Ascendis Pharma A/S Reports First Quarter 2022 Financial Results Phase 3 PaTHway Trial top-line results demonstrated potential of TransCon PTH to become the first parathyroid replacement therapy for adults

Ascendis Pharma A/S Reports First Quarter 2022 Financial Results

Phase 3 PaTHway Trial top-line results demonstrated potential of TransCon PTH to become the first parathyroid replacement therapy for adults with hypoparathyroidism

TransCon PTH U.S. FDA regulatory submission on track for Q3 and EU MAA for Q4 2022

Increasing uptake of SKYTROFA (lonapegsomatropin-tcgd), with

more than 1,200 unique patient prescriptions processed as of April 29, 2022

$575 million convertible notes offering strengthening balance sheet to build a sustainable leading global biopharma company

Conference call today at 4:30 pm ET

COPENHAGEN, Denmark, May 11, 2022 (GLOBE NEWSWIRE) Ascendis Pharma A/S (Nasdaq: ASND) today announced financial results for

the first quarter ended March 31, 2022 and provided a business update.

This continues to be a transformative time for Ascendis as we build on

positive Phase 3 data for our first two endocrinology rare disease programs TransCon hGH and TransCon PTH and our first product approval and launch, said Jan Mikkelsen, Ascendis Pharma s President and Chief Executive

Officer. 2022 marks a key transition point for Ascendis. We have all the elements of success in place a proven technology and algorithm for product innovation, the right capabilities, and a strong balance sheet that allows us to deliver

on all components of our Vision 3x3 as we work to achieve sustainable growth through multiple approaches and long-term profitability.

Highlights & Progress

First Quarter 2022 Financial Results

Total revenue for the first quarter was 6.8 million, an increase of 6.1 million compared to 0.7 million in the same quarter of

2021. Revenues for the first quarter include U.S. commercial SKYTROFA sales, sales of clinical supplies, rendering of services, and recognition of internal profit from the license agreements with VISEN. The increase in revenue was primarily

attributable to the 1.9 million commercial SKYTROFA sales, and 3.9 million higher sales of clinical supply to VISEN compared to the same period last year.

Research and development (R&D) costs for the first quarter were 83.2 million compared to 88.1 million during the same period in

2021. Following FDA approval of SKYTROFA (lonapegsomatropin-tcgd) in August 2021, commercial manufacturing is recognized as inventory while such costs were recognized as R&D costs prior to the FDA approval.

Selling, general, and administrative (SG&A) expenses for the first quarter were 47.4 million compared to 37.2 million during the

same period in 2021. Higher SG&A expenses were primarily due to an increase in commercial and administrative personnel costs as well as an increase in commercial costs.

Net loss of associate was 4.9 million in the first quarter, compared to a net profit of 28.1 million during the same period in 2021.

Net finance income was 7.6 million in the first quarter compared to 33.6 million in the same period in 2021.

For the first quarter of 2022, Ascendis Pharma reported a net loss of 125.5 million, or 2.21 per share (basic and diluted) compared to a net

loss of 62.8 million, or 1.17 per share (basic and diluted) for the same period in 2021.

As of March 31, 2022, Ascendis Pharma had

cash, cash equivalents, and marketable securities totaling 1,065 million compared to 790 million as of December 31, 2021. As of March 31, 2022, Ascendis Pharma had 56,958,391 ordinary shares outstanding.

Conference Call and Webcast Information

will host a conference call and webcast today at 4:30 pm Eastern Time (ET) to discuss its first quarter 2022 financial results. Details include:

A live webcast of the conference call will be accessible from the Investors and News section of the Ascendis Pharma website at

www.ascendispharma.com. A replay of the webcast will be available on this website shortly after conclusion of the event for 30 days.

About Ascendis Pharma A/S

Ascendis Pharma is applying its innovative platform technology to build a leading, fully integrated, global biopharmaceutical company focused on making a

meaningful difference in patients lives. Guided by its core values of patients, science and passion, the company uses its TransCon technologies to create new and potentially

best-in-class therapies. Ascendis is headquartered in Copenhagen, Denmark, and has additional facilities in Heidelberg and Berlin, Germany; Palo Alto and Redwood City,

California; and Princeton, New Jersey. Please visit www.ascendispharma.com to learn more.

Forward-Looking Statements

This press release contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical

facts, included in this press release regarding Ascendis future operations, plans and objectives of management are forward-looking statements. Examples of such statements include, but are not limited to, statements relating to (i) the

timing of top-line results from the PaTHway Japan Trial, the ACcomplisH Trial, the transcendIT-101 Trial and the Phase 1/2

IL- elie e Trial, (ii) the timing of patient dosing in the combination dose-escalation arm of the IL- elie e Trial, (iii) Ascendis

expectations regarding the strength of 2022 and its ability to deliver on components of Vision 3x3, (iv) whether Ascendis is able to achieve sustainable growth and long-term profitability, (v) whether Ascendis has the elements of success in

place, including proven technology and algorithm for innovation, the right capabilities, and a strong balance sheet, (vi) Ascendis expectations regarding the timing of its regulatory submissions, applications, protocols, clinical trials

and the results thereof, (vii) Ascendis expectations regarding the regarding the potential for TransCon PTH to become the first parathyroid replacement therapy for adults with hypoparathyroidism, (viii) Ascendis expectations

regarding the ability of its immuno-oncology programs to transform care for cancer patients, (ix) Ascendis expectations regarding its ability to apply its technology platform and algorithm for product innovation to develop highly

differentiated product candidates for unmet medical needs, (x) Ascendis ability to apply its platform technology to build a leading, fully integrated biopharma company, and (xi) Ascendis use of its TransCon technologies to

create new and potentially best-in-class therapies. Ascendis may not actually achieve the plans, carry out the intentions or meet the expectations or projections

disclosed in the forward-looking statements and you should not place undue reliance on these forward-looking statements. Actual results or events could differ materially from the plans, intentions, expectations and projections disclosed in the

forward-looking statements. Various important factors could cause actual results or events to differ materially from the forward-looking statements that Ascendis makes, including the following: dependence on third party manufacturers and

distributors to supply TransCon hGH, the SKYTROFA Auto-Injector and other study drug for commercial sales in the U.S. and clinical studies; unforeseen safety or efficacy results in its

oncology programs, TransCon hGH, TransCon PTH and TransCon CNP or other development programs; unforeseen expenses related to commercialization of lonapegsomatropin-tcgd in the U.S. and the further development of TransCon hGH, expenses related to the

development and potential commercialization of its oncology programs, TransCon hGH, TransCon PTH and TransCon CNP or other development programs; unforeseen selling, general and administrative expenses, other research and development expenses and

Ascendis business generally; delays in the development of its oncology programs, TransCon hGH, TransCon PTH and TransCon CNP or other development programs related to manufacturing, regulatory requirements, speed of patient recruitment or other

unforeseen delays; uncertainty regarding market-size estimates, Ascendis profitability, and consumer demand for Ascendis current or future products and product candidates; dependence on third

party manufacturers to supply study drug for planned clinical studies; Ascendis ability to obtain additional funding, if needed, to support its business activities and the effects on its

business from the worldwide COVID-19 pandemic. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as

well as risks relating to Ascendis business in general, see Ascendis Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission (SEC) on March 2, 2022 and Ascendis

other future reports filed with, or submitted to, the SEC. Forward-looking statements do not reflect the potential impact of any future licensing, collaborations, acquisitions, mergers, dispositions, joint ventures, or investments that Ascendis may

enter into or make. Ascendis does not assume any obligation to update any forward-looking statements, except as required by law.

Pharma, the Ascendis Pharma logo, the company logo, TransCon, and SKYTROFA are trademarks owned by the Ascendis Pharma Group. May 2022 Ascendis Pharma A/S.

FINANCIAL TABLES FOLLOW

Consolidated Statements of Profit

or Loss and Comprehensive Income / (loss)

(In EUR 000s, except share and per share data)

Consolidated Statements of Financial Position