Full Press Release Details
Ascendis Pharma Reports First Quarter 2026 Financial Results
- Q1 2026 revenue of 197 million for YORVIPATH and
44 million for SKYTROFA
- More than 1,000 new patient
enrollments for YORVIPATH in the U.S. in Q1
- As of May 1, more than 60
YUVIWEL enrollments since early April U.S. commercial launch
into agreement to sell Rare Pediatric Disease Priority Review Voucher for $187.5 million
- Conference call today at 8:00 am ET
COPENHAGEN, Denmark, May 7, 2026 (GLOBE NEWSWIRE) - Ascendis Pharma A/S (Nasdaq: ASND) today announced financial
results for the first quarter ended March 31, 2026, and provided a business update.
"The FDA approval of YUVIWEL, our third consecutive
TransCon product, and the robust patient uptake for YORVIPATH are cementing our position as a leading global biopharma," said Jan Mikkelsen, President and Chief Executive Officer of Ascendis Pharma. "Our strong focus on science and
making a meaningful difference for patients will continue to be the fundamental driver for our success."
Anticipated 2026 Milestones
(palopegteriparatide, developed as TransCon PTH)
(navepegritide, developed as TransCon CNP)
(lonapegsomatropin, developed as TransCon hGH)
(navepegritide plus lonapegsomatropin)
(onvapegleukin alfa)
Key Financial Highlights
First Quarter 2026 Financial Results
the first quarter of 2026 was 247 million, compared to 101 million during the same period in 2025. The year-over-year increase in revenue was primarily attributable to an increase in product revenue from YORVIPATH.
| Three Months Ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| Revenue | ||||||||
| Commercial products | 240,853 | 96,028 | ||||||
| Services and clinical supply | 5,110 | 3,524 | ||||||
| Licenses | 638 | 1,402 | ||||||
| Total revenue | 246,601 | 100,954 |
Revenue from Commercial Products
| Three Months Ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| Revenue from commercial products | ||||||||
| YORVIPATH | 196,896 | 44,688 | ||||||
| SKYTROFA | 43,957 | 51,340 | ||||||
| Total revenue from commercial products | 240,853 | 96,028 |
Research and development expenses for the first quarter of 2026 were 59 million, compared to 87 million
during the same period in 2025. The decrease was driven primarily by the completion of certain clinical trials and development activities within our Endocrinology Rare Disease and Oncology pipeline and the first quarter of 2026 being positively
impacted by a reversal of prior period write-downs of pre-launch inventories related to YUVIWEL.
general, and administrative expenses for the first quarter of 2026 were 145 million, compared to 101 million during the same period in 2025. The increase was primarily due to the impact from commercial expansion, including
global launch activities.
Total operating expenses for the first quarter of 2026 were 204 million compared to 188 million during
the same period in 2025.
Operating profit for the first quarter of 2026 was 25 million, compared to an operating loss of
104 million during the same period in 2025. The increase was primarily driven by the increase in product revenue.
Net finance expenses for the first quarter of 2026 were 63 million, compared to
16 million during the same period in 2025. The increase was primarily driven by non-cash fair-value remeasurement of derivative liabilities associated with our convertible notes.
Income taxes for the first quarter of 2026 included the recognition of previously unrecognized deferred tax assets of 679 million.
For the first quarter of 2026, Ascendis Pharma reported net profit of 629 million, or 10.20 per share basic and 9.75 per share
(diluted), compared to a net loss of 95 million, or 1.58 per share (basic and diluted), for the same period in 2025. Net profit for the first quarter of 2026 included the recognition of previously unrecognized deferred tax assets of
Cash flows used in operating activities for the first quarter of 2026 were 8 million compared to 14 million
used during the same period in 2025. The change primarily reflects the prior-year period benefiting from the $100 million upfront payment received under our exclusive license agreement with Novo Nordisk, which did not recur in the current
period, while the current period reflects improved operating performance offset by working capital build.
As of March 31, 2026, Ascendis Pharma had
cash and cash equivalents totaling 573 million, compared to 616 million as of December 31, 2025. As of March 31, 2026, Ascendis Pharma had 62,376,846 ordinary shares outstanding, including 265,251 held by the Company.
Beginning with the first quarter of 2026, Ascendis Pharma is introducing supplemental non-IFRS financial measures
that management believes will help investors evaluate the Company's underlying operating performance from period to period and enhance comparability against peer companies. The non-IFRS measures
presented are not a substitute for, and should be considered together with, the comparable IFRS measures. See the table below on page 14 for specific reconciling items.
For the first quarter of 2026, non-IFRS operating profit was 55 million, compared to a non-IFRS operating loss of 79 million for the same period in 2025.
For the first quarter of 2026, non-IFRS net profit was 18 million, or 0.27 earnings per diluted share, compared to a non-IFRS net loss of 73 million, or 1.22 loss per
diluted share, for the same period in 2025.
Conference Call and Webcast Information
Ascendis Pharma will host a conference call and webcast today at 8:00 am Eastern Time (ET) to discuss its first quarter 2026 financial results.
Those who would like to participate may access the live webcast here, or register in advance for the teleconference here. The link to the live
webcast will also be available on the Investors & News section of the Ascendis Pharma website at https://investors.ascendispharma.com. A replay of the webcast will be available in this section of the Ascendis Pharma website shortly
after the conclusion of the event for 30 days.
About Ascendis Pharma A/S
Ascendis Pharma is a global biopharmaceutical company focused on applying our innovative TransCon technology platform to make a meaningful difference for
patients. Guided by our core values of Patients, Science, and Passion, and following our algorithm for product innovation, we apply TransCon to develop new therapies that demonstrate
best-in-class potential to address unmet medical needs. Ascendis is headquartered in Copenhagen, Denmark, and has additional facilities in Europe and the United States.
Please visit 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 within the meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. Examples of such statements include, but are not limited to, statements relating to (i) Ascendis' evolution into a leading global biopharma, (ii) Ascendis'
strong focus on science and making a meaningful difference for patients as the fundamental driver for success, (iii) anticipated timing of a regulatory decision from the European Medicines Agency, (iv) anticipated timing and plans of
clinical trials and development activities, (v) Ascendis' ability to apply its TransCon technology platform to make a meaningful difference for patients and (vi) Ascendis' use of TransCon 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, without limitation: dependence on third-party manufacturers, distributors, and service providers for
Ascendis' products and product candidates; risks related to regulatory review and approval, including the possibility of delays, requests for additional data or analyses, restrictions or limitations on use, approval with labeling that is more
limited than expected, or failure to obtain approval in the United States, European Union, or other jurisdictions; clinical development risks, including that results from ongoing or future trials may not confirm earlier data; unforeseen safety or
efficacy findings in development programs or on-market products; manufacturing, supply chain, quality, or logistics issues that could delay development or commercialization; unforeseen expenses related to commercialization of any approved Ascendis
products; unforeseen research and development or selling, general and administrative expenses and other costs impacting Ascendis' business generally; market acceptance, pricing, and reimbursement challenges, including payer coverage decisions
and health technology assessments; competitive developments, including new or improved therapies; intellectual property protection, freedom-to-operate, and litigation risks; Ascendis' ability to obtain additional funding, if needed, to support
its business activities; cybersecurity, data privacy, and information technology disruptions; and the impact of international economic, political, legal, compliance, public health, and business factors, including tariffs, trade policies, currency
fluctuations, and geopolitical events. 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 February 11, 2026, 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
Ascendis, Ascendis Pharma, the Ascendis Pharma logo, the company logo, TransCon,
SKYTROFA , YORVIPATH , and YUVIWEL are trademarks owned by the Ascendis
Pharma group. May 2026 Ascendis Pharma A/S.
| Investor Contacts: | Media Contact: | |
| Chad Fugere | Melinda Baker | |
| Ascendis Pharma | Ascendis Pharma | |
| +1 (650) 519-7494 | +1 (650) 709-8875 |
Unaudited Condensed Consolidated Statements of Profit or (Loss)
and Comprehensive Income / (Loss)
except per share data)
| Three Months Ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| Consolidated Statement of Profit or (Loss) | ||||||||
| Revenue | 246,601 | 100,954 | ||||||
| Cost of sales | (17,515 | ) | (17,517 | ) | ||||
| Gross profit | 229,086 | 83,437 | ||||||
| Research and development expenses | (59,044 | ) | (86,603 | ) | ||||
| Selling, general, and administrative expenses | (145,230 | ) | (101,046 | ) | ||||
| Operating profit/(loss) | 24,812 | (104,212 | ) | |||||
| Share of profit/(loss) of associates | (10,251 | ) | 26,579 | |||||
| Finance income | 4,517 | 28,854 | ||||||
| Finance expenses | (67,255 | ) | (44,786 | ) | ||||
| Profit/(loss) before tax | (48,177 | ) | (93,565 | ) | ||||
| Income taxes (expenses) | 677,516 | (1,061 | ) | |||||
| Net profit/(loss) for the period | 629,339 | (94,626 | ) | |||||
| Attributable to owners of the Company | 629,339 | (94,626 | ) | |||||
| Basic earnings/(loss) per share | 10.20 | (1.58 | ) | |||||
| Diluted earnings/(loss) per share | 9.75 | (1.58 | ) | |||||
| Consolidated Statement of Comprehensive Income or (Loss) | ||||||||
| Net profit/(loss) for the period | 629,339 | (94,626 | ) | |||||
| Other comprehensive income/(loss) | ||||||||
| Items that may be reclassified subsequently to profit or (loss): | ||||||||
| Exchange differences on translating foreign operations | 3,058 | (75 | ) | |||||
| Other comprehensive income/(loss) for the period, net of tax | 3,058 | (75 | ) | |||||
| Total comprehensive income/(loss) for the period, net of tax | 632,397 | (94,701 | ) | |||||
| Attributable to owners of the Company | 632,397 | (94,701 | ) |
Unaudited Condensed Consolidated Statements of Financial Position
| March 31, 2026 | December 31, 2025 | |||||||
| Assets | ||||||||
| Non-current assets | ||||||||
| Intangible assets | 3,689 | 3,710 | ||||||
| Property, plant and equipment | 135,918 | 146,479 | ||||||
| Investments in associates | 23,560 | 32,526 | ||||||
| Other receivables | 27,367 | 10,870 | ||||||
| Deferred tax assets | 690,405 | - | ||||||
| 880,939 | 193,585 | |||||||
| Current assets | ||||||||
| Inventories | 314,342 | 301,533 | ||||||
| Trade receivables | 178,676 | 141,333 | ||||||
| Income tax receivables | 1,258 | 1,781 | ||||||
| Other receivables | 16,673 | 14,582 | ||||||
| Prepayments | 38,571 | 33,715 | ||||||
| Cash and cash equivalents | 572,820 | 616,041 | ||||||
| 1,122,340 | 1,108,985 | |||||||
| Total assets | 2,003,279 | 1,302,570 | ||||||
| Equity and liabilities | ||||||||
| Equity | ||||||||
| Share capital | 8,380 | 8,322 | ||||||
| Distributable equity | 479,593 | (171,143 | ) | |||||
| Total equity | 487,973 | (162,821 | ) | |||||
| Non-current liabilities | ||||||||
| Borrowings | 386,106 | 385,254 | ||||||
| Contract liabilities | 2,437 | 1,123 | ||||||
| Deferred tax liabilities | - | 9,623 | ||||||
| 388,543 | 396,000 | |||||||
| Current liabilities | ||||||||
| Convertible notes, due April 2028 | ||||||||
| Borrowings | 448,176 | 429,391 | ||||||
| Derivative liabilities | 290,482 | 256,231 | ||||||
| 738,658 | 685,622 | |||||||
| Other current liabilities | ||||||||
| Borrowings | 62,382 | 57,141 | ||||||
| Contract liabilities | 5,364 | 4,944 | ||||||
| Trade payables and accrued expenses | 78,588 | 90,657 | ||||||
| Other liabilities | 57,316 | 58,204 | ||||||
| Income tax payables | 7,805 | 6,427 | ||||||
| Provisions | 176,650 | 166,396 | ||||||
| 388,105 | 383,769 | |||||||
| 1,126,763 | 1,069,391 | |||||||
| Total liabilities | 1,515,306 | 1,465,391 | ||||||
| Total equity and liabilities | 2,003,279 | 1,302,570 |
Unaudited Condensed Consolidated Statements of Cash Flow
| Three Months Ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| Operating activities | ||||||||
| Net profit/(loss) for the period | 629,339 | (94,626 | ) | |||||
| Reversal of finance income | (4,517 | ) | (28,854 | ) | ||||
| Reversal of finance expenses | 67,255 | 44,786 | ||||||
| Reversal of income taxes | (677,516 | ) | 1,061 | |||||
| Adjustments for non-cash items: | ||||||||
| Non-cash consideration relating to revenue | (638 | ) | (1,402 | ) | ||||
| Share of (profit)/loss of associates | 10,251 | (26,579 | ) | |||||
| Share-based payment | 30,356 | 25,558 | ||||||
| Depreciation and amortization | 4,220 | 4,545 | ||||||
| Impairment of property, plant and equipment | - | 7,508 | ||||||
| Changes in working capital: | ||||||||
| Inventories | (12,813 | ) | 2,538 | |||||
| Receivables | (36,377 | ) | 98,032 | |||||
| Prepayments | (4,852 | ) | (5,521 | ) | ||||
| Contract liabilities | 1,735 | (4,054 | ) | |||||
| Trade payables, accrued expenses and other liabilities | (21,051 | ) | (40,767 | ) | ||||
| Provisions | 6,534 | 260 | ||||||
| Cash flows generated from/(used in) operations | (8,074 | ) | (17,515 | ) | ||||
| Finance income received | 4,518 | 4,208 | ||||||
| Finance expenses paid | (5,328 | ) | (954 | ) | ||||
| Income taxes received/(paid) | 1,163 | (52 | ) | |||||
| Cash flows from/(used in) operating activities | (7,721 | ) | (14,313 | ) | ||||
| Investing activities | ||||||||
| Payments received under finance leases | 959 | - | ||||||
| Acquisition of intangible assets and property, plant and equipment | (7,712 | ) | (703 | ) | ||||
| Cash flows from/(used in) investing activities | (6,753 | ) | (703 | ) | ||||
| Financing activities | ||||||||
| Repayment of borrowings | (8,580 | ) | (3,066 | ) | ||||
| Proceeds from exercise of warrants | 31,625 | 13,834 | ||||||
| Acquisition of treasury shares | (51,857 | ) | (17,396 | ) | ||||
| Payment of withholding taxes under stock incentive programs | (8,021 | ) | (11,396 | ) | ||||
| Cash flows from/(used in) financing activities | (36,833 | ) | (18,024 | ) | ||||
| Increase/(decrease) in cash and cash equivalents | (51,307 | ) | (33,040 | ) | ||||
| Cash and cash equivalents at January 1 | 616,041 | 559,543 | ||||||
| Effect of exchange rate changes on balances held in foreign currencies | 8,086 | (8,580 | ) | |||||
| Cash and cash equivalents at March 31 | 572,820 | 517,923 |
Non-IFRS Financial Measures
In addition to the financial information prepared in accordance with IFRS Accounting Standards ("IFRS") as issued by the International Accounting
Standards Board and as adopted by the European Union, this press release contains certain non-IFRS financial measures, including Non-IFRS Operating Profit/(Loss), Non-IFRS Net Profit/(Loss), Non-IFRS operating profit/(loss) margin, and Non-IFRS diluted earnings per share ("Non-IFRS Diluted EPS"). These non-IFRS measures are provided as supplemental information and should be considered in addition to, and not as a substitute for or
superior to, the comparable measures prepared in accordance with IFRS. Management believes these non-IFRS measures support management's, analysts' and investors' overall understanding of the
Company's underlying financial performance and trends and facilitate comparisons among current and past periods.
Since non-IFRS measures do not have standardized definitions and meanings, they may differ from the non-IFRS measures used by other companies, which reduces their usefulness as
comparative financial measures. Because of these limitations, you should consider these adjusted financial measures alongside other IFRS financial measures. Because these non-IFRS measures are not prepared in
accordance with IFRS, they should not be viewed as superior to IFRS reported measures, nor should they be used on their own or as replacements for the IFRS financial information included in this press release. Additionally, our non-IFRS measures may differ from similarly labeled measures used by other companies due to variations in calculation methods or the size and nature of adjusted items. Investors should note that several of the items
excluded from these non-IFRS measures have been recognized in prior periods and may continue to be recognized in future periods.