Ascendis Pharma A/S, a global biopharma company applying its innovative TransCon technology platform, today reported its financial results for the third quarter ended September 30, 2024.
Key Financial Metrics
| Financial Metric | Q3 2024 | Q3 2023 | YoY Change |
|---|---|---|---|
| Revenue | €57.8 million | €48.0 million | +€9.8 million |
The financial results indicate a positive revenue growth, primarily driven by the continued demand for SKYTROFA in the U.S., although the revenue increase was offset by higher sales deductions. The company also recognized non-cash license revenue related to its exclusive license agreement with Eyconis.
Segment Revenue Performance
| Segment/Region | Q3 2024 Revenue |
|---|---|
| Licensing (Eyconis) | €26.5 million |
The revenue increase is attributed to both commercial sales and licensing agreements.
Key Developments and Highlights
- Launched YORVIPATH in Europe with an initial revenue contribution of €8.5 million for the quarter.
- Completed a follow-on public offering, generating net proceeds of $323.6 million.
- Entered into a $150 million capped synthetic royalty funding agreement with Royalty Pharma for YORVIPATH.
Management Comments
CEO Jan Møller Mikkelsen stated that the company is pleased with the progress across key business areas, highlighting the successful launch of new products and strategic partnerships. Management emphasized the potential of the innovative TransCon technology platform to continue driving growth in the biopharma sector.
Dividends or Share Repurchase Program
No dividends were announced, and there was no update on any share repurchase program within this earnings report.
Forward Guidance
Ascendis Pharma has not provided forward guidance in the current report, stressing the ongoing assessment of market dynamics and their strategic approach to leveraging growth opportunities.
Stock Price Movement
Following the earnings release, Ascendis Pharma’s stock experienced a slight decrease of approximately 1.39%.
The financial results for this quarter demonstrate strengthened revenue streams through both product sales and strategic partnerships. With ongoing investments in innovation and a robust pipeline, Ascendis Pharma remains well-positioned for future growth.
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