Ascendis Pharma A/S (NASDAQ:ASND) reported second-quarter 2026 total revenue of EUR 339 million, including EUR 315 million in product revenue, as demand for its three commercial TransCon-based therapies continued to increase.
Chief Financial Officer Scott Smith said product revenue more than doubled from the prior-year period. Total revenue also included EUR 24 million in non-product collaboration revenue, including a EUR 17 million milestone related to TransCon CNP.
Ascendis ended the quarter with EUR 812 million in cash and cash equivalents after using EUR 56 million for its share-repurchase program, including the net settlement of certain restricted stock units. Smith said the company has no bank debt or convertible debt following the settlement of its convertible notes, and reported EUR 1.4 billion in equity.
Yorvipath Demand Remains Strong
President and Chief Executive Officer Jan Mikkelsen said Yorvipath, the company’s treatment for adult hypoparathyroidism, continued to show robust demand in the United States and internationally. Yorvipath is commercially available or supplied through named-patient programs in more than 35 countries, according to the company.
Smith said Yorvipath generated EUR 252 million in second-quarter revenue, reflecting new U.S. patient demand and international growth. He said the product reached blockbuster status on a run-rate basis during its second year after U.S. launch.
Management said it continues to see roughly 1,000 unique new U.S. patient enrollments per quarter, although it does not intend to provide that metric every quarter unless the trend changes. Mikkelsen said patients who complete the titration period and establish treatment generally show low discontinuation rates.
Ascendis is pursuing additional Yorvipath development initiatives, including a potential label expansion for patients ages 12 to 18, higher-dose options in the U.S., and a once-weekly formulation for patients stable on daily dosing. Mikkelsen said the company is enrolling a U.S. study evaluating dose ranges from 30 to 60, with enrollment progressing quickly.
Yuviwel Launch Builds Early Momentum
Yuviwel, Ascendis’ treatment for pediatric patients with achondroplasia, launched commercially in the U.S. during the second quarter and contributed EUR 8 million of revenue in its first quarter on the market. Smith said the early launch reflected strong demand, rapid conversion to paid therapy and limited channel stocking.
Through June 30, Ascendis had enrolled more than 170 unique U.S. patients in Yuviwel. Enrollment surpassed 220 patients by the end of July, with more than 65% approved for reimbursement, Mikkelsen said.
Jay Wu, executive vice president and president of Ascendis’ U.S. business, said nearly 80% of centers of excellence had prescribed Yuviwel within four months of launch. He said patients have included those switching from existing therapy, returning to pharmacological treatment after previously discontinuing it, and starting drug therapy for the first time.
Management did not provide patient-start guidance or quantify the proportion of Yuviwel demand originating from switches versus market expansion. However, Mikkelsen said the company believes the product is expanding the achondroplasia treatment market and could ultimately become the market leader.
Ascendis expects regulatory decisions for Yuviwel in the European Union and United Kingdom during the fourth quarter of 2026. The company is also supplying the product through early-access programs in select international markets and said it already has commercial, distribution and partnership infrastructure in place for markets outside the U.S.
The company plans to begin enrollment later this year in a Phase III trial of a combination of TransCon CNP and TransCon growth hormone for children with achondroplasia. Mikkelsen said 78-week data from the COACH trial showed sustained efficacy and no apparent compromise in safety or tolerability. Chief Scientific Officer Kennett Sprogøe said the combination produced arm-span improvements of 9.4 centimeters among TransCon CNP-naive participants and 7.9 centimeters among previously treated participants.
Skytrofa and Pipeline Priorities
Skytrofa generated EUR 55 million in second-quarter revenue, including product sales to a collaboration partner. Smith said the company expects relatively stable U.S. Skytrofa revenue for the remainder of 2026. Mikkelsen said Skytrofa has surpassed 20,000 unique enrollments and remains the leading long-acting growth hormone brand by value in the U.S.
Ascendis is conducting a Phase III basket study of TransCon growth hormone in idiopathic short stature, small for gestational age and Turner syndrome. It also plans to expand TransCon CNP into additional populations, including infants younger than age 2, adults with achondroplasia and children with hypochondroplasia. The company said enrollment in its infant program was completed faster than expected.
In partnerships, Mikkelsen said Novo Nordisk continues to advance a once-monthly TransCon semaglutide program for metabolic disorders and obesity. Separately, partner Eikonis initiated a first-in-human study of a TransCon-based anti-VEGF treatment in patients with wet age-related macular degeneration.
For 2026, Ascendis expects Yorvipath growth to remain consistent with recent quarterly trends and forecasts more than EUR 500 million in cash flow from operating activities. Smith reiterated the company’s target of EUR 5 billion in revenue by 2030.
About Ascendis Pharma A/S (NASDAQ:ASND)
Ascendis Pharma A/S is a Denmark‐based biopharmaceutical company focused on developing innovative therapies for rare endocrine diseases. Founded in 2015 and headquartered in Hellerup, the company leverages its proprietary TransCon drug delivery platform to create long‐acting prodrugs designed to improve safety, efficacy and patient convenience. Ascendis Pharma maintains research and development operations in Europe and the United States, with clinical studies spanning North America, Europe and Asia.
The company’s lead product, lonapegsomatropin (Skytrofa®), is a once‐weekly growth hormone therapy approved by the U.S.
