WallStSmart

argenx NV ADR (ARGX)vsIncyte Corporation (INCY)

VS

Smart Verdict

WallStSmart Research — data-driven comparison

Incyte Corporation generates 1% more annual revenue ($5.36B vs $5.32B). ARGX leads profitability with a 32.3% profit margin vs 26.7%. ARGX appears more attractively valued with a PEG of 1.47. ARGX earns a higher WallStSmart Score of 73/100 (B).

ARGX

Strong Buy

73

out of 100

Grade: B

Growth: 10.0Profit: 9.5Value: 6.7Quality: 8.5
Piotroski: 3/9Altman Z: 4.92

INCY

Strong Buy

72

out of 100

Grade: B

Growth: 8.7Profit: 9.5Value: 6.7Quality: 9.0
Piotroski: 5/9Altman Z: 3.89
IV

Intrinsic Value Comparison

Multi-model valuation · Graham Formula

ARGXUndervalued (+65.6%)

Margin of Safety

+65.6%

Fair Value

$2427.69

Current Price

$872.58

$1555.11 discount

UndervaluedFair: $2427.69Overvalued
INCYUndervalued (+83.1%)

Margin of Safety

+83.1%

Fair Value

$583.69

Current Price

$127.10

$456.59 discount

UndervaluedFair: $583.69Overvalued

Key Strengths & Concerns

Side-by-side fundamental analysis

Key Strengths

ARGX6 strengths · Avg: 10.0/10
Return on EquityProfitability
30.8%10/10

Every $100 of equity generates 31 in profit

Profit MarginProfitability
32.3%10/10

Keeps 32 of every $100 in revenue as profit

Operating MarginProfitability
32.0%10/10

Strong operational efficiency at 32.0%

Revenue GrowthGrowth
59.3%10/10

Revenue surging 59.3% year-over-year

EPS GrowthGrowth
95.2%10/10

Earnings expanding 95.2% YoY

Debt/EquityHealth
0.0110/10

Conservative balance sheet, low leverage

INCY6 strengths · Avg: 9.3/10
EPS GrowthGrowth
83.8%10/10

Earnings expanding 83.8% YoY

Debt/EquityHealth
0.0110/10

Conservative balance sheet, low leverage

Altman Z-ScoreHealth
3.8910/10

Safe zone — low bankruptcy risk

Return on EquityProfitability
25.8%9/10

Every $100 of equity generates 26 in profit

Profit MarginProfitability
26.7%9/10

Keeps 27 of every $100 in revenue as profit

P/E RatioValuation
16.6x8/10

Attractively priced relative to earnings

Areas to Watch

ARGX3 concerns · Avg: 3.0/10
P/E RatioValuation
33.2x4/10

Premium valuation, high expectations priced in

Piotroski F-ScoreQuality
3/93/10

Weak financial health signals

Price/BookValuation
184.5x2/10

Trading at 184.5x book value

INCY1 concerns · Avg: 2.0/10
PEG RatioValuation
12.042/10

Expensive relative to growth rate

Comparative Analysis Report

WallStSmart Research

Bull Case : ARGX

The strongest argument for ARGX centers on Return on Equity, Profit Margin, Operating Margin. Profitability is solid with margins at 32.3% and operating margin at 32.0%. Revenue growth of 59.3% demonstrates continued momentum.

Bull Case : INCY

The strongest argument for INCY centers on EPS Growth, Debt/Equity, Altman Z-Score. Profitability is solid with margins at 26.7% and operating margin at 25.6%. Revenue growth of 20.9% demonstrates continued momentum.

Bear Case : ARGX

The primary concerns for ARGX are P/E Ratio, Piotroski F-Score, Price/Book.

Bear Case : INCY

The primary concerns for INCY are PEG Ratio.

Key Dynamics to Monitor

INCY carries more volatility with a beta of 0.76 — expect wider price swings.

ARGX is growing revenue faster at 59.3% — sustainability is the question.

Monitor BIOTECHNOLOGY industry trends, competitive dynamics, and regulatory changes.

Bottom Line

ARGX scores higher overall (73/100 vs 72/100), backed by strong 32.3% margins and 59.3% revenue growth. INCY offers better value entry with a 83.1% margin of safety. Both earn "Strong Buy" and "Strong Buy" ratings respectively — the choice depends on your investment horizon and risk tolerance.

This analysis is generated from publicly available financial data. Not financial advice.

argenx NV ADR

HEALTHCARE · BIOTECHNOLOGY · USA

argenx SE, a clinical-phase biotechnology company, focuses on the development of antibody-based therapies for the treatment of autoimmune diseases, hematology and cancer. The company is headquartered in Breda, the Netherlands.

Incyte Corporation

HEALTHCARE · BIOTECHNOLOGY · USA

Incyte Corp is an American pharmaceutical company based in Alapocas, Delaware.

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