Ascendis Pharma Reports Third Quarter 2026 Financial Results
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
Ascendis Pharma (Nasdaq: ASND) reported third-quarter 2026 product revenue of €366 million, up 89% from a year earlier. Total revenue reached €370 million versus €214 million. YORVIPATH contributed €291 million, SKYTROFA €59 million and YUVIWEL €16 million. Operating profit rose to €125 million from €11 million, with margin expanding to 34% from 5%. Net profit was €74 million, or €1.08 per diluted share, versus a €61 million loss.
Quarterly operating cash flow was €189 million; Ascendis expects at least €600 million for full-year 2026. Cash reached €964 million at September 30, versus €616 million at year-end 2025. Share repurchases totaled $459 million through November 11. TransCon CNP received positive EU committee opinions; Ascendis expects a final European Commission decision in Q4 2026 and plans a German launch in Q1 2027. Infant trial data showed growth benefits and stabilized or improved skull-base narrowing.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Major pointQ3 product revenue rose 89% year over year to €366 million.
- Major pointQ3 operating profit rose to €125 million from €11 million; margin increased to 34% from 5%.
- Moderate pointQ3 net profit reached €74 million, or €1.08 diluted EPS, versus a €61 million loss.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Q3 operating cash flow totaled €189 million; Ascendis expects at least €600 million for full-year 2026.
- Moderate pointShare repurchases totaled 1,998,999 ordinary shares for $459 million through November 11, 2026. 2.7% of market cap
- Moderate pointYORVIPATH China and Japan Phase 3 trials showed efficacy and safety consistent with the pivotal PaTHway trial.
- Moderate pointYUVIWEL reimbursement approvals exceeded 80% of approximately 340 unique U.S. patient enrollments through October 31, 2026.
- Moderate pointTransCon CNP EU committee opinions recommended marketing authorization and maintenance of orphan medicinal product designation.
- Moderate pointInfant TransCon CNP Week 52 data showed stabilized or improved skull-base narrowing and linear growth benefits.
17 minor points
- Minor pointQ3 total revenue increased to €370 million from €214 million a year earlier.
- Minor pointYORVIPATH Q3 revenue grew 103% year over year to €291 million.
- Minor pointSKYTROFA Q3 revenue increased to €59.424 million from €50.701 million a year earlier.
- Minor pointYUVIWEL Q3 revenue reached €16 million.
- Minor pointQ3 net finance expenses fell to €4 million from €61 million a year earlier.
- Minor pointNine-month operating cash flow reached €463 million versus €20 million used a year earlier.
- Minor pointPriority review voucher sale generated €158 million net of transaction costs in nine-month operating cash flow.
- Minor pointCash at September 30, 2026 reached €964 million versus €616 million at December 31, 2025.
- Minor pointYORVIPATH kidney-function improvements were sustained for up to five years in pooled clinical trial data.
- Minor point. Forward-looking: it has not happened yet and may not happen.German TransCon CNP launch is planned for Q1 2027.
- Minor point. Forward-looking: it has not happened yet and may not happen.YUVIWEL international revenue is expected from multiple countries outside the U.S. and EU in coming quarters.
- Minor point. Forward-looking: it has not happened yet and may not happen.Infant reACHin pivotal data are expected in Q3 2027.
- Minor point. Forward-looking: it has not happened yet and may not happen.SKYTROFA HighLiGHts Phase 3 enrollment completion is anticipated in the first half of 2027.
- Minor point. Forward-looking: it has not happened yet and may not happen.TransCon CNP hypochondroplasia Phase 3 trial first-patient enrollment is expected in Q4 2026.
- Minor point. Forward-looking: it has not happened yet and may not happen.TransCon CNP adult achondroplasia Phase 2 trial initiation is expected in Q4 2026.
- Minor pointCombination therapy Week 78 data showed durable proportional growth; all 21 enrolled children remain on therapy.
- Minor point. Forward-looking: it has not happened yet and may not happen.Phase 3 cAtCH combination trial began; Ascendis expects enrollment completion in Q2 2027.
Negative
- Moderate pointQ3 selling, general and administrative expenses increased to €147 million from €113 million a year earlier.
- Minor pointQ3 research and development expenses increased to €70 million from €67 million a year earlier.
- Minor pointTransCon CNP EU authorization remains pending a final European Commission decision, expected in Q4 2026.
- Minor pointNine-month working-capital changes were approximately €15 million less favorable than a year earlier.
News Explained
The update reports U.S. YUVIWEL enrollment and reimbursement metrics and continued treatment among all 21 children in the Week 78 combination-trial cohort.
Ascendis says it has initiated the Phase 3 cAtCH trial of TransCon CNP plus TransCon hGH in children with achondroplasia, with enrollment completion expected in
For U.S. YUVIWEL, the company reports approximately 340 unique patient enrollments by nearly 150 prescribing providers, with more than 80% of enrollments approved for reimbursement through
Week 78 COACH trial data showed a durable increase in healthy, proportional growth; all 21 enrolled children remained on therapy at the time of the update.
Details
Market Reaction – ASND
On Nov 12, the day this news came out, the latest delayed price for ASND is 2.62% above the previous close. The latest delayed price is $266.08. Relative volume is elevated at 2.3x what this stock usually trades by this time of day.
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Key Figures
- Product revenue
- €366 million (+89% Y/Y)
- Q3 2026
- Total revenue
- €370 million
- Q3 2026
- Operating profit
- €125 million
- Q3 2026; compared with €11 million in Q3 2025
- Net profit
- €74 million
- Q3 2026; compared with a €61 million net loss in Q3 2025
- Operating cash flow outlook
- At least €600 million
- Full year 2026 expectation
- Cash and cash equivalents
- €964 million
- As of September 30, 2026
Previous Earnings Reports
-
Reported €315 million product revenue, 105% year-over-year growth, and €220 million operating profit.
-
Reported €247 million revenue; YUVIWEL FDA approval and a PRV sale were also disclosed.
-
Reported €240 million Q4 product revenue, but a €228 million full-year net loss.
-
Reported €213.6 million revenue and €11 million operating profit, alongside a €61 million net loss.
-
Reported €158 million revenue, with YORVIPATH and SKYTROFA sales plus YUVIWEL regulatory milestones.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
chmp regulatory
orphan medicinal product designation regulatory
foramen magnum stenosis medical
non-ifrs financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
- Q3 2026 product revenue of
€366 million (+89% Y/Y), comprising€291 million for YORVIPATH®,€59 million for SKYTROFA®, and€16 million for YUVIWEL® -
- Received positive CHMP and COMP opinions recommending EU marketing authorization and maintenance of orphan medicinal product designation for TransCon® CNP
- Final EC decision for TransCon CNP expected in Q4 2026; first EU launch planned in Germany in Q1 2027
- Presented Week 52 sentinel cohort data in infants with achondroplasia aged 0 to <2 years showing TransCon CNP stabilized or improved foramen magnum stenosis, and increased linear growth; topline pivotal data expected Q3 2027
- Conference call today at 8:00 a.m. ET
COPENHAGEN, Denmark, Nov. 12, 2026 (GLOBE NEWSWIRE) -- Ascendis Pharma A/S (Nasdaq: ASND) today announced financial results for the third quarter ended September 30, 2026, and provided a business update.
“By always putting patients first, Ascendis has delivered three consecutive approved rare endocrine therapies that are the foundation of our transformation into a leading global biopharmaceutical company,” said Jan Mikkelsen, President and Chief Executive Officer of Ascendis Pharma. “With many label expansion programs, new country launches, and the capabilities to reach patients worldwide and develop new products efficiently, we are well positioned to deliver durable long-term growth.”
Select Highlights & Anticipated Milestones
- YORVIPATH
(palopegteriparatide, developed as TransCon PTH)
-
- YORVIPATH revenue for the third quarter of 2026 totaled
€291 million (+103% Y/Y). - In the U.S., new patient demand was consistent with prior quarters. Outside the U.S., new patient demand accelerated through new commercial launches. YORVIPATH is now available commercially or through named patient programs in more than 40 countries.
- Presented data from pooled analysis of Phase 2 PaTH Forward and Phase 3 PaTHway trials at ASN 2026 demonstrating sustained, clinically meaningful improvements in kidney function in adults with hypoparathyroidism treated with TransCon PTH for up to five years.
- Results from the Phase 3 PaTHway China and PaTHway Japan trials evaluating TransCon PTH in adults with hypoparathyroidism demonstrated efficacy and safety findings consistent with those reported in the pivotal Phase 3 PaTHway Trial, reinforcing the consistency of results across geographies and ethnicities.
- YORVIPATH revenue for the third quarter of 2026 totaled
- SKYTROFA
(lonapegsomatropin, developed as TransCon hGH)
-
- SKYTROFA revenue for the third quarter of 2026 totaled
€59 million . - Ongoing Phase 3 HighLiGHts basket trial across a range of established growth hormone indications: idiopathic short stature (ISS), SHOX deficiency, Turner syndrome, and small for gestational age (SGA). Completion of enrollment anticipated in the first half of 2027.
- SKYTROFA revenue for the third quarter of 2026 totaled
- YUVIWEL
(navepegritide, developed as TransCon CNP)- YUVIWEL revenue for the third quarter of 2026 totaled
€16 million . - In the U.S., approximately 340 unique YUVIWEL patient enrollments by nearly 150 prescribing healthcare providers, with more than
80% of enrollments approved for reimbursement through October 31, 2026. - In the EU, received positive CHMP and COMP opinions recommending marketing authorization as a treatment of achondroplasia in children and maintenance of orphan medicinal product designation, respectively, for once-weekly TransCon CNP. Final EC decision expected during the Q4 2026 with first EU launch planned in Germany in Q1 2027.
- In select international markets, YUVIWEL is being made available through early access programs, and Ascendis expects to recognize revenue from multiple countries outside of the U.S. and EU in the coming quarters.
- Presented infant sentinel cohort Week 52 data from the reACHin Trial at ESPE 2026, showing that treatment with once-weekly TransCon CNP stabilized or improved foramen magnum stenosis (a skull bone narrowing that can lead to brain stem and spinal cord compression), as well as linear growth benefits, in infants with achondroplasia aged 0 to <2 years. Pivotal data expected Q3 2027.
- Expect to enroll first patients in Phase 3 trial evaluating TransCon CNP monotherapy in children with hypochondroplasia in Q4 2026. Expect to initiate a Phase 2 trial in adults with achondroplasia in Q4 2026.
- YUVIWEL revenue for the third quarter of 2026 totaled
- TransCon CNP + TransCon hGH Combination Therapy
(navepegritide plus lonapegsomatropin)
-
- Following presentation of additional Week 78 data from the Phase 2 COACH Trial at ASBMR 2026 showing durable increase in healthy, proportional growth in children with achondroplasia,
100% of the 21 enrolled children remain on therapy to date. - Initiated Phase 3 cAtCH Trial in children with achondroplasia; expect to complete enrollment in Q2 2027.
- Following presentation of additional Week 78 data from the Phase 2 COACH Trial at ASBMR 2026 showing durable increase in healthy, proportional growth in children with achondroplasia,
Key Financial Highlights
- Total product revenue for the third quarter of 2026 increased to
€366 million , reflecting year-over-year growth of +89% . - Total revenue for the third quarter of 2026 was
€370 million . - Operating profit for the third quarter of 2026 totaled
€125 million , reflecting a margin of34% . On a non-IFRS basis, operating profit was€156 million *, reflecting a margin of42% *. - Net profit for the third quarter of 2026 totaled
€74 million , or€1.08 per diluted share. On a non-IFRS basis, net profit was€117 million *, or€1.71 per diluted share*. - Cash flow from operating activities was
€189 million for the third quarter of 2026; expect full year 2026 cash flow from operating activities of at least€600 million . - As of September 30, 2026, cash and cash equivalents totaled
€964 million , compared to cash and cash equivalents of€616 million as of December 31, 2025. - Through September 30, 2026, repurchased 794,304 Ascendis ordinary shares for total consideration of
$186 million . - Year to date through November 11, 2026, repurchased 1,998,999 Ascendis ordinary shares for total consideration of
$459 million .
* See “Non-IFRS Financial Measures” below for definitions of these non-IFRS measures and a reconciliation to the most directly comparable IFRS measures.
Third Quarter 2026 Financial Results
Total revenue for the third quarter of 2026 was
| Total Revenue (In EUR'000s) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||
| 2026 | 2025 | 2026 | 2025 | |||||
| Revenue | ||||||||
| Commercial products | 365,690 | 193,790 | 921,452 | 443,480 | ||||
| Other revenue | ||||||||
| Milestones | — | 12,922 | 17,046 | 12,922 | ||||
| Licenses, services and clinical supply | 3,967 | 6,922 | 17,045 | 16,230 | ||||
| Total revenue | 369,657 | 213,634 | 955,543 | 472,632 | ||||
| Revenue from Commercial Products (In EUR'000s) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||
| 2026 | 2025 | 2026 | 2025 | |||||
| Revenue from commercial products | ||||||||
| YORVIPATH® | 290,626 | 143,089 | 739,634 | 290,735 | ||||
| SKYTROFA® | 59,424 | 50,701 | 158,595 | 152,745 | ||||
| YUVIWEL® | 15,640 | — | 23,223 | — | ||||
| Total revenue from commercial products | 365,690 | 193,790 | 921,452 | 443,480 | ||||
Research and development expenses for the third quarter of 2026 were
Selling, general, and administrative expenses for the third quarter of 2026 were
Total operating expenses for the third quarter of 2026 were
Operating profit for the third quarter of 2026 was
Net finance expenses for the third quarter of 2026 were
Net profit for the third quarter of 2026 was
Cash flows from operating activities for the nine months ended September 30, 2026, were
As of September 30, 2026, Ascendis Pharma had 66,400,738 ordinary shares outstanding, of which 805,528 were held as treasury shares.
For the third quarter of 2026, non-IFRS operating profit was
For the third quarter of 2026, non-IFRS net profit was
Conference Call and Webcast Information
Ascendis Pharma will host a conference call and webcast today at 8:00 a.m. Eastern Time (ET) to discuss its third 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, results, 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) anticipated timing of regulatory decisions and potential product launches, (ii) anticipated timing and plans of clinical trials and development activities, including expected timing of patient recruitment, trial initiation, completion of enrollment and availability of topline data, (iii) Ascendis’ ability to apply its TransCon technology platform to make a meaningful difference for patients, (iv) Ascendis’ use of TransCon to create new and potentially best-in-class therapies, (v) plans for regulatory filings, label expansions, new country launches and early access programs, (vi) expectations regarding continued patient demand, product uptake, reimbursement coverage, revenue from markets outside the U.S. and EU, future growth and market positioning, and (vii) Ascendis’ capital allocation, including share repurchases, and obligations under its commercial agreements. 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 by law.
Ascendis, Ascendis Pharma, the Ascendis Pharma logo, the company logo, TransCon, SKYTROFA®, YORVIPATH®, and YUVIWEL® are trademarks owned by the Ascendis Pharma group. © November 2026 Ascendis Pharma A/S.
| Investor Contact: | Media Contact: |
| Chad Fugere | Melinda Baker |
| Ascendis Pharma | Ascendis Pharma |
| +1 (650) 519-7494 | +1 (650) 709-8875 |
FINANCIAL TABLES FOLLOW
| Ascendis Pharma A/S Unaudited Condensed Consolidated Statements of Profit or (Loss) and Comprehensive Income / (Loss) (In EUR'000s, except per share data) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||
| Consolidated Statement of Profit or (Loss) | ||||||||||||
| Revenue | 369,657 | 213,634 | 955,543 | 472,632 | ||||||||
| Cost of sales | (28,311 | ) | (22,354 | ) | (73,484 | ) | (71,317 | ) | ||||
| Gross profit | 341,346 | 191,280 | 882,059 | 401,315 | ||||||||
| Research and development expenses | (69,925 | ) | (66,879 | ) | (204,857 | ) | (225,470 | ) | ||||
| Selling, general, and administrative expenses | (146,845 | ) | (113,404 | ) | (465,416 | ) | (322,012 | ) | ||||
| Total operating expenses | (216,770 | ) | (180,283 | ) | (670,273 | ) | (547,482 | ) | ||||
| Other operating income | — | — | 158,067 | — | ||||||||
| Operating profit/(loss) | 124,576 | 10,997 | 369,853 | (146,167 | ) | |||||||
| Share of profit/(loss) of associates | (6,868 | ) | (7,501 | ) | (13,283 | ) | 14,980 | |||||
| Finance income | 7,706 | 6,036 | 16,998 | 89,948 | ||||||||
| Finance expenses | (12,043 | ) | (66,904 | ) | (78,280 | ) | (144,707 | ) | ||||
| Profit/(loss) before tax | 113,371 | (57,372 | ) | 295,288 | (185,946 | ) | ||||||
| Income taxes (expenses) | (39,398 | ) | (3,617 | ) | 614,995 | (8,526 | ) | |||||
| Net profit/(loss) for the period | 73,973 | (60,989 | ) | 910,283 | (194,472 | ) | ||||||
| Attributable to owners of the Company | 73,973 | (60,989 | ) | 910,283 | (194,472 | ) | ||||||
| Basic earnings/(loss) per share | 1.13 | (1.00 | ) | 14.24 | (3.22 | ) | ||||||
| Diluted earnings/(loss) per share | 1.08 | (1.00 | ) | 13.63 | (3.22 | ) | ||||||
| Consolidated Statement of Comprehensive Income or (Loss) | ||||||||||||
| Net profit/(loss) for the period | 73,973 | (60,989 | ) | 910,283 | (194,472 | ) | ||||||
| Other comprehensive income/(loss) | ||||||||||||
| Items that may be reclassified subsequently to profit or (loss): | ||||||||||||
| Exchange differences on translating foreign operations | 3,383 | (1,574 | ) | 11,299 | (3,048 | ) | ||||||
| Other comprehensive income/(loss) for the period, net of tax | 3,383 | (1,574 | ) | 11,299 | (3,048 | ) | ||||||
| Total comprehensive income/(loss) for the period, net of tax | 77,356 | (62,563 | ) | 921,582 | (197,520 | ) | ||||||
| Attributable to owners of the Company | 77,356 | (62,563 | ) | 921,582 | (197,520 | ) | ||||||
| Ascendis Pharma A/S Unaudited Condensed Consolidated Statements of Financial Position (In EUR'000s) | September 30, 2026 | December 31, 2025 | |||
| Assets | |||||
| Non-current assets | |||||
| Intangible assets | 3,657 | 3,710 | |||
| Property, plant and equipment | 134,935 | 146,479 | |||
| Investments in associates | 24,107 | 32,526 | |||
| Other receivables | 25,640 | 10,870 | |||
| Deferred tax assets | 651,891 | — | |||
| 840,230 | 193,585 | ||||
| Current assets | |||||
| Inventories | 331,347 | 301,533 | |||
| Trade receivables | 225,839 | 141,333 | |||
| Income tax receivables | 11,893 | 1,781 | |||
| Other receivables | 16,684 | 14,582 | |||
| Prepayments | 36,827 | 33,715 | |||
| Cash and cash equivalents | 964,364 | 616,041 | |||
| 1,586,954 | 1,108,985 | ||||
| Total assets | 2,427,184 | 1,302,570 | |||
| Equity and liabilities | |||||
| Equity | |||||
| Share capital | 8,914 | 8,322 | |||
| Distributable equity | 1,491,537 | (171,143 | ) | ||
| Total equity | 1,500,451 | (162,821 | ) | ||
| Non-current liabilities | |||||
| Borrowings | 377,653 | 385,254 | |||
| Contract liabilities | — | 1,123 | |||
| Deferred tax liabilities | — | 9,623 | |||
| 377,653 | 396,000 | ||||
| Current liabilities | |||||
| Convertible notes | |||||
| Borrowings | — | 429,391 | |||
| Derivative liabilities | — | 256,231 | |||
| — | 685,622 | ||||
| Other current liabilities | |||||
| Borrowings | 70,152 | 57,141 | |||
| Contract liabilities | 3,893 | 4,944 | |||
| Trade payables and accrued expenses | 109,716 | 90,657 | |||
| Other liabilities | 87,518 | 58,204 | |||
| Income tax payables | 12,635 | 6,427 | |||
| Provisions | 265,166 | 166,396 | |||
| 549,080 | 383,769 | ||||
| Total current liabilities | 549,080 | 1,069,391 | |||
| Total liabilities | 926,733 | 1,465,391 | |||
| Total equity and liabilities | 2,427,184 | 1,302,570 | |||
| Ascendis Pharma A/S Unaudited Condensed Consolidated Statements of Cash Flows (In EUR'000s) | Nine Months Ended September 30, | |||||
| 2026 | 2025 | |||||
| Operating activities | ||||||
| Net profit/(loss) for the period | 910,283 | (194,472 | ) | |||
| Reversal of finance income | (16,998 | ) | (89,948 | ) | ||
| Reversal of finance expenses | 78,280 | 144,707 | ||||
| Reversal of (gain)/loss on disposal of property, plant and equipment | 21 | — | ||||
| Reversal of income taxes | (614,995 | ) | 8,526 | |||
| Adjustments for non-cash items: | ||||||
| Non-cash consideration relating to revenue | (3,581 | ) | (3,002 | ) | ||
| Share of (profit)/loss of associates | 13,283 | (14,980 | ) | |||
| Share-based payment | 91,110 | 86,216 | ||||
| Depreciation and amortization | 13,431 | 12,872 | ||||
| Impairment of property, plant and equipment | — | 7,508 | ||||
| Changes in working capital: | ||||||
| Inventories | (29,819 | ) | (6,421 | ) | ||
| Receivables | (79,363 | ) | 25,138 | |||
| Prepayments | (2,839 | ) | (1,730 | ) | ||
| Contract liabilities | (2,174 | ) | (1,084 | ) | ||
| Trade payables, accrued expenses and other liabilities | 36,408 | (33,088 | ) | |||
| Provisions | 93,441 | 48,288 | ||||
| Cash flows generated from/(used in) operations | 486,488 | (11,470 | ) | |||
| Finance income received | 16,997 | 10,929 | ||||
| Finance expenses paid | (24,418 | ) | (12,652 | ) | ||
| Income taxes received/(paid) | (16,313 | ) | (6,308 | ) | ||
| Cash flows from/(used in) operating activities | 462,754 | (19,501 | ) | |||
| Investing activities | ||||||
| Payments received under finance leases | 2,003 | — | ||||
| Acquisition of intangible assets and property, plant and equipment | (13,711 | ) | (5,094 | ) | ||
| Cash flows from/(used in) investing activities | (11,708 | ) | (5,094 | ) | ||
| Financing activities | ||||||
| Repayment of borrowings | (25,746 | ) | (15,124 | ) | ||
| Proceeds from exercise of warrants | 73,069 | 71,727 | ||||
| Costs of capital increase | (125 | ) | — | |||
| Acquisition of treasury shares | (155,843 | ) | (17,396 | ) | ||
| Payment of withholding taxes under stock incentive programs | (12,781 | ) | (11,396 | ) | ||
| Cash flows from/(used in) financing activities | (121,426 | ) | 27,811 | |||
| Increase/(decrease) in cash and cash equivalents | 329,620 | 3,216 | ||||
| Cash and cash equivalents at January 1 | 616,041 | 559,543 | ||||
| Effect of exchange rate changes on balances held in foreign currencies | 18,703 | (23,667 | ) | |||
| Cash and cash equivalents at September 30 | 964,364 | 539,092 | ||||
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.
The Company reports Non-IFRS Operating Profit/(Loss), Non-IFRS Net Profit/(Loss), Non-IFRS operating profit/(loss) margin and Non-IFRS Diluted EPS as non-IFRS measures, which exclude the following specified items:
(i) Share-based compensation costs. Although share-based compensation is a recurring expense, the Company excludes it from non-IFRS measures because the amount and timing of recognition depend on the value of the underlying equity instruments, which can fluctuate based on factors unrelated to the Company’s operating performance during the period.
(ii) Other operating income from sale of PRV. The Company excludes income recognized from the sale of its PRV because it does not reflect the Company's ongoing operating activities.
(iii) Share of (profit)/loss of associates. The Company excludes its share of the profit or loss of equity-method investees because these amounts are not within the control of the Company and do not reflect the Company’s core operating performance.
(iv) Remeasurement (gain)/loss of derivative liabilities. The Company excludes the fair-value remeasurement of derivative liabilities associated with its convertible notes because these amounts depend on movements in the Company’s share price and other market inputs and are not indicative of the Company’s underlying operating performance.
(v) Remeasurement (gain)/loss of royalty funding liabilities. The Company excludes gains and losses arising from the remeasurement of royalty funding liabilities as these amounts are driven by changes in estimates of future royalty payment obligations under the Company’s royalty funding agreements and do not reflect the Company’s underlying operating performance.
(vi) Recognition of previously unrecognized deferred tax assets and prior-period tax adjustments. The Company excludes the recognition of previously unrecognized deferred tax assets, and current and deferred tax adjustments relating to prior periods because these items reflect a reassessment of the recoverability of historical tax attributes or adjustments of prior-period tax positions rather than the Company’s current period operating performance.
Income taxes related to the foregoing items are adjusted accordingly, considering the individual impact of each item, the relevant tax jurisdiction, applicable tax rates, and the deductibility of the item.
For further details regarding valuation of derivative liabilities, and the recognition of previously unrecognized deferred tax assets, please refer to “Note 3 – Significant Accounting Judgments and Estimates,” and “Note 11 – Financial Assets and Liabilities,” contained in our Interim Report on Form 6-K for the period ended September 30, 2026, and “Note 3 – Significant Accounting Judgments and Estimates,” contained in our Annual Report on Form 20-F for the year ended December 31, 2025.
The following table provides a reconciliation of the most directly comparable IFRS measures to Non-IFRS Operating Profit/(Loss), Non-IFRS operating profit/(loss) margin, Non-IFRS Net Profit/(Loss) and Non-IFRS Diluted EPS.
| Reconciliation of unaudited IFRS to Non-IFRS Financial Information | ||||||||||||
| (In EUR'000s, except number of shares and per share data) | ||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||
| IFRS operating profit/(loss) | 124,576 | 10,997 | 369,853 | (146,167 | ) | |||||||
| Share-based compensation costs | 31,146 | 30,636 | 91,110 | 86,216 | ||||||||
| Other operating income from sale of PRV | — | — | (158,067 | ) | — | |||||||
| Total non-IFRS adjustments to operating profit/(loss) | 31,146 | 30,636 | (66,957 | ) | 86,216 | |||||||
| Non-IFRS operating profit/(loss) | 155,722 | 41,633 | 302,896 | (59,951 | ) | |||||||
| IFRS operating profit/(loss) margin (%)1 | 33.7 | % | 5.1 | % | 38.7 | % | (30.9 | %) | ||||
| Non-IFRS operating profit/(loss) margin (%)1 | 42.1 | % | 19.5 | % | 31.7 | % | (12.7 | %) | ||||
| IFRS Net profit/(loss) | 73,973 | (60,989 | ) | 910,283 | (194,472 | ) | ||||||
| Share-based compensation costs | 31,146 | 30,636 | 91,110 | 86,216 | ||||||||
| Other operating income from sale of PRV | — | — | (158,067 | ) | — | |||||||
| Share of (profit)/loss of associates | 6,868 | 7,501 | 13,283 | (14,980 | ) | |||||||
| Remeasurement (gain)/loss of derivative liabilities | — | 47,183 | 25,938 | 83,091 | ||||||||
| Remeasurement (gain)/loss of royalty funding liabilities | — | — | — | (1,398 | ) | |||||||
| Recognition of previously unrecognized deferred tax assets and prior-period tax adjustments | 9,304 | 20 | (696,115 | ) | 11 | |||||||
| Tax effects of adjustments | (4,048 | ) | — | 22,779 | — | |||||||
| Total non-IFRS adjustments to net profit/(loss) | 43,270 | 85,340 | (701,072 | ) | 152,940 | |||||||
| Non-IFRS net profit/(loss) | 117,243 | 24,351 | 209,211 | (41,532 | ) | |||||||
| Net profit/(loss) per diluted share: | ||||||||||||
| IFRS | 1.08 | (1.00 | ) | 13.63 | (3.22 | ) | ||||||
| Diluted per share impact of total non-IFRS adjustments | 0.63 | 1.40 | (10.50 | ) | 2.53 | |||||||
| Non-IFRS | 1.71 | 0.40 | 3.13 | (0.69 | ) | |||||||
| Shares used in diluted per share calculation (IFRS and non-IFRS): | 68,709,423 | 60,756,015 | 66,781,342 | 60,412,419 | ||||||||
1Defined as either IFRS or non-IFRS operating profit/(loss) divided by total revenue.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were Ascendis Pharma's Q3 2026 revenue and earnings?
Ascendis Pharma reported €370 million in total revenue and net profit of €74 million, or €1.08 per diluted share. A year earlier, revenue was €214 million and the company recorded a €61 million net loss, or €1.00 per diluted share.
When does Ascendis Pharma expect TransCon CNP's EU decision and launch?
Ascendis expects a final European Commission decision in Q4 2026 and plans its first EU launch in Germany in Q1 2027. The CHMP and COMP committees issued positive opinions recommending marketing authorization for children with achondroplasia and maintenance of orphan medicinal product designation, respectively.
Which conditions is Ascendis Pharma studying in the SKYTROFA HighLiGHts trial?
The ongoing Phase 3 HighLiGHts trial evaluates SKYTROFA in idiopathic short stature, SHOX deficiency, Turner syndrome and small for gestational age. Ascendis anticipates completing enrollment in the first half of 2027.
What did Ascendis Pharma's TransCon CNP infant study show at Week 52?
The reACHin sentinel cohort showed stabilized or improved foramen magnum stenosis and linear growth benefits in infants with achondroplasia aged 0 to <2 years. Foramen magnum stenosis is skull bone narrowing that can compress the brain stem and spinal cord. Ascendis expects pivotal data in Q3 2027.