Ascendis Pharma (NASDAQ:ASND) is one of the best NASDAQ growth stocks to buy for the next 2 years. On February 11, Ascendis Pharma reported that it nearly doubled its total revenue for 2025 to €720 million, fueled by the rapid global adoption of its core endocrinology products. Q4 was particularly significant, as the company achieved an operating profit of €10 million and generated €73 million in operating cash flow. This was largely driven by YORVIPATH, which brought in €477 million for the full year, and ...

Core Insights - Ascendis Pharma A/S is a biopharmaceutical company focused on developing therapies for rare diseases using its proprietary TransCon technology for long-acting prodrugs [1] - The company faces challenges in capital efficiency, as indicated by its negative return on invested capital (ROIC) [1] Financial Metrics - Ascendis Pharma's ROIC is -18.95%, significantly lower than its weighted average cost of capital (WACC) of 5.88%, indicating insufficient returns to cover capital costs [2] - In contrast, argenx SE has a ROIC of 7.68% and a WACC of 4.55%, resulting in a ROIC to WACC ratio of 1.69, demonstrating effective capital utilization [3] - Apellis Pharmaceuticals, Inc. also shows efficient capital use with a ROIC of 8.81% and a WACC of 5.31%, leading to a ROIC to WACC ratio of 1.66 [4] - Blueprint Medicines Corporation shares a similar challenge with Ascendis, having a negative ROIC of -13.09% against a WACC of 8.26%, highlighting inefficiencies in capital utilization [5]

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Core Insights - Ascendis Pharma is experiencing strong commercial growth for its products, particularly YORVIPATH and SKYTROFA, with significant revenue increases reported for Q4 2025 and full-year 2025 [3][4][7]. Commercial Performance - YORVIPATH generated €187 million in Q4 2025, contributing to a total of €477 million for the full year [3][7]. - SKYTROFA reported Q4 revenue of €53 million and full-year revenue of €206 million, with a U.S. market share of approximately 7% [11]. - The company has prescribed YORVIPATH to over 5,300 patients in the U.S. through nearly 2,400 healthcare providers, indicating a substantial long-term opportunity as less than 5% of U.S. patients are currently on treatment [2][7]. Financial Outlook - Ascendis ended 2025 with €616 million in cash and expects to achieve around €500 million in operating cash flow in 2026, with a long-term goal of at least €5 billion in annual product revenue by 2030 [5][20]. - Total revenue for Q4 2025 was €248 million, with operating expenses of €214 million, resulting in an operating profit of €10 million [17]. Pipeline and Regulatory Updates - The U.S. NDA for TransCon CNP is under review with a PDUFA date set for February 28, 2026, and the company anticipates full enrollment in its trial for infants with achondroplasia by late 2026 [6][13]. - Management highlighted the potential of a once-weekly TransCon PTH candidate, which aims to match the efficacy of daily therapies while improving patient convenience [8][12]. Market Expansion and Strategy - Ascendis plans to launch YORVIPATH in 10 additional countries in 2026, building on its existing commercial presence in over 30 countries [1]. - The company is also working to expand the label for SKYTROFA and is conducting trials to evaluate its growth hormone in additional indications, which could represent a significant market opportunity [10][11].

Ascendis Pharma (NasdaqGS:ASND) Q4 2025 Earnings call February 11, 2026 04:30 PM ET Company ParticipantsAlex Thompson - Managing DirectorChad Fugere - VP of Investor RelationsDerek Archila - Managing Director and Co-Head of Therapeutics ResearchHeidi Jacobson - Equity Research AssociateJan Møller Mikkelsen - President and CEOJay Wu - EVP and President of US MarketLeland Gershell - Managing DirectorMaxwell Skor - VP in Biotech Equity ResearchScott Smith - CFOConference Call ParticipantsDaniel Brander - Equit ...

Financial Data and Key Metrics Changes - Revenue for Q4 2025 was EUR 248 million, with full-year 2025 revenue totaling EUR 720 million, reflecting strong performance [22][23] - YORVIPATH revenue for Q4 was EUR 187 million, up from EUR 140 million in Q3, with full-year revenue reaching EUR 477 million [22] - SKYTROFA generated EUR 53 million in Q4, contributing to a total of EUR 206 million for the full year [22] - Operating profit for Q4 2025 was EUR 10 million, with operating cash flow of EUR 73 million [23] - The company ended 2025 with EUR 616 million in cash and cash equivalents, an increase from EUR 560 million at the end of 2024 [23] Business Line Data and Key Metrics Changes - YORVIPATH saw over 5,300 patients prescribed by nearly 2,400 unique healthcare providers in the U.S., indicating strong demand [8] - SKYTROFA maintained a market share of around 7% in the U.S. for pediatric growth hormone deficiency and adult growth hormone deficiency [11] - The company initiated a phase III basket trial for TransCon Growth Hormone in established growth hormone indications, expanding its market potential [12] Market Data and Key Metrics Changes - In the U.S., the insurance approval rate for YORVIPATH is approximately 70%, with expectations for gradual improvement [8][36] - YORVIPATH is commercially available in over 30 countries, with full reimbursement in four European countries and two international markets [9] - The company anticipates full commercial launches in 10 additional countries in 2026 [9] Company Strategy and Development Direction - The company aims to achieve operating cash flow of around EUR 500 million in 2026 and at least EUR 5 billion in annual product revenue by 2030, as part of its Vision 2030 strategy [7][19] - Ascendis Pharma is focused on expanding its pipeline of blockbuster product opportunities while strengthening its global commercial infrastructure [7][19] - The company plans to invest in label expansion for current products and develop new blockbuster opportunities in rare endocrine diseases [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth potential of YORVIPATH, citing a significant opportunity as less than 5% of U.S. patients are currently on treatment [8] - The company is optimistic about the upcoming approval of TransCon CNP and its potential impact on revenue [24][57] - Management highlighted the importance of partnerships and collaborations to create additional value and support the development of differentiated product opportunities [17] Other Important Information - TransCon Growth Hormone is now approved in the U.S. for both adult and pediatric growth hormone deficiency, with ongoing trials to expand its indications [5][12] - The company is advancing its once-weekly TransCon PTH candidate for hypoparathyroidism, with expectations for significant market impact [6][21] Q&A Session Summary Question: Confidence level heading into the TransCon CNP PDUFA - Management expressed high confidence in the approval of TransCon CNP, similar to previous assurances regarding TransCon PTH [30] Question: Insurance approval rate for YORVIPATH - Management is satisfied with the current 70% approval rate and noted that reaching 100% is unlikely due to natural filtering in patient eligibility [36][39] Question: YORVIPATH pricing and net pricing trends - Management refrained from discussing net pricing but indicated a focus on revenue growth as the product matures in the market [44][45] Question: Usage of YORVIPATH among prescribers - Management noted broad uptake among prescribers, with some treating multiple patients, and emphasized the importance of awareness among patients [50] Question: Update on the COACH Trial for achondroplasia - Management reported positive feedback from regulatory meetings regarding the trial data and readiness to initiate phase III trials [52][53] Question: TransCon CNP launch expectations - Management anticipates a strong initial uptake for TransCon CNP, leveraging existing approvals to facilitate entry into international markets [57] Question: Strategy for commercializing TransCon CNP globally - Management highlighted the established infrastructure from YORVIPATH as a foundation for rapid global commercialization of TransCon CNP [73]

Ascendis Pharma (NasdaqGS:ASND) Q4 2025 Earnings call February 11, 2026 04:30 PM ET Speaker2Thank you for standing by and welcome to the Ascendis Pharma's fourth quarter 2025 earnings conference call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during this session, you'll need to press star 11 on your telephone. If your question has been answered and you'd like to remove yourself from the queue, simp ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF ...

Core Insights - Ascendis Pharma is entering a growth phase, aiming for approximately €500 million in operating cash flow in 2026 and at least €5 billion in global annual product revenue by 2030, driven by its TransCon platform and a growing pipeline of differentiated programs [2][3]. Financial Performance - Q4 2025 product revenue reached €240 million, with full-year 2025 product revenue totaling €684 million, reflecting significant growth compared to €364 million in 2024 [4][7]. - Operating profit for Q4 2025 was €10 million, with cash flow from operating activities amounting to €73 million [4][9]. - Total revenue for 2025 was €720 million, a substantial increase from €364 million in 2024, primarily due to the growth of YORVIPATH [6][7]. - The company reported a net loss of €34 million for Q4 2025, compared to a net loss of €38 million in Q4 2024, and a full-year net loss of €228 million, an improvement from €378 million in 2024 [13][22]. Product Highlights - YORVIPATH (TransCon PTH) generated €187 million in Q4 2025 and €477 million for the full year, with over 5,300 unique U.S. patient enrollments [5][8]. - TransCon CNP is under FDA Priority Review, with a PDUFA action goal date of February 28, 2026, and a marketing authorization application submitted to the EMA [4][5]. - SKYTROFA (TransCon hGH) revenue for Q4 2025 was €53 million, with full-year revenue of €206 million [5][8]. Research and Development - R&D expenses for Q4 2025 were €78 million, slightly down from €79 million in Q4 2024, with total R&D expenses for 2025 at €304 million [10]. - The company is conducting ongoing label expansion trials for TransCon PTH and has initiated a Phase 3 basket trial for additional indications [9][10]. Strategic Collaborations - Ascendis Pharma is engaged in a multi-product collaboration with Novo Nordisk for therapies based on TransCon technology, with the lead program, TransCon Semaglutide, expected to enter clinical trials [9]. - The company has also announced that YORVIPATH is now commercially available in Japan and received approval for pediatric growth hormone deficiency treatment in China [9].

REF. K003583-0008-2779-1405-6722.v.4 10 February 2026 Exhibit 1.1 Articles of Association of Ascendis Pharma A/S (CVR-nr. 29918791) (Registration no 29918791) Name, Registered Office and Objects of the Company: Article 1 The company's name is Ascendis Pharma A/S. Article 2 [Deleted by resolution of the shareholders on 23 April 2015] Article 3 The object of the company is to develop ideas and preparations for the combating of disease medically, to manufacture and sell such preparations or ideas, to own share ...