Ascendis Pharma A/S
ASND · NasdaqPharmaceutical Preparations · Fiscal year ends Dec 31 · Reports in EUR
Ascendis Pharma A/S reported revenue of EUR 720M in the fiscal year ended Dec 2025, up 98.0% from the year before. Operating income was −EUR 136M, an operating margin of −18.9%, and net income was −EUR 228M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | EUR 8M | EUR 51M | EUR 267M | EUR 364M | EUR 720M |
| Cost of revenue | EUR 4M | EUR 12M | EUR 44M | EUR 44M | EUR 95M |
| Gross profit | EUR 4M | EUR 39M | EUR 222M | EUR 319M | EUR 625M |
| Research & development | EUR 296M | EUR 380M | EUR 413M | EUR 307M | EUR 304M |
| Selling, general & admin | EUR 160M | EUR 221M | EUR 264M | EUR 291M | EUR 458M |
| Operating income | −EUR 452M | −EUR 562M | −EUR 456M | −EUR 279M | −EUR 136M |
| Interest expense | EUR 4M | EUR 31M | EUR 44M | EUR 66M | EUR 81M |
| Pre-tax income | −EUR 384M | −EUR 578M | −EUR 474M | −EUR 373M | −EUR 213M |
| Income tax | −EUR 367,000 | EUR 5M | EUR 7M | EUR 5M | EUR 15M |
| Net income | −EUR 384M | −EUR 583M | −EUR 481M | −EUR 378M | −EUR 228M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | EUR 446M | EUR 445M | EUR 392M | EUR 560M | EUR 616M |
| Inventory | EUR 75M | EUR 131M | EUR 209M | EUR 296M | EUR 302M |
| Current assets | EUR 806M | EUR 923M | EUR 703M | EUR 1.1B | EUR 1.1B |
| Net PP&E | EUR 126M | EUR 129M | EUR 111M | EUR 99M | EUR 146M |
| Total assets | EUR 1.1B | EUR 1.1B | EUR 826M | EUR 1.2B | EUR 1.3B |
| Current liabilities | EUR 100M | EUR 171M | EUR 737M | EUR 908M | EUR 1.1B |
| Total liabilities | EUR 201M | EUR 826M | EUR 971M | EUR 1.3B | EUR 1.5B |
| Shareholders' equity | EUR 884M | EUR 263M | −EUR 146M | −EUR 106M | −EUR 163M |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −EUR 418M | −EUR 496M | −EUR 467M | −EUR 306M | EUR 54M |
| Capital expenditure | EUR 24M | EUR 14M | EUR 2M | – | – |
| Free cash flow | −EUR 441M | −EUR 510M | −EUR 470M | – | – |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 557.9% | 421.2% | 36.3% | 98.0% |
| Gross margin | 54.7% | 76.3% | 83.4% | 87.8% | 86.8% |
| Operating margin | −5808.6% | −1097.9% | −170.8% | −76.7% | −18.9% |
| Net margin | −4931.6% | −1139.6% | −180.5% | −104.0% | −31.7% |
| Return on equityBlank when equity is negative | −43.4% | −221.5% | – | – | – |
| ROCEEBIT ÷ (assets − current liabilities) | −45.9% | −61.2% | −511.4% | −102.6% | −58.4% |
| Free cash flow margin | −5674.4% | −997.0% | −176.1% | – | – |
| Cash conversion (CFO ÷ net income) | 1.09x | 0.85x | 0.97x | 0.81x | −0.24x |
| Inventory days | 7812 | 3930 | 1718 | 2438 | 1160 |
| Interest cover | −116x | −18.3x | −10.3x | −4.26x | −1.69x |
| Current ratio | 8.03x | 5.39x | 0.95x | 1.17x | 1.04x |
Recent filings
More in Pharmaceutical Preparations
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.