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    ASND
    Earnings call· Jun 2026(Q2 FY26)

    Ascendis Pharma A/S Q2 FY26 earnings call ASND

    Aug 13, 2026 Source

    Executive summary

    Ascendis Pharma Q2 FY26 — Strong TransCon Product Uptake and Pipeline Advancement

    Ascendis Pharma delivered a strong Q2 FY26, driven by robust uptake of its TransCon products, SKYTROFA, YORVIPATH, and the successful commercial launch of YUVIWEL. The company is advancing its pipeline, including combination therapies and new chemical entities, while navigating an ongoing patent dispute for YUVIWEL. Management remains confident in achieving its Vision 2030 objectives, supported by its differentiated technology platform and global commercial infrastructure.

    Highlights

    5

    • Total product revenue more than doubled year-over-year to EUR 315 million.

    • YORVIPATH revenue reached EUR 252 million in Q2, achieving blockbuster status on a run rate basis in its second year.

    • YUVIWEL generated EUR 8 million in revenue in its first quarter on the market, with over 220 patients enrolled and >65% approved for reimbursement by end of July.

    • SKYTROFA achieved over 20,000 unique enrollments, maintaining its position as the #1 long-acting growth hormone by brand value in the U.S.

    • Non-IFRS operating profit was EUR 92 million, with a non-IFRS operating margin of 27%.

    Concerns

    3

    • Ongoing ITC legal battle with BioMarin regarding YUVIWEL patent, with a first opinion expected in August and a full ITC decision in December.

    • R&D expenses increased to EUR 76 million in Q2 from EUR 59 million in Q1, reflecting continued pipeline investment.

    • SG&A expenses increased to EUR 173 million in Q2 from EUR 145 million in Q1, driven by commercial launch investments.

    Guidance & targets

    10
    CategoryTargetConfidence
    Cash flow from operating activities
    >EUR 500 million
    high materiality
    High
    YORVIPATH growth and performance
    consistent with prior quarters
    medium materiality
    Medium
    SKYTROFA U.S. revenue
    relatively stable revenue
    medium materiality
    Medium
    Total revenue
    EUR 5 billion
    high materiality
    High
    Total revenue
    >EUR 10 billion
    high materiality
    High
    Operating leverage
    significant operating leverage
    medium materiality
    Medium
    Phase III combination trials (achondroplasia) enrollment
    begin enrolling
    medium materiality
    High
    YUVIWEL EU regulatory decision
    expected
    high materiality
    High
    TransCon Growth Hormone launch
    launch in same countries as TransCon CNP
    medium materiality
    High
    YORVIPATH higher dose label expansion (US)
    very, very, very fast
    medium materiality
    High

    Segment performance

    3
    SegmentRevenueYoYQoQMargin
    YORVIPATH
    First and only approved treatment for adults with hypoparathyroidism, addressing underlying disease. Strong global commercialization and patient satisfaction.
    New patient demand: consistent with prior quartersPatient retention: 95% after 5 yearsResponse rate (multi-covenant endpoint): 82% to 86%Commercial availability: >35 countries
    		EUR 252 millionblockbuster status on a run rate basis in the second year of launch——
    SKYTROFA
    Once-weekly growth hormone treatment for pediatric and adult growth hormone deficiency. Strong demand and established commercial infrastructure.
    Unique enrollments: >20,000Market position: #1 long-acting growth hormone by brand value in the U.S.
    		EUR 55 million———
    YUVIWEL
    Commercially launched in the U.S. during Q2. Rapid uptake and believed to be expanding the achondroplasia market. EU regulatory decision expected Q4 2026.
    Unique patients enrolled (through June 30): >170Unique patients enrolled (through end of July): >220Reimbursement approval (through end of July): >65% of enrolled patients
    		EUR 8 million———

    Operational metrics

    29
    Total product revenue
    EUR 315 millionmore than doubling year-over-year
    Q2 FY26

    Total product revenue was EUR 315 million, more than doubling year-over-year. Financial figures are reported in EUR, despite metadata indicating USD.

    Total revenue
    EUR 339 million
    Q2 FY26

    Total revenue for Q2 2026 was EUR 339 million which included nonproduct collaboration revenue of EUR 24 million, which further included a EUR 17 million milestone related to TransCon CNP. Financial figures are reported in EUR, despite metadata indicating USD.

    Nonproduct collaboration revenue
    EUR 24 million
    Q2 FY26

    Total revenue for Q2 2026 was EUR 339 million which included nonproduct collaboration revenue of EUR 24 million, which further included a EUR 17 million milestone related to TransCon CNP. Financial figures are reported in EUR, despite metadata indicating USD.

    TransCon CNP milestone revenue
    EUR 17 million
    Q2 FY26

    which further included a EUR 17 million milestone related to TransCon CNP. Financial figures are reported in EUR, despite metadata indicating USD.

    R&D expenses
    EUR 76 millionup from EUR 59 million in Q1
    Q2 FY26

    R&D expenses in Q2 were EUR 76 million, up from EUR 59 million in Q1, reflecting continued investment in our pipeline and innovation. Financial figures are reported in EUR, despite metadata indicating USD.

    R&D expenses (Q1 FY26 reversal)
    EUR 11 million
    Q1 FY26

    Recall, Q1 included a favorable EUR 11 million reversal of prior period write-downs of TransCon CNP prelaunch inventories. Financial figures are reported in EUR, despite metadata indicating USD.

    SG&A expenses
    EUR 173 millioncompared to EUR 145 million in Q1
    Q2 FY26

    SG&A expenses were EUR 173 million in Q2 compared to EUR 145 million in Q1, reflecting additional investments in the commercial launches of YORVIPATH and YUVIWEL to accelerate growth for the long term. Financial figures are reported in EUR, despite metadata indicating USD.

    Operating profit
    EUR 220 million
    Q2 FY26

    Operating profit of EUR 220 million in Q2, a included EUR 158 million of other operating income related to the sale of the PRV. Financial figures are reported in EUR, despite metadata indicating USD.

    Other operating income (PRV sale)
    EUR 158 million
    Q2 FY26

    included EUR 158 million of other operating income related to the sale of the PRV. Financial figures are reported in EUR, despite metadata indicating USD.

    Non-IFRS operating profit
    EUR 92 million
    Q2 FY26

    Non-IFRS operating profit was EUR 92 million and non-IFRS operating margin was 27%. Financial figures are reported in EUR, despite metadata indicating USD.

    Non-IFRS operating margin
    27%
    Q2 FY26

    Non-IFRS operating profit was EUR 92 million and non-IFRS operating margin was 27%. Financial figures are reported in EUR, despite metadata indicating USD.

    Net profit
    EUR 207 million
    Q2 FY26

    For Q2 '26, net profit was EUR 207 million, and non-IFRS net profit was EUR 61 million. Financial figures are reported in EUR, despite metadata indicating USD.

    Non-IFRS net profit
    EUR 61 million
    Q2 FY26

    For Q2 '26, net profit was EUR 207 million, and non-IFRS net profit was EUR 61 million. Financial figures are reported in EUR, despite metadata indicating USD.

    Cash and cash equivalents
    EUR 812 million
    Q2 FY26

    We ended Q2 2026 with EUR 812 million in cash and cash equivalents, which includes the use of EUR 56 million in Q2 for our previously announced share repurchase program including the net settlement of certain RSUs. Financial figures are reported in EUR, despite metadata indicating USD.

    Share repurchase program spend
    EUR 56 million
    Q2 FY26

    includes the use of EUR 56 million in Q2 for our previously announced share repurchase program including the net settlement of certain RSUs. Financial figures are reported in EUR, despite metadata indicating USD.

    Equity
    EUR 1.4 billion
    Q2 FY26

    Following the settlement of our convertible notes, we have no bank debt, no convertible debt and EUR 1.4 billion of equity. Financial figures are reported in EUR, despite metadata indicating USD.

    YORVIPATH new patient enrollment (US)
    about 1,000steady-state
    per quarter

    We have continued that measure that we see steady state steady state and steady state. And we said in last year that we will stop coming with this because it was too repetitive. And then because people doubted for Q1. Then we also come up with the Q1, and it was the same number again. And what we're writing is that we see a robust steady-state in enrollment of unique new patients. And here, we are referring to the U.S. with about 1,000 new patients every quarter.

    YORVIPATH patient retention
    95%
    after 5 years

    Patient retention as high as 95% after 5 years of 3, pretty unique.

    YORVIPATH commercial availability
    >35
    Q2 FY26

    YORVIPATH is now available commercially or 2 named patient programs in more than 35 countries.

    SKYTROFA unique enrollments
    >20,000
    cumulative

    We are extremely proud that SKYTROFA recently achieved more than 20,000 unique enrollment.

    YUVIWEL unique patients enrolled
    >170
    through June 30

    In the U.S. through June 30 we had more than 170 unique patients enrolled.

    YUVIWEL unique patients enrolled
    >220
    through end of July

    Since then, uptake has continued with more than 220 enrollment and more than 65% approved for reimbursement in the U.S. through the end of July.

    YUVIWEL reimbursement approval rate
    >65%
    through end of July

    more than 65% approved for reimbursement in the U.S. through the end of July.

    YUVIWEL prescriber reach (centers of excellence)
    nearly 80%
    4-month period

    We're seeing of them, nearly 80% already in a short 4-month period already prescribed YUVIWEL to their patients.

    COACH trial ARM span improvement
    +9.4
    78 weeks

    The unprecedented improvements in the ARM spend with combination were plus 9.4 centimeters with TransCon CNP naive cohort.

    COACH trial ARM span improvement
    7.9
    78 weeks

    and 7.9 centimeters with the TransCon CNP-treated cohort.

    YORVIPATH titration dropout rate
    extremely, extremely low
    ongoing

    when we see a patient being successful coming into a treatment with Europeans coming over titration part on it and be into the treatment after that, we see extremely, extremely low dropout.

    YORVIPATH reauthorization trend
    pretty routine
    ongoing

    And then for [ reoff ], that's actually pretty routine for us. So there really isn't much there in terms of it being a measurable effects on any kind of ongoing patient support, we have patients reoffering throughout the year, and it's just part of our day-to-day operations.

    YORVIPATH titration dropout rate (ex-U.S.)
    not seen the same level of drop out
    ongoing

    Outside the U.S., we have not seen the same level of drop out in this phase. It looked like the entire action is pretty well established between the physician and the patients and support system, we need to see it without this kind of drop up. So it basically is a U.S. issue and.

    Industry KPIs

    9
    MetricValueDetails
    Launch access metrics>65%%
    Pipeline read out calendarWeek 78 data
    Product franchise net salesEUR 252 millionEUR
    Regulatory approvals filingsExpected regulatory decision
    Peak long term sales guidanceEUR 5 billionEUR
    Prescription volume new startsabout 1,000patients
    Clinical trial efficacy safety data82% to 86%%
    Collaboration milestone royalty revenueEUR 17 millionEUR
    Cumulative patients uptake since launch>20,000enrollments

    Deals & partnerships

    2
    Novo NordiskOnce-monthly TransCon semiglutide program

    Program continues to advance in metabolic disorders and obesity.

    IconisAnti-VEGF treatment built on TransCon technology

    Clinical trial initiated in patients with AMD.

    Risks & headwinds

    2
    ITC legal battle with BioMarin over YUVIWEL patentAugust 2026 (first opinion), December 2026 (ITC decision), Q1 FY27 (presidential order)

    Patent expires in 2030. First opinion from single judge in August, ITC decision in December, potential presidential order 2-3 months after.

    Mitigation: Management emphasizes public interest in patient access for YUVIWEL and states the patent was invalidated in Europe. Believes it will not materially impact Ascendis's pathway.

    YORVIPATH titration phase dropouts in the U.S.Ongoing

    Majority of dropouts occur during titration.

    Mitigation: Investment in patient-facing roles (patient access liaisons) to provide high-touch support and education during the titration journey.

    What to watch in Q3 FY26

    5

    YUVIWEL EU regulatory decision

    Q4 FY26
    CurrentPending
    TargetApproval decision

    Why it matters

    EU approval would significantly expand YUVIWEL's market reach and revenue potential.

    In the EU, a regulatory decision for YUVIWEL is expected in the fourth quarter of 2026.

    Q&A highlights

    5

    Clarification on the '>EUR 500M' operating cash flow guidance given the PRV sale, and estimation of YUVIWEL patient enrollments coming from market expansion vs. switches.

    Scott Smith reaffirmed the '>EUR 500M' operating cash flow guidance for FY26, declining to provide an upper bound due to early YUVIWEL launch. Jan Mikkelsen stated that with strong YUVIWEL demand, they believe it's expanding the market by attracting new patients or those returning to therapy, not just switches, but couldn't quantify the split.

    “we don't have really the insight in exactly the distribution of where the patients are coming from. And our general feelings and how we see it is that with such a strong demand, we have a really strong belief that it's not only coming from switches. This must also coming for either patients that had stop therapy or new patients that base are coming to a situation because of the highly differentiated nature of Newell that they want to start therapy.”

    asked by Jessica Fye · answered by Jan Mikkelsen

    2 min read6 chapters

    Detailed Narrative

    01

    TransCon Technology Platform & Vision 2030

    Ascendis Pharma is transforming into a leading global biopharma company, driven by its TransCon technology platform and strong development/commercialization capabilities. The company aims to achieve EUR 5 billion in revenues by 2030 and over EUR 10 billion in the next decades, supported by its existing portfolio and continuous innovation. The platform enables filing at least one IND for a new chemical entity (NCE) annually, laying a foundation for sustained growth and expansion into new therapeutic areas.

    02

    YORVIPATH Performance & Expansion

    YORVIPATH, the first and only approved treatment for adult hypoparathyroidism, continues to see robust uptake in the U.S. and global expansion, now available in over 35 countries. Long-term Phase II/III data show sustained response rates of 82-86% for the multi-covenant endpoint and 95% patient retention after 5 years, highlighting its potential as a standard of care. The company is pursuing label expansion for 12-18 year olds, higher doses in the U.S., and developing a once-weekly product for patients on stable doses.

    03

    YUVIWEL Launch & Market Expansion

    YUVIWEL's U.S. commercial launch has seen rapid uptake, generating EUR 8 million in its first quarter. Over 220 unique patients were enrolled and more than 65% approved for reimbursement by the end of July. Management believes YUVIWEL is expanding the achondroplasia market by attracting new patients and those returning to therapy, rather than just switches, with nearly 80% of centers of excellence already prescribing it. An EU regulatory decision is expected in Q4 2026.

    04

    Combination Therapy for Achondroplasia

    Ascendis is developing a unique combination therapy of TransCon CNP and TransCon Growth Hormone for achondroplasia. Recent week 78 COACH trial data demonstrated sustained efficacy, good safety, and tolerability, showing unprecedented🌐 improvements in arm span (+9.4 cm for naive, 7.9 cm for treated cohorts). This combination aims to establish a new treatment standard, with Phase III trials beginning later this year, and is expected to transform treatment for achondroplasia and other indications.

    05

    SKYTROFA Leadership & Pipeline

    SKYTROFA remains the #1 long-acting growth hormone in the U.S., with over 20,000 unique enrollments, demonstrating the strength of Ascendis's commercial infrastructure. The company is pursuing label and geographic expansions, including Phase III basket trials for TransCon Growth Hormone in ISS, SDA, and Turner syndrome. The broader pipeline includes a once-monthly TransCon semiglutide program with Novo Nordisk and an anti-VEGF treatment with Iconis in ophthalmology, which recently initiated a first-in-human clinical trial.

    06

    ITC Legal Battle Update

    The company is engaged in an ITC legal battle with BioMarin regarding a YUVIWEL patent. The patent was invalidated in Europe. In the U.S., a first opinion from a single judge is expected in August, followed by a full ITC decision in December, and a potential presidential order 2-3 months later. Management emphasizes the public interest in patient access for YUVIWEL and believes the U.S. case will not materially impact Ascendis's long-term pathway or its Vision 2030 objectives.

    AI-generated summary of the company’s earnings call. Not investment advice.