Ascendis Pharma (ASND) Q4 2025 earnings summary

Executive summary

• Achieved strong execution in 2025, advancing toward Vision 2030 with a focus on global biopharma leadership and a robust TransCon product pipeline.

• Q4 2025 product revenue reached €240 million, with full-year product revenue at €684 million, driven primarily by YORVIPATH and SKYTROFA.

• Operating profit for Q4 2025 was €10 million, with cash flow from operating activities at €73 million.

• Net loss for Q4 2025 was €34 million, improving from €38 million loss in Q4 2024; full-year net loss narrowed to €228 million from €378 million in 2024.

• Cash and cash equivalents increased to €616 million as of December 31, 2025.

Financial highlights

• Q4 2025 revenue reached EUR 248 million; full-year 2025 revenue was EUR 720 million, up from EUR 364 million in 2024.

• YORVIPATH Q4 revenue was EUR 187 million; full-year revenue EUR 477 million. SKYTROFA Q4 revenue was EUR 53 million; full-year revenue EUR 206 million.

• Gross profit for 2025 was €625 million, up from €319 million in 2024.

• R&D expenses for 2025 were €304 million, slightly down from €307 million in 2024; SG&A expenses increased to €458 million from €291 million.

• Ended 2025 with EUR 616 million in cash and cash equivalents, up from EUR 560 million at end of 2024.

Outlook and guidance

• Expects continued strong YORVIPATH revenue growth in 2026, with some seasonality.

• Projected operating cash flow of approximately €500 million in 2026.

• Aspires to achieve at least €5 billion in global annual product revenue by 2030.

• Anticipates full commercial launches of YORVIPATH in 10 additional countries by end of 2026.

• 2026 outlook excludes potential U.S. approval of TransCon CNP, which is anticipated soon.