Rankings Pharma & medtech Ascendis Pharma
Ascendis Pharma
72
15070100
A view of the same findings, not a new score. How it works
In the 70+ zone: a score above 70 with more than 20% upside to the median analyst target.
Biggest deductions
- Multiples vs peers−12
- ROIC and margin−4
- Product concentration−4
Strengths
- Net cash+1
- New approval+1
How the score is built
From 100 to 72, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 2 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 248.98 USD
- Median analyst target
- 303.70 USD
- Upside to median
- +22.0%
- Analysts
- 21
- Target range
- 261.64 – 343.04 USD
- 52-week change
- –
- P/E (trailing)
- 18.6
- Forward P/E
- 38.2
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 3 findings−9 of −30
- −4ROIC and marginThe company has only just become profitable: non-IFRS operating margin about 27% in Q2 2026 and gross margin 91%. But the IFRS operating profit of EUR 220m in Q2 includes EUR 158m from the sale of a priority review voucher; without it the operating margin was about 18%. 2021-25 produced only losses, so profitability has not been proven over a cycle.
- −2Quality of growthProduct sales grew 105% to EUR 315m in Q2, but almost all comes from Yorvipath (EUR 252m). Skytrofa is standing still: EUR 197m (2024), EUR 206m (2025) and EUR 203m TTM, under competition from other weekly growth hormones.
- −3Capital allocation and dilutionThe share count rose 6.5% in a year because the USD 575m convertible bonds were converted into shares, and share-based pay is EUR 121m TTM (about 12% of revenue). Buybacks of EUR 116m TTM cover only part of it. Dilution of 2.9-8.2% a year since 2021 according to the cash flow statement.
Price
Today's multiples against the company's own history and its peers. · 1 finding−12 of −35
- −12Multiples vs peersForward P/E 32.1, EV/sales 12.1 and EV/EBITDA 48. P/FCF is 39.5, but FCF includes the voucher sale of EUR 158m; without it P/FCF is about 75. No profitable history of its own to compare with. Far more expensive than profitable biotech peers such as Genmab, even though revenue is expected to grow about 50% a year for three years.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−7 of −35
- −4Product concentrationYorvipath accounts for about 80% of product sales (EUR 252m of EUR 315m in Q2 2026). A setback for one product (price, reimbursement, safety or competition) hits the entire investment case.
- −2CompetitionAstraZeneca's eneboparatide met the primary endpoint in phase III (CALYPSO) in hypoparathyroidism in May 2026 and could become the first direct competitor to Yorvipath, with a big pharma company behind the sales force.
- −1Governance and insider ownershipInsiders own only 0.02% of the shares, while share-based pay is high. Management has little of its own capital at stake.
Plus
Only documented strengths. · 2 findings+2 of +15
- +1Net cashCash of EUR 812m and no bank or convertible debt after the conversion; net cash of EUR 362m (about 3% of market cap).
- +1New approvalYuviwel (TransCon CNP) for achondroplasia received orphan drug exclusivity in the USA in April 2026 and had over 220 unique US patient enrolments from over 100 prescribing physicians as of 31/7, with over 65% approved for reimbursement.
Caveats
What the score does not capture, or where the data is weak.
Reported earnings are inflated by one-offs: sale of a priority review voucher (EUR 158m in Q2 2026) and recognition of a deferred tax asset (about USD 736m tax income TTM). Trailing P/E 16.9 is therefore misleading, and the PEG fallback gives −6. The stock switched from ADS to ordinary shares on Nasdaq on 20/4/2026, so stockanalysis lacks 52-week and 200-day data. Insider trades, US price regulation (IRA/MFN) and patent situation are not examined. No formal 2026 guidance found.
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