Ascendis Pharma (ASND) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue reached EUR 101.0 million, up from EUR 95.9 million year-over-year, driven by strong launches of Yorvipath and Skytrofa, with Yorvipath's US launch resulting in over 1,750 patients prescribed by more than 1,000 prescribers in its first full quarter, positioning 2025 as a pivotal year for growth and cash flow positivity.

• Yorvipath generated EUR 44.7 million and Skytrofa EUR 51.3 million in Q1 2025, with Skytrofa maintaining strong US market share and ongoing global expansion.

• NDA for TransCon CNP submitted in Q1 2025; MAA submission planned for Q3 2025, with positive clinical results and combination therapy trials progressing.

• Topline data from the COACH combination trial for TransCon CNP expected in Q2 2025.

Financial highlights

• Total Q1 2025 revenue: EUR 101.0 million, up from EUR 95.9 million in Q1 2024, including nonproduct revenue from collaborations.

• Yorvipath Q1 revenue rose to EUR 44.7 million from EUR 13.6 million in Q4 2024, driven by the US launch and steady ex-US growth.

• Skytrofa Q1 revenue was EUR 51.3 million, with stable pricing and market share; US revenue was seasonally impacted but expected to rebound.

• Net loss for Q1 2025: EUR 94.6 million, improved from EUR 131.0 million in Q1 2024; gross profit increased to EUR 17.5 million from EUR 7.6 million year-over-year.

• Operating loss widened to EUR 104.2 million from EUR 49.1 million due to higher R&D and SG&A expenses.

• Cash and equivalents stood at EUR 518 million at quarter-end, down from EUR 560 million at year-end 2024.

Outlook and guidance

• Substantial revenue growth expected in 2025, led by Yorvipath's global launch and continued Skytrofa contribution, with path to cashflow breakeven anticipated in the near term.

• Commercial launch of Yorvipath planned in at least five additional European countries in 2025.

• PDUFA goal date for supplemental BLA for TransCon hGH set for July 27, 2025.

• IND submissions planned for new indications and combination therapies in 2025.

• Yorvipath ex-US revenue growth to accelerate in H2 2025 as more countries secure reimbursement.