Ascendis Pharma’s commercial transformation accelerated in the second quarter of 2026 as product revenue surged 105% year-over-year to approximately €315 million and non-IFRS operating profit swung to positive €92 million from a €23 million loss.
The revenue growth was led by YORVIPATH, which generated approximately €252 million during Q2. SKYTROFA contributed another €55 million, while recently launched YUVIWEL generated approximately €8 million.
YORVIPATH has become the dominant commercial product in the portfolio, benefiting from continued new-patient demand in the U.S. and expanding international reimbursement and commercial launches. The treatment is now available commercially or through named-patient programs in more than 35 countries.
Total company revenue increased to €339.3 million from €158 million a year earlier, with commercial product revenue accounting for the large majority of Q2 sales.
The higher commercial scale pushed the underlying business into profitability despite increased investment in launches. Non-IFRS operating profit reached €92 million compared with a €22.9 million loss in Q2 2025. The corresponding non-IFRS operating margin reached approximately 27%.
Non-IFRS net profit increased to €61 million, or €0.90 per diluted share, compared with only €4 million, or €0.07 per diluted share, a year earlier.
GAAP results were substantially higher because of a one-time transaction. Ascendis reported IFRS operating profit of €220 million and net profit of €207 million, but those figures benefited from the sale of a Rare Pediatric Disease Priority Review Voucher for €158 million in cash. Ascendis excludes that gain from its non-IFRS operating results because it does not represent ongoing operating activity.
Commercial expansion is increasing costs as well. Selling, general and administrative expense rose to €173 million from €108 million as Ascendis invested in global product launches. R&D expense also continues to support multiple label-expansion and pipeline programs.
YUVIWEL is providing another early growth opportunity. Through July 31, the product had generated more than 220 unique U.S. patient enrollments from more than 100 prescribing healthcare providers, with more than 65% of enrollments approved for reimbursement.
Ascendis also reported that all 21 children enrolled in its COACH trial of TransCon CNP plus TransCon hGH completed 78 weeks of treatment and remained on therapy. The company expects to initiate a Phase 3 trial of the combination in pediatric achondroplasia during Q4 2026.
The company’s balance sheet strengthened during the quarter. Cash and cash equivalents reached €812 million at June 30, up from €616 million at the end of 2025, even after €56 million was used for share repurchases and settlement of certain restricted stock units.
Ascendis also completed the redemption and conversion of all outstanding $575 million of 2.25% convertible senior notes due 2028. The conversion moved borrowings and derivative liabilities totaling approximately €719 million from liabilities into equity.
Operating cash flow for the first half improved to €274 million compared with €22 million of cash used a year earlier, driven primarily by commercial revenue growth and the Priority Review Voucher sale.
KEY QUOTES:
“Our patient focus has driven achievement of important milestones and strong demand for our TransCon products as Ascendis continues to transform into a leading biopharma company.”
“This focus on addressing unmet medical needs continues to drive a growing pipeline of innovative TransCon programs, further positioning Ascendis for durable, long-term growth in rare endocrine diseases and new therapeutic areas.”
Jan Mikkelsen, President and Chief Executive Officer of Ascendis Pharma
