Canadian Halal Investor.

NASDAQ Shariah screener · October 2026

Is argenx SE (ARGX) Halal?

PASS

argenx SE · NASDAQ: ARGX · Healthcare

The short answer

argenx passes all three Shariah gates: it develops and sells permissible immunology medicines (VYVGART), carries zero interest-bearing debt (0% of its ~$52.84 billion market cap), and its separately disclosed financial (interest) income of about 3.84% of revenue is under the 5% ceiling.

Gate 1 — Business activity: PASS

Gate 1 — business activity: PASS. argenx SE, a Dutch Societas Europaea headquartered in Amsterdam, is a global immunology company that develops and commercializes antibody-based medicines for severe autoimmune diseases. Per its FY2025 Form 20-F, its marketed product is VYVGART (efgartigimod), a first-in-class FcRn blocker for generalized myasthenia gravis and chronic inflammatory demyelinating polyneuropathy (and primary immune thrombocytopenia in Japan), with FY2025 product net sales of $4,151,316 thousand and a pipeline including empasiprubart, adimanebart and FB102.

The company is not an interest-based lender - revenue is product net sales plus other operating income (R&D tax incentives, payroll tax rebates, collaboration income), with no lending, banking or financing segment - and is not involved in tobacco, gambling, alcohol or pork production. Developing and selling immunology medicines is a permissible business line, so the business passes gate 1.

Gate 2 — Debt and cash: PASS

Gate 2 — interest-bearing debt: PASS (0%, ceiling 33%). Per argenx's FY2025 audited consolidated statement of financial position (as of December 31, 2025, incorporated in its Form 20-F), the balance sheet carries $0 of interest-bearing debt - there are no borrowings, loans, bonds or debt securities line items at all. The only debt-like items are IFRS 16 lease liabilities totaling $47,160 thousand ($36,327 thousand non-current plus $10,833 thousand current), excluded as they are not interest-bearing debt.

$0 of interest-bearing debt against a market capitalization of about $52.84 billion (Finnhub, October 2, 2026) is 0%, well under the 33% ceiling. Cash and cash equivalents of $3.49 billion plus current financial assets of $0.95 billion total about $4.44 billion at December 31, 2025 ($5.2 billion at June 30, 2026), about 8.4% of market cap.

Gate 3 — Non-compliant income: PASS

Gate 3 — non-compliant income: PASS (3.84%, ceiling 5%). argenx's consolidated statement of profit or loss separately discloses "Financial income", and its accounting policies confirm that interest on current financial assets and cash and cash equivalents is reported in this line. FY2025 financial income of $163,091 thousand against FY2025 total operating income of $4,248,050 thousand is about 3.84%, under the 5% ceiling. (H1 2026: financial income of $92 million against total operating income of $2,854 million, about 3.22%.)

Key figures used

Frequently asked questions

What does argenx do?

argenx SE (NASDAQ: ARGX) is a Dutch immunology biotech company, headquartered in Amsterdam and listed on the Nasdaq Global Select Market since May 2017 (ordinary shares also trade on Euronext Brussels). Its main product is VYVGART (efgartigimod), a first-in-class antibody fragment that blocks the neonatal Fc receptor (FcRn), approved for generalized myasthenia gravis and chronic inflammatory demyelinating polyneuropathy globally and primary immune thrombocytopenia in Japan. FY2025 product net sales were $4,151,316 thousand, and its pipeline includes empasiprubart, adimanebart, ARGX-121, ARGX-109, ARGX-213 and FB102 (added via the August 2026 acquisition of Forte Biosciences). It files with the SEC as a foreign private issuer (Form 20-F annual report, 6-K interim reports).

Is argenx's business Shariah compliant?

argenx develops and commercializes antibody-based immunology medicines - VYVGART and a pipeline of immunology drug candidates. It is not an interest-based lender; its revenue consists of product net sales and other operating income (R&D tax incentives, payroll tax rebates, collaboration income), and the company has no lending, banking or financing segment. It is not involved in tobacco, gambling, alcohol or pork production. Developing and selling medicines for severe autoimmune diseases is a permissible business line, so the business passes this screener's first gate.

How much interest-bearing debt does argenx have?

argenx has zero interest-bearing debt. Its FY2025 consolidated statement of financial position (as of December 31, 2025, the audited statements incorporated in its Form 20-F) contains no borrowings, loans, bonds or debt securities line items at all - total liabilities were $1,359,606 thousand against total equity of $7,323,092 thousand. The only debt-like items are IFRS 16 lease liabilities totaling $47,160 thousand ($36,327 thousand non-current plus $10,833 thousand current), excluded as operating leases since they are not interest-bearing debt. $0 of interest-bearing debt against a market capitalization of about $52.84 billion is 0%, well under the 33% ceiling. (The June 30, 2026 interim balance sheet line items were not published in the company's press-release materials; H1 2026 financial expense of only $2 million with $5.2 billion in cash and financial assets corroborates the no-debt position.)

How much interest income does argenx earn?

argenx separately discloses "Financial income" on its consolidated statement of profit or loss, and its accounting policies state that interest on current financial assets and on cash and cash equivalents is reported in "Financial income" - so it is the filing's interest-income figure. FY2025 financial income was $163,091 thousand against FY2025 total operating income of $4,248,050 thousand, which is about 3.84% - under the 5% non-compliant income ceiling. In H1 2026, financial income of $92 million against total operating income of $2,854 million was about 3.22%.

What do third-party Shariah screeners say about argenx?

Musaffa publishes an argenx (ARGX) page and, as of October 2026, classifies it as halal under its AAOIFI methodology. Zoya publishes an ARGX page citing FY2025 revenue of $4,153,482,000 and interest income of $163,091,000 (about 3.93%) - matching the filing's financial-income figure - but its public page does not show an unambiguous rating, so treat its headline rating with caution. I could not verify a published ShariaPortfolio rating for ARGX from public sources. Third-party screeners apply different assumptions and update on different schedules, and their results can change when new financial statements are published - always check the latest screening before investing.

Sources

Screened 2026-10-02 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.

Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).