On November 12, 2026 Ascendis Pharma A/S (Nasdaq: ASND) reported financial results for the third quarter ended September 30, 2026, and provided a business update.

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"By always putting patients first, Ascendis has delivered three consecutive approved rare endocrine therapies that are the foundation of our transformation into a leading global biopharmaceutical company," said Jan Mikkelsen, President and Chief Executive Officer of Ascendis Pharma. "With many label expansion programs, new country launches, and the capabilities to reach patients worldwide and develop new products efficiently, we are well positioned to deliver durable long-term growth."

Select Highlights & Anticipated Milestones

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YORVIPATH

(palopegteriparatide, developed as TransCon PTH)

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YORVIPATH revenue for the third quarter of 2026 totaled €291 million (+103% Y/Y).

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In the U.S., new patient demand was consistent with prior quarters. Outside the U.S., new patient demand accelerated through new commercial launches. YORVIPATH is now available commercially or through named patient programs in more than 40 countries.

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Presented data from pooled analysis of Phase 2 PaTH Forward and Phase 3 PaTHway trials at ASN 2026 demonstrating sustained, clinically meaningful improvements in kidney function in adults with hypoparathyroidism treated with TransCon PTH for up to five years.

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Results from the Phase 3 PaTHway China and PaTHway Japan trials evaluating TransCon PTH in adults with hypoparathyroidism demonstrated efficacy and safety findings consistent with those reported in the pivotal Phase 3 PaTHway Trial, reinforcing the consistency of results across geographies and ethnicities.

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SKYTROFA

(lonapegsomatropin, developed as TransCon hGH)

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SKYTROFA revenue for the third quarter of 2026 totaled €59 million.

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Ongoing Phase 3 HighLiGHts basket trial across a range of established growth hormone indications: idiopathic short stature (ISS), SHOX deficiency, Turner syndrome, and small for gestational age (SGA). Completion of enrollment anticipated in the first half of 2027.

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YUVIWEL

(navepegritide, developed as TransCon CNP)

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YUVIWEL revenue for the third quarter of 2026 totaled €16 million.

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In the U.S., approximately 340 unique YUVIWEL patient enrollments by nearly 150 prescribing healthcare providers, with more than 80% of enrollments approved for reimbursement through October 31, 2026.

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In the EU, received positive CHMP and COMP opinions recommending marketing authorization as a treatment of achondroplasia in children and maintenance of orphan medicinal product designation, respectively, for once-weekly TransCon CNP. Final EC decision expected during the Q4 2026 with first EU launch planned in Germany in Q1 2027.

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In select international markets, YUVIWEL is being made available through early access programs, and Ascendis expects to recognize revenue from multiple countries outside of the U.S. and EU in the coming quarters.

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Presented infant sentinel cohort Week 52 data from the reACHin Trial at ESPE 2026, showing that treatment with once-weekly TransCon CNP stabilized or improved foramen magnum stenosis (a skull bone narrowing that can lead to brain stem and spinal cord compression), as well as linear growth benefits, in infants with achondroplasia aged 0 to <2 years. Pivotal data expected Q3 2027.

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Expect to enroll first patients in Phase 3 trial evaluating TransCon CNP monotherapy in children with hypochondroplasia in Q4 2026. Expect to initiate a Phase 2 trial in adults with achondroplasia in Q4 2026.

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TransCon CNP + TransCon hGH Combination Therapy

(navepegritide plus lonapegsomatropin)

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Following presentation of additional Week 78 data from the Phase 2 COACH Trial at ASBMR 2026 showing durable increase in healthy, proportional growth in children with achondroplasia, 100% of the 21 enrolled children remain on therapy to date.

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Initiated Phase 3 cAtCH Trial in children with achondroplasia; expect to complete enrollment in Q2 2027.

Key Financial Highlights

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Total product revenue for the third quarter of 2026 increased to €366 million, reflecting year-over-year growth of +89%.

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Total revenue for the third quarter of 2026 was €370 million.

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Operating profit for the third quarter of 2026 totaled €125 million, reflecting a margin of 34%. On a non-IFRS basis, operating profit was €156 million*, reflecting a margin of 42%*.

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Net profit for the third quarter of 2026 totaled €74 million, or €1.08 per diluted share. On a non-IFRS basis, net profit was €117 million*, or €1.71 per diluted share*.

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Cash flow from operating activities was €189 million for the third quarter of 2026; expect full year 2026 cash flow from operating activities of at least €600 million.

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As of September 30, 2026, cash and cash equivalents totaled €964 million, compared to cash and cash equivalents of €616 million as of December 31, 2025.

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Through September 30, 2026, repurchased 794,304 Ascendis ordinary shares for total consideration of $186 million.

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Year to date through November 11, 2026, repurchased 1,998,999 Ascendis ordinary shares for total consideration of $459 million.

*
See "Non-IFRS Financial Measures" below for definitions of these non-IFRS measures and a reconciliation to the most directly comparable IFRS measures.

Third Quarter 2026 Financial Results

Total revenue for the third quarter of 2026 was €370 million, compared to €214 million during the same period in 2025. The year-over-year increase in revenue was primarily attributable to the continued growth of YORVIPATH global sales.

Total Revenue
(In EUR’000s) Three Months Ended
September 30, Nine Months Ended
September 30,
2026 2025 2026 2025
Revenue

Commercial products

365,690 193,790 921,452 443,480
Other revenue

Milestones

—  12,922 17,046 12,922
Licenses, services and clinical supply

3,967 6,922 17,045 16,230

Total revenue

369,657 213,634 955,543 472,632

Revenue from Commercial Products
(In EUR’000s) Three Months Ended
September 30, Nine Months Ended
September 30,

2026 2025 2026 2025
Revenue from commercial products

YORVIPATH

290,626 143,089 739,634 290,735
SKYTROFA

59,424 50,701 158,595 152,745
YUVIWEL

15,640 —  23,223 — 

Total revenue from commercial products

365,690 193,790 921,452 443,480

Research and development expenses for the third quarter of 2026 were €70 million, compared to €67 million during the same period in 2025. The increase was due to increased clinical trial activities within the Endocrinology Rare Disease pipeline, partially offset by reduced clinical trial activities within Oncology.

Selling, general, and administrative expenses for the third quarter of 2026 were €147 million, compared to €113 million during the same period in 2025. The increase was primarily due to the continued commercial expansion, including global launch activities.

Total operating expenses for the third quarter of 2026 were €217 million, compared to €180 million during the same period in 2025.

Operating profit for the third quarter of 2026 was €125 million, reflecting a margin of 34%, compared to €11 million, reflecting a margin of 5% during the same period in 2025. The increase was primarily driven by higher revenue from the continued growth of YORVIPATH global sales, partially offset by higher operating expenses associated with global commercial expansion.

Net finance expenses for the third quarter of 2026 were €4 million, compared to €61 million in the same period in 2025. The change was primarily driven by non-cash items.

Net profit for the third quarter of 2026 was €74 million, or €1.13 per basic share and €1.08 per diluted share, compared to a net loss of €61 million, or €1.00 per basic and diluted share, for the same period in 2025.

Cash flows from operating activities for the nine months ended September 30, 2026, were €463 million compared to €20 million used in operating activities during the same period in 2025. The improvement was primarily attributable to commercial revenue growth and net proceeds from the sale of the PRV of €158 million (net of transaction costs), partially offset by less favorable changes in working capital of approximately €15 million and higher interest and income taxes paid.

As of September 30, 2026, Ascendis Pharma had 66,400,738 ordinary shares outstanding, of which 805,528 were held as treasury shares.

For the third quarter of 2026, non-IFRS operating profit was €156 million*, compared to a non-IFRS operating profit of €42 million* for the same period in 2025.

For the third quarter of 2026, non-IFRS net profit was €117 million*, or €1.71 earnings per diluted share*, compared to a non-IFRS net profit of €24 million*, or €0.40 earnings per diluted share*, for the same period in 2025.

Conference Call and Webcast Information

Ascendis Pharma will host a conference call and webcast today at 8:00 a.m. Eastern Time (ET) to discuss its third quarter 2026 financial results. Those who would like to participate may access the live webcast here, or register in advance for the teleconference here. The link to the live webcast will also be available on the Investors & News section of the Ascendis Pharma website at View Source A replay of the webcast will be available in this section of the Ascendis Pharma website shortly after the conclusion of the event for 30 days.

(Press release, Ascendis Pharma, NOV 12, 2026, View Source [SID1234674666])