Ascendis Pharma (ASND)
Market Price (9/26/2026): $225.95 | Market Cap: $14.5 BilSector: Health Care | Industry: Biotechnology
Ascendis Pharma (ASND)
Market Price (9/26/2026): $225.95Market Cap: $14.5 BilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.1% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 113% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 25% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 33%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 33% Low stock price volatilityVol 12M is 39% Megatrend and thematic driversMegatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Biopharmaceutical R&D, Targeted Therapies, Show more. | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 66x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 42x Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 12% Key risksASND key risks include [1] a precarious financial position due to high cash burn and the burden of self-funding programs returned by partners, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.1% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 113% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 25% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 33%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 33% |
| Low stock price volatilityVol 12M is 39% |
| Megatrend and thematic driversMegatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Biopharmaceutical R&D, Targeted Therapies, Show more. |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 66x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 42x |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 12% |
| Key risksASND key risks include [1] a precarious financial position due to high cash burn and the burden of self-funding programs returned by partners, Show more. |
Qualitative Assessment
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Ascendis Pharma (ASND) stock has remained largely at the same level since 5/31/2026 because of the following key factors:
1. Mixed Fiscal Q2 2026 Earnings with One-Time Gain Impact.
Ascendis Pharma reported mixed financial results for fiscal Q2 2026, which ended June 30, 2026. The company announced revenues of $387.22 million (€339 million), exceeding analysts' expectations of $376.75 million, with product revenue increasing by 105% year-over-year to €315 million. However, its Earnings Per Share (EPS) of $1.03 missed the consensus estimate of $1.71 by $0.68. A significant portion of the reported income, €158.1 million ($187.5 million net of costs), stemmed from the one-time sale of a Rare Pediatric Disease Priority Review Voucher (PRV) in June 2026, which was earned following the U.S. FDA approval of YUVIWEL in February 2026. This one-time benefit inflated IFRS EPS and led to a cautious market reaction, with the stock falling 3.61% post-earnings.
2. Continued Positive Clinical Data and U.S. Product Launch Progress.
The company presented encouraging long-term clinical data for its achondroplasia programs, TransCon CNP (YUVIWEL) and TransCon hGH, at major conferences (ICCBH 2026 in June, ENDO 2026 in June, and ESPE 2026 in September 2026). These presentations highlighted durable growth, improvements in body proportionality, and sustained safety and tolerability in children with achondroplasia. Additionally, Ascendis reported good progress on the U.S. launch of YUVIWEL, with over 220 unique patient enrollments through July 31, 2026. A global patent settlement with BioMarin regarding YUVIWEL, involving royalty payments, was also reached in late August 2026, providing operational clarity for the product.
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Ascendis Pharma (ASND) stock has remained largely at the same level since 5/31/2026 because of the following key factors:
1. Mixed Fiscal Q2 2026 Earnings with One-Time Gain Impact.
Ascendis Pharma reported mixed financial results for fiscal Q2 2026, which ended June 30, 2026. The company announced revenues of $387.22 million (€339 million), exceeding analysts' expectations of $376.75 million, with product revenue increasing by 105% year-over-year to €315 million. However, its Earnings Per Share (EPS) of $1.03 missed the consensus estimate of $1.71 by $0.68. A significant portion of the reported income, €158.1 million ($187.5 million net of costs), stemmed from the one-time sale of a Rare Pediatric Disease Priority Review Voucher (PRV) in June 2026, which was earned following the U.S. FDA approval of YUVIWEL in February 2026. This one-time benefit inflated IFRS EPS and led to a cautious market reaction, with the stock falling 3.61% post-earnings.
2. Continued Positive Clinical Data and U.S. Product Launch Progress.
The company presented encouraging long-term clinical data for its achondroplasia programs, TransCon CNP (YUVIWEL) and TransCon hGH, at major conferences (ICCBH 2026 in June, ENDO 2026 in June, and ESPE 2026 in September 2026). These presentations highlighted durable growth, improvements in body proportionality, and sustained safety and tolerability in children with achondroplasia. Additionally, Ascendis reported good progress on the U.S. launch of YUVIWEL, with over 220 unique patient enrollments through July 31, 2026. A global patent settlement with BioMarin regarding YUVIWEL, involving royalty payments, was also reached in late August 2026, providing operational clarity for the product.
3. Strategic Portfolio Realignment and Shareholder Value Initiatives.
On September 14, 2026, Ascendis Pharma announced it would regain exclusive rights to TransCon technology-based products in metabolic and cardiovascular diseases, including obesity, following the termination of its collaboration agreement with Novo Nordisk. This move allows Ascendis to independently advance programs like once-monthly TransCon Semaglutide. Concurrently, the company's board authorized a new share repurchase program of up to $400 million, a measure typically viewed positively by investors as it signals management's confidence and commitment to returning value to shareholders.
4. Persistent Bullish Analyst Sentiment.
Despite some mixed short-term news, analyst sentiment for Ascendis Pharma remained largely positive throughout the period. The consensus rating from analysts was a "Buy" or "Strong Buy". The average 12-month price target among analysts ranged from approximately $304.95 to $314.84, suggesting a significant upside from the stock's trading levels during this period (e.g., $263.04 on September 1, 2026, and $236.72 on September 21, 2026). While some firms made modest reductions to their price targets in late August and early September, the overall bullish outlook provided a foundational support preventing substantial declines.
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Stock Movement Drivers
Fundamental Drivers
The 0.7% change in ASND stock from 5/31/2026 to 9/25/2026 was primarily driven by a 23.7% change in the company's Net Income Margin (%).| (LTM values as of) | 5312026 | 9252026 | Change |
|---|---|---|---|
| Stock Price ($) | 224.11 | 225.60 | 0.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 866 | 1,047 | 20.9% |
| Net Income Margin (%) | 57.3% | 70.8% | 23.7% |
| P/E Multiple | 27.9 | 19.6 | -29.8% |
| Shares Outstanding (Mil) | 62 | 64 | -4.1% |
| Cumulative Contribution | 0.7% |
Market Drivers
5/31/2026 to 9/25/2026| Return | Correlation | |
|---|---|---|
| ASND | 0.7% | |
| Market (SPY) | 2.2% | 13.2% |
| Sector (XLV) | 14.7% | 25.3% |
Fundamental Drivers
The -3.4% change in ASND stock from 2/28/2026 to 9/25/2026 was primarily driven by a -30.1% change in the company's P/S Multiple.| (LTM values as of) | 2282026 | 9252026 | Change |
|---|---|---|---|
| Stock Price ($) | 233.50 | 225.60 | -3.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 720 | 1,047 | 45.4% |
| P/S Multiple | 19.8 | 13.9 | -30.1% |
| Shares Outstanding (Mil) | 61 | 64 | -4.9% |
| Cumulative Contribution | -3.4% |
Market Drivers
2/28/2026 to 9/25/2026| Return | Correlation | |
|---|---|---|
| ASND | -3.4% | |
| Market (SPY) | 13.0% | 22.6% |
| Sector (XLV) | 7.5% | 32.2% |
Fundamental Drivers
The 16.1% change in ASND stock from 8/31/2025 to 9/25/2026 was primarily driven by a 113.4% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 8312025 | 9252026 | Change |
|---|---|---|---|
| Stock Price ($) | 194.27 | 225.60 | 16.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 491 | 1,047 | 113.4% |
| P/S Multiple | 23.9 | 13.9 | -42.1% |
| Shares Outstanding (Mil) | 60 | 64 | -6.0% |
| Cumulative Contribution | 16.1% |
Market Drivers
8/31/2025 to 9/25/2026| Return | Correlation | |
|---|---|---|
| ASND | 16.1% | |
| Market (SPY) | 20.9% | 9.3% |
| Sector (XLV) | 26.4% | 27.1% |
Fundamental Drivers
The 130.2% change in ASND stock from 8/31/2023 to 9/25/2026 was primarily driven by a 1243.5% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 8312023 | 9252026 | Change |
|---|---|---|---|
| Stock Price ($) | 98.02 | 225.60 | 130.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 78 | 1,047 | 1243.5% |
| P/S Multiple | 70.5 | 13.9 | -80.3% |
| Shares Outstanding (Mil) | 56 | 64 | -12.8% |
| Cumulative Contribution | 130.2% |
Market Drivers
8/31/2023 to 9/25/2026| Return | Correlation | |
|---|---|---|
| ASND | 130.2% | |
| Market (SPY) | 77.8% | 19.1% |
| Sector (XLV) | 34.7% | 25.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ASND Return | -19% | -9% | 3% | 9% | 55% | 8% | 38% |
| Peers Return | 5% | -3% | 83% | -18% | 42% | 8% | 134% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 105% |
Monthly Win Rates [3] | |||||||
| ASND Win Rate | 33% | 50% | 58% | 67% | 75% | 56% | |
| Peers Win Rate | 52% | 50% | 47% | 43% | 53% | 49% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 56% | |
Max Drawdowns [4] | |||||||
| ASND Max Drawdown | -35% | -42% | -45% | -29% | -19% | -19% | |
| Peers Max Drawdown | -33% | -32% | -30% | -33% | -25% | -22% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: BMRN, BBIO, PFE, REGN, AMGN.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/25/2026 (YTD)
How Low Can It Go
| Event | ASND | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -11.4% | -18.8% |
| % Gain to Breakeven | 12.9% | 23.1% |
| Time to Breakeven | 6 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -38.6% | -6.7% |
| % Gain to Breakeven | 62.8% | 7.1% |
| Time to Breakeven | 229 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -42.5% | -24.5% |
| % Gain to Breakeven | 73.9% | 32.4% |
| Time to Breakeven | 607 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -32.7% | -33.7% |
| % Gain to Breakeven | 48.6% | 50.9% |
| Time to Breakeven | 65 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -19.1% | -19.2% |
| % Gain to Breakeven | 23.6% | 23.8% |
| Time to Breakeven | 15 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -16.9% | -12.2% |
| % Gain to Breakeven | 20.3% | 13.9% |
| Time to Breakeven | 11 days | 62 days |
In The Past
Ascendis Pharma's stock fell -11.4% during the 2025 US Tariff Shock. Such a loss loss requires a 12.9% gain to breakeven.
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Asset Allocation
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| Event | ASND | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -38.6% | -6.7% |
| % Gain to Breakeven | 62.8% | 7.1% |
| Time to Breakeven | 229 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -42.5% | -24.5% |
| % Gain to Breakeven | 73.9% | 32.4% |
| Time to Breakeven | 607 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -32.7% | -33.7% |
| % Gain to Breakeven | 48.6% | 50.9% |
| Time to Breakeven | 65 days | 140 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -25.1% | -6.8% |
| % Gain to Breakeven | 33.5% | 7.3% |
| Time to Breakeven | 18 days | 15 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -50.0% | -53.4% |
| % Gain to Breakeven | 100.0% | 114.4% |
| Time to Breakeven | 2326 days | 1085 days |
In The Past
Ascendis Pharma's stock fell -11.4% during the 2025 US Tariff Shock. Such a loss loss requires a 12.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Ascendis Pharma (ASND)
Ascendis Pharma A/S (ASND) is a biopharmaceutical company focused on developing innovative therapeutic solutions for medical conditions with significant unmet needs. Headquartered in Denmark, the company leverages its proprietary "TransCon" technology platform to create prodrugs designed for sustained release, aiming to optimize efficacy and convenience for patients across various therapeutic areas.
The company's flagship product, SKYTROFA, is already available for treating growth hormone deficiency (GHD) in pediatric patients. In addition to expanding its GHD therapies, Ascendis Pharma is advancing a robust pipeline of TransCon-enabled drug candidates. This includes TransCon parathyroid hormone for adults with hypoparathyroidism and TransCon CNP for pediatric achondroplasia, addressing other rare endocrine disorders.
Ascendis Pharma primarily serves patient populations affected by endocrine conditions like growth hormone deficiency, hypoparathyroidism, and achondroplasia. The company is also venturing into broader therapeutic markets, including oncology, with novel TransCon-based therapies such as a toll-like receptor 7/8 agonist for localized tumor treatment and an IL-2 ß/g agonist for systemic immuno-oncology applications.
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Here are 1-2 brief analogies for Ascendis Pharma (ASND):
- Ascendis Pharma is like a BioMarin Pharmaceutical, specializing in rare growth and endocrine disorders, powered by its unique TransCon drug delivery platform.
- Ascendis Pharma could be seen as a Vertex Pharmaceuticals focusing on a broader portfolio of rare diseases, leveraging its proprietary drug delivery technology.
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- SKYTROFA: A therapeutic for treating patients with growth hormone deficiency (GHD).
- TransCon Growth Hormone (hGH) for pediatric GHD in Japan: A treatment for pediatric growth hormone deficiency specifically in Japan.
- TransCon hGH for adults with GHD: A treatment designed for adults suffering from growth hormone deficiency.
- TransCon parathyroid hormone: A therapeutic under development for adult hypoparathyroidism.
- TransCon CNP: A product in development for pediatric achondroplasia.
- TransCon toll like receptors 7/8 agonist: An experimental therapy intended for intratumoral delivery.
- TransCon IL-2 ß/g: A developmental therapy designed for systemic delivery.
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Ascendis Pharma (ASND), like most biopharmaceutical companies, does not primarily sell directly to individual patients. Instead, it sells its pharmaceutical products through established healthcare distribution channels. Therefore, its major customers are categories of entities within the healthcare system rather than specific named companies or individuals.
The primary customer categories for Ascendis Pharma include:
- Pharmaceutical Wholesalers and Distributors: These companies purchase drugs in bulk directly from manufacturers like Ascendis Pharma and then distribute them to pharmacies, hospitals, and clinics. Examples in the industry include McKesson Corporation (MCK), AmerisourceBergen Corporation (ABC), and Cardinal Health, Inc. (CAH).
- Hospitals, Clinics, and Healthcare Institutions: These entities procure drugs for administration to patients within their facilities, often through wholesalers or sometimes via direct purchasing agreements with manufacturers.
- Retail and Specialty Pharmacies: These pharmacies dispense prescription medications to individual patients, acquiring the drugs primarily from wholesalers.
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Jan Møller Mikkelsen, President and CEO
Jan Møller Mikkelsen founded Ascendis Pharma in 2007 and has served as President and Chief Executive Officer, as well as a Board member, since then. Previously, he was President and CEO of LifeCycle Pharma A/S (now Veloxis Pharmaceuticals A/S) from 2002 to 2006. He also served as President of the Pharmaceutical Division of Maxygen, Inc. from 2000 to 2002. Mr. Mikkelsen co-founded ProFound Pharma A/S, which was acquired by Maxygen, Inc., and served as Co-Chief Executive Officer from 1999 to 2000. Before that, he held various positions at Novo Nordisk A/S, including Vice President of Protein Discovery, from 1988 to 1999. He currently serves as Chairman of the Board at Hummingbird Bioscience.
Scott T. Smith, Executive Vice President and Chief Financial Officer
Scott T. Smith was named Executive Vice President and Chief Financial Officer at Ascendis Pharma in January 2023, having served as Senior Vice President and Chief Financial Officer since August 2016. Prior to joining Ascendis Pharma, Mr. Smith was the Director of the Healthcare Investment Banking Group at Wedbush Securities from 2012 to 2016, where he led the healthcare team. From 2009 to 2012, he was a Managing Director at Wedbush. He began his career at Merrill Lynch in 1995, serving as a Director in the Global Healthcare Investment Banking Group. Mr. Smith earned his M.B.A. from the Stanford University Graduate School of Business.
Sherrie Glass, Chief Business Officer
Sherrie Glass was appointed Chief Business Officer at Ascendis Pharma in September 2024. In this role, she is responsible for identifying strategic opportunities and leading Business Development, Global Marketing, Commercial Operations & Analytics, and Health Economic & Outcomes Research (HEOR). Before joining Ascendis, Ms. Glass served as Senior Vice President of Enterprise Strategy & Operational Excellence at Bristol Myers Squibb from 2021 to 2024, where she oversaw strategic planning and was involved in Business Development, licensing, and M&A. Her previous experience includes roles at AbbVie (formerly Allergan), Allergan, the Boston Consulting Group, and Monitor Group. Ms. Glass holds a Master of Public Administration in International Affairs from Princeton University and a Bachelor of Arts (magna cum laude) from Brown University.
Michael Wolff Jensen, Executive Vice President and Chief Legal Officer
Michael Wolff Jensen was named Executive Vice President and Chief Legal Officer at Ascendis Pharma in January 2023, having been the Senior Vice President and Chief Legal Officer since 2013. He also served as Chairman of the Ascendis Pharma board of directors from January 2008 to May 2021 and as Acting Chief Financial Officer from 2008 to 2013. Before Ascendis Pharma, Mr. Jensen was a Senior Legal Advisor and Head of Partnerships (France) for the renewable business division of Ørsted A/S from 2010 to 2013. He earned his L.L.M. degree from the University of Copenhagen.
Lotte Sønderbjerg, Executive Vice President and Chief Administration Officer
Lotte Sønderbjerg was appointed Executive Vice President and Chief Administration Officer at Ascendis Pharma in January 2023, having previously served as Senior Vice President, Chief Administrative Officer since 2007. She also holds the position of Managing Director of Ascendis Pharma GmbH. Prior to Ascendis Pharma, Mrs. Sønderbjerg was the Senior Director of Human Resources and Finance Director at LifeCycle Pharma A/S (now Veloxis Pharmaceuticals A/S) from 2003 to 2007. From 1996 to 2003, she served as Senior Director of Finance and Human Resources at Acadia Pharmaceuticals, Inc.
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The key risks to Ascendis Pharma's business include financial vulnerability and high cash burn, challenges in pipeline development and reliance on its core TransCon technology, and intense competition impacting market acceptance and reimbursement.
- Financial Vulnerability and High Cash Burn: Ascendis Pharma faces significant financial exposure due to negative interest coverage, very high net debt to EBITDA, and weak cash conversion metrics, leaving it more susceptible to refinancing and cash burn than its peers. Its liquidity is constrained by a current ratio near 1.0 and a quick ratio below 0.8, which increases downside risk if commercialization or reimbursement timing falters. The company has incurred persistent net losses, making future viability assessment difficult, and its high leverage combined with limited near-term earnings support makes it vulnerable to capital-market conditions. The decision to independently pursue development of metabolic and cardiovascular programs, after Novo Nordisk returned the rights, transfers the full burden of costly development and commercialization back to Ascendis Pharma, necessitating high investments in areas with significant competition.
- Pipeline Development Challenges and Reliance on TransCon Technology: Ascendis Pharma's business faces risks related to its product pipeline, particularly concerning its TransCon drug-delivery technology platform. The company has experienced negative sentiment and pipeline contraction following the abandonment of TransCon collaborations by partners like Novo Nordisk, Sanofi, and Roche, leading to an increasingly negative perception of the technology's overall usefulness. There is an elongated timeline for pipeline monetization, and the company's commitment to its nearly 20-year-old TransCon technology comes at a time when the field is advancing with other solutions. The ability to obtain regulatory approval for product candidates is critical, and unforeseen safety or efficacy results, as well as delays in development programs due to manufacturing, regulatory requirements, or patient recruitment, pose substantial risks. Furthermore, the company relies on third-party manufacturers and distributors for its products and product candidates.
- Intense Competition and Market Acceptance/Reimbursement: The biotechnology and pharmaceutical industries are highly competitive, and Ascendis Pharma's ability to compete effectively against companies that may develop or commercialize products faster or more successfully is a significant risk. Maintaining and improving reimbursement access and broader prescriber adoption for its products is crucial for growth, but peers with stronger balance sheets may capitalize on similar opportunities more efficiently. Specific competitive risks include the emergence of credible competition in the parathyroid hormone space and potential revenue losses from an International Trade Commission (ITC) inquiry related to BioMarin's Yuviwel, which could impact revenue by an estimated $600 million to $700 million over three years if the staff recommendation is adopted.
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Ascendis Pharma A/S (ASND) develops therapeutics for several conditions with significant addressable markets.
SKYTROFA and TransCon Growth Hormone (Growth Hormone Deficiency - GHD)
- The global growth hormone deficiency (GHD) market, encompassing regions such as the U.S., France, Germany, Italy, Spain, the UK, and Japan, is projected to increase to $2.08 billion by 2026.
- More broadly, the global GHD market was valued at approximately $1.63 billion in 2025 and is expected to reach $3.30 billion by 2034 across the 7MM (United States, Germany, France, Italy, Spain, the United Kingdom, and Japan).
- Another estimate places the global GHD market at $4.89 billion in 2025, with a projection to grow to $7.20 billion by 2034.
- Specifically for pediatric growth hormone deficiency, the global market size is estimated to grow from $4.15 billion in 2025 to $4.52 billion in 2026 and further to $6.32 billion by 2030.
- For adult-onset GHD, the global treatment market was estimated at $4.87 billion in 2024 and is projected to reach $7.67 billion by 2035. In North America alone, the adult-onset GHD treatment market size was $2.43 billion in 2025.
- In Japan, the human growth hormone market, where GHD is the largest application, generated revenues of $273.2 million in 2023 and is anticipated to reach $591.5 million by 2030. Japan's GHD market specifically was valued at approximately $137.0 million in 2023.
TransCon Parathyroid Hormone (Adult Hypoparathyroidism)
- The global hypoparathyroidism treatment market is expected to grow from $785.7 million in 2025 to $1.15 billion by 2035.
- Another report values the global hypoparathyroidism market at $1.03 billion in 2025, with a projection to reach $1.54 billion by 2030.
- North America represented the largest regional market for hypoparathyroidism treatment in 2025.
TransCon CNP (Pediatric Achondroplasia)
- The global achondroplasia treatment market was valued at $321.79 million in 2025, is estimated to reach $438.92 million in 2026, and is projected to reach $5.26 billion by 2034.
- Another estimate indicates the achondroplasia treatment market size growing from $0.28 billion in 2025 to $0.36 billion in 2026, and further to $0.98 billion in 2030.
- North America is expected to maintain a dominant position in the achondroplasia market, holding a market share of 35.2% during the projected period.
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Expected Drivers of Future Revenue Growth for Ascendis Pharma (ASND)
Ascendis Pharma (ASND) is poised for future revenue growth over the next two to three years, driven by the continued expansion of its commercialized products and the successful launch and ramp-up of its pipeline candidates. Key drivers include:
- Continued Growth and Market Expansion of SKYTROFA (lonapegsomatropin): SKYTROFA, for growth hormone deficiency (GHD), has demonstrated strong volume growth and achieved market value leadership in the U.S.. The company anticipates SKYTROFA will reach blockbuster status in the U.S. alone and is pursuing label expansions to further broaden its market reach.
- Global Commercial Ramp-up of YORVIPATH (TransCon PTH): YORVIPATH, approved by the U.S. FDA for adult hypoparathyroidism, is a significant revenue driver. Ascendis Pharma is actively expanding its commercialization in Europe and other international markets, with full commercial launches expected in an additional 10 countries by the end of 2026. YORVIPATH showed strong growth in the first half of 2026, with net sales projected to exceed $1.1 billion in 2026.
- Launch and Market Penetration of YUVIWEL (TransCon CNP): YUVIWEL, approved by the U.S. FDA in February 2026 for pediatric achondroplasia, is off to a strong start in the U.S. with initial sales reported in Q2 2026. Furthermore, the Marketing Authorisation Application for YUVIWEL is currently under review by the European Medicines Agency, with a regulatory decision expected in the fourth quarter of 2026, which would open up significant new market opportunities.
- Potential for Combination Therapies and Pipeline Advancement: Ascendis Pharma is exploring combination therapies, such as TransCon CNP with TransCon hGH, to further enhance treatment benefits and potentially expand market share in achondroplasia. The company is also advancing a broader R&D pipeline of highly differentiated TransCon product candidates, aiming to provide sustainable long-term growth beyond its current commercial portfolio.
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Share Repurchases
- Ascendis Pharma authorized a share repurchase program of up to $400 million on September 14, 2026.
- In the first half of 2026, the company executed a $120 million share repurchase program, acquiring 505,418 shares.
- During the second quarter of 2026, €56 million was used for the share repurchase program.
Share Issuance
- In the first half of 2026, Ascendis Pharma redeemed $575 million of 2.25% convertible notes through conversion into 3,635,813 ordinary shares.
- The company received €50,086 from the exercise of warrants in the first half of 2026.
- Effective April 20, 2026, Ascendis Pharma transitioned to a direct listing of its ordinary shares on Nasdaq, with each outstanding American Depositary Share (ADS) being exchanged for one ordinary share.
Capital Expenditures
- For the second quarter of 2026, the acquisition of intangible assets and property, plant and equipment amounted to €10.948 million.
- The acquisition of intangible assets and property, plant and equipment for the second quarter of 2025 was €5.041 million.
Peer Outperformance in Biotechnology
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care Distributors | 6 | 10.8% | 42.7% | 87.6% | CAH 380% · MCK 337% · COR 165% |
| Managed Health Care | 8 | 34.8% | -9.4% | 3.1% | OSCR 74% · HQY 34% · ELV 12% |
| Health Care Services | 20 | 21.2% | 37.1% | 0.2% | HIMS 263% · RDNT 142% · DGX 70% |
| Health Care Facilities | 24 | 4.5% | 14.6% | -0.9% | NHC 275% · THC 264% · ENSG 135% |
| Health Care Equipment | 50 | -1.7% | -1.1% | -19.3% | POCI 11475% · UFPT 375% · GKOS 205% |
| Health Care Supplies | 12 | 29.6% | -7.7% | -38.4% | LNTH 270% · HAE 52% · MMSI 21% |
| Pharmaceuticals | 62 | -8.9% | 7.3% | -41.9% | LQDA 2284% · INDV 1094% · ETON 1051% |
| Life Sciences Tools & Services | 113 | 1.3% | -10.1% | -67.2% | SNWV 1957% · NTRA 249% · MEDP 212% |
| Health Care Technology | 21 | -32.6% | -53.0% | -78.2% | SPOK 72% · HSTM 2% · VEEV -6% |
| Biotechnology ← | 375 | -8.7% | -23.0% | -79.7% | CELZ 1371% · DNTH 1085% · ELVN 965% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 145.58 |
| Mkt Cap | 47.8 |
| Rev LTM | 9,471 |
| Op Inc LTM | 2,218 |
| FCF LTM | 2,150 |
| FCF 3Y Avg | 1,991 |
| CFO LTM | 2,769 |
| CFO 3Y Avg | 2,575 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 10.2% |
| Rev Chg 3Y Avg | 14.0% |
| Rev Chg Q | 18.3% |
| QoQ Delta Rev Chg LTM | 4.6% |
| Op Inc Chg LTM | 16.1% |
| Op Inc Chg 3Y Avg | 46.3% |
| Op Mgn LTM | 25.9% |
| Op Mgn 3Y Avg | 16.2% |
| QoQ Delta Op Mgn LTM | 1.4% |
| CFO/Rev LTM | 27.6% |
| CFO/Rev 3Y Avg | 20.3% |
| FCF/Rev LTM | 22.1% |
| FCF/Rev 3Y Avg | 16.2% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| YORVIPATH® | 477 | 29 | 0 | 0 | |
| SKYTROFA® | 206 | 197 | 179 | 36 | |
| Services and clinical supply | 18 | 16 | 22 | ||
| Milestones | 13 | 0 | 0 | ||
| Licenses | 6 | 122 | 66 | 2 | |
| Collaboration partners and license agreements | 16 | ||||
| Rendering of services | 1 | ||||
| Sale of clinical supply | 4 | ||||
| Sale of commercial products | 1 | ||||
| Total | 720 | 364 | 267 | 51 | 8 |
Price Behavior
| Market Price | $225.60 | |
| Market Cap ($ Bil) | 14.5 | |
| First Trading Date | 02/15/2008 | |
| Distance from 52W High | -18.6% | |
| 50 Days | 200 Days | |
| DMA Price | $251.33 | $234.75 |
| DMA Trend | up | up |
| Distance from DMA | -10.2% | -3.9% |
| 3M | 1YR | |
| Volatility | 37.7% | 39.2% |
| Downside Capture | 87.13 | 33.34 |
| Upside Capture | -6.21 | 46.74 |
| Correlation (SPY) | 10.5% | 10.5% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.18 | -0.07 | 0.29 | 0.62 | 0.23 | 0.50 |
| Up Beta | -0.42 | -0.51 | 0.11 | 1.26 | 0.74 | 0.41 |
| Down Beta | 2.61 | 1.11 | 0.97 | 0.43 | -0.28 | 0.41 |
| Up Capture | 27% | -22% | 44% | 44% | 30% | 46% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 10 | 19 | 31 | 60 | 119 | 362 |
| Down Capture | -163% | -14% | -35% | 38% | 8% | 73% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 11 | 23 | 33 | 67 | 132 | 387 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ASND | |
|---|---|---|---|---|
| ASND | 16.8% | 39.1% | 0.48 | - |
| Sector ETF (XLV) | 26.9% | 16.2% | 1.28 | 27.2% |
| Equity (SPY) | 17.7% | 13.0% | 0.98 | 10.2% |
| Gold (GLD) | 14.7% | 29.3% | 0.46 | 15.0% |
| Commodities (DBC) | 46.8% | 20.7% | 1.75 | -4.3% |
| Real Estate (VNQ) | 4.5% | 13.6% | 0.07 | 11.7% |
| Bitcoin (BTCUSD) | -25.5% | 44.8% | -0.53 | 3.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ASND | |
|---|---|---|---|---|
| ASND | 6.6% | 47.9% | 0.30 | - |
| Sector ETF (XLV) | 6.8% | 15.2% | 0.26 | 25.4% |
| Equity (SPY) | 13.3% | 17.2% | 0.59 | 26.0% |
| Gold (GLD) | 19.2% | 18.8% | 0.83 | 6.4% |
| Commodities (DBC) | 11.2% | 19.5% | 0.45 | 0.4% |
| Real Estate (VNQ) | 0.9% | 18.9% | -0.06 | 23.6% |
| Bitcoin (BTCUSD) | 12.3% | 52.6% | 0.41 | 14.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ASND | |
|---|---|---|---|---|
| ASND | 26.4% | 50.9% | 0.64 | - |
| Sector ETF (XLV) | 10.9% | 16.7% | 0.53 | 24.8% |
| Equity (SPY) | 15.5% | 17.9% | 0.73 | 24.6% |
| Gold (GLD) | 12.1% | 16.4% | 0.61 | 4.5% |
| Commodities (DBC) | 8.7% | 18.1% | 0.39 | 6.4% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.19 | 19.1% |
| Bitcoin (BTCUSD) | 63.9% | 66.2% | 1.04 | 7.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/13/2026 | 6-KQ |
| 03/31/2026 | 05/07/2026 | 6-KQ |
| 12/31/2025 | 02/11/2026 | 20-F |
| 09/30/2025 | 11/12/2025 | 6-K |
| 06/30/2025 | 08/07/2025 | 6-K |
| 03/31/2025 | 05/01/2025 | 6-K |
| 12/31/2024 | 02/12/2025 | 20-F |
| 09/30/2024 | 11/14/2024 | 6-K |
| 06/30/2024 | 09/03/2024 | 6-K |
| 03/31/2024 | 05/02/2024 | 6-K |
| 12/31/2023 | 02/07/2024 | 20-F |
| 09/30/2023 | 11/07/2023 | 6-K |
| 06/30/2023 | 09/05/2023 | 6-K |
| 03/31/2023 | 04/27/2023 | 6-K |
| 12/31/2022 | 02/16/2023 | 20-F |
| 09/30/2022 | 11/02/2022 | 6-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/13/2026 | 6-KQ |
| 03/31/2026 | 05/07/2026 | 6-KQ |
| 12/31/2025 | 02/11/2026 | 20-F |
| 09/30/2025 | 11/12/2025 | 6-K |
| 06/30/2025 | 08/07/2025 | 6-K |
| 03/31/2025 | 05/01/2025 | 6-K |
| 12/31/2024 | 02/12/2025 | 20-F |
| 09/30/2024 | 11/14/2024 | 6-K |
| 06/30/2024 | 09/03/2024 | 6-K |
| 03/31/2024 | 05/02/2024 | 6-K |
| 12/31/2023 | 02/07/2024 | 20-F |
| 09/30/2023 | 11/07/2023 | 6-K |
| 06/30/2023 | 09/05/2023 | 6-K |
| 03/31/2023 | 04/27/2023 | 6-K |
| 12/31/2022 | 02/16/2023 | 20-F |
| 09/30/2022 | 11/02/2022 | 6-K |
| 06/30/2022 | 08/10/2022 | 6-K |
| 03/31/2022 | 05/11/2022 | 6-K |
| 12/31/2021 | 03/02/2022 | 20-F |
| 09/30/2021 | 11/10/2021 | 6-K |
| 06/30/2021 | 08/27/2021 | 6-K |
| 03/31/2021 | 05/27/2021 | 6-K |
| 12/31/2020 | 03/10/2021 | 20-F |
| 09/30/2020 | 11/12/2020 | 6-K |
| 06/30/2020 | 08/27/2020 | 6-K |
| 03/31/2020 | 05/19/2020 | 6-K |
| 12/31/2019 | 04/03/2020 | 20-F |
| 09/30/2019 | 11/18/2019 | 6-K |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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