Argenx SE (ARGX) stock soared 6.69% in the pre-market trading session at the price of $299.62 after announcing its financial results for the third quarter of 2021. ARGX is a leading immunology company dedicated to treating cancer and severe autoimmune diseases.
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ARGX Third Quarter 2021 Financial Results
On 28th October 2021, ARGX published its financial results for the third quarter of 2021. It has also provided business updates and a financial outlook for the next quarter.
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Management Comments
Chief Executive Officer of ARGX, Tim Van Hauwermeiren, remarked that they are well-positioned for the global launch of efgartigimod to treat generalized myasthenia gravis. They are collaborating with Zai Lab in China and pursuing an agreement with Medison to optimize their strategy to launch the drug worldwide. They are improving the development of their efgartigimod and advancing towards a range of additional plans from their Immunology Innovation Program. Their growing commercial infrastructure with expanded pipelines provides considerable opportunity for the company to deliver sustainable long-term growth, he concluded.
ARGX Financial Highlights
As of 30th September 2021, ARGX reported cash, cash equivalents, and financial assets of $2,534.0 million. Cash and cash equivalents were $1,996.5 million on 31st December 2020. Total operating income was $494.6 million for the nine months ended on 30th September 2021. For the nine months ended on 30th September 2020, the total operating income increased by $446.9 million.
Research and development expenses were $413.3 million for the nine months ended on 30th September 2021. It represents a gain of $136.9 million from $276.4 million for the nine months ended on 30th September 2020. The surge resulted from higher external research and development costs.
For the nine months ended 30th September 2021, ARGX reported general and administrative expenses of $210.2 million. G&A expenses were approximately $113.2 million for the nine months ended on 30th September 2020. The increase during the first nine months of 2021 resulted from higher personnel costs.
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For the nine months ended on 30th September 2021, the change in fair value of non-current financial assets totaled approximately $11.2 million. Exchange losses accounted for $36.0 million for the nine months ended on 30th September 2021. For the nine months ended on 30th September 2020, exchange losses totaled $65.3 million.
