Ascendis Pharma (ASND) Q4 2025 earnings summary

Executive summary

• Achieved strong execution and progress toward Vision 2030, targeting EUR 5 billion in annual product revenue by 2030 and EUR 500 million operating cash flow in 2026.

• YORVIPATH and SKYTROFA delivered robust revenue growth, with global launches, expanding patient access, and over 5,300 unique U.S. patient enrollments for YORVIPATH.

• Pipeline advanced with regulatory approvals, label expansions, and new clinical trials, including for TransCon CNP and combination therapies.

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

• Cash and cash equivalents increased to EUR 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 (EUR 477 million for 2025); SKYTROFA Q4 revenue was EUR 53 million (EUR 206 million for 2025).

• Gross profit for 2025 was EUR 625 million, with a gross margin of approximately 87%.

• Full-year operating expenses were EUR 761 million; R&D expenses were EUR 304 million and SG&A expenses were EUR 458 million.

• Net finance expense for 2025 was EUR 93 million, mainly non-cash; net cash financial expense was EUR 8 million.

Outlook and guidance

• Expect continued strong YORVIPATH revenue growth in 2026, with some seasonality and launches in 10 additional countries.

• SKYTROFA revenue growth to track prescription growth and benefit from geographic and label expansion.

• Operating cash flow target of EUR 500 million in 2026; EUR 5 billion annual product revenue aspiration by 2030.

• TransCon CNP launch and revenue not included in 2026 guidance; PDUFA action goal date is February 28, 2026, with EMA decision expected in Q4 2026.