Ascendis Pharma (ASND) Q4 2023 earnings summary

Executive summary

• 2023 revenue reached €266.7 million, supported by SKYTROFA growth and a $70.0 million Teijin upfront payment; full-year net loss was €481.4 million.

• TransCon PTH launch began in Germany and Austria; U.S. regulatory decision is scheduled for May 14, 2024, with a planned Q3 launch if approved.

• 2024 priorities include scaling SKYTROFA, advancing TransCon CNP trials, and targeting quarterly operating cash flow breakeven by year-end.

Financial highlights

• Q4 revenue was €137.7 million vs. €22.9 million in Q4 2022; the increase reflected the Teijin upfront payment and SKYTROFA revenue of €64.2 million vs. €17.1 million.

• FY 2023 revenue was €266.7 million vs. €51.2 million in 2022, including SKYTROFA revenue of €178.7 million vs. €35.7 million.

• Q4 operating expenses were €154.9 million vs. €165.2 million; FY operating expenses were €677.9 million vs. €600.9 million.

• Q4 net loss was €86.9 million, or €1.54/share, vs. €207.4 million, or €3.71/share; FY net loss was €481.4 million, or €8.55/share, vs. €583.2 million, or €10.40/share.

Outlook and guidance

• FY 2024 SKYTROFA revenue expected at €320–340 million, based on average 2023 exchange rates; total 2024 operating expenses expected at approximately €600 million.

• Quarterly operating cash flow breakeven expected by the end of 2024.

• Adult GHD supplemental BLA filing planned for Q2 2024; Turner syndrome Phase 2 topline results expected in Q4 2024.

• TransCon CNP ApproaCH topline results and planned NDA filing for children ages 2–11 expected in Q4 2024; COACH Week 26 data also expected then.