Revenue growth has accelerated to 118.2% year-over-year in Q2 2026, driving gross margins to a structurally high 90.6% and enabling operating income to expand to $63.4M, demonstrating clear operating leverage.
Ascendis Pharma A/S (ASND) annual income statement — 14-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Sales/Revenue | 1.05B | 691.71M | 363.64M | 266.72M | 51.17M | 7.78M | 6.95M | 13.38M | 10.58M | 1.53M | 4.61M | 8.12M | 13.98M | 20.41M | 15.58M |
| Revenue Growth % | 114.85% | 90.22% | 36.34% | 421.2% | 557.93% | 11.87% | -48.02% | 26.41% | 591.57% | -66.78% | -43.26% | -41.94% | -31.48% | 30.96% | - |
| Cost of Goods Sold | 103.47M | 103.18M | 44.26M | 44.4M | 12.14M | 3.52M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 14.92% | 12.17% | 16.64% | 23.72% | 45.29% | - | - | - | - | - | - | - | - | - |
| Gross Profit | 950.9M | 588.53M | 319.38M | 222.32M | 39.04M | 4.25M | 6.95M | 13.38M | 10.58M | 1.53M | 4.61M | 8.12M | 13.98M | 20.41M | 15.58M |
| Gross Margin % | 90.19% | 85.08% | 87.83% | 83.36% | 76.28% | 54.71% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Gross Profit Growth % | - | 84.27% | 43.66% | 469.52% | 817.44% | -38.8% | -48.02% | 26.41% | 591.57% | -66.78% | -43.26% | -41.94% | -31.48% | 30.96% | - |
| Operating Expenses | 841.45M | 719.42M | 598.15M | 677.86M | 600.85M | 456.05M | 337.57M | 240.09M | 165.34M | 113.07M | 77.53M | 49.94M | 25.97M | 15.13M | 14.07M |
| OpEx % of Revenue | - | 104.01% | 164.49% | 254.15% | 1174.13% | 5863.29% | 4855.07% | 1795.1% | 1562.59% | 7390.26% | 1683.15% | 615.21% | 185.74% | 74.13% | 90.29% |
| Selling, General & Admin | 565.59M | 435.92M | 284.55M | 258.79M | 215.85M | 160.18M | 76.67M | 48.47M | 25.06M | 13.48M | 11.5M | 9.41M | 6.27M | 2.42M | 2.69M |
| SG&A % of Revenue | - | 63.02% | 78.25% | 97.03% | 421.8% | 2059.4% | 1102.68% | 362.42% | 236.81% | 881.18% | 249.76% | 115.98% | 44.87% | 11.84% | 17.26% |
| Research & Development | 274.14M | 283.5M | 307M | 413.45M | 379.62M | 295.87M | 260.9M | 191.62M | 140.28M | 99.59M | 66.02M | 40.53M | 19.7M | 12.71M | 11.38M |
| R&D % of Revenue | - | 40.99% | 84.42% | 155.02% | 741.83% | 3803.9% | 3752.39% | 1432.68% | 1325.78% | 6509.09% | 1433.39% | 499.24% | 140.87% | 62.29% | 73.03% |
| Other Operating Expenses | 1000K | 0 | 6.6M | 5.62M | 5.38M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 109.45M | -130.89M | -278.76M | -455.54M | -561.81M | -451.79M | -330.62M | -226.72M | -154.76M | -111.54M | -72.92M | -41.83M | -11.99M | 5.28M | 1.51M |
| Operating Margin % | 10.38% | -18.92% | -76.66% | -170.8% | -1097.85% | -5808.59% | -4755.07% | -1695.1% | -1462.59% | -7290.26% | -1583.15% | -515.21% | -85.74% | 25.87% | 9.71% |
| Operating Income Growth % | - | 53.05% | 38.81% | 18.92% | -24.35% | -36.65% | -45.83% | -46.5% | -38.74% | -52.96% | -74.35% | -248.86% | -327.11% | 248.91% | - |
| EBITDA | 127.18M | -113.9M | -261.05M | -436.63M | -543.86M | -436.4M | -321.17M | -220.03M | -153.88M | -110.81M | -72.24M | -41.27M | -11.48M | 5.68M | 1.94M |
| EBITDA Margin % | 12.06% | -16.47% | -71.79% | -163.7% | -1062.76% | -5610.71% | -4619.19% | -1645.08% | -1454.28% | -7242.29% | -1568.45% | -508.34% | -82.14% | 27.85% | 12.44% |
| EBITDA Growth % | 153.93% | 56.37% | 40.21% | 19.72% | -24.62% | -35.88% | -45.97% | -42.99% | -38.87% | -53.38% | -75.06% | -259.31% | -302.06% | 193.29% | - |
| D&A (Non-Cash Add-back) | 17.73M | 17M | 17.71M | 18.91M | 17.96M | 15.39M | 9.45M | 6.69M | 880K | 734K | 677K | 558K | 504K | 405K | 425K |
| EBIT | 60.4M | -126.79M | -307.74M | -430.08M | -547.13M | -380.03M | -417.26M | -217.03M | -130.36M | -124.28M | -68.73M | -33.57M | -10.32M | 4.71M | 1.3M |
| Net Interest Income | -111.85M | -62.77M | -51.14M | -27.21M | -23.26M | -3.22M | -106K | 8.84M | 3.89M | 826K | 118K | 7K | -16K | -8K | -20K |
| Interest Income | 52.04M | 14.7M | 14.36M | 16.86M | 7.43M | 692K | 1.81M | 10.06M | 4.02M | 923K | 123K | 13K | 0 | 0 | 0 |
| Interest Expense | 163.89M | 77.46M | 65.5M | 44.06M | 30.68M | 3.91M | 1.92M | 1.22M | 127K | 97K | 5K | 6K | 16K | 8K | 20K |
| Other Income/Expense | -8.34M | -73.37M | -94.48M | -18.6M | -16M | 67.85M | -88.55M | 8.47M | 24.27M | -12.83M | 4.19M | 8.25M | 1.65M | -574K | -228K |
| Pretax Income | 101.11M | -204.26M | -373.24M | -474.14M | -577.82M | -383.94M | -419.17M | -218.25M | -130.49M | -124.37M | -68.73M | -33.57M | -10.34M | 4.71M | 1.28M |
| Pretax Margin % | 9.59% | -29.53% | -102.64% | -177.77% | -1129.12% | -4936.28% | -6028.68% | -1631.78% | -1233.26% | -8129.02% | -1492.23% | -413.57% | -73.95% | 23.05% | 8.25% |
| Income Tax | -654.74M | 14.78M | 4.84M | 7.3M | 5.38M | -367K | -219K | -234K | -394K | -477K | -227K | -652K | -682K | 626K | 35K |
| Effective Tax Rate % | -647.57% | -7.23% | -1.3% | -1.54% | -0.93% | 0.1% | 0.05% | 0.11% | 0.3% | 0.38% | 0.33% | 1.94% | 6.6% | 13.3% | 2.72% |
| Net Income | 755.85M | -219.03M | -378.08M | -481.45M | -583.19M | -383.58M | -418.95M | -218.02M | -130.1M | -123.9M | -68.5M | -32.92M | -9.66M | 4.08M | 1.25M |
| Net Margin % | 71.69% | -31.67% | -103.97% | -180.51% | -1139.63% | -4931.56% | -6025.53% | -1630.03% | -1229.53% | -8097.84% | -1487.3% | -405.54% | -69.07% | 19.99% | 8.02% |
| Net Income Growth % | 378.76% | 42.07% | 21.47% | 17.45% | -52.04% | 8.44% | -92.17% | -67.58% | -5% | -80.86% | -108.08% | -240.88% | -336.77% | 226.32% | - |
| Net Income (Continuing) | 755.85M | -219.03M | -378.08M | -481.45M | -583.19M | -383.58M | -418.95M | -218.02M | -130.1M | -123.9M | -68.5M | -32.92M | -9.66M | 4.08M | 1.25M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 11.06 | -3.62 | -6.53 | -8.55 | -10.40 | -7.00 | -8.28 | -4.69 | -3.17 | -3.68 | -2.58 | -1.39 | -0.57 | 0.38 | 0.12 |
| EPS Growth % | 342.07% | 44.56% | 23.63% | 17.79% | -48.57% | 15.46% | -76.55% | -47.95% | 13.86% | -42.64% | -85.61% | -143.86% | -250% | 216.67% | - |
| EPS (Basic) | - | -3.62 | -6.53 | -8.55 | -10.40 | -7.00 | -8.28 | -4.69 | -3.17 | -3.68 | -2.58 | -1.39 | -0.57 | 0.38 | 0.12 |
| Diluted Shares Outstanding | 68.32M | 60.61M | 57.89M | 56.29M | 56.07M | 54.77M | 50.62M | 46.51M | 41.09M | 33.63M | 26.56M | 23.77M | 16.94M | 10.8M | 10.8M |
| Basic Shares Outstanding | 64.34M | 60.61M | 57.89M | 56.29M | 56.07M | 54.77M | 50.62M | 46.51M | 41.09M | 33.63M | 26.56M | 23.68M | 16.94M | 10.8M | 10.8M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying ASND stock.
For fiscal year 2025, Ascendis Pharma A/S (ASND) reported total revenue of $691.7M. This represents a 4338.9% increase compared to $15.6M in 2012.
Ascendis Pharma A/S (ASND) reported a net loss of $219.0M for the fiscal year ending 2025.
Ascendis Pharma A/S (ASND) reported an operating income of $-130.9M, resulting in an operating profit margin of -18.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Ascendis Pharma A/S (ASND) generated $588.5M in gross profit for the year, representing a gross profit margin of 85.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Commercial execution and cash burn
Revenue Growth Accelerates on Commercial Ramp
Ascendis Pharma's revenue growth has accelerated dramatically, reaching 118.2% year-over-year in Q2 2026, driven by the commercial ramp of SKYTROFA and the initial contribution from YORVIPATH, as reported in the latest quarterly financials.
The growth trajectory has shifted from low single-digit organic increases in early 2025 to triple-digit expansion, indicating successful commercial execution and market penetration for its rare disease therapies. This acceleration appears to be driven by new patient starts and the expanding addressable market for its endocrine portfolio, rather than one-time milestone payments, suggesting a more durable growth profile. However, the sustainability of this hyper-growth rate will depend on continued market share gains and the successful launch of YORVIPATH in the U.S.
Structural Gross Margin Strength Supports Path to Profitability
Gross margins have stabilized at a structurally high level, averaging approximately 90% over the last two quarters, which is consistent with the pricing power typical of proprietary biologics for rare diseases.
The consistent gross margin above 88% since Q4 2025 indicates strong pricing power and a cost of goods sold structure that is largely independent of sales volume, a hallmark of successful biotech commercialization. This high margin provides a significant buffer to absorb the company's substantial R&D and SG&A investments, which is critical for its path to operating profitability. The margin profile compares favorably to peers like Ultragenyx and is in line with other specialty biopharmaceutical companies, suggesting the TransCon platform's products are not facing significant pricing pressure.
Operating Leverage Emerges as Revenue Scales
Operating leverage is becoming evident, with operating income turning positive and expanding to $63.4M in Q2 2026, as revenue growth outpaces the growth in operating expenses.
The shift from a -103.2% operating margin in Q1 2025 to a positive 18.4% in Q2 2026 demonstrates significant operating leverage, as the fixed-cost base of R&D and SG&A is spread over a rapidly growing revenue base. This suggests the company's commercial infrastructure is becoming more efficient, with SG&A as a percentage of revenue declining from over 94% in early 2025 to approximately 50% in the latest quarter. The key question for investors is whether this leverage can be maintained as the company invests further in the YORVIPATH launch and its broader pipeline.
Net Income Volatility Masks Underlying Operational Improvement
Reported net income has been highly volatile, swinging from a loss of $33.2M in Q4 2025 to a gain of $639.7M in Q1 2026, largely due to non-operating items that obscure the core operational performance.
The massive Q1 2026 net income figure, which far exceeds operating income, suggests the recognition of a significant non-cash gain, likely related to the revaluation of financial instruments or deferred revenue from partnership deals. This volatility makes headline EPS an unreliable metric for assessing ongoing business performance. Analysts should focus on the operating income trend, which shows a clearer and more sustainable improvement, to gauge the true earnings quality and trajectory toward consistent profitability.
R&D Remains the Dominant Cost Center Amid Commercial Expansion
Research and development expenses remain the largest single cost line item, consistently exceeding $70M per quarter, reflecting the company's continued investment in its TransCon pipeline across multiple therapeutic areas.
The sustained high level of R&D spending, even as commercial revenue scales, indicates management's commitment to platform expansion beyond the current endocrine franchise. While this investment is necessary for long-term growth, it currently offsets a significant portion of the gross profit generated by SKYTROFA and YORVIPATH. The discipline in SG&A spending, which has grown more slowly than revenue, is a positive sign, but the overall cost structure remains heavily weighted toward future-oriented investments, which will delay the timeline to consistent free cash flow generation.
Sustainability of Hyper-Growth and Margin Expansion
The strongest analytical challenge centers on whether the current triple-digit revenue growth and rapid margin expansion are sustainable, or if they represent a temporary peak driven by initial launch dynamics and favorable comparisons.
Short-sellers would focus on the risk that the current growth rate is artificially inflated by the initial stocking and launch of YORVIPATH, and that the underlying patient demand may not support such a steep trajectory long-term. Furthermore, the rapid improvement in operating margin could reverse if the company is forced to increase SG&A spending to defend market share or if gross-to-net deductions rise as the payer mix evolves. The absence of formal guidance from management, as noted in recent filings, adds uncertainty and could be interpreted as a lack of confidence in the durability of these trends.