ARGENX SE
For the period ended Dec 31, 2023. Filed Mar 21, 2024.
View on SEC.govAbout this filing
The yearly report of a company based outside the US. It covers much of what a 10-K does, and may follow accounting rules other than US ones.
FY2023 · Filed Mar 21, 2024
Contents
“Note 18—Segment reporting”
| 18. | Segment reporting |
The Company manages its activities and operates asone 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
| 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 | ||||||
| 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 | ||||||
| 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 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.