Ascendis Pharma Reports Second Quarter 2025 Financial Results

Rhea-AI Summary

Ascendis Pharma (NASDAQ:ASND) reported strong Q2 2025 financial results, with total revenue of €158.0 million, a significant increase from €36.0 million in Q2 2024. YORVIPATH® generated €103.0 million in revenue with approximately 3,100 unique patient enrollments, while SKYTROFA® contributed €50.7 million.

Key developments include FDA's priority review of TransCon® CNP (navepegritide) for children with achondroplasia with a PDUFA date of November 30, 2025, and SKYTROFA's U.S. approval for adult growth hormone deficiency treatment. The company reported a net loss of €38.9 million (€0.64 per share) and maintained a strong cash position of €494 million as of June 30, 2025.

Positive

• None.

Negative

• Operating expenses increased to €179.5 million from €157.8 million in Q2 2024
• Cash position decreased from €560 million in December 2024 to €494 million
• Negative foreign currency impact of €5.8 million on YORVIPATH and €1.8 million on SKYTROFA revenue

Insights

Biotechnology Financial Analyst

Ascendis shows strong Q2 revenue growth with YORVIPATH generating €103M and SKYTROFA €50.7M, positioning for significant growth with expanding pipeline.

Ascendis Pharma delivered impressive Q2 2025 financial results with total revenue reaching €158.0 million, a substantial 339% increase from €36.0 million in Q2 2024. This growth was primarily driven by their commercial products, with YORVIPATH (palopegteriparatide) contributing €103.0 million and SKYTROFA (lonapegsomatropin) adding €50.7 million. YORVIPATH's performance is particularly notable with approximately 3,100 unique patient enrollments and over 1,500 prescribing healthcare providers in the U.S. alone, plus revenue from more than 30 countries outside the U.S.

While R&D expenses decreased by 13.8% to €72.0 million due to maturing clinical trials in their growth disorders portfolio, SG&A expenses increased by 44.8% to €107.6 million, reflecting ongoing commercial expansion efforts. The company reported a significantly reduced net loss of €38.9 million (€0.64 per basic share), compared to €109.4 million (€1.91 per basic share) in Q2 2024. This 64.4% reduction in net loss, despite higher operating expenses, demonstrates improving operational efficiency and commercial success.

Looking at the balance sheet, Ascendis maintained a solid cash position of €494 million as of June 30, 2025, down from €560 million at the end of 2024. This 11.8% cash burn over six months appears reasonable given their commercial expansion and ongoing R&D investments. The company's pipeline developments, particularly TransCon CNP's FDA priority review with a November 30, 2025 PDUFA date and SKYTROFA's label expansion to include adult growth hormone deficiency, position Ascendis for continued growth. The promising interim results from the COACH trial for combination therapy further strengthen their growth disorders franchise.

Endocrinology Specialist

Ascendis strengthens rare endocrine disease portfolio with SKYTROFA adult approval and promising TransCon CNP data, addressing significant unmet needs.

Ascendis Pharma's endocrine portfolio demonstrates remarkable clinical progress across multiple fronts. The FDA approval of SKYTROFA (lonapegsomatropin-tcgd) for adult growth hormone deficiency (GHD) represents a significant therapeutic advancement. This once-weekly growth hormone formulation provides a crucial alternative to daily injections, potentially improving treatment adherence and quality of life for adult GHD patients who often require lifelong therapy. The planned basket trial for additional indications including Idiopathic Short Stature, SHOX deficiency, Turner syndrome, and Small for Gestational Age will further expand SKYTROFA's clinical utility across the spectrum of growth disorders.

The TransCon CNP (navepegritide) program for achondroplasia is approaching a critical milestone with FDA priority review and a November 30, 2025, PDUFA date. If approved, this would represent the first TransCon therapy for skeletal dysplasia, addressing the underlying pathophysiology of FGFR3-related growth disorders. The Week 26 interim data from the COACH trial investigating combination therapy of TransCon CNP with TransCon hGH in children with achondroplasia suggests potentially synergistic benefits from targeting complementary growth pathways simultaneously.

Perhaps most fascinating from a clinical perspective is the long-term TransCon PTH (YORVIPATH) data demonstrating normalization of calcium, phosphate, kidney function, bone turnover, and quality of life out to four years of treatment. This mimicry of physiological PTH through 24-hour delivery addresses fundamental limitations of conventional hypoparathyroidism management. The initiation of PaTHway60 to support titration up to 60 µg indicates the company is exploring optimal dosing paradigms to maximize therapeutic benefit. Collectively, these developments reflect a sophisticated therapeutic approach that focuses on physiological hormone replacement rather than symptomatic management of endocrine disorders.

– Q2 2025 revenue of €103.0 million for YORVIPATH^® and €50.7 million for SKYTROFA^®

– TransCon^® CNP (navepegritide) NDA under Priority Review for the treatment of children with achondroplasia with PDUFA date of November 30, 2025

– SKYTROFA^® (lonapegsomatropin-tcgd) approved in the U.S. for treatment of adults with growth hormone deficiency; first of many planned label expansions 

– Week 26 Interim Results for COACH trial highlight the unique portfolio of once-weekly TransCon CNP and once-weekly TransCon hGH, with complementary modes of action, to potentially further transform the treatment landscape for growth disorders and physical functioning

–Conference call today at 4:30 pm ET

COPENHAGEN, Aug. 07, 2025 (GLOBE NEWSWIRE) -- Ascendis Pharma A/S (Nasdaq: ASND) today announced financial results for the second quarter ended June 30, 2025, and provided a business update.

“With the robust global uptake of YORVIPATH and with TransCon CNP under U.S. FDA priority review, Ascendis is on the verge of bringing our third high-value medicine to patients and substantially transforming our financial profile,” said Jan Mikkelsen, Ascendis Pharma’s President and Chief Executive Officer. “We expect our engine for future innovation to drive continued momentum as we aim to address unmet medical need in endocrine rare diseases and other large indications for years to come on our path to fulfilling Vision 2030.”

Select Highlights & Anticipated 2025 Milestones

• TransCon PTH:
  (palopegteriparatide, marketed as YORVIPATH)
  • YORVIPATH revenue for the second quarter of 2025 totaled €103.0 million, including a negative foreign currency impact of €5.8 million compared to the previous quarter.
  • Continued uptake from YORVIPATH in the U.S., with around 3,100 unique patient enrollments and more than 1,500 prescribing health care providers as of June 30, 2025.
  • Outside the U.S., YORVIPATH generated revenue from more than 30 countries.
  • Initiated PaTHway60, a single-arm safety and efficacy trial in patients to support U.S. label expansion to enable titration up to 60 µg dose.
  • Recent presentations at medical conferences in Europe and the U.S. of TransCon PTH data out to four years of treatment demonstrate that preserving the same mode of action and providing active PTH within the physiological range for 24 hours per day comparable to endogenous PTH can normalize key elements such as calcium, phosphate, kidney function, bone turnover, and quality of life.

• TransCon hGH:
  (lonapegsomatropin, marketed as SKYTROFA)
  • SKYTROFA revenue for the second quarter of 2025 totaled €50.7 million, including a negative foreign currency impact of €1.8 million compared to the previous quarter.
  • SKYTROFA approved by FDA for the replacement of endogenous growth hormone in adults with growth hormone deficiency (GHD).
  • During the fourth quarter of 2025, plan to initiate basket trial for several established growth-hormone indications including: Idiopathic Short Stature (ISS), short stature homeobox-containing gene deficiency (SHOX deficiency), Turner syndrome, and Small for Gestational Age (SGA).

• TransCon CNP:
  (navepegritide, NDA filed)
  • FDA accepted for priority review the New Drug Application (NDA) for the treatment of children with achondroplasia, Prescription Drug User Fee Act (PDUFA) goal date of November 30, 2025. Expect to submit Marketing Authorisation Application (MAA) to the European Medicines Agency (EMA) during the third quarter of 2025.
  • During the fourth quarter of 2025, plan to submit an IND or similar to investigate TransCon CNP alone and in combination with TransCon hGH for the treatment of hypochondroplasia.

• TransCon CNP + TransCon hGH Combination Therapy
  (navepegritide plus lonapegsomatropin)
  • Reported interim topline Week 26 data from COACH, the combination TransCon CNP and TransCon hGH trial. Week 26 data showed improved treatment benefits in children with achondroplasia (ages 2-11 years). Week 52 data expected in the fourth quarter of 2025.
  • Initiation of a Phase 3 combination trial expected in the fourth quarter of 2025.

• Oncology Programs
  • Clinical development of TransCon IL-2 β/γ continues.

• Financial Update
  • As of June 30, 2025, Ascendis Pharma had cash and cash equivalents totaling €494 million, compared to €560 million as of December 31, 2024.

Second Quarter 2025 Financial Results
Total revenue for the second quarter of 2025 was €158.0 million, compared to €36.0 million during the same period in 2024. The year-over-year increase in revenue was primarily attributable to an increase in product revenue, which reflected a contribution of €97.8 million from YORVIPATH.

Total Revenue (In EUR'000s)	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Revenue
Commercial products	153,663		31,389		249,690		97,888
Rendering of services and clinical supply	3,570		3,740		7,094		8,365
Licenses	812		869		2,214		25,639
Total revenue	158,045		35,998		258,998		131,892

Commercial Product Revenue (In EUR'000s)	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Revenue from commercial products
SKYTROFA®	50,706		26,202		102,044		91,207
YORVIPATH®	102,957		5,187		147,646		6,681
Total revenue from commercial products	153,663		31,389		249,690		97,888

Research and development costs for the second quarter of 2025 were €72.0 million, compared to €83.5 million during the same period in 2024. The decrease was driven by the maturity of clinical trials within our growth disorders portfolio.

Selling, general, and administrative expenses for the second quarter of 2025 were €107.6 million, compared to €74.3 million during the same period in 2024. The increase was primarily due to the continued impact from commercial expansion, including global launch activities for YORVIPATH.

Total operating expenses for the second quarter of 2025 were €179.5 million, compared to €157.8 million during the same period in 2024.

Net finance income for the second quarter of 2025 was €22.0 million, compared to €29.4 million during the same period in 2024. The decrease was primarily driven by non-cash items.

For the second quarter of 2025, Ascendis Pharma reported a net loss of €38.9 million, or €0.64 per share basic and €0.82 diluted compared to a net loss of €109.4 million, or €1.91 per share basic and €2.21 diluted for the same period in 2024.

As of June 30, 2025, Ascendis Pharma had cash and cash equivalents totaling €494 million compared to €560 million as of December 31, 2024. As of June 30, 2025, Ascendis Pharma had 61,151,463 ordinary shares outstanding, including 597,055 ordinary shares represented by ADSs held by the company.

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 second quarter 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 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. Examples of such statements include, but are not limited to, statements relating to (i) Ascendis’ planned MAA submission for TransCon CNP; (ii) the timing and results of clinical trials; (iii) Ascendis’ expectations with respect to its revenue base and path to cashflow breakeven; (iv) the potential approval of TransCon CNP as a monotherapy in children with achondroplasia; (v) Ascendis’ ability to provide patients with highly differentiated medicines; (vi) the planned label expansions of SKYTROFA; (vii) Ascendis’ expectations regarding the PDUFA date for TransCon CNP; (viii) Ascendis’ plans to submit IND applications or similar for a basket trial evaluating TransCon hGH in additional indications and to investigate TransCon CNP alone or in combination with TransCon hGH for the treatment of hypochondroplasia; (ix) Ascendis’ ability to apply its TransCon technology platform to make a meaningful difference for patients, and (x) Ascendis’ application of its TransCon technologies to develop new therapies that demonstrate best-in-class potential to address unmet medical needs. 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, distributors and service providers for Ascendis’ products and product candidates; unforeseen safety or efficacy results in Ascendis’ development programs or on-market products; unforeseen expenses related to commercialization of any approved Ascendis products; unforeseen expenses related to Ascendis’ development programs; unforeseen selling, general and administrative expenses, other research and development expenses and Ascendis’ business generally; delays in the development of its programs related to manufacturing, regulatory requirements, speed of patient recruitment or other unforeseen delays; Ascendis’ ability to obtain additional funding, if needed, to support its business activities; the impact of international economic, political, legal, compliance, social and business factors, including tariffs and trade policies. 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 12, 2025, 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.

Ascendis, Ascendis Pharma, the Ascendis Pharma logo, the company logo, TransCon, SKYTROFA^®, and YORVIPATH^® are trademarks owned by the Ascendis Pharma group.
© August 2025 Ascendis Pharma A/S.

Investor Contacts:	Media Contact:
Sarada Weerasinghe	Melinda Baker
Ascendis Pharma	Ascendis Pharma
ir@ascendispharma.com	media@ascendispharma.com
Patti Bank
ICR Healthcare
+1 (415) 513-1284
patti.bank@icrhealthcare.com

FINANCIAL TABLES FOLLOW

Ascendis Pharma A/S Consolidated Statements of Profit or (Loss) and Comprehensive Income / (Loss) (In EUR'000s, except per share data)	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
Consolidated Statement of Profit or (Loss)
Revenue	158,045			35,998			258,998			131,892
Cost of sales	31,447			11,465			48,963			19,034
Gross profit	126,598			24,533			210,035			112,858
Research and development expenses	71,988			83,478			158,591			154,165
Selling, general, and administrative expenses	107,561			74,312			208,608			141,095
Operating profit/(loss)	(52,951	)		(133,257	)		(157,164	)		(182,402	)
Share of profit/(loss) of associates	(4,097	)		(5,322	)		22,482			(11,118	)
Finance income	55,059			49,052			83,912			14,395
Finance expenses	33,018			19,624			77,803			58,553
Profit/(loss) before tax	(35,007	)		(109,151	)		(128,573	)		(237,678	)
Income taxes (expenses)	(3,848	)		(229	)		(4,909	)		(2,737	)
Net profit/(loss) for the period	(38,855	)		(109,380	)		(133,482	)		(240,415	)
Attributable to owners of the Company	(38,855	)		(109,380	)		(133,482	)		(240,415	)
Basic earnings/(loss) per share	€ (0.64	)		€ (1.91	)		€ (2.22	)		€ (4.21	)
Diluted earnings/(loss) per share	€ (0.82	)		€ (2.21	) (1)		€ (2.22	)		€ (4.21	)
(1)Dilutive earnings per share for the three months ended June 30, 2024, has been restated. Refer to Note 6, “Earnings Per Share” for further information.
Consolidated Statement of Comprehensive Income or (Loss)
Net profit/(loss) for the period	(38,855	)		(109,380	)		(133,482	)		(240,415	)
Other comprehensive income/(loss)
Items that may be reclassified subsequently to profit or (loss):
Exchange differences on translating foreign operations	(1,399	)		15			(1,474	)		78
Other comprehensive income/(loss) for the period, net of tax	(1,399	)		15			(1,474	)		78
Total comprehensive income/(loss) for the period, net of tax	(40,254	)		(109,365	)		(134,956	)		(240,337	)
Attributable to owners of the Company	(40,254	)		(109,365	)		(134,956	)		(240,337	)

Ascendis Pharma A/S Consolidated Statements of Financial Position (In EUR'000s)	June 30, 2025			December 31, 2024
Assets
Non-current assets
Intangible assets	3,790			4,028
Property, plant and equipment	93,542			98,714
Investments in associates	34,902			13,575
Other receivables	2,711			2,317
	134,945			118,634
Current assets
Inventories	303,381			295,609
Trade receivables	110,452			166,280
Income tax receivables	2,738			1,775
Other receivables	8,029			9,385
Prepayments	34,311			28,269
Cash and cash equivalents	494,046			559,543
	952,957			1,060,861
Total assets	1,087,902			1,179,495
Equity and liabilities
Equity
Share capital	8,211			8,149
Distributable equity	(195,783	)		(113,855	)
Total equity	(187,572	)		(105,706	)
Non-current liabilities
Borrowings	330,186			365,080
Contract liabilities	692			5,000
Deferred tax liabilities	9,596			7,258
	340,474			377,338
Current liabilities
Convertible notes, matures in April 2028
Borrowings	418,073			458,207
Derivative liabilities	186,579			150,670
	604,652			608,877
Other current liabilities
Borrowings	44,275			33,329
Contract liabilities	1,789			936
Trade payables and accrued expenses	93,718			96,394
Other liabilities	39,924			67,956
Income tax payables	711			1,222
Provisions	149,931			99,149
	330,348			298,986
	935,000			907,863
Total liabilities	1,275,474			1,285,201
Total equity and liabilities	1,087,902			1,179,495

FAQ

What were Ascendis Pharma's (ASND) Q2 2025 revenue and earnings?

Ascendis reported total revenue of €158.0 million and a net loss of €38.9 million (€0.64 per share) in Q2 2025.

How much revenue did YORVIPATH generate for Ascendis Pharma in Q2 2025?

YORVIPATH generated €103.0 million in revenue with approximately 3,100 unique patient enrollments and more than 1,500 prescribing healthcare providers.

What is the status of Ascendis Pharma's TransCon CNP FDA review?

The FDA accepted TransCon CNP (navepegritide) for priority review for treating children with achondroplasia, with a PDUFA date of November 30, 2025.

What was SKYTROFA's performance and latest approval in Q2 2025?

SKYTROFA generated €50.7 million in revenue and received FDA approval for treating adults with growth hormone deficiency (GHD).

What is Ascendis Pharma's current cash position?

Ascendis Pharma had €494 million in cash and cash equivalents as of June 30, 2025, compared to €560 million as of December 31, 2024.