v3.26.1
Share-Based Payments
 12 Months Ended
Dec. 31, 2025
Disclosure of terms and conditions of share-based payment arrangement [abstract]  
Share-Based Payments 13. Share-Based Payments
The Company has an equity incentive plan for the employees, key consultants, board members, senior management 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 and/or performance
stock units.
13.1. Stock Options
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.
The stock options granted 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 stock options granted will vest on the first day of each month following the first anniversary of the
granting of the stock options.
Stock options granted to non-executive directors vest on the third anniversary of the date of grant.
Upon leave of the key persons 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 fourth 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 pre-finance 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. In the year ending December 31, 2025, the economic benefits of 12,951 stock options, for
which accelerated vesting applies, were transferred to a third party.
No other conditions are attached to 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:
Outstanding stock options on December 31,
Expiry date
 
 
 
 
Exercise price per
stock options (in $)¹⁾
 
 
 
 
2025
 
 
 
 
2024
 
 
 
 
2023
2024
 
$
2.87
—
—
3,308
2024
 
4.64
—
—
532
2024
 
8.43
—
—
81,500
2025
 
13.44
—
400
1,600
2025
 
11.13
—
78,690
99,326
2026
 
13.48
75,643
93,378
97,972
2026
 
13.37
10,000
14,000
24,400
2026
 
16.61
95,749
103,859
111,811
2027
21.63
31,646
35,046
38,434
2027
24.87
136,705
152,085
225,852
2028
94.96
6,670
7,370
13,890
2028
101.43
187,281
190,011
225,457
2024
133.35
—
—
26,171
2029
133.35
33,513
44,158
71,573
2024
159.51
—
—
104,176
2029
159.51
251,019
275,154
370,566
2025
140.45
—
3,758
16,712
2030
140.45
18,291
30,675
50,801
2025
230.48
—
7,926
126,331
2030
230.48
69,359
79,691
160,677
2025
235.26
—
5,629
31,424
2030
235.26
31,388
47,908
78,534
2025
290.93
—
90,425
202,205
2030
290.93
246,192
351,911
559,173
2026
275.42
9,413
23,491
23,491
2031
275.42
8,820
19,486
27,201
2026
299.74
22,733
59,527
59,626
2031
299.74
38,475
96,888
128,600
2026
304.91
5,085
45,044
45,228
2031
304.91
24,697
39,359
62,138
2025
363.31
—
—
16,000
Outstanding stock options on December 31,
Expiry date
 
 
 
 
Exercise price per
stock options (in $)¹⁾
 
 
 
 
2025
 
 
 
 
2024
 
 
 
 
2023
2026
363.31
47,559
80,179
80,425
2031
363.31
124,043
169,196
226,520
2027
331.94
13,876
13,876
13,957
2032
331.94
19,412
34,773
58,255
2027
420.06
57,024
57,118
58,091
2032
420.06
104,811
144,505
192,291
2027
432.99
13,764
13,764
13,764
2032
432.99
41,692
56,820
73,288
2027
422.53
134,492
134,748
136,459
2032
422.53
179,832
249,755
347,765
2028
400.32
15,014
15,014
15,014
2033
400.32
28,285
36,065
43,856
2028
417.60
120,517
121,071
127,490
2033
417.60
318,762
415,859
495,821
2028
541.21
2,173
2,235
2,235
2033
541.21
43,035
56,782
69,704
2028
350.97
6,043
6,043
—
2033
350.97
43,405
61,806
79,305
2029
430.17
3,202
3,291
—
2034
430.17
27,767
37,642
—
2029
489.27
87,700
88,157
—
2034
489.27
454,081
553,251
—
2029
562.47
6,023
6,023
—
2034
562.47
23,579
26,622
—
2029
699.60
2,079
2,137
—
2034
699.60
15,737
18,159
—
2030
648.60
3,763
—
—
2035
648.60
16,453
—
—
2030
563.18
64,565
—
—
2035
563.18
513,390
—
—
2030
718.16
1,519
—
—
2035
718.16
29,243
—
—
2030–2035²⁾
$
837.78
17,595
—
—
3,883,114
4,300,760
 
5,118,949
1)Amounts have been converted to USD at the closing rate as of December 31, 2025.
2)In December 2025, the Company granted stock options for which the Belgian taxed beneficiaries had a 60-day period to choose between a
contractual term of five or ten years.
2025
2024
2023
Number of
stock
options
Weighted average
exercise price¹⁾
Number of
stock
options
Weighted average
exercise price¹⁾
Number of
stock
options
Weighted average
exercise price¹⁾
Outstanding as of
January 1
 
4,300,760
$
283.29
5,118,949
 
$
255.41
 
5,511,767
 
$
205.02
Granted
 
663,301
580.41
756,234
 
451.63
 
844,011
 
395.92
Exercised
 
(986,507)
296.31
(1,478,225)
 
206.43
 
(1,137,439)
 
142.31
Forfeited
 
(94,440)
481.03
(96,198)
 
367.18
 
(99,390)
 
356.57
Outstanding as of
December 31
 
3,883,114
366.90
4,300,760
 
283.29
 
5,118,949
 
255.41
Exercisable as of December
31
 
2,340,218
$
275.83
2,492,709
 
$
203.36
 
3,030,486
 
$
179.22
1) 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, 2025
was $754.00, compared to $498.58 during the year ended December 31, 2024 and $456.80 during the year ended
December 31, 2023. The weighted average remaining contractual life of the stock options outstanding amounted to 5.68
years on December 31, 2025 compared to 5.89 years on December 31, 2024 and 5.90 years on December 31, 2023. The
table below shows the weighted average remaining contractual life for each range of exercise price:
Exercise price (in $)
    
Outstanding on
December 31, 2025
    
Weighted average
remaining
contractual life
(in years)
13.37 - 16.61
181,392
0.69
21.63 - 24.87
 
168,351
1.87
94.96 - 101.43
 
193,951
2.96
133.35 - 159.51
284,532
3.92
140.45 - 290.93
365,230
4.82
275.42 - 363.31
280,825
4.30
331.94 - 432.99
564,903
4.84
350.97 - 541.21
577,234
6.30
430.17 - 699.60
620,168
7.71
563.18 - 837.78
646,528
8.98
The fair market value of the stock options has been determined based on the Black-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 2025:
Stock options granted in
March 2025
June 2025
September 2025
December 2025¹⁾
Number of options granted
21,469
 
593,475
30,762
17,595
Average Fair value of
options (in $)²⁾
 
$
147.95 - 194.55
 
$
177.33 - 308.47
$
249.21 - 446.49
$
324.22
Share price (in $)²⁾
 
$
547.67 - 584.66
 
$
550.61 - 707.89
$
724.65 - 918.62
$
842.24
Exercise price (in $)²⁾
$
596.99
 
$
561.74
$
717.61
$
837.78
Expected volatility
 
32.61 - 33.43
%
30.54 - 31.61
%
33.16 - 37.48
%
38.22
%
Average Expected option
life (in years)
 
4.33 - 6.52
4.16 - 6.35
4.02 - 6.22
5.34
Risk‑free interest rate
 
1.91 - 2.43
%
2.02 - 2.37
%
2.09 - 2.26
%
2.35
%
Expected dividends
 
—
%
—
%
—
%
—
%
1)In December 2025, the Company granted a total of 17,595 stock options of which 1,833 stock options to Belgian taxed beneficiaries. Belgian
taxed beneficiaries can choose between a contractual term of five or ten years. The expected option life ranges between 3.88 and 6.07 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 difference in fair value of the grant to Belgian taxed beneficiaries would not be material irrespective of 100%
of the stock options of Belgian taxed beneficiaries with a contractual term of five years or ten years.
2)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 2024:
Stock options granted in
April 2024
June 2024
September 2024
December 2024¹⁾
Number of options granted
42,243
660,166
33,529
20,296
Average Fair value of options
(in $)²⁾
 
$
112.14 - 156.49
$
158.50 - 215.16
$
188.85 - 298.99
$
170.44 - 220.99
Share price (in $)²⁾
 
$
365.56 - 396.30
$
437.41 - 492.86
$
543.68 - 656.53
$
620.43
Exercise price (in $)²⁾
$
396.30
$
445.76
$
535.95
$
618.56
Expected volatility
 
35.53 - 39.04
%
35.17 - 36.16
%
33.33 - 35.61
%
31.55 - 34.46
%
Average Expected option life
(in years)
 
4.30 - 6.49
4.16 - 6.35
4.05 - 6.24
3.88 - 6.07
Risk‑free interest rate
 
2.66 - 3.02
%
2.48 - 2.87
%
2.06 - 2.24
%
1.97 - 2.25
%
Expected dividends
 
—
%
—
%
—
%
—
%
1)In December 2024, the Company granted a total of 20,296 stock options. Belgian beneficiaries could choose between a contractual term of five or
ten years impacting the parameters used in determination of the fair value of the grant. Once the acceptance period of 60 days had passed in
which the beneficiaries made a choice between a contractual term of five or ten years years, the parameters and fair value used in the financial
year ending December 31, 2024 were  reassessed.
2)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 2023:
Stock options granted in
April 2023
July 2023
October 2023
December 2023
Number of options granted
61,056
629,121
74,529
79,305
Average Fair value of options
(in $)¹⁾
 
$
158.21 - 196.18
$
176.44 - 271.59
$
123.94 - 209.04
$
161.88 - 200.55
Share price (in $)¹⁾
 
$
361.64 - 401.21
$
380.81 - 521.19
$
439.42 - 491.75
$
371.36 - 403.77
Exercise price (in $)¹⁾
$
370.34
$
387.35
$
485.01
$
329.26
Expected volatility
 
41.00 - 42.18
%
36.22 - 43.99
%
35.35 - 36.67
%
36.21 - 38.64
%
Average Expected option life
(in years)
 
4.00 - 6.50
4.00 - 6.50
4.00 - 6.50
4.00 - 6.50
Risk‑free interest rate
 
2.96 - 3.14
%
2.90 - 3.03
%
2.80 - 3.44
%
2.40 - 2.81
%
Expected dividends
 
—
%
—
%
—
%
—
%
1)Amounts have been converted to USD at the applicable rate prevailing at the grant date.
The total share-based payment expense related to stock options recognized in the consolidated statements of profit or
loss totaled $128 million for the year ended December 31, 2025, compared to $147 million for the year ended
December 31, 2024 and $164 million for the year ended December 31, 2023.
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 the Company’s common stock on the day prior to the date of issuance. RSUs vest over a period of four
years with 1/4th of the total grant vesting at each anniversary of the date of grant.
RSUs granted to non-executive directors prior to the year ended December 31, 2024 vest over a period of four years with
1/4th of the total grant vesting at each anniversary of the date of grant. RSUs granted to non-executive directors as from
the year ended December 31, 2024 vest at the one year anniversary of the grant and are subject to a holding period of
three years after vesting. The Company has assessed a reduction in fair value associated to RSUs subject to a holding
period.
The following restricted stock units arrangements were in existence during the current and prior years:
2025
2024
2023
Number of
RSUs
Weighted average
Grant Date Fair
Value1)
Number of
RSUs
Weighted average
Grant Date Fair
Value1)
Number of
RSUs
Weighted average
Grant Date Fair
Value1)
Non-vested units on
January 1
 
615,360
$
403.29
442,322
$
375.89
385,280
$
387.20
Granted
 
234,845
597.86
349,521
454.57
192,237
396.22
Vested
 
(218,488)
433.33
(140,667)
344.68
(105,678)
353
Forfeited
 
(47,064)
472.60
(35,816)
374.10
(29,517)
358.49
Non-vested units on
December 31
 
584,653
$
499.68
615,360
$
403.29
442,322
$
375.89
1)Amounts have been converted to USD at the closing rate of the respective period.
The total share-based payment expense related to RSUs recognized in the consolidated statements of profit or loss
totaled $115 million for the year ended December 31, 2025 compared to $88 million for the year ended December 31,
2024 and $69 million for the year ended December 31, 2023.
13.3. Performance Stock Units (PSUs)
The PSUs are granted to key persons of the Company and its subsidiaries. The PSUs have been granted free of charge.
Each employee’s PSUs converts into one ordinary share of the Company upon vesting. The PSUs carry neither rights to
dividends nor voting rights. PSUs 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 PSUs is based on the closing
sale price of our Company’s common stock on the day prior to the date of issuance. PSUs vest at the end of their three
years performance period. Pay-out levels depend upon the achievement of performance measures, subject to threshold,
target and maximum levels as determined by the Board. PSUs have a maximum upside payout opportunity of 150% of
target.
The Company granted 30,360 units of PSUs on June 30, 2025.
2025
Number of
PSUs
Weighted average
Grant Date Fair
Value1)
Non-vested units on January 1
 
—
$
—
Granted
 
30,360
563.18
Vested
 
—
–
Forfeited
 
—
—
Non-vested units on December 31
 
30,360
$
563.18
1)Amounts have been converted to USD at the closing rate of the respective period.
This was the first grant of PSUs by the Company, there are therefore no comparable periods.
The total share-based payment expense related to PSUs recognized in the consolidated statements of profit or loss totaled
$6 million for the year ended December 31, 2025.