Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the Month of July 2023

Commission File Number: 001-38097

ARGENX SE

(Translation of registrant’s name into English)

Laarderhoogtweg 25
1101 EB Amsterdam, the Netherlands

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ⌧ Form 40-F ◻

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ◻

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ◻

argenx SE

On July 27, 2023, argenx SE (the “Company) issued a press release and unaudited first half-year financial results for 2023, which are further described in an Unaudited Interim Report for the Six Months Ended June 30, 2023, copies of which are attached hereto as Exhibits 99.1 and 99.2, respectively, and are incorporated by reference herein.

The information contained in this Current Report on Form 6-K, including the exhibits hereto, is incorporated by reference into the Company’s Registration Statements on Forms F-3 (File No. 333-258251 and S-8 (File Nos. 333-225375 and 333-258253).

EXHIBITS


Exhibit		Description

99.1		Press Release dated July 27, 2023

99.2		Unaudited Interim Report for the Six Months Ended June 30, 2023

101.INS		Inline XBRL Instance Document

101.SCH		Inline XBRL Taxonomy Extension Schema Document

101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document

104		Cover Page Interactive Data File (formatted as Inline XBRL)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


	ARGENX SE

Date: July 27, 2023	By:	/s/ Hemamalini (Malini) Moorthy
		Hemamalini (Malini) Moorthy
		General Counsel

Exhibit 99.1

argenx Reports Half Year 2023 Financial Results and Provides Second Quarter Business Update

$269 million in second quarter VYVGART® (efgartigimod alfa-fcab) global net product sales

VYVGART® Hytrulo now available in the U.S. with first vials shipped in July

Global VYVGART expansion continued with commercial launch in Italy and distribution agreement with Handok in South Korea

Topline results from ADVANCE-SC and ADDRESS expected in fourth quarter of 2023

Management to host conference call today at 2:30 pm CET (8:30 am ET)

July 27, 2023

Amsterdam, the Netherlands – argenx SE (Euronext & Nasdaq: ARGX), a global immunology company committed to improving the lives of people suffering from severe autoimmune diseases, today announced its half year 2023 financial results and provided a second quarter business update.

“We are thrilled to see the momentum continue across all aspects of our business, with a catalyst-rich first half of the year. For another quarter we saw consistent revenue growth with VYVGART, delivering on our promise to bring transformative change to the treatment of gMG and reaching more patients through global approvals and the launch of our SC offering. Now with the positive ADHERE data, we have strengthened our conviction in the potential of VYVGART for CIDP patients but also more broadly across IgG-mediated autoimmune diseases, motivating us to explore the full extent of the opportunity. Our ambition level is high and we are positioning argenx for long-term growth with VYVGART, empasiprubart, and our pipeline of immunology solutions. It is time to raise the bar for patients on what a treatment can offer and we are more inspired than ever in our pursuit to do so,” said Tim Van Hauwermeiren, Chief Executive Officer of argenx.

SECOND QUARTER 2023 AND RECENT BUSINESS UPDATE

VYVGART Expansion

VYVGART is a first-in-class antibody fragment targeting the neonatal Fc receptor (FcRn) and is now approved globally in six countries or regions (U.S., Japan, EU, UK, Israel, China) for generalized myasthenia gravis (gMG). VYVGART Hytrulo was approved by the U.S. Food and Drug Administration (FDA) on June 20, 2023, and is the first subcutaneous (SC) injectable for gMG. argenx is planning for multi-dimensional expansion to reach more patients with VYVGART through additional global regulatory approvals.

●

Generated global net VYVGART revenues of $269 million in second quarter of 2023

●

Launched VYVGART Hytrulo in U.S. and shipped first vials in July

●

Launched VYGART in Italy in July following successful completion of reimbursement negotiations

●

VYVGART approval decision in Canada expected in third quarter of 2023

●

Approval decisions of SC efgartigimod expected in Europe in fourth quarter of 2023, Japan by first quarter of 2024, and China by end of 2024

●

Marketing authorization application (MAA) filed in Japan for VYVGART for primary immune thrombocytopenia (ITP); approval decision expected in first half of 2024

●

Entered into VYVGART commercial and distribution agreement with Handok in South Korea

Efgartigimod Research and Development

argenx is solidifying its leadership in immunology innovation by expanding the scope of IgG-mediated autoimmune diseases in development and further demonstrating the potential of FcRn blockade in ongoing clinical trials. By the end of 2023, efgartigimod is expected to be approved, in regulatory review or in development in 13 severe autoimmune diseases.

●

Announced positive topline results from ADHERE of VYVGART Hytrulo for chronic inflammatory demyelinating polyneuropathy (CIDP)

o

Primary endpoint met (p=0.000039); VYVGART Hytrulo demonstrated 61% reduction (HR: 0.39 95% CI: 0.25; 0.61) in risk of relapse versus placebo

o

67% of patients in open-label Stage A demonstrated evidence of clinical improvement (ECI), indicating IgG autoantibodies play significant role in underlying biology of CIDP

o

Safety and tolerability profile consistent with confirmed safety profile of VYVGART

o

91% (226/249) of eligible patients continued to ADHERE+ open-label extension study

●

Topline data from ADDRESS (pemphigus) and ADVANCE-SC (primary immune thrombocytopenia) studies expected in fourth quarter of 2023

●

GO/NO GO decisions expected from BALLAD (bullous pemphigoid) in first quarter of 2024 and ALKIVIA (myositis) in second half of 2024

●

Topline data from ALPHA (post-COVID postural orthostatic tachycardia syndrome (PC-POTS)) expected in first quarter of 2024 and RHO (Sjogren’s syndrome) in second half of 2024

●

Studies ongoing in membranous nephropathy (MN) and lupus nephritis (LN) through Zai Lab collaboration

●

Registrational study in thyroid eye disease (TED) and proof-of-concept studies in ANCA-associated vasculitis (ANCA) and antibody mediated rejection (AMR) in kidney transplant to start in fourth quarter of 2023

Pipeline Progress

argenx is advancing a robust portfolio of innovative clinical programs, including empasiprubart (C2 inhibitor) and ARGX-119 (muscle-specific kinase (MuSK) agonist). Both programs have the potential to be first-in-class opportunities for multiple severe indications.

●

Initiated second dose cohort in Phase 2 ARDA study of empasiprubart in multifocal motor neuropathy (MMN)

o

Independent Data Monitoring Committee recommended study continuation based on favorable safety profile observed in first dose cohort

o

Early efficacy signals support proof-of-concept in MMN

o

Second cohort to evaluate next dose of empasiprubart based on efficacy signals observed in first cohort

o

Topline results from both first and second cohorts expected in 2024

●

Phase 2 studies of empasiprubart in delayed graft function (DGF) on track to start by end of year and dermatomyositis in first quarter of 2024

●

Phase 1 study of ARGX-119 ongoing in healthy volunteers; subsequent Phase 1b trial to assess early signal detection in patients with congenital myasthenic syndrome and amyotrophic lateral sclerosis (ALS)

Immunology Innovation Program

argenx continues to invest in its discovery engine, the Immunology Innovation Program, to foster a robust innovation ecosystem and drive early-stage pipeline growth. argenx expects to nominate one new pipeline candidate in 2023.

SECOND QUARTER 2023 FINANCIAL RESULTS

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands of $ except for shares and EPS)	2023		2022		2023		2022
Product net sales	$	269,313	$	74,833	$	487,335	$	95,996
Collaboration revenue		1,237		361		2,355		2,610
Other operating income		10,485		9,989		21,225		18,057
Total operating income		281,035		85,183		510,915		116,663

Cost of sales		(24,024)		(5,010)		(42,359)		(6,382)
Research and development expenses		(195,509)		(126,919)		(361,364)		(278,887)
Selling, general and administrative expenses		(161,977)		(127,798)		(311,149)		(228,664)
Loss from investment in joint venture		(1,619)		-		(1,880)		-
Total operating expenses		(383,129)		(259,727)		(716,752)		(513,933)

Operating loss	$	(102,094)	$	(174,544)	$	(205,837)	$	(397,270)

Financial income		20,441		4,912		37,029		5,733
Financial expense		(207)		(1,178)		(395)		(2,131)
Exchange gains/(losses)		(2,001)		(46,169)		9,164		(53,382)

Loss for the period before taxes	$	(83,861)	$	(216,979)	$	(160,039)	$	(447,050)
Income tax (expense)/benefit	$	(10,507)	$	8,229	$	36,800	$	11,114
Loss for the period	$	(94,368)	$	(208,750)	$	(123,239)	$	(435,936)
Loss for the period attributable to:
Owners of the parent	$	(94,368)	$	(208,750)	$	(123,239)	$	(435,936)
Weighted average number of shares outstanding		55,828,239		54,802,339		55,690,873		53,449,915
Basis and diluted loss per share (in $)		(1.69)		(3.81)		(2.21)		(8.16)
Net increase/(decrease) in cash, cash equivalents and current financial assets compared to year-end 2021 and 2022						(195,580)		260,665
Cash and cash equivalents and current financial assets at the end of the period						1,996,968		2,597,393

DETAILS OF THE FINANCIAL RESULTS

Total operating income for the second quarter and year-to-date in 2023 was $281.0 million and $510.9 million, respectively, compared to $85.2 million and $116.7 million for the same periods in 2022, and mainly consists of:

●

Product net sales of VYVGART for the three months ended and six months ended June 30, 2023, were $269.3 million and $487.3 million, compared to $74.8 million and $96.0 million for the same periods in 2022.

●

Other operating income for the second quarter and year-to-date in 2023 was $10.5 million and $21.2 million, respectively, compared to $10.0 million, and $18.1 million for the same periods in 2022. The other operating income for the three and six months ended June 30, 2023 primarily relates to research and development tax incentives and payroll tax rebates.

Total operating expenses for the second quarter and year-to-date in 2023 were $383.1 million and $716.8 million, respectively, compared to $259.7 million and $513.9 million for the same periods in 2022, and mainly consists of:

●

Cost of sales for the second quarter and year-to-date in 2023 was $24.0 million and $42.4 million, respectively, compared to $5.0 million and $6.4 million for the same periods in 2022. The cost of sales was recognized with respect to the sale of VYVGART.

●

Research and development expenses increased by $68.6 million and $82.5 million for the three months and six months ended June 30, 2023, to $195.5 million and $361.4 million, respectively, compared to $126.9 million and $278.9 million for the same periods in 2022. The research and development expenses mainly relate to external research and development expenses and personnel expenses incurred in the clinical development of efgartigimod in various indications and the expansion of other clinical and preclinical pipeline candidates.

●

Selling, general and administrative expenses for the second quarter and year-to-date in 2023 were $162.0 million and $311.1 million, respectively, compared to $127.8 million and $228.7 million for the same periods in 2022. The selling, general and administrative expenses mainly relate to professional and marketing fees linked to commercialization of VYVGART in the U.S., EU and Japan, and personnel expenses.

Financial income for the second quarter and year-to-date in 2023 was $20.4 million and $37.0 million, respectively, compared to $4.9 million and $5.7 million for the same periods in 2022. The increase in financial income is mainly due to an increase in interest income on current financial assets and cash and cash equivalents attributable to higher interest rates.

Exchange gains/losses for the second quarter and year-to-date in 2023 were $2.0 million of exchange losses and $9.2 million of exchange gains, respectively, compared to $46.2 million and $53.4 million of exchange losses for the same periods in 2022. Exchange gains/losses are mainly attributable to unrealized exchange rate gains or losses on the cash, cash equivalents and current financial assets position in Euro.

Income tax for the second quarter and year-to-date in 2023 was $10.5 million of tax expense and $36.8 million of tax benefit, respectively, compared to $8.2 million and $11.1 million of tax benefit for the same periods in 2022.

Net loss for the three and six month periods ended June 30, 2023, was $94.4 million and $123.2 million, respectively, compared to $208.8 million and $435.9 million over the prior year periods. On a per weighted average share basis, the net loss was $2.21 and $8.16 for the six months ended June 30, 2023 and 2022, respectively.

Cash, cash equivalents and current financial assets totalled $2.0 billion as of June 30, 2023, compared to $2.2 billion as of December 31, 2022. Cash and cash equivalents and current financial assets decreased primarily as a result of net cash flows used in operating activities. The cash position as of June 30, 2023, excludes the $1.3 billion in estimated gross proceeds from the global equity offering, which closed on July 24, 2023.

With the closing of this transaction, argenx will review its cash burn expectations and provide an update accordingly.

UPCOMING FINANCIAL CALENDAR

●

October 31, 2023: Q3 2023 financial results and business update

●

February 29, 2024: FY 2023 financial results and business update

CONFERENCE CALL DETAILS

The second quarter 2023 financial results and business update will be discussed during a conference call and webcast presentation today at 2:30 pm CET/8:30 am ET. A webcast of the live call may be accessed on the Investors section of the argenx website at argenx.com/investors. A replay of the webcast will be available on the argenx website.

Dial-in numbers:

Please dial in 15 minutes prior to the live call.

Belgium32 800 50 201

France33 800 943355

Netherlands31 20 795 1090

United Kingdom44 800 358 0970

United States 1 888 415 4250

Japan81 3 4578 9081

Switzerland41 43 210 11 32

About argenx

argenx is a global immunology company committed to improving the lives of people suffering from severe autoimmune diseases. Partnering with leading academic researchers through its Immunology Innovation Program (IIP), argenx aims to translate immunology breakthroughs into a world-class portfolio of novel antibody-based medicines. argenx developed and is commercializing the first approved neonatal Fc receptor (FcRn) blocker in the U.S., Japan, Israel, the EU, the UK and China. The Company is evaluating efgartigimod in multiple serious autoimmune diseases and advancing several earlier stage experimental medicines within its therapeutic franchises. For more information, visit www.argenx.com and follow us on LinkedIn, Twitter, and Instagram.

For further information, please contact:

Media:

Erin Murphy

emurphy@argenx.com

Investors:

Alexandra Roy (US)

aroy@argenx.com

Lynn Elton (EU)

lelton@argenx.com

Forward-looking Statements

The contents of this announcement include statements that are, or may be deemed to be, “forward-looking statements.” These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “believes,” “hope,” “estimates,” “anticipates,” “expects,” “intends,” “may,” “will,” or “should” and include statements argenx makes regarding its plans for its global commercial expansion of VYVGART to reach more patients; continued investment in its Immunology Innovation Program to foster a robust innovation ecosystem and drive early-stage pipeline growth; the therapeutic potential of its product candidates; the intended results of its strategy and its collaboration partners’, including ongoing studies through its collaboration with Zai Lab; advancement of, and anticipated clinical development, data readouts and regulatory milestones and plans, including the (1) expected topline data from registrational ADDRESS and ADVANCE-SC studies in 2023, (2) expected GO/NO GO decisions from its BALLAD and ALKIVIA trials in 2024, (3) expected topline data from its ALPHA and RHO trials in 2024, (4) timeline of registrational and proof-of-concept studies in ANCA-associated vasculitis and antibody mediated rejection in kidney transplant, (5) potential of empasiprubart and ARGX-119 to be first-in-class opportunities for multiple serious indications and timeline of studies and results thereof and (6) planned nomination of a new product development candidate in 2023; the timing and outcome of regulatory filings and regulatory approvals, including the anticipated regulatory approvals of VYVGART in Canada and Japan and approvals of SC efgartigimod in Europe, Japan and China, and the number of autoimmune diseases for which efgartigimod is expected to be approved, in regulatory review or in development by end of 2023; and 2023 business and financial outlook and related plans, including the anticipated release of updated cash burn expectations and the timeline of future releases of financial results and business updates. By their nature, forward-looking statements involve risks and uncertainties and readers are cautioned that any such forward-looking statements are not guarantees of future performance. argenx’s actual results may differ materially from those predicted by the forward-looking statements as a result of various important factors, including inflation and deflation and the corresponding fluctuations in interest rate; regional instability and conflicts, such as the conflict between Russia and Ukraine, argenx’s expectations regarding the inherent uncertainties associated with competitive developments, preclinical and clinical trial and product development activities and regulatory approval requirements; argenx’s reliance on cllaborations with third parties; estimating the commercial potential of argenx’s product candidates; argenx’s ability to obtain and maintain protection of intellectual property for its technologies and drugs; argenx’s limited operating history; and argenx’s ability to obtain additional funding for operations and to complete the development and commercialization of its product candidates. A further list and description of these risks, uncertainties and other risks can be found in argenx’s U.S. Securities and Exchange Commission (SEC) filings and reports, including in argenx’s most recent annual report on Form 20-F filed with the SEC as well as subsequent filings and reports filed by argenx with the SEC. Given these uncertainties, the reader is advised not to place any undue reliance on such forward-looking statements. These forward-looking statements speak only as of the date of publication of this document. argenx undertakes no obligation to publicly update or revise the information in this press release, including any forward-looking statements, except as may be required by law.

Table of Contents

TABLE OF CONTENTS


UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION	2
UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENTS OF PROFIT OR LOSS	4
UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE INCOME AND LOSS	5
UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS	6
UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY	7
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS	8

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UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

ARGENX SE

UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION


		As of
		June 30,		December 31,
(in thousands of $)	Note	2023		2022
ASSETS
Non‑current assets
Property, plant and equipment		$	14,676	$	16,234
Intangible assets			189,857		174,901
Deferred tax asset			138,767		79,222
Other non-current assets	4		39,232		40,894
Research and development incentive receivables			59,976		47,488
Investment in joint venture			12,443		1,323
Prepaid expenses	5		47,327		—
Total non‑current assets		$	502,277	$	360,064

Current assets
Inventories	6	$	201,112	$	228,353
Prepaid expenses			138,825		76,022
Trade and other receivables	7		353,232		275,697
Research and development incentive receivables			1,377		1,578
Financial assets	8, 18		886,401		1,391,808
Cash and cash equivalents	9, 18		1,110,567		800,740
Total current assets		$	2,691,514	$	2,774,197

TOTAL ASSETS		$	3,193,791	$	3,134,261

The accompanying notes form an integral part of these unaudited condensed consolidated interim financial statements

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		As of
		June 30,		December 31,
(in thousands of $)	Note	2023		2022
EQUITY AND LIABILITIES
Equity
Equity attributable to owners of the parent	10
Share capital		$	6,698	$	6,640
Share premium			4,374,291		4,309,880
Translation Differences			130,042		129,280
Accumulated losses			(2,233,029)		(2,109,791)
Other reserves			580,049		477,691
Total equity		$	2,858,051	$	2,813,699

Non-current liabilities
Provisions for employee benefits		$	1,011	$	870
Lease liabilities			8,044		9,009
Deferred tax liabilities			8,894		8,406
Total non-current liabilities		$	17,949	$	18,285

Current liabilities
Lease liabilities		$	3,198	$	3,417
Trade and other payables	12		309,985		295,679
Tax liabilities			4,608		3,181
Total current liabilities		$	317,791	$	302,277

Total liabilities		$	335,740	$	320,562

TOTAL EQUITY AND LIABILITIES		$	3,193,791	$	3,134,261

The accompanying notes form an integral part of these unaudited condensed consolidated interim financial statements.

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ARGENX SE

UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENTS OF PROFIT OR LOSS


		Six Months Ended
		June 30,
(in thousands of $ except for shares and EPS)	Note	2023		2022
Product net sales	13,14	$	487,335	$	95,996
Collaboration revenue			2,355		2,610
Other operating income			21,225		18,057
Total operating income			510,915		116,663

Cost of sales			(42,359)		(6,382)
Research and development expenses	15		(361,364)		(278,887)
Selling, general and administrative expenses	16		(311,149)		(228,664)
Loss from investment in joint venture			(1,880)		—
Total operating expenses			(716,752)		(513,933)

Operating loss		$	(205,837)	$	(397,270)

Financial income			37,029		5,733
Financial expense			(395)		(2,131)
Exchange gains/(losses)			9,164		(53,382)

Loss for the period before taxes		$	(160,039)	$	(447,050)
Income tax benefit	17	$	36,800	$	11,114
Loss for the period		$	(123,239)	$	(435,936)
Loss for the period attributable to:
Owners of the parent			(123,239)		(435,936)
Weighted average number of shares outstanding			55,690,873		53,449,915
Basic and diluted loss per share (in $)			(2.21)		(8.16)

The notes are an integral part of these unaudited condensed consolidated interim financial statements.

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ARGENX SE

UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE INCOME AND LOSS


		Six Months Ended
		June 30,
(in thousands of $ except for shares)	Note	2023		2022
Loss for the period		$	(123,239)	$	(435,936)

Items that may be reclassified subsequently to profit or loss, net of tax
Currency translation differences, arisen from translating foreign activities			762		(2,993)
Items that will not be reclassified to profit or loss, net of tax
Fair value gain/(loss) on investments in equity instruments designated as at FVTOCI	18		(1,688)		(16,006)

Other comprehensive loss, net of income tax		$	(926)	$	(18,999)

Total comprehensive loss attributable to:		$	(124,165)	$	(454,935)
Owners of the parent			(124,165)		(454,935)

The accompanying notes form an integral part of these unaudited condensed consolidated interim financial statements.

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ARGENX SE

UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS


		Six Months Ended
		June 30,
(in thousands of $)	Note	2023		2022
Operating loss		$	(205,837)	$	(397,270)
Adjustments for non-cash items
Amortization of intangible assets			43		389
Depreciation of property, plant and equipment			2,661		2,671
Provisions for employee benefits			138		137
Expense recognized in respect of share-based payments	11		102,083		76,634
Fair value gains on financial assets at fair value through profit or loss			—		(4,256)
Loss from investment in joint venture			1,880		—

		$	(99,032)	$	(321,695)
Movements in current assets/liabilities
(Increase)/decrease in trade and other receivables			(68,057)		(71,152)
(Increase)/decrease in inventories	6		27,240		(26,636)
(Increase)/decrease in other current assets			(62,500)		(25,119)
Increase/(decrease) in trade and other payables			(616)		(33,251)
Movements in non-current assets/liabilities
(Increase)/decrease in non‑current prepaid expenses			(47,327)		—
(Increase)/decrease in other non‑current assets			(11,603)		(7,244)

Cash flows used in operating activities		$	(261,894)	$	(485,097)

Interest paid			(78)		(505)
Income taxes paid			(23,465)		(8,911)

Net cash flows used in operating activities		$	(285,436)	$	(494,513)

Purchase of property, plant and equipment			(479)		(183)
(Increase)/decrease in current financial assets	8		—		(234,244)
Purchase of current financial investments (1)			(267,196)		—
Sale of current financial investments (1)			780,331		—
Interest received			27,361		2,082
Investment in joint venture			(13,000)		—

Net cash flows (used in) / from investing activities		$	527,017	$	(232,345)

Principal elements of lease payments			(2,182)		(2,224)
Proceeds from issue of new shares, gross amount	10		—		760,954
Issue costs paid			—		(843)
Exchange gain from currency conversion on proceeds from issue of new shares	10		—		410
Payment on employee withholding taxes related to restricted stock unit awards			(604)		—
Proceeds from exercise of stock options	10		65,074		49,979

Net cash flows from financing activities		$	62,288	$	808,276

Increase/(decrease) in cash and cash equivalents		$	303,868	$	81,418

Cash and cash equivalents at the beginning of the period		$	800,740	$	1,334,676
Exchange gains/(losses) on cash & cash equivalents		$	5,960	$	(48,806)
Cash and cash equivalents at the end of the period		$	1,110,567	$	1,367,288

(1) Due to the change in the maturity of the current financial assets during current year, the presentation has been changed from net basis to gross basis

The accompanying notes form an integral part of these unaudited condensed consolidated interim financial statements.

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ARGENX SE

UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY


	Attributable to Owners of the Parent
									Share-based				Total
									payment and				Equity
									income tax				Attributable
									deduction on		Other		to Owners
	Share		Share		Accumulated		Translation		share-based		comprehensive		of the		Total
(in thousands of $)	Capital		Premium		Losses		Difference		payments		income		Parent		Equity
Balance year ended December 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 period	$		$		$	(435,936)	$		$		$		$	(435,936)	$	(435,936)
Other comprehensive income / (loss)								(2,993)				(16,006)		(18,999)		(18,999)
Total comprehensive income/(loss) for the period		—		—		(435,936)		(2,993)		—		(16,006)		(454,935)		(454,935)
Income tax benefit from excess tax deductions related to share-based payments										3,957				3,957		3,957
Share-based payment										76,935				76,935		76,935
Issue of share capital		294		760,659										760,953		760,953
Transaction costs for equity issue				(781)										(781)		(781)
Exercise of stock options		76		49,842										49,919		49,919

Balance period ended June 30, 2022	$	6,603	$	4,272,495	$	(1,836,133)	$	128,691	$	453,911	$	(55,296)	$	2,970,271	$	2,970,271


Balance year ended December 31, 2022	$	6,640	$	4,309,880	$	(2,109,791)	$	129,280	$	535,247	$	(57,557)	$	2,813,699	$	2,813,699

Total loss of the period	$		$		$	(123,239)	$		$		$		$	(123,239)	$	(123,239)
Other comprehensive income / (loss)								762				(1,688)		(926)		(926)
Total comprehensive income/(loss) for the period		—		—		(123,239)		762		—		(1,688)		(124,165)		(124,165)
Income tax benefit from excess tax deductions related to share-based payments										1,396				1,396		1,396
Share-based payment										102,651				102,651		102,651
Exercise of stock options		58		65,016										65,074		65,074
Ordinary shares withheld for payment of employees' withholding tax liability				(604)										(604)		(604)

Balance period ended June 30, 2023	$	6,698	$	4,374,291	$	(2,233,029)	$	130,042	$	639,294	$	(59,245)	$	2,858,051	$	2,858,051

Please refer to note 10 for more information on the share capital.

The accompanying notes form an integral part of these unaudited condensed consolidated interim financial statements.

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ARGENX SE

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

1. General information about the Company

argenx SE is a Dutch European public company with limited liability incorporated under the laws of the Netherlands. The Company (COC 24435214) has its official seat in Rotterdam, the Netherlands, and its registered office is at Laarderhoogteweg 25, 1101 EB Amsterdam, the Netherlands.

argenx SE is a publicly traded company with ordinary shares listed on Euronext Brussels under the symbol “ARGX” since July 2014 and with American Depositary Shares listed on Nasdaq under the symbol “ARGX” since May 2017.

2. Basis of preparation

The unaudited condensed consolidated interim financial statements for the six months ended June 30, 2023 have been prepared in accordance with IAS 34 ‘Interim Financial Reporting’ as issued by the IASB and as adopted by the European Union. The unaudited condensed consolidated interim financial statements should be read in conjunction with the annual financial statements for the year ended December 31, 2022.

All amounts herein are presented in thousands of $, unless otherwise indicated, rounded to the nearest $ ‘000.

The unaudited condensed consolidated financial statements have been approved for issue by the Company’s Board of Directors (the “Board”) on July 25, 2023.

3. Significant accounting policies

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

4. Other non-current assets


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

Please also refer to note 18 for more information on the financial instruments.

5. Non-current prepaid expense

Non-current prepaid expense is related to prepaid inventory. Please also refer to note 6 for more information on inventory.

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6. Inventories


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

The cost of inventories, which is recognized as an expense and included in the “cost of sales” on the unaudited condensed consolidated statements of profit or loss, amounted to $42.4 million for the six months ended June 30, 2023 (compared to $6.4 million for the six months ended June 30, 2022).

As a result of the detection of a latent defect in the second quarter of 2023 in drug substance batches produced in 2022 at one of the facilities awaiting approval, the Company has decreased inventory with an amount of $47.3 million. The discovered latent defect comprises an error in the concentration of an excipient in the final formulation, which disqualifies the material for commercial use and causes the Company to write-down its value. The Company has obtained the commitment from the supplier to replace the drug substance from these batches in the coming years, which is reflected in the recognition of a non-current prepaid expense amounting to $47.3 million.

Included in inventory are products which could be used either for commercial activities, or for in-house preclinical and clinical programs, non-reimbursed pre-approval programs and clinical programs carried out by Zai Lab.

7. Trade and other receivables

Trade and other receivables are composed of receivables which are detailed below:


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

The carrying amounts of trade and other receivables approximate their respective fair values. On June 30, 2023 and December 31, 2022, the Company did not have any provision for expected credit losses.

8. Current financial assets

These current financial assets relate to term accounts with an initial maturity longer than 3 months but less than 12 months and money market funds which do not qualify as cash equivalents.


	As of
	June 30,		December 31,
(in thousands of $)	2023		2022
Money market funds	$	113,215	$	46,162
Term accounts		773,186		1,345,646
Total Current Financial Assets	$	886,401	$	1,391,808

Please also refer to note 18 for more information on the financial instruments.

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9. Cash and cash equivalents


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

On June 30, 2023, cash and cash equivalents amounted to $1,110.6 million, compared to $800.7 million on December 31, 2022 and included money market funds that are readily convertible to cash and subject to an insignificant risk of changes in value, term accounts with an initial maturity not exceeding 3 months and cash and bank balances held at various financial institutions.

Please also refer to note 18 for more information on the financial instruments.

10. Shareholders’ capital

On June 30, 2023, the Company’s share capital was represented by 55,955,544 shares. All shares were issued, fully paid up and of the same class. The table below summarizes our capital increases, as a result of the exercise of stock options and vesting of RSUs under the argenx Employee Stock Option Plan, for the period ended June 30, 2023.


Number of shares outstanding on December 31, 2022		55,395,856
Exercise of stock options		533,478
Vesting of RSUs		26,210
Number of shares outstanding on June 30, 2023		55,955,544

11. Share based payments

The Company has an equity incentive plan for the employees, key consultants, board members, senior managers and key outside advisors (“key persons”) of the Company and its subsidiaries. In accordance with the term of the plan, as approved by shareholders, employees may be granted stock options and/or restricted stock units.

11.1 Stock options

On April 3, 2023, the Company granted a total of 61,056 stock options to certain of its employees and consultants. Below is an overview of the parameters used in relation to the new grant during 2023:


Stock options granted in	Apr-23
Number of options granted		61,056
Fair value of options (in USD) (*)	$	158.21 - 196.18
Share price (in USD) (*)	$	361.64 - 401.21
Exercise price (in USD) (*)	$	370.34
Expected volatility	%	41.00 - 42.18
Expected option life (in years)		4.0 - 6.5
Risk‑free interest rate	%	2.96 - 3.14
Expected dividends		—
(*) amounts have been converted to US dollar at the closing rate of grant date

The stock options are granted to key persons of the Company and its subsidiaries. The stock options may be granted to purchase ordinary shares at an exercise price. The stock options have been granted free of charge. Each employee’s stock option converts

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into one ordinary share of the Company upon exercise. The stock options carry neither rights to dividends nor voting rights. Stock options may be exercised at any time from the date of vesting to the date of their expiry. The stock options granted vest, in principle, as follows:

●

1/3^rd of the total stock options granted on the first anniversary of the granting of the stock options; and

●

1/36^th of the total grant on the first day of each month following the first anniversary of the date of grant of the stock options.

Upon leave of the employee, consultant or director, stock options must be exercised before the later of (i) 90 days after the last working day at argenx, or (ii) March 31 of the 4th year following the date of grant of those stock options, and in any case no later than the expiration date of the option.

The total share-based payment expense related to stock options recognized in the unaudited condensed consolidated statement of income or loss totaled $72.0 million for the six months ended June 30, 2023 compared to $60.4 million for the six months ended June 30, 2022.

11.2 Restricted Stock Units (RSUs)

The RSUs are granted to key persons of the Company and its subsidiaries. The RSUs have been granted free of charge. Each employee’s RSUs converts into one ordinary share of the Company upon vesting. The RSUs carry neither rights to dividends nor voting rights. RSUs once converted into ordinary shares, may be sold at any time from the date of vesting, have no expiry date and may be held by the participant without limitation. The fair value of RSUs is based on the closing sale price of our common stock on the day prior to the date of issuance. RSUs vest over a period of 4 years with 1/4^th of the total grant vesting at each anniversary of the date of grant.

The total share-based payment expense related to RSUs recognized in the unaudited condensed consolidated interim statements of profit or loss totaled $30.1 million for the six months ended June 30, 2023 compared to $16.2 million for six months ended June 30, 2022.

12. Trade and other payables


	As of
	June 30,		December 31,
(in thousands of $)	2023		2022
Trade payables	$	195,268	$	188,721
Short term employee benefits		70,217		84,337
Gross-to-net accruals		39,153		19,478
Other		5,347		3,142
Total trade and other payables	$	309,985	$	295,679

The carrying amounts of trade and other payables approximate their respective fair values.

Trade payables correspond primarily to clinical and manufacturing activities and include accrued expenses related to these activities.

Short term employee benefits include payables and accruals for salaries and bonuses to be paid to the employees of the Company.

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The movement in gross-to-net accruals as of June 30, 2023 and as of June 30, 2022 was as follows:


				Distribution
		Rebates and		fees, product
		charge backs		returns and		Total
(in thousands of $)				other
Balance at January 01, 2022	$	—	$	—	$	—
Current estimate related to the sales made in current year		10,078		3,270		13,348
(Credits or payments related to sales made during the year)		(5,592)		(2,312)		(7,904)
Balance at June 30, 2022	$	4,485	$	958	$	5,443

Balance at January 01, 2023	$	15,399	$	4,079	$	19,478
Current estimate related to the sales made in current year		56,801		11,339		68,140
Adjustments for prior year sales		632		(883)		(251)
(Credits or payments related to sales made during the year)		(29,711)		(7,474)		(37,185)
(Credits or payments related to sales made during the prior year)		(8,260)		(2,769)		(11,029)
Balance at June 30, 2023	$	34,861	$	4,292	$	39,153

13. Product net sales

For the six months ended June 30, 2023, the product gross sales was fully related to sales of VYVGART and amounts to $555.7 million and the gross to net adjustment for six months ended June 30, 2023 was $68.4 million, resulting in $487.3 million of product net sales for six months ended June 30, 2023.

For the six months ended June 30, 2022, the product gross sales was fully related to sales of VYVGART and amounts to $109.4 million and the gross to net adjustment for six months ended June 30, 2022 was $13.4 million, resulting in $96.0 million of product net sales for six months ended June 30, 2022.

Refer to note 14 for the breakdown of product net sales by regions for six month ended June 30, 2023.

14. Segment reporting

The following table summarizes our product net sales by territory of sales based on the country of the entity that recognizes product net sales:


	Six Months Ended
	June 30,
(in thousands of $)	2023		2022
Product net sales	$		$
United States		440,853		94,349
Japan		23,645		1,514
EMEA		22,836		133
Total	$	487,335	$	95,996

We sell our products through a limited number of distributors and wholesalers. Four U.S. customers represent approximately 88% of our product net sales in the U.S. during six months ended June 30, 2023 (compared to 92% for the same period in 2022).

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The non-current assets of the Company, with the exception of the deferred tax assets, are geographically located as shown in the table below:


	As of
	June 30,		December 31,
(in thousands of $)	2023		2022
Belgium	$	359,122	$	275,620
United States		1,893		2,325
Japan		2,332		2,763
Germany		149		130
France		7		4
Italy		7		—
Total	$	363,510	$	280,841

15. Research and development expenses


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

16.	Selling, general and administrative expenses


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

17. Income tax benefit

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

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18. Financial instruments and financial risk management

The Company carried the following assets at fair value on June 30, 2023 and December 31, 2022, respectively:


	At June 30, 2023
(in thousands of $)	Level 1		Level 2		Level 3
Non-current financial assets	$	15,756	$	—	$	21,715
Current financial assets		113,215		—		—
Cash equivalents		845,573		—		—
Assets carried at fair value	$	974,543	$	—	$	21,715


	At December 31, 2022
(in thousands of $)	Level 1		Level 2		Level 3
Non-current financial assets	$	17,443	$	—	$	21,715
Current financial assets		46,162		—		—
Cash equivalents		669,147		—		—
Assets carried at fair value	$	732,752	$	—	$	21,715

Non-current financial assets – Level 3

In March 2019, the Company entered into a license agreement with AgomAb Therapeutics NV for the use of HGF-mimetic SIMPLE Antibodies™, developed under the Company’s Immunology Innovative Program. In exchange for granting this license, the Company received a profit share in AgomAb Therapeutics NV.

In March 2021, AgomAb Therapeutics NV secured $74 million in Series B financing by issuing 286,705 of Preferred B Shares. The Company used the post-money valuation of Series B financing round and the number of outstanding shares in determining the fair value of the profit-sharing instrument, which results in a change in fair value of $11.2 million non-current assets being recorded through profit or loss. Since AgomAb Therapeutics NV is a private company, the valuation of the profit share is based on level 3 assumptions.

In June 2022, AgomAb Therapeutics NV secured €38.4 million as a result of the extension of Series B. The Company used the post-money valuation of this Series B financing round and the number of outstanding shares in determining the fair value of the profit-sharing instrument, which results in a change in fair value of non-current financial assets of $4.3 million recorded through profit or loss for the year ended December 31, 2022.

Non-current financial assets – Level 1

As part of the license agreement for the development and commercialization for efgartigimod in Greater China, the Company obtained, amongst others, 568,182 newly issued Zai Lab shares calculated at a price of $132 per share. The fair value of the equity instrument at period-end is determined by reference to the closing price of such securities at each reporting date (classified as level 1 in the fair value hierarchy), resulting in a change in fair value. The Company made the irrevocable election to recognize subsequent changes in fair value through OCI.

19. Related party transaction

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

20. Contractual obligations and commitments

The Company’s manufacturing commitments with Lonza, its drug substance manufacturing contractor, relate to the ongoing execution of the biologic license application (BLA) services for efgartigimod and its manufacturing activities related to the commercialization or potential future commercialization. In December 2018, the Company signed its first commercial supply

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agreement with Lonza related to the reservation of commercial drug substance supply capacity for efgartigimod. In the aggregate, as of June 30, 2023, the Company has outstanding commitments for efgartigimod under the first commercial supply agreement of $379.2 million.

During 2022, the Company signed an agreement with Fujifilm, for activities relating to the large-scale manufacturing of efgartigimod drug substance. In the aggregate, as of June 30, 2023, the Company has outstanding commitments for efgartigimod under the commercial supply agreement of $2.3 million.

21. Events after the balance sheet date

On July 17, 2023, the Company offered 2,244,899 of its ordinary shares through a global offering which consisted of 1,580,981 ADSs in the U.S. at a price of $490.0 per ADS, before underwriting discounts and commissions and offering expenses; and 663,918 ordinary shares in the European Economic Area at a price of €436.37 per share, before underwriting discounts and commissions and offering expenses. On July 19, 2023, the underwriters of the offering exercised their over-allotment option to purchase 336,734 additional ADSs in full. As a result, the Company received $1.27 billion in gross proceeds from this offering.

The Company generated its first commercial sale of Vyvgart Hytrulo in the United States during July 2023, which trigged a milestone payment of $18 million by the Company towards Halozyme Inc.

No other events have occurred after the balance sheet date that could have a material impact on the unaudited condensed consolidated financial statements.

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

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

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

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

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

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

General information about the company

6 Months Ended

Jun. 30, 2023

General information about the company

General information about the company

1. General information about the Company

Basis of preparation

6 Months Ended

Jun. 30, 2023

Basis of preparation

Basis of preparation

2. Basis of preparation

All amounts herein are presented in thousands of $, unless otherwise indicated, rounded to the nearest $ ‘000.

The unaudited condensed consolidated financial statements have been approved for issue by the Company’s Board of Directors (the “Board”) on July 25, 2023.

Significant accounting policies

6 Months Ended

Jun. 30, 2023

Significant accounting policies

Significant accounting policies

3. Significant accounting policies

Other non-current assets

6 Months Ended

Jun. 30, 2023

Other non-current assets.

Other non-current assets

4. Other non-current assets


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

Please also refer to note 18 for more information on the financial instruments.

Non-current prepaid expense

6 Months Ended

Jun. 30, 2023

Non-current prepaid expense

Non-current prepaid expense

5. Non-current prepaid expense

Non-current prepaid expense is related to prepaid inventory. Please also refer to note 6 for more information on inventory.

Inventories

6 Months Ended

Jun. 30, 2023

Inventories

Inventories

6. Inventories


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

Trade and other receivables

6 Months Ended

Jun. 30, 2023

Trade and other receivables.

Trade and other receivables

7. Trade and other receivables

Trade and other receivables are composed of receivables which are detailed below:


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

Current financial assets

6 Months Ended

Jun. 30, 2023

Current financial assets

Current financial assets

8. Current financial assets

These current financial assets relate to term accounts with an initial maturity longer than 3 months but less than 12 months and money market funds which do not qualify as cash equivalents.


	As of
	June 30,		December 31,
(in thousands of $)	2023		2022
Money market funds	$	113,215	$	46,162
Term accounts		773,186		1,345,646
Total Current Financial Assets	$	886,401	$	1,391,808

Please also refer to note 18 for more information on the financial instruments.

Cash and cash equivalents

6 Months Ended

Jun. 30, 2023

Cash and cash equivalents

Cash and cash equivalents

9. Cash and cash equivalents


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

Please also refer to note 18 for more information on the financial instruments.

Shareholder's capital

6 Months Ended

Jun. 30, 2023

Shareholders' capital

Shareholders' capital

10. Shareholders’ capital


Number of shares outstanding on December 31, 2022		55,395,856
Exercise of stock options		533,478
Vesting of RSUs		26,210
Number of shares outstanding on June 30, 2023		55,955,544

Share-based payments

6 Months Ended

Jun. 30, 2023

Share-based payments

Share-based payments

11. Share based payments

11.1 Stock options


Stock options granted in	Apr-23
Number of options granted		61,056
Fair value of options (in USD) (*)	$	158.21 - 196.18
Share price (in USD) (*)	$	361.64 - 401.21
Exercise price (in USD) (*)	$	370.34
Expected volatility	%	41.00 - 42.18
Expected option life (in years)		4.0 - 6.5
Risk‑free interest rate	%	2.96 - 3.14
Expected dividends		—
(*) amounts have been converted to US dollar at the closing rate of grant date

●

1/3^rd of the total stock options granted on the first anniversary of the granting of the stock options; and

●

1/36^th of the total grant on the first day of each month following the first anniversary of the date of grant of the stock options.

11.2 Restricted Stock Units (RSUs)

Trade and other payables

6 Months Ended

Jun. 30, 2023

Trade and other payables.

Trade and other payables

12. Trade and other payables


	As of
	June 30,		December 31,
(in thousands of $)	2023		2022
Trade payables	$	195,268	$	188,721
Short term employee benefits		70,217		84,337
Gross-to-net accruals		39,153		19,478
Other		5,347		3,142
Total trade and other payables	$	309,985	$	295,679

The carrying amounts of trade and other payables approximate their respective fair values.

Trade payables correspond primarily to clinical and manufacturing activities and include accrued expenses related to these activities.

Short term employee benefits include payables and accruals for salaries and bonuses to be paid to the employees of the Company.

The movement in gross-to-net accruals as of June 30, 2023 and as of June 30, 2022 was as follows:


				Distribution
		Rebates and		fees, product
		charge backs		returns and		Total
(in thousands of $)				other
Balance at January 01, 2022	$	—	$	—	$	—
Current estimate related to the sales made in current year		10,078		3,270		13,348
(Credits or payments related to sales made during the year)		(5,592)		(2,312)		(7,904)
Balance at June 30, 2022	$	4,485	$	958	$	5,443

Balance at January 01, 2023	$	15,399	$	4,079	$	19,478
Current estimate related to the sales made in current year		56,801		11,339		68,140
Adjustments for prior year sales		632		(883)		(251)
(Credits or payments related to sales made during the year)		(29,711)		(7,474)		(37,185)
(Credits or payments related to sales made during the prior year)		(8,260)		(2,769)		(11,029)
Balance at June 30, 2023	$	34,861	$	4,292	$	39,153

Product net sales

6 Months Ended

Jun. 30, 2023

Product net sales.

Product net sales

13. Product net sales

Refer to note 14 for the breakdown of product net sales by regions for six month ended June 30, 2023.

Segment reporting

6 Months Ended

Jun. 30, 2023

Segment reporting

Segment reporting

14. Segment reporting

The following table summarizes our product net sales by territory of sales based on the country of the entity that recognizes product net sales:


	Six Months Ended
	June 30,
(in thousands of $)	2023		2022
Product net sales	$		$
United States		440,853		94,349
Japan		23,645		1,514
EMEA		22,836		133
Total	$	487,335	$	95,996

The non-current assets of the Company, with the exception of the deferred tax assets, are geographically located as shown in the table below:


	As of
	June 30,		December 31,
(in thousands of $)	2023		2022
Belgium	$	359,122	$	275,620
United States		1,893		2,325
Japan		2,332		2,763
Germany		149		130
France		7		4
Italy		7		—
Total	$	363,510	$	280,841

Research and development expenses

6 Months Ended

Jun. 30, 2023

Research and development expenses

Research and development expenses

15. Research and development expenses


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

Selling, general and administrative expenses

6 Months Ended

Jun. 30, 2023

Selling, general and administrative expenses

Selling, general and administrative expenses

16.	Selling, general and administrative expenses


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

Income tax benefit

6 Months Ended

Jun. 30, 2023

Income tax benefit

Income tax benefit

17. Income tax benefit

Financial instruments and financial risk management

6 Months Ended

Jun. 30, 2023

Financial instruments and financial risk management

Financial instruments and financial risk management

18. Financial instruments and financial risk management

The Company carried the following assets at fair value on June 30, 2023 and December 31, 2022, respectively:


	At June 30, 2023
(in thousands of $)	Level 1		Level 2		Level 3
Non-current financial assets	$	15,756	$	—	$	21,715
Current financial assets		113,215		—		—
Cash equivalents		845,573		—		—
Assets carried at fair value	$	974,543	$	—	$	21,715


	At December 31, 2022
(in thousands of $)	Level 1		Level 2		Level 3
Non-current financial assets	$	17,443	$	—	$	21,715
Current financial assets		46,162		—		—
Cash equivalents		669,147		—		—
Assets carried at fair value	$	732,752	$	—	$	21,715

Non-current financial assets – Level 3

Non-current financial assets – Level 1

Related party transaction

6 Months Ended

Jun. 30, 2023

Related party transaction

Related party transaction

19. Related party transaction

Contractual obligations and commitments

6 Months Ended

Jun. 30, 2023

Contractual obligations and commitments

Contractual obligations and commitments

20. Contractual obligations and commitments

Events after the balance sheet date

6 Months Ended

Jun. 30, 2023

Events after the balance sheet date

Events after the balance sheet date

21. Events after the balance sheet date

The Company generated its first commercial sale of Vyvgart Hytrulo in the United States during July 2023, which trigged a milestone payment of $18 million by the Company towards Halozyme Inc.

No other events have occurred after the balance sheet date that could have a material impact on the unaudited condensed consolidated financial statements.

Significant accounting policies (Policies)

6 Months Ended

Jun. 30, 2023

Significant accounting policies

Basis of preparation

All amounts herein are presented in thousands of $, unless otherwise indicated, rounded to the nearest $ ‘000.

The unaudited condensed consolidated financial statements have been approved for issue by the Company’s Board of Directors (the “Board”) on July 25, 2023.

Other non-current assets (Tables)

6 Months Ended

Jun. 30, 2023

Other non-current assets.

Schedule of other non-current assets


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

Inventories (Tables)

6 Months Ended

Jun. 30, 2023

Inventories

Schedule of inventories


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

Trade and other receivables (Tables)

6 Months Ended

Jun. 30, 2023

Trade and other receivables.

Schedule of trade and other receivables


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

Current financial assets (Tables)

6 Months Ended

Jun. 30, 2023

Current financial assets

Schedule of current financial assets


	As of
	June 30,		December 31,
(in thousands of $)	2023		2022
Money market funds	$	113,215	$	46,162
Term accounts		773,186		1,345,646
Total Current Financial Assets	$	886,401	$	1,391,808

Cash and cash equivalents (Tables)

6 Months Ended

Jun. 30, 2023

Cash and cash equivalents

Schedule of cash and cash equivalents


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

Shareholders' capital (Tables)

6 Months Ended

Jun. 30, 2023

Shareholders' capital

Schedule of number of share outstanding


Number of shares outstanding on December 31, 2022		55,395,856
Exercise of stock options		533,478
Vesting of RSUs		26,210
Number of shares outstanding on June 30, 2023		55,955,544

Share-based payments (Tables)

6 Months Ended

Jun. 30, 2023

Share-based payments

Schedule of parameters used in relation to the new grants


Stock options granted in	Apr-23
Number of options granted		61,056
Fair value of options (in USD) (*)	$	158.21 - 196.18
Share price (in USD) (*)	$	361.64 - 401.21
Exercise price (in USD) (*)	$	370.34
Expected volatility	%	41.00 - 42.18
Expected option life (in years)		4.0 - 6.5
Risk‑free interest rate	%	2.96 - 3.14
Expected dividends		—
(*) amounts have been converted to US dollar at the closing rate of grant date

Trade and other payables (Tables)

6 Months Ended

Jun. 30, 2023

Trade and other payables.

Schedule of trade and other payables


	As of
	June 30,		December 31,
(in thousands of $)	2023		2022
Trade payables	$	195,268	$	188,721
Short term employee benefits		70,217		84,337
Gross-to-net accruals		39,153		19,478
Other		5,347		3,142
Total trade and other payables	$	309,985	$	295,679

Schedule of movement in gross to net accruals


				Distribution
		Rebates and		fees, product
		charge backs		returns and		Total
(in thousands of $)				other
Balance at January 01, 2022	$	—	$	—	$	—
Current estimate related to the sales made in current year		10,078		3,270		13,348
(Credits or payments related to sales made during the year)		(5,592)		(2,312)		(7,904)
Balance at June 30, 2022	$	4,485	$	958	$	5,443

Balance at January 01, 2023	$	15,399	$	4,079	$	19,478
Current estimate related to the sales made in current year		56,801		11,339		68,140
Adjustments for prior year sales		632		(883)		(251)
(Credits or payments related to sales made during the year)		(29,711)		(7,474)		(37,185)
(Credits or payments related to sales made during the prior year)		(8,260)		(2,769)		(11,029)
Balance at June 30, 2023	$	34,861	$	4,292	$	39,153

Segment reporting (Tables)

6 Months Ended

Jun. 30, 2023

Segment reporting

Schedule of product net sales by country of sales


	Six Months Ended
	June 30,
(in thousands of $)	2023		2022
Product net sales	$		$
United States		440,853		94,349
Japan		23,645		1,514
EMEA		22,836		133
Total	$	487,335	$	95,996

Schedule of external customers geographically location


	As of
	June 30,		December 31,
(in thousands of $)	2023		2022
Belgium	$	359,122	$	275,620
United States		1,893		2,325
Japan		2,332		2,763
Germany		149		130
France		7		4
Italy		7		—
Total	$	363,510	$	280,841

Research and development expenses (Tables)

6 Months Ended

Jun. 30, 2023

Research and development expenses

Schedule of research and development expenses


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

Selling, general and administrative expenses (Tables)

6 Months Ended

Jun. 30, 2023

Selling, general and administrative expenses

Schedule of selling, general and administrative expenses


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

Financial instruments and financial risk management (Tables)

6 Months Ended

Jun. 30, 2023

Financial instruments and financial risk management

Schedule of assets at fair value


	At June 30, 2023
(in thousands of $)	Level 1		Level 2		Level 3
Non-current financial assets	$	15,756	$	—	$	21,715
Current financial assets		113,215		—		—
Cash equivalents		845,573		—		—
Assets carried at fair value	$	974,543	$	—	$	21,715


	At December 31, 2022
(in thousands of $)	Level 1		Level 2		Level 3
Non-current financial assets	$	17,443	$	—	$	21,715
Current financial assets		46,162		—		—
Cash equivalents		669,147		—		—
Assets carried at fair value	$	732,752	$	—	$	21,715

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

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

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

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

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

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

Share based payments - Outstanding stock options (Details) $ in Millions		1 Months Ended	6 Months Ended
	Apr. 03, 2023 EquityInstruments	Apr. 30, 2023 EquityInstruments	Jun. 30, 2023 USD ($) shares	Jun. 30, 2022 USD ($)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options granted \| EquityInstruments	61,056	61,056
Number of shares on conversion \| shares			1
Total share based payment expense \| $			$ 72.0	$ 60.4
Tranche One
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting percentage			33.33%
Tranche Two
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting percentage			2.78%

Share-based payments - Overview (Details)		1 Months Ended
Share-based payments - Overview (Details)	Apr. 03, 2023 EquityInstruments	Apr. 30, 2023 USD ($) EquityInstruments Y $ / shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options granted \| EquityInstruments	61,056	61,056
Exercise price		$ 370.34
Minimum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Fair value of options \| $		$ 158,210
Share price		$ 361.64
Expected volatility		41.00%
Expected option life (in years) \| Y		4.0
Risk-free interest rate		2.96%
Maximum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Fair value of options \| $		$ 196,180
Share price		$ 401.21
Expected volatility		42.18%
Expected option life (in years) \| Y		6.5
Risk-free interest rate		3.14%

Share-based payments - Restricted Stock Units (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of shares on conversion	1
Expense from share-based payment transactions with employees	$ 72.0	$ 60.4
Restricted Stock Units (RSUs)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of shares on conversion	1
Vesting period	4 years
Vesting percentage	25.00%
Expense from share-based payment transactions with employees	$ 30.1	$ 16.2

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

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

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

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

Segment reporting - Major distributor or whole sellers (Details) - item	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Segment reporting
Number of major customers from U.S.	4
Percentage of product net sales from major customers from United States	88.00%	92.00%

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

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

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

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

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

Financial instruments and financial risk management - License agreement (Details) $ / shares in Units, € in Millions, $ in Millions	1 Months Ended			6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2022 EUR (€)	Mar. 31, 2021 USD ($) shares	Jun. 30, 2023 $ / shares shares
AgomAb
Financial instruments and financial risk management
Fair value of current financial assets \| $	$ 4.3
AgomAb \| Preferred Class B Shares
Financial instruments and financial risk management
Proceeds from issue of shares		€ 38.4	$ 74.0
Shares issued \| shares			286,705
Fair value of current financial assets \| $			$ 11.2
Zai Lab
Financial instruments and financial risk management
Number of equity instruments obtained \| shares				568,182
Price of equity instrument \| $ / shares				$ 132

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

Contractual obligations and commitments (Details) - USD ($) $ in Millions	1 Months Ended
	Jul. 31, 2023	Jun. 30, 2023
Efgartigimod
Commitments [Line Items]
Outstanding commitment		$ 379.2
Contractual obligations		$ 2.3
Halozyme \| Global Collaboration and License Agreement
Commitments [Line Items]
Payment for additional milestones	$ 18.0

Events after the balance sheet date (Details) $ / shares in Units, $ in Millions				1 Months Ended
	Jul. 21, 2023 USD ($) shares	Jul. 17, 2023 $ / shares shares	Jul. 17, 2023 € / shares shares	Jul. 31, 2023 USD ($)
Halozyme \| Global Collaboration and License Agreement
Events after the balance sheet date
Payment to be paid for a milestone \| $				$ 18
Global Offering \| Major ordinary share transactions
Events after the balance sheet date
Number of shares issued		2,244,899	2,244,899
Global Offering \| American Depositary Shares \| Major ordinary share transactions
Events after the balance sheet date
Number of shares issued		1,580,981	1,580,981
Share price \| $ / shares		$ 490.0
Global Offering \| Ordinary shares \| Major ordinary share transactions
Events after the balance sheet date
Number of shares issued		663,918	663,918
Share price \| € / shares			€ 436.37
Underwriters' Over Allotment Option \| American Depositary Shares \| Major ordinary share transactions
Events after the balance sheet date
Number of shares issued	336,734
Gross proceeds from issue of shares \| $	$ 1,270