0001193125-25-277622 | 6-K | XBRL Viewer

Financial Assets and Liabilities

9 Months Ended

Sep. 30, 2025

Subclassifications of assets, liabilities and equities [abstract]

Note 11—Financial Assets and Liabilities

The financial assets and liabilities comprise the following:


(EUR’000)	September 30, 2025		December 31, 2024
Financial assets by category
Trade receivables		134,734		166,280
Other receivables (excluding indirect tax receivables)		6,973		3,964
Cash and cash equivalents		539,092		559,543
Financial assets measured at amortized cost		680,799		729,787
Total financial assets		680,799		729,787
Classified in the statement of financial position
Non-current assets		3,160		2,317
Current assets		677,639		727,470
Total financial assets		680,799		729,787

Financial liabilities by category
Borrowings
Convertible senior notes		426,241		458,207
Royalty funding liabilities		287,760		305,379
Lease liabilities		99,649		93,030
Trade payables and accrued expenses		78,601		96,394
Other liabilities (excluding indirect tax, and employee related payables)		1,048		311
Financial liabilities measured at amortized cost		893,299		953,321
Derivative liabilities		233,761		150,670
Financial liabilities measured at fair value through profit or loss		233,761		150,670
Total financial liabilities		1,127,060		1,103,991
Classified in the statement of financial position
Non-current liabilities		331,369		365,080
Current liabilities		795,691		738,911
Total financial liabilities		1,127,060		1,103,991

Borrowings

Convertible Senior Notes

In March 2022, the Company issued an aggregate principal amount of $575.0 million of fixed rate 2.25% convertible notes. The net proceeds from the offering of the convertible notes were $557.9 million (€503.3 million) after deducting the initial purchasers’ discounts and commissions and offering expenses. The convertible notes rank equally in right of payment with all future senior unsecured indebtedness. Unless earlier converted or redeemed, the convertible notes will mature on April 1, 2028.

The convertible notes accrue interest at a rate of 2.25% per annum, payable semi-annually in arrears on April 1 and October 1 of each year. At any time before the close of business on the second scheduled trading day immediately before the maturity date, noteholders may convert their convertible notes at their option into the Company’s ordinary shares represented by ADSs, together, if applicable, with cash in lieu of any fractional ADS, at the then-applicable conversion rate. The initial conversion rate is 6.0118 ADSs per $1,000 principal amount of convertible notes, which represents an initial conversion price of $166.34 per ADS. The conversion rate and conversion price will be subject to customary adjustments upon the occurrence of certain events.

The convertible notes will be optionally redeemable, in whole or in part (subject to certain limitations), at the Company’s option at any time, and from time to time, on or after April 7, 2025, but only if the last reported sale price per ADS exceeds 130% of the conversion price on (i) each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the trading day immediately before the date the Company sends the related optional redemption notice; and (ii) the trading day immediately before the date the Company sends such notice.

On September 30, 2025, the carrying amount of the convertible notes was €426.2 million, and the fair value was €415.6 million. Fair value cannot be measured based on quoted prices in active markets or other observable input, and accordingly the fair value was measured by using an estimated market rate for an equivalent non-convertible instrument.

Royalty Funding Liabilities

The Company has entered into capped synthetic royalty funding agreements with Royalty Pharma (the “Purchaser”), which is presented as part of borrowings, and represents the Company’s contractual obligations to pay a predetermined percentage of future commercial revenue until reaching a predetermined multiple of proceeds received, according to the detailed provisions of the synthetic royalty funding agreements.

On September 30, 2025, the carrying amount of the royalty funding liabilities was €287.8 million, and the fair value was €295.0 million. Fair value cannot be measured based on quoted prices in active markets or other observable input, and accordingly the fair value was measured by using an estimated market rate for an equivalent instrument.

YORVIPATH Agreement

In September 2024, the Company entered into a $150.0 million capped synthetic royalty funding agreement (the “Royalty Pharma Yorvipath Agreement”) with the Purchaser. The net proceeds were $148.2 million (€134.2 million) after deducting offering expenses.

Under the terms of the Royalty Pharma Yorvipath Agreement, the Company received an upfront payment of $150.0 million (the “Yorvipath Purchase Price”) in exchange for a 3% royalty on net revenue from sales of YORVIPATH in the U.S. (the “Yorvipath Revenue Payments”). The Yorvipath Revenue Payments to the Purchaser will cease upon reaching a multiple of the Yorvipath Purchase Price of 2.0 times, or 1.65 times if the Purchaser receives Yorvipath Revenue Payments in that amount by December 31, 2029.

The Royalty Pharma Yorvipath Agreement includes a buy-out option, which provides the Company with the right to settle all outstanding liabilities at any time by paying a buy-out amount equal to 2.0 times the Yorvipath Purchase Price minus the Yorvipath Revenue Payments paid to the Purchaser as of the effective date of the buy-out notice. However, if the buy-out notice is provided on or prior to September 30, 2028, and the Company has paid the Purchaser, Yorvipath Revenue Payments equal to the Yorvipath Purchase Price as of the date of the buy-out notice, then the buy-out amount is equal to 1.65 times the Yorvipath Purchase Price minus the Yorvipath Revenue Payments paid to the Purchaser as of the effective date of the buy-out notice.

SKYTROFA Agreement

In September 2023, the Company entered into a $150.0 million capped synthetic royalty funding agreement (the “Royalty Pharma Skytrofa Agreement”) with the Purchaser. The net proceeds were $146.3 million (€136.3 million) after deducting offering expenses.

Under the terms of the Royalty Pharma Skytrofa Agreement, the Company received an upfront payment of $150.0 million (the “Skytrofa Purchase Price”) in exchange for a 9.15% royalty on net revenue from sales of SKYTROFA in the U.S., beginning on January 1, 2025 (the “Skytrofa Revenue Payments”). The Skytrofa Revenue Payments to the Purchaser will cease upon reaching a multiple of the Skytrofa Purchase Price of 1.925 times, or 1.65 times if the Purchaser receives Skytrofa Revenue Payments in that amount by December 31, 2031.

The Royalty Pharma Skytrofa Agreement includes a buy-out option, which provides the Company with the right to settle all outstanding liabilities at any time by paying a buy-out amount equal to 1.925 times the Skytrofa Purchase Price minus the Skytrofa Revenue Payments paid to the Purchaser as of the effective date of the buy-out notice. However, if the buy-out notice is provided on or prior to December 31, 2028, and the Company has paid the Purchaser, Skytrofa Revenue Payments equal to the Skytrofa Purchase Price as of the date of the buy-out notice, then the buy-out amount is equal to 1.65 times the Skytrofa Purchase Price minus the Skytrofa Revenue Payments paid to the Purchaser as of the effective date of the buy-out notice.

Derivative Liabilities

Derivative liabilities relate to the foreign currency conversion option embedded in the convertible notes.

Fair value cannot be measured based on quoted prices in active markets or other observable inputs, and accordingly, derivative liabilities are measured by using the Black-Scholes option pricing model. Fair value of the option is calculated, applying the following assumptions: (1) conversion price; (2) the Company’s share price; (3) maturity of the option; (4) a risk-free interest rate equaling the effective interest rate on a U.S. government bond with the same lifetime as the maturity of the option; (5) no payment of dividends; and (6) an expected volatility using the Company’s share price (49.1% and 49.6% as of September 30, 2025 and December 31, 2024, respectively).

For additional description of fair values, refer to the following section “Fair Value Measurement.”

Sensitivity Analysis

On September 30, 2025, all other inputs and assumptions held constant, a 10% relative increase in volatility, will increase the fair value of derivative liabilities by €13.8 million and indicates a decrease in profit or loss and equity before tax. Similarly, a 10% relative decrease in volatility indicates the opposite impact.

Similarly, on September 30, 2025, all other inputs and assumptions held constant, a 10% increase in the share price, will increase the fair value of derivative liabilities by €46.1 million and indicates a decrease in profit or loss and equity before tax. Similarly, a 10% decrease in the share price indicates the opposite impact.

Fair Value Measurement

Because of the short-term maturity for cash and cash equivalents, receivables and trade payables, their fair value approximate carrying amount. Fair value of lease liabilities are not disclosed. Fair value compared to carrying amount of convertible notes, royalty funding liabilities and derivative liabilities, and their level in the fair value hierarchy is summarized in the following table, where:

Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date;

Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

Level 3 inputs are unobservable inputs for the asset or liability.


	September 30, 2025				December 31, 2024
(EUR’000)	Carrying amount		Fair value		Carrying amount		Fair value		Fair value level
Convertible senior notes		426,241		415,635		458,207		438,288		3
Royalty funding liabilities		287,760		295,045		305,379		305,673		3
Financial liabilities measured at amortized cost		714,001		710,680		763,586		743,961
Derivative liabilities		233,761		233,761		150,670		150,670		3
Financial liabilities measured at fair value through profit or loss		233,761		233,761		150,670		150,670

The following table specifies movements in level 3 fair value measurements:


(EUR’000)	2025		2024
Derivative liabilities
January 1		150,670		143,296
Remeasurement recognized in finance (income) or expense		83,091		25,050
September 30		233,761		168,346

Maturity Analysis

The following table summarizes maturity analysis (on an undiscounted basis) for non-derivative financial liabilities recognized in the unaudited condensed consolidated interim statements of financial position.


(EUR’000)	< 1 year		1-5 years		>5 years		Total contractual cash-flows		Carrying amount
Financial liabilities
September 30, 2025
Borrowings (excluding lease liabilities)		54,946		880,082		—		935,028		714,001
Lease liabilities		15,828		62,323		38,508		116,659		99,649
Trade payables, accrued expenses and other liabilities		79,649		—		—		79,649		79,649
Total financial liabilities		150,423		942,405		38,508		1,131,336		893,299

“Borrowings (excluding lease liabilities)” comprise convertible notes and royalty funding liabilities. Expected maturity for royalty funding liabilities is based on anticipated amount and timing of future revenue from sale of commercial products. Further details regarding the payment structure of the royalty funding agreements are provided above.

Condensed Consolidated Statements of Profit or (Loss) and Other Comprehensive Income or (Loss) - EUR (€) € in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Profit or loss [abstract]
Revenue	€ 213,634	€ 57,833	€ 472,632	€ 189,725
Cost of sales	(22,354)	(11,201)	(71,317)	(30,235)
Gross profit	191,280	46,632	401,315	159,490
Research and development expenses	(66,879)	(73,544)	(225,470)	(227,708)
Selling, general, and administrative expenses	(113,404)	(69,831)	(322,012)	(210,928)
Operating profit/(loss)	10,997	(96,743)	(146,167)	(279,146)
Share of profit/(loss) of associates	(7,501)	(4,367)	14,980	(15,485)
Finance income	6,036	28,279	89,948	29,262
Finance expenses	(66,904)	(25,347)	(144,707)	(70,488)
Profit/(loss) before tax	(57,372)	(98,178)	(185,946)	(335,857)
Income taxes (expenses)	(3,617)	(1,020)	(8,526)	(3,758)
Net profit/(loss) for the period	(60,989)	(99,198)	(194,472)	(339,615)
Attributable to owners of the Company	€ (60,989)	€ (99,198)	€ (194,472)	€ (339,615)
Basic earnings/(loss) per share	€ (1)	€ (1.72)	€ (3.22)	€ (5.93)
Diluted earnings/(loss) per share	€ (1)	€ (1.72)	€ (3.22)	€ (5.93)
Statement of comprehensive income [abstract]
Net profit/(loss) for the period	€ (60,989)	€ (99,198)	€ (194,472)	€ (339,615)
Items that may be reclassified subsequently to profit or (loss):
Exchange differences on translating foreign operations	(1,574)	154	(3,048)	232
Other comprehensive income/(loss) for the period, net of tax	(1,574)	154	(3,048)	232
Total comprehensive income/(loss)	(62,563)	(99,044)	(197,520)	(339,383)
Attributable to owners of the Company	€ (62,563)	€ (99,044)	€ (197,520)	€ (339,383)

Consolidated Statements of Financial Position - EUR (€) € in Thousands	Sep. 30, 2025	Dec. 31, 2024
Non-current assets
Intangible assets	€ 3,742	€ 4,028
Property, plant and equipment	101,764	98,714
Investments in associates	28,303	13,575
Other receivables	3,160	2,317
Total non-current assets	136,969	118,634
Current assets
Inventories	302,022	295,609
Trade receivables	134,734	166,280
Income tax receivables	2,936	1,775
Other receivables	9,580	9,385
Prepayments	29,417	28,269
Cash and cash equivalents	539,092	559,543
Total current assets	1,017,781	1,060,861
Total assets	1,154,750	1,179,495
Equity
Share capital	8,284	8,149
Distributable equity	(182,359)	(113,855)
Total equity	(174,075)	(105,706)
Non-current liabilities
Borrowings	331,369	365,080
Contract liabilities	692	5,000
Deferred tax liabilities	10,280	7,258
Total non-current liabilities	342,341	377,338
Convertible notes, matures in April 2028
Borrowings	426,241	458,207
Derivative liabilities	233,761	150,670
Convertible notes current	660,002	608,877
Other current liabilities
Borrowings	56,040	33,329
Contract liabilities	4,160	936
Trade payables and accrued expenses	78,601	96,394
Other liabilities	48,295	67,956
Income tax payables	1,610	1,222
Provisions	137,776	99,149
Other current liabilities	326,482	298,986
Total current liabilities	986,484	907,863
Total liabilities	1,328,825	1,285,201
Total equity and liabilities	€ 1,154,750	€ 1,179,495

Revenue - Schedule of Revenue From Sale of Commercial Products (Detail) - EUR (€) € in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Disclosure of operating segments [line items]
Revenue from commercial products	€ 193,790	€ 55,710	€ 443,480	€ 153,598
SKYTROFA [member]
Disclosure of operating segments [line items]
Revenue from commercial products	50,701	47,249	152,745	138,455
YORVIPATH [member]
Disclosure of operating segments [line items]
Revenue from commercial products	€ 143,089	€ 8,461	€ 290,735	€ 15,143

Treasury Shares - Summary of Holding of Treasury Shares (Detail) € in Thousands	9 Months Ended
	Sep. 30, 2025 EUR (€) shares
Disclosure Of Holding Of Treasury Shares [Line Items]
January 1, 2025 (Nominal values) \| €	€ 113
Acquired from third parties (Nominal values) \| €	16
Transferred under stock incentive programs (Nominal values) \| €	(49)
September 30, 2025 (Nominal values) \| €	€ 80
January 1, 2025 (Holding) \| shares	845,887
Acquired from third-parties (Holding) \| shares	119,148
Transferred under stock incentive programs (Holding) \| shares	(367,980)
September 30, 2025 (Holding) \| shares	597,055
January 1, 2025 (Holding in % of total outstanding shares)	1.40%
Acquired from third parties (Holding in % of total outstanding shares)	0.00%
Transferred under stock incentive programs (Holding in % total outstanding shares)	0.00%
September 30, 2025 (Holding in % of total outstanding shares)	1.00%

Revenue

9 Months Ended

Sep. 30, 2025

Revenue [abstract]

Revenue

Note 5—Revenue

Revenue has been recognized in the unaudited condensed consolidated interim statements of profit or loss with the following amounts:


	Three Months Ended September 30,				Nine Months Ended September 30,
(EUR’000)	2025		2024		2025		2024
Revenue
Commercial products		193,790		55,710		443,480		153,598
Rendering of services and clinical supply		6,134		1,272		13,228		9,637
Licenses		788		851		3,002		26,490
Milestones		12,922		—		12,922		—
Total revenue		213,634		57,833		472,632		189,725
Specified per geographical area
Europe (1)		33,381		8,151		82,602		14,800
North America		161,133		48,758		343,266		170,833
Rest of world		19,120		924		46,764		4,092
Total revenue		213,634		57,833		472,632		189,725

(1)

For the three and nine months ended September 30, 2025, Denmark, the country of domicile, contributed with €4.1 million and €9.1 million, respectively, of revenue. For the three and nine months ended September 30, 2024, no revenue was attributable to Denmark.

Commercial Products

Revenue from sale of commercial products were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(EUR’000)	2025		2024		2025		2024
Revenue from commercial products
SKYTROFA®		50,701		47,249		152,745		138,455
YORVIPATH®		143,089		8,461		290,735		15,143
Total revenue from commercial products		193,790		55,710		443,480		153,598

In the U.S., the Company have established an integrated organization to commercialize the Company’s approved Endocrinology Rare Disease products, SKYTROFA® and YORVIPATH®. In Europe, the Company have established its presence by building integrated organizations in select countries (“Europe Direct”), where the Company has launched SKYTROFA and YORVIPATH. Beyond the U.S. and Europe Direct, SKYTROFA and YORVIPATH may also be sold through exclusive sales and distribution agreements with geographic market leaders (“International Markets”) and under exclusive license agreements (“Strategic Collaborations”).

YORVIPATH and SKYTROFA is approved by the U.S. Food and Drug Administration (“FDA”) and authorized by the European Commission (“EC”) and other regulatory agencies. The Company began selling YORVIPATH in Europe in the first quarter of 2024 and in the U.S. in December 2024. The Company began selling SKYTROFA in the U.S. in the fourth quarter of 2021 and in Europe in the third quarter of 2023.

Other Revenue

Other revenue is attributable to collaborations and license agreements, and relates to Novo Nordisk A/S (“Novo Nordisk”), Eyconis, Inc. (“Eyconis”), Teijin Limited (“Teijin”) and VISEN, and includes revenue from licenses, milestones, rendering of services and clinical supply.

Share-based Payment - Summary Of Share Based Payment (Detail)	9 Months Ended
	Sep. 30, 2025
Restricted Stock Units [Member]
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items]
Beginning balance	993,807
Granted during the period	634,589
Settled during the period	(60,056)
Transferred during the period	(321,392)
Forfeited during the period	(53,931)
Ending balance	1,193,017
Restricted Stock Units [Member] \| 2026
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items]
Vested at the reporting date	569,899
Restricted Stock Units [Member] \| 2027
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items]
Vested at the reporting date	205,880
Restricted Stock Units [Member] \| 2028
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items]
Vested at the reporting date	417,238
Performance Stock Units [Member]
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items]
Beginning balance	156,667
Granted during the period	73,583
Settled during the period	(15,716)
Transferred during the period	(46,588)
Forfeited during the period	(2,688)
Ending balance	165,258
Performance Stock Units [Member] \| 2026
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items]
Vested at the reporting date	86,659
Performance Stock Units [Member] \| 2027
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items]
Vested at the reporting date	24,533
Performance Stock Units [Member] \| 2028
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items]
Vested at the reporting date	54,066
Restricted Stock Units and Performance Stock Unit [Member]
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items]
Beginning balance	1,150,474
Granted during the period	708,172
Settled during the period	(75,772)
Transferred during the period	(367,980)
Forfeited during the period	(56,619)
Ending balance	1,358,275
Restricted Stock Units and Performance Stock Unit [Member] \| 2026
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items]
Vested at the reporting date	656,558
Restricted Stock Units and Performance Stock Unit [Member] \| 2027
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items]
Vested at the reporting date	230,413
Restricted Stock Units and Performance Stock Unit [Member] \| 2028
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items]
Vested at the reporting date	471,304

Revenue (Tables)

9 Months Ended

Sep. 30, 2025

Revenue [abstract]

Schedule of Revenue Recognized in Unaudited Condensed Consolidated Interim Statements of Profit or Loss

Revenue has been recognized in the unaudited condensed consolidated interim statements of profit or loss with the following amounts:


	Three Months Ended September 30,				Nine Months Ended September 30,
(EUR’000)	2025		2024		2025		2024
Revenue
Commercial products		193,790		55,710		443,480		153,598
Rendering of services and clinical supply		6,134		1,272		13,228		9,637
Licenses		788		851		3,002		26,490
Milestones		12,922		—		12,922		—
Total revenue		213,634		57,833		472,632		189,725
Specified per geographical area
Europe (1)		33,381		8,151		82,602		14,800
North America		161,133		48,758		343,266		170,833
Rest of world		19,120		924		46,764		4,092
Total revenue		213,634		57,833		472,632		189,725

Schedule of Revenue From Sale of Commercial Products

Revenue from sale of commercial products were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(EUR’000)	2025		2024		2025		2024
Revenue from commercial products
SKYTROFA®		50,701		47,249		152,745		138,455
YORVIPATH®		143,089		8,461		290,735		15,143
Total revenue from commercial products		193,790		55,710		443,480		153,598

Subsequent Events

9 Months Ended

Sep. 30, 2025

Disclosure of non-adjusting events after reporting period [abstract]

Subsequent Events

Note 12—Subsequent Events

In February 2022, the Company entered into a facility lease in Germany with an enforceable lease term of 15 years. The lease commenced on November 1, 2025 and an initial lease liability and corresponding right-of-use asset of €54.4 million were recognized as part of borrowings, and property, plant & equipment, respectively.

No other events have occurred after the balance sheet date that would influence the evaluation of these unaudited condensed consolidated interim financial statements.

Financial Assets and Liabilities - Additional Information (Detail) € / shares in Units, $ / shares in Units, € in Thousands		1 Months Ended						9 Months Ended
	Sep. 03, 2024 USD ($) Multiple	Sep. 30, 2024 EUR (€) XBB	Sep. 30, 2024 USD ($) XBB	Sep. 30, 2023 EUR (€) Multiple XBB	Sep. 30, 2023 USD ($) Multiple XBB	Mar. 31, 2022 EUR (€)	Mar. 31, 2022 USD ($)	Sep. 30, 2025 EUR (€) Days € / shares	Sep. 30, 2025 USD ($) $ / shares	Dec. 31, 2024 EUR (€) € / shares
Disclosure of detailed information about financial instruments [line items]
Derivative liabilities								€ 233,761		€ 150,670
Carrying amount of royalty funding liabilities								287,800
Fair value of royalty funding liabilities								€ 295,000
Share price \| € / shares								€ 49.1		€ 49.6
Royalty Pharma U.S. Skytrofa [member]
Disclosure of detailed information about financial instruments [line items]
Funding received in exchange of royalty payments \| $					$ 150,000,000
Funding received in exchange of royalty payments \| $					150,000,000
Net proceeds after deduting offering expenses				€ 136,300	$ 146,300,000
Net revenue from sales interest payment in percentage in exchange for funding				9.15%	9.15%
Royalty payment beginning period				Jan. 01, 2025	Jan. 01, 2025
Royalty payment ending period				Dec. 31, 2031	Dec. 31, 2031
Amount multiplied to purchase price minus revenue interest payments paid to purchaser on effective date of buy-out notice as buyout amount \| XBB				1.925	1.925
Amount multiplied to purchase price minus revenue interest payments paid to purchaser on effective date of buy-out notice provided on or prior to period as buyout amount \| XBB				1.65	1.65
Royalty Pharma U.S. Skytrofa [member] \| Bottom of range [member]
Disclosure of detailed information about financial instruments [line items]
Multiple of the purchase price were royalty payment will cease \| Multiple				1.65	1.65
Royalty Pharma U.S. Skytrofa [member] \| Top of range [member]
Disclosure of detailed information about financial instruments [line items]
Multiple of the purchase price were royalty payment will cease \| Multiple				1.925	1.925
Royalty Pharma U.S. Yorvipath [member]
Disclosure of detailed information about financial instruments [line items]
Funding received in exchange of royalty payments \| $	$ 150,000,000
Funding received in exchange of royalty payments \| $			$ 150,000,000
Net proceeds after deduting offering expenses		€ 134,200	$ 148,200,000
Net revenue from sales interest payment in percentage in exchange for funding	3.00%
Royalty payment ending period	Dec. 31, 2029
Amount multiplied to purchase price minus revenue interest payments paid to purchaser on effective date of buy-out notice as buyout amount \| XBB		2	2
Amount multiplied to purchase price minus revenue interest payments paid to purchaser on effective date of buy-out notice provided on or prior to period as buyout amount \| XBB		1.65	1.65
Royalty Pharma U.S. Yorvipath [member] \| Bottom of range [member]
Disclosure of detailed information about financial instruments [line items]
Multiple of the purchase price were royalty payment will cease \| Multiple	1.65
Royalty Pharma U.S. Yorvipath [member] \| Top of range [member]
Disclosure of detailed information about financial instruments [line items]
Multiple of the purchase price were royalty payment will cease \| Multiple	2
Historical volatility for shares, measurement input [member] \| Derivatives [member]
Disclosure of detailed information about financial instruments [line items]
Percentage of reasonably possible increase in unobservable input, liabilities								10.00%	10.00%
Percentage of reasonably possible decrease in unobservable input, liabilities								10.00%	10.00%
Share Price Measurement Input [Member] \| Derivatives [member]
Disclosure of detailed information about financial instruments [line items]
Increase decrease in derivative financial liabilities fair value								€ 46,100
Percentage of reasonably possible increase in unobservable input, liabilities								10.00%	10.00%
Percentage of reasonably possible decrease in unobservable input, liabilities								10.00%	10.00%
Foreign Currency Conversion Option [Member]
Disclosure of detailed information about financial instruments [line items]
Increase decrease in derivative financial liabilities fair value								€ 13,800
American depository shares [member]
Disclosure of detailed information about financial instruments [line items]
Conversion price per share \| $ / shares									$ 166.34
Convertible Senior Notes [Member]
Disclosure of detailed information about financial instruments [line items]
Conversion rate per note \| $ / shares									$ 6.0118
Principal amount \| $							$ 575,000,000
Borrowings redemption period								April 7, 2025
Borrowings condition for redemption								but only if the last reported sale price per ADS exceeds 130% of the conversion price on (i) each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the trading day immediately before the date the Company sends the related optional redemption notice; and (ii) the trading day immediately before the date the Company sends such notice.
Borrowings threshold percentage of sale price per share for redemption								130.00%
Borrowings threshold trading days for redemption \| Days								20
Borrowings threshold consecutive trading days for redemption \| Days								30
Proceeds from issue of bonds, notes and debentures						€ 503,300	$ 557,900,000
Carrying amount of convertible notes								€ 426,200
Fair Value of Convertible Notes								€ 415,600
Borrowings, maturity						April 1, 2028	April 1, 2028
Convertible Senior Notes [Member] \| American depository shares [member]
Disclosure of detailed information about financial instruments [line items]
Principal amount \| $									$ 1,000
Fixed interest rate [member] \| Convertible Senior Notes [Member]
Disclosure of detailed information about financial instruments [line items]
Borrowings Interest Rate							2.25%	2.25%	2.25%

Financial Assets and Liabilities - Schedule of Financial Assets and Financial Liabilities (Detail) - EUR (€) € in Thousands	Sep. 30, 2025	Dec. 31, 2024	Sep. 30, 2024	Dec. 31, 2023
Financial assets by category
Cash and cash equivalents	€ 539,092	€ 559,543	€ 625,515	€ 392,164
Total financial assets	680,799	729,787
Classified in the statement of financial position
Non-current assets	3,160	2,317
Current assets	677,639	727,470
Financial liabilities by category
Royalty funding liabilities	287,800
Lease liabilities	116,659
Derivative liabilities	233,761	150,670
Total financial liabilities	1,127,060	1,103,991
Classified in the statement of financial position
Non-current liabilities	331,369	365,080
Current liabilities	795,691	738,911
Financial liabilities at amortised cost, class [member]
Financial liabilities by category
Convertible senior notes	426,241	458,207
Royalty funding liabilities	287,760	305,379
Lease liabilities	99,649	93,030
Trade payables and accrued expenses	78,601	96,394
Other liabilities (excluding indirect tax, and employee related payables)	1,048	311
Financial liabilities measured at amortized cost	893,299	953,321
Total financial liabilities	893,299
Financial liabilities at amortised cost, class [member] \| Financial liabilities at fair value, class [member]
Financial liabilities by category
Financial liabilities measured at fair value through profit or loss	233,761	150,670
Financial assets at amortised cost, class [member]
Financial assets by category
Trade receivables	134,734	166,280
Other receivables (excluding indirect tax receivables)	6,973	3,964
Cash and cash equivalents	539,092	559,543
Financial assets measured at amortized cost	€ 680,799	€ 729,787

Segment Information - Additional Information (Detail)	9 Months Ended
Segment Information - Additional Information (Detail)	Sep. 30, 2025 Segment
Disclosure of operating segments [line items]
Number of reportable segment	1

General Information

9 Months Ended

Sep. 30, 2025

Disclosure of General Information [Abstract]

General Information

Note 1—General Information

Ascendis Pharma A/S, together with its subsidiaries, is a global biopharmaceutical company focused on applying its innovative TransCon technology platform to make a meaningful difference for patients. Ascendis Pharma A/S was incorporated in 2006 and is headquartered in Hellerup, Denmark. Unless the context otherwise requires, references to the “Company,” “we,” “us,” and “our” refer to Ascendis Pharma A/S and its subsidiaries.

The address of the Company’s registered office is Tuborg Boulevard 12, DK-2900, Hellerup, Denmark. The Company’s registration number in Denmark is 29918791.

On February 2, 2015, the Company completed an initial public offering which resulted in the listing of American Depositary Shares (“ADSs”), representing the Company’s ordinary shares, under the symbol “ASND” in the United States on the Nasdaq Global Select Market.

The Company’s Board of Directors (the “Board”) approved these unaudited condensed consolidated interim financial statements on November 12, 2025.

Significant Accounting Judgements and Estimates

9 Months Ended

Sep. 30, 2025

Disclosure of voluntary change in accounting policy [abstract]

Significant Accounting Judgements and Estimates

Note 3—Significant Accounting Judgements and Estimates

In the application of the Company’s accounting policies, management is required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Judgements, estimates and assumptions applied are based on historical experience and other factors that are relevant, and which are available at the reporting date. Uncertainty concerning estimates and assumptions could result in outcomes that require a material adjustment to assets and liabilities in future periods.

The unaudited condensed consolidated interim financial statements do not include all disclosures for significant accounting judgements, estimates and assumptions, that are required in the annual consolidated financial statements, and therefore should be read in conjunction with the Company’s audited consolidated financial statements as of and for the year ended December 31, 2024.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized prospectively. The three and nine months ended September 30, 2025 and 2024 includes adjustments to prior periods estimates and assumptions for sales deductions.

While the application of critical accounting estimates is subject to material estimation uncertainties, management’s ongoing revisions of critical accounting estimates and underlying assumptions have not revealed any other material impact to any of the periods presented in the unaudited condensed consolidated interim financial statements compared to December 31, 2024.

Earnings Per Share - Summary of Earnings and Share Data Used in the Basic and Diluted Earnings Per Share Calculation (Detail) - EUR (€) € / shares in Units, € in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Earnings
Net profit/(loss) attributable to ordinary equity holders of the parent for the purposes of basic earnings per share	€ (60,989)	€ (99,198)	€ (194,472)	€ (339,615)
Number of shares
Weighted average number of ordinary shares for the purposes of basic earnings per share	60,756,015	57,535,349	60,412,419	57,255,764
Basic earnings per share	€ (1)	€ (1.72)	€ (3.22)	€ (5.93)
Diluted earnings per share	€ (1)	€ (1.72)	€ (3.22)	€ (5.93)

Share-based Payment - Schedule of Warrant Activity (Detail) - Warrants [member]	9 Months Ended
	Sep. 30, 2025 € / shares
Disclosure Of Warrant Activity [line items]
Beginning balance	6,204,122
Granted during the period	334,133
Exercised during the period	(1,005,724)
Forfeited during the period	(110,861)
Ending balance	5,421,670
Vested at the balance sheet date	4,580,386
Beginning balance	€ 93.25
Granted during the period	140.05
Exercised during the period	72.24
Forfeited during the period	107.5
Ending balance	99.8
Vested at the balance sheet date	€ 95.19

Share-based Payment (Tables)

9 Months Ended

Sep. 30, 2025

Disclosure of terms and conditions of share-based payment arrangement [abstract]

Summary of Share Based Payment

The following table specifies the number of outstanding RSUs and PSUs:


	Restricted Stock Units			Performance Stock Units			Total
Outstanding	(Number)
January 1, 2025		993,807			156,667			1,150,474
Granted during the period		634,589			73,583			708,172
Settled during the period		(60,056	)		(15,716	)		(75,772	)
Transferred during the period		(321,392	)		(46,588	)		(367,980	)
Forfeited during the period		(53,931	)		(2,688	)		(56,619	)
September 30, 2025		1,193,017			165,258			1,358,275
Specified by vesting year
2026		569,899			86,659			656,558
2027		417,238			54,066			471,304
2028		205,880			24,533			230,413
September 30, 2025		1,193,017			165,258			1,358,275

Summary of Weighted Average Exercise Prices and Movements in Warrants

The following table specifies the number and weighted average exercise prices of, and movements in, warrants:


	Warrants			Weighted Average Exercise Price
	(Number)			(EUR)
Outstanding
January 1, 2025		6,204,122			93.25
Granted during the period		334,133			140.05
Exercised during the period		(1,005,724	)		72.24
Forfeited during the period		(110,861	)		107.50
September 30, 2025		5,421,670			99.80
Vested at September 30, 2025		4,580,386			95.19

Treasury Shares

9 Months Ended

Sep. 30, 2025

Disclosure of treasury shares [abstract]

Treasury Shares

Note 10—Treasury Shares

The development in the holding of treasury shares was as follows:


	Nominal values			Holding			Holding in % of total outstanding shares
	(EUR’000)			(Number)
Treasury shares
January 1, 2025		113			845,887			1.4	%
Acquired from third parties		16			119,148			—
Transferred under stock incentive programs		(49	)		(367,980	)		—
September 30, 2025		80			597,055			1.0	%

Significant Events in the Reporting Period - Additional Information (Detail) € in Thousands			9 Months Ended
	Mar. 21, 2025 EUR (€)	Feb. 12, 2025 EUR (€)	Sep. 30, 2025 EUR (€) shares	Sep. 30, 2025 kr / shares	Sep. 30, 2025 $ / shares	Dec. 31, 2024 EUR (€)	Sep. 30, 2024 EUR (€)	Dec. 31, 2023 EUR (€)
Significant Events In The Reporting Period LineItems
Impairment charge			€ 7,500
Nominal value per share \| kr / shares				kr 1
Share price \| $ / shares					$ 42.5
Increased lease liability			21,400
Increase in right-of-use			21,400
Equity			€ (174,075)			€ (105,706)	€ (97,320)	€ (145,697)
Share Repuchase Program [member] \| American depository shares [member]
Significant Events In The Reporting Period LineItems
Payment for repurchase of shares		€ 18,250
Shares authorized to repurchase \| shares			1,726,015
VISEN [member]
Significant Events In The Reporting Period LineItems
Shares agreement description			additionally, certain significant shareholders of VISEN, including the Company, are subject to an additional lock-up obligation during the period commencing on the date that is six months after the IPO and ending on the date that is 12 months after the IPO during which such shareholders may not sell shares of VISEN to an extent that would cause such shareholder to cease being a controlling shareholder of VISEN pursuant to applicable listing rules.
Percentage owned	39.20%
Carrying amount of equity method investment			€ 22,900
Non-cash gain recognized	€ 35,700
Equity			€ 191,000

Subsequent Events - Additional Information (Details) - Office Facility [Member] - GERMANY - EUR (€) € in Millions		9 Months Ended
	Feb. 28, 2022	Sep. 30, 2025	Nov. 01, 2025
Disclosure of non-adjusting events after reporting period [line items]
Enforceable Lease Term	15 years
Lease commence period		November 1, 2025
Events After Reporting Period [member]
Disclosure of non-adjusting events after reporting period [line items]
Initial lease liability			€ 54.4
Right-of-use asset			€ 54.4

Revenue - Schedule of Revenue Recognized in Unaudited Condensed Consolidated Interim Statements of Profit or Loss (Detail) - EUR (€) € in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Revenue
Commercial products	€ 193,790	€ 55,710	€ 443,480	€ 153,598
Rendering of services and clinical supply	6,134	1,272	13,228	9,637
Licenses	788	851	3,002	26,490
Milestones	12,922		12,922
Total revenue	213,634	57,833	472,632	189,725
Revenue (geographical)
Total revenue	213,634	57,833	472,632	189,725
Europe [Member]
Revenue
Total revenue	33,381	8,151	82,602	14,800
Revenue (geographical)
Total revenue	33,381	8,151	82,602	14,800
North America [member]
Revenue
Total revenue	161,133	48,758	343,266	170,833
Revenue (geographical)
Total revenue	161,133	48,758	343,266	170,833
Rest of world [member]
Revenue
Total revenue	19,120	924	46,764	4,092
Revenue (geographical)
Total revenue	€ 19,120	€ 924	€ 46,764	€ 4,092

Earnings Per Share - Summary of Earnings and Share Data Used in the Basic and Diluted Earnings Per Share Calculation (Parenthetical) (Detail) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Convertible Senior Notes [Member]
Earnings per share [line items]
Convertible notes	575,000	575,000	575,000	575,000
Ordinary shares [member]
Earnings per share [line items]
Warrants outstanding	3,456,785	3,456,785	3,456,785	3,456,785

Treasury Shares (Tables)

9 Months Ended

Sep. 30, 2025

Disclosure of treasury shares [abstract]

Summary of Holding of Treasury Shares

The development in the holding of treasury shares was as follows:


	Nominal values			Holding			Holding in % of total outstanding shares
	(EUR’000)			(Number)
Treasury shares
January 1, 2025		113			845,887			1.4	%
Acquired from third parties		16			119,148			—
Transferred under stock incentive programs		(49	)		(367,980	)		—
September 30, 2025		80			597,055			1.0	%

Earnings Per Share

9 Months Ended

Sep. 30, 2025

Earnings per share [abstract]

Earnings Per Share

Note 6—Earnings Per Share

The following table reflects the earnings and share data used in the basic and diluted earnings per share calculations:


	Three Months Ended September 30,						Nine Months Ended September 30,
(EUR’000, except per share data)	2025			2024			2025			2024
Earnings
Net profit/(loss) attributable to ordinary equity holders of the parent for the purposes of basic earnings per share		(60,989	)		(99,198	)		(194,472	)		(339,615	)

Number of shares
Weighted average number of ordinary shares for the purposes of basic earnings per share		60,756,015			57,535,349			60,412,419			57,255,764

Basic earnings per share	€	(1.00	)	€	(1.72	)	€	(3.22	)	€	(5.93	)
Diluted earnings per share (1)	€	(1.00	)	€	(1.72	)	€	(3.22	)	€	(5.93	)

(1)

For the three and nine months ended September 30, 2025 and 2024 outstanding warrants, restricted stock units and performance stock units can potentially dilute earnings per share in the future but have not been included in the calculation of diluted earnings per share because they are out-of the money and/or antidilutive for the periods presented. Similarly, for the three and nine months ended September 30, 2025 and 2024, 575,000 convertible senior notes which can potentially be converted into 3,456,785 ordinary shares, can potentially dilute earnings per share in the future but have not been included in the calculation of diluted earnings per share because they are antidilutive for the periods presented. Refer to Note 8 “Share-based Payment” and Note 11, “Financial Assets and Liabilities,” for further information about the share-based incentive programs and convertible notes, respectively.

Significant Accounting Judgements and Estimates - Additional Information (Detail) - EUR (€) € in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Disclosure of changes in accounting estimates [line items]
Income tax (expense)	€ 3,617	€ 1,020	€ 8,526	€ 3,758

- References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2025-01-01
-Paragraph 23
-Subparagraph h
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2025-en-r&anchor=para_23_h&doctype=Standard
-URIDate 2025-03-27

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 26
-IssueDate 2025-01-01
-Paragraph 35
-Subparagraph b
-Clause viii
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=26&code=ifrs-tx-2025-en-r&anchor=para_35_b_viii&doctype=Standard
-URIDate 2025-03-27

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 12
-IssueDate 2025-01-01
-Paragraph 79
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=12&code=ifrs-tx-2025-en-r&anchor=para_79&doctype=Standard
-URIDate 2025-03-27

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 12
-IssueDate 2025-01-01
-Paragraph 81
-Subparagraph c
-Clause i
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=12&code=ifrs-tx-2025-en-r&anchor=para_81_c_i&doctype=Standard
-URIDate 2025-03-27

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 12
-IssueDate 2025-01-01
-Paragraph 81
-Subparagraph c
-Clause ii
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=12&code=ifrs-tx-2025-en-r&anchor=para_81_c_ii&doctype=Standard
-URIDate 2025-03-27

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 12
-IssueDate 2025-01-01
-Paragraph B13
-Subparagraph g
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2025-en-r&anchor=para_B13_g&doctype=Appendix&subtype=B
-URIDate 2025-03-27

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Note Effective 2027-01-01
-Name IFRS
-Number 19
-IssueDate 2025-01-01
-Paragraph 192
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=19&code=ifrs-tx-2025-en-r&anchor=para_192&doctype=Standard
-URIDate 2025-03-27

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Note Effective 2027-01-01
-Name IFRS
-Number 19
-IssueDate 2025-01-01
-Paragraph 194
-Subparagraph c
-Clause i
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=19&code=ifrs-tx-2025-en-r&anchor=para_194_c_i&doctype=Standard
-URIDate 2025-03-27

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Note Effective 2027-01-01
-Name IFRS
-Number 19
-IssueDate 2025-01-01
-Paragraph 194
-Subparagraph c
-Clause ii
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=19&code=ifrs-tx-2025-en-r&anchor=para_194_c_ii&doctype=Standard
-URIDate 2025-03-27

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Note Effective 2027-01-01
-Name IFRS
-Number 19
-IssueDate 2025-01-01
-Paragraph 192
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=19&code=ifrs-tx-2025-en-r&anchor=para_192&doctype=Standard
-URIDate 2025-03-27

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Note Effective 2027-01-01
-Name IFRS
-Number 19
-IssueDate 2025-01-01
-Paragraph 194
-Subparagraph c
-Clause i
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=19&code=ifrs-tx-2025-en-r&anchor=para_194_c_i&doctype=Standard
-URIDate 2025-03-27

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Note Effective 2027-01-01
-Name IFRS
-Number 19
-IssueDate 2025-01-01
-Paragraph 194
-Subparagraph c
-Clause ii
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=19&code=ifrs-tx-2025-en-r&anchor=para_194_c_ii&doctype=Standard
-URIDate 2025-03-27

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Note Expiry date 2027-01-01
-Name IAS
-Number 1
-IssueDate 2025-01-01
-Paragraph 82
-Subparagraph d
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2025-en-b&anchor=para_82_d&doctype=Standard
-URIDate 2025-03-27

+ Details

Financial Assets and Liabilities - Liquidity Risk Management (Detail) - EUR (€) € in Thousands	Sep. 30, 2025	Dec. 31, 2024
Borrowings [abstract]
Royalty funding liabilities	€ 287,800
Borrowings (excluding lease liabilities)	935,028
Lease liabilities	116,659
Trade payables, accrued expenses and other liabilities	79,649
Total financial liabilities	1,127,060	€ 1,103,991
Total financial liabilities	1,131,336
Financial liabilities at amortised cost, class [member]
Borrowings [abstract]
Convertible senior notes	426,241	458,207
Royalty funding liabilities	287,760	305,379
Borrowings (excluding lease liabilities)	714,001
Lease liabilities	99,649	93,030
Trade payables, accrued expenses and other liabilities	79,649
Other liabilities (excluding indirect tax, and employee related payables)	1,048	€ 311
Total financial liabilities	893,299
Within 1 year [member]
Borrowings [abstract]
Borrowings (excluding lease liabilities)	54,946
Lease liabilities	15,828
Trade payables, accrued expenses and other liabilities	79,649
Total financial liabilities	150,423
Within 1 to 5 years [member]
Borrowings [abstract]
Borrowings (excluding lease liabilities)	880,082
Lease liabilities	62,323
Trade payables, accrued expenses and other liabilities	0
Total financial liabilities	942,405
After 5 years [member]
Borrowings [abstract]
Borrowings (excluding lease liabilities)	0
Lease liabilities	38,508
Trade payables, accrued expenses and other liabilities	0
Total financial liabilities	€ 38,508

Share-based Payment

9 Months Ended

Sep. 30, 2025

Disclosure of terms and conditions of share-based payment arrangement [abstract]

Share-based Payment

Note 8—Share-based Payment

As an incentive to the senior management, other employees, members of the Board and select consultants, Ascendis Pharma A/S has established warrant programs, a Restricted Stock Unit (“RSU”) program adopted in December 2021, and a Performance Stock Unit (“PSU”) program adopted in February 2023, which are all classified as equity-settled share-based payment transactions.

Share-based Compensation Costs

Share-based compensation costs are determined using the grant date fair value and are recognized over the vesting period as research and development expenses, selling, general and administrative expenses, or cost of sales. For the three and nine months ended September 30, 2025 and 2024, share-based compensation costs recognized in the unaudited condensed consolidated interim statement of profit or loss were €30.6 million and €86.2 million, respectively, and €26.0 million and €69.3 million, respectively.

Restricted Stock Unit Program

RSUs are granted by the Board to members of senior management, other employees and members of the Board (the “RSU-holders”), as stipulated in the program. In addition, RSUs may be granted to select consultants.

One RSU represents a right for the RSU-holder to receive one ADS representing ordinary shares of Ascendis Pharma A/S upon vesting, if the vesting conditions are met. RSUs granted vest over three years with 1/3 of the RSUs vesting on each anniversary date from the date of grant, and require RSU-holders to be employed, appointed as member of the Board, or retained as a consultant (the “service conditions”).

Performance Stock Unit Program

PSUs are granted by the Board to certain members of senior management (the “PSU-holders”), as stipulated in the program. In addition, PSUs may be granted to other employees, select consultants and members of the Board.

One PSU represents a right for the PSU-holder to receive one ADS representing ordinary shares of Ascendis Pharma A/S upon vesting. PSUs vest in a manner similar to the service conditions of the RSUs. In addition to service conditions, vesting is also contingent upon achievement of long-term strategic goals as evaluated by the Board no later than two weeks prior to each vesting date. Exceeding performance targets will not result in vesting of more PSUs than 100%, nor will it result in additional grants.

RSU and PSU Activity

The following table specifies the number of outstanding RSUs and PSUs:


	Restricted Stock Units			Performance Stock Units			Total
Outstanding	(Number)
January 1, 2025		993,807			156,667			1,150,474
Granted during the period		634,589			73,583			708,172
Settled during the period		(60,056	)		(15,716	)		(75,772	)
Transferred during the period		(321,392	)		(46,588	)		(367,980	)
Forfeited during the period		(53,931	)		(2,688	)		(56,619	)
September 30, 2025		1,193,017			165,258			1,358,275
Specified by vesting year
2026		569,899			86,659			656,558
2027		417,238			54,066			471,304
2028		205,880			24,533			230,413
September 30, 2025		1,193,017			165,258			1,358,275

Warrant Program

Warrants are granted by the Board in accordance with authorizations given to it by the shareholders of Ascendis Pharma A/S to all employees, members of the Board and select consultants. Each warrant carries the right to subscribe for one ordinary share of a nominal value of DKK 1. The exercise price is fixed at the fair market value of the Company’s ordinary shares at the time of grant as determined by the Board.

Warrant Activity

The following table specifies the number and weighted average exercise prices of, and movements in, warrants:


	Warrants			Weighted Average Exercise Price
	(Number)			(EUR)
Outstanding
January 1, 2025		6,204,122			93.25
Granted during the period		334,133			140.05
Exercised during the period		(1,005,724	)		72.24
Forfeited during the period		(110,861	)		107.50
September 30, 2025		5,421,670			99.80
Vested at September 30, 2025		4,580,386			95.19

The exercise prices of outstanding warrants under the Company’s warrant programs range from €11.98 to €172.77 depending on the grant dates.

Financial Assets and Liabilities - Movements in Level 3 Fair Value Measurements (Detail) - EUR (€) € in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Reconciliation of changes in fair value measurement, liabilities [abstract]
Beginning balance	€ 150,670
Ending balance	233,761
Level 3 [member]
Reconciliation of changes in fair value measurement, liabilities [abstract]
Beginning balance	150,670	€ 143,296
Remeasurement recognized in finance (income) or expense	83,091	25,050
Ending balance	€ 233,761	€ 168,346

Financial Assets and Liabilities - Summary of Fair Value Hierarchy (Detail) - EUR (€) € in Thousands	Sep. 30, 2025	Dec. 31, 2024	Sep. 30, 2024	Dec. 31, 2023
Disclosure of detailed information about financial instruments [line items]
Royalty funding liabilities	€ 287,800
Derivative liabilities	233,761	€ 150,670
Level 3 [member]
Disclosure of detailed information about financial instruments [line items]
Derivative liabilities	233,761	150,670	€ 168,346	€ 143,296
Carrying amount [member]
Disclosure of detailed information about financial instruments [line items]
Financial liabilities measured at amortized cost	714,001	763,586
Financial liabilities measured at fair value through profit or loss	233,761	150,670
Carrying amount [member] \| Level 3 [member]
Disclosure of detailed information about financial instruments [line items]
Convertible senior notes	426,241	458,207
Royalty funding liabilities	287,760	305,379
Derivative liabilities	233,761	150,670
Fair value [member]
Disclosure of detailed information about financial instruments [line items]
Financial liabilities measured at amortized cost	710,680	743,961
Financial liabilities measured at fair value through profit or loss	233,761	150,670
Fair value [member] \| Level 3 [member]
Disclosure of detailed information about financial instruments [line items]
Convertible senior notes	415,635	438,288
Royalty funding liabilities	295,045	305,673
Derivative liabilities	€ 233,761	€ 150,670

- Definition

The amount of financial liabilities that meet either of the following conditions: (a) they meet the definition of held for trading; or (b) upon initial recognition they are designated by the entity as at fair value through profit or loss. An entity may use this designation only when permitted by paragraph 4.3.5 of IFRS 9 (embedded derivatives) or when doing so results in more relevant information, because either: (a) it eliminates or significantly reduces a measurement or recognition inconsistency (sometimes referred to as ‘an accounting mismatch’) that would otherwise arise from measuring assets or liabilities or recognising the gains and losses on them on different bases; or (b) a group of financial liabilities or financial assets and financial liabilities is managed and its performance is evaluated on a fair value basis, in accordance with a documented risk management or investment strategy, and information about the group is provided internally on that basis to the entity’s key management personnel (as defined in IAS 24). [Refer: At fair value [member]; Key management personnel of entity or parent [member]; Derivatives [member]; Financial assets; Financial liabilities]

+ References + Details

Earnings Per Share (Table)

9 Months Ended

Sep. 30, 2025

Earnings per share [abstract]

Summary of Earnings and Share Data Used in the Basic and Diluted Earnings Per Share Calculation

The following table reflects the earnings and share data used in the basic and diluted earnings per share calculations:


	Three Months Ended September 30,						Nine Months Ended September 30,
(EUR’000, except per share data)	2025			2024			2025			2024
Earnings
Net profit/(loss) attributable to ordinary equity holders of the parent for the purposes of basic earnings per share		(60,989	)		(99,198	)		(194,472	)		(339,615	)

Number of shares
Weighted average number of ordinary shares for the purposes of basic earnings per share		60,756,015			57,535,349			60,412,419			57,255,764

Basic earnings per share	€	(1.00	)	€	(1.72	)	€	(3.22	)	€	(5.93	)
Diluted earnings per share (1)	€	(1.00	)	€	(1.72	)	€	(3.22	)	€	(5.93	)

(1)

Consolidated Statements of Cash Flow - EUR (€) € in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Operating activities
Net profit/(loss) for the period	€ (194,472)	€ (339,615)
Reversal of finance income	(89,948)	(29,262)
Reversal of finance expenses	144,707	70,488
Reversal of (gain)/loss on disposal of property, plant and equipment	0	(91)
Reversal of income taxes	8,526	3,758
Adjustments for non-cash items:
Non-cash consideration relating to revenue	(3,002)	(26,490)
Share of (profit)/loss of associates	(14,980)	15,485
Share-based payment	86,216	69,291
Depreciation	12,511	12,891
Impairment of property, plant and equipment	7,508	0
Amortization	361	348
Changes in working capital:
Inventories	(6,421)	(56,502)
Receivables	25,138	6,191
Prepayments	(1,730)	6,122
Contract liabilities	(1,084)	(547)
Trade payables, accrued expenses and other liabilities	(33,088)	(18,028)
Provisions	48,288	69,955
Cash flows generated from/(used in) operations	(11,470)	(216,006)
Finance income received	10,929	8,923
Finance expenses paid	(12,652)	(8,563)
Income taxes received/(paid)	(6,308)	(3,375)
Cash flows from/(used in) operating activities	(19,501)	(219,021)
Investing activities
Acquisition of intangible assets and property, plant and equipment	(5,094)	(1,044)
Proceeds from disposal of property, plant and equipment	0	950
Settlement of marketable securities	0	7,354
Cash flows from/(used in) investing activities	(5,094)	7,260
Financing activities
Repayment of borrowings	(15,124)	(8,418)
Net proceeds from borrowings	0	134,158
Proceeds from exercise of warrants	71,727	27,480
Proceeds from follow-on public offering	0	290,622
Acquisition of treasury shares, net of transaction costs	(17,396)	0
Payment of withholding taxes under stock incentive programs	(11,396)	0
Cash flows from/(used in) financing activities	27,811	443,842
Increase/(decrease) in cash and cash equivalents	3,216	232,081
Cash and cash equivalents at January 1	559,543	392,164
Effect of exchange rate changes on balances held in foreign currencies	(23,667)	1,270
Cash and cash equivalents at September 30	€ 539,092	€ 625,515

Share-based Payment - Additional Information (Details) € / shares in Units, € in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025 EUR (€)	Sep. 30, 2024 EUR (€)	Sep. 30, 2025 EUR (€)	Sep. 30, 2024 EUR (€)	Sep. 30, 2025 kr / shares	Sep. 30, 2025 € / shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share nominal value \| kr / shares					kr 1
Warrants [member] \| Bottom of range [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price of outstanding share options						€ 11.98
Warrants [member] \| Top of range [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price of outstanding share options						€ 172.77
Performance Stock Unit Program [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Description of vesting			In addition to service conditions, vesting is also contingent upon achievement of long-term strategic goals as evaluated by the Board no later than two weeks prior to each vesting date. Exceeding performance targets will not result in vesting of more PSUs than 100%, nor will it result in additional grants.
Performance Stock Unit Program [Member] \| Top of range [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Percentage of vesting rights					100.00%	100.00%
Profit Loss [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share based compensation costs \| €	€ 30.6	€ 26.0	€ 86.2	€ 69.3

Summary of Material Accounting Policies	9 Months Ended
Summary of Material Accounting Policies	Sep. 30, 2025
Disclosure of voluntary change in accounting policy [abstract]
Summary of Material Accounting Policies	Note 2—Summary of Material Accounting Policies Basis of Preparation The unaudited condensed consolidated interim financial statements of the Company are prepared in accordance with International Accounting Standard 34, “Interim Financial Reporting.” Certain information and disclosures normally included in the annual consolidated financial statements prepared in accordance with IFRS Accounting Standards (“IFRS”) have been condensed or omitted. Accordingly, these unaudited condensed consolidated interim financial statements should be read in conjunction with the Company’s audited annual consolidated financial statements for the year ended December 31, 2024 and accompanying notes, which have been prepared in accordance with IFRS as issued by the International Accounting Standards Board (the “IASB”) and as adopted by the European Union (the “EU”). The accounting policies applied are consistent with those of the previous financial year. A description of the accounting policies is provided in the Accounting Policies section of the audited consolidated financial statements as of and for the year ended December 31, 2024. New and Amended IFRS Accounting Standards and Interpretations In August 2023, the IASB amended IAS 21, “The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability,” to help entities determine whether a currency is exchangeable into another currency and which spot exchange rate to use when it is not. These new requirements apply for annual reporting periods beginning on or after January 1, 2025. The Company does not expect these amendments to have a material impact on its operations or financial statements. New IFRS Accounting Standards Not Yet Effective The IASB has issued a number of new or amended standards, which have not yet become effective or have not yet been adopted by the EU. Therefore, these new standards have not been incorporated in these unaudited condensed consolidated interim financial statements. IFRS 18, “Presentation and Disclosure in Financial Statements” In April 2024, the IASB issued IFRS 18, “Presentation and Disclosure in Financial Statements” (“IFRS 18”), which replaces IAS 1, “Presentation in Financial Statements.” IFRS 18 introduces new categories and subtotals in the statement of profit or loss, into: • Operating activities; • Investing activities; • Financing activities; • Income taxes; and • Discontinued operations. In addition, IFRS 18 includes new requirements for the location, aggregation and disaggregation of financial information, and disclosure of management-defined performance measures, as defined, if any. IFRS 18 does not include any measurement changes. If approved by the EU, the amendments will be effective for annual reporting periods beginning on or after January 1, 2027, and must be applied retrospectively, with early adoption permitted. While IFRS 18 will change the structure and subtotal in the statement of profit or loss, the full impact from implementing IFRS 18 is currently being analyzed by the Company. The unaudited condensed consolidated financial statements are not expected to be affected by other new or amended standards.

Summary of Material Accounting Policies (Policies)	9 Months Ended
Summary of Material Accounting Policies (Policies)	Sep. 30, 2025
Summary of Significant Accounting Policies [abstract]
Basis of Preparation	Basis of Preparation The unaudited condensed consolidated interim financial statements of the Company are prepared in accordance with International Accounting Standard 34, “Interim Financial Reporting.” Certain information and disclosures normally included in the annual consolidated financial statements prepared in accordance with IFRS Accounting Standards (“IFRS”) have been condensed or omitted. Accordingly, these unaudited condensed consolidated interim financial statements should be read in conjunction with the Company’s audited annual consolidated financial statements for the year ended December 31, 2024 and accompanying notes, which have been prepared in accordance with IFRS as issued by the International Accounting Standards Board (the “IASB”) and as adopted by the European Union (the “EU”). The accounting policies applied are consistent with those of the previous financial year. A description of the accounting policies is provided in the Accounting Policies section of the audited consolidated financial statements as of and for the year ended December 31, 2024.
New and Amended IFRS Accounting Standards and Interpretations	New and Amended IFRS Accounting Standards and Interpretations In August 2023, the IASB amended IAS 21, “The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability,” to help entities determine whether a currency is exchangeable into another currency and which spot exchange rate to use when it is not. These new requirements apply for annual reporting periods beginning on or after January 1, 2025. The Company does not expect these amendments to have a material impact on its operations or financial statements. New IFRS Accounting Standards Not Yet Effective The IASB has issued a number of new or amended standards, which have not yet become effective or have not yet been adopted by the EU. Therefore, these new standards have not been incorporated in these unaudited condensed consolidated interim financial statements. IFRS 18, “Presentation and Disclosure in Financial Statements” In April 2024, the IASB issued IFRS 18, “Presentation and Disclosure in Financial Statements” (“IFRS 18”), which replaces IAS 1, “Presentation in Financial Statements.” IFRS 18 introduces new categories and subtotals in the statement of profit or loss, into: • Operating activities; • Investing activities; • Financing activities; • Income taxes; and • Discontinued operations. In addition, IFRS 18 includes new requirements for the location, aggregation and disaggregation of financial information, and disclosure of management-defined performance measures, as defined, if any. IFRS 18 does not include any measurement changes. If approved by the EU, the amendments will be effective for annual reporting periods beginning on or after January 1, 2027, and must be applied retrospectively, with early adoption permitted. While IFRS 18 will change the structure and subtotal in the statement of profit or loss, the full impact from implementing IFRS 18 is currently being analyzed by the Company. The unaudited condensed consolidated financial statements are not expected to be affected by other new or amended standards.

Significant Events in the Reporting Period

9 Months Ended

Sep. 30, 2025

Significant Events in the Reporting Period [Abstract]

Significant Events In the Reporting Period

Note 4—Significant Events in the Reporting Period

VISEN Pharmaceuticals Initial Public Offering

On March 20, 2025, VISEN Pharmaceuticals (“VISEN”) announced the pricing of its initial public offering (“IPO”) on the Hong Kong Stock Exchange. The IPO closed on March 21, 2025, and VISEN’s shares began trading under the stock code 2561.HK.

The Company’s investment in VISEN is accounted for using the equity method in the consolidated financial statements as the Company has determined that it has significant influence over the investment. Following the IPO, the Company owned 39.2% in VISEN. As a result, a non-cash gain of €35.7 million was recognized in the consolidated statement of profit or loss as part of share of profit/(loss) of associates. The IPO did not change the accounting treatment of VISEN. As of September 30, 2025, VISEN’s share price was HK$42.5, reflecting a total market value of the Company’s equity position of approximately €191.0 million. As of September 30, 2025, the carrying amount of VISEN using the equity method was €22.9 million.

The management and existing shareholders of VISEN, including Ascendis Pharma, have entered into customary lock-up agreements restricting the sale of VISEN shares for six months following the IPO; additionally, certain significant shareholders of VISEN, including the Company, are subject to an additional lock-up obligation during the period commencing on the date that is six months after the IPO and ending on the date that is 12 months after the IPO during which such shareholders may not sell shares of VISEN to an extent that would cause such shareholder to cease being a controlling shareholder of VISEN pursuant to applicable listing rules.

Share Repurchase Program

On February 12, 2025, the Company announced that the Board has authorized the Company to repurchase up to $18.25 million of the Company’s ADSs, each of which represents one ordinary share of Ascendis Pharma A/S (the “Share Repurchase Program”). On March 4, 2025, the Share Repurchase Program was fully executed in compliance with Rules 10b-18 and 10b5-1 of the Securities Exchange Act of 1934, as amended.

As of September 30, 2025, the Board has authorized to repurchase up to 1,726,015 of the Company’s ADSs.

The holding of treasury shares is disclosed in Note 10, “Treasury Shares.”

Property, Plant and Equipment

Impairment on Property, Plant and Equipment

The nine months ended September 30, 2025 included an impairment charge of €7.5 million, related to change in activities at one of our sites in the U.S. and is included as part of research and development expenses, and selling general and administrative expenses. In June 2025, a sublease for the site was incepted with an expected commencement date as of January 1, 2026.

Right-of-use Assets

For the nine months ended September 30, 2025, the Company’s headquarters were extended, with further modified lease terms in July 2025. The extension and modification resulted in an increased lease liability of approximately €21.4 million and a corresponding addition to the right-of-use assets presented as part of property, plant and equipment.

Equity Development

As of September 30, 2025, the unaudited condensed consolidated interim statements of financial position presented a negative balance of equity of €174.1 million. Under Danish corporate law, as Ascendis Pharma A/S, the parent company of the Company, holds a positive balance of equity, the Company is currently not subject to legal or regulatory requirements to re-establish the balance of equity. There is no direct impact from the negative balance of equity to the liquidity and capital resources.

Based on its current operating plan, the Company believes that the existing capital resources as of September 30, 2025, will be sufficient to meet projected cash requirements for at least twelve months from the date of this report. However, the Company’s operating plan may change as a result of many factors that are currently unknown, and the Company may need to seek additional funds. Further details regarding borrowings including maturity analysis are provided in Note 11, “Financial Assets and Liabilities.”

Share Capital - Additional Information (Detail)	9 Months Ended
Share Capital - Additional Information (Detail)	Sep. 30, 2025 kr / shares shares
Disclosure of classes of share capital [line items]
Number of shares issued	61,695,211
Share nominal value \| kr / shares	kr 1
Increase in share capital	1,005,724
Ordinary shares [member]
Disclosure of classes of share capital [line items]
Number of shares outstanding	597,055

Consolidated Statements of Changes in Equity - EUR (€) € in Thousands	Total	Share Capital [member]	Share Premium [member]	Treasury Shares [member]	Foreign Currency Translation Reserve [member]	Accumulated Deficit [member]
Equity at Dec. 31, 2023	€ (145,697)	€ 7,749	€ 2,123,074	€ (146)	€ 721	€ (2,277,095)
Net profit/(loss) for the period	(339,615)					(339,615)
Other comprehensive income/(loss), net of tax	232				232
Total comprehensive income/(loss)	(339,383)				232	(339,615)
Share-based payment (Note 8)	69,291					69,291
Transfer under stock incentive programs				28		(28)
Capital increase (Note 9)	337,760	394	337,366
Cost of capital increase	(19,291)		(19,291)
Equity at Sep. 30, 2024	(97,320)	8,143	2,441,149	(118)	953	(2,547,447)
Equity at Dec. 31, 2024	(105,706)	8,149	2,444,175	(113)	1,783	(2,559,700)
Net profit/(loss) for the period	(194,472)					(194,472)
Other comprehensive income/(loss), net of tax	(3,048)				(3,048)
Total comprehensive income/(loss)	(197,520)				(3,048)	(194,472)
Share-based payment (Note 8)	86,216					86,216
Acquisition of treasury shares (Note 10)	(17,396)			(16)		(17,380)
Transfer under stock incentive programs				49		(49)
Net settlement under stock incentive programs	(11,396)					(11,396)
Capital increase (Note 9)	71,727	135	71,592
Equity at Sep. 30, 2025	€ (174,075)	€ 8,284	€ 2,515,767	€ (80)	€ (1,265)	€ (2,696,781)

Financial Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2025

Presentation of leases for lessee [abstract]

Schedule of Financial Assets and Financial Liabilities

The financial assets and liabilities comprise the following:


(EUR’000)	September 30, 2025		December 31, 2024
Financial assets by category
Trade receivables		134,734		166,280
Other receivables (excluding indirect tax receivables)		6,973		3,964
Cash and cash equivalents		539,092		559,543
Financial assets measured at amortized cost		680,799		729,787
Total financial assets		680,799		729,787
Classified in the statement of financial position
Non-current assets		3,160		2,317
Current assets		677,639		727,470
Total financial assets		680,799		729,787

Financial liabilities by category
Borrowings
Convertible senior notes		426,241		458,207
Royalty funding liabilities		287,760		305,379
Lease liabilities		99,649		93,030
Trade payables and accrued expenses		78,601		96,394
Other liabilities (excluding indirect tax, and employee related payables)		1,048		311
Financial liabilities measured at amortized cost		893,299		953,321
Derivative liabilities		233,761		150,670
Financial liabilities measured at fair value through profit or loss		233,761		150,670
Total financial liabilities		1,127,060		1,103,991
Classified in the statement of financial position
Non-current liabilities		331,369		365,080
Current liabilities		795,691		738,911
Total financial liabilities		1,127,060		1,103,991

Summary of Fair Value Hierarchy


	September 30, 2025				December 31, 2024
(EUR’000)	Carrying amount		Fair value		Carrying amount		Fair value		Fair value level
Convertible senior notes		426,241		415,635		458,207		438,288		3
Royalty funding liabilities		287,760		295,045		305,379		305,673		3
Financial liabilities measured at amortized cost		714,001		710,680		763,586		743,961
Derivative liabilities		233,761		233,761		150,670		150,670		3
Financial liabilities measured at fair value through profit or loss		233,761		233,761		150,670		150,670

Movements in Level 3 Fair Value Measurements

The following table specifies movements in level 3 fair value measurements:


(EUR’000)	2025		2024
Derivative liabilities
January 1		150,670		143,296
Remeasurement recognized in finance (income) or expense		83,091		25,050
September 30		233,761		168,346

Summary of Maturity Analysis For Financial Liabilities


(EUR’000)	< 1 year		1-5 years		>5 years		Total contractual cash-flows		Carrying amount
Financial liabilities
September 30, 2025
Borrowings (excluding lease liabilities)		54,946		880,082		—		935,028		714,001
Lease liabilities		15,828		62,323		38,508		116,659		99,649
Trade payables, accrued expenses and other liabilities		79,649		—		—		79,649		79,649
Total financial liabilities		150,423		942,405		38,508		1,131,336		893,299

Cover Page	9 Months Ended
Cover Page	Sep. 30, 2025
Document Information [Line Items]
Document Type	6-K
Amendment Flag	false
Document Period End Date	Sep. 30, 2025
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3
Entity Registrant Name	Ascendis Pharma A/S
Entity Central Index Key	0001612042
Current Fiscal Year End Date	--12-31

Segment Information

9 Months Ended

Sep. 30, 2025

Disclosure of operating segments [abstract]

Segment Information

Note 7—Segment Information

The Company is managed and operated as one business unit. Accordingly, no additional information on business segments or geographical areas is disclosed apart from revenue on geographical areas as disclosed in Note 5 “Revenue.” Revenue is specified on geographical areas according to the location of the customer.

Revenue - Schedule of Revenue Recognized in Consolidated Statements of Profit or Loss (Parenthetical) (Detail) - EUR (€)	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Revenue
Revenue	€ 213,634,000	€ 57,833,000	€ 472,632,000	€ 189,725,000
Denmark [member]
Revenue
Revenue	€ 4,100,000	€ 0	€ 9,100,000	€ 0

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+ Details

Share Capital

9 Months Ended

Sep. 30, 2025

Disclosure of classes of share capital [abstract]

Share Capital

Note 9—Share Capital

The share capital of Ascendis Pharma A/S consists of 61,695,211 fully paid shares at a nominal value of DKK 1, all in the same share class, and which includes 597,055 ordinary shares represented by ADSs held by Ascendis Pharma A/S. For the nine months ended September 30, 2025, the share capital was increased with 1,005,724 number of shares.