Ascendis Pharma Reports Fourth Quarter and Full-Year 2025 Financial Results
Rhea-AI Summary
Ascendis Pharma (Nasdaq: ASND) reported Q4 2025 product revenue of €240 million and full‑year 2025 product revenue of €684 million. Q4 operating profit was €10 million with operating cash flow of €73 million. Full‑year net loss was €228 million and cash totaled €616 million. Key pipeline milestones include a PDUFA action date of Feb 28, 2026 for TransCon CNP (pediatric achondroplasia) and ongoing TransCon PTH and TransCon hGH label-expansion programs.
Positive
- Q4 product revenue of €240 million
- Full‑year product revenue of €684 million
- YORVIPATH FY revenue of €477 million
- Q4 operating cash flow of €73 million
- Cash balance of €616 million as of Dec 31, 2025
- PDUFA action date Feb 28, 2026 for TransCon CNP (pediatric achondroplasia)
Negative
- Full‑year net loss of €228 million
- SG&A rose to €458 million in 2025
- Total operating expenses increased to €761 million in 2025
- Non‑product revenue fell from €138 million in 2024 to €37 million in 2025
- Net finance expenses increased to €93 million for 2025
Market Reaction
Following this news, ASND has declined 5.18%, reflecting a notable negative market reaction. Our momentum scanner has triggered 2 alerts so far, indicating moderate trading interest and price volatility. The stock is currently trading at $210.02. This price movement has removed approximately $750M from the company's valuation.
Data tracked by StockTitan Argus (15 min delayed). Upgrade to Silver for real-time data.
Key Figures
Market Reality Check
Peers on Argus
ASND gained 0.97% while several biotech peers also moved higher: BMRN +2.86%, SMMT +0.20%, BBIO +0.14%, though EXEL and IONS were modestly negative. The upside in ASND occurs within a mixed but generally constructive biotech tape.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 12 | Q3 2025 earnings | Positive | -1.0% | Strong revenue growth and first operating profit but share price slipped modestly. |
| Aug 07 | Q2 2025 earnings | Positive | +0.6% | Significant revenue increase and growing YORVIPATH and SKYTROFA contributions. |
| May 01 | Q1 2025 earnings | Positive | +2.7% | Higher revenue, solid product uptake, and improved net loss versus prior year. |
| Feb 12 | FY 2024 earnings | Positive | +13.0% | Strong 2024 revenue growth and early YORVIPATH and SKYTROFA scaling. |
| Nov 14 | Q3 2024 earnings | Positive | +1.8% | Improving product revenues plus new Novo Nordisk collaboration and guidance. |
Earnings releases have generally led to positive share reactions, with 4 aligned moves and 1 divergence and an average move of 3.43% around past earnings events.
Over the past year, Ascendis’ earnings reports have highlighted rapid revenue growth driven by YORVIPATH and SKYTROFA, improving operating metrics, and a still‑negative but narrowing net loss. Events from Q3 2024 through Q3 2025 show total revenue rising from €57.8M to €213.6M, alongside cash balances in the €518–626M range. Regulatory milestones for TransCon CNP and commercial ramp of YORVIPATH have been recurring themes, and today’s full‑year 2025 report extends that trajectory with higher product revenues and improved losses.
Historical Comparison
In the past five earnings releases, ASND showed an average move of 3.43%, usually positive, suggesting investors often reward revenue growth and pipeline progress.
Earnings from late 2024 through 2025 show a progression from early YORVIPATH launch to strong global product revenue, improving losses, and repeated confirmation of TransCon CNP regulatory milestones.
Market Pulse Summary
The stock is down -5.2% following this news. A negative reaction despite growing revenues and improving net losses would fit a pattern where one prior earnings event saw shares fall despite strong fundamentals. With average historical earnings moves of 3.43%, a sharp decline could reflect concerns about sustained spending levels, future profitability, or regulatory timelines rather than the reported 2025 performance itself. Such pullbacks have potential to normalize if subsequent milestones or execution restore confidence.
Key Terms
pdufa regulatory
nda regulatory
maa regulatory
phase 2 medical
phase 3 medical
overall survival medical
basket trial medical
biologics license application regulatory
AI-generated analysis. Not financial advice.
- Q4 2025 product revenue of
€240 million and FY 2025 product revenue of€684 million - Q4 2025 operating profit of
€10 million and cash flow from operating activities of€73 million - TransCon® CNP under FDA Priority Review, PDUFA action goal date of February 28, 2026
- Conference call today at 4:30 pm ET
COPENHAGEN, Denmark, Feb. 11, 2026 (GLOBE NEWSWIRE) -- Ascendis Pharma A/S (Nasdaq: ASND) today announced financial results for the fourth quarter and full year ended December 31, 2025, and provided a business update.
“With a continued focus on making a meaningful difference for patients, we believe Ascendis is entering a steep growth phase as we transform into a leading global biopharma company,” said Jan Mikkelsen, President and CEO of Ascendis Pharma. “With strong execution and the power of our TransCon platform, we are positioned to generate approximately
Select 2025 Highlights & Anticipated 2026 Milestones
- TransCon PTH
(palopegteriparatide, marketed as YORVIPATH)- YORVIPATH revenue for the fourth quarter of 2025 totaled
€187 million and€477 million for the full year 2025, as previously announced. - More than 5,300 unique U.S. patient enrollments, with nearly 2,400 unique prescribing healthcare providers at year end.
- Outside the U.S., now available commercially or through named patient programs in more than 30 countries, with full commercial launches anticipated in 10 additional countries by year end 2026.
- Presented pooled analysis of 3-year data from PaTHway and PaTH Forward trials at the American Society of Nephrology (ASN) Kidney Week 2025, reinforcing that treatment with TransCon PTH led to rapid and sustained improvements in kidney function in adults with hypoparathyroidism.
- Ongoing label expansion trials through PaTHway60 (adults) and PaTHway Adolescent.
- Confirmed product profile for once-weekly TransCon PTH, targeting patients who have been transitioned from conventional therapy to YORVIPATH and have achieved a stable daily dose.
- YORVIPATH revenue for the fourth quarter of 2025 totaled
- TransCon CNP
(navepegritide, FDA NDA and EMA MAA filed)- In the U.S., PDUFA action goal date of February 28, 2026 for pediatric achondroplasia.
- Submitted marketing authorization application (MAA) to the European Medicines Agency (EMA) in October 2025, with a regulatory decision on potential use in pediatric achondroplasia anticipated in the fourth quarter of 2026.
- Label expansion trial in infants with achondroplasia, reACHin, remains ongoing with enrollment completion anticipated later this year.
- TransCon CNP + TransCon hGH Combination Therapy
(navepegritide plus lonapegsomatropin)- Announced Week 52 topline results from Phase 2 COACH Trial, which demonstrated improvements in annualized growth velocity across both TransCon CNP treatment-naïve and TransCon CNP-treated children that exceeded the 97th percentile of average stature children, along with improvements in body proportionality and in arm span, and a safety profile consistent with those observed for monotherapies of TransCon CNP and TransCon hGH on January 8, 2026.
- Held a successful end of Phase 2 meeting with the U.S. Food & Drug Administration (FDA) and Scientific Advice meeting in the EU regarding a Phase 3 trial of TransCon CNP and TransCon hGH in pediatric achondroplasia in the fourth quarter of 2025.
- Week 78 COACH data update anticipated in second quarter of 2026.
- Planned new trials to support TransCon CNP + TransCon hGH treatment in additional indications.
- TransCon hGH
(lonapegsomatropin, marketed as SKYTROFA)- SKYTROFA revenue for the fourth quarter of 2025 totaled
€53 million and€206 million for the full year 2025, as previously announced. - Received first label expansion in July 2025 with FDA approval for adult growth hormone deficiency (GHD).
- Initiated Phase 3 basket trial for additional indications: idiopathic short stature (ISS), SHOX deficiency, Turner syndrome, and small for gestational age (SGA).
- SKYTROFA revenue for the fourth quarter of 2025 totaled
- Oncology Program
(onvapegleukin alfa)
-
- Expect to report median overall survival (OS) data for a cohort of 70 patients with late-line platinum-resistant ovarian cancer (PROC) from the IL-Believe Trial of TransCon IL-2 β/γ + weekly paclitaxel in the second quarter of this year.
- Strategic Collaborations & Investments
- Ongoing multi-product collaboration with Novo Nordisk for TransCon technology-based therapies in obesity and metabolic diseases, with the lead program, TransCon Semaglutide, on track to enter the clinic as anticipated.
- Eyconis lead program, TransCon aVEGF (EYC-0305), in development for wet AMD and other retinal diseases anticipated to enter the clinic in 2026.
- On January 26, 2026, VISEN Pharmaceuticals announced that China’s National Medical Products Administration approved its biologics license application for lonapegsomatropin (TransCon hGH) in China for the treatment of pediatric growth hormone deficiency (PGHD).
- In November 2025, Teijin Limited announced that YORVIPATH is commercially available for prescription in Japan.
- Financial Update
- For the fourth quarter of 2025, operating profit was
€10 million and cash flow from operating activities was€73 million , primarily driven by continued growth of YORVIPATH revenue globally. - Initiating previously announced
$120 million share repurchase program in 2026. - As of December 31, 2025, our cash balance was
€616 million , an increase of€77 million compared to€539 million as of September 30, 2025.
- For the fourth quarter of 2025, operating profit was
Fourth Quarter and Full-Year 2025 Financial Results
Total revenue for the fourth quarter of 2025 was
Total revenue for 2025 was
| Total Revenue (In EUR'000s) | Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||
| Revenue | ||||||||||||
| Commercial products | 240,092 | 72,130 | 683,572 | 225,728 | ||||||||
| Services and clinical supply | 4,780 | 5,933 | 18,008 | 15,570 | ||||||||
| Licenses | 2,628 | 95,853 | 5,630 | 122,343 | ||||||||
| Milestones | — | — | 12,922 | — | ||||||||
| Total revenue | 247,500 | 173,916 | 720,132 | 363,641 | ||||||||
| Commercial Products Revenue (In EUR'000s) | Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||
| Revenue from commercial products | ||||||||||||
| YORVIPATH® | 186,677 | 13,584 | 477,412 | 28,727 | ||||||||
| SKYTROFA® | 53,415 | 58,546 | 206,160 | 197,001 | ||||||||
| Total revenue from commercial products | 240,092 | 72,130 | 683,572 | 225,728 | ||||||||
Research and development (R&D) expenses for the fourth quarter of 2025 were
Selling, general, and administrative (SG&A) expenses for the fourth quarter of 2025 were
Total operating expenses for the fourth quarter of 2025 were
Net finance expenses were
For the fourth quarter of 2025, Ascendis Pharma reported a net loss of
As of December 31, 2025, Ascendis Pharma had cash and cash equivalents totaling
Conference Call and Webcast Information
Ascendis Pharma will host a conference call and webcast today at 4:30 pm Eastern Time (ET) to discuss its fourth quarter and full year 2025 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 on this section of the Ascendis Pharma website shortly after conclusion of the event for 30 days.
About Ascendis Pharma A/S
Ascendis Pharma is applying its innovative TransCon technology platform to build a leading, fully integrated biopharma company focused on making a meaningful difference in patients’ lives. Guided by its core values of Patients, Science, and Passion, Ascendis uses its TransCon technologies to create new and potentially best-in-class therapies. 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. Examples of such statements include, but are not limited to, statements relating to (i) Ascendis’ expectation for durable, long-term growth, including its expectation to generate approximately
Ascendis, Ascendis Pharma, the Ascendis Pharma logo, the company logo, TransCon, SKYTROFA®, and YORVIPATH® are trademarks owned by the Ascendis Pharma group.
© February 2026 Ascendis Pharma A/S.
| Investor Contacts: Chad Fugere Ascendis Pharma ir@ascendispharma.com | Media Contact: Melinda Baker Ascendis Pharma media@ascendispharma.com |
| Patti Bank ICR Healthcare patti.bank@icrhealthcare.com | |
FINANCIAL TABLES FOLLOW
| Ascendis Pharma A/S Consolidated Statements of Profit or (Loss) and Other Comprehensive Income or (Loss) (In EUR'000s, except share and per share data) | Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Consolidated Statement of Profit or (Loss) | ||||||||||||||||
| Revenue | 247,500 | 173,916 | 720,132 | 363,641 | ||||||||||||
| Cost of sales | (23,598 | ) | (14,023 | ) | (94,915 | ) | (44,258 | ) | ||||||||
| Gross profit | 223,902 | 159,893 | 625,217 | 319,383 | ||||||||||||
| Research and development expenses | (78,151 | ) | (79,294 | ) | (303,621 | ) | (307,004 | ) | ||||||||
| Selling, general, and administrative expenses | (135,855 | ) | (80,216 | ) | (457,867 | ) | (291,142 | ) | ||||||||
| Operating profit/(loss) | 9,896 | 383 | (136,271 | ) | (278,763 | ) | ||||||||||
| Share of profit/(loss) of associates | 1,328 | (4,575 | ) | 16,308 | (20,060 | ) | ||||||||||
| Finance income | 24,061 | 26,233 | 113,999 | 25,609 | ||||||||||||
| Finance expenses | (61,990 | ) | (59,425 | ) | (206,687 | ) | (100,027 | ) | ||||||||
| Profit/(loss) before tax | (26,705 | ) | (37,384 | ) | (212,651 | ) | (373,241 | ) | ||||||||
| Income taxes (expenses) | (6,857 | ) | (1,085 | ) | (15,383 | ) | (4,843 | ) | ||||||||
| Net profit/(loss) for the year | (33,562 | ) | (38,469 | ) | (228,034 | ) | (378,084 | ) | ||||||||
| Attributable to owners of the Company | (33,562 | ) | (38,469 | ) | (228,034 | ) | (378,084 | ) | ||||||||
| Basic earnings/(loss) per share | € | (0.55 | ) | € | (0.64 | ) | € | (3.76 | ) | € | (6.53 | ) | ||||
| Diluted earnings/(loss) per share | € | (0.55 | ) | € | (0.64 | ) | € | (3.76 | ) | € | (6.53 | ) | ||||
| Consolidated Statement of Comprehensive Income or (Loss) | ||||||||||||||||
| Net profit/(loss) for the year | (33,562 | ) | (38,469 | ) | (228,034 | ) | (378,084 | ) | ||||||||
| Other comprehensive income/(loss) | ||||||||||||||||
| Items that may be reclassified subsequently to profit or (loss): | ||||||||||||||||
| Exchange differences on translating foreign operations | (490 | ) | 830 | (3,538 | ) | 1,062 | ||||||||||
| Other comprehensive income/(loss) for the year, net of tax | (490 | ) | 830 | (3,538 | ) | 1,062 | ||||||||||
| Total comprehensive income/(loss) for the year, net of tax | (34,052 | ) | (37,639 | ) | (231,572 | ) | (377,022 | ) | ||||||||
| Attributable to owners of the Company | (34,052 | ) | (37,639 | ) | (231,572 | ) | (377,022 | ) | ||||||||
| Ascendis Pharma A/S Consolidated Statements of Financial Position (In EUR'000s) | December 31, 2025 | December 31, 2024 | |||||
| Assets | |||||||
| Non-current assets | |||||||
| Intangible assets | 3,710 | 4,028 | |||||
| Property, plant and equipment | 146,479 | 98,714 | |||||
| Investments in associates | 32,526 | 13,575 | |||||
| Other receivables | 10,870 | 2,317 | |||||
| 193,585 | 118,634 | ||||||
| Current assets | |||||||
| Inventories | 301,533 | 295,609 | |||||
| Trade receivables | 141,333 | 166,280 | |||||
| Income tax receivables | 1,781 | 1,775 | |||||
| Other receivables | 14,582 | 9,385 | |||||
| Prepayments | 33,715 | 28,269 | |||||
| Cash and cash equivalents | 616,041 | 559,543 | |||||
| 1,108,985 | 1,060,861 | ||||||
| Total assets | 1,302,570 | 1,179,495 | |||||
| Equity and liabilities | |||||||
| Equity | |||||||
| Share capital | 8,322 | 8,149 | |||||
| Distributable equity | (171,143 | ) | (113,855 | ) | |||
| Total equity | (162,821 | ) | (105,706 | ) | |||
| Non-current liabilities | |||||||
| Borrowings | 385,254 | 365,080 | |||||
| Contract liabilities | 1,123 | 5,000 | |||||
| Deferred tax liabilities | 9,623 | 7,258 | |||||
| 396,000 | 377,338 | ||||||
| Current liabilities | |||||||
| Convertible notes, matures in April 2028 | |||||||
| Borrowings | 429,391 | 458,207 | |||||
| Derivative liabilities | 256,231 | 150,670 | |||||
| 685,622 | 608,877 | ||||||
| Other current liabilities | |||||||
| Borrowings | 57,141 | 33,329 | |||||
| Contract liabilities | 4,944 | 936 | |||||
| Trade payables and accrued expenses | 90,657 | 96,394 | |||||
| Other liabilities | 58,204 | 67,956 | |||||
| Income tax payables | 6,427 | 1,222 | |||||
| Provisions | 166,396 | 99,149 | |||||
| 383,769 | 298,986 | ||||||
| 1,069,391 | 907,863 | ||||||
| Total liabilities | 1,465,391 | 1,285,201 | |||||
| Total equity and liabilities | 1,302,570 | 1,179,495 | |||||
FAQ
What were Ascendis Pharma (ASND) Q4 2025 revenues and operating profit?
What is the PDUFA date for TransCon CNP (ASND) and what does it mean?
How did YORVIPATH contribute to Ascendis Pharma's 2025 performance (ASND)?
Why did Ascendis Pharma (ASND) report a full‑year net loss in 2025 despite revenue growth?
What is the size and purpose of Ascendis Pharma's 2026 share repurchase program (ASND)?
