Ascendis Pharma (ASND) Q3 2025 earnings summary

Executive summary

• Achieved strong global launch momentum for Yorvipath, with expanding patient and prescriber base and commercial availability in over 30 countries, including Japan and over 4,250 U.S. patient enrollments.

• SKYTROFA received FDA approval for adult growth hormone deficiency and continued growth in pediatric use.

• TransCon CNP is nearing potential approval in the U.S. and EU for achondroplasia, with FDA Priority Review and a PDUFA date of November 30, 2025; EMA review ongoing.

• Achieved Q3 2025 operating profit of €11.0 million, reflecting a transformed financial profile driven by strong YORVIPATH and SKYTROFA sales.

Financial highlights

• Q3 2025 global revenue reached €213.6 million, up from €57.8 million year-over-year, mainly due to YORVIPATH growth.

• Operating profit for Q3 2025 was €11.0 million, compared to a loss of €96.7 million in Q3 2024.

• Cash and cash equivalents increased to €539 million as of September 30, 2025.

• R&D expenses decreased to €66.9 million, while SG&A rose to €113.4 million due to commercial expansion.

• Net finance expense was €60.9 million, mainly from non-cash remeasurement losses.

Outlook and guidance

• Expect continued revenue growth in Q4, driven by Yorvipath's ongoing global launch and stable pricing.

• SKYTROFA revenue growth anticipated to track prescription growth, with further upside from geographic and label expansion.

• Plan to initiate Phase 3 trial of TransCon CNP in combination with TransCon hGH and submit IND for hypochondroplasia.

• Anticipate presenting 52-week data from the COACH Phase 2 trial of TransCon CNP + TransCon hGH in early 2026.

• Ex-U.S. Yorvipath revenue expected to increase €4-5 million per quarter, with acceleration in 2026 as more countries launch.