Ascendis Pharma A/S

ASND

Biotechnology · Healthcare

Price

$253.29

-1.52 (-0.60%)

Market Cap

$15.73B

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Strong

Cash Flow

Good

Stability

Mixed

Valuation

Strong

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Share count rising — dilution

+10.7% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 54.8M (2021) → 60.6M (2025)

Winston Score History

The full picture

Ascendis Pharma is a Danish biotechnology company that develops medicines for rare diseases and hormone-related conditions. Its main product is SKYTROFA, a once-weekly growth hormone injection for children who don't produce enough growth hormone naturally. The company's core technology, called TransCon, works by attaching a drug to a carrier molecule that slowly releases the medicine in the body, allowing less frequent dosing than older treatments.

Ascendis makes money by selling its approved drugs directly to patients and healthcare providers, primarily in the United States and Europe. With a gross margin above 88%, the underlying drug economics are strong, but the company is still near breakeven as it spends heavily on expanding its pipeline. Beyond growth hormone, Ascendis is developing TransCon-based treatments for conditions like hypoparathyroidism and certain cancers, and the success of those pipeline programs is the key factor that will determine whether the company can grow into a profitable, multi-product business.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+118.2% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

+610.9% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

€284M/ year

↓ Declining (-8% vs prior year)

41.0% of revenue

2.3x the sector average (18%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

0.9%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€869M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Strong grower

Ascendis Pharma A/S is growing revenue at 118% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

90.6%

Premium pricing power — 90.6% gross margin

Profit after running costs

Operating Margin

18.4%

Healthy — 18.4% operating margin

Return on the money invested

ROCE

5.8%

Weak — 5.8% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+114.8%

Fast-growing sales (+114.8% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

46%

Weak — only 46% of profit becomes cash

Spare cash per sale

FCF Margin

32.0%

Converts sales into free cash efficiently (32.0%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.31

Conservative — low debt load (0.31)

Covers its interest

Interest Cover

0.67x

Dangerous — barely covers interest (0.7x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

Price vs profit

P/E Ratio (TTM)

20.9x

Growth-priced — P/E 20.9

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+7.0

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (20.9 → 13.9)

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Dividends

Not applicable for this business.

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