Full Press Release Details
Ascendis Pharma A/S Reports Full Year 2020 Financial Results
Preparations for potential launch of first Endocrinology Rare Disease product candidate, TransCon hGH (lonapegsomatropin),
Oncology pipeline advancing into clinical trials beginning with TransCon TLR7/8 Agonist
Conference call today at 4:30 p.m. Eastern Time
COPENHAGEN, Denmark, March 10, 2021 (GLOBE NEWSWIRE) Ascendis Pharma A/S (Nasdaq: ASND), a biopharmaceutical company that
utilizes its innovative TransCon technologies to create product candidates that address unmet medical needs, today announced financial results for the full year ended December 31, 2020.
2020 was a year to remember for Ascendis as our global workforce delivered on time or ahead of schedule on all of our corporate milestones,
advancing Vision 3x3, the company s strategic roadmap through 2025 to build a leading biopharma company by achieving sustainable growth through multiple approaches, said Jan Mikkelsen, Ascendis President and CEO. As we look to
2021, we expect to report important clinical updates across our entire investigational product portfolio, including Endocrinology Rare Disease and Oncology, while also achieving key commercial milestones including the anticipated regulatory approval
and commercial launch in the United States, and regulatory approval in Europe, of TransCon hGH for pediatric growth hormone deficiency.
Highlights & Progress
Full Year 2020 Financial Results
For the full year 2020, Ascendis Pharma reported a net loss of 419.0 million, or 8.28 per share (basic and diluted) compared to a net loss of
218.0 million, or 4.69 per share (basic and diluted) for the same period in 2019.
Revenue for 2020 was 7.0 million compared
to 13.4 million in 2019. The decrease was due to lower license and service revenue, partly offset by sale of clinical supply, to VISEN.
Research and development (R&D) costs for 2020 were 260.9 million compared to 191.6 million in 2019. Higher R&D costs in 2020
reflect an increase in personnel-related costs, expansion of R&D facilities and the continued progress in development of the company s product candidates.
Selling, general and administrative expenses for 2020 were 76.7 million compared to 48.5 million in 2019. The increase is primarily due
to higher personnel-related costs, higher IT costs and continued build out of the company s commercial capabilities.
Net loss in associate was
9.5 million for 2020 compared to 8.1 million in 2019, representing the company s share of net result from VISEN.
expenses were 79.0 million for 2020 compared to net finance income of 16.6 million in 2019, primarily reflecting negative exchange rate fluctuations compared to 2019 when the company recognized a gain.
As of December 31, 2020, Ascendis Pharma had cash, cash equivalents and marketable securities totaling
834.1 million compared to 598.1 million at the beginning of the year. As of December 31, 2020, Ascendis Pharma had 53,750,386 ordinary shares outstanding.
Conference Call and Webcast information
will host a conference call and webcast today at 4:30 p.m. Eastern Time (ET) to discuss its full year 2020 financial results. Details include:
| Date | March 10, 2021 | |
| Time | 4:30 p.m. ET / 1:30 p.m. PT | |
| Dial In (U.S.) | 844-290-3904 | |
| Dial In (International) | 574-990-1036 | |
| Access Code | 1996657 |
A live webcast of the conference call will be available on the Investors and News section of the Ascendis Pharma website at
www.ascendispharma.com. A webcast replay will also be available on this website shortly after conclusion of the event for 30 days.
Ascendis Pharma s Pipeline
Ascendis Pharma currently has three product candidates in clinical development in rare endocrine diseases and one
oncology product candidate in clinical development:
About Ascendis Pharma A/S
Ascendis Pharma is applying its innovative TransCon technologies to build a leading, fully integrated biopharmaceutical company focused on making a
meaningful difference in patients lives. Guided by its core values of patients, science and passion, the company utilizes its TransCon technologies to create new and potentially
best-in-class therapies.
Ascendis Pharma currently has a pipeline of
three independent endocrinology rare disease product candidates and one oncology product candidate in clinical development. The company continues to expand into additional therapeutic areas to address unmet patient needs.
Ascendis is headquartered in Copenhagen, Denmark, with additional offices in Heidelberg and Berlin, Germany, Palo Alto and Redwood
City, California, and Princeton, New Jersey.
Please visit www.ascendispharma.com (for global information) or
www.ascendispharma.us (for U.S. information.)
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) Ascendis expectations regarding Ascendis strategic roadmap through 2025 to build a leading biopharma company by achieving sustainable growth, (ii) Ascendis expectations regarding potential commercial launch of
lonapegsomatropin, (iii) Ascendis 2020 corporate goals and Vision 3x3, (iv) Ascendis PDUFA date for its Biologics License Application for lonapegsomatropin, (v) Ascendis ability to apply its platform technology to build a
leading, fully integrated biopharma company, (vi) Ascendis product pipeline and expansion into additional therapeutic areas and (vii) Ascendis expectations regarding its ability to utilize 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: unforeseen safety or efficacy results in its oncology programs,
lonapegsomatropin, TransCon PTH and TransCon CNP or other development programs; unforeseen expenses related to the development and potential commercialization of its oncology programs, lonapegsomatropin, TransCon PTH and TransCon CNP or other
development programs, selling, general and administrative expenses, other research and development expenses and Ascendis business generally; delays in the development of its oncology programs, lonapegsomatropin, TransCon PTH and TransCon CNP
or other development programs related to manufacturing, regulatory requirements, speed of patient recruitment or other unforeseen delays; 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 of 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 prospectus supplement filed on July 9, 2020 and
Ascendis current and future reports filed with, or submitted to, the U.S. Securities and Exchange Commission (SEC), including its Annual Report on Form 20-F filed with
the SEC on April 3, 2020. Forward-looking statements do not reflect the potential impact of any future in-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.
Ascendis, Ascendis Pharma, the Ascendis Pharma logo, the company logo and TransCon are
trademarks owned by the Ascendis Pharma Group. March 2021 Ascendis Pharma A/S.
FINANCIAL TABLES FOLLOW
Consolidated Statements of Profit
or Loss and Other Comprehensive Income / (loss)
(In EUR 000s, except share and per share data)
| Year ended December 31, | ||||||||
| 2020 | 2019 | |||||||
| Revenue | 6,953 | 13,375 | ||||||
| Research and development costs | (260,904 | ) | (191,621 | ) | ||||
| Selling, general and administrative expenses | (76,669 | ) | (48,473 | ) | ||||
| Operating profit / (loss) | (330,620 | ) | (226,719 | ) | ||||
| Share of profit / (loss) of associate | (9,524 | ) | (8,113 | ) | ||||
| Finance income | 1,812 | 17,803 | ||||||
| Finance expenses | (80,842 | ) | (1,221 | ) | ||||
| Profit / (loss) before tax | (419,174 | ) | (218,250 | ) | ||||
| Tax on profit / (loss) for the year | 219 | 234 | ||||||
| Net profit / (loss) for the year | (418,955 | ) | (218,016 | ) | ||||
| Attributable to owners of the Company | (418,955 | ) | (218,016 | ) | ||||
| Basic and diluted earnings / (loss) per share | (8.28 | ) | (4.69 | ) | ||||
| Number of shares used for calculation (basic and diluted) | 50,616,528 | 46,506,862 | ||||||
| Net profit / (loss) for the year | (418,955 | ) | (218,016 | ) | ||||
| Other comprehensive income / (loss) | ||||||||
| Items that may be reclassified subsequently to profit or loss: | ||||||||
| Exchange differences on translating foreign operations | (42 | ) | (37 | ) | ||||
| Other comprehensive income / (loss) for the year, net of tax | (42 | ) | (37 | ) | ||||
| Total comprehensive income / (loss) for the year, net of tax | (418,997 | ) | (218,053 | ) | ||||
| Attributable to owners of the Company | (418,997 | ) | (218,053 | ) |
Consolidated Statements of Financial Position
| December 31, | December 31, | |||||||
| 2020 | 2019 | |||||||
| Assets | ||||||||
| Non-current assets | ||||||||
| Intangible assets | 5,717 | 3,495 | ||||||
| Property, plant and equipment | 108,112 | 45,069 | ||||||
| Investment in associate | 9,176 | 15,538 | ||||||
| Other receivables | 1,375 | 1,463 | ||||||
| Marketable securities | 115,280 | |||||||
| 239,660 | 65,565 | |||||||
| Current assets | ||||||||
| Trade receivables | 387 | 804 | ||||||
| Other receivables | 6,957 | 4,609 | ||||||
| Prepayments | 13,994 | 7,648 | ||||||
| Marketable securities | 134,278 | |||||||
| Cash and cash equivalents | 584,517 | 598,106 | ||||||
| 740,133 | 611,167 | |||||||
| Total assets | 979,793 | 676,732 | ||||||
| Equity and liabilities | ||||||||
| Equity | ||||||||
| Share capital | 7,217 | 6,443 | ||||||
| Distributable equity | 831,494 | 590,671 | ||||||
| Total equity | 838,711 | 597,114 | ||||||
| Non-current liabilities | ||||||||
| Lease liabilities | 85,116 | 30,720 | ||||||
| Other liabilities | 3,162 | 908 | ||||||
| 88,278 | 31,628 | |||||||
| Current liabilities | ||||||||
| Lease liabilities | 6,859 | 5,899 | ||||||
| Contract liabilities | 363 | 858 | ||||||
| Trade payables and accrued expenses | 21,897 | 27,765 | ||||||
| Other liabilities | 23,384 | 13,349 | ||||||
| Income taxes payable | 301 | 119 | ||||||
| 52,804 | 47,990 | |||||||
| Total liabilities | 141,082 | 79,618 | ||||||
| Total equity and liabilities | 979,793 | 676,732 |
| Investor contacts: | Media contact: | |||
| Tim Lee | Ron Rogers | |||
| Ascendis Pharma | Ascendis Pharma | |||
| (650) 374-6343 | (650) 507-5208 |