argenx SE (ARGX) 20-F16 Mar 232022 FY Annual report (foreign)Financial data

Company Profile

Document and Entity Information

Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2022 shares
Entity Information [Line Items]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Document Period End Date	Dec. 31, 2022
Entity File Number	001-38097
Entity Incorporation, State or Country Code	P7
Entity Registrant Name	ARGENX SE
Entity Address, Address Line One	Laarderhoogtweg 25
Entity Address, Address Line Two	1101EB
Entity Address, City or Town	Amsterdam
Entity Address, Country	NL
Entity Common Stock, Shares Outstanding	55,395,856
Auditor Name	Deloitte Accountants B.V.
Auditor Firm ID	1243
Auditor Location	Rotterdam, the Netherlands
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Document Accounting Standard	International Financial Reporting Standards
Entity Shell Company	false
Entity Central Index Key	0001697862
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false
ICFR Auditor Attestation Flag	true
Business Contact [Member]
Entity Information [Line Items]
Entity Address, Address Line One	Industriepark Zwijnaarde 7,
Entity Address, Address Line Two	Building C9052 Zwijnaarde
Entity Address, City or Town	Ghent
Entity Address, Country	BE
Contact Personnel Name	Tim Van Hauwermeiren
Contact Personnel Email Address	TVanHauwermeiren@argenx.com
Entity Address, Postal Zip Code	9052
City Area Code	0
Local Phone Number	10 70 38 441
American Depositary Shares
Entity Information [Line Items]
Title of 12(b) Security	American Depositary Shares, each representing one ordinary share with a nominal value of €0.10 per share
Trading Symbol	ARGX
Security Exchange Name	NASDAQ
Ordinary shares
Entity Information [Line Items]
Title of 12(b) Security	Ordinary shares with a nominal value of €0.10 per share
Trading Symbol	ARGX
Security Exchange Name	NASDAQ

CONSOLIDATED STATEMENTS OF FINA

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION $ in Thousands, € in Millions, £ in Millions	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Noncurrent assets
Property, plant and equipment	$ 16,234	$ 15,844	$ 11,582
Intangible assets	174,901	171,684	167,344
Deferred tax asset	79,222	32,191	15,038
Other non-current assets	40,894	54,876	7,816
Research and development incentive receivables	47,488	32,707	20,626
Investment in joint venture	1,323
Total noncurrent assets	360,064	307,303	222,406
Current assets
Inventories	228,353	109,076	25,195
Prepaid expenses	76,022	58,946	27,913
Trade and other receivables	275,697	38,221	6,978
Research and development incentive receivables	1,578		463
Financial assets	1,391,808	1,002,052	779,649
Cash and cash equivalents	800,700	1,334,676	1,216,803
Total current assets	2,774,197	2,542,971	2,057,001
TOTAL ASSETS	3,134,261	2,850,274	2,279,407
Equity
Share capital	6,640	6,233	5,744
Share premium	4,309,880	3,462,775	2,339,033
Translation differences	129,280	131,684	134,732
Accumulated losses	(2,109,791)	(1,400,197)	(991,932)
Other reserves	477,691	333,729	186,474
Total equity	2,813,699	2,534,224	1,674,051
Non-current liabilities
Provisions for employee benefits	870	417	156
Lease liabilities	9,009	7,956	6,181
Deferred tax liabilities	8,406	6,438	1,487
Deferred revenue			269,039
Total non-current liabilities	18,285	14,811	276,863
Current liabilities
Lease liabilities	3,417	3,509	3,476
Trade and other payables	295,679	293,415	275,192
Tax liabilities	3,181	4,315	3,497
Deferred revenue			46,328
Total current liabilities	302,277	301,239	328,493
Total liabilities	320,562	316,050	605,356
TOTAL EQUITY AND LIABILITIES	$ 3,134,261	$ 2,850,274	$ 2,279,407

CONSOLIDATED STATEMENTS OF PROF

CONSOLIDATED STATEMENTS OF PROFIT OR LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS
Product net sales	$ 400,720
Collaboration revenue	10,026	$ 497,277	$ 41,243
Other operating income	34,520	42,141	23,668
Total operating income	445,267	539,418	64,911
Cost of sales	(29,431)
Research and development expenses	(663,366)	(580,520)	(370,885)
Selling, general and administrative expenses	(472,132)	(307,644)	(171,643)
Loss from investment in joint venture	(677)
Total operating expenses	(1,165,607)	(888,164)	(542,528)
Operating loss	(720,341)	(348,746)	(477,617)
Financial income	27,665	3,633	6,459
Financial expense	(3,906)	(4,578)	(7,960)
Exchange gains/(losses)	(32,732)	(50,053)	(126,234)
Loss for the year before taxes	(729,314)	(399,743)	(605,352)
Income tax (expense) / benefit	19,720	(8,522)	(3,103)
Loss for the year	(709,594)	(408,265)	(608,455)
Owners of the parent	$ (709,594)	$ (408,265)	$ (608,455)
Weighted average number of shares outstanding	54,381,371	51,075,827	45,410,442
Basic profit / (loss) per share (in $)	$ (13.05)	$ (7.99)	$ (13.40)
Diluted profit / (loss) per share (in $)	$ (13.05)	$ (7.99)	$ (13.40)

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME OR LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME / LOSS
Loss for the year	$ (709,594)	$ (408,265)	$ (608,455)
Currency translation differences, arisen from translating foreign activities	(2,404)	(3,048)	162,273
Fair value gain/(loss) on investments in equity instruments designated as at FVTOCI	(18,267)	(39,290)
Other comprehensive loss, net of income tax	(20,671)	(42,338)	162,273
Owners of the parent	$ (730,266)	$ (450,603)	$ (446,182)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands, € in Millions, £ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
CASH FLOWS (USED IN) / FROM OPERATING ACTIVITIES
Operating loss	$ (720,341)	$ (348,746)	$ (477,617)
Adjustments for non-cash items
Amortization of intangible assets	99,766	776	246
Depreciation of property, plant and equipment	4,576	5,091	3,671
Provisions for employee benefits	459	260	76
Expense recognized in respect of share-based payments	157,026	179,366	96,932
Fair value gains on financial assets at fair value through profit or loss	(4,256)	(11,152)	(2,951)
Non-cash revenue		(75,000)
Loss from investment in joint venture	677
Adjustments for non-cash items	(462,093)	(249,405)	(379,643)
Movements in current assets/liabilities
(Increase)/decrease in trade and other receivables	(222,260)	(31,632)	21,961
(Increase)/decrease in inventories	(119,277)	(83,880)	(23,852)
(Increase)/decrease in other current assets	(18,294)	(30,990)	(16,189)
Increase/(decrease) in trade and other payables	329	134,892	50,537
Increase/(decrease) in deferred revenue - current		(46,327)	(40,441)
Movements in non-current assets/liabilities
(Increase)/decrease in other noncurrent assets	(16,220)	(13,975)	(10,299)
Increase/(decrease) in deferred revenue - non-current		(269,039)	2,655
Net cash flows used in operating activities	(837,815)	(590,356)	(395,272)
Interest paid	(851)	(684)	(401)
Income taxes paid	(24,141)	(15,772)	(2,791)
Net cash flows used in from operating activities	(862,807)	(606,812)	(398,463)
CASH FLOWS (USED IN) / FROM INVESTING ACTIVITIES
Purchase of intangible assets	(102,986)	(117,811)	(4,071)
Purchase of property, plant and equipment	(837)	(3,623)	(1,068)
(Increase)/decrease in current financial assets		(228,239)	341,869
Purchase of current financial investments (1)	(1,694,046)
Sale of current financial investments (1)	1,325,540
Interest received	13,146	2,603	7,962
Investment in joint venture	(2,000)
Net cash flows (used in) / from investing activities	(461,184)	(347,070)	344,692
CASH FLOWS (USED IN) / FROM FINANCING ACTIVITIES
Principal elements of lease payments	(4,165)	(3,855)	(2,550)
Proceeds from issue of new shares, gross amount	760,953	1,091,326	813,186
Issue costs paid	(781)	(528)	(613)
Exchange gain from currency conversion on proceeds from issue of new shares	410	966	68
Payment of employee withholding taxes relating to restricted stock unit awards	(5,855)
Proceeds from exercise of stock options	93,195	33,433	22,912
Net cash flows from/used in (-) financing activities	843,757	1,121,342	833,003
Increase/decrease (-) in cash and cash equivalents	(480,234)	167,460	779,232
Cash and cash equivalents at the beginning of the period	1,334,676	1,216,803	372,162
Exchange gains/(losses) on cash & cash equivalents	(53,702)	(49,587)	65,409
Cash and cash equivalents at the end of the period	$ 800,700	$ 1,334,676	$ 1,216,803

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Share capital	Share premium	Accumulated losses	Translation difference	Share-based payment and income tax deduction on share based	Other comprehensive income.	Total equity attributable to owners of the parent	Total
Equity at beginning of period at Dec. 31, 2019	$ 5,209	$ 1,505,641	$ (383,477)	$ (27,541)	$ 80,577		$ 1,180,409	$ 1,180,409
Loss for the year			(608,455)				(608,455)	(608,455)
Other comprehensive income / (loss)				162,273			162,273	162,273
Total comprehensive loss of the period			(608,455)	162,273			(446,182)	(446,182)
Income tax benefit from excess tax deductions related to share-based payments					8,965		8,965	8,965
Share-based payment					96,932		96,932	96,932
Issue of share capital	468	812,718					813,186	813,186
Transaction costs for equity issue		(613)					(613)	(613)
Exercise of stock options	67	21,287					21,354	21,354
Equity at end of period at Dec. 31, 2020	5,744	2,339,033	(991,932)	134,732	186,474		1,674,051	1,674,051
Loss for the year			(408,265)				(408,265)	(408,265)
Other comprehensive income / (loss)				(3,048)		$ (39,290)	(42,338)	(42,338)
Total comprehensive loss of the period			(408,265)	(3,048)		(39,290)	(450,603)	(450,603)
Income tax benefit from excess tax deductions related to share-based payments					7,179		7,179	7,179
Share-based payment					179,366		179,366	179,366
Issue of share capital	430	1,090,896					1,091,326	1,091,326
Transaction costs for equity issue		(528)					(528)	(528)
Exercise of stock options	59	33,374					33,433	33,433
Equity at end of period at Dec. 31, 2021	6,233	3,462,775	(1,400,197)	131,684	373,019	(39,290)	2,534,224	2,534,224
Loss for the year			(709,594)				(709,594)	(709,594)
Other comprehensive income / (loss)				(2,404)		(18,267)	(20,671)	(20,671)
Total comprehensive loss of the period			(709,594)	(2,404)		(18,267)	(730,266)	(730,266)
Income tax benefit from excess tax deductions related to share-based payments					3,946		3,946	3,946
Share-based payment					158,282		158,282	158,282
Issue of share capital	294	760,659					760,953	760,953
Transaction costs for equity issue		(781)					(781)	(781)
Exercise of stock options	113	93,082					93,195	93,195
Ordinary shares withheld for payment of employees' withholding tax liability		(5,855)					(5,855)	(5,855)
Equity at end of period at Dec. 31, 2022	$ 6,640	$ 4,309,880	$ (2,109,791)	$ 129,280	$ 535,247	$ (57,557)	$ 2,813,699	$ 2,813,699

General information about the c

General information about the company	12 Months Ended
General information about the company	Dec. 31, 2022
General information about the company
General information about the company	1. General information about the company argenx SE is a Dutch European public company with limited liability incorporated under the laws of the Netherlands. The company (COC 24435214) has its official seat in Rotterdam, the Netherlands, and its registered office is at Laarderhoogtweg 25, 1101 EB Amsterdam, the Netherlands. An overview of the company and its subsidiaries (the Company) are described in note 31. argenx SE is a publicly traded company with ordinary shares listed on Euronext Brussels under the symbol “ARGX” since July 2014 and with American Depositary Shares listed on Nasdaq under the symbol “ARGX” since May 2017.

Significant accounting policies

Significant accounting policies	12 Months Ended
Significant accounting policies	Dec. 31, 2022
Significant accounting policies
Significant accounting policies	2. Significant accounting policies The significant Company’s accounting policies are summarized below. 2.1 Statement of compliance and basis of preparation The consolidated financial statements are prepared in accordance with the International Financial Reporting Standards (IFRS), issued by the International Accounting Standards Board (IASB) and the interpretations issued by the IASB’s International Financial Reporting Interpretation Committee. The consolidated financial statements provide a general overview of the Company’s activities and the results achieved. They present fairly the entity’s financial position, its financial performance and cash flows, on a going concern basis. The significant accounting policies applied in the preparation of the above consolidated financial statements are set out below. All amounts are presented in thousands of dollar, unless otherwise indicated, rounded to the nearest $ ‘000. The consolidated financial statements have been approved for issue by the Company’s Board of Directors (the “Board”) on March 15, 2023. 2.2 Adoption of new and revised standards New standards and interpretations applicable for the annual period beginning on January 1, 2022 New standards and interpretations for the annual period beginning on January 1, 2022 did not have any material impact on our consolidated financial statements. New standards and interpretations issued, but not yet applicable for the annual period beginning on January 1, 2022 We have not early adopted any other standard, interpretation, or amendment that has been issued but is not yet effective. Of the standards that are not yet effective, we expect no standard to have a material impact on our financial statements in the period of initial application. 2.3 Basis of consolidation The consolidated financial statements include the financial statements of the Company and entities controlled by the Company (its subsidiaries). Control is achieved when the Company: ● has power over the investee; ● is exposed, or has rights, to variable returns from its involvement with the investee; and ● has the ability to use its power to affect its returns. The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. The results of the subsidiaries are included in the consolidated statements of profit or loss and consolidated statements of other comprehensive income from the effective date of acquisition up to the date when control ceases to exist. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by other members of the Group. All inter-company transactions and unrealized gains on transactions between group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. 2.4 Foreign currency transactions 2.4.1 Functional and presentation currency Items included in the consolidated financial statements of each of our entities are valued using the currency of their economic environment in which the entity operates. The consolidated financial statements are presented in USD ($), which is the Company’s presentation currency. 2.4.2 Transactions and balances Transactions in foreign currencies are translated at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date. Foreign exchange differences arising on translation are recognized in the consolidated statements of profit or loss and the consolidated statements of other comprehensive income. Non-monetary assets and liabilities denominated in foreign currencies are translated at the foreign exchange rate ruling at the date of the transaction. 2.4.3 Financial statements of foreign entities For foreign entities using a different functional currency than USD: ● assets and liabilities for each balance sheet presented are translated at the closing rate at the date of the balance sheet. ● income and expenses for each statement presenting profit or loss and statements of other comprehensive income are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rate on the dates of the transactions). ● all resulting exchange differences are recognised in the statements of other comprehensive income. 2.5 Intangible assets 2.5.1 Internally generated intangible assets Expenditure on research activities is recognized as an expense in the period in which it is incurred. An internally generated intangible asset arising from development (or from the development phase of an internal project) is recognized if, and only if, all of the following have been demonstrated: ● the technical feasibility of completing the intangible asset so that it will be available for use or sale; ● the intention to complete the intangible asset and use or sell it; ● the ability to use or sell the intangible asset; ● how the intangible asset will generate probable future economic benefits; ● the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and ● the ability to measure reliably the expenditure attributable to the intangible asset during its development. The amount initially recognized for internally generated intangible assets is the sum of the expenditure incurred from the date when the intangible asset first meets the recognition criteria listed above. Where no internally generated intangible asset can be recognized, development expenditures are recognized in the consolidated statements of profit or loss and the consolidated statements of other comprehensive income in the period in which they are incurred. Due to uncertainties inherent to the development and registration with the relevant healthcare authorities of its products, the Company estimates that the conditions for capitalization are not met until the regulatory procedures required by such healthcare authorities have been finalized. 2.5.2 Acquired In-Process R&D, Software and Databases and Other intangible assets Intangible assets with finite useful lives that are acquired separately related to in-process research and development projects, software and databases and other intangible assets are carried at cost less accumulated amortization and accumulated impairment losses. Intangible assets with indefinite useful lives are carried at cost less accumulated impairment losses. Payments for acquired in-process research and development projects obtained through in-licensing arrangements are capitalized as intangible assets provided that they are separately identifiable, controlled by the Company and expected to provide future economic benefits. As the probability criterion in IAS 38 is always considered to be satisfied for separately acquired research and development assets and the amount of the payments is determinable, upfront and milestone payments to third parties for pharmaceutical products or compounds for which regulatory marketing approval has not yet been obtained are recognized as intangible assets. Other intangible assets includes the Priority Review Voucher (“PRV”) which the Company can use to obtain the priority review by the FDA for one of its future regulatory submissions or may sell or transfer to a third party. The PRV is initially measured at cost and reviewed for impairment when events or circumstances indicate that the carrying value may not be recoverable. 2.5.3 Amortization of intangible assets Intangible assets, which comprises of acquired in-process research and development, software and databases and other intangible assets, are amortized on a straight-line basis over the estimated useful life as from the time they are available for use, or when the underlying drug candidate is approved, generally on the following basis: ● Acquired In-Process R&D – the longer of the patent protection life and the useful life of the combined product ● Software and Databases – 3 – 5 years The estimated useful life and amortization method are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis. During 2022, the Company used the PRV to accelerate the review of drug application of subcutaneous efgartigimod for the treatment of generalized mysthania gravis (“gMG”), the intangible asset for $99.1 million was amortized and derecognized upon filing of the related Biologic License Application (“BLA”). 2.5.4 Derecognition of intangible assets An intangible asset is derecognized either on disposal or when no future economic benefits are expected from its use. Gains or losses arising from derecognition of an intangible asset, measured as the difference between the net disposal proceeds, if any, and the carrying amount of the asset, are recognized in the consolidated statements of profit or loss and the consolidated statements of other comprehensive income when the asset is derecognized. 2.6 Property, plant and equipment Items of property, plant and equipment held for use in the production or supply of goods or services, or for administrative purposes, are stated in the consolidated statement of financial position at their cost, less accumulated depreciation and impairment losses. Depreciation is recognized as from acquisition date onwards (unless asset is not ready for use) so as to write off the cost or valuation of assets (other than freehold land and properties under construction) less their residual values over their useful lives, using the straight-line method. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis. Unless revised due to specific changes in the estimated useful life, annual depreciation rates are as follows: ● Office and lab equipment: 3 – 5 years ● IT equipment: 3 years An item of property, plant and equipment is derecognized upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds, if any, and the carrying amount of the asset and is recognized in the consolidated statements of profit or loss and the consolidated statements of other comprehensive income. 2.7 Inventories Inventories are carried at cost or net realisable value, whichever is lowest. Cost is determined using the first-in, first-out method. Cost comprises of costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. If the expected sales price less completion costs to execute sales (net realizable value) is lower than the carrying amount, a write-down is recognised for the amount by which the carrying amount exceeds its net realisable value. Included in inventory are products which could, besides commercial activities, be used in preclinical and clinical programs as well as in non-reimbursed pre-approval access program. These products are charged to research & development expenses or selling, general and administrative expenses, respectively, when dedicated to this channel. We capitalize inventory costs associated with products prior to the regulatory approval of these products, or for inventory produced in production facilities not yet approved, when it is highly probable that the pre-approval inventories will be saleable. The determination to capitalize is based on the particular facts and circumstances relating to the expected regulatory approval of the product or production facility being considered. The assessment of whether or not the product is considered highly probable to be saleable is made on a quarterly basis and includes, but is not limited to, how far a particular product or facility has progressed along the approval process, any known safety or efficacy concern, potential labelling restrictions and other impediments. Previously capitalized costs related to pre-launch inventories could be required to be written down upon a change in such judgement or due to a denial or delay of approval by regulatory bodies, a delay in commercialization or other potential factors, which will be recorded to research and development expenses in the consolidated statements of profit or loss and the consolidated statements of other comprehensive income. 2.8 Leases The Company assesses whether a contract is or contains a lease, at inception of the contract. The Company recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Company recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the lessee uses its incremental borrowing rate. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The lease liability is presented as a separate line in the consolidated statements of financial position. The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day, less any lease incentives received and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses. Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Company expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The right-of-use assets are presented in the consolidated statements of financial position under the caption “Property, plant and equipment”. 2.9 Impairment of assets 2.9.1 Financial Assets The impairment loss of a financial asset measured at amortised cost is calculated based on the expected loss model. For trade receivables, in the absence of a significant financing component, the allowance is measured at an amount equal to lifetime expected credit losses. Those are the expected credit losses that result from possible default events over the expected life of those trade receivables. 2.9.2 Property, plant and equipment and intangible assets At the end of each reporting period, the Company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment at least annually, and whenever there is an indication that the asset may be impaired. If the recoverable amount of an asset or cash-generating unit is estimated to be less than its carrying amount, the carrying amount of the asset or cash-generating unit is reduced to its recoverable amount. An impairment loss is recognized immediately in the consolidated statements of profit or loss and the consolidated statements of other comprehensive income. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset or cash-generating unit in prior years. A reversal of an impairment loss is recognized immediately in the consolidated statements of profit or loss and the consolidated statements of other comprehensive income. 2.10 Financial instruments Financial assets and financial liabilities are recognized in the consolidated statements of financial position when the Company becomes party to the contractual provisions of the instrument. The Company does not use currency derivatives to hedge planned future cash flows, nor does it make use of forward foreign exchange contracts. Additionally, the Company does not have financial debt at December 31, 2022. 2.10.1 Financial assets Financial assets are initially recognized either at fair value or at transaction price. All recognized financial assets are subsequently measured at either amortized cost or fair value under IFRS 9 on the basis of both the Company’s model for managing the financial assets and the contractual cash flow characteristics of the financial asset. ● A financial asset that (i) is held within a business model whose objective is to collect the contractual cash flows and (ii) has contractual cash flows that are solely payments of principal and interest on the principal amount outstanding is measured at amortized cost (net of any write down for impairment), unless the asset is designated at fair value through profit or loss (FVTPL) under the fair value option. ● A financial asset that (i) is held within a business model whose objective is achieved both by collecting contractual cash flows and selling financial assets and (ii) has contractual term that give rise on specified dates to cash flows that are solely payments of principal and interest on the principal outstanding, is measured at fair value through other comprehensive income (FVTOCI), unless the asset is designated at FVTPL under the fair value option. ● All other financial assets are measured at FVTPL. A financial asset is classified as current when the cash flows expected to flow from the instrument mature within one year. The Company derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or the Company transfers the right to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. The Company classifies non-derivative financial assets into the following categories: ● financial asset at fair value through profit or loss or OCI (non-current financial assets, current financial assets and cash equivalents) ● financial assets at amortized cost (receivables and cash and cash equivalents) Financial assets at fair value through profit or loss or OCI Financial assets are designated at fair value through profit or loss if the Company manages such investments and makes purchases and sales decisions based on their fair value in accordance with the Company’s investment strategy. Attributable transaction costs are recognised in the consolidated statements of profit or loss and the consolidated statements of other comprehensive income as incurred. Financial assets at fair value through profit or loss are measured at fair value, and changes therein, which take into account any dividend income, are recognized in the consolidated statements of profit or loss and the consolidated statements of other comprehensive income. 2.10.1.1 Non-current financial assets at fair value through profit or loss or OCI The Company holds investments in non-current financial assets, which based on IFRS 9, are designated as financial assets at fair value through profit or loss or financial assets at fair value through OCI. The fair value of listed investments is based upon the closing price of such securities at each reporting date. If there is no active market for an equity instrument, the Company establishes the fair value by using valuation techniques. Based on IFRS 9, the Company irrevocably elected to designate specific investments as a financial asset at fair value through OCI as the participation is not held for trading purposes nor contingent consideration recognised by an acquirer in a business combination. 2.10.1.2 Current financial assets at fair value through profit or loss Current financial assets measured at fair value through profit or loss comprise of money market funds. 2.10.1.3 Cash equivalents measured at fair value through profit or loss Cash equivalents measured at fair value through profit or loss comprise of money market funds that are readily convertible to cash and are subject to insignificant risk of changes in value. These financial assets are used by the Company in the management of the short-term commitments. Financial assets at amortized cost 2.10.1.4. Receivables Trade and other receivables are designated as financial assets measured at amortized cost. They are initially measured either at fair value or at transaction price, in the absence of a significant financing component less adjustments for estimated revenue deductions such as rebates, chargebacks and returns. All receivables are subsequently measured at amortized cost, which generally corresponds to nominal value less expected credit loss provision. Receivables mainly comprise trade and other receivables and current and non-current research and development incentive receivables. These research and development incentive receivables relate to refunds resulting from research and development incentives on research and development expenses in Belgium and are credited to the consolidated statements of profit or loss and the consolidated statements of other comprehensive income under the line “Other operating income” when the relevant expenditure has been incurred and there is a reasonable assurance that the research and development incentives are receivable. Loss allowance for expected credit losses are established using a simplified approach of forward-looking expected credit loss model (ECL), which includes possible default events on the trade receivables over the entire holding period of the trade receivable. These provisions represent the difference between the trade receivable’s carrying amount in the consolidated statements of financial position and the estimated collectible amount. Charges for loss allowance for expected credit losses are recorded as marketing and selling costs recognized in the consolidated statements of profit or loss and consolidated statements of other comprehensive income within “Selling, general and administrative” expenses. 2.10.1.5 Cash Cash are financial assets measured at amortized cost and comprise of cash balances and savings accounts. 2.10.1.6 Cash equivalents measured at amortized costs Cash equivalents measured at amortized cost comprise of term accounts that have an initial maturity of less than 3 months that are subject to an insignificant risk of changes in values. The financial assets are used by the Company in the management of short-term commitments. Cash and cash equivalents exclude restricted cash, which is presented in the consolidated statements of financial position under the line “Other non-current assets”. 2.10.1.7 Current financial assets measured at amortized costs Current financial assets include financial assets measured at amortized costs and comprise of term accounts that have an initial maturity equal or less than 12 months, but exceeding 3 months. 2.10.2 Financial Liabilities Financial liabilities are initially measured at their transaction price. Subsequent to initial recognition, financial liabilities are measured at amortized cost. Financial liabilities mainly comprise of trade and other payables and other liabilities. Trade and other liabilities are comprised of liabilities that are due less than one year from the balance sheet date and are in general not interest bearing and settled on an ongoing basis during the financial year. They also include accrued expense related to the Company’s research and development costs and gross-to-net accruals. 2.11 Investment in joint venture The Group has an investment which qualifies as joint ventures under IAS 28 Investment in associates and joint ventures. For joint ventures and associates, the Group recognises its interest in the joint venture or associate as an investment and uses the equity method of accounting. The Group recognises its initial investment at cost and the investors’ share of the profits or losses is determined based on the proportionate ownership interest. Investment in joint ventures on December 31, 2022 was related to the investment in Onco Verity Inc. In July 2022, the Company entered into a joint venture agreement with the University of Colorado Anschutz Medical Campus and UCHealth and created a separate legal entity, OncoVerity, Inc., which is focused on optimizing and advancing the development of cusatuzumab, a novel anti-CD70 antibody, in acute myeloid leukemia (AML). The Company contributed $2 million and the investment has been designated as investment in joint venture and accounted under IAS 28 Investment in associates and joint ventures. The share of net loss resulting from investment in joint ventures is presented in consolidated statements of profit or loss in line “Loss from investment in joint ventures”. 2.12 Shareholder’s equity An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the Company are recognized at the proceeds received, net of direct issue costs. The Company has never distributed any dividends to its shareholders. As of December 31, 2022, no profits were available for distribution. 2.13 Short-term employee benefits Short-term employee benefits include payables and accruals for salaries and bonuses to be paid to the employees of the Company. They are recognized as expenses for the period in which employees perform the corresponding services. 2.14 Share-based payments Equity-settled share-based payments to employees and others providing similar services are measured at the fair value of the equity instruments at the acceptance date. Equity settled share based payments includes expenses related to stock options and restricted stock units granted by the Company. The fair value determined at the acceptance date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Company’s estimate of equity instruments that will eventually vest, with a corresponding increase in equity. At the end of each reporting period, the Company revises its estimate of the number of equity instruments expected to vest. The impact of the revision of the original estimates, if any, is recognized in the consolidated statements of profit or loss and the consolidated statements of other comprehensive income such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to the equity-settled share-based payment reserve. 2.15 Deferred revenue Current and non-current deferred revenue relates to cash received from collaboration & license agreements prior to completion of the earnings process. These payments are recognized as revenue over the estimated duration of the Company’s involvement in the research and development programs provided for under the terms of the agreements. 2.16 Income taxes Income tax in the consolidated statements of profit or loss and the consolidated statements of other comprehensive income represents the total of the current tax and deferred tax. The current tax is based on taxable profit for the year. Taxable profit differs from profit as reported in the consolidated statements of profit or loss and consolidated statements of other comprehensive income as it excludes items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax basis used in the computation of taxable profit. Deferred tax assets are recognized to the extent that it is probable that future taxable profits will be available against which those deductible temporary differences can be utilized. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is not probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realize the assets and settle the liabilities simultaneously. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realized, based on tax rates (and tax laws) that have been enacted or substantially enacted by the end of the reporting period. 2.17 Revenue and other operating income recognition 2.17.1 Product net sales Revenue from the sale of goods is recognized at an amount that reflects the consideration that the Company expects to be entitled to receive in exchange for transferring goods to a customer, at the time when the customer obtains control of the goods rendered, this means when the customer has the ability to direct the use of the asset. The consideration that is committed in a contract with a customer can include fixed amounts, variable amounts, or both. The amount of the consideration may vary due to discounts, rebates, returns, chargebacks or other similar items. Contingent consideration is included in the transaction price when it is highly probable that the amount of revenue recognized is not subject to future significant reversals. Our product net sales consists of sales of VYVGART in U.S., Japan and Europe. Revenue from contracts with customers Revenue arising from the commercial sale of VYVGART is presented in the consolidated statements of profit or loss under “Product net sales”. In accordance with IFRS 15 Revenue from contracts with customers , such revenue is recognized when the product is physically transferred, in accordance with the delivery and acceptance terms agreed with the customer. Payment of the transaction price is payable at the point the customer obtains the legal title to the goods. The amount of revenue recognized reflects the various types of price reductions or rights of return offered by the Company to its customers. Such price reductions and rights of return qualify as variable consideration under IFRS 15 Revenue from contracts with customers . Products sold are covered by various Government and State programs (such as Medicare and Medicaid) under which products are sold at a discount. Rebates are granted to healthcare authorities, and under contractual arrangements with certain customers. Some wholesalers are entitled to chargeback incentives based on the selling price to the end customer, under specific contractual arrangements. Rebates, chargebacks and other incentives are recognized in the period in which the underlying sales are recognized as a reduction of product sales. Our significant components of variable consideration are as follows: Co-payment assistance: Chargebacks: Rebates: Medicare Part D Coverage Gap: Distributor fees: The estimated amounts described above are recognized in t

Critical accounting estimates a

Critical accounting estimates and judgments	12 Months Ended
Critical accounting estimates and judgments	Dec. 31, 2022
Critical accounting estimates and judgments
Critical accounting estimates and judgments	3. In the application of the Company’s accounting policies, which are described above, the Company is required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. Critical estimates in applying accounting policies Gross to net adjustments Our product gross sales are subject to various deductions, which are primarily composed of rebates to government agencies, distributors, health insurance companies and managed healthcare organizations. These deductions represent estimates of the related obligations, requiring the use of judgment when estimating the effect of these sales deductions on product gross sales for a reporting period. These adjustments are deducted from product gross sales to arrive at product net sales. The significant components of variable consideration under revenue recognition policy summarizes the nature of these deductions and how the deduction is estimated. After recording these, product net sales represent our best estimate of the cash that we expect to ultimately collect.

Property, plant and equipment

Property, plant and equipment	12 Months Ended
Property, plant and equipment	Dec. 31, 2022
Property, plant and equipment.
Property, plant and equipment	4. IT, office and lab Right-of-use assets Right-of-use assets Leasehold Lease (in thousands of $) equipment Buildings Vehicles improvements equipment Total Cost On January 1, 2020 $ 3,906 $ 7,741 $ 1,098 $ 908 $ 317 $ 13,970 Additions 733 3,335 1,074 432 — 5,574 Disposals (110) — — — — (110) Translation differences 360 645 101 84 29 1,219 On December 31, 2020 4,889 11,721 2,273 1,424 346 20,653 Additions 3,163 4,923 802 543 — 9,430 Disposals (217) — — — — (217) Currency translation adjustment 104 (182) — 14 — (64) On December 31, 2021 7,938 16,462 3,075 1,981 346 29,802 Additions 962 3,353 905 — — 5,219 Disposals (105) — — — — (105) Currency translation adjustment (635) — — — — (635) On December 31, 2022 $ 8,160 $ 19,815 $ 3,980 $ 1,981 $ 346 $ 34,282 Depreciation and impairment On January 1, 2020 $ (2,909) $ (1,477) $ (262) $ (103) $ (44) $ (4,795) Depreciation (535) (2,262) (441) (401) (32) (3,671) Disposals 103 — — — — 103 Translation differences (301) (305) (57) (39) (6) (708) On December 31, 2020 (3,642) (4,044) (760) (543) (82) (9,071) Depreciation (1,118) (2,714) (651) (539) (34) (5,055) Disposals 158 — — — — 158 Currency translation adjustment 37 (15) — (11) — 10 On December 31, 2021 (4,565) (6,774) (1,411) (1,093) (116) (13,958) Depreciation (1,388) (2,179) (735) (257) (35) (4,593) Disposals 90 — — — — 90 Currency translation adjustment 408 5 1 1 — 414 On December 31, 2022 $ (5,454) $ (8,948) $ (2,145) $ (1,350) $ (150) $ (18,047) Carrying Amount On December 31, 2020 $ 1,247 $ 7,677 $ 1,513 $ 881 $ 264 11,582 On December 31, 2021 3,373 9,688 1,664 888 230 15,844 On December 31, 2022 $ 2,706 $ 10,867 $ 1,835 $ 631 $ 196 $ 16,234 As of December 31, 2022, there are no material commitments to acquire property, plant and equipment, except as set forth in note 29. Furthermore, no items of property, plant and equipment are pledged. See note 22 for information for leases where the Company is a lessee.

Intangible assets

Intangible assets	12 Months Ended
Intangible assets	Dec. 31, 2022
Intangible assets
Intangible assets	5. (in thousands of $) Acquired In-Process R&D Software & databases Other Intangibles Total Cost On January 1, 2020 $ 44,802 $ 473 $ — $ 45,275 Additions 16,182 2,814 98,000 116,996 Translation differences 4,196 256 1,058 5,510 On December 31, 2020 65,180 3,543 99,058 167,781 Additions 5,000 — — 5,000 Disposals — (190) — (190) On December 31, 2021 70,180 3,353 99,058 172,591 Additions 992 — 102,000 102,992 Disposals — (5) — (5) Derecognition — — (99,058) (99,058) On December 31, 2022 $ 71,171 $ 3,348 $ 102,000 $ 176,519 Amortization and impairment On January 1, 2020 $ — $ (158) $ — $ (158) Amortization — (246) — (246) Translation differences — (33) — (33) On December 31, 2020 — (437) — (437) Amortization (470) — (470) On December 31, 2021 — (907) — (907) Amortization — (711) (99,058) (99,768) Derecognition — — 99,058 99,058 On December 31, 2022 $ — $ (1,618) $ — $ (1,618) Carrying Amount On December 31, 2020 $ 65,180 $ 3,106 $ 99,058 $ 167,344 On December 31, 2021 70,180 2,446 99,058 171,684 On December 31, 2022 $ 71,171 $ 1,730 $ 102,000 $ 174,901 The Company performed an annual impairment review on the intangible assets not yet available for use. This review did not result in the recognition of an impairment charge. During the third quarter of 2022, the Company utilized the priority review voucher submitted with the BLA filing for SC efgartigimod for the treatment of gMG, which resulted in amortization of $99.1 million of research and development expenses within the consolidated statements of profit or loss and subsequent derecognition of $99.1 million of intangibles included in other intangibles on the consolidated statements of financial position. In December 2022, we acquired an FDA Priority Review Voucher, or PRV, for $102 million. As of December 31, 2022, there are no material commitments to acquire additional intangible assets, except as set forth in note 29. No intangible assets are pledged as security for liabilities nor are there any intangible assets whose title is restricted.

Deferred Taxes

Deferred Taxes	12 Months Ended
Deferred Taxes	Dec. 31, 2022
Deferred Taxes
Deferred Taxes	6. The available deferred tax assets relates to argenx US Inc. and argenx Japan KK which are profitable due to the global transfer pricing model of argenx, and the deferred tax liabilities are related to argenx BV. The amount of deferred tax assets and liability by type of temporary difference can be detailed as follow: At December 31, 2022 (in thousands of $) Assets Liabilities Net Deferred tax assets / (liabilities) Accruals and allowances $ 8,884 $ — $ 8,884 Income tax benefit from excess tax deductions related to share-based payments 26,887 — 26,887 Profit in inventory 29,711 — 29,711 R&D capitalized expense 11,316 — — Property, plant and equipment 2,569 (549) 2,020 Intangible assets — (3,430) (3,430) Non-current fixed assets — (4,975) (4,975) Other 404 — 404 Netting by taxable entity (549) 549 — Net deferred tax assets / (liabilities) $ 79,222 $ (8,406) $ 70,817 At December 31, 2021 (in thousands of $) Assets Liabilities Net Deferred tax assets / (liabilities) Accruals and allowances $ 2,858 $ — $ 2,858 Income tax benefit from excess tax deductions related to share-based payments 26,026 — 26,026 Profit in inventory 3,305 — 3,305 Property, plant and equipment 532 (740) (208) Intangible assets — (2,714) (2,714) Non-current fixed assets — (3,725) (3,725) Other 210 — 210 Netting by taxable entity (740) 740 — Net deferred tax assets / (liabilities) $ 32,191 $ (6,438) $ 25,753 At December 31, 2020 (in thousands of $) Assets Liabilities Net Deferred tax assets / (liabilities) Accruals and allowances $ 2,147 $ — $ 2,147 Income tax benefit from excess tax deductions related to share-based payments 13,362 — 13,362 Property, plant and equipment — (167) (167) Intangible assets — (1,792) (1,792) Other — — — Netting by taxable entity (471) 471 — Net deferred tax assets / (liabilities) $ 15,038 $ (1,487) $ 13,551 The change in net deferred taxes recorded in the consolidated statements of financial position can be detailed as follows: (in thousands of $) Deferred tax assets Deferred tax liabilities Balance at January 1, 2022 $ 32,191 $ (6,438) Recognized in profit or loss 49,075 (2,180) Recognized in equity (1,960) — Effects of change in foreign exchange rate (84) 212 Balance at December 31, 2022 $ 79,222 $ (8,406) (in thousands of $) Deferred tax assets Deferred tax liabilities Balance at January 1, 2021 $ 15,038 $ (1,487) Recognized in profit or loss 11,385 (5,082) Recognized in equity 5,494 — Effects of change in foreign exchange rate 274 131 Balance at December 31, 2021 $ 32,191 $ (6,438) (in thousands of $) Deferred tax assets Deferred tax liabilities Balance at January 1, 2020 $ — $ — Recognized in profit or loss 8,351 (1,384) Recognized in equity 6,225 — Effects of change in foreign exchange rate 462 (103) Balance at December 31, 2020 $ 15,038 $ (1,487)

Other non-current assets

Other non-current assets	12 Months Ended
Other non-current assets	Dec. 31, 2022
Other non-current assets,
Other non-current assets	7. Other non-current assets consisted of non-current restricted cash and financial assets held at fair value through profit or loss or through OCI. At December 31, (in thousands of $) 2022 2021 2020 Non-current restricted cash $ 1,736 $ 1,707 $ 1,509 Non-current financial assets held at fair value through profit or loss 21,715 17,459 6,307 Non-current financial assets held at fair value through OCI 17,443 35,710 — Total other non-current assets $ 40,894 $ 54,876 $ 7,816 Non-current restricted cash on December 31, 2022 was mainly composed of deposit guarantees paid under the lease agreements for the laboratory and offices of the Company. Non-current financial assets held at fair value through profit or loss is comprised of the profit share in AgomAb Therapeutics NV. In March 2019, the Company entered into a license agreement with AgomAb Therapeutics NV for the use of HGF-mimetic SIMPLE Antibodies™, developed under the Company’s Immunology Innovative Program. In exchange for granting this license, the Company received a profit share in AgomAb Therapeutics NV. Since AgomAb Therapeutics NV is a private company, the valuation of the profit share is based on level 3 assumptions. In June 2022, AgomAb Therapeutics NV secured €38.4 million as a result of the extension of Series B. The Company used the post-money valuation of this Series B financing round and the number of outstanding shares in determining the fair value of the profit-sharing instrument, which results in a change in fair value of non-current financial assets of $4.3 million recorded through profit or loss. Fair value changes on non-current financial assets with fair value through profit or loss are recognized in the consolidated statements of profit or loss in line “Other operating income”. 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 reporting date is determined by reference to the closing price of such securities at each reporting date (classified as level 1 in the fair value hierarchy), resulting in a change in fair value. The Company made the irrevocable election to recognize subsequent changes in fair value through OCI in line “Fair value gain/(loss) on investments in equity instruments designated as at FVTOCI”. The table below illustrates these non-current financials assets at fair value through profit or loss or OCI as of December 31, 2022, 2021 and 2020. At December 31, (in thousands of $) 2022 2021 2020 Cost at January 1 $ 76,659 $ 1,659 $ 1,659 Additions of the year — 75,000 — Cost at December 31 $ 76,659 $ 76,659 $ 1,659 Fair value adjustments at January 1 $ (23,490) $ 4,648 $ 1,257 Fair value adjustment of the year through profit or loss 4,256 11,152 2,951 Fair value adjustment of the year through OCI (18,267) (39,290) — Translation difference — — 440 Fair value adjustment at December 31 $ (37,501) $ (23,490) $ 4,648 Net book value at December 31 $ 39,158 $ 53,169 $ 6,307

Inventories

Inventories	12 Months Ended
Inventories	Dec. 31, 2022
Inventories
Inventories	8. At December 31, (in thousands of $) 2022 2021 2020 Raw materials and consumables $ 126,046 $ 70,134 $ 18,608 Inventories in process 65,016 37,705 6,587 Finished goods 37,291 1,237 — Total inventories $ 228,353 $ 109,076 $ 25,195 The cost of inventories, which is recognized as an expense and included in the “cost of sales” on the consolidated statements of profit or loss, amounted to $29.4 million for the year ended December 31, 2022. On December 31, 2022, inventories amounted to $99.3 million was related to pre-launch subcutaneous efgartigimod inventory. Of the total inventory, $76.5 million relates to inventory which is currently awaiting facility approval. As of December 31, 2022, no inventory write-downs were recorded. Included in inventory are products which could, besides commercial activities, be used for in-house preclinical and clinical programs, non-reimbursed pre-approval programs and clinical programs carried out by Zai Lab.

Trade and other receivables

Trade and other receivables	12 Months Ended
Trade and other receivables	Dec. 31, 2022
Trade and other receivables.
Trade and other receivables	9. The trade and other receivables are composed of receivables which are detailed below: At December 31, (in thousands of $) 2022 2021 2020 Trade receivable $ 241,228 $ 28,058 $ 287 Interest receivable 12,918 1,325 993 Other receivable 21,551 8,838 5,698 Total trade and other receivables $ 275,697 $ 38,221 $ 6,978 The carrying amounts of trade and other receivables approximate their respective fair values. On December 31, 2022, we did not have any provision for expected credit losses. Please also refer to Note 26 for more information on the financial risk management.

Financial assets - current

Financial assets - current	12 Months Ended
Financial assets - current	Dec. 31, 2022
Financial assets - current.
Financial assets - current	10. These current financial assets relate to term accounts with an initial maturity longer than 3 months but less than 12 months and money market funds that do not qualify as cash equivalents. At December 31, (in thousands of $) 2022 2021 2020 Money market funds $ 46,162 $ 73,052 $ 130,290 Term accounts 1,345,646 929,000 649,359 Total current financial assets $ 1,391,808 $ 1,002,052 $ 779,649 On December 31, 2022, the current financial assets included $376.8 million (€353.3 million) held in EUR, which could generate a foreign currency exchange gain or loss in our financial results in accordance with the fluctuations of the USD/EUR exchange rate as the Company’s functional currency is USD. Please also refer to Note 26 for more information on the financial risk management.

Cash and cash equivalents

Cash and cash equivalents	12 Months Ended
Cash and cash equivalents	Dec. 31, 2022
Cash and cash equivalents
Cash and cash equivalents	11. At December 31, (in thousands of $) 2022 2021 2020 Money market funds $ 669,147 $ 997,092 $ 858,291 Term accounts 54,116 95,090 61,356 Cash and bank balances 77,477 242,494 297,156 Total cash and cash equivalents $ 800,740 $ 1,334,676 $ 1,216,803 Cash and cash equivalents may comprise of cash and bank balances, saving accounts, term accounts with an original maturity not exceeding 3 months and money market funds that are readily convertible to cash and are subject to an insignificant risk of changes in value. Cash positions are invested with preferred financial partners, which are mostly considered to be high quality financial institutions with sound credit ratings to reduce credit risk. On December 31, 2022, the cash and cash equivalents included $237.1 million (€222.3 million) held in EUR, and $59.0 million (£49.1 million) held in GBP which could generate a foreign currency exchange gain or loss in our financial results in accordance with the fluctuations of the USD/EUR and USD/GBP exchange rates as the Company’s functional currency is USD. Please also refer to Note 26 for more information on the financial risk management.

Share capital and share premium

Share capital and share premium	12 Months Ended
Share capital and share premium	Dec. 31, 2022
Shareholders' capital
Share capital and share premium	12. On December 31, 2022, the Company’s share capital was represented by 55,395,856 shares. All shares were issued, fully paid up and of the same class. The table below summarizes our share issuances as a result of offerings, exercise of stock options and the vesting of restricted stock units under the Company’s Employee Stock Option Plan. Roll forward of number of shares outstanding: Number of shares outstanding on January 1, 2020 42,761,528 Exercise of stock options 602,463 Global public offering in Euronext and Nasdaq on May 28, 2020 3,658,515 Over-allotment option exercised by underwriters on May 29, 2020 548,777 Number of shares outstanding on December 31, 2020 47,571,283 Exercise of stock options 503,282 Global public offering in Euronext and Nasdaq on February 2, 2021 3,125,000 Over-allotment option exercised by underwriters on February 4, 2021 468,750 Number of shares outstanding on December 31, 2021 51,668,315 Exercise of stock options 1,024,626 Vesting of RSUs 19,581 Global public offering in Euronext and Nasdaq on March 23, 2022 2,333,334 Over-allotment option exercised by underwriters on March 29, 2022 350,000 Number of shares outstanding on December 31, 2022 55,395,856 Issuance of shares in January 2023 relating to exercise of stock options and vesting of RSU in December 2022 15,076 On March 23, 2022, argenx SE offered 2,333,334 of its ordinary shares through a global offering which consisted of 1,433,701 ADSs in the U.S. at a price of $300.0 per ADS, before underwriting discounts and commissions and offering expenses; and 899,633 ordinary shares in the European Economic Area at a price of €273.10 per share, before underwriting discounts and commissions and offering expenses. On March 29, 2022, the underwriters of the offering exercised their overallotment option to purchase 350,000 additional ADSs in full. As a result, argenx SE received $804.1 million in gross proceeds from this offering, decreased by $44.2 million of underwriter discounts and commissions, and offering expenses, of which $44.0 million has been deducted from equity. The total net cash proceeds from the offering amounted to $761 million. On May 10, 2022, at the annual general meeting, the shareholders of the Company approved the authorization to the Board to issue up to a maximum of 10% of the then-outstanding share capital, for a period of 18 months. On December 31, 2022, an amount of €428,954.5, represented by 4,289,545 shares, still remained available under the authorization to issue shares as granted to the Board by the shareholders of the Company.

Share-based payments

Share-based payments	12 Months Ended
Share-based payments	Dec. 31, 2022
Share-based payments
Share-based payments	13. 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 terms of the plan, as approved by shareholders, employees may be granted stock options and/or restricted stock units. 13.1 Stock Option The stock options are granted to key persons of the Company and its subsidiaries. The stock options may be granted to purchase ordinary shares at an exercise price. The stock options have been granted free of charge. Each employee’s stock option converts into one ordinary share of the Company upon exercise. The stock options carry neither rights to dividends nor voting rights. Stock options may be exercised at any time from the date of vesting to the date of their expiry. As of January 1, 2021, the Company decided to change the vesting period of its sign-on stock options from 4 years to 3 years to make the vesting consistent for all the options granted. The stock options granted (regular and sign-on) vest, in principle, as follows: ● 1/3rd of the total stock options granted will vest on the first anniversary of the granting of the stock options, and ● 1/36th of the total grant on the first day of each month following the first anniversary of the date of grant of the stock options. 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. In order to prefinance the taxes that are paid upon the grant of stock options, Belgian employees have the ability, in exchange for the taxes due upon the grant of the stock options, to transfer the economic benefits related to part of those stock options to a third party. As of December 31, 2022, the economic benefits of 242,729 stock options, for which accelerated vesting applies, were transferred to a third party. No other conditions are attached to the stock options. The following stock option arrangements were in existence during the current and prior years and which are exercisable at the end of each period presented: Exercise price Outstanding per stock stock options on options December 31, Expiry date (in $) (1) 2022 2021 2020 2022 $ 2.60 — 125,339 — 2023 2.60 — — 165,693 2024 2.60 19,743 94,088 100,086 2024 4.21 5,127 6,113 6,238 2024 7.65 214,800 276,500 294,167 2025 12.20 2,000 4,500 21,500 2025 11.02 — — 950 2025 10.10 101,861 105,857 114,232 2026 12.13 30,000 41,000 45,000 2026 12.23 99,772 102,840 127,252 2026 15.08 115,211 117,581 176,426 2027 19.64 42,509 53,143 102,479 2027 22.58 303,867 361,350 460,701 2023 86.20 12,111 85,080 85,077 2028 86.20 19,490 39,515 49,532 2023 92.07 124,338 321,473 325,661 2028 92.07 264,392 350,631 381,317 2024 121.04 110,774 111,174 111,174 2029 121.04 110,756 146,765 163,410 2024 144.79 202,852 203,658 195,452 2029 144.79 537,110 611,122 692,914 2025 127.49 16,712 16,712 19,000 2030 127.49 71,486 102,558 123,700 2025 209.21 127,731 129,711 131,770 2030 209.21 223,812 282,475 325,150 2025 213.55 32,100 32,100 32,100 2030 213.55 117,790 136,601 175,200 2030 264.09 620,014 692,214 728,517 2025 264.09 202,475 203,214 211,045 2026 250.01 23,491 24,366 — 2026 272.09 60,890 61,505 — 2026 276.78 45,862 48,138 — 2031 250.01 35,214 42,282 — 2031 272.09 167,406 207,464 — 2031 276.78 81,311 92,456 — 2026 329.79 80,833 82,430 — 2031 329.79 286,353 307,158 — 2027 301.31 14,976 — — 2032 301.31 79,155 — — 2027 381.31 61,816 — — 2032 381.31 238,532 — — 2027 393.04 13,764 — — 2032 393.04 85,199 — — 2027/2032 (2) $ 383.55 508,132 — — 5,511,767 5,619,113 5,365,743 (1) Amounts have been converted to USD at the closing rate as of December 31, 2022. (2) As of December 2022, the Company granted options for which the beneficiaries had a 60-day period to choose between a contractual term of five or ten years 2022 2021 2020 Number of Weighted average Number of Weighted average Number of Weighted average stock options exercise price () stock options exercise price () stock options exercise price () Outstanding at January 1 5,619,113 $ 164.33 5,365,743 $ 142.87 4,358,069 $ 78.23 Granted 1,021,642 375.58 882,584 314.99 1,797,652 266.71 Exercised (1,025,780) 92.62 (503,282) 64.72 (602,463) 38.86 Forfeited (103,208) 273.93 (125,932) 234.98 (187,515) 170.98 Outstanding at December 31 5,511,767 205.02 5,619,113 164.33 5,365,743 142.87 Exercisable at December 31 3,983,960 $ 148.11 3,613,371 $ 106.53 2,833,680 $ 65.24 () amounts have been converted to USD at the closing rate of the respective period. The weighted average share price at the date of exercise of options exercised during the year ended December 31, 2022 was $336.5, compared to $305.9 during the year ended December 31, 2021 and $254.54 during the year ended December 31, 2020. The weighted average remaining contractual life of the stock options outstanding amounted to 6.2 years on December 31, 2022 compared to 6.3 years on December 31, 2021 and 7.08 years on December 31, 2020. The table below shows the weighted average remaining contractual life for each range of exercise price: Weighted average remaining Outstanding on contractual life Exercise price (in $) December 31, 2022 (in years) 2.6 - 4.21 24,870 1.75 7.65 - 10.1 316,661 2.29 11.03 - 15.07 246,983 3.66 19.64 - 22.58 346,376 4.90 86.2 - 92.07 420,331 4.32 121.05 - 144.79 1,049,690 5.32 209.21 - 264.09 1,382,627 6.43 272.09 - 329.79 816,786 7.60 381.31 - 393.04 907,443 9.38 The fair market value of the stock options has been determined based on the Black and Scholes model using the following unobservable assumptions: ● The expected volatility, determined on the basis of the implied volatility of the share price over the expected life of the option. ● The expected option life, calculated as the estimated duration until exercise, taking into account the specific features of the plans. Below is an overview of the parameters used in relation to the determination of the fair value of the grants during 2022: Stock options granted in April 2022 July 2022 Oct 2022 Dec 2022 (1) Number of options granted 102,081 311,311 100,118 508,132 Average Fair value of options (in $) () $ 111.27 - 140.23 $ 153.45 - 190.53 $ 136.66 - 169.96 $ 163.94 - 168.34 Share price (in $) () $ 320.84 - 321.06 $ 378.11 - 397.92 $ 352.97 - 376.01 $ 377.61 Exercise price (in $) () $ 312.22 $ 372.69 $ 359.80 $ 381.97 Expected volatility 39.18 - 40.87 % 41.30 - 43.10 % 39.64 - 45.97 % 39.70 - 39.74 % Average Expected option life (in years) 4 - 6.50 4 - 6.50 4 - 6.50 6.15 - 6.50 Risk‑free interest rate 1.05 - 1.62 % 1.77 - 2.28 % 2.57 - 2.80 % 3.09 - 3.10 % Expected dividends — % — % — % — % (1) In December 2022, the Company granted a total of 508,132 stock options. The beneficiary can choose between a contractual term of five or ten years . The expected option life ranges between 6.15 and 6.50 years. This estimate will be reassessed once the acceptance period of 60 days has passed and the beneficiaries will have made a choice between a contractual term of five or ten years . The total fair value of the grant would range from $77.4 million ( 100% of the stock options with a contractual term of five years ) to $84.1 million ( 100% of the stock options with a contractual term of ten years ). () amounts have been converted to USD at the applicable rate prevailing at the grant date. Below is an overview of the parameters used in relation to the determination of the fair value of grants during 2021: Stock options granted in April 2021 July 2021 Oct 2021 Dec 2021 Number of options granted 67,833 280,339 144,824 389,588 Average Fair value of options (in $) () $ 98.96 - 154.88 $ 131.65 - 159.13 $ 101.53 - 131.80 $ 75.03 - 145.34 Share price (in $) () $ 248.9 - 283.67 $ 300.78 - 340.95 $ 286.52 - 304.5 $ 277.72 - 351.73 Exercise price (in $) () $ 275.33 $ 303.16 $ 301.02 $ 349.92 Expected volatility 54.24 - 60.08 % 45.58 - 47.96 % 46.01 - 48.46 % 43.24 - 43.64 % Average Expected option life (in years) 4 - 6.50 4 - 6.50 4 - 6.50 4 - 6.50 Risk‑free interest rate (0.41) - (0.08) % (0.41) - (0.17) % (0.18) - (0.05) % 0.03 - 0.67 % Expected dividends — % — % — % — % () amounts have been converted to USD at the applicable rate prevailing at the grant date. Below is an overview of the parameter used in relation to the determination of the fair value of grants during 2020: Stock options granted in April 2020 June 2020 Oct 2020 Dec 2020 Number of options granted 142,700 550,090 196,500 908,362 Average Fair value of options (in $) () $ 76.46 - 148.03 $ 83.46 - 129.64 $ 91.10 - 156.68 $ 101.23 - 229.20 Share price (in $) () $ 155.23 - 252.29 $ 224.80 - 281.25 $ 256.46 - 293.52 $ 273.15 - 383.10 Exercise price (in $) () $ 146.68 $ 240.70 $ 245.69 $ 303.83 Expected volatility 44.44 - 64.77 % 43.46 - 52.19 % 44.17 - 52.71 % 46.80 - 59.94 % Average expected option life (in years) 4 - 6.68 4 - 6.68 4 - 6.68 4 - 6.68 Risk‑free interest rate (0.32) - (0.18) % (0.43) - (0.28) % (0.51) - (0.34) % (0.51) - (0.28) % Expected dividends — % — % — % — % () amounts have been converted to USD at the closing rate of the respective period. The total share-based payment expense related to stock options recognized in the consolidated statements of profit or loss totaled $120.2 million for the year ended December 31, 2022, compared to $171.2 million for the year ended December 31, 2021 and $96.9 million for the year ended December 31, 2020. 13.2 Restricted Stock Units (RSUs) The RSUs are granted to key persons of the Company and its subsidiaries. The RSUs have been granted free of charge. Each employee’s RSUs converts into one ordinary share of the Company upon vesting. The RSUs carry neither rights to dividends nor voting rights. RSUs once converted into ordinary shares, may be sold at any time from the date of vesting, have no expiry date and may be held by the participant without limitation. The fair value of RSUs is based on the closing sale price of our common stock on the day prior to the date of issuance. RSUs vest over a period of 4 years with 1/4th The following restricted stock units arrangements were in existence during the current and prior years: 2022 2021 Weighted average Weighted average Number of Grant Date Number of Grant Date RSUs Fair Value RSUs Fair Value Non-vested units at January 1 213,038 $ 314.25 — $ — Granted 243,010 375.81 216,522 313.84 Vested (53,872) — — — Forfeited (16,896) 307.11 (3,484) 288.92 Non-vested units at December 31 385,280 $ 387.20 213,038 $ 314.25 The total share-based payment expense related to RSUs recognized in the consolidated statements of profit or loss totaled $36.9 million for the year ended December 31, 2022 compared to $8.1 million for the year ended December 31, 2021. There was no RSUs related expense during the year ended December 31, 2020 as the Company only started granting the RSUs in 2021.

Trade and other payables

Trade and other payables	12 Months Ended
Trade and other payables	Dec. 31, 2022
Trade and other payables.
Trade and other payables	14. At December 31, (in thousands of $) 2022 2021 2020 Trade payables $ 188,721 $ 208,850 $ 206,325 Short‑term employee benefits 84,337 83,737 68,867 Gross-to-net-accruals 19,478 — — Other 3,142 828 — Total trade and other payables $ 295,679 $ 293,415 $ 275,192 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. As of December 31, 2022, the movement in the gross-to-net-accruals was as follows: (in thousands of $) Rebates and chargebacks Distribution fees, product returns and other Total Balance at January 01, 2022 $ — $ — $ — Current estimate related to the sales made in the current year 35,426 10,740 46,166 (Credits or payments related to sales made during the year) (20,028) (6,661) (26,689) Balance at December 31, 2022 $ 15,399 $ 4,079 $ 19,478

Product net sales

Product net sales	12 Months Ended
Product net sales	Dec. 31, 2022
Product net sales.
Product net sales	15. For the twelve months ended December 31, 2022, the product net sales was related to sales of VYVGART in the US following the approval of VYVGART by U.S. Food and Drug Administration (FDA) on December 17, 2021, in Japan following the approval of VYVGART by Pharmaceuticals and Medical Devices Agency (PMDA) on January 20, 2022 and Europe following the approval of VYVGART by European Commission on August 11, 2022. No product net sales were recognized during the comparable prior periods. Product gross sales for twelve months ended December 31, 2022 was $446.9 million and the gross to net adjustment for twelve months ended December 31, 2022 was $46.2 million, resulting in $400.7 million of product net sales for twelve months ended December 31, 2022. Refer to note 18 for the breakdown of Product net sales by country of sale for twelve month ended December 31, 2022.

Collaboration revenue

Collaboration revenue	12 Months Ended
Collaboration revenue	Dec. 31, 2022
Collaboration revenue
Collaboration revenue	16. The following table summarizes details of collaboration revenues for the year ended December 31, 2022, 2021 and 2020 by collaboration agreement and by category of revenue: upfront payments, milestone payments, research and development service fees and other revenue. Year Ended December 31, (in thousands of $) 2022 2021 2020 Zai Lab $ — — Janssen — 292,279 33,759 AbbVie — 121 565 Other — — 38 Upfront payments — 444,303 34,362 Zai Lab — 25,634 — Janssen — 22,865 2,641 AbbVie — 102 762 Other 5,365 1,214 19 Milestone payments 5,365 49,815 3,422 Janssen — 2,028 3,175 Other 424 298 284 Research and development service fees 424 2,326 3,459 Zai Lab 4,238 833 — Other revenues 4,238 833 — Total revenue $ 10,026 $ 497,277 $ 41,243 For the years ended December 31, 2022, 2021 and 2020, the collaboration revenue was generated under the agreements with Zai Lab, Janssen and AbbVie, each as described below. The table below summarizes the change in deferred revenue – current and non current for the year ended December 31, 2022, 2021 and 2020. (in thousands of $) Janssen AbbVie Other Total On January 1, 2020 $ 324,629 1,517 56 326,202 Received Milestone — — — — Revenue recognition Upfront (33,759) (565) (38) (34,362) Milestone (2,641) (762) (19) (3,422) Translation difference 26,915 33 1 26,949 On December 31, 2020 315,144 223 — 315,367 Received Upfront — — — — Milestone Revenue recognition Upfront (292,279) (121) — (292,400) Milestone (22,865) (102) — (22,967) On December 31, 2021 — $ — $ — $ — Received Upfront — — — — Milestone Revenue recognition Upfront — — — — Milestone — — — — On December 31, 2022 $ — $ — $ — $ — Below are summaries of the key collaborations: Zai Lab On January 6, 2021, argenx and Zai Lab announced the License agreement for the development and commercialization of efgartigimod in Greater China, granting Zai Lab the exclusive rights to develop and commercialize efgartigimod in Greater China. Under the terms of the agreement, the Company received $175 million in collaboration payments, comprised of a $75 million upfront payment in the form of 568,182 newly issued Zai Lab shares calculated at a price of $132 per share, $75 million as guaranteed non-creditable, non-refundable payment, received in the first quarter of 2021, and an additional $25 million milestone payment upon regulatory approval of efgartigimod by FDA in the U.S. The Company is also eligible to receive tiered royalties (mid-teen to low twenties on a percentage basis) based on annual net sales of efgartigimod in Greater China. With regard to this collaboration with Zai Lab: ● The Company concluded there are two performance obligations under IFRS 15, being the transfer of a license and the at arms-length supply of clinical and commercial product. The Company concluded that these performance obligations are distinct in the context of the contract. ● The Company concluded that the Subscription Shares granted by Zai Lab, as included in the Share Issuance Agreement, entered into on January 6, 2021, was obtained because of the existing obligations under the terms of the Collaboration and License Agreement, and is therefore to be considered to be part of the overall consideration received. ● The transaction price of these two agreements is composed of a fixed part, that being an upfront payment of $75 million in the form of newly issued Zai Lab shares, and a $75 million guaranteed, non-creditable, non-refundable payment and $25 million milestone for approval of efgartigimod in the U.S. and the consideration received in return for the supply of clinical and commercial product. Sales-based milestones and sales-based royalties are a part of the Company’s arrangements but are not yet included in its revenue. ● The fixed part of the transaction price, as well as the $25 million milestone for approval of efgartigimod in the U.S. has been allocated to the transfer of a license performance obligation. ● The Company concludes that the license as of the effective date of the contract has standalone value. As such, the Company concluded that the promise in granting the license to Zai is to provide a right to use the entity’s intellectual property as it exists at the point in time at which the license is granted and therefore, revenue accrued has been recognised at a point in time. This conclusion was reached, taking into account following aspects: o there are no material restrictions included in the contract which would prevent Zai Lab to direct the use of, and obtain substantially all of the remaining benefits, within Greater China and considering the sales-based royalties which become due to the Company upon successful commercialization. o the current phase of efgartigimod, successfully completed the Phase III trials. ● Under the collaboration agreement, the Company provides clinical and commercial supply to Zai Lab. Company concludes to recognize such sales as revenue given that the Company acts as principal in the transaction as the risk related to inventory is born by the Company until the inventory is transferred to Zai. The revenue related to clinical and commercial supply is recorded under line item “Other revenues” within the collaboration revenue footnote. AbbVie In April 2016, the Company entered into a collaboration agreement with AbbVie S.À.R.L. (AbbVie) to develop and commercialize ARGX-115 (ABBV-151). Under the terms of the collaboration agreement, the Company was responsible for conducting and funding all ARGX-115 (ABBV-151) research and development activities up to completion of IND enabling studies. The Company granted AbbVie an exclusive option, for a specified period following completion of IND enabling studies, to obtain a worldwide, exclusive license to the ARGX-115 (ABBV-151) program to develop and commercialize products. The Company received an upfront, non-refundable, non-creditable payment of $40 million from AbbVie for the exclusive option to license ARGX-115 (ABBV-151). The Company achieved two preclinical milestones, each of which triggered a $10.0 million payment. In August 2018, AbbVie exercised its option and has assumed certain development obligations, being solely responsible for all research, development and regulatory costs relating to ARGX-115 based products. In March 2019, the Company achieved the first development milestone upon initiation of a first-in-human clinical trial, triggering a $30.0 million payment. Subject to the continuing progress of ARGX-115 (ABBV-151) by AbbVie, the Company is eligible to receive development, regulatory and commercial milestone payments in aggregate amounts of up to $110 million, $190 million and $325 million, respectively, as well as tiered royalties on sales at percentages ranging from the mid-single digits to the lower teens, subject to customary reductions. The Company has the right, on a product-by-product basis to co-promote ARGX-115 (ABBV-151) based products in the European Economic Area and Switzerland and to combine the product with the Company’s own future immuno-oncology programs. The co-promotion effort would be governed by a co-promotion agreement negotiated in good faith by the parties. AbbVie will fund further GARP related research by the Company for an initial period of two years. AbbVie will have the right to license additional therapeutic programs emerging from this research, for which the Company could receive associated milestone and royalty payments. With regard to its collaboration with AbbVie, the Company concluded as follows: ● There is one single performance obligation under IFRS 15, that being the transfer of a license combined with performance of research and development activities. The Company concluded that the license is not distinct in the context of the contract. ● The transaction price of these two agreements is currently composed of a fixed part, that being an upfront license fee, and a variable part, being milestone payments and cost reimbursements of research and development activities delivered. Milestone payments are only included in the transaction price to the extent it is highly probable that a significant reversal in the amount of cumulative revenue recognition will not occur when the uncertainty associate with the variable consideration is subsequently resolved. We estimate the amount to be included in the transaction price upon achievement of the milestone event. Sales-based milestones and sales-based royalties are a part of the Company’s arrangements but are not yet included in its revenues. ● The transaction price has been allocated to the single performance obligation and revenues have been recognized over the estimated service period based on a pattern that reflects the transfer of the license and progress to complete satisfaction of the research and development activities. This is because we considered that there is a transformational relationship between the license and the research and development activities to be delivered. ● The Company has chosen an input model to measure the satisfaction of the single performance obligation that considers percentage of costs incurred for these programs that are completed each period (percentage of completion method). ● Cost reimbursements received are recognized in revenues when costs are incurred and agreed by the parties, as the Company is acting as a principal in the scope of its stake of the research and development activities of its ongoing collaboration and license agreements. Janssen On June 4, 2021, the Company received a termination notification from Cilag GmbH International, an affiliate of Janssen, which results in the termination of the Collaboration Agreement to jointly develop and commercialize cusatuzumab. As a result, the Company regains the worldwide rights to its anti-CD70 antibody cusatuzumab. Under the terms of the agreement, Janssen committed to an upfront payment of $500 million consisting of a license payment of $300 million and a $200 million equity investment in the Company by subscribing to 1,766,899 new shares at a price of €100.02 per share, including an issuance premium. In December 2019, the Company achieved the first development milestone, triggering a $25.0 million payment. With regard to this collaboration with Janssen, the Company concluded as follows: ● There was one single performance obligation under IFRS 15, that being the transfer of a license combined with performance of research and development activities. The Company concluded that the license is not distinct in the context of the contract. ● The Company concluded that the share premium that Janssen paid above the closing price on the day of entering into the investment agreement (being December 2, 2018) was paid because of the existing obligations to deliver development services under the terms of the collaboration agreement and was therefore considered to be part of the overall consideration received. ● The transaction price of these two agreements composed of a fixed part, that being an upfront license fee, and a variable part, being milestone payments and cost reimbursements of research and development activities delivered. ● The transaction price was allocated to the single performance obligation and revenue was previously recognized over the estimated service period based on a pattern that reflects the transfer of the license and progress to complete satisfaction of the research and development activities. Following the termination, the Company concluded that it has substantially satisfied the performance obligation, and as a consequence, recorded $315.1 million for the 12 months ending December 31, 2021.

Other operating income

Other operating income	12 Months Ended
Other operating income	Dec. 31, 2022
Other operating income
Other operating income	17. Year Ended December 31, (in thousands of $) 2022 2021 2020 Grants $ 2,186 $ 4,398 $ 1,365 Research and development incentives 19,502 13,970 10,257 Payroll tax rebates 8,576 12,621 9,095 Change in fair value on non-current financial assets 4,256 11,152 2,951 Total other operating income $ 34,520 $ 42,141 $ 23,668 17.1 Grants The grant income is related to grants received from the Flanders Innovation and Entrepreneurship Agency. No conditions related to the above government grants were unfulfilled, nor were there any material contingencies related thereon at the date of the approval of these consolidated financial statements. 17.2 Research and development incentives The Company has accounted for a tax incentive of $19.5 million in the year ended December 31, 2022, compared to $14.0 and $10.3 million in the year ended December 31, 2021 and December 31, 2020, respectively, following a research and development tax incentive scheme in Belgium according to which the incentive will be refunded after a five year period, if not offset against the current tax payable over the period. 17.3 Payroll tax rebates The Company accounted for $8.6 million payroll tax rebates in the year ended December 31, 2022, compared to $12.6 and $9.1 million in the year ended December 31, 2021 and December 31, 2020, respectively, as a reduction in withholding income taxes for its highly qualified personnel employed in its research and development department.

Segment reporting

Segment reporting	12 Months Ended
Segment reporting	Dec. 31, 2022
Segment reporting
Segment reporting	18. The Company operates from the Netherlands, Belgium, the United States of America, Japan, Switzerland, Germany, France, Canada, UK, and Italy. Following table summarizes our product net sales by country of sales based on the country of the entity that recognizes product net sales: Year Ended (in thousands of $) December 31, 2022 United States $ 377,659 Japan 15,764 Europe 5,678 Other* 1,619 Total product net sales $ 400,720 * The product net sales relates to sales made outside of the U.S., Japan and Europe and relates to named patient sale made with the U.S. label. We sell our products through a limited number of distributors and wholesellers. Four U.S. customers represent approximately 91% of our product net sales in United States during twelve months ended December 31, 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 $) 2022 2021 2020 Denmark $ 5,365 $ 1,389 $ 342 Belgium — — — United States — 317,396 40,901 China 4,238 178,370 — Other 424 123 — Total collaboration revenue $ 10,026 $ 497,277 $ 41,243 The non-current assets of the Company, with the exception of the deferred tax assets, are geographically located as shown in the table below: Non-current assets At December 31, (in thousands of $) 2022 2021 2020 Netherlands $ — $ — $ 1 Belgium 275,620 268,733 200,125 United States 2,325 3,138 4,751 Japan 2,763 3,232 2,491 Switzerland — 8 — Germany 130 — — France 4 — — Total $ 280,841 $ 275,111 $ 207,368

Research and development expens

Research and development expenses	12 Months Ended
Research and development expenses	Dec. 31, 2022
Research and development expenses
Research and development expenses	19. Year Ended December 31, (in thousands of $) 2022 2021 2020 Personnel expenses $ 162,010 $ 160,464 $ 86,036 External research and development expenses 366,955 382,902 259,943 Materials and consumables 2,396 2,735 3,562 Depreciation and amortization 102,132 3,742 2,835 Other expenses 29,872 30,677 18,509 Total research and development expenses $ 663,366 $ 580,520 $ 370,885

Selling, general and administra

Selling, general and administrative expenses	12 Months Ended
Selling, general and administrative expenses	Dec. 31, 2022
Selling, general and administrative expenses
Selling, general and administrative expenses	20. Year Ended December 31, (in thousands of $) 2022 2021 2020 Personnel expenses $ 234,740 $ 164,646 $ 108,507 Professional and marketing fees 178,570 102,674 48,681 Supervisory board 6,912 12,958 4,838 Depreciation and amortization 2,211 2,126 1,092 IT expenses 17,431 8,977 — Other expenses 32,268 16,263 8,525 Total Selling, general and administrative expenses $ 472,132 $ 307,644 $ 171,643

Personnel expenses

Personnel expenses	12 Months Ended
Personnel expenses	Dec. 31, 2022
Personnel expenses
Personnel expenses	21. The personnel expenses mentioned in notes 19 and 20 above are as follows: Year Ended December 31, (in thousands of $) 2022 2021 2020 Short‑term employee benefits—Salaries $ 216,847 $ 135,676 $ 75,437 Short‑term employee benefits—Social Security 16,274 12,785 9,087 Post‑employment benefits 5,406 2,864 1,242 Termination benefits 401 818 1,005 Share‑based payment 151,912 167,965 92,558 Employer social security contributions stock options 5,910 5,002 15,214 Total personnel expenses $ 396,750 $ 325,110 $ 194,543 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 2022 2021 2020 Research and development 474.8 349.7 213.0 Selling, general and administrative 442.4 264.4 119.5 917.2 614.1 332.5

Leases

Leases	12 Months Ended
Leases	Dec. 31, 2022
Leases
Leases	22. The statement of financial position shows the following amounts relating to leases: Year Ended December 31, December 31, December 31, In thousands of $ 2022 2021 2020 Right-of-use assets Buildings $ 10,867 $ 9,688 $ 7,677 Vehicles 1,835 1,664 1,513 Equipment 196 230 264 $ 12,897 $ 11,583 $ 9,454 Lease liabilities Current $ 3,417 $ 3,509 $ 3,476 Non-current 9,009 7,956 6,181 $ 12,426 $ 11,465 $ 9,657 Additions to the right-of-use assets amounted to $4.2 million for the year ended December 31, 2022. The table below shows a maturity analysis of the lease liabilities as on December 31, 2022: (in thousands of $) Less than 1 year 1-3 years 3-5 years More than 5 years Total contractual cash flows Carrying amount Lease liabilities $ 3,408 $ 4,784 $ 3,043 $ 1,167 $ 12,402 $ 12,426 The consolidated statements of profit or loss and the consolidated statements of other comprehensive income shows the following amounts relating to leases: Year Ended December 31, In thousands of $ 2022 2021 2020 Depreciation charges Buildings $ 2,179 $ 2,714 $ 2,262 Vehicles 735 651 441 Equipment 35 34 32 $ 2,949 $ 3,399 $ 2,735 Interest expense (included in finance cost) $ 1,343 $ 412 $ 201 Expense relating to short-term leases 732 212 264 Expense relating to leases of low-value assets that are not shown above as short-term leases 21 7 6 The total cash outflow for leases in 2022, 2021 and 2020 was $4.2 million, $4.5 million and $3.0 million respectively. The Company did not enter into any lease agreement with variable lease payments or residual value guarantees. The Company has leases that include extension options. These options provide flexibility in managing the leased assets and align with the Company’s business needs. The Company exercises judgement in deciding whether it is reasonably certain that the extension options will be exercised.

Financial result and exchange g

Financial result and exchange gains (losses)	12 Months Ended
Financial result and exchange gains (losses)	Dec. 31, 2022
Financial result and exchange gains/(losses)
Financial result and exchange gains/(losses)	23. Year Ended December 31, (in thousands of $) 2022 2021 2020 Interest income $ 24,741 $ 3,489 $ 5,119 Net gain on cash equivalents & current financial assets held at fair value through profit or loss and cash equivalents 2,924 144 1,340 Financial income $ 27,665 $ 3,633 $ 6,459 Net loss on cash equivalents & current financial assets held at fair value through profit or loss and cash equivalents $ (1,713) $ (3,482) $ (7,559) Other financial expense (2,193) (1,096) (401) Financial expense $ (3,906) $ (4,578) $ (7,960) Realized exchange gains/(losses) $ (3,743) $ 15 $ (443) Unrealized exchange gains/(losses) (28,989) (50,068) (125,791) Exchange gains/(losses) $ (32,732) $ (50,053) $ (126,234) The exchange losses of $32.7 million for the year ended December 31, 2022 were primarily attributable to unrealized exchange rate losses on our cash and cash equivalents and current financial assets position in EUR due to the unfavorable fluctuation of the EUR/USD exchange rate over the period.

Income tax expense

Income tax expense	12 Months Ended
Income tax expense	Dec. 31, 2022
Income tax expense
Income tax expense	24. The income tax expense for the year can be reconciled to the accounting loss as follows: Year Ended December 31, (in thousands of $) 2022 2021 2020 Loss before taxes $ 729,314 $ 399,743 $ 605,352 Income tax (expense)/benefit calculated at 25.8% for 2022 & 25% for 2021 & 2020 188,163 99,936 151,338 Effect of intercompany asset deal / transaction (112,200) — — Effect of expenses not deductible in determining taxable results (1,570) (4,441) 868 Effect of share based payment expenses that are not deductible in determining taxable results (27,043) (29,925) (13,681) Effect of stock issue expenses that are not taxable in determining taxable results 11,412 14,119 14,139 Effect of concessions 18,264 13,413 7,900 Effect of change of (de)recognition of deferred tax assets on tax losses (194) (44,232) (116,711) Effect of different tax rates in jurisdictions in which the company operates (5,566) (2,084) (195) Effect of change of (de)recognition of deferred tax assets (51,321) (50,389) (45,601) Withholding tax paid — (5,076) — (Underprovided)/overprovided in prior years (12) 398 (1,014) Other (213) (241) (146) Income tax (expense)/benefit recognized in the consolidated statements of profit or loss $ 19,720 $ (8,522) $ (3,103) The tax rate used for the reconciliations above is the corporate income tax rate of 25.8% payable by corporate entities in the Netherlands. The tax rate used for the 2021 and 2020 reconciliations is the corporate income tax rate of 25% payable by corporate entities in the Netherlands. On December 27, 2022, argenx Benelux BV transferred certain pipeline activities to argenx BV through a transfer of assets, (hereafter referred to as “asset deal”), for a total amount of $449.0 million. As a result of the asset deal, argenx Benelux BV realised a capital gain on this intellectual property. argenx BV has an unrecognized deferred tax asset amounting to $112.2 million on the future amortizations on IP assets, which results in the rate reconciling item categorized as “effect of intercompany asset deal / transaction”. Deferred tax have been measured using the substantively enacted or enacted tax rate as applicable in the respective jurisdictions. The unrecognized deferred tax asset on unused tax losses amounts to $189.3 million on December 31, 2022, compared to $203.8 million on December 31, 2021 and $174.2 million on December 31, 2020. The Company has unused tax losses carried forward for an amount of $756.1 million on December 31, 2022, compared to $815.3 million on December 31, 2021, and $696.7 million on December 31, 2020. The available tax losses carried forward in Belgium and the Netherlands do not have an expiration date based upon the applicable enacted tax legislation. As a company active in research and development in Belgium, we expect to benefit from the innovation income deduction, or IID, in Belgium. The innovation income deduction regime allows net profits attributable to revenue from among others patented products to be taxed at a lower effective tax rate than other revenues. At the end of 2022, 2021 and 2020, we had $428.8 million, $213.6 million and $52.1 million of cumulative carry-forward IID in Belgium. The unrecognized deferred tax asset on IID amounts to $107.2 million on December 31, 2022, compared to $53.4 million on December 31, 2021, and $13.0 million on December 31, 2020. Due to the uncertainty surrounding the Company’s ability to realize taxable profits in the future, the Company did not recognize any deferred tax assets, with the exception of those further detailed in note 6. Income taxes recognized in the income statement can be detailed as follows: Year Ended December 31, (in thousands of $) 2022 2021 2020 Current year $ (27,162) $ (15,224) $ (7,847) Income tax prior years (12) 398 (1,732) Current tax (expense) / benefit (27,174) (14,826) (9,579) Originating and reversal of temporary differences 46,894 6,304 6,476 Deferred tax (expense) / benefit 46,894 6,304 6,476 Total tax (expense) / benefit $ 19,720 $ (8,522) $ (3,103)

Loss per share

Loss per share	12 Months Ended
Loss per share	Dec. 31, 2022
Loss per share
Loss per share	25 . Year Ended December 31, (in thousands of $) 2022 2021 2020 Loss for the year $ (709,594) $ (408,265) $ (608,455) Weighted average number of shares outstanding 54,381,371 51,075,827 45,410,442 Basic and diluted loss per share (in $) $ (13.05) $ (7.99) $ (13.40) Earnings/losses per ordinary share are calculated by dividing the loss for the period by the weighted average number of ordinary shares during the year. As the Company reported a net loss in 2022, 2021 and 2020, stock options and RSUs have an anti-dilutive effect rather than a dilutive effect. As such, there is no difference between basic and diluted loss per ordinary share.

Financial risk management

Financial risk management	12 Months Ended
Financial risk management	Dec. 31, 2022
Financial risk management
Financial risk management	26. The financial risks are managed centrally. The Company coordinates the access to national and international financial markets and considers and manages continuously the financial risks concerning the Company’s activities. These relate to the financial markets risk, credit risk, liquidity risk and currency risk. There are no other important risks, such as interest rate risk on borrowings, as the Company has no financial debt. The Company does not buy or trade financial instruments for speculative purposes. Categories of financial assets and liabilities: Measurement category Carrying amount At December 31, (in thousands of $) 2022 2021 2020 Financial assets — non-current FVTPL $ 21,715 $ 17,459 $ 6,307 Financial assets — non-current FVTOCI 17,443 35,710 — Research and development incentive receivables — non-current Amortised cost 47,488 32,707 20,626 Restricted cash — non-current Amortised cost 1,736 1,707 1,509 Trade and other receivables Amortised cost 275,697 38,221 6,978 Financial assets—current FVTPL 46,162 73,052 130,290 Financial assets—current Amortised cost 1,345,646 929,000 649,359 Research and development incentive receivables — current Amortised cost 1,578 — 463 Cash and bank balances Amortised cost 77,477 242,494 297,156 Cash equivalents FVTPL 669,147 997,092 858,291 Cash equivalents Amortised cost 54,116 95,090 61,356 Trade and other payables Amortised cost 295,679 293,415 275,192 The carrying amounts of trade and other payables and trade and other receivables are considered to be the same as their fair values, due to their short-term nature. Financial assets held at fair value through profit or loss or OCI Financial assets held at fair value through profit or loss or OCI consisted of equity instruments of listed and non-listed companies and money market funds. The Company has no restrictions on the sale of these equity instruments and the assets are not pledged under any of its liabilities. These instruments are classified as financial assets held at fair value through profit or loss or OCI which qualify for: ● Level 1 fair value measurement with respect to current financial assets and cash equivalents based upon the closing price (net asset value) of such securities at each reporting date. ● Level 3 fair value measurement with respect to non-current financial assets. The market price of these financial instruments might face fluctuations and might be affected by a variety of factors, such as the global economic situation. Current financial assets and cash equivalents include collective investment funds nominated in € and $ of which the underlying investments include bonds and other international debt securities. Based on the weighted average maturity of the underlying instruments, amongst others, these investments are either classified as current financial assets or cash equivalents. The maximum exposure to credit risk is the carrying amount at reporting date. The Company carried the following assets at fair value on December 31, 2022, 2021 and 2020 respectively: At December 31, 2022 (in thousands of $) Level 1 Level 2 Level 3 Non-current financial assets $ 17,443 $ — $ 21,715 Current financial assets 46,162 — — Cash and cash equivalents 669,147 — — Assets carried at fair value $ 732,752 $ — $ 21,715 At December 31, 2021 (in thousands of $) Level 1 Level 2 Level 3 Non-current financial assets $ 35,710 $ — $ 17,459 Current financial assets 73,052 — — Cash and cash equivalents 997,092 — — Assets carried at fair value $ 1,105,854 $ — $ 17,459 At December 31, 2020 () (in thousands of $) Level 1 Level 2 Level 3 Non-current financial assets $ — $ — $ 6,307 Current financial assets 130,290 — — Cash and cash equivalents 858,291 — — Assets carried at fair value $ 988,581 $ — $ 6,307 () The historical consolidated financial information for 2020 presented in this disclosure note has been adjusted to correct for the amounts of current financial assets that are measured at fair value. During the disclosed calendar year, transfers occurred between the applicable categories Non-current financial assets – Level 3 In March 2019, the Company entered into a license agreement with AgomAb Therapeutics NV for the use of HGF-mimetic SIMPLE Antibodies™, developed under the Company’s Immunology Innovative Program. In exchange for granting this license, the Company received a profit share in AgomAb Therapeutics NV. In March 2021, AgomAb Therapeutics NV secured $74 million in Series B financing by issuing 286,705 of Preferred B Shares. The Company used the post-money valuation of Series B financing round and the number of outstanding shares in determining the fair value of the profit-sharing instrument, which results in a change in fair value of non-current financial assets of $11.2 million recorded through profit or loss. Since AgomAb Therapeutics NV is a private company, the valuation of the profit share is based on level 3 assumptions. In June 2022, AgomAb Therapeutics NV secured €38.4 million as a result of the extension of Series B. The Company used the post-money valuation of this Series B financing round and the number of outstanding shares in determining the fair value of the profit-sharing instrument, which results in a change in fair value of non-current financial assets of $4.3 million recorded through profit or loss. Non-current financial assets – Level 1 In January 2021, as part of the license agreement for the development and commercialization for efgartigimod in Greater China (see note 16 for further information), the Company obtained, amongst others, 568,182 newly issued Zai Lab shares calculated at a price of $132 per share. The fair value of the equity instrument at period-end is determined by reference to the closing price of such securities at each reporting date (classified as level 1 in the fair value hierarchy), resulting in a change in fair value. The Company made the irrevocable election to recognize subsequent changes in fair value through OCI. Capital risk The Company manages its capital to ensure that it will be able to continue as a going concern. The capital structure of the Company consists of equity attributed to the holders of equity instruments of the Company, such as capital, reserves and accumulated losses as mentioned in the consolidated statements of changes in equity. The Company makes the necessary adjustments in the light of changes in the economic circumstances, risks associated to the different assets and the projected cash needs of the current and projected research activities. On December 31, 2022, cash and cash equivalents amounted to $800.7 million and total capital amounted to $4,316.5 million. The current cash situation and the anticipated cash generation are the most important parameters in assessing the capital structure. The Company’s objective is to maintain the capital structure at a level to be able to finance its activities for at least twelve months. Cash income from existing and new partnerships is taken into account and, if needed and possible, the Company can issue new shares or enter into financing agreements. Credit risk Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Company. The Company has adopted a policy of only dealing with creditworthy counterparties and obtaining sufficient collateral, where appropriate, as a means of mitigating the risk of financial loss from defaults. Concentrations in credit risk are determined based on an analysis of counterparties and their importance on the overall outstanding contractual obligations at year-end. The Company has a limited number of collaboration and license partners and therefore has a significant concentration of credit risk. However, it has policies in place to ensure that credit exposure is kept to a minimum and significant concentrations of credit exposure are only granted for short periods of time to high credit quality collaboration partners. The Company applied the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all receivables. To measure the expected credit losses, receivables have been grouped based on credit risk characteristics and the days past due. The provision for expected credit losses was not significant given that there have been no credit losses over the last three years and the high quality nature of our customers. Cash and cash equivalents and current financial assets are invested with several highly reputable banks and financial institutions. The Company holds its cash and cash equivalents mainly with different banks which are independently rated with a minimum rating of ‘A-’. The Company also holds short term investment funds in the form of money market funds with a recommended investment horizon of 6 months or shorter but with a low historical volatility. These money market funds are highly liquid investments, can be readily convertible into a known amount of cash. Since they are a basket of funds there is no individual credit risk involved. The company has adopted a policy whereby money market funds must have an average rating of “BBB” or higher. Liquidity risk The Company manages liquidity risk by maintaining adequate reserves, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities. The Company’s main sources of cash inflows are obtained through capital increases and collaboration agreements. This cash is invested in savings accounts, term accounts and short term investment funds in the form of money market funds. These money market funds represent the majority of the Company’s available sources of liquidity however since all of these are immediately tradable and convertible in cash they have a limited impact on the liquidity risk. Interest rate risk The only variable interest-bearing financial instruments are cash and cash equivalents and current financial investments. Changes in interest rates may cause variations in interest income and expense resulting from short-term interest-bearing assts. Management does not expect the short-term interest rates to decrease significantly in the immediate foreseeable future, which limits the interest exposure on our cash and cash equivalents and current financial assets. For the year ended December 31, 2022, if applicable interest rates would increase/decrease by 25 basis points, this would have a positive/negative impact of $6.2 million (compared to $0.9 million for the year ended December 31, 2021 and $1.7 million for the year ended December 31, 2020). Foreign exchange risk The Company undertakes transactions denominated in foreign currencies; consequently, exposures to exchange rate fluctuations arise. The Company is mainly exposed to the Euro, Japanese yen, British pound and Swiss franc. To limit this risk, the Company attempts to align incoming and outgoing cash flows in currencies other than USD. The net exposure to exchange differences of the monetary assets (being cash, cash equivalents and current financial assets) of the Company at the end of the reporting period are as follows: At December 31, (in thousands of $) 2022 2021 2020 EUR 613,866 591,887 703,016 JPY 5,613 6,316 264 GBP 59,026 1,237 48 CHF 3,832 727 2 CAD 657 — — SEK 7 — — DKK 6 — — On December 31, 2022, if the EUR/USD exchange rate would have increased/decreased negative/positive December 31, 2021 December 31, 2020 increased/decreased impact

Related party transactions

Related party transactions	12 Months Ended
Related party transactions	Dec. 31, 2022
Related party transactions
Related party transactions	27. 27.1 Relationship and transactions with joint venture entity In July 2022, the Company entered into a joint venture agreement with the University of Colorado Anschutz Medical Campus and UCHealth and created a separate legal entity, OncoVerity, Inc., which is focused on optimizing and advancing the development of cusatuzumab, a novel anti-CD70 antibody, in acute myeloid leukemia (AML). The Company contributed $2 million and the investment has been designated as investment in joint venture and accounted under IAS 28 Investment in associates and joint ventures. At December 31, 2022, the Company has commitments towards its joint venture, OncoVerity Inc. to fund the operations of the joint venture amounting to $13 million. 27.2 Relationship and transactions with subsidiaries See note 31 for an overview of the consolidated companies of the group, which are all wholly-owned subsidiaries of argenx SE. Balances and transactions between the Company and its subsidiaries, which are related parties of the Company, have been eliminated on consolidation and are not disclosed in this note. 27.3 Relationship and transactions with key personnel The Company’s key management personnel consists of the members of the management team and the members of the board of directors. Remuneration of key management personnel On December 31, 2022, the senior management consisted of 8 members: Chief Executive Officer, Chief Operating Officer, Chief Financial Officer, Chief Scientific Officer, General Counsel, Chief Medical Officer, Vice President Corporate Development and Strategy and Global Head of Quality Assurance. They provide their services on a full-time basis. On December 31, 2022, the board of directors consisted of 9 members: Peter Verhaeghe, Don deBethizy, Pamela M. Klein, Werner Lanthaler, A.A. Rosenberg, James M. Daly, Camilla Sylvest, Ana Cespedes and Tim Van Hauwermeiren. Only the Chief Executive Officer is a member of both the senior management team and the board of directors. The Chief Executive Officer does not receive any remuneration for his board membership, as this is part of his total remuneration package in his capacity as member of the senior management team. The remuneration package of the members of key management personnel comprises: Year Ended December 31, (in thousands of $, except for the number of stock options & RSUs) 2022 2021 2020 Remuneration of key management personnel Short-term benefits for senior management members as a group Gross salary $ 4,199 $ 3,465 $ 3,246 Variable pay 3,077 2,020 1,510 Employer social security 1,015 789 753 Other short term benefits 372 274 156 Termination Benefits — 382 385 Post-employment benefits for senior management members as a group 104 150 161 Cost of stock options granted in the year for senior management members as a group 18,393 15,060 42,824 Cost of restricted stock units granted in the year for senior management members as a group 9,594 8,025 — Employer social security cost related to stock options 1,101 4,172 11,206 Total benefits for key management personnel 37,855 34,337 60,241 Numbers of stock options granted in the year Senior Management as a group 117,600 101,446 334,900 Numbers of restricted stock units granted in the year Senior Management as a group 26,500 22,888 — Remuneration of non-executive directors Board fees and other short-term benefits for non-executive directors 437 435 405 Cost of stock options granted in the year for non-executive directors 3,643 3,263 9,576 Cost of restricted stock units granted in the year for non-executive directors 1,850 1,731 — Total benefits for non-executive board members $ 5,929 $ 5,429 $ 9,981 Numbers of stock options granted in the year Non-executive directors 21,600 22,950 70,000 Numbers of restricted stock units granted in the year Non-executive directors 4,800 5,100 — Other No loans, quasi-loans or other guarantees were given by the Company or any of its subsidiaries to members of the board of directors or the senior management. We have not entered into transactions with our key management personnel, other than as described above with respect to remuneration arrangements relating to the exercise of their mandates as members of the senior management and the board of directors.

Contingencies

Contingencies	12 Months Ended
Contingencies	Dec. 31, 2022
Contingencies
Contingencies	28. The Company is currently not facing any outstanding claims or litigations that may have a significant adverse impact on the Company’s consolidated financial position.

Commitments

Commitments	12 Months Ended
Commitments	Dec. 31, 2022
Commitments
Commitments	29 . At balance sheet date, there were no commitments signed for the acquisition of property, plant and equipment. In January 2021, the Company entered into a binding lease commitment related to the envisioned relocation to a newly built office in Zwijnaarde, Belgium. Included in the binding lease commitment is a rent free period for 6 months following the completion of the building. The total future cash outflows related to this lease are as follows: (in thousands of $) Less than 1 year 1-3 years 3-5 years More than 5 years Total contractual cash flows Lease commitments not commenced $ — $ — $ — $ 18,038 $ 18,038 In February 2019, and as amended in September 2020, the Company entered into a global collaboration and license agreement with Halozyme Therapeutics, Inc. Under the terms of the agreement, the Company will pay $12.5 million per target for future target nominations and potential future payments of up to $160.0 million per selected target subject to achievement of specified development, regulatory and sales-based milestones and up to $40.0 million subject to the achievement of additional, specified sales-based milestones. This amount represents the maximum amount that would be paid if all milestones would be achieved but excludes variable royalty payments based on unit sales. In 2019, the Company exercised the option to nominate an additional target (triggering a $10.0 million development milestone payment) and initiated a Phase 1 clinical trial using Halozyme’s proprietary ENHANZE® drug delivery technology (triggering a $5.0 million development milestone payment). In 2020, the Company initiated a Phase 3 clinical trial using Halozyme’s proprietary ENHANZE® drug delivery technology (triggering a The Company’s manufacturing commitments with Lonza, its drug substance manufacturing contractor, relate to the ongoing execution of the biologic license application (BLA) services for efgartigimod and its manufacturing activities related to the potential future commercialisation. In December 2018, the Company signed its first commercial supply agreement with Lonza related to the reservation of commercial drug substance supply capacity for efgartigimod. In the aggregate, the Company has outstanding commitments for efgartigimod under the first commercial supply agreement of $419.0 million. During 2022, Company signed an agreement with Fujifilm, for activities relating to the large-scale manufacturing of efgartigimod drug substance. In the aggregate, the Company has outstanding commitments for efgartigimod under the commercial supply agreement of $13.3 million. At December 31, 2022, the Company has commitments towards its joint venture, OncoVerity Inc. to fund the operations of the joint venture amounting to $13 million.

Audit fees

Audit fees	12 Months Ended
Audit fees	Dec. 31, 2022
Audit fees
Audit fees	30. The following auditors’ fees were expensed in the consolidated statements of profit or loss: Year Ended December 31, Fees 2022 2021 2020 in thousands of $ Audit fees (1) $ 1,394 $ 1,183 $ 923 Audit-related fees 380 267 188 Tax fees (2) — 79 — Total $ 1,774 $ 1,529 $ 1,111 (1) Audit services performed by Deloitte Accountants B.V. as the external auditor referred to in Section 1 of the Dutch Accounting Firms Oversight Act (Wta) as well as by the Deloitte network. (2) Tax services performed by the Deloitte network .

Overview of consolidation scope

Overview of consolidation scope	12 Months Ended
Overview of consolidation scope	Dec. 31, 2022
Overview of consolidation scope
Overview of consolidation scope	31. The parent company argenx SE is domiciled in the Netherlands. The Company, argenx SE, has two subsidiaries, argenx BV and argenx Benelux BV, based in Belgium. argenx BV has nine subsidiaries. Details of the Company’s consolidated entities at the end of the reporting period are as follows: Name Country Participation argenx SE The Netherlands 100.00 % argenx BV Belgium 100.00 % argenx Benelux BV Belgium 100.00 % argenx US, Inc. USA 100.00 % argenx Switzerland, SA Switzerland 100.00 % argenx Japan KK Japan 100.00 % argenx France SAS France 100.00 % argenx Germany GmbH Germany 100.00 % argenx Canada Inc. Canada 100.00 % argenx UK Ltd. United Kingdom 100.00 % argenx Netherlands Services B.V. The Netherlands 100.00 % argenx Italy S.r.l. Italy 100.00 %

Events after the balance sheet

Events after the balance sheet date	12 Months Ended
Events after the balance sheet date	Dec. 31, 2022
Events after the balance sheet date
Events after the balance sheet date	32. No events have occurred after the balance sheet date that could have a material impact on the consolidated financial statements.

Significant accounting polici_2

Significant accounting policies (Policies)	12 Months Ended
Significant accounting policies (Policies)	Dec. 31, 2022
Significant accounting policies
Basis of preparation	2.1 Statement of compliance and basis of preparation The consolidated financial statements are prepared in accordance with the International Financial Reporting Standards (IFRS), issued by the International Accounting Standards Board (IASB) and the interpretations issued by the IASB’s International Financial Reporting Interpretation Committee. The consolidated financial statements provide a general overview of the Company’s activities and the results achieved. They present fairly the entity’s financial position, its financial performance and cash flows, on a going concern basis. The significant accounting policies applied in the preparation of the above consolidated financial statements are set out below. All amounts are presented in thousands of dollar, unless otherwise indicated, rounded to the nearest $ ‘000. The consolidated financial statements have been approved for issue by the Company’s Board of Directors (the “Board”) on March 15, 2023.
Adoption of new and revised standards	2.2 Adoption of new and revised standards New standards and interpretations applicable for the annual period beginning on January 1, 2022 New standards and interpretations for the annual period beginning on January 1, 2022 did not have any material impact on our consolidated financial statements. New standards and interpretations issued, but not yet applicable for the annual period beginning on January 1, 2022 We have not early adopted any other standard, interpretation, or amendment that has been issued but is not yet effective. Of the standards that are not yet effective, we expect no standard to have a material impact on our financial statements in the period of initial application.
Basis of consolidation	2.3 Basis of consolidation The consolidated financial statements include the financial statements of the Company and entities controlled by the Company (its subsidiaries). Control is achieved when the Company: ● has power over the investee; ● is exposed, or has rights, to variable returns from its involvement with the investee; and ● has the ability to use its power to affect its returns. The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. The results of the subsidiaries are included in the consolidated statements of profit or loss and consolidated statements of other comprehensive income from the effective date of acquisition up to the date when control ceases to exist. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by other members of the Group. All inter-company transactions and unrealized gains on transactions between group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset.
Foreign currency transactions	2.4 Foreign currency transactions 2.4.1 Functional and presentation currency Items included in the consolidated financial statements of each of our entities are valued using the currency of their economic environment in which the entity operates. The consolidated financial statements are presented in USD ($), which is the Company’s presentation currency. 2.4.2 Transactions and balances Transactions in foreign currencies are translated at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date. Foreign exchange differences arising on translation are recognized in the consolidated statements of profit or loss and the consolidated statements of other comprehensive income. Non-monetary assets and liabilities denominated in foreign currencies are translated at the foreign exchange rate ruling at the date of the transaction. 2.4.3 Financial statements of foreign entities For foreign entities using a different functional currency than USD: ● assets and liabilities for each balance sheet presented are translated at the closing rate at the date of the balance sheet. ● income and expenses for each statement presenting profit or loss and statements of other comprehensive income are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rate on the dates of the transactions). ● all resulting exchange differences are recognised in the statements of other comprehensive income.
Intangible assets	2.5 Intangible assets 2.5.1 Internally generated intangible assets Expenditure on research activities is recognized as an expense in the period in which it is incurred. An internally generated intangible asset arising from development (or from the development phase of an internal project) is recognized if, and only if, all of the following have been demonstrated: ● the technical feasibility of completing the intangible asset so that it will be available for use or sale; ● the intention to complete the intangible asset and use or sell it; ● the ability to use or sell the intangible asset; ● how the intangible asset will generate probable future economic benefits; ● the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and ● the ability to measure reliably the expenditure attributable to the intangible asset during its development. The amount initially recognized for internally generated intangible assets is the sum of the expenditure incurred from the date when the intangible asset first meets the recognition criteria listed above. Where no internally generated intangible asset can be recognized, development expenditures are recognized in the consolidated statements of profit or loss and the consolidated statements of other comprehensive income in the period in which they are incurred. Due to uncertainties inherent to the development and registration with the relevant healthcare authorities of its products, the Company estimates that the conditions for capitalization are not met until the regulatory procedures required by such healthcare authorities have been finalized. 2.5.2 Acquired In-Process R&D, Software and Databases and Other intangible assets Intangible assets with finite useful lives that are acquired separately related to in-process research and development projects, software and databases and other intangible assets are carried at cost less accumulated amortization and accumulated impairment losses. Intangible assets with indefinite useful lives are carried at cost less accumulated impairment losses. Payments for acquired in-process research and development projects obtained through in-licensing arrangements are capitalized as intangible assets provided that they are separately identifiable, controlled by the Company and expected to provide future economic benefits. As the probability criterion in IAS 38 is always considered to be satisfied for separately acquired research and development assets and the amount of the payments is determinable, upfront and milestone payments to third parties for pharmaceutical products or compounds for which regulatory marketing approval has not yet been obtained are recognized as intangible assets. Other intangible assets includes the Priority Review Voucher (“PRV”) which the Company can use to obtain the priority review by the FDA for one of its future regulatory submissions or may sell or transfer to a third party. The PRV is initially measured at cost and reviewed for impairment when events or circumstances indicate that the carrying value may not be recoverable. 2.5.3 Amortization of intangible assets Intangible assets, which comprises of acquired in-process research and development, software and databases and other intangible assets, are amortized on a straight-line basis over the estimated useful life as from the time they are available for use, or when the underlying drug candidate is approved, generally on the following basis: ● Acquired In-Process R&D – the longer of the patent protection life and the useful life of the combined product ● Software and Databases – 3 – 5 years The estimated useful life and amortization method are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis. During 2022, the Company used the PRV to accelerate the review of drug application of subcutaneous efgartigimod for the treatment of generalized mysthania gravis (“gMG”), the intangible asset for $99.1 million was amortized and derecognized upon filing of the related Biologic License Application (“BLA”). 2.5.4 Derecognition of intangible assets An intangible asset is derecognized either on disposal or when no future economic benefits are expected from its use. Gains or losses arising from derecognition of an intangible asset, measured as the difference between the net disposal proceeds, if any, and the carrying amount of the asset, are recognized in the consolidated statements of profit or loss and the consolidated statements of other comprehensive income when the asset is derecognized.
Property, plant and equipment	2.6 Property, plant and equipment Items of property, plant and equipment held for use in the production or supply of goods or services, or for administrative purposes, are stated in the consolidated statement of financial position at their cost, less accumulated depreciation and impairment losses. Depreciation is recognized as from acquisition date onwards (unless asset is not ready for use) so as to write off the cost or valuation of assets (other than freehold land and properties under construction) less their residual values over their useful lives, using the straight-line method. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis. Unless revised due to specific changes in the estimated useful life, annual depreciation rates are as follows: ● Office and lab equipment: 3 – 5 years ● IT equipment: 3 years An item of property, plant and equipment is derecognized upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds, if any, and the carrying amount of the asset and is recognized in the consolidated statements of profit or loss and the consolidated statements of other comprehensive income.
Inventories	2.7 Inventories Inventories are carried at cost or net realisable value, whichever is lowest. Cost is determined using the first-in, first-out method. Cost comprises of costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. If the expected sales price less completion costs to execute sales (net realizable value) is lower than the carrying amount, a write-down is recognised for the amount by which the carrying amount exceeds its net realisable value. Included in inventory are products which could, besides commercial activities, be used in preclinical and clinical programs as well as in non-reimbursed pre-approval access program. These products are charged to research & development expenses or selling, general and administrative expenses, respectively, when dedicated to this channel. We capitalize inventory costs associated with products prior to the regulatory approval of these products, or for inventory produced in production facilities not yet approved, when it is highly probable that the pre-approval inventories will be saleable. The determination to capitalize is based on the particular facts and circumstances relating to the expected regulatory approval of the product or production facility being considered. The assessment of whether or not the product is considered highly probable to be saleable is made on a quarterly basis and includes, but is not limited to, how far a particular product or facility has progressed along the approval process, any known safety or efficacy concern, potential labelling restrictions and other impediments. Previously capitalized costs related to pre-launch inventories could be required to be written down upon a change in such judgement or due to a denial or delay of approval by regulatory bodies, a delay in commercialization or other potential factors, which will be recorded to research and development expenses in the consolidated statements of profit or loss and the consolidated statements of other comprehensive income.
Leases	2.8 Leases The Company assesses whether a contract is or contains a lease, at inception of the contract. The Company recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Company recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the lessee uses its incremental borrowing rate. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The lease liability is presented as a separate line in the consolidated statements of financial position. The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day, less any lease incentives received and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses. Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Company expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The right-of-use assets are presented in the consolidated statements of financial position under the caption “Property, plant and equipment”.
Impairment of assets	2.9 Impairment of assets 2.9.1 Financial Assets The impairment loss of a financial asset measured at amortised cost is calculated based on the expected loss model. For trade receivables, in the absence of a significant financing component, the allowance is measured at an amount equal to lifetime expected credit losses. Those are the expected credit losses that result from possible default events over the expected life of those trade receivables. 2.9.2 Property, plant and equipment and intangible assets At the end of each reporting period, the Company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment at least annually, and whenever there is an indication that the asset may be impaired. If the recoverable amount of an asset or cash-generating unit is estimated to be less than its carrying amount, the carrying amount of the asset or cash-generating unit is reduced to its recoverable amount. An impairment loss is recognized immediately in the consolidated statements of profit or loss and the consolidated statements of other comprehensive income. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset or cash-generating unit in prior years. A reversal of an impairment loss is recognized immediately in the consolidated statements of profit or loss and the consolidated statements of other comprehensive income.
Financial instruments	2.10 Financial instruments Financial assets and financial liabilities are recognized in the consolidated statements of financial position when the Company becomes party to the contractual provisions of the instrument. The Company does not use currency derivatives to hedge planned future cash flows, nor does it make use of forward foreign exchange contracts. Additionally, the Company does not have financial debt at December 31, 2022. 2.10.1 Financial assets Financial assets are initially recognized either at fair value or at transaction price. All recognized financial assets are subsequently measured at either amortized cost or fair value under IFRS 9 on the basis of both the Company’s model for managing the financial assets and the contractual cash flow characteristics of the financial asset. ● A financial asset that (i) is held within a business model whose objective is to collect the contractual cash flows and (ii) has contractual cash flows that are solely payments of principal and interest on the principal amount outstanding is measured at amortized cost (net of any write down for impairment), unless the asset is designated at fair value through profit or loss (FVTPL) under the fair value option. ● A financial asset that (i) is held within a business model whose objective is achieved both by collecting contractual cash flows and selling financial assets and (ii) has contractual term that give rise on specified dates to cash flows that are solely payments of principal and interest on the principal outstanding, is measured at fair value through other comprehensive income (FVTOCI), unless the asset is designated at FVTPL under the fair value option. ● All other financial assets are measured at FVTPL. A financial asset is classified as current when the cash flows expected to flow from the instrument mature within one year. The Company derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or the Company transfers the right to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. The Company classifies non-derivative financial assets into the following categories: ● financial asset at fair value through profit or loss or OCI (non-current financial assets, current financial assets and cash equivalents) ● financial assets at amortized cost (receivables and cash and cash equivalents) Financial assets at fair value through profit or loss or OCI Financial assets are designated at fair value through profit or loss if the Company manages such investments and makes purchases and sales decisions based on their fair value in accordance with the Company’s investment strategy. Attributable transaction costs are recognised in the consolidated statements of profit or loss and the consolidated statements of other comprehensive income as incurred. Financial assets at fair value through profit or loss are measured at fair value, and changes therein, which take into account any dividend income, are recognized in the consolidated statements of profit or loss and the consolidated statements of other comprehensive income. 2.10.1.1 Non-current financial assets at fair value through profit or loss or OCI The Company holds investments in non-current financial assets, which based on IFRS 9, are designated as financial assets at fair value through profit or loss or financial assets at fair value through OCI. The fair value of listed investments is based upon the closing price of such securities at each reporting date. If there is no active market for an equity instrument, the Company establishes the fair value by using valuation techniques. Based on IFRS 9, the Company irrevocably elected to designate specific investments as a financial asset at fair value through OCI as the participation is not held for trading purposes nor contingent consideration recognised by an acquirer in a business combination. 2.10.1.2 Current financial assets at fair value through profit or loss Current financial assets measured at fair value through profit or loss comprise of money market funds. 2.10.1.3 Cash equivalents measured at fair value through profit or loss Cash equivalents measured at fair value through profit or loss comprise of money market funds that are readily convertible to cash and are subject to insignificant risk of changes in value. These financial assets are used by the Company in the management of the short-term commitments. Financial assets at amortized cost 2.10.1.4. Receivables Trade and other receivables are designated as financial assets measured at amortized cost. They are initially measured either at fair value or at transaction price, in the absence of a significant financing component less adjustments for estimated revenue deductions such as rebates, chargebacks and returns. All receivables are subsequently measured at amortized cost, which generally corresponds to nominal value less expected credit loss provision. Receivables mainly comprise trade and other receivables and current and non-current research and development incentive receivables. These research and development incentive receivables relate to refunds resulting from research and development incentives on research and development expenses in Belgium and are credited to the consolidated statements of profit or loss and the consolidated statements of other comprehensive income under the line “Other operating income” when the relevant expenditure has been incurred and there is a reasonable assurance that the research and development incentives are receivable. Loss allowance for expected credit losses are established using a simplified approach of forward-looking expected credit loss model (ECL), which includes possible default events on the trade receivables over the entire holding period of the trade receivable. These provisions represent the difference between the trade receivable’s carrying amount in the consolidated statements of financial position and the estimated collectible amount. Charges for loss allowance for expected credit losses are recorded as marketing and selling costs recognized in the consolidated statements of profit or loss and consolidated statements of other comprehensive income within “Selling, general and administrative” expenses. 2.10.1.5 Cash Cash are financial assets measured at amortized cost and comprise of cash balances and savings accounts. 2.10.1.6 Cash equivalents measured at amortized costs Cash equivalents measured at amortized cost comprise of term accounts that have an initial maturity of less than 3 months that are subject to an insignificant risk of changes in values. The financial assets are used by the Company in the management of short-term commitments. Cash and cash equivalents exclude restricted cash, which is presented in the consolidated statements of financial position under the line “Other non-current assets”. 2.10.1.7 Current financial assets measured at amortized costs Current financial assets include financial assets measured at amortized costs and comprise of term accounts that have an initial maturity equal or less than 12 months, but exceeding 3 months. 2.10.2 Financial Liabilities Financial liabilities are initially measured at their transaction price. Subsequent to initial recognition, financial liabilities are measured at amortized cost. Financial liabilities mainly comprise of trade and other payables and other liabilities. Trade and other liabilities are comprised of liabilities that are due less than one year from the balance sheet date and are in general not interest bearing and settled on an ongoing basis during the financial year. They also include accrued expense related to the Company’s research and development costs and gross-to-net accruals.
Investment in joint venture	2.11 Investment in joint venture The Group has an investment which qualifies as joint ventures under IAS 28 Investment in associates and joint ventures. For joint ventures and associates, the Group recognises its interest in the joint venture or associate as an investment and uses the equity method of accounting. The Group recognises its initial investment at cost and the investors’ share of the profits or losses is determined based on the proportionate ownership interest. Investment in joint ventures on December 31, 2022 was related to the investment in Onco Verity Inc. In July 2022, the Company entered into a joint venture agreement with the University of Colorado Anschutz Medical Campus and UCHealth and created a separate legal entity, OncoVerity, Inc., which is focused on optimizing and advancing the development of cusatuzumab, a novel anti-CD70 antibody, in acute myeloid leukemia (AML). The Company contributed $2 million and the investment has been designated as investment in joint venture and accounted under IAS 28 Investment in associates and joint ventures. The share of net loss resulting from investment in joint ventures is presented in consolidated statements of profit or loss in line “Loss from investment in joint ventures”.
Shareholder's equity	2.12 Shareholder’s equity An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the Company are recognized at the proceeds received, net of direct issue costs. The Company has never distributed any dividends to its shareholders. As of December 31, 2022, no profits were available for distribution.
Short-term employee benefits	2.13 Short-term employee benefits Short-term employee benefits include payables and accruals for salaries and bonuses to be paid to the employees of the Company. They are recognized as expenses for the period in which employees perform the corresponding services.
Share-based payments	2.14 Share-based payments Equity-settled share-based payments to employees and others providing similar services are measured at the fair value of the equity instruments at the acceptance date. Equity settled share based payments includes expenses related to stock options and restricted stock units granted by the Company. The fair value determined at the acceptance date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Company’s estimate of equity instruments that will eventually vest, with a corresponding increase in equity. At the end of each reporting period, the Company revises its estimate of the number of equity instruments expected to vest. The impact of the revision of the original estimates, if any, is recognized in the consolidated statements of profit or loss and the consolidated statements of other comprehensive income such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to the equity-settled share-based payment reserve.
Deferred revenue	2.15 Deferred revenue Current and non-current deferred revenue relates to cash received from collaboration & license agreements prior to completion of the earnings process. These payments are recognized as revenue over the estimated duration of the Company’s involvement in the research and development programs provided for under the terms of the agreements.
Income taxes	2.16 Income taxes Income tax in the consolidated statements of profit or loss and the consolidated statements of other comprehensive income represents the total of the current tax and deferred tax. The current tax is based on taxable profit for the year. Taxable profit differs from profit as reported in the consolidated statements of profit or loss and consolidated statements of other comprehensive income as it excludes items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax basis used in the computation of taxable profit. Deferred tax assets are recognized to the extent that it is probable that future taxable profits will be available against which those deductible temporary differences can be utilized. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is not probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realize the assets and settle the liabilities simultaneously. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realized, based on tax rates (and tax laws) that have been enacted or substantially enacted by the end of the reporting period.
Revenue and other operating income recognition	2.17 Revenue and other operating income recognition 2.17.1 Product net sales Revenue from the sale of goods is recognized at an amount that reflects the consideration that the Company expects to be entitled to receive in exchange for transferring goods to a customer, at the time when the customer obtains control of the goods rendered, this means when the customer has the ability to direct the use of the asset. The consideration that is committed in a contract with a customer can include fixed amounts, variable amounts, or both. The amount of the consideration may vary due to discounts, rebates, returns, chargebacks or other similar items. Contingent consideration is included in the transaction price when it is highly probable that the amount of revenue recognized is not subject to future significant reversals. Our product net sales consists of sales of VYVGART in U.S., Japan and Europe. Revenue from contracts with customers Revenue arising from the commercial sale of VYVGART is presented in the consolidated statements of profit or loss under “Product net sales”. In accordance with IFRS 15 Revenue from contracts with customers , such revenue is recognized when the product is physically transferred, in accordance with the delivery and acceptance terms agreed with the customer. Payment of the transaction price is payable at the point the customer obtains the legal title to the goods. The amount of revenue recognized reflects the various types of price reductions or rights of return offered by the Company to its customers. Such price reductions and rights of return qualify as variable consideration under IFRS 15 Revenue from contracts with customers . Products sold are covered by various Government and State programs (such as Medicare and Medicaid) under which products are sold at a discount. Rebates are granted to healthcare authorities, and under contractual arrangements with certain customers. Some wholesalers are entitled to chargeback incentives based on the selling price to the end customer, under specific contractual arrangements. Rebates, chargebacks and other incentives are recognized in the period in which the underlying sales are recognized as a reduction of product sales. Our significant components of variable consideration are as follows: Co-payment assistance: Chargebacks: Rebates: Medicare Part D Coverage Gap: Distributor fees: The estimated amounts described above are recognized in the consolidated statement of Profit or Loss within “Product net sales” as a reduction of gross sales, and within “Trade and other payables” in the consolidated statements of financial position. They are subject to regular review and adjustment as appropriate based on the most recent data available to management. Each of the above items require significant estimates, judgement and information obtained from external sources. If management’s estimates differ from actual results, we will record adjustments that would affect product sales in the period of adjustment. 2.17.2 Collaborations and license agreements Collaboration revenue have consisted principally of milestones, license fees, non-refundable upfront fees and research and development service fees in connection with collaboration and license agreements. The Company recognizes revenue when the customer obtains control of promised goods or services, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods and services. In order to determine revenue recognition for agreements that the Company determines to be in the scope of IFRS 15, following five steps are performed: 1. Identify the contracts In our current collaboration and license agreements, we are mainly licensing our intellectual property and/or providing research and development products/services, which might include a cost-sharing mechanism and/or in the future, selling our products to collaborative partner entities. Revenue is generated through these arrangements via upfront payments, milestone payments based on clinical and regulatory criteria, research and development service fees and future sales based milestones and sales based royalties. In some cases, the collaboration and license agreements also include an equity subscription component. If this is the case, the Company analyses if the criteria to combine contracts, as set out by IFRS 15, are met. 2. Identify performance obligations Depending on the type of contract, there can be one or more distinct performance obligations under IFRS 15. This is based on an assessment of whether the promises in an agreement are capable of being distinct and are distinct from the other promises to transfer goods and/or services in the context of the contract. For our material ongoing collaboration and license agreement (i.e., the Zai Lab Agreement), the Company has assessed that there is more than one distinct performance obligation, being the transfer of a license and supply of clinical and commercial product. This is because the Company considers the performance obligations is distinct in the context of the contract as the license has stand-alone value without the Company being further involved in the research and development collaboration and that there is no interdependence between the license and the clinical and commercial supply to be provided. For other material collaboration and license agreements, the Company has assessed that there is one single performance obligation in our collaboration and license agreements, being the transfer of a license combined with performance of research and development services. 3. Determine the transaction price Our material ongoing collaboration and license agreements include non-refundable upfront payments or license fees, milestone payments, the receipt of which is dependent upon the achievement of certain clinical, regulatory or commercial milestones, royalties on sales and research and development service fees. 3.1 Non-refundable upfront payments or license fees If the license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenue from non-refundable upfront fees allocated to this license at the point in time the license is transferred to the customer and the customer has the right to use the license. For all our material ongoing collaboration and license agreements, the Company considers the performance obligations related to the transfer of the license as distinct from the other promises to transfer goods and/or services. The Company utilizes judgement to assess the nature of the performance obligation to determine whether the performance obligation is satisfied over time or at a point in time. If over time, revenue is then recognized based on a pattern that best reflects the transfer of control of the service to the customer. 3.2 Milestone payments other than sales based milestones A milestone payment, being a variable consideration, is only included in the transaction price to the extent it is highly probable that a significant reversal in the amount of cumulative revenue recognition will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The Company estimates the amount to be included in the transaction price upon achievement of the milestone event. The transaction price is then allocated to each performance obligation on a stand-alone selling price basis, for which the Company recognizes revenue as or when the performance obligations under the contract are satisfied. At the end of each reporting period, the Company re-evaluates the probability of achievement of such milestones and any related constraint, and, if necessary, adjusts the estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenue and earnings in the period of adjustment. 3.3 Research and development service fees Our material ongoing collaboration and license agreements may include reimbursement or cost sharing for research and development services. R&D services are performed and satisfied over time given that the customer simultaneously receives and consumes the benefits provided by us. Such costs reimbursements received are recognized in revenues when costs are incurred and agreed by the parties. 3.4 Sales based milestone payments and royalties Our material ongoing collaboration and license agreements include sales based royalties, including commercial milestone payments based on the level of sales, and the license has been deemed to be the predominant item to which the royalties and commercial milestone payments relate. Related revenue is recognized as the subsequent underlying sales occur. 4. Allocate the transaction price In principle, an entity shall allocate the transaction price to each performance obligation identified in the contract on a relative stand-alone selling price basis. As our ongoing collaboration and license agreement (i.e. the Zai Lab Agreement) contains more than one performance obligation, the Company assesses to allocate the transaction price to all performance obligations identified. 5. Recognize revenue Revenue is recognized when the customer obtains control of the goods and/or services as provided in the collaboration and license agreements. The control can be transferred over time or at a point in time – which results in the recognition of revenue over time or at a point in time. As our ongoing collaboration and license agreement (i.e. the Zai Lab Agreement) contains more than one performance obligation, the Company recognized revenue at point in time for transfer of license and the Company recognizes revenue over time for supply of clinical and commercial products as the customer simultaneously receive the benefits provided by the Company’s performance, satisfied over time. Other ongoing collaboration and license agreements only contain one single performance obligation which is, as the customer simultaneously receive the benefits provided by the Company’s performance, satisfied over time. As such, the Company recognizes revenue over time. The recognition of revenue over time is based on a pattern that best reflects the satisfaction of the related performance obligation, applying the input method. The input method estimates the satisfaction of the performance obligation as the percentage of total collaboration costs that are completed each period compared to the total estimated collaboration costs. Research and development service fees are recognized as revenue when costs are incurred and agreed by the parties as the Company is acting as a principal in the scope of its stake of the research and development activities of its ongoing collaboration and license agreements. 2.17.3 Grants, research and development incentives, payroll tax rebates and changes in fair value on non-current financial assets Because it carries out extensive research and development activities, the Company benefits from various grants, research and development incentives and payroll tax rebates from certain governmental agencies. These grants, research and development incentives and payroll tax rebates generally aim to partly reimburse approved expenditures incurred in research and development efforts of the Company and are credited to the consolidated statements of profit or loss, under the line “Other operating income”, when the relevant expenditure has been incurred and there is reasonable assurance that the grants or research and development incentives are receivable. Fair value gains resulting from the change in the fair value of non-current financial assets are credited to the consolidated statements of profit or loss, under the line “Other operating income”.
Cost of sales	2.18 Cost of sales Cost of sales are related to the sale of VYVGART and are recognised when the associated revenue is recognised. Cost of sales include material, manufacturing costs and other costs attributable to production, including shipping costs, as well as royalties payable on sales of VYVGART.
Trade receivables	2.19 Trade receivables Trade receivables are initially recognized at their invoiced amounts less adjustments for estimated revenue deductions such as rebates, chargebacks and returns. Loss allowance for expected credit losses are established using a simplified approach of forward-looking expected credit loss model (ECL), which includes possible default events on the trade receivables over the entire holding period of the trade receivable. These provisions represent the difference between the trade receivable’s carrying amount in the consolidated statements of financial position and the estimated collectible amount. Charges for loss allowance for expected credit losses are recorded as marketing and selling costs recognized in the consolidated statements of profit or loss and the consolidated statements of other comprehensive income within “Selling, general and administrative” expenses.
Segment reporting	2.20 Segment reporting Segment results include revenue and expenses directly attributable to a segment and the relevant portion of revenue and expenses that can be allocated on a reasonable basis to a segment. Segment assets and liabilities comprise those operating assets and liabilities that are directly attributable to the segment or can be allocated to the segment on a reasonable basis. Segment assets and liabilities do not include income tax items. The Company manages its activities and operates as one business unit which is reflected in its organizational structure and internal reporting. The Company does not distinguish in its internal reporting different segments, neither business nor geographical segments. The chief operating decision-maker is the Board of Directors.

Property, plant and equipment (

Property, plant and equipment (Tables)	12 Months Ended
Property, plant and equipment (Tables)	Dec. 31, 2022
Property, plant and equipment.
Schedule of property, plant and equipment	IT, office and lab Right-of-use assets Right-of-use assets Leasehold Lease (in thousands of $) equipment Buildings Vehicles improvements equipment Total Cost On January 1, 2020 $ 3,906 $ 7,741 $ 1,098 $ 908 $ 317 $ 13,970 Additions 733 3,335 1,074 432 — 5,574 Disposals (110) — — — — (110) Translation differences 360 645 101 84 29 1,219 On December 31, 2020 4,889 11,721 2,273 1,424 346 20,653 Additions 3,163 4,923 802 543 — 9,430 Disposals (217) — — — — (217) Currency translation adjustment 104 (182) — 14 — (64) On December 31, 2021 7,938 16,462 3,075 1,981 346 29,802 Additions 962 3,353 905 — — 5,219 Disposals (105) — — — — (105) Currency translation adjustment (635) — — — — (635) On December 31, 2022 $ 8,160 $ 19,815 $ 3,980 $ 1,981 $ 346 $ 34,282 Depreciation and impairment On January 1, 2020 $ (2,909) $ (1,477) $ (262) $ (103) $ (44) $ (4,795) Depreciation (535) (2,262) (441) (401) (32) (3,671) Disposals 103 — — — — 103 Translation differences (301) (305) (57) (39) (6) (708) On December 31, 2020 (3,642) (4,044) (760) (543) (82) (9,071) Depreciation (1,118) (2,714) (651) (539) (34) (5,055) Disposals 158 — — — — 158 Currency translation adjustment 37 (15) — (11) — 10 On December 31, 2021 (4,565) (6,774) (1,411) (1,093) (116) (13,958) Depreciation (1,388) (2,179) (735) (257) (35) (4,593) Disposals 90 — — — — 90 Currency translation adjustment 408 5 1 1 — 414 On December 31, 2022 $ (5,454) $ (8,948) $ (2,145) $ (1,350) $ (150) $ (18,047) Carrying Amount On December 31, 2020 $ 1,247 $ 7,677 $ 1,513 $ 881 $ 264 11,582 On December 31, 2021 3,373 9,688 1,664 888 230 15,844 On December 31, 2022 $ 2,706 $ 10,867 $ 1,835 $ 631 $ 196 $ 16,234

Intangible assets (Tables)

Intangible assets (Tables)	12 Months Ended
Intangible assets (Tables)	Dec. 31, 2022
Intangible assets
Schedule of intangible assets	(in thousands of $) Acquired In-Process R&D Software & databases Other Intangibles Total Cost On January 1, 2020 $ 44,802 $ 473 $ — $ 45,275 Additions 16,182 2,814 98,000 116,996 Translation differences 4,196 256 1,058 5,510 On December 31, 2020 65,180 3,543 99,058 167,781 Additions 5,000 — — 5,000 Disposals — (190) — (190) On December 31, 2021 70,180 3,353 99,058 172,591 Additions 992 — 102,000 102,992 Disposals — (5) — (5) Derecognition — — (99,058) (99,058) On December 31, 2022 $ 71,171 $ 3,348 $ 102,000 $ 176,519 Amortization and impairment On January 1, 2020 $ — $ (158) $ — $ (158) Amortization — (246) — (246) Translation differences — (33) — (33) On December 31, 2020 — (437) — (437) Amortization (470) — (470) On December 31, 2021 — (907) — (907) Amortization — (711) (99,058) (99,768) Derecognition — — 99,058 99,058 On December 31, 2022 $ — $ (1,618) $ — $ (1,618) Carrying Amount On December 31, 2020 $ 65,180 $ 3,106 $ 99,058 $ 167,344 On December 31, 2021 70,180 2,446 99,058 171,684 On December 31, 2022 $ 71,171 $ 1,730 $ 102,000 $ 174,901

Deferred Taxes (Tables)

Deferred Taxes (Tables)	12 Months Ended
Deferred Taxes (Tables)	Dec. 31, 2022
Deferred Taxes
Schedule of deferred tax assets and liability	At December 31, 2022 (in thousands of $) Assets Liabilities Net Deferred tax assets / (liabilities) Accruals and allowances $ 8,884 $ — $ 8,884 Income tax benefit from excess tax deductions related to share-based payments 26,887 — 26,887 Profit in inventory 29,711 — 29,711 R&D capitalized expense 11,316 — — Property, plant and equipment 2,569 (549) 2,020 Intangible assets — (3,430) (3,430) Non-current fixed assets — (4,975) (4,975) Other 404 — 404 Netting by taxable entity (549) 549 — Net deferred tax assets / (liabilities) $ 79,222 $ (8,406) $ 70,817 At December 31, 2021 (in thousands of $) Assets Liabilities Net Deferred tax assets / (liabilities) Accruals and allowances $ 2,858 $ — $ 2,858 Income tax benefit from excess tax deductions related to share-based payments 26,026 — 26,026 Profit in inventory 3,305 — 3,305 Property, plant and equipment 532 (740) (208) Intangible assets — (2,714) (2,714) Non-current fixed assets — (3,725) (3,725) Other 210 — 210 Netting by taxable entity (740) 740 — Net deferred tax assets / (liabilities) $ 32,191 $ (6,438) $ 25,753 At December 31, 2020 (in thousands of $) Assets Liabilities Net Deferred tax assets / (liabilities) Accruals and allowances $ 2,147 $ — $ 2,147 Income tax benefit from excess tax deductions related to share-based payments 13,362 — 13,362 Property, plant and equipment — (167) (167) Intangible assets — (1,792) (1,792) Other — — — Netting by taxable entity (471) 471 — Net deferred tax assets / (liabilities) $ 15,038 $ (1,487) $ 13,551
Schedule of change in net deferred taxes	(in thousands of $) Deferred tax assets Deferred tax liabilities Balance at January 1, 2022 $ 32,191 $ (6,438) Recognized in profit or loss 49,075 (2,180) Recognized in equity (1,960) — Effects of change in foreign exchange rate (84) 212 Balance at December 31, 2022 $ 79,222 $ (8,406) (in thousands of $) Deferred tax assets Deferred tax liabilities Balance at January 1, 2021 $ 15,038 $ (1,487) Recognized in profit or loss 11,385 (5,082) Recognized in equity 5,494 — Effects of change in foreign exchange rate 274 131 Balance at December 31, 2021 $ 32,191 $ (6,438) (in thousands of $) Deferred tax assets Deferred tax liabilities Balance at January 1, 2020 $ — $ — Recognized in profit or loss 8,351 (1,384) Recognized in equity 6,225 — Effects of change in foreign exchange rate 462 (103) Balance at December 31, 2020 $ 15,038 $ (1,487)

Other non-current assets (Table

Other non-current assets (Tables)	12 Months Ended
Other non-current assets (Tables)	Dec. 31, 2022
Other non-current assets.
Schedule of other non-current assets	At December 31, (in thousands of $) 2022 2021 2020 Non-current restricted cash $ 1,736 $ 1,707 $ 1,509 Non-current financial assets held at fair value through profit or loss 21,715 17,459 6,307 Non-current financial assets held at fair value through OCI 17,443 35,710 — Total other non-current assets $ 40,894 $ 54,876 $ 7,816
Schedule of non current financial assets at fair value through profit or loss	At December 31, (in thousands of $) 2022 2021 2020 Cost at January 1 $ 76,659 $ 1,659 $ 1,659 Additions of the year — 75,000 — Cost at December 31 $ 76,659 $ 76,659 $ 1,659 Fair value adjustments at January 1 $ (23,490) $ 4,648 $ 1,257 Fair value adjustment of the year through profit or loss 4,256 11,152 2,951 Fair value adjustment of the year through OCI (18,267) (39,290) — Translation difference — — 440 Fair value adjustment at December 31 $ (37,501) $ (23,490) $ 4,648 Net book value at December 31 $ 39,158 $ 53,169 $ 6,307

Inventories (Tables)

Inventories (Tables)	12 Months Ended
Inventories (Tables)	Dec. 31, 2022
Inventories
Schedule of inventories	At December 31, (in thousands of $) 2022 2021 2020 Raw materials and consumables $ 126,046 $ 70,134 $ 18,608 Inventories in process 65,016 37,705 6,587 Finished goods 37,291 1,237 — Total inventories $ 228,353 $ 109,076 $ 25,195

Trade and other receivables (Ta

Trade and other receivables (Tables)	12 Months Ended
Trade and other receivables (Tables)	Dec. 31, 2022
Trade and other receivables.
Schedule of trade and other receivables	At December 31, (in thousands of $) 2022 2021 2020 Trade receivable $ 241,228 $ 28,058 $ 287 Interest receivable 12,918 1,325 993 Other receivable 21,551 8,838 5,698 Total trade and other receivables $ 275,697 $ 38,221 $ 6,978

Financial assets - current (Tab

Financial assets - current (Tables)	12 Months Ended
Financial assets - current (Tables)	Dec. 31, 2022
Financial assets - current.
Schedule of current financial assets	At December 31, (in thousands of $) 2022 2021 2020 Money market funds $ 46,162 $ 73,052 $ 130,290 Term accounts 1,345,646 929,000 649,359 Total current financial assets $ 1,391,808 $ 1,002,052 $ 779,649

Cash and cash equivalents (Tabl

Cash and cash equivalents (Tables)	12 Months Ended
Cash and cash equivalents (Tables)	Dec. 31, 2022
Cash and cash equivalents
Schedule of cash and cash equivalents	At December 31, (in thousands of $) 2022 2021 2020 Money market funds $ 669,147 $ 997,092 $ 858,291 Term accounts 54,116 95,090 61,356 Cash and bank balances 77,477 242,494 297,156 Total cash and cash equivalents $ 800,740 $ 1,334,676 $ 1,216,803

Share capital and share premi_2

Share capital and share premium (Tables)	12 Months Ended
Share capital and share premium (Tables)	Dec. 31, 2022
Share capital and share premium.
Schedule of number of share outstanding	Number of shares outstanding on January 1, 2020 42,761,528 Exercise of stock options 602,463 Global public offering in Euronext and Nasdaq on May 28, 2020 3,658,515 Over-allotment option exercised by underwriters on May 29, 2020 548,777 Number of shares outstanding on December 31, 2020 47,571,283 Exercise of stock options 503,282 Global public offering in Euronext and Nasdaq on February 2, 2021 3,125,000 Over-allotment option exercised by underwriters on February 4, 2021 468,750 Number of shares outstanding on December 31, 2021 51,668,315 Exercise of stock options 1,024,626 Vesting of RSUs 19,581 Global public offering in Euronext and Nasdaq on March 23, 2022 2,333,334 Over-allotment option exercised by underwriters on March 29, 2022 350,000 Number of shares outstanding on December 31, 2022 55,395,856 Issuance of shares in January 2023 relating to exercise of stock options and vesting of RSU in December 2022 15,076

Share-based payments (Tables)

Share-based payments (Tables)	12 Months Ended
Share-based payments (Tables)	Dec. 31, 2022
Share-based payments
Schedule of share based payment arrangement	Exercise price Outstanding per stock stock options on options December 31, Expiry date (in $) (1) 2022 2021 2020 2022 $ 2.60 — 125,339 — 2023 2.60 — — 165,693 2024 2.60 19,743 94,088 100,086 2024 4.21 5,127 6,113 6,238 2024 7.65 214,800 276,500 294,167 2025 12.20 2,000 4,500 21,500 2025 11.02 — — 950 2025 10.10 101,861 105,857 114,232 2026 12.13 30,000 41,000 45,000 2026 12.23 99,772 102,840 127,252 2026 15.08 115,211 117,581 176,426 2027 19.64 42,509 53,143 102,479 2027 22.58 303,867 361,350 460,701 2023 86.20 12,111 85,080 85,077 2028 86.20 19,490 39,515 49,532 2023 92.07 124,338 321,473 325,661 2028 92.07 264,392 350,631 381,317 2024 121.04 110,774 111,174 111,174 2029 121.04 110,756 146,765 163,410 2024 144.79 202,852 203,658 195,452 2029 144.79 537,110 611,122 692,914 2025 127.49 16,712 16,712 19,000 2030 127.49 71,486 102,558 123,700 2025 209.21 127,731 129,711 131,770 2030 209.21 223,812 282,475 325,150 2025 213.55 32,100 32,100 32,100 2030 213.55 117,790 136,601 175,200 2030 264.09 620,014 692,214 728,517 2025 264.09 202,475 203,214 211,045 2026 250.01 23,491 24,366 — 2026 272.09 60,890 61,505 — 2026 276.78 45,862 48,138 — 2031 250.01 35,214 42,282 — 2031 272.09 167,406 207,464 — 2031 276.78 81,311 92,456 — 2026 329.79 80,833 82,430 — 2031 329.79 286,353 307,158 — 2027 301.31 14,976 — — 2032 301.31 79,155 — — 2027 381.31 61,816 — — 2032 381.31 238,532 — — 2027 393.04 13,764 — — 2032 393.04 85,199 — — 2027/2032 (2) $ 383.55 508,132 — — 5,511,767 5,619,113 5,365,743 (1) Amounts have been converted to USD at the closing rate as of December 31, 2022. (2) As of December 2022, the Company granted options for which the beneficiaries had a 60-day period to choose between a contractual term of five or ten years
Schedule of number of stock options	2022 2021 2020 Number of Weighted average Number of Weighted average Number of Weighted average stock options exercise price () stock options exercise price () stock options exercise price () Outstanding at January 1 5,619,113 $ 164.33 5,365,743 $ 142.87 4,358,069 $ 78.23 Granted 1,021,642 375.58 882,584 314.99 1,797,652 266.71 Exercised (1,025,780) 92.62 (503,282) 64.72 (602,463) 38.86 Forfeited (103,208) 273.93 (125,932) 234.98 (187,515) 170.98 Outstanding at December 31 5,511,767 205.02 5,619,113 164.33 5,365,743 142.87 Exercisable at December 31 3,983,960 $ 148.11 3,613,371 $ 106.53 2,833,680 $ 65.24 () amounts have been converted to USD at the closing rate of the respective period.
Schedule of weighted average remaining contractual life for each range of exercise price:	Weighted average remaining Outstanding on contractual life Exercise price (in $) December 31, 2022 (in years) 2.6 - 4.21 24,870 1.75 7.65 - 10.1 316,661 2.29 11.03 - 15.07 246,983 3.66 19.64 - 22.58 346,376 4.90 86.2 - 92.07 420,331 4.32 121.05 - 144.79 1,049,690 5.32 209.21 - 264.09 1,382,627 6.43 272.09 - 329.79 816,786 7.60 381.31 - 393.04 907,443 9.38
Schedule of parameters used in relation to the new grants	Below is an overview of the parameters used in relation to the determination of the fair value of the grants during 2022: Stock options granted in April 2022 July 2022 Oct 2022 Dec 2022 (1) Number of options granted 102,081 311,311 100,118 508,132 Average Fair value of options (in $) () $ 111.27 - 140.23 $ 153.45 - 190.53 $ 136.66 - 169.96 $ 163.94 - 168.34 Share price (in $) () $ 320.84 - 321.06 $ 378.11 - 397.92 $ 352.97 - 376.01 $ 377.61 Exercise price (in $) () $ 312.22 $ 372.69 $ 359.80 $ 381.97 Expected volatility 39.18 - 40.87 % 41.30 - 43.10 % 39.64 - 45.97 % 39.70 - 39.74 % Average Expected option life (in years) 4 - 6.50 4 - 6.50 4 - 6.50 6.15 - 6.50 Risk‑free interest rate 1.05 - 1.62 % 1.77 - 2.28 % 2.57 - 2.80 % 3.09 - 3.10 % Expected dividends — % — % — % — % (1) In December 2022, the Company granted a total of 508,132 stock options. The beneficiary can choose between a contractual term of five or ten years . The expected option life ranges between 6.15 and 6.50 years. This estimate will be reassessed once the acceptance period of 60 days has passed and the beneficiaries will have made a choice between a contractual term of five or ten years . The total fair value of the grant would range from $77.4 million ( 100% of the stock options with a contractual term of five years ) to $84.1 million ( 100% of the stock options with a contractual term of ten years ). () amounts have been converted to USD at the applicable rate prevailing at the grant date. Below is an overview of the parameters used in relation to the determination of the fair value of grants during 2021: Stock options granted in April 2021 July 2021 Oct 2021 Dec 2021 Number of options granted 67,833 280,339 144,824 389,588 Average Fair value of options (in $) () $ 98.96 - 154.88 $ 131.65 - 159.13 $ 101.53 - 131.80 $ 75.03 - 145.34 Share price (in $) () $ 248.9 - 283.67 $ 300.78 - 340.95 $ 286.52 - 304.5 $ 277.72 - 351.73 Exercise price (in $) () $ 275.33 $ 303.16 $ 301.02 $ 349.92 Expected volatility 54.24 - 60.08 % 45.58 - 47.96 % 46.01 - 48.46 % 43.24 - 43.64 % Average Expected option life (in years) 4 - 6.50 4 - 6.50 4 - 6.50 4 - 6.50 Risk‑free interest rate (0.41) - (0.08) % (0.41) - (0.17) % (0.18) - (0.05) % 0.03 - 0.67 % Expected dividends — % — % — % — % () amounts have been converted to USD at the applicable rate prevailing at the grant date. Below is an overview of the parameter used in relation to the determination of the fair value of grants during 2020: Stock options granted in April 2020 June 2020 Oct 2020 Dec 2020 Number of options granted 142,700 550,090 196,500 908,362 Average Fair value of options (in $) () $ 76.46 - 148.03 $ 83.46 - 129.64 $ 91.10 - 156.68 $ 101.23 - 229.20 Share price (in $) () $ 155.23 - 252.29 $ 224.80 - 281.25 $ 256.46 - 293.52 $ 273.15 - 383.10 Exercise price (in $) () $ 146.68 $ 240.70 $ 245.69 $ 303.83 Expected volatility 44.44 - 64.77 % 43.46 - 52.19 % 44.17 - 52.71 % 46.80 - 59.94 % Average expected option life (in years) 4 - 6.68 4 - 6.68 4 - 6.68 4 - 6.68 Risk‑free interest rate (0.32) - (0.18) % (0.43) - (0.28) % (0.51) - (0.34) % (0.51) - (0.28) % Expected dividends — % — % — % — % () amounts have been converted to USD at the closing rate of the respective period.
Schedule of restricted stock units	2022 2021 Weighted average Weighted average Number of Grant Date Number of Grant Date RSUs Fair Value RSUs Fair Value Non-vested units at January 1 213,038 $ 314.25 — $ — Granted 243,010 375.81 216,522 313.84 Vested (53,872) — — — Forfeited (16,896) 307.11 (3,484) 288.92 Non-vested units at December 31 385,280 $ 387.20 213,038 $ 314.25

Trade and other payables (Table

Trade and other payables (Tables)	12 Months Ended
Trade and other payables (Tables)	Dec. 31, 2022
Trade and other payables.
Schedule of trade and other payables	At December 31, (in thousands of $) 2022 2021 2020 Trade payables $ 188,721 $ 208,850 $ 206,325 Short‑term employee benefits 84,337 83,737 68,867 Gross-to-net-accruals 19,478 — — Other 3,142 828 — Total trade and other payables $ 295,679 $ 293,415 $ 275,192
Schedule of movement in gross to net accruals	(in thousands of $) Rebates and chargebacks Distribution fees, product returns and other Total Balance at January 01, 2022 $ — $ — $ — Current estimate related to the sales made in the current year 35,426 10,740 46,166 (Credits or payments related to sales made during the year) (20,028) (6,661) (26,689) Balance at December 31, 2022 $ 15,399 $ 4,079 $ 19,478

Collaboration revenue (Tables)

Collaboration revenue (Tables)	12 Months Ended
Collaboration revenue (Tables)	Dec. 31, 2022
Collaboration revenue
Schedule of revenue	Year Ended December 31, (in thousands of $) 2022 2021 2020 Zai Lab $ — — Janssen — 292,279 33,759 AbbVie — 121 565 Other — — 38 Upfront payments — 444,303 34,362 Zai Lab — 25,634 — Janssen — 22,865 2,641 AbbVie — 102 762 Other 5,365 1,214 19 Milestone payments 5,365 49,815 3,422 Janssen — 2,028 3,175 Other 424 298 284 Research and development service fees 424 2,326 3,459 Zai Lab 4,238 833 — Other revenues 4,238 833 — Total revenue $ 10,026 $ 497,277 $ 41,243
Summarizes of changes in deferred revenue current and deferred revenue non current	(in thousands of $) Janssen AbbVie Other Total On January 1, 2020 $ 324,629 1,517 56 326,202 Received Milestone — — — — Revenue recognition Upfront (33,759) (565) (38) (34,362) Milestone (2,641) (762) (19) (3,422) Translation difference 26,915 33 1 26,949 On December 31, 2020 315,144 223 — 315,367 Received Upfront — — — — Milestone Revenue recognition Upfront (292,279) (121) — (292,400) Milestone (22,865) (102) — (22,967) On December 31, 2021 — $ — $ — $ — Received Upfront — — — — Milestone Revenue recognition Upfront — — — — Milestone — — — — On December 31, 2022 $ — $ — $ — $ —

Other operating income (Tables)

Other operating income (Tables)	12 Months Ended
Other operating income (Tables)	Dec. 31, 2022
Other operating income
Schedule of other operating income	Year Ended December 31, (in thousands of $) 2022 2021 2020 Grants $ 2,186 $ 4,398 $ 1,365 Research and development incentives 19,502 13,970 10,257 Payroll tax rebates 8,576 12,621 9,095 Change in fair value on non-current financial assets 4,256 11,152 2,951 Total other operating income $ 34,520 $ 42,141 $ 23,668

Segment reporting (Tables)

Segment reporting (Tables)	12 Months Ended
Segment reporting (Tables)	Dec. 31, 2022
Segment reporting
Schedule of product net sales by country of sales	Year Ended (in thousands of $) December 31, 2022 United States $ 377,659 Japan 15,764 Europe 5,678 Other* 1,619 Total product net sales $ 400,720 * The product net sales relates to sales made outside of the U.S., Japan and Europe and relates to named patient sale made with the U.S. label.
Schedule of collaboration revenue generated by external customers	Year ended December 31, (in thousands of $) 2022 2021 2020 Denmark $ 5,365 $ 1,389 $ 342 Belgium — — — United States — 317,396 40,901 China 4,238 178,370 — Other 424 123 — Total collaboration revenue $ 10,026 $ 497,277 $ 41,243
Schedule of external customers geographically location	Non-current assets At December 31, (in thousands of $) 2022 2021 2020 Netherlands $ — $ — $ 1 Belgium 275,620 268,733 200,125 United States 2,325 3,138 4,751 Japan 2,763 3,232 2,491 Switzerland — 8 — Germany 130 — — France 4 — — Total $ 280,841 $ 275,111 $ 207,368

Research and development expe_2

Research and development expenses (Tables)	12 Months Ended
Research and development expenses (Tables)	Dec. 31, 2022
Research and development expenses
Schedule of research and development expenses	Year Ended December 31, (in thousands of $) 2022 2021 2020 Personnel expenses $ 162,010 $ 160,464 $ 86,036 External research and development expenses 366,955 382,902 259,943 Materials and consumables 2,396 2,735 3,562 Depreciation and amortization 102,132 3,742 2,835 Other expenses 29,872 30,677 18,509 Total research and development expenses $ 663,366 $ 580,520 $ 370,885

Selling, general and administ_2

Selling, general and administrative expenses (Tables)	12 Months Ended
Selling, general and administrative expenses (Tables)	Dec. 31, 2022
Selling, general and administrative expenses
Schedule of selling, general and administrative expenses	Year Ended December 31, (in thousands of $) 2022 2021 2020 Personnel expenses $ 234,740 $ 164,646 $ 108,507 Professional and marketing fees 178,570 102,674 48,681 Supervisory board 6,912 12,958 4,838 Depreciation and amortization 2,211 2,126 1,092 IT expenses 17,431 8,977 — Other expenses 32,268 16,263 8,525 Total Selling, general and administrative expenses $ 472,132 $ 307,644 $ 171,643

Personnel expenses (Tables)

Personnel expenses (Tables)	12 Months Ended
Personnel expenses (Tables)	Dec. 31, 2022
Personnel expenses
Schedule of personnel expenses	Year Ended December 31, (in thousands of $) 2022 2021 2020 Short‑term employee benefits—Salaries $ 216,847 $ 135,676 $ 75,437 Short‑term employee benefits—Social Security 16,274 12,785 9,087 Post‑employment benefits 5,406 2,864 1,242 Termination benefits 401 818 1,005 Share‑based payment 151,912 167,965 92,558 Employer social security contributions stock options 5,910 5,002 15,214 Total personnel expenses $ 396,750 $ 325,110 $ 194,543
Schedule of average number of full-time equivalents employees	Year Ended December 31, Average Number of FTE 2022 2021 2020 Research and development 474.8 349.7 213.0 Selling, general and administrative 442.4 264.4 119.5 917.2 614.1 332.5

Leases (Tables)

Leases (Tables)	12 Months Ended
Leases (Tables)	Dec. 31, 2022
Leases
Schedule of financial position relating to leases	Year Ended December 31, December 31, December 31, In thousands of $ 2022 2021 2020 Right-of-use assets Buildings $ 10,867 $ 9,688 $ 7,677 Vehicles 1,835 1,664 1,513 Equipment 196 230 264 $ 12,897 $ 11,583 $ 9,454 Lease liabilities Current $ 3,417 $ 3,509 $ 3,476 Non-current 9,009 7,956 6,181 $ 12,426 $ 11,465 $ 9,657
Schedule of maturity analysis of the lease liabilities	(in thousands of $) Less than 1 year 1-3 years 3-5 years More than 5 years Total contractual cash flows Carrying amount Lease liabilities $ 3,408 $ 4,784 $ 3,043 $ 1,167 $ 12,402 $ 12,426
Schedule of total lease liabilities recognized in our statement of financial position	Year Ended December 31, In thousands of $ 2022 2021 2020 Depreciation charges Buildings $ 2,179 $ 2,714 $ 2,262 Vehicles 735 651 441 Equipment 35 34 32 $ 2,949 $ 3,399 $ 2,735 Interest expense (included in finance cost) $ 1,343 $ 412 $ 201 Expense relating to short-term leases 732 212 264 Expense relating to leases of low-value assets that are not shown above as short-term leases 21 7 6

Financial result and exchange_2

Financial result and exchange gains(losses) (Tables)	12 Months Ended
Financial result and exchange gains(losses) (Tables)	Dec. 31, 2022
Financial result and exchange gains/(losses)
Schedule of financial result and exchange gains/(losses)	Year Ended December 31, (in thousands of $) 2022 2021 2020 Interest income $ 24,741 $ 3,489 $ 5,119 Net gain on cash equivalents & current financial assets held at fair value through profit or loss and cash equivalents 2,924 144 1,340 Financial income $ 27,665 $ 3,633 $ 6,459 Net loss on cash equivalents & current financial assets held at fair value through profit or loss and cash equivalents $ (1,713) $ (3,482) $ (7,559) Other financial expense (2,193) (1,096) (401) Financial expense $ (3,906) $ (4,578) $ (7,960) Realized exchange gains/(losses) $ (3,743) $ 15 $ (443) Unrealized exchange gains/(losses) (28,989) (50,068) (125,791) Exchange gains/(losses) $ (32,732) $ (50,053) $ (126,234)

Income tax expense (Tables)

Income tax expense (Tables)	12 Months Ended
Income tax expense (Tables)	Dec. 31, 2022
Income tax expense
Schedule of income tax expenses	Year Ended December 31, (in thousands of $) 2022 2021 2020 Loss before taxes $ 729,314 $ 399,743 $ 605,352 Income tax (expense)/benefit calculated at 25.8% for 2022 & 25% for 2021 & 2020 188,163 99,936 151,338 Effect of intercompany asset deal / transaction (112,200) — — Effect of expenses not deductible in determining taxable results (1,570) (4,441) 868 Effect of share based payment expenses that are not deductible in determining taxable results (27,043) (29,925) (13,681) Effect of stock issue expenses that are not taxable in determining taxable results 11,412 14,119 14,139 Effect of concessions 18,264 13,413 7,900 Effect of change of (de)recognition of deferred tax assets on tax losses (194) (44,232) (116,711) Effect of different tax rates in jurisdictions in which the company operates (5,566) (2,084) (195) Effect of change of (de)recognition of deferred tax assets (51,321) (50,389) (45,601) Withholding tax paid — (5,076) — (Underprovided)/overprovided in prior years (12) 398 (1,014) Other (213) (241) (146) Income tax (expense)/benefit recognized in the consolidated statements of profit or loss $ 19,720 $ (8,522) $ (3,103)
Schedule of income taxes recognized in income	Year Ended December 31, (in thousands of $) 2022 2021 2020 Current year $ (27,162) $ (15,224) $ (7,847) Income tax prior years (12) 398 (1,732) Current tax (expense) / benefit (27,174) (14,826) (9,579) Originating and reversal of temporary differences 46,894 6,304 6,476 Deferred tax (expense) / benefit 46,894 6,304 6,476 Total tax (expense) / benefit $ 19,720 $ (8,522) $ (3,103)

Loss per share (Tables)

Loss per share (Tables)	12 Months Ended
Loss per share (Tables)	Dec. 31, 2022
Loss per share
Schedule of loss per share	Year Ended December 31, (in thousands of $) 2022 2021 2020 Loss for the year $ (709,594) $ (408,265) $ (608,455) Weighted average number of shares outstanding 54,381,371 51,075,827 45,410,442 Basic and diluted loss per share (in $) $ (13.05) $ (7.99) $ (13.40)

Financial risk management (Tabl

Financial risk management (Tables)	12 Months Ended
Financial risk management (Tables)	Dec. 31, 2022
Financial risk management
Schedule of overview of financial instruments	Measurement category Carrying amount At December 31, (in thousands of $) 2022 2021 2020 Financial assets — non-current FVTPL $ 21,715 $ 17,459 $ 6,307 Financial assets — non-current FVTOCI 17,443 35,710 — Research and development incentive receivables — non-current Amortised cost 47,488 32,707 20,626 Restricted cash — non-current Amortised cost 1,736 1,707 1,509 Trade and other receivables Amortised cost 275,697 38,221 6,978 Financial assets—current FVTPL 46,162 73,052 130,290 Financial assets—current Amortised cost 1,345,646 929,000 649,359 Research and development incentive receivables — current Amortised cost 1,578 — 463 Cash and bank balances Amortised cost 77,477 242,494 297,156 Cash equivalents FVTPL 669,147 997,092 858,291 Cash equivalents Amortised cost 54,116 95,090 61,356 Trade and other payables Amortised cost 295,679 293,415 275,192
Schedule of assets at fair value	At December 31, 2022 (in thousands of $) Level 1 Level 2 Level 3 Non-current financial assets $ 17,443 $ — $ 21,715 Current financial assets 46,162 — — Cash and cash equivalents 669,147 — — Assets carried at fair value $ 732,752 $ — $ 21,715 At December 31, 2021 (in thousands of $) Level 1 Level 2 Level 3 Non-current financial assets $ 35,710 $ — $ 17,459 Current financial assets 73,052 — — Cash and cash equivalents 997,092 — — Assets carried at fair value $ 1,105,854 $ — $ 17,459 At December 31, 2020 () (in thousands of $) Level 1 Level 2 Level 3 Non-current financial assets $ — $ — $ 6,307 Current financial assets 130,290 — — Cash and cash equivalents 858,291 — — Assets carried at fair value $ 988,581 $ — $ 6,307 () The historical consolidated financial information for 2020 presented in this disclosure note has been adjusted to correct for the amounts of current financial assets that are measured at fair value.
Schedule of net exposure exchange differences of the monetary assets	At December 31, (in thousands of $) 2022 2021 2020 EUR 613,866 591,887 703,016 JPY 5,613 6,316 264 GBP 59,026 1,237 48 CHF 3,832 727 2 CAD 657 — — SEK 7 — — DKK 6 — —

Related party transactions (Tab

Related party transactions (Tables)	12 Months Ended
Related party transactions (Tables)	Dec. 31, 2022
Related party transactions
Schedule of remuneration of key management personnel	Year Ended December 31, (in thousands of $, except for the number of stock options & RSUs) 2022 2021 2020 Remuneration of key management personnel Short-term benefits for senior management members as a group Gross salary $ 4,199 $ 3,465 $ 3,246 Variable pay 3,077 2,020 1,510 Employer social security 1,015 789 753 Other short term benefits 372 274 156 Termination Benefits — 382 385 Post-employment benefits for senior management members as a group 104 150 161 Cost of stock options granted in the year for senior management members as a group 18,393 15,060 42,824 Cost of restricted stock units granted in the year for senior management members as a group 9,594 8,025 — Employer social security cost related to stock options 1,101 4,172 11,206 Total benefits for key management personnel 37,855 34,337 60,241 Numbers of stock options granted in the year Senior Management as a group 117,600 101,446 334,900 Numbers of restricted stock units granted in the year Senior Management as a group 26,500 22,888 — Remuneration of non-executive directors Board fees and other short-term benefits for non-executive directors 437 435 405 Cost of stock options granted in the year for non-executive directors 3,643 3,263 9,576 Cost of restricted stock units granted in the year for non-executive directors 1,850 1,731 — Total benefits for non-executive board members $ 5,929 $ 5,429 $ 9,981 Numbers of stock options granted in the year Non-executive directors 21,600 22,950 70,000 Numbers of restricted stock units granted in the year Non-executive directors 4,800 5,100 —

Commitments (Tables)

Commitments (Tables)	12 Months Ended
Commitments (Tables)	Dec. 31, 2022
Commitments
Schedule of future cash outflows	(in thousands of $) Less than 1 year 1-3 years 3-5 years More than 5 years Total contractual cash flows Lease commitments not commenced $ — $ — $ — $ 18,038 $ 18,038

Audit fees (Tables)

Audit fees (Tables)	12 Months Ended
Audit fees (Tables)	Dec. 31, 2022
Audit fees
Schedule of auditors' fees expensed in the income statement	Year Ended December 31, Fees 2022 2021 2020 in thousands of $ Audit fees (1) $ 1,394 $ 1,183 $ 923 Audit-related fees 380 267 188 Tax fees (2) — 79 — Total $ 1,774 $ 1,529 $ 1,111 (1) Audit services performed by Deloitte Accountants B.V. as the external auditor referred to in Section 1 of the Dutch Accounting Firms Oversight Act (Wta) as well as by the Deloitte network. (2) Tax services performed by the Deloitte network .

Overview of consolidation sco_2

Overview of consolidation scope (Tables)	12 Months Ended
Overview of consolidation scope (Tables)	Dec. 31, 2022
Overview of consolidation scope
Schedule of overview of subsidiaries	Name Country Participation argenx SE The Netherlands 100.00 % argenx BV Belgium 100.00 % argenx Benelux BV Belgium 100.00 % argenx US, Inc. USA 100.00 % argenx Switzerland, SA Switzerland 100.00 % argenx Japan KK Japan 100.00 % argenx France SAS France 100.00 % argenx Germany GmbH Germany 100.00 % argenx Canada Inc. Canada 100.00 % argenx UK Ltd. United Kingdom 100.00 % argenx Netherlands Services B.V. The Netherlands 100.00 % argenx Italy S.r.l. Italy 100.00 %

Significant accounting polici_3

Significant accounting policies - Amortization of intangible assets (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)
Software & databases \| Minimum
Intangible assets
Estimated useful life	3 years
Software & databases \| Maximum
Intangible assets
Estimated useful life	5 years
Other Intangibles
Intangible assets
Amortization	$ 99.1

Significant accounting polici_4

Significant accounting policies - Property, plant and equipment and Others (Details) € in Thousands, $ in Thousands	1 Months Ended	12 Months Ended
	Jul. 31, 2022 USD ($)	Dec. 31, 2022 USD ($) item	Dec. 31, 2022 EUR (€)
Property, plant and equipment
Impairment of assets		$ 0
Profit available for distribution \| €			€ 0
Number of operating segments \| item		1
Other cash payments to acquire interests in joint ventures, classified as investing activities	$ 2,000	$ 2,000
Onco Verity Inc. Joint Venture
Property, plant and equipment
Other cash payments to acquire interests in joint ventures, classified as investing activities	$ 2,000
IT equipment
Property, plant and equipment
Estimated useful life		3 years
Minimum \| IT, office and lab equipment
Property, plant and equipment
Estimated useful life		3 years
Maximum \| IT, office and lab equipment
Property, plant and equipment
Estimated useful life		5 years

Critical accounting judgements

Critical accounting judgements and key sources of estimation uncertainty (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Critical accounting estimates and judgments
Research and development cost accruals	$ 19,478

Property, plant and equipment_2

Property, plant and equipment (Details) € in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2022 EUR (€)
Property, plant and equipment
Property, plant and equipment at beginning of period	$ 15,844	$ 11,582
Property, plant and equipment at end of period	16,234	15,844	$ 11,582
Commitments to acquire property, plant and equipment	0			€ 0
Assets are pledged as security for liabilities	0
IT, office and lab equipment
Property, plant and equipment
Property, plant and equipment at beginning of period	3,373	1,247
Property, plant and equipment at end of period	2,706	3,373	1,247
Right-of-use assets Buildings
Property, plant and equipment
Property, plant and equipment at beginning of period	9,688	7,677
Property, plant and equipment at end of period	10,867	9,688	7,677
Right-of-use assets Vehicles
Property, plant and equipment
Property, plant and equipment at beginning of period	1,664	1,513
Property, plant and equipment at end of period	1,835	1,664	1,513
Leasehold improvements
Property, plant and equipment
Property, plant and equipment at beginning of period	888	881
Property, plant and equipment at end of period	631	888	881
Lease equipment
Property, plant and equipment
Property, plant and equipment at beginning of period	230	264
Property, plant and equipment at end of period	196	230	264
Cost
Property, plant and equipment
Property, plant and equipment at beginning of period	29,802	20,653	13,970
Additions	5,219	9,430	5,574
Disposals	(105)	(217)	(110)
Translation differences	(635)	(64)	1,219
Property, plant and equipment at end of period	34,282	29,802	20,653
Cost \| IT, office and lab equipment
Property, plant and equipment
Property, plant and equipment at beginning of period	7,938	4,889	3,906
Additions	962	3,163	733
Disposals	(105)	(217)	(110)
Translation differences	(635)	104	360
Property, plant and equipment at end of period	8,160	7,938	4,889
Cost \| Right-of-use assets Buildings
Property, plant and equipment
Property, plant and equipment at beginning of period	16,462	11,721	7,741
Additions	3,353	4,923	3,335
Translation differences		(182)	645
Property, plant and equipment at end of period	19,815	16,462	11,721
Cost \| Right-of-use assets Vehicles
Property, plant and equipment
Property, plant and equipment at beginning of period	3,075	2,273	1,098
Additions	905	802	1,074
Translation differences			101
Property, plant and equipment at end of period	3,980	3,075	2,273
Cost \| Leasehold improvements
Property, plant and equipment
Property, plant and equipment at beginning of period	1,981	1,424	908
Additions		543	432
Translation differences		14	84
Property, plant and equipment at end of period	1,981	1,981	1,424
Cost \| Lease equipment
Property, plant and equipment
Property, plant and equipment at beginning of period	346	346	317
Translation differences			29
Property, plant and equipment at end of period	346	346	346
Amortization, Depreciation and impairment
Property, plant and equipment
Property, plant and equipment at beginning of period	(13,958)	(9,071)	(4,795)
Depreciation	(4,593)	(5,055)	(3,671)
Disposals	90	158	103
Translation differences	414	10	(708)
Property, plant and equipment at end of period	(18,047)	(13,958)	(9,071)
Amortization, Depreciation and impairment \| IT, office and lab equipment
Property, plant and equipment
Property, plant and equipment at beginning of period	(4,565)	(3,642)	(2,909)
Depreciation	(1,388)	(1,118)	(535)
Disposals	90	158	103
Translation differences	408	37	(301)
Property, plant and equipment at end of period	(5,454)	(4,565)	(3,642)
Amortization, Depreciation and impairment \| Right-of-use assets Buildings
Property, plant and equipment
Property, plant and equipment at beginning of period	(6,774)	(4,044)	(1,477)
Depreciation	(2,179)	(2,714)	(2,262)
Translation differences	5	(15)	(305)
Property, plant and equipment at end of period	(8,948)	(6,774)	(4,044)
Amortization, Depreciation and impairment \| Right-of-use assets Vehicles
Property, plant and equipment
Property, plant and equipment at beginning of period	(1,411)	(760)	(262)
Depreciation	(735)	(651)	(441)
Translation differences	1		(57)
Property, plant and equipment at end of period	(2,145)	(1,411)	(760)
Amortization, Depreciation and impairment \| Leasehold improvements
Property, plant and equipment
Property, plant and equipment at beginning of period	(1,093)	(543)	(103)
Depreciation	(257)	(539)	(401)
Translation differences	1	(11)	(39)
Property, plant and equipment at end of period	(1,350)	(1,093)	(543)
Amortization, Depreciation and impairment \| Lease equipment
Property, plant and equipment
Property, plant and equipment at beginning of period	(116)	(82)	(44)
Depreciation	(35)	(34)	(32)
Translation differences			(6)
Property, plant and equipment at end of period	$ (150)	$ (116)	$ (82)

Intangible assets (Details)

Intangible assets (Details) - USD ($) $ in Thousands	12 Months Ended
Intangible assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Intangible assets
Intangible assets other than goodwill at beginning of period	$ 171,684	$ 167,344
Intangible assets other than goodwill at end of period	174,901	171,684	$ 167,344
Commitments to acquire additional intangible assets	0
Intangible assets are pledged as security	0
Derecognition, intangible assets other than goodwill	99,100
Acquired In-Process R&D
Intangible assets
Intangible assets other than goodwill at beginning of period	70,180	65,180
Intangible assets other than goodwill at end of period	71,171	70,180	65,180
Commitments to acquire additional intangible assets	102,000
Software & databases
Intangible assets
Intangible assets other than goodwill at beginning of period	2,446	3,106
Intangible assets other than goodwill at end of period	1,730	2,446	3,106
Other Intangibles
Intangible assets
Intangible assets other than goodwill at beginning of period	99,058	99,058
Amortization	(99,100)
Intangible assets other than goodwill at end of period	102,000	99,058	99,058
Cost
Intangible assets
Intangible assets other than goodwill at beginning of period	172,591	167,781	45,275
Additions	102,992	5,000	116,996
Disposals	(5)	(190)
Derecognition	(99,058)
Translation differences			5,510
Intangible assets other than goodwill at end of period	176,519	172,591	167,781
Cost \| Acquired In-Process R&D
Intangible assets
Intangible assets other than goodwill at beginning of period	70,180	65,180	44,802
Additions	992	5,000	16,182
Translation differences			4,196
Intangible assets other than goodwill at end of period	71,171	70,180	65,180
Cost \| Software & databases
Intangible assets
Intangible assets other than goodwill at beginning of period	3,353	3,543	473
Additions			2,814
Disposals	(5)	(190)
Translation differences			256
Intangible assets other than goodwill at end of period	3,348	3,353	3,543
Cost \| Other Intangibles
Intangible assets
Intangible assets other than goodwill at beginning of period	99,058	99,058
Additions	102,000		98,000
Derecognition	(99,058)
Translation differences			1,058
Intangible assets other than goodwill at end of period	102,000	99,058	99,058
Amortization, Depreciation and impairment
Intangible assets
Intangible assets other than goodwill at beginning of period	(907)	(437)	(158)
Amortization	(99,768)	(470)	(246)
Derecognition	99,058
Translation differences			(33)
Intangible assets other than goodwill at end of period	(1,618)	(907)	(437)
Amortization, Depreciation and impairment \| Software & databases
Intangible assets
Intangible assets other than goodwill at beginning of period	(907)	(437)	(158)
Amortization	(711)	(470)	(246)
Translation differences			(33)
Intangible assets other than goodwill at end of period	(1,618)	$ (907)	$ (437)
Amortization, Depreciation and impairment \| Other Intangibles
Intangible assets
Amortization	(99,058)
Derecognition	$ 99,058

Deferred Taxes - Deferred tax a

Deferred Taxes - Deferred tax assets and liability (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets / (liabilities)
Accruals and allowances	$ 8,884	$ 2,858	$ 2,147
Profit in inventory	29,711	3,305
R&D capitalized expense	11,316
Deferred tax assets, property, plant and equipment	2,569	532
Deferred tax liabilities, Property, plant and equipment	(549)	(740)	(167)
Intangible assets	3,430	(2,714)	(1,792)
Non-current fixed assets	(4,975)	(3,725)
Other	404	210
Netting by taxable entity	(549)	(740)	(471)
Netting by taxable entity	549	740	471
Deferred tax assets	79,222	32,191	15,038
Deferred tax liabilities	8,406	6,438	1,487
Net deferred Tax assets / (liabilities), Property, Plant and Equipment	(2,020)	(208)	(167)
Net deferred tax assets / (liabilities)	70,817	25,753	13,551
Income tax benefit from excess tax deductions related to share-based payments
Deferred tax assets / (liabilities)
Deferred tax assets	26,887	26,026	13,362
Net deferred tax assets / (liabilities)	$ 26,887	$ 26,026	$ 13,362

Deferred Taxes - (Details)

Deferred Taxes - (Details) - USD ($) $ in Thousands	12 Months Ended
Deferred Taxes - (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Deferred Tax Asset
Balance at beginning of period	$ 32,191	$ 15,038
Recognized in profit or loss	49,075	11,385	$ 8,351
Recognized in equity	(1,960)	5,494	6,225
Effects of change in foreign exchange rate	(84)	274	462
Balance at end of period	79,222	32,191	15,038
Reconciliation of Changes In Deferred Tax Liability [Abstract]
Balance at beginning of period	(6,438)	(1,487)
Recognized in profit or loss	(2,180)	(5,082)	(1,384)
Effects of change in foreign exchange rate	212	131	(103)
Balance at end of period	$ 8,406	$ (6,438)	$ (1,487)

Other non-current assets - (Det

Other non-current assets - (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Other non-current assets.
Non-current restricted cash	$ 1,736	$ 1,707	$ 1,509
Non-current financial assets held at fair value through profit or loss	21,715	17,459	6,307
Non-current financial assets held at fair value through OCI	17,443	35,710
Total other non-current assets	$ 40,894	$ 54,876	$ 7,816

Other non-current assets - Fair

Other non-current assets - Fair Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Other non-current assets.
Cost at beginning	$ 76,659	$ 1,659	$ 1,659
Additions of the year		75,000
Cost at ending	76,659	76,659	1,659
Fair value adjustments at beginning	(23,490)	4,648	1,257
Fair value adjustment of the year through profit or loss	4,256	11,152	2,951
Fair value adjustment of the year through OCI	(18,267)	(39,290)
Translation difference			440
Fair value adjustments at ending	(37,501)	(23,490)	4,648
Net book value at ending	$ 39,158	$ 53,169	$ 6,307

Other non-current assets - Lice

Other non-current assets - License agreement (Details) $ / shares in Units, € in Millions, $ in Millions			1 Months Ended			6 Months Ended
	Jun. 01, 2021 $ / shares shares	Jan. 01, 2021 $ / shares shares	Jun. 30, 2022 EUR (€)	Jun. 30, 2022 USD ($)	Mar. 31, 2021 USD ($) shares	Jun. 30, 2022 EUR (€)	Jun. 30, 2022 USD ($)
Preferred Class B Shares
Financial instruments and financial risk management
Proceeds from issue of shares					$ 74
Shares issued \| shares					286,705
Fair value of current financial assets					$ 11.2
AgomAb
Financial instruments and financial risk management
Fair value of current financial assets				$ 4.3			$ 4.3
AgomAb \| Preferred Class B Shares
Financial instruments and financial risk management
Proceeds from issue of shares \| €			€ 38.4			€ 38.4
Zai Lab
Financial instruments and financial risk management
Number of shares issued \| shares	568,182	568,182
Share price \| $ / shares	$ 132	$ 132

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	12 Months Ended
Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Inventories
Raw materials and consumables	$ 126,046	$ 70,134	$ 18,608
Inventories in process	65,016	37,705	6,587
Finished goods	37,291	1,237
Total inventories	228,353	$ 109,076	$ 25,195
Pre approval inventory.	76,500
Inventory write-offs	0
Cost of merchandise sold	29,400
Pre-launch subcutaneous Efgartigimod
Inventories
Total inventories	$ 99,300

Trade and other receivables (De

Trade and other receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Trade and other receivables.
Trade receivables	$ 241,228	$ 28,058	$ 287
Interest receivable	12,918	1,325	993
Other receivables	21,551	8,838	5,698
Total trade and other current receivables	$ 275,697	$ 38,221	$ 6,978

Financial assets - current (Det

Financial assets - current (Details) $ in Thousands, € in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2022 EUR (€)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Other current financial assets
Financial assets	$ 1,391,808	€ 353.3	$ 1,002,052	$ 779,649
EUR
Other current financial assets
Financial assets	$ 376,800
Minimum
Other current financial assets
Maturity Term of Financial Assets	3 months
Maximum
Other current financial assets
Maturity Term of Financial Assets	12 months
Money market funds
Other current financial assets
Financial assets	$ 46,162		73,052	130,290
Term accounts
Other current financial assets
Financial assets	$ 1,345,646		$ 929,000	$ 649,359

Cash and cash equivalents (Deta

Cash and cash equivalents (Details) $ in Thousands, € in Millions, £ in Millions	Dec. 31, 2022 USD ($)	Dec. 31, 2022 EUR (€)	Dec. 31, 2022 GBP (£)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Disclosure of financial assets [line items]
Money market funds	$ 669,147			$ 997,092	$ 858,291
Term accounts	54,116			95,090	61,356
Cash and bank balances	77,477			242,494	297,156
Total cash and cash equivalents	800,700	€ 222.3	£ 49.1	$ 1,334,676	$ 1,216,803	$ 372,162
EUR
Disclosure of financial assets [line items]
Total cash and cash equivalents	237,100
GBP
Disclosure of financial assets [line items]
Total cash and cash equivalents	$ 59,000

Share capital and share premi_3

Share capital and share premium (Details)							1 Months Ended	12 Months Ended
Share capital and share premium (Details)	Mar. 29, 2022 shares	Mar. 23, 2022 shares	Feb. 04, 2021 shares	Feb. 02, 2021 shares	May 29, 2020 shares	May 28, 2020 shares	Jan. 31, 2023 shares	Dec. 31, 2022 EquityInstruments shares	Dec. 31, 2021 shares	Dec. 31, 2020 shares
Disclosure of classes of share capital [line items]
Number of shares outstanding at beginning of period							55,395,856	51,668,315	47,571,283	42,761,528
Exercise of Options								1,024,626	503,282	602,463
Vesting of RSUs \| EquityInstruments								19,581
Number of shares outstanding at end of period								55,395,856	51,668,315	47,571,283
Issuance of shares in January 2023 relating to exercise of stock options and vesting of RSU in December 2022							15,076
Global Offering
Disclosure of classes of share capital [line items]
New shares issued for private placement, initial public offering, public offering and underwriters' over-allotment option		2,333,334		3,125,000		3,658,515
Underwriters' Over Allotment Option
Disclosure of classes of share capital [line items]
New shares issued for private placement, initial public offering, public offering and underwriters' over-allotment option	350,000		468,750		548,777

Share capital and share premi_4

Share capital and share premium - Narrative (Details) $ / shares in Units, $ in Millions				12 Months Ended
	May 10, 2022	Mar. 29, 2022 USD ($) shares	Mar. 23, 2022 $ / shares shares	Dec. 31, 2022 EUR (€) shares	Dec. 31, 2021 shares	Dec. 31, 2020 shares	Dec. 31, 2019 shares
Disclosure of classes of share capital [line items]
Number of shares outstanding				55,395,856	51,668,315	47,571,283	42,761,528
Maximum authorized increase of then outstanding share capital (as a percent)	10%
Period of outstanding share capital	18 months
Maximum authorized increase in share capital \| €				€ 428,954.5
Maximum authorized increase in number of shares				4,289,545
Global Offering
Disclosure of classes of share capital [line items]
Number of shares issued			2,333,334
Global Offering \| American Depositary Shares
Disclosure of classes of share capital [line items]
Number of shares issued			1,433,701
Share price \| $ / shares			$ 300
Global Offering \| Ordinary shares
Disclosure of classes of share capital [line items]
Number of shares issued			899,633
Share price \| $ / shares			$ 273.10
Underwriters' Over Allotment Option \| American Depositary Shares
Disclosure of classes of share capital [line items]
Number of shares issued		350,000
Gross proceeds from issue of shares \| $		$ 804.1
Payments of stock issuance costs \| $		44.2
Expenses deducted from equity \| $		44
Net proceeds \| $		$ 761

Share based payments - Outstand

Share based payments - Outstanding stock options (Details)		12 Months Ended
Share based payments - Outstanding stock options (Details)	Jan. 01, 2021	Dec. 31, 2022 EquityInstruments $ / shares shares	Oct. 31, 2022 $ / shares	Jul. 31, 2022 $ / shares	Apr. 30, 2022 $ / shares	Dec. 31, 2021 EquityInstruments $ / shares	Oct. 31, 2021 $ / shares	Jul. 31, 2021 $ / shares	Apr. 30, 2021 $ / shares	Dec. 31, 2020 EquityInstruments $ / shares	Oct. 31, 2020 $ / shares	Jun. 30, 2020 $ / shares	Apr. 30, 2020 $ / shares	Dec. 31, 2019 EquityInstruments
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of shares on conversion \| shares		1
Exercise price per stock options \| $ / shares		$ 381.97	$ 359.80	$ 372.69	$ 312.22	$ 349.92	$ 301.02	$ 303.16	$ 275.33	$ 303.83	$ 245.69	$ 240.70	$ 146.68
Outstanding stock options \| EquityInstruments		5,511,767				5,619,113				5,365,743				4,358,069
Number of share options granted being used to pay tax by transferring the economic benefits \| shares		242,729
2022 \| 2.60
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price per stock options \| $ / shares		$ 2.60
Outstanding stock options \| EquityInstruments						125,339
2023 \| 2.60
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price per stock options \| $ / shares		2.60
Outstanding stock options \| EquityInstruments										165,693
2023 \| 86.20
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price per stock options \| $ / shares		$ 86.20
Outstanding stock options \| EquityInstruments		12,111				85,080				85,077
2023 \| 92.07
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price per stock options \| $ / shares		$ 92.07
Outstanding stock options \| EquityInstruments		124,338				321,473				325,661
2024 \| 2.60
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price per stock options \| $ / shares		$ 2.60
Outstanding stock options \| EquityInstruments		19,743				94,088				100,086
2024 \| 4.21
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price per stock options \| $ / shares		$ 4.21
Outstanding stock options \| EquityInstruments		5,127				6,113				6,238
2024 \| 7.65
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price per stock options \| $ / shares		$ 7.65
Outstanding stock options \| EquityInstruments		214,800				276,500				294,167
2024 \| 121.04
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price per stock options \| $ / shares		$ 121.04
Outstanding stock options \| EquityInstruments		110,774				111,174				111,174
2024 \| 144.79
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price per stock options \| $ / shares		$ 144.79
Outstanding stock options \| EquityInstruments		202,852				203,658				195,452
2025 \| 12.20
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price per stock options \| $ / shares		$ 12.20
Outstanding stock options \| EquityInstruments		2,000				4,500				21,500
2025 \| 11.02
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price per stock options \| $ / shares		$ 11.02
Outstanding stock options \| EquityInstruments										950
2025 \| 10.10
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price per stock options \| $ / shares		$ 10.10
Outstanding stock options \| EquityInstruments		101,861				105,857				114,232
2025 \| 127.49
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price per stock options \| $ / shares		$ 127.49
Outstanding stock options \| EquityInstruments		16,712				16,712				19,000
2025 \| 209.21
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price per stock options \| $ / shares		$ 209.21
Outstanding stock options \| EquityInstruments		127,731				129,711				131,770
2025 \| 213.55
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price per stock options \| $ / shares		$ 213.55
Outstanding stock options \| EquityInstruments		32,100				32,100				32,100
2025 \| 264.09
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price per stock options \| $ / shares		$ 264.09
Outstanding stock options \| EquityInstruments		202,475				203,214				211,045
2026 \| 12.13
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price per stock options \| $ / shares		$ 12.13
Outstanding stock options \| EquityInstruments		30,000				41,000				45,000
2026 \| 12.23
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price per stock options \| $ / shares		$ 12.23
Outstanding stock options \| EquityInstruments		99,772				102,840				127,252
2026 \| 15.08
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price per stock options \| $ / shares		$ 15.08
Outstanding stock options \| EquityInstruments		115,211				117,581				176,426
2026 \| 250.01
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price per stock options \| $ / shares		$ 250.01
Outstanding stock options \| EquityInstruments		23,491				24,366
2026 \| 272.09
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price per stock options \| $ / shares		$ 272.09
Outstanding stock options \| EquityInstruments		60,890				61,505
2026 \| 276.78
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price per stock options \| $ / shares		$ 276.78
Outstanding stock options \| EquityInstruments		45,862				48,138
2026 \| 329.79
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price per stock options \| $ / shares		$ 329.79
Outstanding stock options \| EquityInstruments		80,833				82,430
2027 \| 19.64
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price per stock options \| $ / shares		$ 19.64
Outstanding stock options \| EquityInstruments		42,509				53,143				102,479
2027 \| 22.58
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price per stock options \| $ / shares		$ 22.58
Outstanding stock options \| EquityInstruments		303,867				361,350				460,701
2027 \| 301.31
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price per stock options \| $ / shares		$ 301.31
Outstanding stock options \| EquityInstruments		14,976
2027 \| 381.31
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price per stock options \| $ / shares		$ 381.31
Outstanding stock options \| EquityInstruments		61,816
2027 \| 393.04
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price per stock options \| $ / shares		$ 393.04
Outstanding stock options \| EquityInstruments		13,764
2028 \| 86.20
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price per stock options \| $ / shares		$ 86.20
Outstanding stock options \| EquityInstruments		19,490				39,515				49,532
2028 \| 92.07
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price per stock options \| $ / shares		$ 92.07
Outstanding stock options \| EquityInstruments		264,392				350,631				381,317
2029 \| 121.04
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price per stock options \| $ / shares		$ 121.04
Outstanding stock options \| EquityInstruments		110,756				146,765				163,410
2029 \| 144.79
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price per stock options \| $ / shares		$ 144.79
Outstanding stock options \| EquityInstruments		537,110				611,122				692,914
2030 \| 127.49
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price per stock options \| $ / shares		$ 127.49
Outstanding stock options \| EquityInstruments		71,486				102,558				123,700
2030 \| 209.21
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price per stock options \| $ / shares		$ 209.21
Outstanding stock options \| EquityInstruments		223,812				282,475				325,150
2030 \| 213.55
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price per stock options \| $ / shares		$ 213.55
Outstanding stock options \| EquityInstruments		117,790				136,601				175,200
2030 \| 264.09
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price per stock options \| $ / shares		$ 264.09
Outstanding stock options \| EquityInstruments		620,014				692,214				728,517
2031 \| 250.01
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price per stock options \| $ / shares		$ 250.01
Outstanding stock options \| EquityInstruments		35,214				42,282
2031 \| 272.09
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price per stock options \| $ / shares		$ 272.09
Outstanding stock options \| EquityInstruments		167,406				207,464
2031 \| 276.78
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price per stock options \| $ / shares		$ 276.78
Outstanding stock options \| EquityInstruments		81,311				92,456
2031 \| 329.79
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price per stock options \| $ / shares		$ 329.79
Outstanding stock options \| EquityInstruments		286,353				307,158
2032 \| 301.31
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price per stock options \| $ / shares		$ 301.31
Outstanding stock options \| EquityInstruments		79,155
2032 \| 381.31
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price per stock options \| $ / shares		$ 381.31
Outstanding stock options \| EquityInstruments		238,532
2032 \| 393.04
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price per stock options \| $ / shares		$ 393.04
Outstanding stock options \| EquityInstruments		85,199
2027/2032 \| 383.55
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price per stock options \| $ / shares		$ 383.55
Outstanding stock options \| EquityInstruments		508,132
Tranche One
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting percentage		33%
Tranche Two
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting percentage		4.16%
Maximum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period	4 years
Minimum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period	3 years

Share-based payments - Rollforw

Share-based payments - Rollforward (Details)	1 Months Ended												12 Months Ended
Share-based payments - Rollforward (Details)	Dec. 31, 2022 EquityInstruments $ / shares	Oct. 31, 2022 EquityInstruments	Jul. 31, 2022 EquityInstruments	Apr. 30, 2022 EquityInstruments	Dec. 31, 2021 EquityInstruments $ / shares	Oct. 31, 2021 EquityInstruments	Jul. 31, 2021 EquityInstruments	Apr. 30, 2021 EquityInstruments	Dec. 31, 2020 EquityInstruments $ / shares	Oct. 31, 2020 EquityInstruments	Jun. 30, 2020 EquityInstruments	Apr. 30, 2020 EquityInstruments	Dec. 31, 2022 EquityInstruments $ / shares	Dec. 31, 2021 EquityInstruments $ / shares	Dec. 31, 2020 EquityInstruments $ / shares
Number of stock options
Total options at beginning of year \| EquityInstruments													5,619,113	5,365,743	4,358,069
Granted \| EquityInstruments	508,132	100,118	311,311	102,081	389,588	144,824	280,339	67,833	908,362	196,500	550,090	142,700	1,021,642	882,584	1,797,652
Exercised \| EquityInstruments													(1,025,780)	(503,282)	(602,463)
Forfeited \| EquityInstruments													(103,208)	(125,932)	(187,515)
Total options at end of year \| EquityInstruments	5,511,767				5,619,113				5,365,743				5,511,767	5,619,113	5,365,743
Exercisable \| EquityInstruments	3,983,960				3,613,371				2,833,680				3,983,960	3,613,371	2,833,680
Weighted average exercise price
Beginning balance													$ 164.33	$ 142.87	$ 78.23
Granted													375.58	314.99	266.71
Exercised													92.62	64.72	38.86
Forfeited													273.93	234.98	170.98
Ending balance	$ 205.02				$ 164.33				$ 142.87				205.02	164.33	142.87
Exercisable	$ 148.11				$ 106.53				$ 65.24				148.11	106.53	65.24
Weighted average share price													$ 336.5	$ 305.9	$ 254.54
Weighted average remaining contractual life													6 years 2 months 12 days	6 years 3 months 18 days	7 years 29 days

Share-based payments - Range of

Share-based payments - Range of exercise price (Details)

12 Months Ended

Dec. 31, 2022 EquityInstruments $ / shares

Dec. 31, 2021 EquityInstruments $ / shares

Dec. 31, 2020 EquityInstruments $ / shares

Oct. 31, 2022 $ / shares

Jul. 31, 2022 $ / shares

Apr. 30, 2022 $ / shares

Oct. 31, 2021 $ / shares

Jul. 31, 2021 $ / shares

Apr. 30, 2021 $ / shares

Oct. 31, 2020 $ / shares

Jun. 30, 2020 $ / shares

Apr. 30, 2020 $ / shares

Dec. 31, 2019 EquityInstruments

Disclosure of terms and conditions of share-based payment arrangement [line items]

Exercise price

$ 381.97

$ 349.92

$ 303.83

$ 359.80

$ 372.69

$ 312.22

$ 301.02

$ 303.16

$ 275.33

$ 245.69

$ 240.70

$ 146.68

Number of share options outstanding in share-based payment arrangement | EquityInstruments

5,511,767

5,619,113

5,365,743

4,358,069

Weighted average remaining contractual life

6 years 2 months 12 days

6 years 3 months 18 days

7 years 29 days

2.6 - 4.21

Disclosure of terms and conditions of share-based payment arrangement [line items]

Number of share options outstanding in share-based payment arrangement

24,870

Weighted average remaining contractual life

1 year 9 months

7.65 - 10.1

Disclosure of terms and conditions of share-based payment arrangement [line items]

Number of share options outstanding in share-based payment arrangement

316,661

Weighted average remaining contractual life

2 years 3 months 14 days

11.03 - 15.07

Disclosure of terms and conditions of share-based payment arrangement [line items]

Number of share options outstanding in share-based payment arrangement

246,983

Weighted average remaining contractual life

3 years 7 months 28 days

19.64 - 22.58

Disclosure of terms and conditions of share-based payment arrangement [line items]

Number of share options outstanding in share-based payment arrangement

346,376

Weighted average remaining contractual life

4 years 10 months 24 days

86.2 - 92.07

Disclosure of terms and conditions of share-based payment arrangement [line items]

Number of share options outstanding in share-based payment arrangement

420,331

Weighted average remaining contractual life

4 years 3 months 25 days

121.05 - 144.79

Disclosure of terms and conditions of share-based payment arrangement [line items]

Number of share options outstanding in share-based payment arrangement

1,049,690

Weighted average remaining contractual life

5 years 3 months 25 days

209.21 - 264.09

Disclosure of terms and conditions of share-based payment arrangement [line items]

Number of share options outstanding in share-based payment arrangement

1,382,627

Weighted average remaining contractual life

6 years 5 months 4 days

272.09 - 329.79

Disclosure of terms and conditions of share-based payment arrangement [line items]

Number of share options outstanding in share-based payment arrangement

816,786

Weighted average remaining contractual life

7 years 7 months 6 days

381.31 - 393.04

Disclosure of terms and conditions of share-based payment arrangement [line items]

Number of share options outstanding in share-based payment arrangement

907,443

Weighted average remaining contractual life

9 years 4 months 17 days

Minimum | 2.6 - 4.21

Disclosure of terms and conditions of share-based payment arrangement [line items]

Exercise price

$ 2.6

Minimum | 7.65 - 10.1

Disclosure of terms and conditions of share-based payment arrangement [line items]

Exercise price

7.65

Minimum | 11.03 - 15.07

Disclosure of terms and conditions of share-based payment arrangement [line items]

Exercise price

11.03

Minimum | 19.64 - 22.58

Disclosure of terms and conditions of share-based payment arrangement [line items]

Exercise price

19.64

Minimum | 86.2 - 92.07

Disclosure of terms and conditions of share-based payment arrangement [line items]

Exercise price

86.2

Minimum | 121.05 - 144.79

Disclosure of terms and conditions of share-based payment arrangement [line items]

Exercise price

121.05

Minimum | 209.21 - 264.09

Disclosure of terms and conditions of share-based payment arrangement [line items]

Exercise price

209.21

Minimum | 272.09 - 329.79

Disclosure of terms and conditions of share-based payment arrangement [line items]

Exercise price

272.09

Minimum | 381.31 - 393.04

Disclosure of terms and conditions of share-based payment arrangement [line items]

Exercise price

381.31

Maximum | 2.6 - 4.21

Disclosure of terms and conditions of share-based payment arrangement [line items]

Exercise price

4.21

Maximum | 7.65 - 10.1

Disclosure of terms and conditions of share-based payment arrangement [line items]

Exercise price

10.1

Maximum | 11.03 - 15.07

Disclosure of terms and conditions of share-based payment arrangement [line items]

Exercise price

15.07

Maximum | 19.64 - 22.58

Disclosure of terms and conditions of share-based payment arrangement [line items]

Exercise price

22.58

Maximum | 86.2 - 92.07

Disclosure of terms and conditions of share-based payment arrangement [line items]

Exercise price

92.07

Maximum | 121.05 - 144.79

Disclosure of terms and conditions of share-based payment arrangement [line items]

Exercise price

144.79

Maximum | 209.21 - 264.09

Disclosure of terms and conditions of share-based payment arrangement [line items]

Exercise price

264.09

Maximum | 272.09 - 329.79

Disclosure of terms and conditions of share-based payment arrangement [line items]

Exercise price

329.79

Maximum | 381.31 - 393.04

Disclosure of terms and conditions of share-based payment arrangement [line items]

Exercise price

$ 393.04

Share-based payments - Overview

Share-based payments - Overview (Details)	1 Months Ended												12 Months Ended
Share-based payments - Overview (Details)	Dec. 31, 2022 USD ($) Y EquityInstruments $ / shares	Oct. 31, 2022 Y EquityInstruments $ / shares	Jul. 31, 2022 EquityInstruments $ / shares	Apr. 30, 2022 EquityInstruments Y $ / shares	Dec. 31, 2021 EquityInstruments $ / shares	Oct. 31, 2021 Y EquityInstruments $ / shares	Jul. 31, 2021 EquityInstruments Y $ / shares	Apr. 30, 2021 Y EquityInstruments $ / shares	Dec. 31, 2020 EquityInstruments USD ($) $ / shares	Oct. 31, 2020 Y EquityInstruments $ / shares	Jun. 30, 2020 Y EquityInstruments $ / shares	Apr. 30, 2020 Y EquityInstruments $ / shares	Dec. 31, 2022 USD ($) EquityInstruments $ / shares	Dec. 31, 2021 USD ($) EquityInstruments $ / shares	Dec. 31, 2020 USD ($) EquityInstruments $ / shares	Dec. 31, 2019 EquityInstruments
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options granted \| EquityInstruments	508,132	100,118	311,311	102,081	389,588	144,824	280,339	67,833	908,362	196,500	550,090	142,700	1,021,642	882,584	1,797,652
Share price	$ 377.61
Exercise price	$ 381.97	$ 359.80	$ 372.69	$ 312.22	$ 349.92	$ 301.02	$ 303.16	$ 275.33	$ 303.83	$ 245.69	$ 240.70	$ 146.68	$ 381.97	$ 349.92	$ 303.83
Number of share options outstanding in share-based payment arrangement \| EquityInstruments	5,511,767				5,619,113				5,365,743				5,511,767	5,619,113	5,365,743	4,358,069
Total share based payment expense \| $													$ 120,200,000	$ 171,200,000	$ 96,900,000
Minimum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Average fair value per share option	$ 163.94	136.66	153.45	111.27	$ 75.03	101.53	131.65	98.96	$ 101.23	91.10	83.46	76.46
Share price		$ 352.97	$ 378.11	$ 320.84	$ 277.72	$ 286.52	$ 300.78	$ 248.9	$ 273.15	$ 256.46	$ 224.80	$ 155.23
Expected volatility	39.70%	39.64%	41.30%	39.18%	43.24%	46.01%	45.58%	54.24%	46.80%	44.17%	43.46%	44.44%
Expected option life (in years)	6.15	4		4		4	4	4	4	4	4	4
Risk-free interest rate	3.09%	2.57%	1.77%	1.05%	0.03%	(0.18%)	(0.41%)	(0.41%)	(0.51%)	(0.51%)	(0.43%)	(0.32%)
Time period for beneficiaries to choose contractual term	5 years												5 years
Total fair value of grant \| $	$ 77,400,000												$ 77,400,000
Share options granted (as a percent)	100%
Maximum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Average fair value per share option	$ 168.34	$ 169.96	$ 190.53	$ 140.23	$ 145.34	$ 131.80	$ 159.13	$ 154.88	$ 229.20	$ 156.68	$ 129.64	$ 148.03
Share price		$ 376.01	$ 397.92	$ 321.06	$ 351.73	$ 304.5	$ 340.95	$ 283.67	$ 383.10	$ 293.52	$ 281.25	$ 252.29
Expected volatility	39.74%	45.97%	43.10%	40.87%	43.64%	48.46%	47.96%	60.08%	59.94%	52.71%	52.19%	64.77%
Expected option life (in years)	6.50	6.50				6.50	6.50	6.50	6.68	6.68	6.68	6.68
Risk-free interest rate	3.10%	2.80%	2.28%	1.62%	0.67%	(0.05%)	(0.17%)	(0.08%)	(0.28%)	(0.34%)	(0.28%)	(0.18%)
Time period for beneficiaries to choose contractual term	10 years												10 years
Total fair value of grant \| $	$ 84,100,000												$ 84,100,000
Share options granted (as a percent)	100%

Share-based payments - Restrict

Share-based payments - Restricted Stock Units (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) EquityInstruments $ / shares shares	Dec. 31, 2021 USD ($) EquityInstruments $ / shares	Dec. 31, 2020 USD ($)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of RSUs - Vested	(19,581)
Number of shares on conversion \| shares	1
Expense from share-based payment transactions with employees \| $	$ 120.2	$ 171.2	$ 96.9
Restricted Stock Units (RSUs)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of RSUs - January 1	213,038
Number of RSUs - Granted	243,010	216,522
Number of RSUs - Vested	(53,872)
Number of RSUs - Forfeited	(16,896)	(3,484)
Number of RSUs - December 31	385,280	213,038
Weighted average Grand Date Fair Value - January 1 \| $ / shares	$ 314.25
Weighted average Grand Date Fair Value - Granted \| $ / shares	375.81	$ 313.84
Weighted average Grand Date Fair Value - Forfeited \| $ / shares	307.11	288.92
Weighted average Grand Date Fair Value - December 31 \| $ / shares	$ 387.20	$ 314.25
Number of shares on conversion \| shares	1
Vesting period	4 years
Vesting percentage	25%
Expense from share-based payment transactions with employees \| $	$ 36.9	$ 8.1	$ 0

Trade and other payables (Detai

Trade and other payables (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Trade and other payables.
Trade payables	$ 188,721	$ 208,850	$ 206,325
Short-term employee benefits accruals	84,337	83,737	68,867
Gross-to-net accruals	19,478
Other	3,142	828
Total trade and other payables	$ 295,679	$ 293,415	$ 275,192

Trade and other payables - Move

Trade and other payables - Movement in net accruals (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Disclosure of subsidiaries [line items]
Current estimate related to the sales made in the current year	$ 46,166
(Credits or payments related to sales made during the year)	(26,689)
Accruals	19,478
Rebates and chargebacks
Disclosure of subsidiaries [line items]
Current estimate related to the sales made in the current year	35,426
(Credits or payments related to sales made during the year)	(20,028)
Accruals	15,399
Distribution fees, product returns and other
Disclosure of subsidiaries [line items]
Current estimate related to the sales made in the current year	10,740
(Credits or payments related to sales made during the year)	(6,661)
Accruals	$ 4,079

Product net sales - (Details)

Product net sales - (Details) - USD ($) $ in Thousands		12 Months Ended
Product net sales - (Details) - USD ($) $ in Thousands	Aug. 11, 2022	Dec. 31, 2022
Product net sales.
Product net sales	$ 0	$ 400,720
Revenue from Sale of Goods Gross		446,900
Cost of Goods Sold		$ 46,200

Collaboration revenue (Details)

Collaboration revenue (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
Collaboration revenue (Details) - USD ($) $ in Thousands	Aug. 31, 2018	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of disaggregation of revenue from contracts with customers [line items]
Upfront revenue recognition			$ 444,303	$ 34,362
Milestone revenue recognition		$ 5,365	49,815	3,422
Research and development service fees (FTE)		424	2,326	3,459
Total revenue		10,026	497,277	41,243
Collaboration revenue		10,026	497,277	41,243
Zai Lab
Disclosure of disaggregation of revenue from contracts with customers [line items]
Upfront revenue recognition			151,903
Milestone revenue recognition			25,634
Research and development service fees (FTE)		4,238	833
Janssen
Disclosure of disaggregation of revenue from contracts with customers [line items]
Upfront revenue recognition			292,279	33,759
Milestone revenue recognition			22,865	2,641
Research and development service fees (FTE)			2,028	3,175
Other
Disclosure of disaggregation of revenue from contracts with customers [line items]
Upfront revenue recognition				38
Milestone revenue recognition		5,365	1,214	19
Research and development service fees (FTE)		424	298	284
Other revenues		$ 4,238	833
AbbVie
Disclosure of disaggregation of revenue from contracts with customers [line items]
Upfront revenue recognition			121	565
Milestone revenue recognition			$ 102	$ 762
Term of additional funding	2 years

Collaboration revenue - Changes

Collaboration revenue - Changes In Deferred Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of disaggregation of revenue from contracts with customers [line items]
Upfront revenue recognition		$ 444,303	$ 34,362
Milestone revenue recognition	$ 5,365	49,815	3,422
Janssen
Disclosure of disaggregation of revenue from contracts with customers [line items]
Deferred revenue		315,144	324,629
Upfront revenue recognition		292,279	33,759
Milestone revenue recognition		22,865	2,641
Translation difference			26,915
Deferred revenue			315,144
AbbVie
Disclosure of disaggregation of revenue from contracts with customers [line items]
Deferred revenue		223	1,517
Upfront revenue recognition		121	565
Milestone revenue recognition		102	762
Translation difference			33
Deferred revenue			223
Other
Disclosure of disaggregation of revenue from contracts with customers [line items]
Deferred revenue			56
Upfront revenue recognition			38
Milestone revenue recognition	$ 5,365	1,214	19
Translation difference			1
Janssen, AbbVie and other parties excluding Zai Lab
Disclosure of disaggregation of revenue from contracts with customers [line items]
Deferred revenue		315,367	326,202
Upfront revenue recognition		292,400	34,362
Milestone revenue recognition		$ 22,967	3,422
Translation difference			26,949
Deferred revenue			$ 315,367

Collaboration revenue - Additio

Collaboration revenue - Additional Information (Details) $ / shares in Units, $ in Thousands				1 Months Ended		12 Months Ended
	Jun. 04, 2021 USD ($) item shares	Jun. 04, 2021 USD ($) € / shares shares	Jan. 06, 2021 USD ($) item $ / shares shares	Aug. 31, 2018 USD ($)	Apr. 30, 2016 USD ($) item	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Notes to unaudited condensed consolidated interim statement of profit and loss and other comprehensive income
Research and development service fees (FTE)						$ 424	$ 2,326	$ 3,459
Deferred revenue								46,328
Issue of share capital						760,953	1,091,326	813,186
Collaborative arrangements amount of preclinical milestones payment received				$ 30,000
AbbVie
Notes to unaudited condensed consolidated interim statement of profit and loss and other comprehensive income
Collaborative Arrangement Maximum Additional Development milestone payments to be received on exercise of option				110,000
Collaborative arrangement maximum commercial Milestone payments to be received on exercise of Option				325,000
Collaborative arrangements amount of preclinical milestones payment received					$ 10,000
Collaborative Arrangements Number of Preclinical Milestones Achieved \| item					2
Collaborative Arrangement Upfront Non-refundable Non-creditable Payment Received					$ 40,000
Collaborative Arrangement Maximum Regulatory Milestone Payments to be Received on Exercise of Option				$ 190,000
AbbVie \| Collaboration and license agreement
Notes to unaudited condensed consolidated interim statement of profit and loss and other comprehensive income
Number of performance obligation \| item					1
Collaborative Arrangements Number of Preclinical Milestones Achieved \| item					2
Zai Lab
Notes to unaudited condensed consolidated interim statement of profit and loss and other comprehensive income
Research and development service fees (FTE)						4,238	833
Share price \| $ / shares			$ 132
Number of shares issued \| shares			568,182
Zai Lab \| Collaboration and license agreement
Notes to unaudited condensed consolidated interim statement of profit and loss and other comprehensive income
License payment committed			$ 175,000
Transaction price allocated to remaining performance obligations						$ 25,000
Upfront payments			$ 75,000
Number of performance obligation \| item			2
Collaborative arrangement maximum additional milestone, contingent payments to be received			$ 25,000				25,000
Collaborative Arrangements Number of Preclinical Milestones Achieved \| item			2
Collaborative Arrangement Upfront Non-refundable Non-creditable Payment Received			$ 75,000				75,000
Janssen
Notes to unaudited condensed consolidated interim statement of profit and loss and other comprehensive income
Research and development service fees (FTE)							2,028	$ 3,175
Janssen \| Collaboration and license agreement
Notes to unaudited condensed consolidated interim statement of profit and loss and other comprehensive income
Milestone payments	$ 25,000
Share price \| € / shares		€ 100.02
License payment committed	300,000	€ 300,000
Transaction price allocated to remaining performance obligations							$ 315,100
Upfront payments	500,000
Issue of share capital	$ 200,000
Number of shares issued \| shares	1,766,899	1,766,899
Collaborative Arrangements Number of Preclinical Milestones Achieved \| item	2
Number of Performance Obligations \| item	1

Other operating income (Details

Other operating income (Details) - USD ($) $ in Thousands	12 Months Ended
Other operating income (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Other operating income
Grants	$ 2,186	$ 4,398	$ 1,365
Research and development incentives	19,502	13,970	10,257
Payroll tax rebates	8,576	12,621	9,095
Change in fair value on non-current financial assets	4,256	11,152	2,951
Total other operating income	$ 34,520	$ 42,141	$ 23,668

Other operating income - Grants

Other operating income - Grants (Details)	Dec. 31, 2022 item
Other operating income
Number of conditions related to government grants that are unfulfilled	0

Other operating income - Other

Other operating income - Other Incentives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Other operating income
Research and development incentives	$ 19,502	$ 13,970	$ 10,257
Incentive refund period	5 years
Payroll tax rebates	$ 8,576	$ 12,621	$ 9,095

Segment reporting - Product net

Segment reporting - Product net sales by country of sales (Details) - USD ($) $ in Thousands		12 Months Ended
	Aug. 11, 2022	Dec. 31, 2022
Disclosure of geographical areas [line items]
Total product net sales	$ 0	$ 400,720
United States
Disclosure of geographical areas [line items]
Total product net sales		377,659
Japan
Disclosure of geographical areas [line items]
Total product net sales		15,764
Europe
Disclosure of geographical areas [line items]
Total product net sales		5,678
Other
Disclosure of geographical areas [line items]
Total product net sales		$ 1,619

Segment reporting - Major distr

Segment reporting - Major distributor or whole sellers (Details)	12 Months Ended
	Dec. 31, 2022 customer
Segment reporting
Number of major customers from U.S.	4
Percentage of product net sales from major customers from United States	91%

Segment reporting (Details)

Segment reporting (Details) - USD ($) $ in Thousands	12 Months Ended
Segment reporting (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of geographical areas [line items]
Revenue from external customers	$ 10,026	$ 497,277	$ 41,243
Denmark
Disclosure of geographical areas [line items]
Revenue from external customers	5,365	1,389	342
United States
Disclosure of geographical areas [line items]
Revenue from external customers		317,396	$ 40,901
China
Disclosure of geographical areas [line items]
Revenue from external customers	4,238	178,370
Other
Disclosure of geographical areas [line items]
Revenue from external customers	$ 424	$ 123

Segment reporting - Noncurrent

Segment reporting - Noncurrent assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of geographical areas [line items]
Non current Assets exclude deferred tax assets	$ 280,841	$ 275,111	$ 207,368
Netherlands
Disclosure of geographical areas [line items]
Non current Assets exclude deferred tax assets			1
Belgium
Disclosure of geographical areas [line items]
Non current Assets exclude deferred tax assets	275,620	268,733	200,125
United States
Disclosure of geographical areas [line items]
Non current Assets exclude deferred tax assets	2,325	3,138	4,751
Japan
Disclosure of geographical areas [line items]
Non current Assets exclude deferred tax assets	2,763	3,232	$ 2,491
Switzerland
Disclosure of geographical areas [line items]
Non current Assets exclude deferred tax assets		$ 8
Germany
Disclosure of geographical areas [line items]
Non current Assets exclude deferred tax assets	130
France
Disclosure of geographical areas [line items]
Non current Assets exclude deferred tax assets	$ 4

Research and development expe_3

Research and development expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Research and development expenses
Personnel expenses	$ 162,010	$ 160,464	$ 86,036
External research and development expenses	366,955	382,902	259,943
Materials and consumables	2,396	2,735	3,562
Depreciation and amortization	102,132	3,742	2,835
Other expenses	29,872	30,677	18,509
Total research and development expenses	$ 663,366	$ 580,520	$ 370,885

Selling, general and administ_3

Selling, general and administrative expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Selling, general and administrative expenses
Personnel expenses	$ 234,740	$ 164,646	$ 108,507
Professional and marketing fees	178,570	102,674	48,681
Supervisory board	6,912	12,958	4,838
Depreciation and amortization	2,211	2,126	1,092
IT expenses	17,431	8,977
Other expenses	32,268	16,263	8,525
Total Selling, general and administrative expenses	$ 472,132	$ 307,644	$ 171,643

Personnel expenses (Details)

Personnel expenses (Details) - USD ($) $ in Thousands	12 Months Ended
Personnel expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Personnel expenses
Short-term employee benefits - Salaries	$ 216,847	$ 135,676	$ 75,437
Short-term employee benefits - Social Security	16,274	12,785	9,087
Post-employment benefits	5,406	2,864	1,242
Termination benefits	401	818	1,005
Share-based payment	151,912	167,965	92,558
Employer social security contributions stock options	5,910	5,002	15,214
Total personnel expenses	$ 396,750	$ 325,110	$ 194,543

Personnel expenses - FTE (Detai

Personnel expenses - FTE (Details) - employee	12 Months Ended
Personnel expenses - FTE (Details) - employee	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Personnel expenses
Research and development	474.8	349.7	213
Selling, general and administrative	442.4	264.4	119.5
Number of FTE	917.2	614.1	332.5

Leases - Financial position rel

Leases - Financial position relating to leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets	$ 12,897	$ 11,583	$ 9,454
Additions to right-of-use assets	4,200
Lease liabilities
Lease liabilities	3,417	3,509	3,476
Lease liabilities	9,009	7,956	6,181
Lease liabilities	12,426	11,465	9,657
Right-of-use assets Buildings
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets	10,867	9,688	7,677
Lease equipment
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets	196	230	264
Right-of-use assets Vehicles
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets	$ 1,835	$ 1,664	$ 1,513

Leases - Total contractual cash

Leases - Total contractual cash flow carrying amount (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of maturity analysis of finance lease payments receivable [line items]
Total contractual cash flow	$ 12,402
Lease liabilities	12,426	$ 11,465	$ 9,657
Less than 1 year
Disclosure of maturity analysis of finance lease payments receivable [line items]
Total contractual cash flow	3,408
1-3 years
Disclosure of maturity analysis of finance lease payments receivable [line items]
Total contractual cash flow	4,784
3-5 years
Disclosure of maturity analysis of finance lease payments receivable [line items]
Total contractual cash flow	3,043
More than 5 years
Disclosure of maturity analysis of finance lease payments receivable [line items]
Total contractual cash flow	$ 1,167

Leases - Statement of profit or

Leases - Statement of profit or loss and other comprehensive income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Financial position relating to leases
Depreciation, right-of-use assets	$ 2,949	$ 3,399	$ 2,735
Interest expense (included in finance cost)	1,343	412	201
Expense relating to short-term leases	732	212	264
Expense relating to leases of low-value assets that are not shown above as short-term leases	21	7	6
Cash outflow for leases	4,200	4,500	3,000
Right-of-use assets Buildings
Financial position relating to leases
Depreciation, right-of-use assets	2,179	2,714	2,262
Right-of-use assets Vehicles
Financial position relating to leases
Depreciation, right-of-use assets	735	651	441
Lease equipment
Financial position relating to leases
Depreciation, right-of-use assets	$ 35	$ 34	$ 32

Financial result and exchange_3

Financial result and exchange gains(losses) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Financial result and exchange gains/(losses)
Interest income	$ 24,741	$ 3,489	$ 5,119
Net gain on cash equivalents & current financial assets held at fair value through profit or loss and cash equivalents	2,924	144	1,340
Financial income	27,665	3,633	6,459
Net loss on cash equivalents & current financial assets held at fair value through profit or loss and cash equivalents	(1,713)	(3,482)	(7,559)
Other financial expense	(2,193)	(1,096)	(401)
Financial expense	(3,906)	(4,578)	(7,960)
Realized exchange gains/(losses)	(3,743)	15	(443)
Unrealized exchange gains/(losses)	(28,989)	(50,068)	(125,791)
Exchange gains/(losses)	$ (32,732)	$ (50,053)	$ (126,234)

Income tax expense (Details)

Income tax expense (Details) - USD ($) $ in Thousands	12 Months Ended
Income tax expense (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income tax expense
Loss before taxes	$ 729,314	$ 399,743	$ 605,352
Income tax (expense)/benefit calculated at 25.8% for 2022 & 25% for 2021 & 2020	188,163	99,936	151,338
Effect of intercompany asset deal / transaction	(112,200)
Effect of expenses not deductible in determining taxable results	(1,570)	(4,441)	868
Effect of share based payment expenses that are not deductible in determining taxable results	(27,043)	(29,925)	(13,681)
Effect of stock issue expenses that are not taxable in determining taxable results	11,412	14,119	14,139
Effect of concessions	18,264	13,413	7,900
Effect of change of (de)recognition of deferred tax assets on tax losses	(194)	(44,232)	(116,711)
Effect of different tax rates in jurisdictions in which the company operates	(5,566)	(2,084)	(195)
Effect of change of (de)recognition of deferred tax assets	(51,321)	(50,389)	(45,601)
Withholding tax paid		(5,076)
(Underprovided)/overprovided in prior years	(12)	398	(1,014)
Other	(213)	(241)	(146)
Income tax (expense)/benefit recognized in the consolidated statements of profit or loss	$ 19,720	$ (8,522)	$ (3,103)

Income tax expense - Deferred t

Income tax expense - Deferred tax assets (Details) - USD ($) $ in Thousands		12 Months Ended
	Dec. 27, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income tax expense - Deferred tax assets
Unrecognized deferred tax assets		$ 79,222	$ 32,191	$ 15,038
Unused tax losses for which no deferred tax asset recognized		$ 756,100	$ 815,300	$ 696,700
Tax rate applicable		25.80%	25%	25%
Temporary differences and unused tax losses
Income tax expense - Deferred tax assets
Unrecognized deferred tax assets		$ 189,300	$ 203,800	$ 174,200
ARGENX BENELUX BV
Income tax expense - Deferred tax assets
Asset deal consideration	$ 449,000
Argenx BV
Income tax expense - Deferred tax assets
Unrecognized deferred tax asset	$ 112,200
Netherlands
Income tax expense - Deferred tax assets
Tax rate applicable		25.80%	25%	25%
Belgium
Income tax expense - Deferred tax assets
IID carry-forwarded		$ 428,800	$ 213,600	$ 52,100
Unrecognized deferred tax asset on IID		$ 107,200	$ 53,400	$ 13,000

Income Tax Expense - Tax Expens

Income Tax Expense - Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income tax expense
Current year	$ (27,162)	$ (15,224)	$ (7,847)
Income tax prior years	(12)	398	(1,732)
Current tax (expense) / benefit	(27,174)	(14,826)	(9,579)
Originating and reversal of temporary differences	46,894	6,304	6,476
Deferred tax (expense) / benefit	46,894	6,304	6,476
Total tax (expense) / benefit	$ (19,720)	$ 8,522	$ 3,103

Loss per share (Details)

Loss per share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Loss per share
Loss of the year	$ (709,594)	$ (408,265)	$ (608,455)
Weighted average number of shares outstanding	54,381,371	51,075,827	45,410,442
Basic loss per share	$ (13.05)	$ (7.99)	$ (13.40)
Diluted loss per share	$ (13.05)	$ (7.99)	$ (13.40)

Financial risk management (Deta

Financial risk management (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Amortised cost \| Trade and other payables
Disclosure of financial assets [line items]
Carrying amount of liabilities under IAS 39	$ 295,679	$ 293,415
Carrying amount of liabilities under IFRS 9			$ 275,192
FVTPL \| Financial assets - non-current
Disclosure of financial assets [line items]
Carrying amount of assets under IAS 39	21,715	17,459
Carrying amount of assets under IFRS 9			6,307
FVTPL \| Financial assets - current
Disclosure of financial assets [line items]
Carrying amount of assets under IAS 39	46,162	73,052
Carrying amount of assets under IFRS 9			130,290
FVTPL \| Cash equivalents
Disclosure of financial assets [line items]
Carrying amount of assets under IAS 39	669,147	997,092
Carrying amount of assets under IFRS 9			858,291
FVTOCI \| Financial assets - non-current
Disclosure of financial assets [line items]
Carrying amount of assets under IAS 39	17,443	35,710
Amortised costs \| Research and development incentive receivables - non-current member
Disclosure of financial assets [line items]
Carrying amount of assets under IAS 39	47,488	32,707
Carrying amount of assets under IFRS 9			20,626
Amortised costs \| Noncurrent restricted cash
Disclosure of financial assets [line items]
Carrying amount of assets under IAS 39	1,736	1,707
Carrying amount of assets under IFRS 9			1,509
Amortised costs \| Trade and other receivables
Disclosure of financial assets [line items]
Carrying amount of assets under IAS 39	275,697	38,221
Carrying amount of assets under IFRS 9			6,978
Amortised costs \| Financial assets - current
Disclosure of financial assets [line items]
Carrying amount of assets under IAS 39	1,345,646	929,000
Carrying amount of assets under IFRS 9			649,359
Amortised costs \| Research and development incentive receivables - current
Disclosure of financial assets [line items]
Carrying amount of assets under IAS 39	1,578
Carrying amount of assets under IFRS 9			463
Amortised costs \| Cash and cash equivalents
Disclosure of financial assets [line items]
Carrying amount of assets under IAS 39	77,477	242,494
Carrying amount of assets under IFRS 9			297,156
Amortised costs \| Cash equivalents
Disclosure of financial assets [line items]
Carrying amount of assets under IAS 39	$ 54,116	$ 95,090
Carrying amount of assets under IFRS 9			$ 61,356

Financial risk management - Fai

Financial risk management - Fair value (Details) € in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 EUR (€)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Financial instruments and financial risk management
Transfers out of Level 1 to Level 2 assets		$ 0
Transfers out of Level 1 to Level 2 liabilities		0
Transfers out of Level 2 to Level 1 assets		0
Transfers out of Level 2 to Level 1 liabilities		0
Transfer into level 3 assets		0
Transfer out of level 3 assets		0
Transfer into level 3 liabilities		0
Transfer out of level 3 liabilities \| €	€ 0
Level 1
Financial instruments and financial risk management
Non-current financial assets		17,443	$ 35,710
Current financial assets		46,162	73,052	$ 130,290
Cash and cash equivalents		669,147	997,092	858,291
Assets carried at fair value		732,752	1,105,854	988,581
Level 3
Financial instruments and financial risk management
Non-current financial assets		21,715	17,459	6,307
Assets carried at fair value		$ 21,715	$ 17,459	$ 6,307

Financial risk management - Lic

Financial risk management - License agreement (Details) $ / shares in Units, € in Millions, $ in Millions			1 Months Ended			6 Months Ended
	Jun. 01, 2021 $ / shares shares	Jan. 01, 2021 $ / shares shares	Jun. 30, 2022 EUR (€)	Jun. 30, 2022 USD ($)	Mar. 31, 2021 USD ($) shares	Jun. 30, 2022 EUR (€)	Jun. 30, 2022 USD ($)
Preferred Class B Shares
Financial instruments and financial risk management
Proceeds from issue of shares					$ 74
Shares issued \| shares					286,705
Fair value of current financial assets					$ 11.2
AgomAb
Financial instruments and financial risk management
Fair value of current financial assets				$ 4.3			$ 4.3
AgomAb \| Preferred Class B Shares
Financial instruments and financial risk management
Proceeds from issue of shares \| €			€ 38.4			€ 38.4
Zai Lab
Financial instruments and financial risk management
Number of shares issued \| shares	568,182	568,182
Share price \| $ / shares	$ 132	$ 132

Financial risk management - Cap

Financial risk management - Capital risk (Details) $ in Thousands, € in Millions, £ in Millions	Dec. 31, 2022 USD ($)	Dec. 31, 2022 EUR (€)	Dec. 31, 2022 GBP (£)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Financial risk management
Cash and cash equivalents	$ 800,700	€ 222.3	£ 49.1	$ 1,334,676	$ 1,216,803	$ 372,162
Total capital	$ 4,316,500

Financial risk management - Cre

Financial risk management - Credit risk (Details)	12 Months Ended
Financial risk management - Credit risk (Details)	Dec. 31, 2022
Credit risk \| Maximum
Disclosure of financial assets that are either past due or impaired [line items]
Recommended maturity term for short term investment	6 months

Financial risk management - Int

Financial risk management - Interest rate risk (Details) - Interest rate risk € in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022 EUR (€)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Disclosure of risk management strategy related to hedge accounting [line items]
Increase decrease in basis points	25%
Positive/negative impact	€ 6.2	$ 0.9	$ 1.7

Financial risk management - For

Financial risk management - Foreign exchange risk (Details) - Currency risk € in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 EUR (€)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
EUR
Disclosure of risk management strategy related to hedge accounting [line items]
Net exposure to exchange differences of the monetary assets		$ 613,866	$ 591,887	$ 703,016
USD
Disclosure of risk management strategy related to hedge accounting [line items]
Percentage of reasonably possible increase in risk assumption	10%	10%
Percentage of reasonably possible decrease in risk assumption	10%
Increase (decrease) in financial instrument due to reasonably possible increase in designated risk component		$ (61,390)	(53,810)	(63,910)
Increase (decrease) in financial instrument due to reasonably possible decrease in designated risk component	€ 61,390		53,810	63,910
JPY
Disclosure of risk management strategy related to hedge accounting [line items]
Net exposure to exchange differences of the monetary assets		5,613	6,316	264
GBP
Disclosure of risk management strategy related to hedge accounting [line items]
Net exposure to exchange differences of the monetary assets		59,026	1,237	48
CHF
Disclosure of risk management strategy related to hedge accounting [line items]
Net exposure to exchange differences of the monetary assets		3,832	$ 727	$ 2
CAD
Disclosure of risk management strategy related to hedge accounting [line items]
Net exposure to exchange differences of the monetary assets		657
SEK
Disclosure of risk management strategy related to hedge accounting [line items]
Net exposure to exchange differences of the monetary assets		7
DKK
Disclosure of risk management strategy related to hedge accounting [line items]
Net exposure to exchange differences of the monetary assets		$ 6
Other currencies
Disclosure of risk management strategy related to hedge accounting [line items]
Percentage of reasonably possible increase in risk assumption	10%	10%
Percentage of reasonably possible decrease in risk assumption	10%
Increase (decrease) in financial instrument due to reasonably possible increase in designated risk component \| €	€ 0
Increase (decrease) in financial instrument due to reasonably possible decrease in designated risk component \| €	€ 0

Related party transactions - Co

Related party transactions - Compensation (Details) $ in Thousands	1 Months Ended												12 Months Ended
	Dec. 31, 2022 USD ($) EquityInstruments	Oct. 31, 2022 EquityInstruments	Jul. 31, 2022 USD ($) EquityInstruments	Apr. 30, 2022 EquityInstruments	Dec. 31, 2021 EquityInstruments	Oct. 31, 2021 EquityInstruments	Jul. 31, 2021 EquityInstruments	Apr. 30, 2021 EquityInstruments	Dec. 31, 2020 EquityInstruments	Oct. 31, 2020 EquityInstruments	Jun. 30, 2020 EquityInstruments	Apr. 30, 2020 EquityInstruments	Dec. 31, 2022 USD ($) EquityInstruments	Dec. 31, 2021 USD ($) EquityInstruments	Dec. 31, 2020 USD ($) EquityInstruments
Compensation of key management personnel
Gross salary													$ 4,199	$ 3,465	$ 3,246
Variable pay													3,077	2,020	1,510
Employer social security													1,015	789	753
Other short term benefits													372	274	156
Termination benefits														382	385
Post-employment benefits for senior management members as a group													104	150	161
Employer social security contributions stock options													$ 1,101	$ 4,172	$ 11,206
Number of share options granted in share-based payment arrangement \| EquityInstruments	508,132	100,118	311,311	102,081	389,588	144,824	280,339	67,833	908,362	196,500	550,090	142,700	1,021,642	882,584	1,797,652
Other cash payments to acquire interests in joint ventures, classified as investing activities			$ 2,000										$ 2,000
Onco Verity Inc. Joint Venture
Compensation of key management personnel
Contractual capital commitments	$ 13,000												13,000
Other cash payments to acquire interests in joint ventures, classified as investing activities			$ 2,000
Non-executive Directors
Compensation of key management personnel
Cost of stock options granted in the year													3,643	$ 3,263	$ 9,576
Cost of restricted stock units granted in the year													1,850	1,731
Board fees and other short-term benefits for non-executive directors													437	435	405
Total benefits excluding stock options													$ 5,929	$ 5,429	$ 9,981
Number of share options granted in share-based payment arrangement \| EquityInstruments													21,600	22,950	70,000
Numbers of restricted stock units granted in the year \| EquityInstruments													4,800	5,100
Senior management
Compensation of key management personnel
Post-employment benefits for senior management members as a group													$ 37,855	$ 34,337	$ 60,241
Cost of stock options granted in the year													18,393	15,060	$ 42,824
Cost of restricted stock units granted in the year													$ 9,594	$ 8,025
Number of share options granted in share-based payment arrangement \| EquityInstruments													117,600	101,446	334,900
Numbers of restricted stock units granted in the year \| EquityInstruments													26,500	22,888

Commitments (Details)

Commitments (Details) € in Thousands, $ in Thousands		12 Months Ended
Commitments (Details) € in Thousands, $ in Thousands	Feb. 28, 2019 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2022 EUR (€)
Commitments [Line Items]
Commitments to acquire property, plant and equipment		$ 0				€ 0
Commitments to acquire additional intangible assets		$ 0
Contractual period		6 months
Efgartigimod
Commitments [Line Items]
Outstanding commitment		$ 419,000
Contractual obligations		13,300
Onco Verity Inc. Joint Venture
Commitments [Line Items]
Contractual capital commitments		$ 13,000
Halozyme \| Global Collaboration and License Agreement
Commitments [Line Items]
Payment for each future target	$ 12,500
Future milestone payments	160,000
Payment for additional milestones	$ 40,000
Development milestone payment					$ 10,000
Phase 1 milestone payment			$ 5,000		$ 5,000
Phase 3 milestone payment				$ 15,000

Commitments - Future Cash Outfl

Commitments - Future Cash Outflows (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Commitments [Line Items]
Lease commitments not commenced	$ 18,038
More than 5 years
Commitments [Line Items]
Lease commitments not commenced	$ 18,038

Audit Fees (Details)

Audit Fees (Details) - USD ($) $ in Thousands	12 Months Ended
Audit Fees (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Audit fees
Audit fees (1)	$ 1,394	$ 1,183	$ 923
Audit-related fees	380	267	188
Tax fees (2)		79
Total	$ 1,774	$ 1,529	$ 1,111

Overview of consolidation sco_3

Overview of consolidation scope (Details)	12 Months Ended
Overview of consolidation scope (Details)	Dec. 31, 2022 subsidiary
ARGENX SE \| Netherlands
Overview of consolidation scope
Participation ( as a percent)	100%
ARGENX BV \| Belgium
Overview of consolidation scope
Number of subsidiaries	2
Participation ( as a percent)	100%
IIP BV \| Belgium
Overview of consolidation scope
Participation ( as a percent)	100%
ARGENX US INC \| United States
Overview of consolidation scope
Number of subsidiaries	9
Participation ( as a percent)	100%
ARGENX SWITZERLAND, SA \| Switzerland
Overview of consolidation scope
Participation ( as a percent)	100%
ARGENX JAPAN KK \| Japan
Overview of consolidation scope
Participation ( as a percent)	100%
ARGENX FRANCE SAS \| France
Overview of consolidation scope
Participation ( as a percent)	100%
ARGENX GERMANY GMBH \| Germany
Overview of consolidation scope
Participation ( as a percent)	100%
ARGENX CANADA INC [Member] \| CANADA
Overview of consolidation scope
Participation ( as a percent)	100%
ARGENX UK LTD [Member] \| UNITED KINGDOM
Overview of consolidation scope
Participation ( as a percent)	100%
ARGENX NETHERLANDS B.V [Member] \| Netherlands
Overview of consolidation scope
Participation ( as a percent)	100%
ARGENX ITALY [Member] \| ITALY
Overview of consolidation scope
Participation ( as a percent)	100%