ACP-015

Ascendis Pharma faces challenges with Skytrofa sales but prepares to launch Yorvipath and TransCon CNP, aiming to offset setbacks and drive growth.

TD Cowen lowers Ascendis Pharma's price target to $153 from $160, maintaining a Buy rating. Skytrofa's revenue of €47 million missed estimates due to increased sales deductions, prompting a FY24 guidance revision. Ascendis Pharma anticipates presenting Phase 2 data for Turner syndrome in Q4 and launching Yorvipath in the U.S. in mid-January. Regulatory submissions for CNP product are on track for 2025, and a deal with Novo Nordisk offers long-term upside. Ascendis Pharma's Q3 net loss of €99.2 million was lower than expected, but revenue and EPS missed predictions. Citi and Oppenheimer adjust price targets, highlighting potential catalysts and the strategic collaboration with Novo Nordisk.

Ascendis Pharma reports Q3 2024 financials: YORVIPATH U.S. launch in mid-January 2025, Q3 revenue €8.5 million ex-U.S.; TransCon CNP NDA submission planned for Q1 2025, MAA for Q3 2025; SKYTROFA Q3 revenue €47.2 million; full-year 2024 SKYTROFA revenue expected €200-€220 million; operating expenses ~€600 million; Novo Nordisk collaboration for metabolic and cardiovascular diseases; Q3 total revenue €57.8 million; R&D costs €73.5 million; SG&A expenses €69.8 million; net loss €99.2 million.

TransCon CNP demonstrated superior annualized growth velocity (AGV) to placebo in children with achondroplasia, with LS mean treatment differences of 1.49 cm/year at Week 52 (p<0.0001) for ages 2-11 and 1.78 cm/year for ages 5-11 (p<0.0001). TransCon CNP was well-tolerated, with low frequency of mild injection site reactions. Ascendis plans to submit a New Drug Application (NDA) for TransCon CNP in Q1 2025.

Ascendis Pharma A/S (ASND) is a biotech company using TransCon technology to develop prodrug therapies, focusing on North America, China, and Europe. Key products include SKYTROFA and YORVIPATH. In 2023, revenue grew to €266.7M, driven by SKYTROFA and an upfront payment. Ascendis aims to launch TransCon PTH in the U.S. in 2024 and achieve operating cash flow breakeven. Vision 2030 includes blockbuster status for three Endocrinology Rare Disease products.

Oppenheimer upgrades Ascendis Pharma to outperform, citing valuation and the upcoming U.S. launch of Yorvipath. The firm highlights strong demand for Yorvipath and potential growth in sales, setting a price target at $180.

Oppenheimer upgrades Ascendis Pharma to Outperform with a $180 price target, anticipating the U.S. launch of Yorvipath in Q1 2025 and Phase 3 results for TransCon CNP. The firm sees potential for €1.7 billion in global revenue by 2029 and undervaluation in TransCon CNP. Ascendis Pharma faces challenges with Skytrofa sales but aims for approvals of all three product candidates by end-2025. The company ended Q2 2024 with EUR259 million in cash and forecasts EUR220-240 million in Skytrofa revenue for 2024.