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Ascendis Pharma
(NASDAQ:ASND)
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Rating:61Neutral
Price Target:
$276.00
▲(8.72% Upside)
Action:Reiterated
Date:06/26/26
The score is driven primarily by improving operating and free cash flow and strong commercial momentum highlighted on the earnings call (YORVIPATH growth and early YUVIWEL traction). These strengths are moderated by balance-sheet risk (high leverage and recent negative equity), mixed earnings quality with notable one-off items, and a valuation that is reasonable but not cheap; technically, the uptrend is supportive but appears somewhat extended.
Positive Factors
High gross margin & revenue growth
Very high gross margins (~88% TTM) combined with multi-year revenue step-up and Q1 €247M sales indicate attractive unit economics and scalable product pricing. Durable margins provide structural room to absorb SG&A/R&D as commercialization scales and support long-term operating‑margin improvement if volume growth persists.
Negative Factors
Meaningful leverage and past negative equity
A sizeable debt load (~$0.9B) and history of negative equity constrain financial flexibility. If operating margins fail to sustainably improve, debt servicing and covenant pressures could force dilutive financings or cutbacks in R&D/commercial investment, impeding long‑term growth prospects despite recent cash inflows.
Read all positive and negative factors
Positive Factors
Negative Factors
High gross margin & revenue growth
Very high gross margins (~88% TTM) combined with multi-year revenue step-up and Q1 €247M sales indicate attractive unit economics and scalable product pricing. Durable margins provide structural room to absorb SG&A/R&D as commercialization scales and support long-term operating‑margin improvement if volume growth persists.
Read all positive factors
Ascendis Pharma Key Performance Indicators (KPIs)
Any
Commercial Products Revenue
Shows the income generated from products that have reached the market, indicating the company's ability to convert R&D efforts into profitable offerings and its success in capturing market share.
Shows the income generated from products that have reached the market, indicating the company's ability to convert R&D efforts into profitable offerings and its success in capturing market share.
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The Fly
The FlyAscendis Pharma (ASND) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$15.93B
Dividend YieldN/A
Average Volume (3M)764.15K
Price to Earnings (P/E)26.1
Beta (1Y)0.69
Revenue Growth128.41%
EPS GrowthN/A
CountryUS
Employees1,189
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)8.19
Shares Outstanding62,376,846
10 Day Avg. Volume488,910
30 Day Avg. Volume764,152
Financial Highlights & Ratios
PEG Ratio1.13
Price to Book (P/B)-67.58
Price to Sales (P/S)15.90
P/FCF Ratio252.17
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$310.77Price Target Upside22.42% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering14
EPS Forecast (FY)14.01
Revenue Forecast (FY)$1.34B
Ascendis Pharma Business Overview & Revenue Model
Company Description
Ascendis Pharma A/S is a biopharmaceutical enterprise dedicated to advancing therapeutic solutions for critical medical conditions that currently lack effective treatments. Its commercialized offering is SKYTROFA, a therapy prescribed for individu...
How the Company Makes Money
Ascendis Pharma generates revenue primarily from product sales of its marketed therapies, recorded as net product revenue from selling finished pharmaceutical products to wholesalers, specialty distributors, and/or specialty pharmacies (with reven...
Ascendis Pharma Earnings Call Summary
Earnings Call Date:Aug 13, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Positive
The call conveyed strong commercial momentum and clear early successes: double-digit top-line expansion with EUR 315 million in product revenue, blockbuster-level performance from YORVIPATH (EUR 252 million), a successful SKYTROFA base (>20,000 patients), and a promising early U.S. launch for YUVIWEL with rapid enrollments and reimbursement approvals. Robust clinical readouts (COACH arm-span gains) and progressing partnerships reinforce long-term upside. Offsetting these positives were elevated R&D and SG&A spending, reliance on a one-time PRV sale to bolster reported profit (non-IFRS net profit materially lower at EUR 61 million), and legal/regulatory uncertainties (U.S. IP dispute and confirmatory trial dependence). Overall, highlights outweigh the lowlights given accelerating commercial traction, a strong cash position and no debt, but investors should monitor expense trajectory and the legal/regulatory developments.Positive Updates
Strong Top-Line Growth
Total product revenue of EUR 315 million in Q2 2026 (more than double year-over-year) and total revenue of EUR 339 million including EUR 24 million in non-product collaboration revenue (EUR 17 million milestone related to TransCon CNP).
Negative Updates
High One-Time Income Driving Reported Profit
Reported operating profit of EUR 220 million was materially supported by EUR 158 million of other operating income related to sale of a Priority Review Voucher (PRV); non-IFRS net profit was EUR 61 million, highlighting a sizable disconnect between reported and adjusted earnings.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Top-Line Growth
Total product revenue of EUR 315 million in Q2 2026 (more than double year-over-year) and total revenue of EUR 339 million including EUR 24 million in non-product collaboration revenue (EUR 17 million milestone related to TransCon CNP).
Read all positive updates
Company Guidance
The company reiterated near‑term and long‑term guidance alongside its Q2 metrics: Q2 total product revenue was EUR 315m (total revenue EUR 339m, including EUR 24m non‑product collaboration revenue and a EUR 17m milestone), with YORVIPATH EUR 252m, SKYTROFA EUR 55m and newly launched YUVIWEL EUR 8m; Q2 R&D was EUR 76m and SG&A EUR 173m; operating profit was EUR 220m (including EUR 158m PRV sale), non‑IFRS operating profit EUR 92m (27% margin), net profit EUR 207m and non‑IFRS net profit EUR 61m, ending cash EUR 812m after EUR 56m of buybacks, no bank or convertible debt and EUR 1.4bn of equity. For the rest of 2026 management expects YORVIPATH growth “consistent with prior quarters,” relatively stable SKYTROFA U.S. revenue, continuing strong early demand for YUVIWEL (U.S. regulatory decision expected Q4 2026), plans to file at least one IND/CTA per year for new NCEs, anticipates significant operating leverage as revenue scales and reiterates generating greater than EUR 500m of operating cash flow this year while targeting ~EUR 5bn revenue in 2030 and >EUR 10bn over the following decades.Ascendis Pharma Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
34
Negative
Cash Flow
56
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 867.51M | 691.71M | 363.64M | 266.72M | 51.17M | 7.78M |
| Gross Profit | 764.89M | 588.53M | 319.38M | 222.32M | 39.04M | 4.25M |
| EBITDA | 12.37M | -109.80M | -290.02M | -411.17M | -529.18M | -364.64M |
| Net Income | 506.60M | -219.03M | -378.08M | -481.45M | -583.19M | -383.58M |
Balance Sheet | ||||||
| Total Assets | 2.01B | 1.30B | 1.18B | 825.59M | 1.09B | 1.08B |
| Cash, Cash Equivalents and Short-Term Investments | 573.42M | 615.78M | 559.54M | 399.44M | 735.46M | 682.06M |
| Total Debt | 897.60M | 871.41M | 856.62M | 743.06M | 617.57M | 209.92M |
| Total Liabilities | 1.52B | 1.46B | 1.29B | 971.28M | 826.39M | 201.29M |
| Stockholders Equity | 488.48M | -162.75M | -105.71M | -145.70M | 263.35M | 883.63M |
Cash Flow | ||||||
| Free Cash Flow | 42.11M | 43.62M | -307.62M | -469.80M | -510.19M | -441.88M |
| Operating Cash Flow | 57.63M | 51.77M | -306.20M | -467.36M | -495.70M | -417.65M |
| Investing Cash Flow | -14.55M | -8.15M | 6.88M | 286.47M | 61.73M | -110.58M |
| Financing Cash Flow | 16.75M | 34.89M | 443.93M | 134.29M | 396.77M | 351.39M |
Ascendis Pharma Technical Analysis
Positive
253.86
Price Trends
246.86
Positive
239.88
Positive
228.02
Positive
Market Momentum
0.05
Negative
54.21
Neutral
80.27
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ASND, the sentiment is Positive. The current price of 253.86 is above the 20-day moving average (MA) of 252.21, above the 50-day MA of 246.86, and above the 200-day MA of 228.02, indicating a bullish trend. The MACD of 0.05 indicates Negative momentum. The RSI at 54.21 is Neutral, neither overbought nor oversold. The STOCH value of 80.27 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ASND.
Ascendis Pharma Risk Analysis
Ascendis Pharma disclosed 93 risk factors in its most recent earnings report. Ascendis Pharma reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Ascendis Pharma Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $12.48B | 15.38 | 42.49% | ― | 9.23% | 53.08% | |
74 Outperform | $21.95B | 16.58 | 19.24% | ― | 2.49% | 9.29% | |
65 Neutral | $13.60B | 180.34 | 1.18% | ― | 13.69% | -89.03% | |
61 Neutral | $15.93B | 26.05 | -5641.90% | ― | 128.41% | ― | |
59 Neutral | $16.39B | -22.68 | 31.67% | ― | 202.39% | 12.83% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
46 Neutral | $12.39B | -39.36 | -56.65% | ― | 149.04% | -0.28% |
* Healthcare Sector Average
ASND
Ascendis Pharma
246.23
54.19
28.22%
BMRN
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68.53
10.53
18.16%
EXEL
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50.61
12.14
31.56%
MDGL
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507.37
136.00
36.62%
UTHR
United Therapeutics
501.27
189.21
60.63%
BBIO
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81.21
30.03
58.68%
Ascendis Pharma Corporate Events
Ascendis Pharma Unveils Two-Year Pivotal Trial Data for TransCon CNP in Children With Achondroplasia
Jun 30, 2026
On June 30, 2026, Ascendis Pharma reported new 104-week radiographic data from its completed pivotal ApproaCH trial of once-weekly TransCon CNP in children aged 2–11 years with achondroplasia. The study showed continued improvements in lower...
Ascendis Pharma Closes Warrant Exercise Window, Expands Share Capital
Jun 29, 2026
On June 29, 2026, Ascendis Pharma A/S closed an exercise window for outstanding warrants convertible into ordinary shares, resulting in the issuance of 177,267 new shares. The share capital increase of nominal DKK 177,267 raised cash at an average...
Ascendis Pharma Monetizes FDA Priority Review Voucher for $187.5 Million
Jun 17, 2026
On June 17, 2026, Ascendis Pharma A/S completed the sale of its Rare Pediatric Disease Priority Review Voucher to an undisclosed buyer for $187.5 million in cash, before transaction-related expenses. The voucher was originally granted by the U.S. ...
Ascendis Pharma Posts Strong 3.5-Year Phase 3 Data for TransCon PTH in Hypoparathyroidism
Jun 15, 2026
On June 13, 2026, Ascendis Pharma reported 3.5-year data from its completed Phase 3 PaTHway trial of TransCon PTH (palopegteriparatide) in 82 adults with hypoparathyroidism, showing sustained efficacy and safety. The study, which included a 26-wee...
Ascendis Pharma Reports Five-Year TransCon PTH Data Showing Sustained Benefits in Hypoparathyroidism
Jun 12, 2026
On June 11, 2026, Ascendis Pharma reported five-year data from its Phase 2 PaTH Forward trial showing that long-term treatment with TransCon PTH (palopegteriparatide) delivered sustained efficacy and safety in adults with hypoparathyroidism. Over ...
Ascendis Pharma Grants New Employee Warrants as Part of Updated Equity Incentive Plan
Jun 10, 2026
On June 9, 2026, Ascendis Pharma’s board granted 27,030 new employee warrants, each exercisable for one ordinary share at an exercise price of $213.23, matching the closing share price on the grant date. The company amended its Articles of A...
Ascendis Pharma Issues New Employee Warrants, Keeps Large Pool Available for Future Grants
May 13, 2026
On May 12, 2026, Ascendis Pharma A/S granted 31,250 new employee warrants, each exercisable into one ordinary share at an exercise price of $237.65, equal to the closing share price on the grant date. The company amended its Articles of Associatio...
Ascendis Pharma Swings to €629 Million Q1 2026 Profit on Strong Revenue Growth
May 7, 2026
Ascendis Pharma A/S on May 7, 2026 filed a Form 6-K reporting unaudited condensed consolidated interim financial statements for the quarter ended March 31, 2026, along with management’s discussion and analysis. The company posted a sharp tur...
Ascendis Pharma Q1 2026 Results Highlight YORVIPATH Growth and U.S. Launch of YUVIWEL
May 7, 2026
Ascendis Pharma reported first-quarter 2026 revenue of €247 million, driven largely by €197 million in YORVIPATH sales and €44 million from SKYTROFA, with strong U.S. uptake and expanding reimbursement in 35 countries as of March...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.