Q3 FY2026
Filed Nov 12, 2026Q3 2026 product revenue of €366 million, up 89% year over year; IFRS operating profit €125 million and non-IFRS operating profit €156 million
Commercial product revenue rose 89% year over year, with YORVIPATH up 103%. IFRS operating profit moved from €11 million to €125 million (margin 33.7% against 5.1%). Non-IFRS operating margin was 42.1%. Net profit was positive at €74 million, though IFRS results in the quarter included higher tax expense, and non-IFRS figures exclude share-based compensation of €31,146 thousand.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Q3 2026 total revenue from commercial productsGAAP | €365.7M | – | +89% |
| Q3 2026 total revenueGAAP | €369.7M | – | – |
| Q3 2026 YORVIPATH revenueGAAP | €290.6M | – | +103% |
| Q3 2026 SKYTROFA revenueGAAP | €59.42M | – | – |
| Q3 2026 YUVIWEL revenueGAAP | €15.64M | – | – |
| Q3 2026 Milestones revenueGAAP | — (as printed) | – | – |
| Q3 2026 Licenses, services and clinical supply revenueGAAP | €3.97M | – | – |
| Q3 2026 cost of sales (IFRS)other | −€28.31M | – | – |
| Q3 2026 gross profit (IFRS)GAAP | €341.3M | – | – |
| Q3 2026 research and development expensesGAAP | −€69.92M | – | – |
| Q3 2026 selling, general and administrative expensesGAAP | −€146.8M | – | – |
| Q3 2026 total operating expensesGAAP | −€216.8M | – | – |
| Q3 2026 operating profit (IFRS)GAAP | €124.6M | – | – |
| Q3 2026 IFRS operating profit marginGAAP | 33.7% | – | – |
| Q3 2026 non-IFRS operating profitnon-GAAP | €155.7M | – | – |
| Q3 2026 non-IFRS operating profit marginnon-GAAP | 42.1% | – | – |
| Q3 2026 finance incomeGAAP | €7.71M | – | – |
| Q3 2026 finance expensesGAAP | −€12.04M | – | – |
| Q3 2026 net finance expenses (as stated in text)GAAP | €4M | – | – |
| Q3 2026 profit before tax (IFRS)GAAP | €113.4M | – | – |
| Q3 2026 income taxes (IFRS)GAAP | −€39.40M | – | – |
| Q3 2026 net profit (IFRS)GAAP | €73.97M | – | – |
| Q3 2026 basic EPS (IFRS)GAAP | EUR 1.13 per basic share | – | – |
| Q3 2026 diluted EPS (IFRS)GAAP | EUR 1.08 per diluted share | – | – |
| Q3 2026 non-IFRS net profitnon-GAAP | €117.2M | – | – |
| Q3 2026 non-IFRS diluted EPSnon-GAAP | EUR 1.71 per diluted share | – | – |
| Q3 2026 cash flow from operating activities (as stated in text)GAAP | €189M | – | – |
| Nine months 2026 total revenueGAAP | €955.5M | – | – |
| Nine months 2026 total revenue from commercial productsGAAP | €921.5M | – | – |
| Nine months 2026 YORVIPATH revenueGAAP | €739.6M | – | – |
| Nine months 2026 SKYTROFA revenueGAAP | €158.6M | – | – |
| Nine months 2026 YUVIWEL revenueGAAP | €23.22M | – | – |
| Nine months 2026 Milestones revenueGAAP | €17.05M | – | – |
| Nine months 2026 Licenses, services and clinical supply revenueGAAP | €17.05M | – | – |
| Nine months 2026 cost of sales (IFRS)other | −€73.48M | – | – |
| Nine months 2026 gross profit (IFRS)GAAP | €882.1M | – | – |
| Nine months 2026 research and development expensesGAAP | −€204.9M | – | – |
| Nine months 2026 selling, general and administrative expensesGAAP | −€465.4M | – | – |
| Nine months 2026 total operating expensesGAAP | −€670.3M | – | – |
| Nine months 2026 other operating income (sale of PRV)GAAP | €158.1M | – | – |
| Nine months 2026 operating profit (IFRS)GAAP | €369.9M | – | – |
| Nine months 2026 IFRS operating profit marginGAAP | 38.7% | – | – |
| Nine months 2026 non-IFRS operating profitnon-GAAP | €302.9M | – | – |
| Nine months 2026 non-IFRS operating profit marginnon-GAAP | 31.7% | – | – |
| Nine months 2026 net profit (IFRS)GAAP | €910.3M | – | – |
| Nine months 2026 basic EPS (IFRS)GAAP | EUR 14.24 per basic share | – | – |
| Nine months 2026 diluted EPS (IFRS)GAAP | EUR 13.63 per diluted share | – | – |
| Nine months 2026 non-IFRS net profitnon-GAAP | €209.2M | – | – |
| Nine months 2026 non-IFRS diluted EPSnon-GAAP | EUR 3.13 per diluted share | – | – |
| Nine months 2026 cash flows from operating activitiesGAAP | €462.8M | – | – |
| Cash and cash equivalents as of September 30, 2026GAAP | €964.4M | – | – |
| Total assets as of September 30, 2026GAAP | €2.43B | – | – |
| Total equity as of September 30, 2026GAAP | €1.50B | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| YORVIPATH (Q3 2026)Company attributes the year-over-year revenue increase primarily to the continued growth of YORVIPATH global sales. New patient demand was consistent with prior quarters in the U.S. and accelerated outside the U.S. through new commercial launches. | EUR 290,626 thousand (text: €291 million) | – | +103% |
| SKYTROFA (Q3 2026)Not explained in the filing. Prior-year and percentage change are not printed for this line. | EUR 59,424 thousand (text: €59 million) | – | – |
| YUVIWEL (Q3 2026)Prior-year revenue is printed as a dash. Filing states approximately 340 unique U.S. patient enrollments by nearly 150 prescribing healthcare providers, with more than 80% of enrollments approved for reimbursement through October 31, 2026. | EUR 15,640 thousand (text: €16 million) | – | – |
| Milestones (Q3 2026)Prior-year Q3 2025 milestone revenue was EUR 12,922 thousand. Filing gives no explanation for the change. | — (as printed) | – | – |
| Licenses, services and clinical supply (Q3 2026)Not explained in the filing. Prior-year Q3 2025 figure was EUR 6,922 thousand. | €3.97M | – | – |
FY2026 outlook
- NoteExpects full year 2026 cash flow from operating activities of at least €600 million
Capital returns
- Through September 30, 2026, repurchased 794,304 Ascendis ordinary shares for total consideration of $186 million.
- Year to date through November 11, 2026, repurchased 1,998,999 Ascendis ordinary shares for total consideration of $459 million.
- Cash flow statement for the nine months ended September 30, 2026 shows acquisition of treasury shares of EUR (155,843) thousand (nine months 2025: EUR (17,396) thousand).
What drove it
- Company attributes the year-over-year increase in total revenue primarily to the continued growth of YORVIPATH global sales.
- Company attributes the Q3 2026 research and development increase to increased clinical trial activities within the Endocrinology Rare Disease pipeline, partially offset by reduced clinical trial activities within Oncology.
- Company attributes the Q3 2026 SG&A increase primarily to continued commercial expansion, including global launch activities.
- Company attributes the operating profit improvement primarily to higher revenue from YORVIPATH global sales, partially offset by higher operating expenses associated with global commercial expansion.
- Company attributes the change in net finance expenses (€4 million against €61 million) primarily to non-cash items.
- Other operating income of EUR 158,067 thousand in the nine months 2026 relates to the sale of the PRV, which the company excludes from non-IFRS results.
- Company reports that the nine months cash improvement was primarily attributable to commercial revenue growth and PRV sale proceeds of €158 million (net of transaction costs).
Concerns
- Q3 2026 income tax expense of EUR (39,398) thousand, against EUR (3,617) thousand in Q3 2025, reduces IFRS net profit to EUR 73,973 thousand.
- Q3 2026 total operating expenses rose to EUR (216,770) thousand from EUR (180,283) thousand, and SG&A rose to EUR (146,845) thousand from EUR (113,404) thousand.
- Non-IFRS measures exclude share-based compensation of EUR 31,146 thousand in Q3 2026 (Q3 2025: EUR 30,636 thousand) and nine months share-based compensation of EUR 91,110 thousand. The company describes this as a recurring expense.
- Nine months IFRS net profit of EUR 910,283 thousand includes a recognition of previously unrecognized deferred tax assets and prior-period tax adjustments of EUR (696,115) thousand, which the company excludes from non-IFRS net profit. The company also excludes the other operating income from the PRV sale.
- Trade receivables rose to EUR 225,839 thousand from EUR 141,333 thousand at December 31, 2025, and provisions rose to EUR 265,166 thousand from EUR 166,396 thousand.
- The filing does not state Q3 2025 product revenue for SKYTROFA or YUVIWEL growth rates, so segment growth for those lines cannot be read from the release.
What to watch
- Final EC decision for TransCon CNP (YUVIWEL), expected in Q4 2026.
- First EU launch of YUVIWEL planned in Germany in Q1 2027.
- Phase 3 trial of TransCon CNP monotherapy in children with hypochondroplasia: first patient enrollment expected in Q4 2026.
- Phase 2 trial in adults with achondroplasia: initiation expected in Q4 2026.
- Phase 3 HighLiGHts basket trial of SKYTROFA: completion of enrollment anticipated in the first half of 2027.
- Phase 3 cAtCH trial (TransCon CNP + TransCon hGH combination): enrollment completion expected in Q2 2027.
- Topline pivotal data for TransCon CNP in infants with achondroplasia, expected Q3 2027.
- Full year 2026 cash flow from operating activities of at least €600 million, against nine months figure of EUR 462,754 thousand.
- Revenue from multiple countries outside the U.S. and EU for YUVIWEL, which the company expects to recognize in coming quarters.
Balance sheet and cash flow
- Cash and cash equivalents of €964 million as of September 30, 2026, compared with €616 million as of December 31, 2025 (EUR 964,364 thousand and EUR 616,041 thousand in the statement of financial position).
- Total assets EUR 2,427,184 thousand as of September 30, 2026, against EUR 1,302,570 thousand as of December 31, 2025.
- Total equity EUR 1,500,451 thousand as of September 30, 2026, against EUR (162,821) thousand as of December 31, 2025.
- Non-current borrowings EUR 377,653 thousand and current borrowings EUR 70,152 thousand as of September 30, 2026 (December 31, 2025: EUR 385,254 thousand and EUR 57,141 thousand). Convertible notes and related derivative liabilities are shown as nil at September 30, 2026 (December 31, 2025: convertible notes borrowings EUR 429,391 thousand, derivative liabilities EUR 256,231 thousand).
- Trade receivables EUR 225,839 thousand as of September 30, 2026, against EUR 141,333 thousand as of December 31, 2025. Provisions EUR 265,166 thousand against EUR 166,396 thousand.
- Nine months cash flows from operating activities EUR 462,754 thousand. Company attributes the improvement to commercial revenue growth and net proceeds from the sale of the PRV of €158 million (net of transaction costs), partially offset by less favorable working capital changes of approximately €15 million and higher interest and income taxes paid.
- Nine months capital expenditure line (acquisition of intangible assets and property, plant and equipment) EUR (13,711) thousand (nine months 2025: EUR (5,094) thousand).
Analysis
Ascendis reported Q3 2026 total revenue of EUR 369,657 thousand, against EUR 213,634 thousand a year earlier, with commercial product revenue of EUR 365,690 thousand. The release states product revenue growth of +89% year over year. YORVIPATH generated EUR 290,626 thousand (+103%), SKYTROFA EUR 59,424 thousand (prior year EUR 50,701 thousand), and YUVIWEL EUR 15,640 thousand, against a dash for Q3 2025 since the product had not yet been launched. The company describes YORVIPATH growth as the main driver, with U.S. new patient demand consistent with prior quarters and outside-U.S. demand accelerating through new launches in more than 40 countries.
Cost lines rose faster than the prior-year base in the quarter. Research and development was EUR (69,925) thousand against EUR (66,879) thousand, and SG&A was EUR (146,845) thousand against EUR (113,404) thousand, which the company attributes to commercial expansion and global launch activities. Total operating expenses reached EUR (216,770) thousand against EUR (180,283) thousand. Gross profit was EUR 341,346 thousand, and IFRS operating profit was EUR 124,576 thousand, a 33.7% margin, against EUR 10,997 thousand (5.1%) a year earlier. Non-IFRS operating profit was EUR 155,722 thousand (42.1% margin), and the reconciliation shows share-based compensation of EUR 31,146 thousand as the only quarterly adjustment to operating profit.
Below the operating line, Q3 finance expenses fell to EUR (12,043) thousand from EUR (66,904) thousand, which the company says was primarily driven by non-cash items. Income tax expense rose to EUR (39,398) thousand from EUR (3,617) thousand. IFRS net profit was EUR 73,973 thousand, or EUR 1.08 per diluted share, compared with a loss of EUR (60,989) thousand, or EUR (1.00), a year earlier. Non-IFRS net profit was EUR 117,243 thousand, or EUR 1.71 per diluted share.
On the balance sheet, cash and cash equivalents rose to EUR 964,364 thousand at September 30, 2026 from EUR 616,041 thousand at December 31, 2025. Nine-month operating cash flow was EUR 462,754 thousand, and the company cites PRV sale proceeds of EUR 158 million net of transaction costs in that figure. Capital returns were material: EUR (155,843) thousand of treasury share purchases in the nine months, and cumulative repurchases of $459 million year to date through November 11, 2026. The company guides to full year 2026 operating cash flow of at least €600 million, but gives no revenue, margin or operating expense guidance in this release.
The main items to track are the nine-month IFRS results, which include EUR 158,067 thousand of PRV sale income and EUR 696,115 thousand of deferred tax recognition that the company excludes from non-IFRS results, and the ongoing growth of SG&A. Regulatory and development milestones are scheduled across the next four quarters, including the TransCon CNP EC decision in Q4 2026 and the first German launch in Q1 2027.
Management, verbatim
By always putting patients first, Ascendis has delivered three consecutive approved rare endocrine therapies that are the foundation of our transformation into a leading global biopharmaceutical company
Jan Mikkelsen, President and Chief Executive Officer, Ascendis Pharma
Not in the filing
stated, not guessed- Prior-year Q3 2025 growth rates for SKYTROFA and YUVIWEL revenue (not printed).
- Prior-year Q3 2025 cash flow from operating activities (only the nine-month figure is printed).
- Q3 2025 net finance expense in EUR thousands as a single line (only the finance income and expense lines are printed).
- Prior-year and percentage change for total operating expenses, gross profit, cost of sales and most nine-month lines (not printed).
- Quarter-over-quarter (Q2 2026) comparisons (not printed in this release).
- Revenue, gross margin, operating expense and tax rate guidance for FY2026 (only operating cash flow guidance is printed).
- Previous outlook for comparison (not provided with the filing).
- Analyst consensus and share price reaction (not provided and not used).
- Dollar-denominated cash figures for period ends (only EUR balances are printed on the balance sheet).
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.