Ascendis Pharma Reports Fourth Quarter and Full Year 2024 Financial Results
Rhea-AI Summary
Ascendis Pharma (ASND) reported its Q4 and full year 2024 financial results, highlighting strong commercial performance. YORVIPATH achieved 908 prescriptions by Feb. 7, 2025, with full-year 2024 revenue of €28.7 million. SKYTROFA generated approximately €202 million in full-year revenue (excluding prior year adjustments).
The company's total revenue for 2024 reached €363.6 million, up from €266.7 million in 2023, driven by the €91.3 million ($100 million) upfront payment from Novo Nordisk and increased commercial product sales. Operating expenses totaled €598.1 million for 2024. The company reported a net loss of €378.1 million (€6.53 per share) for 2024.
Cash position stood at €559.5 million as of December 31, 2024, with an additional $100 million received from Novo Nordisk in January 2025. The company plans to submit an NDA for TransCon CNP in Q1 2025 for achondroplasia treatment in children.
Positive
- YORVIPATH launch success with 908 prescriptions and 539 unique prescribing healthcare providers
- SKYTROFA revenue reached €202 million for full year 2024
- Total revenue increased 36% to €363.6 million in 2024
- Strong cash position of €559.5 million plus additional $100 million from Novo Nordisk
- Operating expenses decreased from €677.9 million in 2023 to €598.1 million in 2024
Negative
- Net loss of €378.1 million for 2024
- Increased net finance expenses to €74.4 million in 2024 from €0.2 million in 2023
News Market Reaction 1 Alert
On the day this news was published, ASND gained 12.96%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
– Strong early U.S. YORVIPATH® launch with 908 prescriptions as of Feb. 7, 2025; YORVIPATH full year 2024 revenue of
– Following pre-NDA meeting with FDA, on track to submit TransCon™ CNP NDA for achondroplasia in children in Q1 2025, followed by MAA in Q3 2025
– SKYTROFA® full year 2024 revenue was ~
– Total 2024 operating expenses of
– Conference call today at 4:30 pm ET
COPENHAGEN, Denmark, Feb. 12, 2025 (GLOBE NEWSWIRE) -- Ascendis Pharma A/S (Nasdaq: ASND) today announced financial results for the fourth quarter and full year ended December 31, 2024, and provided a business update.
“Having achieved pivotal milestones in 2024, Ascendis is positioned to continue strong revenue growth in 2025 and beyond,” said Jan Mikkelsen, Ascendis Pharma’s President and Chief Executive Officer. “We believe YORVIPATH is well on its way to establishing itself as the new global standard for the treatment of hypoparathyroidism in adults. SKYTROFA has achieved a leading position in value in the U.S. growth hormone market. And for TransCon CNP, we have a clear path to submit our NDA and MAA as a differentiated treatment of achondroplasia in children. Together with a strong cash balance and established partnerships, I am confident in our ability to become a leading global biopharmaceutical company with multiple blockbuster products and a strong engine for future innovation.”
Select 2024 Highlights & Anticipated 2025 Milestones
- TransCon hGH
(lonapegsomatropin, marketed as SKYTROFA)- SKYTROFA fourth quarter 2024 revenue excluding a positive impact due to reversal of
€4.6 million of sales deductions related to prior years was ~€54 million (fourth quarter reported 2024 SKYTROFA revenue of€58.5 million ). - SKYTROFA full year 2024 revenue excluding
€4.7 million of sales deductions related to prior years was ~€202 million (full year reported 2024 SKYTROFA revenue of€197.0 million ). - Prescription Drug User Fee Act (PDUFA) goal date of July 27, 2025, for FDA review of supplemental BLA for the treatment of adults with growth hormone deficiency; pending approval, U.S. commercial launch planned in the fourth quarter of 2025.
- During the third quarter of 2025, plan to submit an Investigational New Drug (IND) application or similar for a basket trial evaluating TransCon hGH in additional indications.
- SKYTROFA fourth quarter 2024 revenue excluding a positive impact due to reversal of
- TransCon PTH
(palopegteriparatide, marketed as YORVIPATH)- YORVIPATH revenue for the fourth quarter of 2024 totaled
€13.6 million and€28.7 million for the full year 2024, as previously announced. - Strong start to U.S. YORVIPATH launch, with 908 prescriptions as of Feb. 7, 2025, and 539 unique prescribing health care providers.
- Expect commercial launch in at least five additional Europe Direct countries in 2025.
- Eight International Markets exclusive distribution agreements signed covering 50+ countries.
- YORVIPATH revenue for the fourth quarter of 2024 totaled
- TransCon CNP
(navepegritide)- Following pre-NDA meeting with FDA, on track to submit New Drug Application (NDA) for the treatment of achondroplasia in children during the first quarter of 2025, and to submit Marketing Authorisation Application (MAA) to the European Medicines Agency during the third quarter of 2025.
- Presented new data demonstrating additional benefits beyond linear growth, with significant improvements in leg bowing (a common complication in achondroplasia) observed with TransCon CNP compared to worsening observed with placebo in pivotal ApproaCH Trial.
- During the fourth quarter of 2025, plan to submit an IND or similar for the treatment of hypochondroplasia.
- TransCon hGH / TransCon CNP Combination Treatment
- Topline Week 26 results from Phase 2 COACH Trial (TransCon CNP in combination with TransCon hGH) in children with achondroplasia expected in the second quarter of 2025.
- Oncology Program
- Clinical development of TransCon IL-2 β/γ continues, including ongoing investigation of clinical activity in platinum-resistant ovarian cancer (PROC).
- Financial Update
- December 31, 2024, cash and cash equivalents totaling
€559.5 million . - Subsequent to the year end, in January 2025, received
$100 million related to the Exclusive License Agreement with Novo Nordisk announced last year. Including the$100 million upfront payment, cash at the end of 2024 would have totaled€655 million .
- December 31, 2024, cash and cash equivalents totaling
Fourth Quarter and Full Year 2024 Financial Results
Total revenue for the fourth quarter of 2024 was
Total revenue for 2024 was
| Total Revenue (In EUR'000s) | Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||
| Revenue from external customers | ||||||||||||
| Commercial products | 72,130 | 64,249 | 225,728 | 178,663 | ||||||||
| Licenses | 95,853 | 64,304 | 122,343 | 66,077 | ||||||||
| Other | 5,933 | 9,150 | 15,570 | 21,978 | ||||||||
| Total revenue from external customers | 173,916 | 137,703 | 363,641 | 266,718 | ||||||||
| Commercial Product Revenue (In EUR'000s) | Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||
| Revenue from commercial products | ||||||||||||
| SKYTROFA® | 58,546 | 64,249 | 197,001 | 178,663 | ||||||||
| YORVIPATH® | 13,584 | — | 28,727 | — | ||||||||
| Total revenue from commercial products | 72,130 | 64,249 | 225,728 | 178,663 | ||||||||
Research and development (R&D) costs for the fourth quarter of 2024 were
Selling, general, and administrative (SG&A) expenses for the fourth quarter of 2024 were
Total operating expenses for the fourth quarter of 2024 were
Net finance expenses were
For the fourth quarter of 2024, Ascendis Pharma reported a net loss of
As of December 31, 2024, Ascendis Pharma had cash, cash equivalents, and marketable securities totaling
Conference Call and Webcast Information
Ascendis Pharma will host a conference call and webcast today at 4:30 pm Eastern Time (ET) to discuss its fourth quarter and full year 2024 financial results.
Those who would like to participate may access the live webcast here, or register in advance for the teleconference here. The link to the live webcast will also be available on the Investors & News section of the Ascendis Pharma website at https://investors.ascendispharma.com. A replay of the webcast will be available on this section of the Ascendis Pharma website shortly after conclusion of the event for 30 days.
About Ascendis Pharma A/S
Ascendis Pharma is applying its innovative TransCon technology platform to build a leading, fully integrated biopharma company focused on making a meaningful difference in patients’ lives. Guided by its core values of Patients, Science, and Passion, Ascendis uses its TransCon technologies to create new and potentially best-in-class therapies. Ascendis is headquartered in Copenhagen, Denmark and has additional facilities in Europe and the United States. Please visit ascendispharma.com to learn more.
Forward-Looking Statements
This press release contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this press release regarding Ascendis’ future operations, plans and objectives of management are forward-looking statements. Examples of such statements include, but are not limited to, statements relating to (i) the timing of NDA, MAA and IND submissions for TransCon CNP; (ii) Ascendis’ ability to continue strong revenue growth in 2025 and beyond; (iii) YORVIPATH’s ability to become the new global standard for the treatment of hypoparathyroidism in adults; (iv) Ascendis’ ability to become a leading global biopharmaceutical company with multiple blockbuster products and a strong engine for future innovation; (v) the PDUFA goal date for FDA review of SKYTROFA’s supplemental BLA for the treatment of adults with growth hormone deficiency and Ascendis’ plans for a U.S. commercial launch in the fourth quarter of 2025, if approved; (vi) Ascendis’ plan to submit an IND application or similar for a basket trial evaluating TransCon hGH in additional indications; (vii) Ascendis’ expectations with respect to the commercial launch of TransCon PTH in additional countries; (viii) the timing of topline Week 26 data from Phase 2 COACH Trial, the combination TransCon hGH and TransCon CNP trial; (ix) Ascendis’ ability to apply its TransCon technology platform to build a leading, fully integrated biopharma company, and (x) Ascendis’ use of its TransCon technologies to create new and potentially best-in-class therapies. Ascendis may not actually achieve the plans, carry out the intentions or meet the expectations or projections disclosed in the forward-looking statements and you should not place undue reliance on these forward-looking statements. Actual results or events could differ materially from the plans, intentions, expectations and projections disclosed in the forward-looking statements. Various important factors could cause actual results or events to differ materially from the forward-looking statements that Ascendis makes, including the following: dependence on third party manufacturers, distributors and service providers for Ascendis’ products and product candidates; unforeseen safety or efficacy results in Ascendis’ development programs or on-market products; unforeseen expenses related to commercialization of any approved Ascendis products; unforeseen expenses related to Ascendis’ development programs; unforeseen selling, general and administrative expenses, other research and development expenses and Ascendis’ business generally; delays in the development of its programs related to manufacturing, regulatory requirements, speed of patient recruitment or other unforeseen delays; Ascendis’ ability to obtain additional funding, if needed, to support its business activities; the impact of international economic, political, legal, compliance, social and business factors. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to Ascendis’ business in general, see Ascendis’ Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission (SEC) on February 12, 2025, and Ascendis’ other future reports filed with, or submitted to, the SEC. Forward-looking statements do not reflect the potential impact of any future licensing, collaborations, acquisitions, mergers, dispositions, joint ventures, or investments that Ascendis may enter into or make. Ascendis does not assume any obligation to update any forward-looking statements, except as required by law.
Ascendis, Ascendis Pharma, the Ascendis Pharma logo, the company logo, TransCon, SKYTROFA®, and YORVIPATH® are trademarks owned by the Ascendis Pharma group.
© February 2025 Ascendis Pharma A/S.
| Investor Contacts: | Media Contact: |
| Scott Smith | Melinda Baker |
| Ascendis Pharma | Ascendis Pharma |
| ir@ascendispharma.com | +1 (650) 709-8875 |
| media@ascendispharma.com | |
| Patti Bank | |
| ICR Healthcare | |
| +1 (415) 513-1284 | |
| patti.bank@icrhealthcare.com |
NEW AND AMENDED IFRS ACCOUTING STANDARDS AND INTERPRETATIONS
The Company has applied amendments to paragraphs 69 to 76 of IAS 1, “Presentation of Financial Statements,” which was effective for annual reporting periods beginning on or after January 1, 2024, and must be applied retrospectively. The amendments to IAS 1 specify the requirements for classifying liabilities as current or non-current. Refer to Note 2 in the financial statements of Ascendis’ Annual Report on Form 20-F for further details.
FINANCIAL TABLES FOLLOW
| Ascendis Pharma A/S Consolidated Statements of Profit or (Loss) and Other Comprehensive Income or (Loss) (In EUR'000s, except share and per share data) | Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||
| Consolidated Statement of Profit or (Loss) | ||||||||||||
| Revenue | 173,916 | 137,703 | 363,641 | 266,718 | ||||||||
| Cost of sales | 14,023 | 19,457 | 44,258 | 44,395 | ||||||||
| Gross profit | 159,893 | 118,246 | 319,383 | 222,323 | ||||||||
| Research and development costs | 79,294 | 90,881 | 307,004 | 413,454 | ||||||||
| Selling, general, and administrative expenses | 80,216 | 63,975 | 291,142 | 264,410 | ||||||||
| Operating profit/(loss) | 383 | (36,610 | ) | (278,763 | ) | (455,541 | ) | |||||
| Share of profit/(loss) of associates | (4,575 | ) | (2,924 | ) | (20,060 | ) | (18,395 | ) | ||||
| Finance income | 26,233 | 22,727 | 25,609 | 43,857 | ||||||||
| Finance expenses | 59,425 | 64,280 | 100,027 | 44,065 | ||||||||
| Profit/(loss) before tax | (37,384 | ) | (81,087 | ) | (373,241 | ) | (474,144 | ) | ||||
| Income taxes (expenses) | (1,085 | ) | (5,791 | ) | (4,843 | ) | (7,303 | ) | ||||
| Net profit/(loss) for the period | (38,469 | ) | (86,878 | ) | (378,084 | ) | (481,447 | ) | ||||
| Attributable to owners of the Company | (38,469 | ) | (86,878 | ) | (378,084 | ) | (481,447 | ) | ||||
| Basic and diluted earnings/(loss) per share | ) | ) | ) | ) | ||||||||
| Number of shares used for calculation (basic and diluted) | 59,785,166 | 56,560,368 | 57,891,570 | 56,287,060 | ||||||||
| Consolidated Statement of Comprehensive Income or (Loss) | ||||||||||||
| Net profit/(loss) for the period | (38,469 | ) | (86,878 | ) | (378,084 | ) | (481,447 | ) | ||||
| Other comprehensive income/(loss) | ||||||||||||
| Items that may be reclassified subsequently to profit or (loss): | ||||||||||||
| Exchange differences on translating foreign operations | 830 | (1,498 | ) | 1,062 | (2,731 | ) | ||||||
| Other comprehensive income/(loss) for the period, net of tax | 830 | (1,498 | ) | 1,062 | (2,731 | ) | ||||||
| Total comprehensive income/(loss) for the period, net of tax | (37,639 | ) | (88,376 | ) | (377,022 | ) | (484,178 | ) | ||||
| Attributable to owners of the Company | (37,639 | ) | (88,376 | ) | (377,022 | ) | (484,178 | ) | ||||
| Ascendis Pharma A/S Consolidated Statements of Financial Position (In EUR'000s) | December 31, 2024 | December 31, 2023 (Restated)* | January 1, 2023 (Restated)* | ||||||
| Assets | |||||||||
| Non-current assets | |||||||||
| Intangible assets | 4,028 | 4,419 | 4,828 | ||||||
| Property, plant and equipment | 98,714 | 110,634 | 129,095 | ||||||
| Investments in associates | 13,575 | 5,686 | 22,932 | ||||||
| Other receivables | 2,317 | 2,127 | 1,920 | ||||||
| Marketable securities | — | — | 7,492 | ||||||
| 118,634 | 122,866 | 166,267 | |||||||
| Current assets | |||||||||
| Inventories | 295,609 | 208,931 | 130,673 | ||||||
| Trade receivables | 166,280 | 35,874 | 11,910 | ||||||
| Income tax receivables | 1,775 | 802 | 883 | ||||||
| Other receivables | 9,385 | 19,097 | 12,833 | ||||||
| Prepayments | 28,269 | 38,578 | 31,717 | ||||||
| Marketable securities | — | 7,275 | 290,688 | ||||||
| Cash and cash equivalents | 559,543 | 392,164 | 444,767 | ||||||
| 1,060,861 | 702,721 | 923,471 | |||||||
| Total assets | 1,179,495 | 825,587 | 1,089,738 | ||||||
| Equity and liabilities | |||||||||
| Equity | |||||||||
| Share capital | 8,149 | 7,749 | 7,675 | ||||||
| Distributable equity | (113,855 | ) | (153,446 | ) | 255,673 | ||||
| Total equity | (105,706 | ) | (145,697 | ) | 263,348 | ||||
| Non-current liabilities | |||||||||
| Borrowings | 365,080 | 222,996 | 95,400 | ||||||
| Contract liabilities | 5,000 | 5,949 | 14,213 | ||||||
| Deferred tax liabilities | 7,258 | 5,830 | — | ||||||
| 377,338 | 234,775 | 109,613 | |||||||
| Current liabilities | |||||||||
| Convertible notes, matures in April 2028 | |||||||||
| Borrowings | 458,207 | 407,095 | 399,186 | ||||||
| Derivative liabilities | 150,670 | 143,296 | 157,950 | ||||||
| 608,877 | 550,391 | 557,136 | |||||||
| Other current liabilities | |||||||||
| Borrowings | 33,329 | 14,174 | 13,791 | ||||||
| Contract liabilities | 936 | 1,184 | — | ||||||
| Trade payables and accrued expenses | 96,394 | 94,566 | 101,032 | ||||||
| Other liabilities | 67,956 | 41,176 | 31,989 | ||||||
| Income tax payables | 1,222 | 2,299 | 5,490 | ||||||
| Provisions | 99,149 | 32,719 | 7,339 | ||||||
| 298,986 | 186,118 | 159,641 | |||||||
| 907,863 | 736,509 | 716,777 | |||||||
| Total liabilities | 1,285,201 | 971,284 | 826,390 | ||||||
| Total equity and liabilities | 1,179,495 | 825,587 | 1,089,738 | ||||||
| *Restatement relates to adoption of amendments to IAS 1 “Presentation of Financial Statements.” | |||||||||
| Refer to Note 2 in the financial statements of Ascendis’ Annual Report on Form 20-F for further details. | |||||||||
FAQ
What was Ascendis Pharma's (ASND) revenue for full year 2024?
How many YORVIPATH prescriptions did ASND achieve by February 2025?
What was SKYTROFA's revenue performance in 2024?
When will Ascendis submit the TransCon CNP NDA for achondroplasia treatment?
What is Ascendis Pharma's current cash position as of December 2024?
