Ascendis Pharma A/S ASND

Health CareBiotechnology & Medical ResearchDenmark

Last close 251.27 USD on Nov 1, 2026, +17.8% year to date

Quant rating

Quant rating A Rank 10 of 211 in Health Care

Growth A 1 of 211
Valuation B 83 of 211
Quality A 6 of 211
Revisions C 113 of 211
Momentum B 39 of 211

Wall Street consensus Buy (1.64)Average target 309.84 USD +23.3%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 16.7B
Enterprise value: 16.3B
52-week range: 188.08 – 281.90
3-year range: 89.29 – 281.90
Dividend yield: –
Beta (5 years): 0.40
Shares outstanding: 66.4M
Next earnings: Nov 9, 2026

About the company

Ascendis Pharma A/S is a Denmark‑based biopharmaceutical company operating within the life sciences and biotechnology sector. The Company scope of activity includes discovery, development, and commercialization of innovative therapies for rare diseases and serious chronic conditions with significant unmet medical needs where a clinically validated parent drug or pathway is suitable to company technologies. Ascendis Pharma A/S focuses on the endocrinology area and has a pipeline of three independent rare disease product candidates, such as Growth Hormone Deficiency (GHD), Hypoparathyroidism and Achondroplasia. The second therapeutic area is oncology, where the company focuses immunotherapy to targeted therapies.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	846	376	294	54.8	8.8	–
Revenue growth	124.7%	27.9%	437.5%	519.4%	4.1%	151.0%
EPS (basic, normalized)	−4.46	−6.78	−9.21	−11.09	−7.78	–
EPS growth	–	–	–	–	–	–
Gross margin	86.8%	87.8%	83.4%	76.3%	54.7%	77.8%
Net margin	−31.7%	−104.0%	−180.5%	−1,139.6%	−4,931.6%	−1,277.5%
ROE	–	–	−818.4%	−101.7%	−44.5%	−321.6%

Balance sheet, last quarter
Cash & short-term investments (mil)	928
Current ratio	2.99x
Long-term debt (mil)	439
Net debt (mil)	−414
Total equity (mil)	1,641
Net debt / equity	−0.25x
Net debt / EBITDA	2.94x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	846	+124.7%	19.3x	−141	+52.1%	−115.9x	−4.46	+34.2%	−56.3x
2026	1,532	+81.2%	10.6x	474	+436.9%	34.4x	16.52	+470.2%	15.2x
2027	2,246	+46.5%	7.3x	840	+77.2%	19.4x	10.49	−36.5%	23.9x
2028	2,849	+26.9%	5.7x	1,189	+41.5%	13.7x	15.09	+43.8%	16.7x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	1,532	+0.5%	+2.3%	−0.1%	16.52	+0.2%	+3.8%	+253.4%
2027	2,246	−0.1%	+3.0%	+1.0%	10.49	−0.4%	−3.3%	−6.2%
2028	2,849	−0.7%	+4.8%	+2.7%	15.09	+1.7%	−4.1%	−5.2%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	95.9	36.0	57.8	174	101	158	214	248	247	339
Sales mean (mil)	79.5	84.0	82.4	120	94.6	142	214	246	270	332
Surprise	+20.6%	−57.1%	−29.8%	+45.3%	+6.7%	+11.7%	−0.1%	+0.5%	−8.7%	+2.3%
EPS reported	−2.30	−1.91	−1.72	−0.64	−1.58	−0.64	−1.00	−0.55	−0.77	0.72
EPS mean	−1.50	−1.38	−1.74	−0.96	−1.49	−1.25	−0.22	−0.04	0.20	1.38
Surprise	−53.1%	−38.1%	+1.2%	+33.2%	−5.8%	+48.7%	−354.5%	−1,122.2%	−478.6%	−47.9%

Peer comparison Biotechnology & Medical Research

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
ASND Ascendis Pharma A/S	16.7B	2.94x	−31.7%	10.38x	15.2x	23.9x	34.4x	19.4x
ARGX argenx SE	56.7B	−4.75x	31.1%	6.63x	31.3x	24.3x	26.8x	19.5x
ONC BeOne Medicines AG	44.6B	−5.30x	5.4%	7.46x	46.8x	34.8x	31.7x	24.4x
INSM Insmed Incorporated	24.7B	0.34x	−210.5%	34.00x	−70.1x	128.1x	−64.3x	150.4x
EXEL Exelixis Inc	16.9B	−0.99x	33.7%	9.26x	20.5x	17.3x	14.8x	13.1x
KYMR Kymera Therapeutics, Inc.	10.8B	2.84x	−794.0%	6.69x	−32.4x	−24.9x	−23.5x	−18.1x
Mean		−0.82x	−161.0%	12.40x	1.9x	33.9x	3.3x	34.8x
Median		−0.32x	−13.1%	8.36x	17.9x	24.1x	20.8x	19.4x

Technical analysis

1M+9.2%
3M−1.2%
1Y+22.0%
3Y+184.7%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Ascendis Pharma A/S, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	846	376	294	54.8	8.8	8.5
Cost of revenue	111	45.8	49.0	13.0	4.0	–
Gross profit	734	331	245	41.8	4.8	8.5
Selling, general & administrative expenses	526	294	285	231	177	88.6
Research & development	343	310	436	395	325	304
Depreciation/amortization	24.8	15.0	18.1	17.4	16.7	19.9
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	0	8.6	–	–	–
Other operating expenses	0	0	0	0	0	0
Operating income	−160	−289	−503	−601	−514	−404
Net interest income (expense)	−89.7	−69.7	−20.5	−12.5	77.1	−108
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	−28.1	0	−4.6	0	0
Net income before taxes	−250	−386	−523	−618	−436	−512
Provision for taxes	18.1	5.0	8.1	5.8	−0.4	−0.3
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−268	−391	−531	−624	−436	−512
Extraordinary items	–	–	–	–	–	–
Net income	−268	−391	−531	−624	−436	−512
EBIT, normalized	−160	−289	−494	−601	−514	−404
EBITDA, normalized	−139	−270	−473	−582	−496	−392
Basic EPS, normalized	−4.46	−6.78	−9.21	−11.09	−7.78	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Ascendis Pharma A/S, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	724	579	441	787	775	878
Receivables	185	184	61.6	27.4	26.4	9.0
Total inventory	354	306	231	140	85.7	–
Prepaid expenses	39.6	29.3	42.6	33.9	28.7	17.1
Other current assets	0	0	0	0	0	0
Total current assets	1,302	1,098	776	988	916	904
Property, plant & equipment	172	102	122	138	143	132
Goodwill	4.1	3.6	3.9	3.7	4.0	4.3
Intangibles	0.3	0.6	1.0	1.4	2.0	2.7
Long-term investments	38.2	14.1	6.3	32.6	166	152
Note receivable	12.8	2.4	2.3	2.1	2.1	1.7
Other long-term assets	0	0	0	0	0	0
Total assets	1,530	1,221	911	1,166	1,233	1,197
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	106	99.8	104	108	67.5	26.7
Accrued expenses	–	–	–	–	–	–
Short-term debt	0	0	0	14.8	0	0
Current portion of long-term debt	571	509	465	427	8.0	8.4
Other current liabilities	578	331	244	217	38.6	29.4
Total current liabilities	1,256	940	813	767	114	64.5
Long-term debt	452	378	246	102	111	104
Minority interest	–	–	–	–	–	–
Other liabilities	12.6	12.7	13.0	15.2	3.4	3.9
Total liabilities	1,721	1,331	1,072	884	229	172
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	2,983	2,539	2,352	2,269	2,405	2,120
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	−3,172	−2,650	−2,513	−1,991	−1,380	−1,096
Treasury stock	−0.1	−0.1	−0.2	−0.2	−24.6	–
Other equity	−2.1	1.8	0.8	3.7	4.3	−0.1
Total equity	−191	−109	−161	282	1,005	1,024
Total liabilities & shareholders' equity	1,530	1,221	911	1,166	1,233	1,197

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Ascendis Pharma A/S, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−268	−391	−531	−624	−436	−512
Depreciation, depletion & amortization	20.8	18.3	20.9	19.2	17.5	11.5
Deferred taxes	–	–	–	–	–	–
Non-cash items	335	238	137	95.4	−2.9	169
Changes in working capital	−24.6	−182	−142	−21.0	−53.3	−0.1
Cash from operations	63.3	−317	−516	−530	−475	−332
Investing activities
Capital expenditures	−10.0	−1.5	−2.7	−15.5	−27.5	−26.3
Other investing cash flows	0	8.6	319	81.6	−98.2	−329
Cash from investing	−10.0	7.1	316	66.1	−126	−356
Financing activities
Financing cash flow items	−13.4	−20.0	−2.0	–	–	−38.3
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	56.1	480	150	425	399	774
Cash from financing	42.7	460	148	425	399	736
Foreign exchange effects	−29.6	23.6	−6.6	38.2	43.9	−65.3
Net change in cash	66.4	173	−58.1	−1.6	−157	−16.6
Free cash flow	53.3	−318	−518	−546	−502	−358

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.