Ascendis Pharma A/SASND
NasdaqGS•Healthcare•Biotechnology
Ascendis Pharma A/S, operates as a biopharmaceutical company that focuses on developing TransCon-based therapies for unmet medical needs in Europe, the United States, and internationally. The company offers SKYTROFA for treating pediatric patients with growth hormone deficiency; and YORVIPATH, a once-daily subcutaneous injection for the treatment of adults with chronic hypoparathyroidism. It is also developing a pipeline of three independent endocrinology rare disease product candidates in clinical development, as well as focuses on advancing oncology therapeutic candidates. The company was incorporated in 2006 and is based in Hellerup, Denmark.
Ascendis Pharma A/S (ASND) reported trailing twelve months revenue of $867.51M as of March 2026, a 135.3% increase year-over-year. Quarterly revenue reached $250.66M, reflecting continued top-line momentum.
Ascendis Pharma A/S generated $506.60M in TTM net income, with quarterly EBITDA of $29.51M. The operating margin expanded from -103.2% to 10.1%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (10.1%) and net margin (255.2%) indicates tight cost control with minimal non-operating drag. Net margin has improved from -93.7% a year ago, signaling stronger bottom-line efficiency.
ASND trades at a P/E of 27.8x (in line with broad market averages) and a P/S of 16.2x. The price-to-book ratio of 28.8x indicates a significant premium over book value.
The company reported negative free cash flow of $-15.69M, indicating cash consumption over the period. The balance sheet shows $2.01B in total assets with $386.11M in long-term debt against $488.48M in stockholders equity for a debt-to-equity ratio of 0.8. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging -81.8%. The business may lack pricing power or face rising costs.'
Limited ROE data for a reliable assessment.
Only 2 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
TTM revenue has grown consistently (7 of 7 quarters up), with ~173.1% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
The company posted negative operating margins in recent quarters — core operations are unprofitable.
Free cash flow has been negative in 6 of the last 8 quarters — earnings are not translating to cash.
Limited debt-to-equity data available.
Revenue is stable or growing over recent quarters — demand appears durable.
The last 5 consecutive quarters had negative FCF — the company is burning cash and may need external funding.
Shares outstanding increased 12.5% — significant dilution, likely from stock compensation or capital raises.