Ascendis Pharma: Mgmt Tidbits and Key Takeaways from ENDO 2026

研报英文原文证据摘录

Ascendis Pharma: Mgmt Tidbits and Key Takeaways from ENDO 2026

J P M O R G A N North America Equity Research

17 June 2026

Ascendis Pharma Overweight

ASND, ASND US

Mgmt Tidbits and Key Takeaways from ENDO 2026 Price (16 Jun 26):$231.20

Biotechnology - Large Cap

We caught up with ASND mgmt on the back of ENDO and ECE, where data was Jessica Fye AC

presented showing Yorvipath’s impressive long-term, durable benefit in (1-212) 622-4165

hypoparathyroidism (HP) across OLE datasets from both the phase II and phase III jessica.m.fye@jpmorgan.com

(sustained independence from conventional therapy with maintained Jose Lora, Ph.D.

normocalcemia, plus durable eGFR improvement and PRO benefits). The 52- (1-212) 270-4831

week COACH data (achondroplasia) was also presented at ENDO and we expect jose.n.lora@jpmorgan.com

this regimen to enter a registrational trial this year. Looking ahead, we see strong Adam Ferrari, Ph.D.

revenue growth coupled with expense discipline driving meaningful operating (1-212) 622-1717

adam.ferrari@jpmorgan.com

margin expansion for ASND and see operating margins growing from 25% in 2026

Silvia Luo

to 49% in 2028 and 55% in 2030. While the next wave of pipeline assets is early, (1-212) 622-0000

we do see potential for the monthly obesity program partnered with Novo to enter silvia.luo@jpmorgan.com

the clinic this year and in the near-/medium-term we see ASND pursuing a number Abdul Tahlil

of trials to broaden the opportunities for its existing drugs. Overall, with the (1-212) 270-9644

financial profile on a remarkably strong trajectory and a proven platform that can abdul.tahlil@jpmorgan.com

deliver more products over time, we see a strong rationale to own the stock. J.P. Morgan Securities LLC

Reiterate Overweight.

• Catching up with mgmt...