Q2 2026 Ascendis Pharma A/S Earnings Call Transcript
Key Points
- Total product revenue more than doubled year-over-year to EUR315 million in Q2 2026, with YORVIPATH achieving blockbuster status on a run-rate basis in its second year of US launch.
- YUVIWEL, launched in the US during Q2, generated EUR8 million in its first quarter on the market, with rapid uptake to over 220 enrolled patients and more than 65% approved for reimbursement by end of July.
- YORVIPATH shows strong patient retention (95% after five years) and sustained response rates of 82-86% across multiple organ systems, supporting its position as a standard of care in hypoparathyroidism.
- The company is on track to achieve its Vision 2030 objective of EUR5 billion in revenues, with a strong pipeline including combination therapy (TransCon CNP + TransCon Growth Hormone) showing unprecedented improvements in arm span (up to +9.4 cm) in the COACH trial.
- Ascendis has a robust global commercial infrastructure, with YORVIPATH available in more than 35 countries and SKYTROFA reaching over 20,000 unique patients, enabling rapid expansion for YUVIWEL and future products.
- The company ended Q2 2026 with EUR812 million in cash, no bank or convertible debt, and expects to generate more than EUR500 million in operating cash flow this year, providing financial stability for continued growth.
- The ongoing ITC legal battle with BioMarin over YUVIWEL (TransCon CNP) creates uncertainty, with a first opinion expected in August 2026 and a final decision potentially delayed until late 2026 or early 2027, which could impact US market access.
- YORVIPATH patient enrollment in the US has plateaued at approximately 1,000 new patients per quarter, and the company has stopped providing specific numbers, which may limit visibility into growth trends.
- SG&A expenses increased significantly to EUR173 million in Q2 (up from EUR145 million in Q1), reflecting heavy investments in commercial launches that could pressure near-term profitability.
- The company has not provided quantitative guidance on YUVIWEL's market expansion or the split between new, switched, and returning patients, making it difficult to assess the sustainability of its rapid uptake.
- R&D expenses rose to EUR76 million in Q2 (up from EUR59 million in Q1), driven by pipeline investments, but the company has not yet filed an IND for a new chemical entity this year, despite its goal of at least one annually.
- The company faces potential seasonality in YUVIWEL patient starts during summer months, and management has not provided clear guidance on whether the current monthly enrollment pace of ~50 patients is sustainable.
Ladies and gentlemen, thank you for standing by. Welcome to the second-quarter 2026 Ascendis Pharma earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would like now to turn the conference over to Chad Fugure, Vice President of Investor Relations. Please go ahead.
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Thank you, operator, and thank you, everyone, for joining our second-quarter 2026 financial results conference call. I'm Chad Fugure, Vice President, Investor Relations at Ascendis Pharma. Joining me on the call today are Jan Mikkelsen, President and Chief Executive Officer; Scott Smith, Chief Financial Officer; Sherrie Glass, Chief Business Officer; and Jay Wu, Executive Vice President and President, Ascendis US.
Before we begin, I'd like to remind you that this conference call including the Q&A session that follows our prepared remarks will contain forward-looking statements that are intended to be
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