
Financial result and exchange_3
Financial result and exchange gains(losses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Financial result and exchange gains/(losses) | |||
Interest income | $ 92,962 | $ 24,741 | $ 3,489 |
Net gain on cash equivalents & current financial assets held at fair value through profit or loss and cash equivalents | 14,424 | 2,924 | 144 |
Financial income | 107,386 | 27,665 | 3,633 |
Net loss on cash equivalents & current financial assets held at fair value through profit or loss and cash equivalents | (2) | (1,713) | (3,482) |
Other financial expense | (904) | (2,193) | (1,096) |
Financial expense | (906) | (3,906) | (4,578) |
Realized exchange gains/(losses) | 29 | (3,743) | 15 |
Unrealized exchange gains/(losses) | 14,044 | (28,989) | (50,068) |
Exchange gains/(losses) | $ 14,073 | $ (32,732) | $ (50,053) |
Income taxes - Tax expense (Det
Income taxes - Tax expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income taxes | |||
Current year | $ (9,592) | $ (27,162) | $ (15,224) |
Income tax prior years | (2,080) | (12) | 398 |
Current tax (expense) / benefit | (11,672) | (27,174) | (14,826) |
Originating and reversal of temporary differences | 21,115 | 46,894 | 6,304 |
Deferred tax (expense) / benefit | 21,115 | 46,894 | 6,304 |
Total tax (expense) / benefit | $ 9,443 | $ 19,720 | $ (8,522) |
Income taxes - Provision for in
Income taxes - Provision for income taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income taxes | |||
Loss before taxes | $ 304,496 | $ 729,314 | $ 399,743 |
Income tax (expense)/benefit calculated at the Dutch statutory federal income tax rates for applicable tax years (1) | 78,560 | 188,163 | 99,936 |
Effect of intercompany asset deal / transaction | 396 | (112,200) | |
Effect of expenses not deductible in determining taxable results | (2,674) | (1,570) | (4,441) |
Effect of share based payment expenses that are not deductible in determining taxable results | (43,040) | (27,043) | (29,925) |
Effect of stock issue expenses that are not taxable in determining taxable results | 18,620 | 11,412 | 14,119 |
Effect of concessions | 87,123 | 18,263 | 13,413 |
Effect of change of (de)recognition of deferred tax assets on tax losses | (2,282) | (194) | (44,232) |
Effect of different tax rates in jurisdictions in which the company operates | (3,509) | (5,566) | (2,084) |
Effect of change of (de)recognition of deferred tax assets | (124,457) | (51,320) | (50,389) |
Withholding tax paid | (68) | (5,076) | |
(Underprovided)/overprovided in prior years | (2,080) | (12) | 398 |
Other | 2,854 | (213) | (241) |
Total tax (expense) / benefit | $ 9,443 | $ 19,720 | $ (8,522) |
Applicable tax rate | 25.80% | 25.80% | 25% |
Income taxes - Deferred tax ass
Income taxes - Deferred tax assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income taxes - Deferred tax assets | |||
Deferred tax assets | $ 97,211 | $ 79,222 | $ 32,191 |
Deferred tax liabilities | (5,155) | (8,406) | (6,438) |
Net deferred tax assets / (liabilities) | 92,056 | 70,817 | 25,753 |
Unused tax losses for which no deferred tax asset recognized | 783,300 | 756,100 | 789,600 |
Temporary differences and unused tax losses | |||
Income taxes - Deferred tax assets | |||
Deferred tax assets | 196,100 | 189,300 | 203,800 |
Accruals and allowances | |||
Income taxes - Deferred tax assets | |||
Deferred tax assets | 13,189 | 8,884 | 2,858 |
Net deferred tax assets / (liabilities) | 13,189 | 8,884 | 2,858 |
Income tax benefit from excess tax deductions related to share-based payments | |||
Income taxes - Deferred tax assets | |||
Deferred tax assets | 23,310 | 26,887 | 26,026 |
Net deferred tax assets / (liabilities) | 23,310 | 26,887 | 26,026 |
Profit in inventory | |||
Income taxes - Deferred tax assets | |||
Deferred tax assets | 52,026 | 29,711 | 3,305 |
Net deferred tax assets / (liabilities) | 52,026 | 29,711 | 3,305 |
Other tax carryforwards | |||
Income taxes - Deferred tax assets | |||
Deferred tax assets | 6,339 | ||
Net deferred tax assets / (liabilities) | 6,339 | ||
R&D capitalized expense | |||
Income taxes - Deferred tax assets | |||
Deferred tax assets | 11,316 | ||
Net deferred tax assets / (liabilities) | 11,316 | ||
Property, plant and equipment | |||
Income taxes - Deferred tax assets | |||
Deferred tax assets | 2,136 | 856 | 532 |
Deferred tax liabilities | (1,550) | (549) | (740) |
Net deferred tax assets / (liabilities) | 586 | 307 | (208) |
Intangible assets | |||
Income taxes - Deferred tax assets | |||
Deferred tax liabilities | (3,430) | (2,714) | |
Net deferred tax assets / (liabilities) | (3,430) | (2,714) | |
Non-current fixed assets | |||
Income taxes - Deferred tax assets | |||
Deferred tax liabilities | (5,155) | (4,975) | (3,725) |
Net deferred tax assets / (liabilities) | (5,155) | (4,975) | (3,725) |
Netting by taxable entity | |||
Income taxes - Deferred tax assets | |||
Deferred tax assets | 1,550 | 549 | 740 |
Deferred tax liabilities | (1,549) | (549) | (740) |
Net deferred tax assets / (liabilities) | 1 | ||
Other | |||
Income taxes - Deferred tax assets | |||
Deferred tax assets | 1,760 | 2,117 | 210 |
Net deferred tax assets / (liabilities) | 1,760 | 2,117 | 210 |
Carried forward Netherlands | |||
Income taxes - Deferred tax assets | |||
Unused tax losses for which no deferred tax asset recognized | 33,200 | 35,400 | 24,900 |
Belgium | |||
Income taxes - Deferred tax assets | |||
Unrecognized deferred tax asset on IID | 163,700 | 107,200 | 53,400 |
IID carry-forwarded | 654,900 | 428,800 | 213,600 |
Belgium | Argenx BV | |||
Income taxes - Deferred tax assets | |||
Unused tax losses for which no deferred tax asset recognized | 750,100 | 720,700 | 764,700 |
Unrecognized Deferred tax asset on future amortizations on intellectual property | 106,300 | 112,200 | |
Unrecognized deferred tax asset on excess depreciation on R&D | $ 278,200 | $ 204,700 | $ 166,300 |
Income taxes - Change in net de
Income taxes - Change in net deferred taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Deferred tax assets | |||
Balance at beginning of period | $ 79,222 | $ 32,191 | $ 15,038 |
Recognized in profit or loss | 17,685 | 49,075 | 11,385 |
Recognized in equity | 381 | (1,960) | 5,494 |
Effects of change in foreign exchange rate | (77) | (84) | 274 |
Balance at end of period | 97,211 | 79,222 | 32,191 |
Deferred tax liabilities | |||
Balance at beginning of period | (8,406) | (6,438) | (1,487) |
Recognized in profit or loss | 3,430 | (2,180) | (5,082) |
Effects of change in foreign exchange rate | (179) | 212 | 131 |
Balance at end of period | $ (5,155) | $ (8,406) | $ (6,438) |
Income taxes - Additional infor
Income taxes - Additional information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income taxes - Deferred tax assets | |||
Tax rate applicable | 25.80% | 25.80% | 25% |
Asset deal consideration | $ 449 | ||
Estimated undistributed earnings for which no provision for deferred tax liabilities recognized | $ 127.9 | ||
Belgium | Argenx BV | |||
Income taxes - Deferred tax assets | |||
Unrecognized deferred tax asset | $ 106.3 | $ 112.2 |
Loss per share (Details)
Loss per share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Loss per share | |||
Loss for the year | $ (295,053) | $ (709,594) | $ (408,265) |
Weighted average number of shares outstanding | 57,169,253 | 54,381,371 | 51,075,827 |
Basic (loss) per share (in $) | $ (5.16) | $ (13.05) | $ (7.99) |
Diluted (loss) per share (in $) | $ (5.16) | $ (13.05) | $ (7.99) |
Financial risk management (Deta
Financial risk management (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Amortised cost | Trade and other payables | |||
Disclosure of financial assets [line items] | |||
Carrying amount of liabilities under IFRS 9 | $ 414,013 | $ 295,679 | $ 293,415 |
FVTPL | Financial assets - non-current | |||
Disclosure of financial assets [line items] | |||
Carrying amount of assets under IFRS 9 | 21,715 | 21,715 | 17,459 |
FVTPL | Financial assets - current | |||
Disclosure of financial assets [line items] | |||
Carrying amount of assets under IFRS 9 | 46,162 | 73,052 | |
FVTPL | Cash equivalents | |||
Disclosure of financial assets [line items] | |||
Carrying amount of assets under IFRS 9 | 1,678,100 | 669,147 | 997,092 |
FVTOCI | Financial assets - non-current | |||
Disclosure of financial assets [line items] | |||
Carrying amount of assets under IFRS 9 | 15,528 | 17,443 | 35,710 |
Amortised costs | Research and development incentive receivables - non-current member | |||
Disclosure of financial assets [line items] | |||
Carrying amount of assets under IFRS 9 | 76,706 | 47,488 | 32,707 |
Amortised costs | Noncurrent restricted cash | |||
Disclosure of financial assets [line items] | |||
Carrying amount of assets under IFRS 9 | 2,419 | 1,736 | 1,707 |
Amortised costs | Trade and other receivables | |||
Disclosure of financial assets [line items] | |||
Carrying amount of assets under IFRS 9 | 496,687 | 275,697 | 38,221 |
Amortised costs | Financial assets - current | |||
Disclosure of financial assets [line items] | |||
Carrying amount of assets under IFRS 9 | 1,131,000 | 1,345,646 | 929,000 |
Amortised costs | Research and development incentive receivables - current | |||
Disclosure of financial assets [line items] | |||
Carrying amount of assets under IFRS 9 | 2,584 | 1,578 | |
Amortised costs | Cash and cash equivalents | |||
Disclosure of financial assets [line items] | |||
Carrying amount of assets under IFRS 9 | 20,744 | 77,477 | 242,494 |
Amortised costs | Cash equivalents | |||
Disclosure of financial assets [line items] | |||
Carrying amount of assets under IFRS 9 | $ 350,000 | $ 54,116 | $ 95,090 |
Financial risk management - Fai
Financial risk management - Fair value (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Financial instruments and financial risk management | |||
Current financial assets | $ 1,131,000 | ||
Transfers out of Level 1 to Level 2 assets | 0 | $ 0 | $ 0 |
Transfers out of Level 1 to Level 2 liabilities | 0 | 0 | 0 |
Transfers out of Level 2 to Level 1 assets | 0 | 0 | 0 |
Transfers out of Level 2 to Level 1 liabilities | 0 | 0 | 0 |
Transfer into level 3 assets | 0 | 0 | 0 |
Transfer out of level 3 assets | 0 | 0 | 0 |
Transfer into level 3 liabilities | 0 | 0 | 0 |
Transfer out of level 3 liabilities | 0 | 0 | 0 |
Level 1 | |||
Financial instruments and financial risk management | |||
Non-current financial assets | 15,528 | 17,443 | 35,710 |
Current financial assets | 46,162 | 73,052 | |
Cash equivalents | 1,678,100 | 669,147 | 997,092 |
Assets carried at fair value | 1,693,628 | 732,752 | 1,105,854 |
Level 3 | |||
Financial instruments and financial risk management | |||
Non-current financial assets | 21,715 | 21,715 | 17,459 |
Assets carried at fair value | $ 21,715 | $ 21,715 | $ 17,459 |
Financial risk management - Lic
Financial risk management - License agreement (Details) $ / shares in Units, € in Millions, $ in Millions | 1 Months Ended | |||||
Jan. 01, 2021 $ / shares shares | Oct. 31, 2023 USD ($) | Jun. 30, 2022 EUR (€) | Jun. 30, 2022 USD ($) | Mar. 31, 2021 USD ($) shares | Jan. 31, 2021 $ / 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 non-current financial assets | $ 4.3 | $ 11.2 | ||||
AgomAb | Preferred Class C Shares | ||||||
Financial instruments and financial risk management | ||||||
Proceeds from issue of shares | $ 100 | |||||
Zai Lab | ||||||
Financial instruments and financial risk management | ||||||
Number of shares issued | shares | 568,182 | 568,182 | ||||
Share price | $ / shares | $ 132 | $ 132 |
Financial risk management - Cap
Financial risk management - Capital risk (Details) $ in Thousands, € in Millions, ¥ in Millions | Dec. 31, 2023 USD ($) | Dec. 31, 2023 EUR (€) | Dec. 31, 2023 JPY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) |
Financial risk management | ||||||
Cash and cash equivalents | $ 2,048,800 | € 636 | ¥ 1,164.6 | $ 800,740 | $ 1,334,676 | $ 1,216,803 |
Financial assets | 1,131,000 | € 200 | $ 1,391,808 | $ 1,002,052 | ||
Total capital | $ 5,658,600 |
Financial risk management - Cre
Financial risk management - Credit risk (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Credit risk | Maximum | |
Disclosure of financial assets that are either past due or impaired [line items] | |
Recommended maturity term for short term investment | 6 months |
Financial risk management - Int
Financial risk management - Interest rate risk (Details) - Interest rate risk € in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 EUR (€) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Increase decrease in basis points | 0.25% | ||
Positive/negative impact | € 7.9 | $ 6.2 | $ 0.9 |
Financial risk management - For
Financial risk management - Foreign exchange risk (Details) - Currency risk € in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 USD ($) | Dec. 31, 2023 EUR (€) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
EUR | ||||
Disclosure of risk management strategy related to hedge accounting [line items] | ||||
Net exposure to exchange differences of the monetary assets | $ 923,773 | $ 613,866 | $ 591,887 | |
Percentage of reasonably possible increase in risk assumption | 10% | 10% | ||
Percentage of reasonably possible decrease in risk assumption | 10% | |||
Increase (decrease) in financial instrument due to reasonably possible increase in designated risk component | $ (92,300) | (61,400) | (53,800) | |
Increase (decrease) in financial instrument due to reasonably possible decrease in designated risk component | 92,300 | 61,400 | 53,800 | |
JPY | ||||
Disclosure of risk management strategy related to hedge accounting [line items] | ||||
Net exposure to exchange differences of the monetary assets | 8,232 | 5,613 | 6,316 | |
GBP | ||||
Disclosure of risk management strategy related to hedge accounting [line items] | ||||
Net exposure to exchange differences of the monetary assets | 7 | 59,026 | 1,237 | |
CHF | ||||
Disclosure of risk management strategy related to hedge accounting [line items] | ||||
Net exposure to exchange differences of the monetary assets | 193 | 3,832 | $ 727 | |
CAD | ||||
Disclosure of risk management strategy related to hedge accounting [line items] | ||||
Net exposure to exchange differences of the monetary assets | 266 | 657 | ||
SEK | ||||
Disclosure of risk management strategy related to hedge accounting [line items] | ||||
Net exposure to exchange differences of the monetary assets | 1 | 7 | ||
DKK | ||||
Disclosure of risk management strategy related to hedge accounting [line items] | ||||
Net exposure to exchange differences of the monetary assets | $ 9 | $ 6 | ||
Other currencies | ||||
Disclosure of risk management strategy related to hedge accounting [line items] | ||||
Percentage of reasonably possible increase in risk assumption | 10% | 10% | ||
Percentage of reasonably possible decrease in risk assumption | 10% | |||
Increase (decrease) in financial instrument due to reasonably possible increase in designated risk component | € | € 0 | |||
Increase (decrease) in financial instrument due to reasonably possible decrease in designated risk component | € | € 0 |
Related party transactions - Co
Related party transactions - Compensation (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2023 USD ($) EquityInstruments | Oct. 31, 2023 EquityInstruments | Jul. 31, 2023 EquityInstruments | Apr. 30, 2023 EquityInstruments | Dec. 31, 2022 EquityInstruments | Oct. 31, 2022 EquityInstruments | Jul. 31, 2022 USD ($) EquityInstruments | Apr. 30, 2022 EquityInstruments | Dec. 31, 2021 EquityInstruments | Oct. 31, 2021 EquityInstruments | Jul. 31, 2021 EquityInstruments | Apr. 30, 2021 EquityInstruments | Dec. 31, 2023 USD ($) EquityInstruments shares | Dec. 31, 2022 USD ($) shares EquityInstruments | Dec. 31, 2021 USD ($) shares EquityInstruments | |
Compensation of key management personnel | |||||||||||||||
Numbers of stock options granted in the year | EquityInstruments | 79,305 | 74,529 | 629,121 | 61,056 | 508,132 | 100,118 | 311,311 | 102,081 | 389,588 | 144,824 | 280,339 | 67,833 | 844,011 | 1,021,642 | 882,584 |
Investment in joint venture | $ 2,000 | $ 13,000 | $ 2,000 | ||||||||||||
Onco Verity Inc. Joint Venture | |||||||||||||||
Compensation of key management personnel | |||||||||||||||
Contractual capital commitments | $ 13,000 | 13,000 | |||||||||||||
Senior management | |||||||||||||||
Compensation of key management personnel | |||||||||||||||
Gross salary | 4,161 | 4,199 | $ 3,465 | ||||||||||||
Variable pay | 2,816 | 3,077 | 2,020 | ||||||||||||
Employer social security | 807 | 1,015 | 789 | ||||||||||||
Other short term benefits | 545 | 372 | 274 | ||||||||||||
Termination benefits | 382 | ||||||||||||||
Post-employment benefits for senior management members as a group | 167 | 104 | 150 | ||||||||||||
Cost of stock options granted in the year | 27,983 | 18,393 | 15,060 | ||||||||||||
Cost of restricted stock units granted in the year | 11,694 | 9,594 | 8,025 | ||||||||||||
Employer social security contributions stock options | (494) | 1,101 | 4,172 | ||||||||||||
Total benefits | $ 47,679 | $ 37,855 | $ 34,337 | ||||||||||||
Numbers of stock options granted in the year | shares | 132,100 | 117,600 | 101,446 | ||||||||||||
Numbers of restricted stock units granted in the year | shares | 30,425 | 26,500 | 22,888 | ||||||||||||
Non-executive Directors | |||||||||||||||
Compensation of key management personnel | |||||||||||||||
Board fees and other short-term benefits for non-executive directors | $ 533 | $ 437 | $ 435 | ||||||||||||
Cost of stock options granted in the year | 2,280 | 3,643 | 3,263 | ||||||||||||
Cost of restricted stock units granted in the year | 1,034 | 1,850 | 1,731 | ||||||||||||
Total benefits | $ 3,847 | $ 5,929 | $ 5,429 | ||||||||||||
Numbers of stock options granted in the year | shares | 12,400 | 21,600 | 22,950 | ||||||||||||
Numbers of restricted stock units granted in the year | shares | 2,713 | 4,800 | 5,100 |
Commitments (Details)
Commitments (Details) € in Thousands, $ in Thousands | Feb. 28, 2019 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 EUR (€) | Dec. 31, 2022 USD ($) |
Commitments [Line Items] | ||||
Commitments to acquire property, plant and equipment | $ 0 | € 0 | ||
Borrowings | 7,200 | € 6,500 | ||
Efgartigimod | ||||
Commitments [Line Items] | ||||
Outstanding commitment | $ 361,800 | |||
Contractual obligations | $ 13,300 | |||
Halozyme | Global Collaboration and License Agreement | ||||
Commitments [Line Items] | ||||
Outstanding commitment | $ 124,000 | |||
Payment for each future target | 12,500 | |||
Future milestone payments | 160,000 | |||
Payment for additional milestones | $ 40,000 |
Audit fees (Details)
Audit fees (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Audit fees | |||
Audit fees (1) | $ 1,979 | $ 1,394 | $ 1,183 |
Audit-related fees | 330 | 380 | 267 |
Tax fees (2) | 79 | ||
Total | $ 2,309 | $ 1,774 | $ 1,529 |
Overview of consolidation sco_3
Overview of consolidation scope (Details) | 12 Months Ended |
Dec. 31, 2023 subsidiary | |
ARGENX SE | Netherlands | |
Overview of consolidation scope | |
Participation ( as a percent) | 100% |
ARGENX BV | Belgium | |
Overview of consolidation scope | |
Number of subsidiaries | 2 |
Participation ( as a percent) | 100% |
IIP BV | Belgium | |
Overview of consolidation scope | |
Participation ( as a percent) | 100% |
ARGENX US INC | United States | |
Overview of consolidation scope | |
Number of subsidiaries | 10 |
Participation ( as a percent) | 100% |
ARGENX SWITZERLAND, SA | Switzerland | |
Overview of consolidation scope | |
Participation ( as a percent) | 100% |
ARGENX JAPAN KK | Japan | |
Overview of consolidation scope | |
Participation ( as a percent) | 100% |
ARGENX FRANCE SAS | France | |
Overview of consolidation scope | |
Participation ( as a percent) | 100% |
ARGENX GERMANY GMBH | Germany | |
Overview of consolidation scope | |
Participation ( as a percent) | 100% |
ARGENX CANADA INC [Member] | CANADA | |
Overview of consolidation scope | |
Participation ( as a percent) | 100% |
ARGENX UK LTD [Member] | UNITED KINGDOM | |
Overview of consolidation scope | |
Participation ( as a percent) | 100% |
ARGENX NETHERLANDS B.V [Member] | Netherlands | |
Overview of consolidation scope | |
Participation ( as a percent) | 100% |
ARGENX ITALY [Member] | ITALY | |
Overview of consolidation scope | |
Participation ( as a percent) | 100% |
Argenx Spain S.L. [Member] | SPAIN | |
Overview of consolidation scope | |
Participation ( as a percent) | 100% |