revenue
5 $billion
FY 2030
management target
ASCENDIS PHARMA A/S
Last · NASDAQ$227.00+3.79 (+1.70%)close · yahoo · 7h ago
Market cap$14.94B65.8M sh
P/E · TTM17.4fwd 21.1 · eps 13.05
Beta—vs S&P 500
Div yield0.00%annual · TTM
52w range
$186.05$282.15
Volume995.6Ksession
| Revenue | €720.1M |
|---|---|
| Operating income | €-136.3M |
| Net income | €-228.0M |
| Operating margin | -18.9% |
| Net margin | -31.7% |
| Period | 2025 |
Loading chart…
OpenFilings analyst
Our analyst
Agentic read of the latest earnings call — recommendation updates when we process a new transcript. Research synthesis, not investment advice.
Strong BuyBuyHoldSellStrong Sell
Buyable operationally, but not yet a clean risk-adjusted story:
Q2 product revenue reached EUR 315 million (+105% year over year), led by YORVIPATH at EUR 252 million, while underlying non-IFRS operating profit was EUR 92 million, or a 27% margin. YUVIWEL’s early launch is encouraging—EUR 8 million revenue, more than 220 U.S. enrollments and over 65% reimbursement approval—but management still cannot quantify market expansion, and the BioMarin IP dispute remains a material binary risk despite its public-interest arguments.
Themes
- Yorvipath Growth
- Yuwivel Launch
- Achondroplasia Competition
- Biomarin Ip
- Patient Titration Dropout
- Transcon Pipeline
Near term
YORVIPATH should remain the primary earnings driver, with management indicating roughly 1,000 new U.S. patient enrollments per quarter and growth consistent with prior quarters; however, the company declined to provide a sales range or more precise forward guidance.
YUVIWEL momentum is the key near-term stock catalyst: 220-plus U.S. enrollments through July 31, nearly 80% of centers of excellence prescribing, and an EMA/U.S. regulatory decision expected in Q4 2026. The absence of quantified switch, re-treatment and treatment-naive mix limits confidence in extrapolating the launch trajectory.
Operating cash flow guidance remains only 'greater than EUR 500 million' for 2026. The PRV sale contributed EUR 158 million of other operating income, so reported operating profit and net profit materially overstate recurring earnings power.
The first BioMarin-related ITC opinion is expected in August, with an ITC decision in December and a possible presidential order two to three months later; headline volatility is likely even if the ultimate commercial impact is uncertain.
Longer term
The existing three-product portfolio provides substantial commercial leverage: YORVIPATH, SKYTROFA and YUVIWEL generated EUR 315 million of quarterly product revenue, while Ascendis has eliminated bank and convertible debt and held EUR 812 million of cash at quarter-end.
YORVIPATH’s reported 82%-86% sustained response rate and up to 95% five-year trial retention support durable demand, but the value proposition depends on successfully reducing U.S. titration-period drop-off through higher-touch patient support.
The TransCon platform could broaden the growth runway through annual new-IND ambitions, YORVIPATH higher-dose and weekly formulations, YUVIWEL infant and combination programs, and partnered obesity and ophthalmology programs. These remain development or partner-dependent opportunities rather than near-term earnings.
The proposed YUVIWEL/TransCon Growth Hormone combination could strengthen the achondroplasia moat if Phase 3 confirms the COACH results, including reported arm-span improvements of 9.4 cm in the CNP-naive cohort and 7.9 cm in the previously CNP-treated cohort.
Competitive differentiation is not yet fully proven. Management asserted YUVIWEL will become the leading achondroplasia therapy, but analysts' questions on switching and patient sources exposed the lack of hard market-share, persistence and cohort data.
Red flags
Management repeatedly characterized YUVIWEL as expanding the market but acknowledged it does not collect or have factual visibility into the mix of switchers, previously discontinued patients and genuinely treatment-naive patients; the claim is therefore qualitative rather than demonstrated.
U.S. YORVIPATH attrition is concentrated in the titration period, when patients experience the greatest treatment changes. Management offered support investments but no quantified improvement target or cohort-level persistence data.
The BioMarin IP discussion was highly reassuring but not analytically complete: management did not quantify potential royalties, damages, injunction exposure or settlement economics, and the claim that the dispute will have no material impact is not independently established.
Reported Q2 operating profit of EUR 220 million and net profit of EUR 207 million benefited heavily from the EUR 158 million PRV gain; recurring profitability is better represented by the EUR 92 million non-IFRS operating profit.
The EUR 5 billion 2030 revenue objective was reaffirmed without a product-by-product bridge, explicit annual assumptions or updated guidance, making it an aspiration rather than a forecast.
Forward outlook
OpenFilings analyst view from primary-source filings and earnings calls — not investment advice.
From latest 20-F · 2026-02-11
- Net Margin Sharply Negative
- Rd Intensity High
Red flags
- Net Margin Sharply Negative — Net margin -31.7%
- Rd Intensity High — R&D/Revenue 42.2%
Earnings transcripts
Press & signals
- GlobeNewswire
Ascendis Announces Planned $400 Million Share Repurchase Program
- GlobeNewswire
Ascendis Pharma Reports Second Quarter 2026 Financial Results
- GlobeNewswire
Ascendis Joins Multiple Russell U.S. Indexes, Including the Russell 3000®, Russell 1000®, Russell 2500® and Russell Midcap®