How do ARGENX SE and HALOZYME THERAPEUTICS, INC. compare by revenue?

ARGENX SE reported revenue of $2.5B in Q4 2025, while HALOZYME THERAPEUTICS, INC. reported $451.8M in Q4 2025. ARGENX SE is 5.5× larger by last-quarter revenue.

Which is growing revenue faster, ARGENX SE or HALOZYME THERAPEUTICS, INC.?

ARGENX SE's latest revenue grew 83.2% year-over-year, versus 51.6% for HALOZYME THERAPEUTICS, INC.. ARGENX SE is growing faster on a YoY basis.

Which has a higher gross margin, ARGENX SE or HALOZYME THERAPEUTICS, INC.?

ARGENX SE's gross margin is 89.5% vs HALOZYME THERAPEUTICS, INC.'s 82.6%. ARGENX SE converts more of each revenue dollar into gross profit.

Which has a higher net margin, ARGENX SE or HALOZYME THERAPEUTICS, INC.?

ARGENX SE's net margin is 35.5% vs HALOZYME THERAPEUTICS, INC.'s -31.3%. ARGENX SE has the higher bottom-line margin.

Which generates more free cash flow, ARGENX SE or HALOZYME THERAPEUTICS, INC.?

ARGENX SE generated $322.4M of free cash flow last quarter, versus $217.6M for HALOZYME THERAPEUTICS, INC.. Free cash flow is operating cash flow minus capital expenditure — what's actually left for dividends, buybacks and debt repayment.

Where does this ARGX vs HALO data come from?

All figures are parsed directly from SEC EDGAR 10-Q / 10-K / 20-F / 6-K filings (for US-listed issuers) or EDINET filings (for Japanese issuers), then normalised into a common schema. Numbers update automatically as new filings are released.

vs

Side-by-side financial comparison of ARGENX SE (ARGX) and HALOZYME THERAPEUTICS, INC. (HALO). Click either name above to swap in a different company.

ARGENX SE is the larger business by last-quarter revenue ($2.5B vs $451.8M, roughly 5.5× HALOZYME THERAPEUTICS, INC.). ARGENX SE runs the higher net margin — 35.5% vs -31.3%, a 66.8% gap on every dollar of revenue. On growth, ARGENX SE posted the faster year-over-year revenue change (83.2% vs 51.6%). ARGENX SE produced more free cash flow last quarter ($322.4M vs $217.6M).

ARGENX SEARGXEarnings & Financial Report

Nasdaq · Health Care · Biological Products, (No Diagnostic Substances)

AbbVie Inc. is an American pharmaceutical company headquartered in North Chicago, Illinois. They have produced drugs to treat a wide range of medical issues.

HALOZYME THERAPEUTICS, INC.HALOEarnings & Financial Report

Nasdaq · Health Care · Biological Products, (No Diagnostic Substances)

Halozyme Therapeutics, Inc. is an American biotechnology company. It develops oncology therapies designed to target the tumor microenvironment.

ARGX vs HALO — Head-to-Head

Bigger by revenue

ARGX

5.5× larger

$2.5B

$451.8M

Growing faster (revenue YoY)

ARGX

+31.6% gap

83.2%

51.6%

Higher net margin

ARGX

66.8% more per $

35.5%

-31.3%

More free cash flow

ARGX

$104.8M more FCF

$322.4M

$217.6M

Income Statement — Q4 2025 vs Q4 2025

Metric	ARGX	HALO
Revenue	$2.5B	$451.8M
Net Profit	$877.2M	$-141.6M
Gross Margin	89.5%	82.6%
Operating Margin	28.9%	-20.6%
Net Margin	35.5%	-31.3%
Revenue YoY	83.2%	51.6%
Net Profit YoY	1.3%	-203.3%
EPS (diluted)	$13.25	$-1.13

Green = leading value per metric. Periods may differ when fiscal calendars don't align.

8-Quarter Revenue & Profit Trend

Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.

Revenue

ARGX

HALO

Q4 25	$2.5B	$451.8M
Q3 25	—	$354.3M
Q2 25	$1.8B	$325.7M
Q1 25	—	$264.9M
Q4 24	$1.4B	$298.0M
Q3 24	—	$290.1M
Q2 24	$901.9M	$231.4M
Q1 24	—	$195.9M

Net Profit

ARGX

HALO

Q4 25	$877.2M	$-141.6M
Q3 25	—	$175.2M
Q2 25	$414.8M	$165.2M
Q1 25	—	$118.1M
Q4 24	$865.6M	$137.0M
Q3 24	—	$137.0M
Q2 24	$-32.5M	$93.2M
Q1 24	—	$76.8M

Gross Margin

ARGX

HALO

Q4 25	89.5%	82.6%
Q3 25	—	84.4%
Q2 25	89.2%	85.8%
Q1 25	—	81.7%
Q4 24	90.2%	85.9%
Q3 24	—	83.0%
Q2 24	89.4%	82.9%
Q1 24	—	85.5%

Operating Margin

ARGX

HALO

Q4 25	28.9%	-20.6%
Q3 25	—	61.5%
Q2 25	19.2%	62.2%
Q1 25	—	53.4%
Q4 24	8.7%	58.9%
Q3 24	—	56.3%
Q2 24	-15.4%	50.7%
Q1 24	—	48.8%

Net Margin

ARGX

HALO

Q4 25	35.5%	-31.3%
Q3 25	—	49.5%
Q2 25	23.4%	50.7%
Q1 25	—	44.6%
Q4 24	64.1%	46.0%
Q3 24	—	47.2%
Q2 24	-3.6%	40.3%
Q1 24	—	39.2%

EPS (diluted)

ARGX

HALO

Q4 25	$13.25	$-1.13
Q3 25	—	$1.43
Q2 25	$6.32	$1.33
Q1 25	—	$0.93
Q4 24	$13.33	$1.06
Q3 24	—	$1.05
Q2 24	$-0.55	$0.72
Q1 24	—	$0.60

Balance Sheet & Financial Strength

Snapshot of each company's liquidity, leverage and book value from the latest quarter.

Metric	ARGX	HALO
Cash + ST InvestmentsLiquidity on hand	$3.5B	$133.8M
Total DebtLower is stronger	—	$2.1B
Stockholders' EquityBook value	$7.3B	$48.8M
Total Assets	$8.7B	$2.5B
Debt / EquityLower = less leverage	—	43.89×

8-quarter trend — quarters aligned by calendar period.

Cash + ST Investments

ARGX

HALO

Q4 25	$3.5B	$133.8M
Q3 25	—	$419.7M
Q2 25	$2.1B	$61.9M
Q1 25	—	$176.3M
Q4 24	$1.5B	$115.8M
Q3 24	—	$154.3M
Q2 24	$1.4B	$187.9M
Q1 24	—	$164.6M

Total Debt

ARGX

HALO

Q4 25	—	$2.1B
Q3 25	—	$1.5B
Q2 25	—	$1.5B
Q1 25	—	$1.5B
Q4 24	—	$1.5B
Q3 24	—	$1.5B
Q2 24	$11.0M	$1.5B
Q1 24	—	$1.5B

Stockholders' Equity

ARGX

HALO

Q4 25	$7.3B	$48.8M
Q3 25	—	$503.9M
Q2 25	$6.1B	$332.7M
Q1 25	—	$482.3M
Q4 24	$5.5B	$363.8M
Q3 24	—	$452.7M
Q2 24	$4.3B	$289.4M
Q1 24	—	$177.8M

Total Assets

ARGX

HALO

Q4 25	$8.7B	$2.5B
Q3 25	—	$2.2B
Q2 25	$7.2B	$2.1B
Q1 25	—	$2.2B
Q4 24	$6.2B	$2.1B
Q3 24	—	$2.1B
Q2 24	$4.8B	$2.0B
Q1 24	—	$1.8B

Debt / Equity

ARGX

HALO

Q4 25	—	43.89×
Q3 25	—	3.00×
Q2 25	—	4.54×
Q1 25	—	3.13×
Q4 24	—	4.14×
Q3 24	—	3.32×
Q2 24	0.00×	5.19×
Q1 24	—	8.44×

Cash Flow & Capital Efficiency

How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.

Metric	ARGX	HALO
Operating Cash FlowLast quarter	$323.3M	$219.0M
Free Cash FlowOCF − Capex	$322.4M	$217.6M
FCF MarginFCF / Revenue	13.0%	48.2%
Capex IntensityCapex / Revenue	0.0%	0.3%
Cash ConversionOCF / Net Profit	0.37×	—
TTM Free Cash FlowTrailing 4 quarters	$594.5M	$644.6M