Ascendis Pharma Reports Strong 2025 Performance with €720M Revenue and Advances TransCon Pipeline
Key Insights
Ascendis Pharma achieved €720 million in total revenue for 2025, driven primarily by continued growth of YORVIPATH and SKYTROFA product sales.
The company expects to report median overall survival data for 70 patients with late-line platinum-resistant ovarian cancer (search) from the IL-Believe Trial of TransCon IL-2 β/γ in Q2 2026.
Multiple strategic partnerships are advancing, including Novo Nordisk collaboration for obesity (search) therapies and VISEN's anticipated approval of TransCon hGH in China in Q1 2026.
Ascendis Pharma reported strong financial performance for 2025, with total revenue reaching €720 million compared to €364 million in 2024, driven primarily by the continued commercial success of YORVIPATH and SKYTROFA. The Danish biopharma company also provided updates on its expanding TransCon technology pipeline and strategic partnerships during its fourth quarter earnings announcement.
Financial Performance Highlights Strong Commercial Growth
The company's revenue growth was primarily attributable to YORVIPATH generating approximately €477 million in full-year 2025 revenue, while SKYTROFA contributed around €206 million. Total product revenue reached approximately €683 million for 2025, with a gross margin of approximately 87%.
For the fourth quarter of 2025 specifically, Ascendis reported total revenue of €248 million compared to €174 million in the same period of 2024. The company achieved operating profit of €10 million in Q4 2025 and generated €73 million in cash flow from operating activities.
As of December 31, 2025, Ascendis maintained a strong cash position of €616 million, representing an increase of €77 million compared to €539 million as of September 30, 2025. The company projects operating cash flow of approximately €500 million in 2026 based on current plans and exchange rates.
Oncology Program Advances with Upcoming Survival Data
Ascendis expects to report median overall survival data for a cohort of 70 patients with late-line platinum-resistant ovarian cancer (search) from the IL-Believe Trial of TransCon IL-2 β/γ plus weekly paclitaxel in the second quarter of 2026. This represents a significant milestone for the company's oncology pipeline development.
Strategic Partnerships Drive Pipeline Expansion
The company continues to advance multiple strategic collaborations that leverage its TransCon technology platform. The ongoing multi-product collaboration with Novo Nordisk focuses on TransCon technology-based therapies in obesity (search) and metabolic diseases, with the lead program TransCon semaglutide (search) remaining on track to enter clinical trials as anticipated.
Through its partnership with VISEN Pharmaceuticals (search), Ascendis has granted exclusive rights to develop and commercialize TransCon hGH, TransCon PTH, and TransCon CNP in Greater China. VISEN's biologics license application for TransCon hGH (lonapegsomatropin) as a potential treatment for pediatric growth hormone deficiency (search) was accepted by China's National Medical Products Administration in March 2024, with an approval decision anticipated in the first quarter of 2026.
The collaboration with Teijin Limited (search) has already yielded commercial success, with YORVIPATH receiving marketing authorization approval from Japan's Ministry of Health, Labour, and Welfare in August 2025. Teijin announced in November 2025 that YORVIPATH is now commercially available for prescription in Japan.
Ophthalmology Pipeline Progresses
Ascendis holds a 41% equity position in Eyconis (search), Inc., which has exclusive rights to develop and commercialize TransCon ophthalmology products globally. The lead program TransCon aVEGF (search) (EYC-0305), in development for wet age-related macular degeneration (search) and other retinal diseases, is anticipated to enter clinical trials in 2026.
Capital Allocation Strategy
The company's Board of Directors has authorized a $120 million share repurchase program for 2026. Purchases under the program may be made through various methods including open-market purchases and privately negotiated transactions, with timing and amounts determined based on market conditions and other factors.
Research and development expenses remained relatively stable at €304 million for 2025 compared to €307 million in 2024, while selling, general, and administrative expenses increased to €458 million from €291 million, primarily due to continued global commercial expansion activities for YORVIPATH.
The company reported a net loss of €228 million, or €3.76 per share, for 2025, representing an improvement from the net loss of €378 million, or €6.53 per share, in 2024.