Ascendis Pharma (ASND)
NASDAQ:ASND
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Ascendis Pharma
(NASDAQ:ASND)
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Rating:57Neutral
Price Target:
$248.00
▲(6.35% 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
Commercial momentum
Rapid, recurring product sales from Yorvipath and Skytrofa create a durable commercial revenue base. Broad geographic availability and thousands of U.S. patients support scale in access, payer relationships and field capabilities, reducing reliance on one-off events for cash generation.
Negative Factors
Leverage & negative equity
Negative equity and substantial debt materially constrain financial flexibility. Elevated leverage raises refinancing and covenant risk, could force dilutive financing or constrain R&D/launch spend if growth or cash flow falters, and increases sensitivity to macro or interest‑rate shocks.
Read all positive and negative factors
Positive Factors
Negative Factors
Commercial momentum
Rapid, recurring product sales from Yorvipath and Skytrofa create a durable commercial revenue base. Broad geographic availability and thousands of U.S. patients support scale in access, payer relationships and field capabilities, reducing reliance on one-off events for cash generation.
Read all positive factors
Ascendis Pharma (ASND) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$14.31B
Dividend YieldN/A
Average Volume (3M)570.38K
Price to Earnings (P/E)―
Beta (1Y)0.63
Revenue Growth103.32%
EPS Growth47.55%
CountryUS
Employees1,017
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.64
Shares Outstanding61,977,410
10 Day Avg. Volume398,688
30 Day Avg. Volume570,375
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 Cap0.88
Enterprise Value/Revenue17.46
Enterprise Value/Gross Profit20.24
Enterprise Value/Ebitda-155.33
Forecast
1Y Price Target
$293.77Price Target Upside25.97% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering13
EPS Forecast (FY)4.16
Revenue Forecast (FY)$1.39B
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 generates revenue primarily through the commercialization of its biopharmaceutical products, which include approved therapies and those in various stages of clinical trials. The company earns income from product sales, licensing ag...
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
233.20
Price Trends
227.19
Positive
218.91
Positive
205.07
Positive
Market Momentum
-0.34
Negative
56.51
Neutral
53.21
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 233.2 is above the 20-day moving average (MA) of 224.58, above the 50-day MA of 227.19, and above the 200-day MA of 205.07, indicating a bullish trend. The MACD of -0.34 indicates Negative momentum. The RSI at 56.51 is Neutral, neither overbought nor oversold. The STOCH value of 53.21 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 | $25.49B | 16.17 | 19.30% | ― | 13.50% | 17.16% | |
76 Outperform | $11.48B | 12.10 | 36.88% | ― | 9.93% | 54.33% | |
68 Neutral | $11.00B | 32.67 | 5.82% | ― | 12.31% | 60.21% | |
57 Neutral | $14.31B | -50.22 | 127.54% | ― | 103.32% | 47.55% | |
55 Neutral | $11.92B | -45.32 | -43.76% | ― | 864.21% | 48.12% | |
52 Neutral | $14.37B | -20.69 | 39.18% | ― | 62.46% | -73.59% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
ASND
Ascendis Pharma
233.20
95.36
69.18%
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Ascendis Pharma Corporate Events
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...
Ascendis Pharma Grants New Employee Warrants, Updates Articles of Association
Jan 14, 2026
On January 13, 2026, Ascendis Pharma’s board of directors granted 42,030 warrants to certain employees, each warrant entitling the holder to subscribe for one ordinary share at an exercise price of $215.05, matching the closing price of the ...
Ascendis Pharma Sets 2026 Milestones and Unveils $120 Million Share Buyback
Jan 12, 2026
On January 9, 2026, Ascendis Pharma outlined a 2026 business and strategic roadmap highlighting strong commercial uptake of YORVIPATH, which had more than 5,300 unique U.S. patient enrollments and broad international availability by year-end 2025,...
Ascendis Pharma Posts Strong Year-Long Phase 2 COACH Data for TransCon CNP and hGH Combo in Achondroplasia
Jan 9, 2026
On January 8, 2026, Ascendis Pharma reported positive Week 52 topline data from its Phase 2 COACH trial, the first study to evaluate once-weekly combination therapy with TransCon CNP and TransCon hGH in children aged 2 to 11 years with achondropla...
Ascendis Pharma Ups Share Capital After Warrant Exercises in December 2025
Dec 30, 2025
On December 30, 2025, Ascendis Pharma A/S reported that a scheduled exercise window for its outstanding warrants exercisable into ordinary shares had closed, resulting in a registered increase of its share capital by a nominal DKK 282,197. This br...
Ascendis Pharma Grants Employee Warrants to Strengthen Market Position
Dec 10, 2025
On December 9, 2025, Ascendis Pharma’s board of directors granted 27,820 warrants to certain employees, allowing them to subscribe for ordinary shares at an exercise price of $196.63 per share. This move is part of the company’s strate...
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.