Ascendis Pharma: 2Q26 Yorvipath physician survey continues to support long-term adoption; Reit. Buy

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Ascendis Pharma: 2Q26 Yorvipath physician survey continues to support long-term adoption; Reit. Buy

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Ascendis Pharma

2Q26 Yorvipath physician survey continues

to support long-term adoption; Reit. Buy

Reiterate Rating: BUY | PO: 306.00 USD | Price: 265.22 USD

Color on Yorvipath 2Q sales recovery and 2026+ outlook 14 July 2026

ASND reported 1Q26 Yorvipath revenues of €196.9mn, with mgmt attributing the softer Equity

quarter primarily to typical insurance seasonality resulting in coverage disruptions and

increased free-drug utilization. Mgmt commented these impacts had normalized by

quarter-end and reiterated confidence in achieving >€1bn of Yorvipath revenue in FY26.

For 2Q26, we model Yorvipath revenues of €252mn (cons: €247mn). On the 2Q call, we

look for additional color on the expected sales recovery following the seasonally

impacted 1Q, particularly as mgmt continues to guide to steady script writing trends

through 2026 as physician familiarity increases and additional prescribers become

activated. We also conducted a physician survey in 2Q that remains supportive of the Key Changes

long-term opportunity, highlighted by favorable reimbursement dynamics, low (EUR) Previous Current

discontinuation expectations and increasing willingness to utilize Yorvipath in well- Price Obj. US$288.00 US$306.00

controlled patients (see inside). We continue to view Yorvipath as the primary driver of 2026E Rev (m) 1,345.5 1,350.8

our reiterated Buy investment thesis with new $306 PO (see model changes). 2027E Rev (m) 1,927.3 1,971.7

Focus on Yuviwel launch execution 2028E Rev (m) 2,517.7 2,576.1

2026E EPS 15.14 15.17

ASND initiated the US launch of Yuviwel in April and previously reported more than 60

2027E EPS 11.70 23.66