NASDAQ : ASND
Ascendis Pharma A/S — Financial statements
Healthcare · Biotechnology · Denmark
Last price 251.27 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 16.50B
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Financial statements
Ascendis Pharma A/S (ASND) reported revenue of 1.05B EUR (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in EUR.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 1.05B | 720.13M | 363.64M | 266.72M | 51.17M | 7.78M |
| Cost of Revenue | 91.12M | 94.92M | 44.26M | 44.40M | 12.14M | 3.52M |
| Gross Profit | 955.89M | 625.22M | 319.38M | 222.32M | 39.04M | 4.25M |
| Selling, General & Admin | 571.28M | 457.87M | 291.14M | 264.41M | 221.23M | 160.18M |
| Research & Development | 284.02M | 303.62M | 307.00M | 413.45M | 379.62M | 295.87M |
| Operating Expenses | 697.23M | 761.49M | 598.15M | 677.86M | 600.85M | 456.05M |
| Operating Income | 258.66M | -136.27M | -278.76M | -455.54M | -561.81M | -451.79M |
| Interest Expense | -128.40M | -80.65M | -65.50M | -44.06M | -30.68M | -3.91M |
| Interest & Investment Income | 15.30M | 14.36M | 16.86M | 7.43M | 692.00K | |
| Earnings From Equity Investments | -12.59M | 16.31M | -20.06M | -18.39M | -17.70M | 12.04M |
| Currency Exchange Gain (Loss) | 78.23M | 78.23M | -27.15M | 12.35M | 40.43M | 59.03M |
| Other Non Operating Income (Expenses) | -105.57M | -105.57M | 3.87M | 14.65M | -15.48M | |
| Pretax Income | 97.84M | -212.65M | -373.24M | -474.14M | -577.82M | -383.94M |
| Income Tax Expense | -643.92M | 15.38M | 4.84M | 7.30M | 5.38M | -367.00K |
| Net Income | 741.76M | -228.03M | -378.08M | -481.45M | -583.19M | -383.58M |
| Net Income to Common | 741.76M | -228.03M | -378.08M | -481.45M | -583.19M | -383.58M |
| Shares Outstanding (Basic) | 61.99M | 60.61M | 57.89M | 56.29M | 56.07M | 54.77M |
| Shares Outstanding (Diluted) | 63.33M | 60.61M | 57.89M | 56.29M | 56.07M | 54.77M |
| EPS (Basic) | 11.96 | -3.76 | -6.53 | -8.55 | -10.40 | -7.00 |
| EPS (Diluted) | 11.72 | -3.76 | -6.53 | -8.55 | -10.40 | -7.00 |
| Free Cash Flow | 335.12M | 45.41M | -307.62M | -469.80M | -510.19M | -441.35M |
| Free Cash Flow Per Share | 5.29 | 0.75 | -5.31 | -8.35 | -9.10 | -8.06 |
| Gross Margin | 91.30% | 86.82% | 87.83% | 83.36% | 76.28% | 54.71% |
| Operating Margin | 24.70% | -18.92% | -76.66% | -170.80% | -1,097.85% | -5,808.59% |
| Profit Margin | 70.84% | -31.67% | -103.97% | -180.51% | -1,139.63% | -4,931.56% |
| Free Cash Flow Margin | 32.01% | 6.31% | -84.60% | -176.14% | -996.97% | -5,674.38% |
| EBITDA | 263.45M | -131.41M | -273.83M | -437.11M | -544.30M | -436.85M |
| EBITDA Margin | 25.16% | -18.25% | -75.30% | -163.89% | ||
| D&A For EBITDA | 4.79M | 4.86M | 4.93M | 18.43M | 17.51M | 14.95M |
| EBIT | 258.66M | -136.27M | -278.76M | -455.54M | -561.81M | -451.79M |
| EBIT Margin | 24.70% | -18.92% | -76.66% | -170.80% |
Balance sheet
Fiscal year January - December; amounts in EUR.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 812.26M | 616.04M | 559.54M | 392.16M | 444.77M | 446.27M |
| Short-Term Investments | 7.28M | 290.69M | 235.80M | |||
| Cash & Short-Term Investments | 812.26M | 616.04M | 559.54M | 399.44M | 735.46M | 682.06M |
| Accounts Receivable | 206.50M | 141.33M | 166.28M | 35.87M | 11.91M | 2.20M |
| Other Receivables | 17.60M | 16.36M | 11.16M | 19.90M | 13.72M | 20.99M |
| Receivables | 224.10M | 157.70M | 177.44M | 55.77M | 25.63M | 23.19M |
| Inventory | 310.58M | 301.53M | 295.61M | 208.93M | 130.67M | 75.41M |
| Prepaid Expenses | 43.47M | 33.72M | 28.27M | 38.58M | 31.72M | 25.23M |
| Total Current Assets | 1.39B | 1.11B | 1.06B | 702.72M | 923.47M | 805.89M |
| Property, Plant & Equipment | 135.69M | 146.48M | 98.71M | 110.63M | 129.09M | 126.05M |
| Long-Term Investments | 30.48M | 32.53M | 13.57M | 5.69M | 30.42M | 145.91M |
| Goodwill | 3.50M | 3.50M | 3.50M | 3.50M | ||
| Other Intangible Assets | 3.68M | 215.00K | 533.00K | 924.00K | 4.83M | 1.78M |
| Other Long-Term Assets | 26.49M | 10.87M | 2.32M | 2.13M | 1.92M | 1.81M |
| Total Assets | 2.29B | 1.30B | 1.18B | 825.59M | 1.09B | 1.08B |
| Accounts Payable | 103.92M | 90.66M | 96.39M | 94.57M | 101.03M | 59.42M |
| Accrued Expenses | 41.18M | 31.99M | 29.95M | |||
| Current Portion of Long-Term Debt | 65.43M | 466.09M | 476.05M | 407.10M | 399.19M | |
| Current Portion of Leases | 20.44M | 15.48M | 14.17M | 13.79M | 7.00M | |
| Current Income Taxes Payable | 12.66M | 6.43M | 1.22M | 2.30M | 5.49M | 198.00K |
| Current Unearned Revenue | 2.78M | 4.94M | 936.00K | 1.18M | 2.60M | |
| Other Current Liabilities | 280.10M | 480.83M | 317.77M | 176.01M | 165.29M | 1.19M |
| Total Current Liabilities | 464.89M | 1.07B | 907.86M | 736.51M | 716.78M | 100.36M |
| Long-Term Debt | 236.36M | 254.17M | 287.53M | 138.38M | ||
| Long-Term Leases | 148.28M | 131.09M | 77.55M | 84.62M | 95.40M | 97.97M |
| Long-Term Unearned Revenue | 1.12M | 5.00M | 5.95M | 14.21M | 2.96M | |
| Long-Term Deferred Tax Liabilities | 9.62M | 7.26M | 5.83M | |||
| Total Liabilities | 849.53M | 1.47B | 1.29B | 971.28M | 826.39M | 201.29M |
| Common Stock | 8.88M | 8.32M | 8.15M | 7.75M | 7.67M | 7.65M |
| Additional Paid-In Capital | 3.30B | 2.53B | 2.44B | 2.12B | 2.11B | 2.11B |
| Retained Earnings | -1.88B | -2.70B | -2.56B | -2.28B | -1.86B | -1.24B |
| Treasury Stock | -69.00K | -80.00K | -113.00K | -146.00K | -149.00K | -21.00K |
| Comprehensive Income & Other | 6.16M | -1.75M | 1.78M | 721.00K | 3.45M | 3.78M |
| Shareholders' Equity | 1.44B | -162.82M | -105.71M | -145.70M | 263.35M | 883.63M |
| Total Liabilities & Equity | 2.29B | 1.30B | 1.18B | 825.59M | 1.09B | 1.08B |
| Total Debt | 450.07M | 871.79M | 856.62M | 644.26M | 508.38M | 104.96M |
| Net Cash (Debt) | 362.19M | -255.75M | -297.07M | -244.83M | 234.57M | 684.66M |
| Net Cash Per Share | 5.72 | -4.22 | -5.13 | -4.35 | 4.18 | 12.50 |
| Filing Date Shares Outstanding | 65.67M | 61.38M | 59.84M | 56.61M | 56.04M | 56.78M |
| Total Common Shares Outstanding | 65.67M | 61.38M | 59.84M | 56.61M | 56.04M | 56.78M |
| Working Capital | 925.52M | 39.59M | 153.00M | -33.79M | 206.69M | 705.53M |
| Book Value Per Share | 21.87 | -2.65 | -1.77 | -2.57 | 4.70 | 15.56 |
| Tangible Book Value | 1.43B | -166.53M | -109.73M | -150.12M | 258.52M | 878.36M |
| Tangible Book Value Per Share | 21.82 | -2.71 | -1.83 | -2.65 | 4.61 | 15.47 |
| Machinery | 37.62M | 32.91M | 38.86M | 25.77M | ||
| Leasehold Improvements | 7.05M | 20.30M | 19.38M | 18.07M |
Cash flow statement
Fiscal year January - December; amounts in EUR.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 741.76M | -228.03M | -378.08M | -481.45M | -583.19M | -383.58M |
| Depreciation & Amortization | 17.14M | 17.21M | 17.25M | 18.43M | 17.51M | 14.95M |
| Other Amortization | 490.00K | 490.00K | 467.00K | 483.00K | 444.00K | 445.00K |
| Loss (Gain) From Sale of Assets | 21.00K | -91.00K | 5.00K | 22.00K | ||
| Asset Writedown & Restructuring Costs | -2.23M | 5.28M | 7.83M | |||
| Loss (Gain) on Equity Investments | 12.59M | -16.31M | 20.06M | 18.39M | 17.70M | -12.04M |
| Stock-Based Compensation | 120.56M | 116.17M | 95.51M | 66.66M | 64.18M | 66.83M |
| Other Operating Activities | -531.10M | 88.13M | 45.85M | 2.07M | 110.00K | -56.53M |
| Change in Accounts Receivable | -95.51M | 15.59M | -118.61M | -32.77M | -11.53M | -6.66M |
| Change in Inventory | -7.19M | -5.92M | -86.68M | -78.26M | -55.27M | -75.41M |
| Change in Accounts Payable | 23.84M | -10.37M | 26.96M | 3.55M | 45.94M | 39.19M |
| Change in Unearned Revenue | 295.00K | 131.00K | -1.20M | -7.08M | 8.65M | 5.20M |
| Change in Other Net Operating Assets | 68.85M | 71.53M | 72.36M | 14.77M | -264.00K | -10.04M |
| Operating Cash Flow | 349.51M | 53.90M | -306.20M | -467.36M | -495.70M | -417.65M |
| Capital Expenditures | -14.39M | -8.48M | -1.43M | -2.44M | -14.49M | -23.70M |
| Sale of Property, Plant & Equipment | 950.00K | 51.00K | ||||
| Sale (Purchase) of Intangibles | -530.00K | |||||
| Investment in Securities | 7.35M | 288.87M | 66.69M | -86.34M | ||
| Other Investing Activities | 9.54M | |||||
| Investing Cash Flow | -13.05M | -8.48M | 6.88M | 286.47M | 61.73M | -110.58M |
| Long-Term Debt Issued | 134.16M | 136.26M | 503.28M | |||
| Long-Term Debt Repaid | -21.96M | -11.37M | -10.44M | -6.36M | -6.43M | |
| Lease Payments | -6.43M | |||||
| Net Debt Issued (Repaid) | -30.12M | -21.96M | 122.79M | 125.82M | 496.93M | -6.43M |
| Issuance of Common Stock | 110.86M | 87.08M | 340.43M | 10.29M | 5.15M | 379.42M |
| Repurchase of Common Stock | -116.19M | -28.79M | -1.81M | -105.31M | -21.61M | |
| Other Financing Activities | -125.00K | -19.29M | ||||
| Financing Cash Flow | -35.58M | 36.33M | 443.93M | 134.29M | 396.77M | 351.39M |
| Foreign Exchange Rate Adjustments | 17.33M | -25.24M | 22.77M | -6.01M | 35.69M | 38.59M |
| Net Cash Flow | 318.21M | 56.50M | 167.38M | -52.60M | -1.50M | -138.25M |
| Free Cash Flow | 335.12M | 45.41M | -307.62M | -469.80M | -510.19M | -441.35M |
| Free Cash Flow Margin | 32.01% | 6.31% | -84.60% | -176.14% | -996.97% | -5,674.38% |
| Free Cash Flow Per Share | 5.29 | 0.75 | -5.31 | -8.35 | -9.10 | -8.06 |
| Levered Free Cash Flow | 12.77M | 164.71M | -200.32M | -332.95M | -156.42M | -281.90M |
| Unlevered Free Cash Flow | 93.02M | 215.12M | -159.38M | -305.41M | -137.24M | -279.45M |
| Free Cash Flow After Leases | 335.12M | 45.41M | -307.62M | -469.80M | -510.19M | -447.78M |
| Cash Interest Paid | 30.36M | 22.93M | 15.21M | 15.67M | 9.29M | 1.84M |
| Cash Income Tax Paid | 7.92M | 6.68M | 5.51M | 4.47M | 3.00K | -152.00K |
| Change in Working Capital | -9.71M | 70.96M | -107.16M | -99.79M | -12.47M | -47.72M |
Ratios
Fiscal year January - December; amounts in EUR.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Debt / Equity Ratio | 0.31 | -5.35 | -8.10 | -4.42 | 1.93 | 0.12 |
| Debt / FCF Ratio | 1.34 | 19.20 | ||||
| Net Debt / Equity Ratio | -0.25 | -1.57 | -2.81 | -1.68 | -0.89 | -0.78 |
| Net Debt / EBITDA Ratio | -1.38 | -1.95 | -1.08 | -0.56 | 0.43 | 1.57 |
| Net Debt / FCF Ratio | -1.08 | 5.63 | -0.97 | -0.52 | 0.46 | 1.55 |
| Asset Turnover | 0.62 | 0.58 | 0.36 | 0.28 | 0.05 | 0.01 |
| Inventory Turnover | 0.30 | 0.32 | 0.17 | 0.26 | 0.12 | |
| Quick Ratio | 2.23 | 0.72 | 0.81 | 0.62 | 1.06 | 7.03 |
| Current Ratio | 2.99 | 1.04 | 1.17 | 0.95 | 1.29 | 8.03 |
| Return on Equity (ROE) | 118.78% | -818.43% | -101.69% | -44.54% | ||
| Return on Assets (ROA) | 9.58% | -6.86% | -17.38% | -29.73% | -32.29% | -27.35% |
| Return on Capital Employed (ROCE) | 14.20% | -58.40% | -102.60% | -511.40% | -150.60% | -45.90% |
| Buyback Yield / Dilution | -6.52% | -4.69% | -2.85% | -0.38% | -2.37% | -8.21% |