The following “Operating and Financial Review and Prospects” should be read together with the information in our financial statements and related notes included elsewhere in this Annual Report. The following discussion is based on our financial information prepared in accordance with the IFRS Accounting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), which may differ in material respects from generally accepted accounting principles in other jurisdictions, including U.S. GAAP. The following discussion includes forward-looking statements that involve risks, uncertainties and assumptions. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of many factors, including but not limited to those described in “Item 3.D. — Risk Factors” and elsewhere in this Annual Report. Please also see “Cautionary Statement Regarding Forward-Looking Statements in this Annual Report. A.OPERATING RESULTS The review of the financial condition and results of operations of certain items from the year ended December 31, 2023, and year-to-year comparisons between the years ended December 31, 2024 and December 31, 2023 that are not included in this Annual Report can be found in “Item 5 — Operating and Financial Review and Prospects” of our annual report on Form 20-F for the year ended December 31, 2024. Overview 2025 was a transformative year for argenx as we advanced our mission to deliver innovation to patients. Our commercial execution reached new heights with the successful expansion of VYVGART, the first-in-class FcRn blocker, which now offers three administration options, including self-injection with the PFS. The PFS launch began in the U.S. in April of this year, followed by the EU and Japan. This evolution reflects our commitment to innovating the patient experience in our two blockbuster indications and pursuing the broadest label for our medicines. The commercialization of the VYVGART franchise generated global product net sales of $4.2 billion in 2025 as compared to $2.2 billion in 2024. Beyond commercial achievements, we continued to execute on a pipeline with breadth and depth, reinforcing our leadership in immunology. We announced positive topline results from the ADAPT SERON clinical trial of VYVGART in Seronegative gMG, further expanding the potential reach of VYVGART. In December of this year, we filed the Seronegative gMG supplemental BLA in pursuit of the broadest MG label of any biologic. In January 2026, the FDA has accepted for priority review a supplemental BLA for VYVGART for the treatment of adults with Seronegative gMG. The application has been granted an expected PDUFA date of May 10, 2026. Additionally, we showcased innovation through our R&D webinar highlighting adimanebart (ARGX-119), a first-in- class agonistic antibody targeting and MuSK to promote maturation and stabilization of the neuromuscular junction, with advancement inCMS. These programs underscore our strategy of entrepreneurial clinical development and commitment to addressing unmet needs across a spectrum of autoimmune and neuromuscular diseases. Looking ahead, in 2026 our teams will strive to continue delivering VYVGART to as many patients as possible. We also expect results to be delivered on four registrational readouts in 2026 and two more in 2027: •Topline results expected in the first quarter of 2026 for Ocular MG (ADAPT OCULUS) with efgartigimod •Topline results expected in the third quarter of 2026 from ALKIVIA clinical trial evaluating three myositis subsetsIMNM,ASyS and DM with efgartigimod •Topline results expected in the fourth quarter of 2026 for EMPASSION clinical trial (MMN) with empasiprubart •Topline results expected in the fourth quarter of 2026 for primary ITP (ADVANCE-NEXT) with efgartigimod •Topline results from UNITY clinical trial (SjD) expected in second half of 2027 with efgartigimod •Topline results from EMVIGORATE clinical trial for empasiprubart (CIDP) expected in second half of 2027 Our Vision 2030 sets the goal to have five new molecules in Phase 3, ten labeled indications, and 50,000 patients on treatment by 2030. It provides a clear roadmap for scaling impact on patients, physicians, and the innovation ecosystem we’re shaping. Achieving this vision will be driven by our core competencies: building winning molecules, entrepreneurial clinical development, and delivering a differentiated patient experience. We plan to continue to prioritize innovation, expand global access, and leverage partnerships to accelerate growth. 67 Table of Contents On our research and development, we continue towards advancing a deep pipeline of both clinical and preclinical-stage product candidates for the treatment of severe autoimmune diseases. Leveraging our technology suite, our ecosystem of partnerships and clinical expertise, we have advanced several candidates into late-stage clinical development, and we currently have multiple programs in the discovery stage. argenx continues to target one Investigational New Drug (IND) application per year in generating a world-class pipeline. We enter the next phase of our ambitious innovation agenda with a solid balance sheet, providing financial strength and flexibility to invest confidently in our pipeline and global expansion. As of December 31, 2025 and December 31, 2024, we had cash and cash equivalents amounting to $3.5 billion and $1.5 billion, respectively; in addition to current financial assets of $0.9 billion and $1.9 billion, respectively. As outlined in our consolidated financial statements which are included to our Annual Report, total assets of $8.7 billion as of the year ended December 31, 2025, compared to $6.2 billion as of the year ended December 31, 2024. The main reason for the material change in balance sheet total is the operational growth of the Company in the period. For the year ended December 31, 2025 the Company recorded a second year of profitability with $1.3 billion compared to our first annual profit for the year ended December 31, 2024 in the amount of $0.8 billion. This was the Company’s first year of operational profitability. As of December 31, 2025, we had accumulated losses of $0.3 billion. We expect our expenses to continue to increase as we continue to execute registrational and proof-of-concept studies across efgartigimod, empasiprubart and adimanebart, as well as the continued investment in our IIP. We anticipate that our expenses will increase if and as we execute on our research and development activities, pre-commercial and commercial activities and various other activities. We are actively engaged in the maintenance, expansion and protection of our intellectual property portfolio, including litigation costs associated with defending against alleged patent infringement claims or enforcing our IP rights against third parties. We expect that the costs of development and commercialization might also increase due to current and future collaborations with research and development partners as well as commercial partners. Information pertaining to the year ended December 31, 2024 was included in our annual report on Form 20-F for the year ended December 31, 2024 under “Item 5 — Operating and Financial Review and Prospects’’ which was filed with the SEC on March 20, 2025. Basis of presentation ‘‘Section 5 Operating and Financial Review and Prospects’’ should be read in parallel to our consolidated financial statements and ‘‘Item 3.D Risk factors’’ which are included to our Annual Report for the period ended December 31, 2025. We specifically, but not exhaustively, indicate the following references to the notes of the financial statements ‘‘Note 2 — Material Accounting Policy Information’’: •the basis of presentation, •the material accounting policies, and •the description of the composition of material accounts, which is further detailed in the notes to the consolidated financial statements. 68 Table of Contents Results of Operations Comparison of Years Ended December 31, 2025 and 2024 Year Ended December 31, (in thousands of $ except for shares and EPS) 2025 2024 % Change Product net sales $ 4,151,316 $ 2,185,883 90% Other operating income1) 96,734 66,156 46% Total operating income 4,248,050 2,252,039 89% Cost of sales (450,665) (227,289) 98% Research and development expenses (1,364,132) (983,423) 39% Selling, general and administrative expenses (1,367,057) (1,055,337) 30% Loss from investment in a joint venture (12,390) (7,644) 62% Total operating expenses (3,194,244) (2,273,693) 40% Operating profit/(loss) $ 1,053,806 $ (21,654) Financial income 163,091 157,509 4% Financial expense (4,082) (2,464) 66% Exchange gains/(losses) 65,792 (48,211) (236)% Profit for the year before taxes $ 1,278,607 $ 85,180 Income tax benefit $ 13,428 $ 747,860 (98)% Profit for the year $ 1,292,035 $ 833,040 55% Weighted average number of shares used for basic profit per share 61,295,149 59,855,585 Basic profit per share (in $) 21.08 13.92 51% Weighted average number of shares used for diluted profit per share 66,029,215 65,177,815 Diluted profit/(loss) per share (in $) 19.57 12.78 53% 1)Comparative figures have been aligned with the presentation adopted in the current period, reflecting the combination of collaboration revenue and other operating income. Product Net Sales Product net sales increased by $2.0 billion to $4.2 billion for the year ended December 31, 2025, compared to $2.2 billion for the year ended December 31, 2024. Our product net sales have increased in the U.S. and other countries as the Company continues to execute on the global commercialization of VYVGART and obtain further approvals worldwide. Revenue by country arising from the commercial sale of VYVGART is presented under ‘‘Note 16 — Segment Reporting’’ in our consolidated financial statements which are appended to our Annual Report for the period ended December 31, 2025. Other Operating Income Other operating income increased by $31 million to $97 million for the year ended December 31, 2025, compared to $66 million for the year ended December 31, 2024. The other operating income recognized in the year ended December 31, 2025 was mainly the result of research and development tax incentives, payroll tax rebates and the clinical supply of product on product net sales of VYVGART in Greater China through Zai Lab. Other operating income is presented under ‘‘Note 15 — Other Operating Income’’ in our consolidated financial statements which are appended to our Annual Report for the period ended December 31, 2025. 69 Table of Contents Research and Development Expenses Research and development expenses consist principally of: •external research and development expenses related to (i) chemistry, manufacturing and control costs for our product candidates, both for preclinical and clinical testing, all of which is conducted by specialized contract manufacturers, (ii) fees and other costs paid to CROs in connection with preclinical testing and the performance of clinical trials for our product candidates, (iii) costs associated with regulatory submissions and approvals, QA and pharmacovigilance and (iv) costs associated with post-approval clinical trials; •personnel expenses related to compensation of research and development staff and related expenses, including salaries, benefits and share‑based payment expenses; and •other expenses. Our research and development expenses totaled $1.4 billion and $1.0 billion for the years ended December 31, 2025 and 2024, respectively. The increase of $0.4 billion in 2025 as compared to 2024 is primarily driven by an increase in personnel expenses and external research and development expenses. Our external research and development expenses for the year ended December 31, 2025 totaled to $0.4 billion, compared to $0.3 billion for the year ended December 31, 2024. The expenses reflect clinical trial costs and manufacturing expenses related to the development of our product candidate portfolio. Personnel expenses relate to internal and external R&D personnel. The expenses also include share-based compensation expenses related to our research and development employees. Our research and development expenses may vary substantially from period to period based on the timing of our research and development activities, including the timing of the initiation of clinical trials, material used in R&D phase and enrollment of patients in clinical trials. Research and development expenses are expected to increase as we advance the clinical development of efgartigimod, empasiprubart, adimanebart and further advance the research and development of our other early-stage pipeline candidates. The successful development of our product candidates is highly uncertain. At this time, we cannot reasonably estimate the nature, timing and estimated costs of the efforts that will be necessary to complete the development of, or the period, if any, in which material net cash inflows may commence from any of our product candidates. This is due to numerous risks and uncertainties associated with developing drugs, as further described in “Item 3.D. - Risk Factors”. Research and development expenses are presented under ‘‘Note 17 — Research and Development Expenses’’ in our consolidated financial statements which are included to our Annual Report for the period ended December 31, 2025. Selling, General and Administrative Expenses Selling, general and administrative expenses consist primarily of: •personnel expenses related to commercial and enabling functions, as well as their related expenses, including salaries, benefits and share‑based payment expenses; •marketing and promotional activities related to the global commercialization of VYVGART; •professional fees related to commercial and enabling functions; •Board of Directors expenses consisting of directors’ fees, travel expenses and share-based compensation for non- executive directors; and •other expenses. Our selling, general and administrative expenses totaled $1.4 billion and $1.1 billion for the years ended December 31, 2025 and 2024, respectively. The increase of $0.3 billion for the year ended December 31, 2025 principally resulted from: •increased professional and marketing fees, including promotional and marketing costs primarily due to the scaling of our commercial operations relating to VYVGART; 70 Table of Contents •increased costs of personnel expenses, related to planned increase in the headcount of our Selling, general and administrative employees recruited to strengthen our enabling functions and the scaling of our commercial operations relating to VYVGART; and •continued investment in our Digital Technology infrastructure. Selling, general and administrative expenses are presented under ‘Note 18 Selling, General and Administrative Expenses’’ in our consolidated financial statements which are included to our Annual Report for the period ended December 31, 2025. Financial Income and (Expense) For the year ended December 31, 2025, financial income amounted to $163 million compared to $158 million for the year ended December 31, 2024. The increase of $6 million in 2025 related primarily to the capital increase of our cash, cash equivalents, and current financial assets. B.LIQUIDITY AND CAPITAL RESOURCES Sources of Funds Our capitalization is detailed in the “Consolidated Statements of Financial Position” which are included to our Annual Report for the period ended December 31, 2025. As of December 31, 2025 on an actual basis, the Company had a total equity amount of $7.3 billion. Since our inception in 2008, we have invested most of our resources in developing our product candidates, building our intellectual property portfolio, developing our supply chain, conducting business planning, raising capital and providing general and administrative support for these operations. December 31, 2024To date, we have funded our operations through (i) public and private placements of equity securities, (ii) upfront, milestone and expense reimbursement payments received from our collaborators, (iii) funding from governmental bodies, (iv) proceeds from exercise of employee stock options and (v) interest income from the investment of our cash and cash equivalents, in addition to current financial assets. Through December 31, 2025, we have raised gross proceeds of $5.9 billion from private and public offerings of equity securities. Our commercial operations have also started to contribute to the funding of our operations based on positive cash flow from operating activities as of the year ended December 31, 2025. As we continue to invest in innovation, our cash flows may fluctuate, are difficult to forecast and will depend on many factors. We have no ongoing material financing commitments, such as lines of credit or guarantees, that are expected to affect our liquidity over the next five years, other than leases and commitments as part of our operations, which are detailed in “Note 27 — Commitments” and “Note 24 — Financial Risk Management” in our consolidated financial statements which are included to our Annual Report for the period ended December 31, 2025. For more information as to the risks associated with our future funding needs, see “Item 3.D. — Risk Factors — Risk Factors Related to argenx’s Financial Position and Need for Additional Capital”. For more information as to our financial instruments, please see “Note 24 — Financial Risk Management” in our consolidated financial statements which are included to our Annual Report for the period ended December 31, 2025. 71 Table of Contents Cash Flows Comparison for the Years Ended December 31, 2025 and 2024 As of December 31, 2025, the Company had $3.5 billion of cash and cash equivalents compared to $1.5 billion as of December 31, 2024. The Company’s cash and cash equivalents increased by $2.0 billion year-over- year mainly resulting from positive cash flow from operating activities and a higher amount of capital held in cash and cash equivalents as opposed to current financial assets. The Company’s net cash flow from operating activities increased by $0.8 billion for the year ended December 31, 2025 compared to the year ended December 31, 2024 mainly due to increased product net sales of VYVGART partially offset by buildup of working capital. Net cash flow used in investing activities increased by $1.7 billion for the year ended December 31, 2025 compared to the year ended December 31, 2024 mainly due to the nature of financial instruments held as of the reporting date classified as cash and cash equivalents coming from capital held in the year as current financial assets. This is partially offset by payments related to regulatory and sales based milestones to Halozyme. Net cash flow from financing activities decreased by $47 million for the year ended December 31, 2025 compared to the year ended December 31, 2024 mainly due to proceeds from the exercise of stock options. For more information, please see “Consolidated Statements of Cash Flows” and “Note 11 Cash and Cash Equivalents” in our consolidated financial statements which are included to our Annual Report for the period ended December 31, 2025. Operating and Capital Expenditure Requirements We recorded a profit of $1.3 billion for the year ended December 31, 2025. Our operating expenditures are detailed above in our research and development expenses along with our Selling, general and administrative expenses. We anticipate that our operating expenses will increase as we intend to continue conducting research and development, as well as continuing our efforts to expand our sales & marketing and establish our distribution infrastructure. Although we have generated product net sales of $4.2 billion from global product net sales of VYVGART for the year ended December 31, 2025, which supports our current profitability, we cannot provide assurances that we will be profitable or able to sustain net profitability in the future based on these indications alone. Furthermore, we cannot provide any assurances that we will receive the regulatory approvals to commercialize VYVGART in other indications or in other countries. On the basis of current assumptions, we expect that our existing cash and cash equivalents and current financial assets will enable us to fund our operating expenses and capital expenditure requirements through at least the next twelve months. The adequacy of our available funds to meet our future operating expenses and capital expenditures will depend on numerous risks and uncertainties associated with the development and commercialization of efgartigimod and our other product candidates and discovery stage programs and because the extent to which we may enter into collaborations with third parties for the development of these product candidates is unknown. We are unable to estimate the amounts of increased capital outlays and operating expenses associated with completing the research and development of our product candidates. Our future capital requirements for efgartigimod, empasiprubart, adimanebart, our other product candidates and discovery stage programs will depend on many factors, including: •the progress, timing and completion of preclinical testing and clinical trials for our current or any future product candidates; •the number of potential new product candidates we identify and decide to develop; •the time and costs involved in obtaining regulatory approvals for our product candidates and any delays we may encounter as a result of evolving regulatory requirements or adverse results with respect to any of our product candidates; •selling and marketing activities undertaken in connection with the commercialization of VYVGART or potential commercialization of any of our current or any future product candidates, if approved, and costs involved in the creation of an effective sales and marketing organization; 72 Table of Contents •manufacturing activities undertaken for VYVGART and potential commercialization of any of our current or any future product candidates, if approved, and costs involved in the creation of an effective supply chain; •the costs involved in growing our organization to the size needed to allow for the research, development and potential commercialization of our current or any future product candidates; •the costs involved in filing patent applications and maintaining and enforcing patents or defending against claims or infringements raised by third parties; •the maintenance of our existing collaboration agreements, the entry into new collaboration agreements and the pursuit of other strategic business development opportunities; and •developments related to global economic uncertainties and political instability. For more information as to the risks associated with our future funding needs, see “Item 3.D. — Risk Factors — Risk Factors — Risk Factors Related to argenx’s Financial Position". Working capital statement In our opinion, the working capital of the Company is sufficient for the Company’s present requirements, at least for a period of 12 months from the date of this Annual Report. Cash Investment Policy The Company has adopted a policy whereby cash and cash equivalents and current financial assets are invested with several highly reputable banks and financial institutions. The main purpose of the Cash Investment Policy is to preserve the available cash and to ensure sufficient short-term liquidity at all times. Therefore, the Company holds its cash, cash equivalents and current financial assets mainly with banks which are independently rated A- or higher. Amounts of cash held with banks rated lower than A- are limited to insignificant balances. The maximum amount and tenor of time deposits depends on the rating of the counterparty bank. The Company also holds cash equivalents in the form of money market funds with a low historical volatility. These money market funds are highly liquid investments and can be readily convertible into a known amount of cash. The Company has adopted a policy whereby money market funds must have a minimum rating of A of which 95% should have a AAA-rating. For more information as to our treasury policy and liquidity, please see “Note 24 — Financial Risk Management” in our consolidated financial statements which are included to our Annual Report for the period ended December 31, 2025. Off-Balance Sheet Arrangements During the periods presented we did not have, and we do not currently have, any off‑balance sheet arrangements, as defined in the applicable rules and regulations, such as relationships with unconsolidated entities or financial partnerships, which are often referred to as structured finance or special purpose entities, established for the purpose of facilitating financing transactions that are not required to be reflected on our balance sheets. Our scope of consolidated entities is disclosed in “Note 29 — Overview of Consolidation Scope” in our consolidated financial statements which are included to our Annual Report for the period ended December 31, 2025. C.RESEARCH AND DEVELOPMENT, PATENTS AND LICENSES For a discussion of our research and development policies, refer to the “Item 4 — Information on the Company” and “Item 5 — Operating and Financial Review and Prospects”. D.TREND INFORMATION Other than as disclosed elsewhere in this Annual Report, we are not aware of any trends, uncertainties, demands, commitments or events for the current financial period that are reasonably likely to have a material effect on our net revenues, income, profitability, liquidity, capital resources or prospects, or that caused the disclosed financial information to be not necessarily indicative of future operating results or financial conditions. There has been no significant change in the financial performance or the financial position of the Group since the balance sheet date of December 31, 2025. 73 Table of Contents For more information, please refer to “Item 4.B — Business Overview”, “Item 5.A. — Operating Results”, “Item 5.B. — Liquidity and Capital Resources” and “Note 27 — Commitments’’ in our consolidated financial statements which are appended to our Annual Report for the period ended December 31, 2025. E.CRITICAL ACCOUNTING ESTIMATES See “Note 3 — Critical accounting judgments and major sources of estimation uncertainty’’ in our consolidated financial statements which are appended to our Annual Report for the period ended December 31, 2025.