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Ascendis Pharma
(NASDAQ:ASND)
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Rating:68Neutral
Price Target:
$261.00
▲(4.30% Upside)
Action:Reiterated
Date:09/16/26
The score is driven primarily by sharply improved TTM financial performance (strong margins and free cash flow) and a constructive earnings-call outlook with reiterated guidance and strong product traction. These positives are tempered by historical volatility in profitability/cash flow, notable one-time income effects and rising operating expenses, and weak near-term technical positioning (price below key moving averages with low RSI).
Positive Factors
Commercial growth and portfolio scale
Rapid product growth demonstrates that Ascendis is converting its endocrinology portfolio into meaningful commercial revenue. YORVIPATH provides a substantial growth engine, while SKYTROFA and YUVIWEL add diversification, improving the prospects for a broader and more durable revenue base.
Negative Factors
Unproven earnings durability
The recent profitability inflection is not yet proven across a full operating history. Losses and negative margins in prior years indicate that earnings may remain sensitive to launch execution, development spending, and product mix, making the current run-rate less dependable than a long-established profit record.
Read all positive and negative factors
Positive Factors
Negative Factors
Commercial growth and portfolio scale
Rapid product growth demonstrates that Ascendis is converting its endocrinology portfolio into meaningful commercial revenue. YORVIPATH provides a substantial growth engine, while SKYTROFA and YUVIWEL add diversification, improving the prospects for a broader and more durable revenue base.
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.
Data provided by:
The Fly
The FlyAscendis Pharma (ASND) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$14.22B
Dividend YieldN/A
Average Volume (3M)768.31K
Price to Earnings (P/E)16.6
Beta (1Y)0.49
Revenue Growth128.41%
EPS GrowthN/A
CountryUS
Employees1,189
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)12.10
Shares Outstanding62,376,846
10 Day Avg. Volume799,842
30 Day Avg. Volume768,310
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 Cap1.25
Enterprise Value/Revenue16.89
Enterprise Value/Gross Profit18.73
Enterprise Value/Ebitda227.94
Forecast
1Y Price Target
$317.47Price Target Upside26.86% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering18
EPS Forecast (FY)13.99
Revenue Forecast (FY)$1.36B
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 makes money primarily through (1) product sales of its commercially approved therapies and (2) collaboration-related revenues such as milestone payments and other partner-related income when applicable. Product revenue is generated...
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
72
Positive
Balance Sheet
63
Positive
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.05B | 691.71M | 363.64M | 266.72M | 51.17M | 7.78M |
| Gross Profit | 950.90M | 588.53M | 319.38M | 222.32M | 39.04M | 4.25M |
| EBITDA | 78.13M | -109.80M | -290.02M | -411.17M | -529.18M | -364.64M |
| Net Income | 755.85M | -219.03M | -378.08M | -481.45M | -583.19M | -383.58M |
Balance Sheet | ||||||
| Total Assets | 2.29B | 1.30B | 1.18B | 825.59M | 1.09B | 1.08B |
| Cash, Cash Equivalents and Short-Term Investments | 811.92M | 615.78M | 559.54M | 399.44M | 735.46M | 682.06M |
| Total Debt | 449.89M | 871.41M | 856.62M | 743.06M | 617.57M | 209.92M |
| Total Liabilities | 849.18M | 1.46B | 1.29B | 971.28M | 826.39M | 201.29M |
| Stockholders Equity | 1.44B | -162.75M | -105.71M | -145.70M | 263.35M | 883.63M |
Cash Flow | ||||||
| Free Cash Flow | 336.90M | 43.62M | -307.62M | -469.80M | -510.19M | -441.88M |
| Operating Cash Flow | 351.32M | 51.77M | -306.20M | -467.36M | -495.70M | -417.65M |
| Investing Cash Flow | -13.07M | -8.15M | 6.88M | 286.47M | 61.73M | -110.58M |
| Financing Cash Flow | -36.86M | 34.89M | 443.93M | 134.29M | 396.77M | 351.39M |
Ascendis Pharma Technical Analysis
Negative
250.25
Price Trends
247.63
Negative
245.73
Negative
235.76
Negative
Market Momentum
-7.43
Positive
36.58
Neutral
44.88
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ASND, the sentiment is Negative. The current price of 250.25 is above the 20-day moving average (MA) of 238.18, above the 50-day MA of 247.63, and above the 200-day MA of 235.76, indicating a bearish trend. The MACD of -7.43 indicates Positive momentum. The RSI at 36.58 is Neutral, neither overbought nor oversold. The STOCH value of 44.88 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
68 Neutral | $14.22B | 16.60 | 190.44% | ― | 128.41% | ― | |
60 Neutral | $1.85B | -103.71 | -426.33% | ― | 36.33% | 54.68% | |
60 Neutral | $2.82B | -23.72 | -26.01% | ― | ― | -4.40% | |
59 Neutral | $11.14B | 147.95 | 1.18% | ― | 13.69% | -89.03% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $1.43B | -2.48 | 392.35% | ― | 17.50% | -5.66% |
* Healthcare Sector Average
ASND
Ascendis Pharma
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8.70%
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Ascendis Pharma Corporate Events
Ascendis Pharma Unveils $400 Million Share Repurchase Program
Sep 15, 2026
On September 14, 2026, Ascendis Pharma announced that its board had authorized a share repurchase program of up to $400 million of the company’s ordinary shares. The buyback may be executed through multiple methods, including open-market pur...
Ascendis Pharma Regains Full Rights to TransCon Metabolic and Cardiovascular Programs After Novo Nordisk Split
Sep 15, 2026
On September 14, 2026, Ascendis Pharma announced it will regain exclusive rights to develop, manufacture and commercialize TransCon technology-based products in metabolic and cardiovascular diseases, including obesity. This follows the termination...
Ascendis Pharma Posts Positive 52-Week Infant Achondroplasia Data for TransCon CNP
Sep 9, 2026
On Sept. 9, 2026, Ascendis Pharma reported Week 52 data from a seven-infant open-label sentinel cohort in its pivotal Phase 2 reACHin trial of once-weekly TransCon CNP in achondroplasia patients aged 0 to under 2 years. The study, presented at ESP...
Ascendis Pharma Grants New Employee Warrants and Updates Capital Structure in September 2026
Sep 9, 2026
On September 8, 2026, Ascendis Pharma’s board granted 29,380 employee warrants, each entitling the holder to subscribe for one ordinary share at an exercise price of $270.09, equal to the closing price on the grant date, and amended its Arti...
Ascendis Pharma Strikes Global Settlement and Licensing Deal With BioMarin Over YUVIWEL
Aug 31, 2026
On August 31, 2026, Ascendis Pharma announced a binding term sheet for a global settlement and license agreement with BioMarin Pharmaceutical Inc. covering YUVIWEL and other navepegritide-related products, resolving all litigation and disputes bet...
Ascendis Pharma Doubles Q2 Revenue as Rare Disease Portfolio Scales and Debt Retired
Aug 13, 2026
Ascendis Pharma reported second-quarter 2026 product revenue of €315 million on August 13, 2026, a 105% year-over-year increase driven primarily by €252 million from YORVIPATH, alongside €55 million from SKYTROFA and €8 mil...
Ascendis Pharma Files Strong Interim Q2 2026 Results on Form 6-K
Aug 13, 2026
Ascendis Pharma A/S on August 13, 2026, filed a Form 6-K with U.S. regulators, furnishing unaudited condensed consolidated interim financial statements and management’s discussion and analysis for the quarter and six months ended June 30, 20...
Ascendis Pharma Grants New Employee Warrants as Part of Updated Capital Structure
Aug 12, 2026
On August 11, 2026, Ascendis Pharma’s board granted 15,060 new warrants to certain employees, each entitling the holder to subscribe for one ordinary share at an exercise price of $254.57, matching the closing share price on the grant date. ...
Ascendis Pharma Posts Strong Achondroplasia Data and Early U.S. YUVIWEL Uptake
Aug 6, 2026
On August 6, 2026, Ascendis Pharma reported new data across its achondroplasia portfolio, highlighting strong Phase 2 COACH trial results for combination therapy with TransCon CNP and TransCon hGH. Children treated once weekly for 78 weeks showed ...
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. ...
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.