ASND · Ascendis Pharma A/S

Ascendis Pharma delivered strong Q1 2026 results with revenue surging 145% to €246.6 million, primarily from YORVIPATH's global expansion reaching €196.9 million in sales, up €152.2 million year-over-year, while SKYTROFA revenue dipped slightly to €44.0 million due to prior-period collaboration sales. Gross profit rose correspondingly to €229.1 million with stable cost of sales at €17.5 million. Operating expenses increased 9% to €204.3 million, driven by €44.2 million higher SG&A from commercial launches and global infrastructure buildout, partially offset by 32% lower R&D at €59.0 million following oncology discontinuation and trial completions. This yielded the company's first quarterly operating profit of €24.8 million versus a €104.2 million loss last year. Net profit swung to €629.3 million from a €94.6 million loss, propelled by €679 million in deferred tax asset reversals in Denmark and the US, despite €46.8 million higher net finance expenses from non-cash remeasurements and currency effects on USD-denominated items. Operating cash use improved to €7.7 million outflow from €14.3 million, though working capital dragged due to receivables growth and liability settlements. Balance sheet strengthened with €572.8 million cash supporting 12+ months runway, and equity turning positive at €488 million. Strategically, oncology pivot to partnerships refocuses on endocrinology rare diseases, with YUVIWEL US launch and pending EU approval underpinning growth trajectory.