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ASND

Ascendis Pharma A/S

ASND

Ascendis Pharma A/S • NASDAQ
$212.33 ▲ 1.10% (+2.32)
Market Cap $12.80 B
52w High $223.19
52w Low $118.03
Dividend Yield 0%
P/E -47.82
Volume 273.56K
Outstanding Shares 60.26M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $213.634M ▲ $180.283M ▲ $-60.989M ▼ -28.548% ▼ $-1 ▼ $-53.353M ▼
Q2-2025 $158.045M ▲ $179.549M ▼ $-38.855M ▲ -24.585% ▲ $-0.64 ▲ $2.319M ▲
Q1-2025 $100.954M ▼ $187.649M ▲ $-94.626M ▼ -93.732% ▼ $-1.58 ▼ $-44.234M ▼
Q4-2024 $173.916M ▲ $159.51M ▲ $-38.469M ▲ -22.119% ▲ $-0.64 ▲ $-37.893M ▲
Q3-2024 $57.833M $143.375M $-99.198M -171.525% $-1.69 $-71.129M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $539.092M ▲ $1.155B ▲ $1.329B ▲ $-174.075M ▲
Q2-2025 $494.046M ▼ $1.088B ▲ $1.275B ▲ $-187.572M ▲
Q1-2025 $517.923M ▼ $1.061B ▼ $1.251B ▼ $-189.807M ▼
Q4-2024 $559.543M ▼ $1.179B ▲ $1.285B ▲ $-105.706M ▼
Q3-2024 $625.515M $1.094B $1.191B $-97.32M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-60.99M ▼ $2.153M ▲ $-53K ▲ $38.854M ▲ $45.046M ▲ $2.1M ▲
Q2-2025 $-38.856M ▲ $-7.341M ▲ $-4.338M ▼ $6.981M ▲ $-23.877M ▲ $-11.679M ▲
Q1-2025 $-94.626M ▼ $-14.313M ▲ $-703K ▼ $-18.024M ▼ $-41.62M ▲ $-15.016M ▲
Q4-2024 $-38.469M ▲ $-87.176M ▼ $-384K ▲ $87K ▼ $-65.972M ▼ $-87.559M ▼
Q3-2024 $-99.198M $-56.131M $-503K $427.874M $366.819M $-56.598M

Five-Year Company Overview

Income Statement

Income Statement Revenue has started to pick up from a very low base, but the company is still clearly in the “investment phase.” Gross profit is positive, which shows the products they do sell are profitable after direct costs. However, operating losses remain large, mainly driven by high research, development, and commercialization spending. Net losses have been consistent over the past years, though the size of those losses has recently narrowed a bit, suggesting some early operating leverage but still a long way from break-even.

Balance Sheet

Balance Sheet The balance sheet shows a sizable pool of total assets and cash, but it is funded increasingly by debt rather than equity. Equity has turned negative, which reflects accumulated losses and a capital structure that leans heavily on borrowing and other liabilities. Rising debt levels add financial risk and increase the importance of future milestone payments, partnerships, or product ramp-up. The asset base itself appears stable, but the mix of funding sources has become more aggressive.

Cash Flow

Cash Flow The company burns cash consistently in its day-to-day operations, which is typical for a biotech building out multiple programs at once. Cash outflow from operations has been significant, and because capital spending is modest, free cash flow is almost the same as operating cash flow — and clearly negative. This means Ascendis depends on external funding (debt, equity, and partners) to sustain development until its product portfolio scales enough to cover costs. Any delay in pipeline progress or product uptake could tighten this cash picture.

Competitive Edge

Competitive Edge Ascendis has a differentiated position built around its proprietary TransCon platform, which allows known drugs to be turned into longer-acting, more convenient treatments. This gives it a clear angle in rare endocrine diseases and a growing foothold in oncology. Approved products validate the technology, and a focus on high-need, niche indications can support strong pricing and patient loyalty. At the same time, it faces competition from larger pharma companies, reimbursement pressures, and the usual regulatory risk of setbacks or label limitations, so its moat depends on continued strong clinical data and execution.

Innovation and R&D

Innovation and R&D Innovation is the core of the story. The company is spending heavily on research and development to expand beyond growth hormone and parathyroid hormone into achondroplasia, oncology, and potentially metabolic and cardiovascular diseases through partnerships like the one with Novo Nordisk. The TransCon platform is versatile and gives them multiple shots on goal, but each program carries trial, safety, and approval risk. The long-term strategy (“Vision 2030”) is ambitious and will require sustained R&D intensity, careful prioritization of projects, and reliable funding to deliver on its pipeline promises.

Summary

Ascendis is a classic high-innovation, high-burn biotech: scientifically differentiated, commercially early, and financially dependent on outside capital. Its income statement shows growing but still limited revenue against large ongoing losses, reflecting heavy investment in building a franchise rather than harvesting it. The balance sheet and cash flows underline this, with negative equity, growing debt, and consistent cash burn. On the strategic side, the TransCon platform, existing approvals, and a broad pipeline provide meaningful upside potential if clinical and commercial milestones are met. The trade-off is elevated financial and execution risk until the product portfolio matures and cash generation becomes more self-sustaining.

NEWS

November 25, 2025 · 6:15 PM UTC

Ascendis Announces Extension of FDA Review Period for TransCon CNP (navepegritide) for Children with Achondroplasia

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November 17, 2025 · 4:01 PM UTC

Results of Pivotal ApproaCH Trial of TransCon® CNP (Navepegritide) in Children with Achondroplasia Published in JAMA Pediatrics

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November 12, 2025 · 4:01 PM UTC

Ascendis Pharma Reports Third Quarter 2025 Financial Results

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November 7, 2025 · 8:30 AM UTC

New Pooled 3-Year Analysis Confirms Sustained, Clinically Meaningful Improvements in Renal Function for TransCon® PTH (Palopegteriparatide)-Treated Adults with Hypoparathyroidism

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November 5, 2025 · 4:01 PM UTC

Ascendis Pharma to Report Third Quarter 2025 Financial Results and Provide Business Update on November 12, 2025

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