Janus Henderson Reports 4.43M ADSs (8.0%) in Ascendis Pharma

Rhea-AI Filing Summary

Janus Henderson Group plc reported a significant minority holding in Ascendis Pharma A/S American Depositary Shares. The filing shows an aggregate holding of 4,427,792 ADSs, representing 8.0% of the class, with shared voting and shared dispositive power over those shares. The filer is organized in Jersey and lists a UK principal office; the issuer is headquartered in Hellerup, Denmark.

One Janus Henderson subsidiary, JHIUS, may be deemed the beneficial owner of 4,328,772 ADSs (7.8%) with corresponding shared voting and dispositive power. The filing includes a certification that the securities were acquired in the ordinary course of business and not to change or influence control, and attaches a power of attorney authorizing named officers to file required reports.

Positive

• Material disclosure of ownership: Aggregate position of 4,427,792 ADSs (8.0%) is clearly reported
• Transparency on voting and dispositive power: Shared voting and shared dispositive power over reported ADSs is disclosed
• Compliance documentation included: Certification of ordinary-course acquisition and a power of attorney for filing authority are attached

Negative

• None.

Insights

Financial Analyst

TL;DR: Janus Henderson holds a material ~8% stake in Ascendis Pharma, disclosed via Schedule 13G, signaling a sizeable passive position.

The filing documents an aggregate position of 4,427,792 ADSs (8.0%) under Janus Henderson Group plc with shared voting and dispositive power. For one subsidiary (JHIUS) the filing reports 4,328,772 ADSs (7.8%). This is a clear disclosure of a large minority stake above the 5% reporting threshold and is consistent with passive investment activity as certified in the filing. From a portfolio viewpoint, the position is material and requires continued monitoring for changes but the filing itself indicates ordinary-course ownership rather than an active control intent.

Corporate Governance Expert

TL;DR: The Schedule 13G shows regulatory compliance for a >5% holding, with explicit shared voting/dispositive power and a formal POA for filings.

The report identifies Janus Henderson Group plc as the reporting person, organized in Jersey, and discloses shared voting and dispositive authority over 4,427,792 ADSs (8.0%). It also notes a subsidiary-level beneficial ownership of 4,328,772 ADSs (7.8%). The filing includes a certification that the position is held in the ordinary course and a power of attorney dated December 9, 2022, delegating authority to named officers to execute regulatory reports. These elements demonstrate adherence to disclosure obligations without indicating an intent to influence control.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 7)

ASCENDIS PHARMA A/S

(Name of Issuer)

American Depositary Shares

(Title of Class of Securities)

04351P101

(CUSIP Number)

06/30/2025

(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

JANUS HENDERSON GROUP PLC

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

JERSEY

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 4,427,792.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,427,792.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,427,792.00

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)

8.0 %

12

Type of Reporting Person (See Instructions)

IA, HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: ASCENDIS PHARMA A/S
(b)	Address of issuer's principal executive offices: TUBORG BOULEVARD 12 HELLERUP, DENMARK DK-2900
Item 2.
(a)	Name of person filing: Janus Henderson Group plc
(b)	Address or principal business office or, if none, residence: 201 Bishopsgate EC2M 3AE, United Kingdom
(c)	Citizenship: Y9
(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: JHIUS may be deemed to be the beneficial owner of 4,328,772 shares
(b)	Percent of class: 7.8 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 4328772
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 4328772
Item 5.	Ownership of 5 Percent or Less of a Class.
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. N/A
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. JHIUS, JHIUKL and JHIAIFML are indirect subsidiaries of Janus Henderson and are registered investment advisers furnishing investment advice to Managed Portfolios.
Item 8.	Identification and Classification of Members of the Group.
	If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group. N/A
Item 9.	Notice of Dissolution of Group.
	Notice of dissolution of a group may be furnished as an exhibit stating the date of the dissolution and that all further filings with respect to transactions in the security reported on will be filed, if required, by members of the group, in their individual capacity. See Item 5. N/A

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.

JANUS HENDERSON GROUP PLC

Signature:	Kristin Mariani
Name/Title:	Head of North America Compliance, CCO
Date:	08/14/2025

Exhibit Information

POWER OF ATTORNEY The undersigned, Janus Henderson Group plc ("the Company"), does hereby make, constitute and appoint each of Kristin Mariani and Caroline Barotti acting severally, as its true and lawful attorneys in-fact, for the purpose of, from time to time, executing in its name and on its behalf, whether the Company individually or as representative of others, any and all documents, certificates, instruments, statements, other filings and amendments to the foregoing (collectively, "documents") determined by such person to be necessary or appropriate to comply with ownership or control-person reporting requirements imposed by any United States or non-United States governmental or regulatory authority, including, without limitation, Forms 13D, 13F, 13G and 13H and any amendments to any of the foregoing as may be required to be filed with the Securities and Exchange Commission, and delivering, furnishing or filing any such documents with the appropriate governmental, regulatory authority or other person, and giving and granting to each such attorney-in-fact power and authority to act in the premises as fully and to all intents and purposes as the Company might or could do if personally present by one of its authorized signatories, hereby ratifying and confirming all that said attorney-in-fact shall lawfully do or cause to be done by virtue hereof. Any such determination by an attorney-in-fact named herein shall be conclusively evidenced by such person's execution, delivery, furnishing or filing of the applicable document. This power of attorney shall be valid from the date hereof and shall remain in full force and effect until either revoked in writing by the Company, or, in respect of any attorney-in-fact named herein, until such person ceases to be an employee of the Company or one of its affiliates. IN WITNESS WHEREOF, the undersigned has caused this power of attorney to be executed as of this 9th day of December, 2022. Janus Henderson Group plc By: /s/ Michelle Rosenberg Name: Michelle Rosenberg Title: General Counsel and Company Secretary

FAQ

What stake does Janus Henderson report in Ascendis Pharma (ASND)?

The filing reports an aggregate holding of 4,427,792 ADSs, equal to 8.0% of the class held with shared voting and dispositive power.

Does any Janus Henderson subsidiary own Ascendis ADSs separately?

Yes. The filing states that JHIUS may be deemed beneficial owner of 4,328,772 ADSs (7.8%) with shared voting and dispositive power.

What class of Ascendis securities is being reported?

The report covers American Depositary Shares of Ascendis Pharma A/S, CUSIP 04351P101.

Does the filing indicate an intent to influence control of Ascendis Pharma?

No. The filing includes a certification stating the securities were acquired and are held in the ordinary course of business and not to change or influence control.

Who signed the Schedule 13G on behalf of Janus Henderson?

The signature block lists Kristin Mariani, Head of North America Compliance, CCO, as the signing party.

Is there authorization for individuals to file reports for Janus Henderson?

Yes. The filing attaches a power of attorney appointing named officers to execute and file required ownership reports on the Company’s behalf.