Artisan Partners discloses 5.2% Ascendis Pharma (NASDAQ: ASND) stake

Rhea-AI Filing Summary

Artisan Partners has disclosed a significant institutional stake in Ascendis Pharma A/S. Through several affiliated entities, it reports beneficial ownership of 3,225,885 American Depositary Shares, representing 5.2% of the class, based on 61,977,408 shares outstanding as of 12/30/2025.

Artisan Partners has shared voting power over 2,883,433 shares and shared dispositive power over 3,225,885 shares. The shares are held on behalf of discretionary clients of Artisan Partners Limited Partnership, which receive dividends and sale proceeds. The filing states the holdings are in the ordinary course of business and not for changing or influencing control of Ascendis Pharma.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 6)

Ascendis Pharma A/S

(Name of Issuer)

American Depositary Shares

(Title of Class of Securities)

04351P101

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 04351P101

1

Names of Reporting Persons

Artisan Partners Asset Management Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,883,433.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,225,885.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,225,885.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.2 %

12

Type of Reporting Person (See Instructions)

HC

Comment for Type of Reporting Person: (g) Artisan Partners Holdings LP is the sole limited partner of Artisan Partners Limited Partnership and the sole member of Artisan Investments GP LLC; Artisan Investments GP LLC is the general partner of Artisan Partners Limited Partnership; Artisan Partners Asset Management Inc. is the general partner of Artisan Partners Holdings LP.

SCHEDULE 13G

CUSIP No. 04351P101

1

Names of Reporting Persons

Artisan Partners Holdings LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,883,433.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,225,885.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,225,885.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.2 %

12

Type of Reporting Person (See Instructions)

HC

Comment for Type of Reporting Person: (g) Artisan Partners Holdings LP is the sole limited partner of Artisan Partners Limited Partnership and the sole member of Artisan Investments GP LLC; Artisan Investments GP LLC is the general partner of Artisan Partners Limited Partnership; Artisan Partners Asset Management Inc. is the general partner of Artisan Partners Holdings LP.

SCHEDULE 13G

CUSIP No. 04351P101

1

Names of Reporting Persons

Artisan Investments GP LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,883,433.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,225,885.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,225,885.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.2 %

12

Type of Reporting Person (See Instructions)

HC

Comment for Type of Reporting Person: (g) Artisan Partners Holdings LP is the sole limited partner of Artisan Partners Limited Partnership and the sole member of Artisan Investments GP LLC; Artisan Investments GP LLC is the general partner of Artisan Partners Limited Partnership; Artisan Partners Asset Management Inc. is the general partner of Artisan Partners Holdings LP.

SCHEDULE 13G

CUSIP No. 04351P101

1

Names of Reporting Persons

Artisan Partners Limited Partnership

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,883,433.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,225,885.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,225,885.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.2 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: (e) Artisan Partners Limited Partnership is an investment adviser registered under section 203 of the Investment Advisers Act of 1940. (g) Artisan Partners Holdings LP is the sole limited partner of Artisan Partners Limited Partnership and the sole member of Artisan Investments GP LLC; Artisan Investments GP LLC is the general partner of Artisan Partners Limited Partnership; Artisan Partners Asset Management Inc. is the general partner of Artisan Partners Holdings LP.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Ascendis Pharma A/S
(b)	Address of issuer's principal executive offices: Tuborg Boulevard 12, DK-2900 Hellerup, Denmark
Item 2.
(a)	Name of person filing: Artisan Partners Asset Management Inc. ("APAM") Artisan Partners Holdings LP ("Artisan Holdings") Artisan Investments GP LLC ("Artisan Investments") Artisan Partners Limited Partnership ("APLP")
(b)	Address or principal business office or, if none, residence: APAM, Artisan Holdings, Artisan Investments, and APLP are all located at: 875 East Wisconsin Avenue, Suite 800 Milwaukee, WI 53202
(c)	Citizenship: APAM is a Delaware corporation; Artisan Holdings is a Delaware limited partnership; Artisan Investments is a Delaware limited liability company; APLP is a Delaware limited partnership
(d)	Title of class of securities: American Depositary Shares
(e)	CUSIP No.: 04351P101
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 3,225,885
(b)	Percent of class: 5.2% (based on 61,977,408 shares outstanding as of 12/30/2025)
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: None
	(ii) Shared power to vote or to direct the vote: 2,883,433
	(iii) Sole power to dispose or to direct the disposition of: None
	(iv) Shared power to dispose or to direct the disposition of: 3,225,885
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. The shares reported herein have been acquired on behalf of discretionary clients of APLP. Persons other than APLP are entitled to receive all dividends from, and proceeds from the sale of, those shares. None of those persons, to the knowledge of APAM, Artisan Holdings, Artisan Investments, or APLP has an economic interest in more than 5% of the class.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Artisan Partners Asset Management Inc.

Signature:	/s/ Gregory K. Ramirez
Name/Title:	Gregory K. Ramirez, Executive Vice President of Artisan Partners Asset Management Inc.
Date:	02/03/2026

Artisan Partners Holdings LP

Signature:	/s/ Gregory K. Ramirez
Name/Title:	Gregory K. Ramirez, Executive Vice President of Artisan Partners Asset Management Inc., as the general partner of Artisan Partners Holdings LP
Date:	02/03/2026

Artisan Investments GP LLC

Signature:	/s/ Gregory K. Ramirez
Name/Title:	Gregory K. Ramirez, Vice President of Artisan Investments GP LLC
Date:	02/03/2026

Artisan Partners Limited Partnership

Signature:	/s/ Gregory K. Ramirez
Name/Title:	Gregory K. Ramirez, Vice President of Artisan Investments GP LLC, as the general partner of Artisan Partners Limited Partnership
Date:	02/03/2026

Comments accompanying signature: Exhibit Index Exhibit 1 - Joint Filing Agreement dated 2/3/2026 by and among Artisan Partners Asset Management Inc., Artisan Partners Holdings LP, Artisan Investments GP LLC, and Artisan Partners Limited Partnership.

FAQ

What stake does Artisan Partners report in Ascendis Pharma (ASND)?

Artisan Partners reports beneficial ownership of 3,225,885 Ascendis Pharma American Depositary Shares, or 5.2% of the class. This percentage is based on 61,977,408 shares outstanding as of December 30, 2025, as disclosed in the Schedule 13G/A amendment.

How much voting power does Artisan Partners have in Ascendis Pharma (ASND)?

Artisan Partners reports shared voting power over 2,883,433 Ascendis Pharma American Depositary Shares and no sole voting power. This means voting decisions for these shares are made jointly, consistent with its role managing assets for discretionary clients.

Who ultimately benefits from Artisan Partners’ Ascendis Pharma (ASND) holdings?

The Ascendis Pharma shares reported are held on behalf of discretionary clients of Artisan Partners Limited Partnership. Those clients, rather than Artisan Partners itself, are entitled to receive all dividends and proceeds from any sale of the reported shares, according to the filing.

Is Artisan Partners’ Ascendis Pharma (ASND) position intended to influence control?

The filing states the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Ascendis Pharma. It also notes the holdings are not part of any transaction intended to affect issuer control.

Which Artisan entities are included in the Ascendis Pharma (ASND) Schedule 13G/A?

The Schedule 13G/A lists Artisan Partners Asset Management Inc., Artisan Partners Holdings LP, Artisan Investments GP LLC, and Artisan Partners Limited Partnership. It also explains their control structure, with Artisan Partners Asset Management Inc. as general partner at the top of the ownership chain.

How is beneficial ownership of Ascendis Pharma (ASND) structured within Artisan Partners?

Artisan Partners Holdings LP is the sole limited partner of Artisan Partners Limited Partnership and sole member of Artisan Investments GP LLC. Artisan Investments GP LLC is general partner of Artisan Partners Limited Partnership, while Artisan Partners Asset Management Inc. is general partner of Artisan Partners Holdings LP, forming a control chain.