Ascendis Pharma (ASND)
NASDAQ:ASND
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Ascendis Pharma
(NASDAQ:ASND)
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Rating:57Neutral
Price Target:
$249.00
â–²(1.85% Upside)
Action:ReiteratedDate:02/14/26
The score is driven primarily by improving fundamentals (rapid revenue growth, strong margins, and a move to positive operating/free cash flow) but is held back by balance-sheet risk (negative equity and high debt) and unprofitable earnings (negative P/E). Technicals are neutral-to-slightly cautious, while the latest earnings call adds support via upbeat guidance and commercial/pipeline momentum despite elevated operating expenses and near-term volatility risks.
Positive Factors
Rapid revenue scale and high gross margins
Ascendis has moved from early commercial sales to material scale, with product revenue roughly tripling over two years and very high gross margins (~85%). Durable high margins from proprietary, reimbursed endocrinology products support sustainable cash conversion, competitive pricing power, and reinvestment capacity as the portfolio and geography penetration expand.
Negative Factors
Negative shareholders' equity and heavy leverage
A negative equity position combined with substantial debt materially constrains financial flexibility for a biotech that still requires investment in launches and trials. This structural leverage raises refinancing and covenant risk, can increase financing costs, and limits strategic optionality (M&A, accelerated global launches) if cash generation weakens or markets tighten.
Read all positive and negative factors
Positive Factors
Negative Factors
Rapid revenue scale and high gross margins
Ascendis has moved from early commercial sales to material scale, with product revenue roughly tripling over two years and very high gross margins (~85%). Durable high margins from proprietary, reimbursed endocrinology products support sustainable cash conversion, competitive pricing power, and reinvestment capacity as the portfolio and geography penetration expand.
Read all positive factors
Ascendis Pharma (ASND) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$13.78B
Dividend YieldN/A
Average Volume (3M)526.74K
Price to Earnings (P/E)―
Beta (1Y)0.62
Revenue Growth110.04%
EPS Growth41.16%
CountryUS
Employees1,017
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-3.76
Shares Outstanding62,376,846
10 Day Avg. Volume634,858
30 Day Avg. Volume526,739
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 Cap0.86
Enterprise Value/Revenue16.46
Enterprise Value/Gross Profit19.07
Enterprise Value/Ebitda-146.40
Forecast
1Y Price Target
$296.62Price Target Upside21.33% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering13
EPS Forecast (FY)3.91
Revenue Forecast (FY)$1.36B
Ascendis Pharma Business Overview & Revenue Model
Company Description
Ascendis Pharma A/S, a biopharmaceutical company, focuses on developing therapeutics for unmet medical needs. The company offers SKYTROFA for treating patients with growth hormone deficiency (GHD). It also develops TransCon Growth Hormone (hGH) fo...
How the Company Makes Money
Ascendis Pharma makes money primarily by commercializing its approved prescription medicines and recognizing collaboration-related income. The company’s key revenue streams include: (1) Product sales: Revenue from selling SKYTROFA (a long-acting g...
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 Earnings Call Summary
Earnings Call Date:Feb 11, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 27, 2026
Earnings Call Sentiment Positive
Overall the call was constructive and growth-focused: management reported strong commercial execution (notably Yorvipath and Skytrofa), meaningful pipeline and regulatory progress (including imminent PDUFA for TransCon CNP and compelling combination data), and a strengthened cash position with an ambitious operating cash flow outlook for 2026. Key headwinds include high operating expenses (which slightly exceeded 2025 revenue), a substantial noncash finance remeasurement loss, currency-driven revenue headwinds, and remaining access / penetration and competitive uncertainties. Taken together the positives around revenue momentum, pipeline advancement, partnerships, and a stronger financial base outweigh the near-term financial and market-access challenges.Positive Updates
Yorvipath revenue surge and broadening access
Q4 2025 Yorvipath revenue of €187,000,000, up from €140,000,000 in Q3 2025 (+33.6% quarter-over-quarter); full-year 2025 revenue €477,000,000. More than 5,300 US patients prescribed by ~2,400 prescribers; insurance approval rate ~70% with majority approved within eight weeks. Yorvipath available commercially or via named-patient programs in >30 countries, with full commercial reimbursement in multiple markets and 10 additional full commercial launches expected in 2026.
Negative Updates
Operating expenses exceed full-year revenue
Full-year 2025 operating expenses €761,000,000 versus revenue €720,000,000 — operating expenses exceeded revenue by ~€41,000,000 (≈5.7% of revenue). Q4 operating expenses were €214,000,000, indicating a high expense run rate that management expects to monitor in 2026.
Read all updates
Q4-2025 Updates
Positive
Negative
Yorvipath revenue surge and broadening access
Q4 2025 Yorvipath revenue of €187,000,000, up from €140,000,000 in Q3 2025 (+33.6% quarter-over-quarter); full-year 2025 revenue €477,000,000. More than 5,300 US patients prescribed by ~2,400 prescribers; insurance approval rate ~70% with majority approved within eight weeks. Yorvipath available commercially or via named-patient programs in >30 countries, with full commercial reimbursement in multiple markets and 10 additional full commercial launches expected in 2026.
Read all positive updates
Company Guidance
Management guided to operating cash flow of around €500,000,000 in 2026 and reiterated an aspiration of at least €5,000,000,000 in annual product revenue by 2030; they expect continued strong Yorvipath revenue growth in 2026 (Q4 2025 Yorvipath €187,000,000; FY2025 €477,000,000), Skytrofa to follow a similar seasonal pattern (Q4 2025 €53,000,000; FY2025 €206,000,000; ~7% US market share), and noted TransCon CNP’s PDUFA on Feb 28 (excluded from the 2026 outlook). Quarterly company results included total Q4 revenue €248,000,000 (incl. €7,000,000 collaboration), FY2025 revenue €720,000,000, Q4 operating profit €10,000,000, Q4 operating cash flow €73,000,000, Q4 OpEx €214,000,000 and FY OpEx €761,000,000; cash was €616,000,000 at year‑end (up from €560,000,000), FX reduced Yorvipath by ~€27,000,000 and Skytrofa by ~€9,000,000, and noncash remeasurement loss was €106,000,000 (net noncash finance expense €93,000,000; net cash finance expense ~€8,000,000). Commercial metrics: >5,300 US patients prescribed Yorvipath by ~2,400 prescribers, <5% US patient penetration, ~70% insurance approval rate with most approvals within eight weeks, availability in >30 countries, full reimbursement in 4 European and 2 international markets, Japan launch Nov 2025, and 10 additional full commercial launches expected in 2026.Ascendis Pharma Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
22
Negative
Cash Flow
46
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 691.71M | 363.64M | 266.72M | 51.17M | 7.78M |
| Gross Profit | 588.53M | 319.38M | 222.32M | 39.04M | 4.25M |
| EBITDA | -113.90M | -290.02M | -411.17M | -529.18M | -364.64M |
| Net Income | -219.03M | -378.08M | -481.45M | -583.19M | -383.58M |
Balance Sheet | |||||
| Total Assets | 1.30B | 1.18B | 825.59M | 1.09B | 1.08B |
| Cash, Cash Equivalents and Short-Term Investments | 615.78M | 559.54M | 399.44M | 735.46M | 682.06M |
| Total Debt | 871.41M | 856.62M | 743.06M | 617.57M | 209.92M |
| Total Liabilities | 1.46B | 1.29B | 971.28M | 826.39M | 201.29M |
| Stockholders Equity | -162.75M | -105.71M | -145.70M | 263.35M | 883.63M |
Cash Flow | |||||
| Free Cash Flow | 43.62M | -307.62M | -469.80M | -510.19M | -441.88M |
| Operating Cash Flow | 51.77M | -306.20M | -467.36M | -495.70M | -417.65M |
| Investing Cash Flow | -8.15M | 6.88M | 286.47M | 61.73M | -110.58M |
| Financing Cash Flow | 34.89M | 443.93M | 134.29M | 396.77M | 351.39M |
Ascendis Pharma Technical Analysis
Positive
244.48
Price Trends
229.78
Positive
221.34
Positive
207.52
Positive
Market Momentum
4.86
Negative
59.98
Neutral
77.51
Neutral
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 244.48 is above the 20-day moving average (MA) of 230.37, above the 50-day MA of 229.78, and above the 200-day MA of 207.52, indicating a bullish trend. The MACD of 4.86 indicates Negative momentum. The RSI at 59.98 is Neutral, neither overbought nor oversold. The STOCH value of 77.51 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
84 Outperform | $25.00B | 14.81 | 19.30% | ― | 10.61% | 14.09% | |
76 Outperform | $11.10B | 15.12 | 36.88% | ― | 6.98% | 59.60% | |
68 Neutral | $10.40B | 32.67 | 5.82% | ― | 14.18% | -18.80% | |
57 Neutral | $13.78B | -50.22 | 127.54% | ― | 110.04% | 41.16% | |
55 Neutral | $11.78B | -45.32 | -43.76% | ― | 432.05% | 41.81% | |
52 Neutral | $13.42B | -20.69 | 39.18% | ― | 126.26% | -32.90% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
ASND
Ascendis Pharma
220.93
50.19
29.40%
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Ascendis Pharma Corporate Events
Ascendis Pharma Calls Full Redemption of $575 Million 2028 Convertible Notes After Share Price Surge
Apr 21, 2026
Ascendis Pharma A/S has moved to redeem all $575 million of its 2.25% Convertible Senior Notes due 2028, setting May 6, 2026 as the redemption date after its share price exceeded the trigger threshold on at least 20 trading days in the 30-day peri...
Ascendis Pharma Updates ISIN for Nasdaq-Listed Ordinary Shares
Apr 21, 2026
On April 21, 2026, Ascendis Pharma filed a Form 6-K announcing a technical update related to its Nasdaq-listed ordinary shares. The company clarified that, following its direct listing of ordinary shares on The Nasdaq Global Select Market, the cor...
Ascendis Pharma Completes ADS-to-Ordinary Share Conversion and Begins Direct Nasdaq Trading
Apr 20, 2026
On April 20, 2026, Ascendis Pharma began trading its ordinary shares directly on the Nasdaq Global Select Market, replacing its prior listing of American Depositary Shares while keeping the ASND ticker, CUSIP K08588103 and ISIN DK0060606333. The s...
Ascendis Pharma Issues New Employee Warrants as Part of Long-Term Incentive Program
Apr 16, 2026
On April 14, 2026, Ascendis Pharma’s board granted 32,310 warrants to certain employees, each entitling the holder to subscribe for one ordinary share at an exercise price of $249.84, matching the closing price of its American Depositary Sha...
Ascendis Pharma Reports Strong Week 52 COACH Trial Data for TransCon CNP and hGH Combo in Achondroplasia
Apr 8, 2026
On April 8, 2026, Ascendis Pharma reported new Week 52 data from its Phase 2 COACH trial evaluating once-weekly combination therapy with TransCon CNP and TransCon hGH in children with achondroplasia. The results build on previously disclosed growt...
Ascendis Pharma to Replace ADSs With Direct Ordinary Share Listing on Nasdaq
Apr 8, 2026
On April 8, 2026, Ascendis Pharma announced it will transition from trading American Depositary Shares to a direct listing of its ordinary shares on The Nasdaq Global Select Market. The company expects the change to become effective at the opening...
Ascendis Pharma Secures U.S. Orphan Drug Exclusivity and Launches YUVIWEL for Achondroplasia
Apr 7, 2026
On April 6, 2026, Ascendis Pharma announced that the U.S. Food and Drug Administration granted orphan drug exclusivity to YUVIWEL (navepegritide), developed as TransCon CNP, and that the therapy is now commercially available in the United States. ...
Ascendis Pharma Expands Share Capital Following March 30 Warrant Exercises
Mar 30, 2026
Ascendis Pharma A/S reported that on March 30, 2026, the exercise window for its outstanding warrants on ordinary shares closed, resulting in the issuance of 399,438 new shares. These exercises increased the company’s nominal share capital b...
Ascendis Pharma Shareholders Back Board, Loss Carryforward and New Buyback Mandate at 2026 AGM
Mar 24, 2026
On March 23, 2026, Ascendis Pharma held its Annual General Meeting in Denmark, with 90.16% of outstanding ordinary shares represented, and shareholders approved the audited annual report for 2025 while discharging the board and management from lia...
Ascendis Pharma Posts Positive Phase 2 Results for Once-Weekly TransCon hGH in Turner Syndrome
Mar 17, 2026
On March 17, 2026, Ascendis Pharma reported positive Week 52 topline data from its New InsiGHTS Phase 2 trial in the U.S. evaluating once-weekly TransCon hGH versus daily somatropin in prepubertal children aged 1 to 10 with Turner syndrome. Childr...
Ascendis Pharma Reports Two-Year Data Showing Sustained Benefits of YUVIWEL in Children With Achondroplasia
Mar 16, 2026
On March 16, 2026, Ascendis Pharma reported new two-year data from its pivotal ApproaCH trial in children with achondroplasia treated with once-weekly TransCon CNP, showing sustained gains in growth through Week 104 and further improvements in bod...
Ascendis Pharma Wins FDA Accelerated Approval for YUVIWEL in Pediatric Achondroplasia
Mar 2, 2026
On February 27, 2026, Ascendis Pharma announced that the U.S. Food Drug Administration granted accelerated approval for YUVIWEL (navepegritide; developed as TransCon CNP), the first and only once-weekly treatment to increase linear growth in chil...
Ascendis Pharma Sets March 23 AGM to Approve 2025 Results, Board Changes and Buyback Mandate
Feb 23, 2026
Ascendis Pharma has called its 2026 annual general meeting for March 23, 2026 in Copenhagen, where shareholders will review the company’s activities in 2025, approve the audited annual report and sustainability and P-ESG report for the year ...
Ascendis Pharma Posts Strong 2025 Results as YORVIPATH Drives Growth and TransCon Pipeline Advances
Feb 11, 2026
Ascendis Pharma reported on February 11, 2026 that fourth-quarter 2025 product revenue reached €240 million and full-year 2025 product revenue €684 million, driven mainly by YORVIPATH, while SKYTROFA contributed €206 million for ...
Ascendis Pharma Grants New Employee Warrants, Updates Articles to Support Future Equity Issuances
Feb 11, 2026
On February 10, 2026, Ascendis Pharma’s board granted 16,570 new employee warrants, each giving the right to subscribe for one ordinary share at an exercise price of $224.19, matching the closing price of its American depositary shares on th...
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.
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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.