ASND

MKT CAP:$14B

Ascendis Pharma A/S

Market Cap

$14B

Healthcare·Biotechnology·🇩🇰 Denmark·NASDAQ

Healthcare·Biotechnology·🇩🇰·NASDAQ

Stock Price

$225.00+$11.71 (+5.49%)

Apr 23, 2026

Company Details

Ascendis Pharma A/S, a biopharmaceutical company, focuses on developing therapeutics for unmet medical needs. The company offers SKYTROFA for treating patients with growth hormone deficiency (GHD). It also develops TransCon Growth Hormone (...

CEO

Jan Moller Mikkelsen

IPO Date

Jan 28, 2015

Website

ascendispharma.com

Key Metrics TTM

Revenue

$839M

+97.4% YoY

Net Income

-$266M

EPS (Diluted)

-$4.61

Free Cash Flow

$50M

Revenue / Share

$13.67

Gross Margin

86.3%

Operating Margin

-19.0%

Net Margin

-31.7%

FCF Margin

6.0%

P/S

16.6x

P/E

—

Earnings Reports

Q1 2026

May 7, 2026

PENDING

FY 2025

Feb 11, 2026

$809M+90.2%EPS -$4.23

Q4 2025

Feb 11, 2026

$287M+41.0%EPS -$0.63

Q3 2025

Nov 12, 2025

$250M+269.4%EPS -$1.17

Q2 2025

Aug 7, 2025

$185M+339.0%EPS -$0.96

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 21	$1M	$1M	-$113M
Q4 21	$6M	$2M	-$132M
Q1 22	$8M	$3M	-$150M
Q2 22	$7M	$6M	-$166M
Q1 23	$39M	$34M	-$168M
Q2 23	$55M	$40M	-$165M
Q3 23	$56M	$48M	-$157M
Q4 23	$161M	$138M	-$43M
Q1 24	$112M	$103M	-$57M
Q2 24	$42M	$29M	-$156M
Q3 24	$68M	$55M	-$113M
Q4 24	$203M	$187M	$447.8K
Q1 25	$118M	$98M	-$122M
Q2 25	$185M	$148M	-$62M
Q3 25	$250M	$224M	$13M
Q4 25	$287M	$255M	$11M

Valuation

Quarter	P/S	P/E
Q3 21	2235.6x	—
Q4 21	846.7x	—
Q1 22	389.7x	—
Q2 22	238.9x	—
Q1 23	68.0x	—
Q2 23	45.1x	—
Q3 23	32.6x	—
Q4 23	25.2x	—
Q1 24	22.7x	—
Q2 24	21.1x	—
Q3 24	22.8x	—
Q4 24	19.2x	—
Q1 25	21.7x	—
Q2 25	18.2x	—
Q3 25	15.5x	—
Q4 25	15.3x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$153M	-$157M
Q2 22	-$145M	-$150M
Q3 22	-$116M	-$119M
Q4 22	-$166M	-$170M
Q1 23	-$172M	-$173M
Q2 23	-$179M	-$180M
Q3 23	-$146M	-$147M
Q4 23	-$50M	-$50M
Q1 24	-$119M	-$119M
Q2 24	-$72M	-$72M
Q3 24	-$66M	-$66M
Q4 24	-$102M	-$102M
Q1 25	-$17M	-$18M
Q2 25	-$9M	-$14M
Q3 25	$3M	$2M
Q4 25	$83M	$79M

Capital Expenditures

Quarter	CapEx
Q1 22	$4M
Q2 22	$4M
Q3 22	$4M
Q4 22	$4M
Q1 23	$1M
Q2 23	$519.1K
Q3 23	$1M
Q4 23	$73.7K
Q1 24	$232.7K
Q2 24	$399.9K
Q3 24	$546.0K
Q4 24	$447.8K
Q1 25	$821.9K
Q2 25	$5M
Q3 25	$62.0K
Q4 25	$4M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 21	-59.6%	+20.2%
Q4 21	+815.3%	+22.1%
Q1 22	+815.3%	+7.5%
Q2 22	+502.7%	+24.8%
Q1 23	+2917.9%	+80.8%
Q2 23	+867.8%	+60.2%
Q3 23	+603.5%	+35.3%
Q4 23	+2135.4%	+17.7%
Q1 24	+185.5%	-18.2%
Q2 24	-24.0%	-10.1%
Q3 24	+20.4%	-15.3%
Q4 24	+26.3%	-0.4%
Q1 25	+5.3%	+41.5%
Q2 25	+339.0%	+24.7%
Q3 25	+269.4%	+31.1%
Q4 25	+41.0%	+35.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$23M	292.4%
Q2 22	$20M	272.8%
Q3 22	$16M	—
Q4 22	$16M	—
Q1 23	$16M	40.8%
Q2 23	$23M	41.9%
Q3 23	$20M	35.8%
Q4 23	$19M	11.6%
Q1 24	$20M	18.0%
Q2 24	$30M	72.4%
Q3 24	$30M	45.0%
Q4 24	$31M	15.1%
Q1 25	$30M	25.3%
Q2 25	$35M	19.0%
Q3 25	$36M	14.3%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q3 21	$69M	—	—	$46M
Q4 21	$77M	—	—	$56M
Q1 22	$97M	—	—	$55M
Q2 22	$106M	—	—	$66M
Q1 23	$124M	—	—	$78M
Q2 23	$123M	—	—	$82M
Q3 23	$130M	$73M	—	—
Q4 23	$106M	—	—	$75M
Q1 24	$83M	—	—	$78M
Q2 24	$98M	$85M	$2M	—
Q3 24	$86M	$80M	—	—
Q4 24	$93M	$92M	—	—
Q1 25	$101M	$112M	—	—
Q2 25	$84M	$124M	—	—
Q3 25	$78M	$131M	—	—
Q4 25	$88M	—	—	$156M

Revenue by Geography

Quarter	China	North America	Europe
Q3 21	$480.5K	$820.8K	—
Q1 22	$277.1K	$8M	$157.8K
Q2 22	$1M	$6M	$163.7K
Q1 23	$606.8K	$39M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$883M	$261M	$1.1B
Q2 22	$786M	$331M	$1.1B
Q3 22	$711M	$364M	$1.1B
Q4 22	$520M	$340M	$860M
Q1 23	$586M	$99M	$685M
Q2 23	$461M	$43M	$504M
Q3 23	$516M	$17M	$532M
Q4 23	$459M	$9M	$467M
Q1 24	$374M	$0	$374M
Q2 24	$302M	$0	$302M
Q3 24	$731M	$0	$731M
Q4 24	$654M	$0	$654M
Q1 25	$606M	$0	$606M
Q2 25	$578M	$0	$578M
Q3 25	$630M	$0	$630M
Q4 25	$720M	$0	$720M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 21	55M	+1.5%	+3.7%
Q4 21	54M	-1.4%	+0.2%
Q1 22	57M	+5.3%	+5.5%
Q2 22	56M	-1.6%	+3.6%
Q1 23	56M	+0.5%	+2.7%
Q2 23	56M	+0.2%	+4.4%
Q3 23	56M	+0.1%	-0.8%
Q4 23	57M	+0.6%	+1.4%
Q1 24	57M	+0.5%	+1.4%
Q2 24	57M	+0.8%	+2.0%
Q3 24	59M	+2.1%	+4.1%
Q4 24	60M	+2.1%	+5.6%
Q1 25	60M	+0.4%	+5.5%
Q2 25	64M	+6.5%	+11.4%
Q3 25	61M	-4.6%	+4.1%
Q4 25	61M	+0.6%	+2.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 21	$2.7K	482
Q4 21	$9.0K	639
Q1 22	$12.5K	639
Q2 22	$11.3K	639
Q1 23	$49.3K	797
Q2 23	$69.5K	797
Q3 23	$70.5K	797
Q4 23	$183.2K	879
Q1 24	$127.6K	879
Q2 24	$47.9K	879
Q3 24	$76.9K	879
Q4 24	$199.9K	1K
Q1 25	$116.1K	1K
Q2 25	$181.7K	1K
Q3 25	$245.6K	1K
Q4 25	$241.1K	1K

Revenue / Employee