Ascendis Pharma AS

ASND

Healthcare|Biotechnology|Denmark

$270.51

-5.15 (-1.87%)

Tangible Book

$9.06

Graham Number

$44.64

Financials

Financial Snapshot

Market Cap

$17.74B

Enterprise Value

$-374.4M

Revenue (TTM)

$1.01B

Net Income (TTM)

$571.9M

Cash & Equivalents

—

Net Cash/Share

$-17.64

Free Cash Flow (TTM)

$71.1M

Operating CF (TTM)

$71.1M

Debt/Equity

1.84

Cash Runway & Burn Rate

Company is cash-flow positive.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Cash & Investments	$190.2M	$231.2M	$316.1M	$664.6M	$874.4M	$770.7M	$779.1M	$435.6M	$585.9M	$721.4M	$662.2M
Operating Cash Flow	$-63.5M	$-112.5M	$-157.9M	$-195.5M	$-330.4M	$-471.9M	$-525.1M	$-509.7M	$-320.6M	$63.1M	$71.1M
Free Cash Flow	$-64.2M	$-113.7M	$-160.9M	$-201.2M	$-356.6M	$-499.3M	$-540.5M	$-512.3M	$-322.1M	$53.2M	$67.0M
Capital Expenditure	$-709.0K	$-1.1M	$-3.0M	$-5.7M	$-26.2M	$-27.4M	$-15.3M	$-2.7M	$-1.5M	$-9.9M	$-4.0M
Financing Cash Flow	$123.9M	$147.6M	$231.2M	$548.4M	$733.2M	$397.0M	$420.3M	$146.4M	$464.8M	$42.5M	$21.0M

R&D Spending

R&D (TTM)

$321.3M

R&D Intensity

31.9%

R&D Growth YoY

-9.6%

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Revenue	$4.9M	$1.8M	$12.0M	$14.9M	$8.5M	$8.8M	$54.2M	$290.9M	$380.8M	$843.2M	$1.01B
R&D Expense	$69.6M	$117.9M	$159.6M	$212.9M	$317.4M	$334.3M	$402.1M	$450.9M	$321.5M	$355.5M	$321.3M
R&D % of Revenue	1433.3%	6507.8%	1325.7%	1432.7%	3752.2%	3803.8%	741.8%	155.0%	84.4%	42.2%	31.9%
SG&A	$12.1M	$16.0M	$28.5M	$53.9M	$93.3M	$181.0M	$228.7M	$288.3M	$297.5M	$524.6M	$579.0M

Income Statement

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Revenue	$4.9M	$1.8M	$12.0M	$14.9M	$8.5M	$8.8M	$54.2M	$290.9M	$380.8M	$843.2M	$1.01B
Cost of Goods Sold	$0.00	$0.00	$0.00	$0.00	$0.00	$4.0M	$12.9M	$48.4M	$46.3M	$111.1M	$110.4M
Gross Profit	$4.9M	$1.8M	$12.0M	$14.9M	$8.5M	$4.8M	$41.4M	$242.4M	$334.4M	$732.1M	$897.5M
R&D	$69.6M	$117.9M	$159.6M	$212.9M	$317.4M	$334.3M	$402.1M	$450.9M	$321.5M	$355.5M	$321.3M
SG&A	$12.1M	$16.0M	$28.5M	$53.9M	$93.3M	$181.0M	$228.7M	$288.3M	$297.5M	$524.6M	$579.0M
Operating Income	$-76.9M	$-132.0M	$-176.1M	$-251.9M	$-402.2M	$-510.5M	$-595.1M	$-496.8M	$-291.9M	$-159.6M	$-11.9M
Interest Expense	$-5.0K	$-115.0K	$-144.0K	$-1.4M	$-2.3M	$-4.4M	$-32.5M	$-48.1M	$-68.6M	$-94.4M	$-163.0M
Pretax Income	$-72.5M	$-147.2M	$-148.5M	$-242.5M	$-509.9M	$-433.8M	$-612.1M	$-517.1M	$-390.8M	$-249.0M	$-194.7M
Net Income	$-72.3M	$-146.6M	$-148.0M	$-242.2M	$-509.7M	$-433.4M	$-617.8M	$-525.0M	$-395.9M	$-267.0M	$571.9M
EPS (Diluted)	-2.72	-4.36	-3.61	-5.21	-10.07	-7.91	-11.02	-9.32	-6.84	-4.40	8.51
EBITDA	$-71.8M	$-146.2M	$-147.3M	$-233.7M	$-496.1M	$-412.0M	$-560.6M	$-448.4M	$-303.7M	$-133.8M	$-11.4M
Shares Out. (M)	26.56	33.63	41.09	46.51	50.62	54.77	56.07	57.89	57.89	60.61	64.52

Balance Sheet

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Cash & Equivalents	$190.2M	$231.2M	$316.1M	$664.6M	$711.1M	$504.3M	$471.2M	$427.7M	$585.9M	$721.4M	$662.2M
Marketable Securities	$0.00	$0.00	$0.00	$0.00	$163.4M	$266.4M	$307.9M	$7.9M	$0.00	$0.00	$0.00
Total Current Assets	$194.0M	$242.2M	$333.2M	$679.1M	$900.4M	$910.6M	$978.3M	$766.3M	$1.11B	$1.30B	$1.30B
Total Assets	$200.5M	$249.7M	$362.9M	$751.9M	$1.19B	$1.23B	$1.15B	$900.3M	$1.24B	$1.53B	$2.32B
Total Current Liabilities	$14.2M	$28.1M	$44.3M	$53.3M	$64.2M	$113.4M	$759.3M	$803.2M	$950.6M	$1.25B	$1.30B
Long-Term Debt	$0.00	$0.00	$0.00	$0.00	$0.00	$110.7M	$101.1M	$243.2M	$382.3M	$451.1M	$446.4M
Total Liabilities	$14.2M	$28.1M	$44.3M	$88.5M	$171.6M	$227.4M	$875.4M	$1.06B	$1.35B	$1.72B	$1.75B
Stockholders' Equity	$186.3M	$221.6M	$318.6M	$663.5M	$1.02B	$998.5M	$279.0M	$-158.9M	$-110.7M	$-190.7M	$564.1M
Retained Earnings	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00

Cash Flow Statement

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Operating Cash Flow	$-63.5M	$-112.5M	$-157.9M	$-195.5M	$-330.4M	$-471.9M	$-525.1M	$-509.7M	$-320.6M	$63.1M	$71.1M
Capital Expenditure	$-709.0K	$-1.1M	$-3.0M	$-5.7M	$-26.2M	$-27.4M	$-15.3M	$-2.7M	$-1.5M	$-9.9M	$-4.0M
Free Cash Flow	$-64.2M	$-113.7M	$-160.9M	$-201.2M	$-356.6M	$-499.3M	$-540.5M	$-512.3M	$-322.1M	$53.2M	$67.0M
Investing Cash Flow	$-709.0K	$-1.1M	$-3.0M	$-5.7M	$-354.3M	$-124.9M	$65.4M	$312.4M	$7.2M	$-9.9M	$-16.8M
Financing Cash Flow	$123.9M	$147.6M	$231.2M	$548.4M	$733.2M	$397.0M	$420.3M	$146.4M	$464.8M	$42.5M	$21.0M
Issuance of Stock	$132.9M	$157.5M	$246.2M	$533.6M	$706.3M	$415.7M	$0.00	$0.00	$324.5M	$0.00	$0.00
Repurchase of Stock	$0.00	$0.00	$0.00	$0.00	$0.00	$-24.4M	$-111.6M	$0.00	$0.00	$-20.4M	$-60.0M
Issuance of Debt	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$533.1M	$148.6M	$140.5M	$0.00	$0.00
Payments of Debt	$0.00	$0.00	$0.00	$-4.5M	$-5.8M	$-7.3M	$-6.7M	$-11.4M	$-11.9M	$-25.7M	$-32.0M
Stock Based Comp.	$7.7M	$11.5M	$22.4M	$41.7M	$64.7M	$75.5M	$68.0M	$72.7M	$100.0M	$136.0M	$140.8M
Net Change in Cash	$64.0M	$17.8M	$93.9M	$355.8M	$-16.5M	$-156.2M	$-1.6M	$-57.4M	$175.3M	$66.2M	$65.5M

Dilution Tracker

Shares Outstanding

65M

5-Year Share Growth

+17.8%

Stock Issuance (TTM)

$0.00

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Shares Out. (M)	26.56	33.63	41.09	46.51	50.62	54.77	56.07	57.89	57.89	60.61	64.52
YoY Change %	—	26.6%	22.2%	13.2%	8.8%	8.2%	2.4%	3.2%	0.0%	4.7%	6.5%
Stock Issuance	$132.9M	$157.5M	$246.2M	$533.6M	$706.3M	$415.7M	$0.00	$0.00	$324.5M	$0.00	$0.00
Stock Repurchase	$0.00	$0.00	$0.00	$0.00	$0.00	$-24.4M	$-111.6M	$0.00	$0.00	$-20.4M	$-60.0M
Stock Based Comp.	$7.7M	$11.5M	$22.4M	$41.7M	$64.7M	$75.5M	$68.0M	$72.7M	$100.0M	$136.0M	$140.8M

Margins & Profitability

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Gross Margin %	0.0%	0.0%	0.0%	0.0%	0.0%	54.7%	76.3%	83.4%	87.8%	86.8%	89.0%
Operating Margin %	-1583.0%	-7288.8%	-1462.5%	-1695.1%	-4754.9%	-5808.4%	-1097.8%	-170.8%	-76.7%	-18.9%	-1.2%
Net Margin %	-1487.2%	-8096.3%	-1229.5%	-1630.0%	-6025.3%	-4931.4%	-1139.6%	-180.5%	-104.0%	-31.7%	56.7%
EBITDA Margin %	-1477.3%	-8073.2%	-1223.7%	-1572.6%	-5865.0%	-4688.0%	-1034.1%	-154.2%	-79.8%	-15.9%	-1.1%
FCF Margin %	-1321.0%	-6275.9%	-1336.8%	-1354.0%	-4215.3%	-5681.0%	-997.0%	-176.1%	-84.6%	6.3%	7.0%
ROE %	-45.5%	-71.9%	-54.8%	-49.3%	-60.5%	-42.9%	-96.7%	-874.4%	0.0%	0.0%	Negative Equity
ROA %	-42.0%	-65.1%	-48.3%	-43.5%	-52.4%	-35.9%	-51.9%	-51.1%	-37.1%	-19.3%	37.6%
R&D / Revenue	-	-	-	-	-	-	-	-	-	-	-

Valuation

P/E (TTM)31.79

Historical24.74 / 27.59 / 32.26

Industry Med.27.41

P/S16.77

Historical13.04 / 14.55 / 17.01

Industry Med.9.51

P/B29.63

Historical23.05 / 25.71 / 30.06

Industry Med.2.93

EV/EBITDA-1583.52

Historical-1583.52 / -1356.94 / -1219.88

Industry Med.13.14

EV/Revenue17.97

Historical13.84 / 15.40 / 17.97

Industry Med.8.71

P/FCF229.83

Historical178.80 / 199.45 / 233.22

Industry Med.27.54

Intrinsic Value Models

Tangible Book

$9.06

Graham Number

$44.64

Peter Lynch Value

$244.33

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
PE Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	31.79
PS Ratio	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	16.77
PB Ratio	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	29.63
EV/EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-1583.52
EV/Revenue	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	17.97

Analyst Estimates & Quality

Altman Z-Score

6.46

Safe

Piotroski F-Score

Moderate

Beneish M-Score

3.38

Possible Manipulator

Forward Estimates

Metric	Current Year	Next Year	2 Years Out
Revenue	$1,530M	$2,228M	$2,722M
Net Income	$1,062M	$738M	$1,107M
EPS	16.11	11.03	16.48
Book Value per Share	1.42	11.92	31.40
Operating Cash Flow per Share	17.14	16.94	20.22
Operating CF	$1,106.18M	$1,092.92M	$1,304.73M

Dividends

Revenue Segments

By Business

Segment	2025
YORVIPATH	$477.4M
Licenses	$5.6M
Milestones	$12.9M
Services and clinical supply	$18.0M
SKYTROFA	$206.2M

By Geography

Segment	2025
United States	$546.4M
Denmark	$12.9M
Europe	$108.0M
Rest of world	$52.8M