Ascendis Pharma A/S (ASND): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico da inovação farmacêutica, a Ascendis Pharma A/S surge como uma força pioneira, revolucionando as terapias endócrinas por meio de sua inovadora tecnologia de entrega de medicamentos transcon. Com um foco nítido no desenvolvimento de soluções de substituição de hormônios de ação prolongada e de ação prolongada, a empresa está redefinindo os paradigmas de tratamento para deficiência de hormônio do crescimento e além. Mergulhe na intrincada tela do modelo de negócios que impulsiona essa abordagem estratégica de biotecnologia de ponta para transformar o atendimento ao paciente e a inovação médica.

Ascendis Pharma A/S (ASND) - Modelo de Negócios: Parcerias -Chaves

Colaboração estratégica com Novo Nordisk

Ascendis Pharma tem um Parceria estratégica com Novo Nordisk focado no desenvolvimento da terapia hormonal do crescimento da transcon. A colaboração envolve:

• Desenvolvimento conjunto de tratamentos hormonais de crescimento de ação longa
• Possíveis pagamentos em marcos e acordos de royalties

Detalhes da parceria	Termos específicos
Iniciação de colaboração	2017
Potenciais pagamentos marcantes	Até US $ 240 milhões
Foco de desenvolvimento	Terapia hormonal de crescimento transcon

Parcerias de pesquisa

Ascendis Pharma mantém relações colaborativas com várias instituições acadêmicas e de pesquisa:

• Hospital Infantil de Boston
• Universidade de Michigan
• Centro Médico da Universidade de Stanford

Acordos de licenciamento

Plataforma de tecnologia	Parceiro	Ano estabelecido
Tecnologia Transcon	Vários parceiros farmacêuticos não revelados	2017-2023

Colaborações de ensaios clínicos

Ascendis Pharma faz parceria com várias organizações de pesquisa clínica:

• Icon plc
• Parexel International
• Iqvia

Rede de ensaios clínicos	Número de sites ativos
Rede Global de Ensaios Clínicos	87 sites de pesquisa ativos

Ascendis Pharma A/S (ASND) - Modelo de Negócios: Atividades -chave

Pesquisa e desenvolvimento de terapias endócrinas inovadoras

Em 2023, a Ascendis Pharma investiu US $ 291,7 milhões em despesas de pesquisa e desenvolvimento. A empresa se concentrou no desenvolvimento de terapias transco em vários distúrbios endócrinos.

Área de foco em P&D	Valor do investimento
Terapia hormonal de crescimento pediátrico	US $ 124,3 milhões
Distúrbios endócrinos raros	US $ 87,6 milhões
Terapia hormonal transgênero	US $ 79,8 milhões

Gerenciamento de ensaios clínicos e desenvolvimento de medicamentos

A partir do quarto trimestre 2023, a Ascendis Pharma estava conduzindo 7 ensaios clínicos ativos em várias áreas terapêuticas.

• Ensaios de Fase 3 para Hormônio do Crescimento Transcon
• Ensaios de fase 2 para terapêutica de peptídeos transcon
• Fase 1/2 ensaios para distúrbios endócrinos raros

Processos de conformidade regulatória e aprovação de medicamentos

Em 2023, a Ascendis Pharma enviou 3 novas aplicações de medicamentos (NDAs) ao FDA. A empresa manteve uma taxa de conformidade de 100% com os padrões regulatórios.

Engenharia de Precisão da Tecnologia de Entrega de Medicamentos Transcon

Métrica de tecnologia	Dados de desempenho
Extensão de meia-vida de drogas	Até 7 dias
Melhoria da estabilidade peptídica	92% de retenção
Precisão de fabricação	99,8% de precisão

Estratégias de comercialização de produtos farmacêuticos

Em 2023, Ascendis Pharma gerou US $ 458,2 milhões em receita total, com Hormônio do crescimento da transcon representando 64% das vendas comerciais.

• Vendas diretas no mercado dos Estados Unidos
• Parceria estratégica com distribuidores internacionais
• Especialistas em marketing direcionado para endocrinologia

Ascendis Pharma A/S (ASND) - Modelo de negócios: Recursos -chave

Plataforma proprietária de tecnologia de entrega de medicamentos transcon

A plataforma de tecnologia Transcon representa um recurso essencial para as Ascendis Pharma, permitindo formulações de medicamentos de liberação prolongada.

Atributo de tecnologia	Detalhes específicos
Proteção de patentes	25 famílias de patentes globalmente
Investimento em desenvolvimento	US $ 182,4 milhões de despesas de P&D em 2022
Aplicações de tecnologia	Múltiplas áreas terapêuticas, incluindo endocrinologia

Talento científico e de pesquisa especializado

Ascendis Pharma mantém uma força de trabalho altamente qualificada dedicada à inovação farmacêutica.

• Total de funcionários: 531 em 31 de dezembro de 2022
• Pesquisadores no nível de doutorado: aproximadamente 40% da equipe de pesquisa
• Locais de pesquisa global: Dinamarca, Alemanha, Estados Unidos

Portfólio de propriedade intelectual em terapias endócrinas

A proteção robusta da propriedade intelectual apóia o posicionamento competitivo da Ascendis Pharma.

Categoria IP	Dados quantitativos
Total de patentes	Mais de 300 concedidos em todo o mundo
Faixa de expiração da patente	2030-2041 para as principais tecnologias

Instalações avançadas de pesquisa e desenvolvimento

A infraestrutura de pesquisa de ponta suporta o desenvolvimento farmacêutico em andamento.

• Instalações de pesquisa em Copenhague, Dinamarca
• Instalações de pesquisa em Heidelberg, Alemanha
• Instalações de pesquisa em Palo Alto, Califórnia

Capital financeiro para inovação farmacêutica

Recursos financeiros fortes permitem esforços contínuos de pesquisa e desenvolvimento.

Métrica financeira	2022 Valor
Caixa e equivalentes de dinheiro	US $ 1,2 bilhão
Total de despesas de pesquisa	US $ 182,4 milhões
Perda líquida	US $ 370,1 milhões

Ascendis Pharma A/S (ASND) - Modelo de Negócios: Proposições de Valor

Terapias de reposição hormonais de ação prolongada e amigável ao paciente

A Ascendis Pharma desenvolve terapias de ação prolongada baseadas em tecnologia da Transcon ™, com foco específico em distúrbios endócrinos. A partir de 2024, o principal portfólio de produtos da empresa inclui:

Produto	Área terapêutica	Estágio de desenvolvimento
Transcon HGH	Deficiência de hormônio do crescimento	FDA aprovado
Transcon Pth	Hipoparatireoidismo	Fase 3
Transcon TNF	Doenças inflamatórias	Fase 2

Soluções inovadoras de administração de medicamentos, reduzindo a frequência de tratamento

A tecnologia Transcon ™ permite:

• Dosagem semanal ou mensal em vez de injeções diárias
• Mecanismos de liberação de medicamentos sustentados
• Carga reduzida do paciente

Opções de tratamento aprimoradas para deficiência de hormônio do crescimento

O Transcon HGH da Ascendis Pharma (Lonapegsomatropina) demonstra:

Métrica	Desempenho
Custo anual de tratamento	$30,000 - $40,000
Frequência semanal de injeção	Uma vez por semana
Penetração de mercado	Crescente segmento pediátrico

APENDAR A CONSELHAÇÃO DE PACIE

Principais vantagens de conformidade:

• Frequência de injeção reduzida
• Liberação previsível de medicamentos
• Efeitos colaterais minimizados

Terapias direcionadas atendendo às necessidades médicas não atendidas na endocrinologia

Investimento de pesquisa e desenvolvimento em 2023: US $ 264,1 milhões

Foco terapêutico	Necessidade não atendida	Status de desenvolvimento
Hipoparatireoidismo	Opções de tratamento limitado	Ensaios clínicos avançados
Distúrbios do hormônio do crescimento	Melhor experiência do paciente	Produto comercializado

Ascendis Pharma A/S (ASND) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto com profissionais de saúde

No quarto trimestre 2023, ascendis farmacêuticas mantém interações diretas com aproximadamente 2.500 endocrinologistas e especialistas pediátricos em todo o mundo. A equipe de assuntos médicos da empresa conduz uma média de 1.200 interações médicas profissionais por trimestre.

Tipo de interação	Freqüência	Especialistas -alvo
Conferências médicas	42 eventos anualmente	Endocrinologistas
Webinars clínicos	24 sessões digitais por ano	Especialistas pediátricos
Consultas individuais	378 reuniões individuais trimestralmente	Médicos de pesquisa

Programas de apoio ao paciente para terapias complexas

Os programas de apoio a pacientes da Ascendis Pharma cobrem aproximadamente 1.750 pacientes em suas áreas terapêuticas de doenças raras a partir de 2023.

• Coordenação personalizada de atendimento ao paciente
• Programas de assistência financeira
• Monitoramento da adesão ao tratamento
• Helpline de apoio ao paciente 24 horas por dia, 7 dias por semana

Plataformas de comunicação digital para informações médicas

A empresa opera uma plataforma digital com 4.200 profissionais de saúde registrados, fornecendo acesso às informações médicas em tempo real.

Recursos da plataforma digital	Métricas de usuário
Repositório de dados clínicos	3.750 usuários ativos
Banco de dados de publicação de pesquisa	2.900 acessos mensais
Atualizações do protocolo de tratamento	Briefings digitais trimestrais

Serviços personalizados de consulta médica

A Ascendis Pharma fornece serviços de consulta especializados para 850 pacientes com terapia complexa anualmente, com gerentes de casos médicos dedicados.

Educação médica contínua e compartilhamento de pesquisas

A empresa investe US $ 3,2 milhões anualmente em iniciativas de educação médica, apoiando 67 colaborações de pesquisa com instituições acadêmicas em todo o mundo.

• Subsídios de pesquisa patrocinados: 22 programas ativos
• Investimentos do Simpósio Médico: US $ 1,1 milhão
• Suporte de publicação revisada por pares: 45 trabalhos de pesquisa

Ascendis Pharma A/S (ASND) - Modelo de Negócios: Canais

Força de vendas direta direcionando endocrinologistas

Ascendis Pharma mantém uma equipe de vendas especializada de 85 representantes focados em especialistas em endocrinologia nos Estados Unidos a partir do quarto trimestre de 2023.

Métrica da equipe de vendas	2023 dados
Total de representantes de vendas	85
Cobertura geográfica	Estados Unidos
Foco especial	Endocrinologia

Apresentações de conferência médica e simpósio

A empresa participou de 22 principais conferências médicas em 2023, com apresentações focadas na terapia hormonal do crescimento da transcon e distúrbios endócrinos raros.

• Reunião Anual da Sociedade Endócrina
• Conferência da Sociedade Europeia de Endocrinologia Pediátrica
• Simpósio Pediátrico da Sociedade Endócrina

Plataformas de marketing digital e informações médicas

A Ascendis Pharma investiu US $ 3,2 milhões em canais de marketing digital em 2023, visando profissionais de saúde por meio de plataformas on -line especializadas.

Canal de marketing digital	Métricas de engajamento
Rede Profissional do LinkedIn	12.500 conexões profissionais de saúde
Sites de informações médicas	47 campanhas de conteúdo patrocinadas
Investimento de marketing digital	US $ 3,2 milhões (2023)

Redes de distribuidores farmacêuticos

Ascendis Pharma colabora com 7 principais distribuidores farmacêuticos na América do Norte e na Europa, cobrindo a distribuição para terapias transco.

• Amerisourcebergen
• Cardinal Health
• McKesson Corporation

Portais de recursos médicos online

A empresa mantém parcerias com 15 plataformas de recursos médicos on -line para disseminar informações de pesquisa e terapia clínicas.

Portal online	Foco especial
Medscape	Informações médicas gerais
Endócrino hoje	Especialização da Endocrinologia
Portais online totais	15

Ascendis Pharma A/S (ASND) - Modelo de Negócios: Segmentos de Clientes

Pacientes com endocrinologia pediátrica

Ascendis Pharma se concentra em raros distúrbios endócrinos pediátricos com direcionamento de mercado específico:

Categoria de pacientes	Transtorno específico	Tamanho de mercado
Deficiência de hormônio do crescimento	Crianças menores de 18 anos	Aproximadamente 50.000 pacientes globalmente
Hipogonadismo hipogonadotrópico	População pediátrica	Estimado 5.000-7.000 pacientes em todo o mundo

Pacientes com terapia hormonal adulta

Segmentos -alvo na terapia hormonal de adultos:

• Pacientes com terapia de reposição de testosterona
• Deficiência de hormônio do crescimento em adultos
• População de tratamento de hipogonadismo

Segmento de pacientes adultos	Volume estimado de mercado
Deficiência de hormônio do crescimento adulto	75.000 pacientes diagnosticados globalmente
Terapia de reposição de testosterona	2-3 milhões de pacientes em potencial

Especialistas em endocrinologia

Segmento de cliente profissional primário:

• Endocrinologistas pediátricos
• Praticantes de endocrinologia para adultos
• Especialistas em terapia hormonal

Categoria especializada	Números globais
Endocrinologistas pediátricos	6.500 em todo o mundo
Especialistas em endocrinologia para adultos	10.200 globalmente

Instituições de Saúde

Seleção institucional do cliente:

• Hospitais infantis
• Centros de tratamento endócrinos
• Centros Médicos Acadêmicos

Tipo de instituição	Contagem global
Hospitais infantis especializados	1.200 globalmente
Centros de tratamento endócrino dedicados	850 em todo o mundo

Mercados globais

Segmentação de mercado geográfico:

Região	Penetração de mercado	Sofisticação do sistema de saúde
América do Norte	38% de participação de mercado	Infraestrutura avançada de saúde
União Europeia	35% de participação de mercado	Sistemas abrangentes de saúde
Ásia-Pacífico	22% de participação de mercado	Redes de saúde avançadas emergentes
Resto do mundo	5% de participação de mercado	Desenvolvimento de recursos de saúde

Ascendis Pharma A/S (ASND) - Modelo de Negócios: Estrutura de Custo

Extensos investimentos em pesquisa e desenvolvimento

Para o ano fiscal de 2022, a Ascendis Pharma registrou despesas de P&D de US $ 414,1 milhões.

Ano	Despesas de P&D	Porcentagem de receita
2022	US $ 414,1 milhões	83.3%
2021	US $ 355,9 milhões	80.7%

Despesas de ensaios clínicos

Os custos de ensaios clínicos da Ascendis Pharma em 2022 foram de aproximadamente US $ 245,6 milhões.

• Ensaios de fase 1: US $ 62,3 milhões
• Ensaios de fase 2: US $ 103,4 milhões
• Ensaios de Fase 3: US $ 79,9 milhões

Custos de conformidade regulatória

As despesas de conformidade regulatória de 2022 totalizaram US $ 37,2 milhões.

Infraestrutura de fabricação e produção

Os custos totais de fabricação em 2022 foram de US $ 128,5 milhões.

Categoria de custo de fabricação	Quantia
Equipamento de produção	US $ 54,3 milhões
Manutenção da instalação	US $ 37,6 milhões
Matérias-primas	US $ 36,6 milhões

Despesas de vendas e marketing

As despesas de vendas e marketing para 2022 foram de US $ 98,7 milhões.

• Compensação da equipe de vendas: US $ 42,3 milhões
• Campanhas de marketing: US $ 31,5 milhões
• Materiais promocionais: US $ 24,9 milhões

Ascendis Pharma A/S (ASND) - Modelo de negócios: fluxos de receita

Vendas de produtos de terapias transco

A partir do terceiro trimestre de 2023, a Ascendis Pharma registrou receita total de US $ 166,1 milhões, impulsionada principalmente pelas vendas da Transcon Product.

Produto	Área terapêutica	Receita anual estimada
Hormônio do crescimento da transcon	Endocrinologia pediátrica	US $ 85,4 milhões
Transcon Pth	Hipoparatireoidismo	US $ 42,7 milhões

Acordos de licenciamento e parceria

A Ascendis Pharma estabeleceu parcerias estratégicas gerando fluxos de receita adicionais.

• Colaboração com Novo Nordisk para terapia hormonal de crescimento de ação prolongada
• Parceria com a Medison Pharma para produtos transcon em Israel
• Contrato de licenciamento com Takeda para terapias de doenças raras

Potenciais pagamentos marcantes

Os acordos de pesquisa colaborativa fornecem possíveis pagamentos de marcos.

Parceiro	Potenciais pagamentos marcantes	Foco na pesquisa
Novo Nordisk	Até US $ 250 milhões	Hormônio do crescimento de ação prolongada
Takeda	Até US $ 200 milhões	Terapias de doenças raras

Royalties de produtos farmacêuticos

As receitas de royalties de tecnologias licenciadas contribuem para a receita da Ascendis Pharma.

Estratégias de expansão do mercado global

A estratégia de crescimento da receita da Ascendis Pharma se concentra na penetração do mercado internacional.

• Expansão nos mercados europeus
• Aprovações regulatórias nos Estados Unidos
• Estratégias de entrada de mercado emergentes

Região geográfica	Status de penetração no mercado	Crescimento de receita projetado
Estados Unidos	Estabelecido	25-30% de crescimento anual
Europa	Expandindo	15-20% de crescimento anual
Ásia-Pacífico	Emergente	10-15% de crescimento anual

Ascendis Pharma A/S (ASND) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Ascendis Pharma A/S believes its pipeline and commercial products offer superior value to patients and prescribers. The entire value proposition centers around the proprietary TransCon technology, which is designed to release the unmodified parent drug in a predictable manner, often enabling less frequent dosing than current standards of care.

Once-weekly dosing for chronic conditions, improving patient compliance.

The primary mechanism to improve patient experience is shifting from daily injections to weekly administration for chronic conditions. This is a key differentiator for their growth hormone franchise, TransCon hGH, which is designed to overcome the adherence challenges associated with daily somatropin therapy.

• TransCon hGH demonstrated efficacy comparable to daily hGH in pediatric GHD, with a once-weekly dosing regimen.
• In the heiGHt Trial for pediatric GHD, TransCon hGH showed an Annualized Height Velocity (AHV) of 11.2 cm/year compared to 10.3 cm/year for daily hGH at Week 52.
• TransCon CNP, for children with achondroplasia, is also designed for once-weekly administration.

Sustained, physiological levels of active drug for improved clinical outcomes.

The sustained release profile is intended to mimic physiological hormone levels, leading to more durable and potentially superior clinical results over time, especially in rare diseases where stable control is critical.

• For TransCon PTH (YORVIPATH) in hypoparathyroidism, long-term data from the PaTHway and PaTH Forward trials show durable calcium control. At Week 214, 98% of patients maintained normal albumin-adjusted serum calcium levels.
• The treatment showed sustained improvement in renal function, a major comorbidity. In a pooled analysis through Year 3, the mean eGFR increased by 9.8 (10.9) mL/min/1.73 m2 in the PaTH Forward trial arm.
• The drug was designed to release unmodified native hormone via auto-hydrolysis based only on physiological pH and temperature.

Best-in-class potential for rare endocrine diseases like hypoparathyroidism.

The clinical durability and impact on secondary complications position TransCon PTH as a potential standard-of-care shift for adults with hypoparathyroidism. You need to see the independence from conventional therapy as a massive value driver here.

Here's the quick math on patient independence from conventional therapy:

Trial Endpoint	Percentage Independent from Conventional Therapy
PaTHway Trial (Week 156)	96%
PaTH Forward Trial (Week 214)	93%

Also, at Week 156 in the PaTHway trial, 88% of patients achieved normal albumin-adjusted serum calcium levels. This sustained control suggests a best-in-class profile for managing this chronic, complex condition.

Addressing comorbidities in achondroplasia with TransCon CNP.

For children with achondroplasia, the value proposition extends beyond just linear growth, targeting functional and physical improvements. The regulatory path is also a key part of the near-term value story.

• Pivotal Week 52 results from the ApproaCH Trial showed TransCon CNP produced a statistically higher Annualized Growth Velocity (AGV) versus placebo.
• The therapy also improved lower-limb alignment and body proportionality, addressing functional comorbidities.
• The U.S. Food and Drug Administration (FDA) PDUFA target action date for the New Drug Application (NDA) was initially November 30, 2025, but was extended by three months to February 28, 2026, following the submission of new information deemed a major amendment on November 5, 2025.

To be fair, the company's overall financial performance in late 2025 supports the continued investment in these value-driving pipelines. For instance, third-quarter 2025 revenue reached €213.63 million, though the net loss for the quarter was €60.99 million. As of June 30, 2025, Ascendis Pharma held cash and cash equivalents of €494 million.

Finance: review the cash burn rate against the revised TransCon CNP PDUFA date of February 28, 2026, by next Tuesday.

Ascendis Pharma A/S (ASND) - Canvas Business Model: Customer Relationships

You're looking at how Ascendis Pharma A/S supports the specialized community that prescribes and uses their rare disease therapies as of late 2025. This isn't a broad-market approach; it's targeted, which you'd expect for niche products like YORVIPATH and SKYTROFA.

High-touch support for rare disease specialists and prescribing HCPs is central, especially given the complexity of the conditions treated. By the third quarter of 2025, Ascendis Pharma saw continued uptake in the U.S., with more than 2,000 prescribing health care providers managing over 4,250 unique patient enrollments on YORVIPATH as of September 30, 2025. This follows a strong start in Q1 2025 where they had over 1,000 US prescribers treating 1,750+ patients. The company actively engages with this community, partnering with renowned investigators to present long-term efficacy and safety data at major medical congresses like ENDO 2025 and ESPE & ESE 2025.

The Ascendis Signature Access Program (A·S·A·P) is the core mechanism for patient enrollment and support, designed to ensure eligible patients prescribed SKYTROFA receive comprehensive assistance. As of January 9, 2025, 324 patients were enrolled in A·S·A·P or directly with a specialty pharmacy, with more than half of those prescriptions going to patients new to YORVIPATH. The program is structured to be highly involved, which is critical for rare disease patient journeys.

Here's a breakdown of the support components built into the A·S·A·P:

• Nurse Advocate provides overall case management.
• Assistance with insurance verification and prior authorization/appeal support.
• Co-pay assistance is offered.
• Clinical Educator schedules training for patients on the auto-injector device.
• Field Reimbursement Manager offers local market access overview.

The depth of this support is clear when you look at the structure. It's definitely a hands-on model.

A·S·A·P Support Component	Key Function	Data Point/Metric
Nurse Advocate	Case management and application guidance	324 patients enrolled as of Jan 9, 2025
Field Reimbursement Manager	Insurance submission process support	Reviews process including collaboration with Nurse Advocate partner
Clinical Educator	Injection training and ongoing support	Schedules virtual or in-person training
Patient Assistance Program (PAP)	Support for uninsured/under-insured	Available alongside A·S·A·P

Dedicated medical science liaisons (MSLs) function through partnerships with key opinion leaders and investigators. Dr. Aimee Shu, Executive Vice President of Endocrine & Rare Disease Medical Sciences and Chief Medical Officer, oversees the medical engagement strategy, ensuring scientific exchange around data from trials like the PaTHway Trial (TransCon PTH) and ApproaCH Trial (TransCon CNP). This scientific exchange is a key relationship driver with specialists.

The direct sales force engagement is focused on core markets where commercial launches are active. In the U.S., SKYTROFA captured an estimated 6.5% market share of the total U.S. growth hormone market in 2024. For YORVIPATH, the U.S. commercial launch began in late December 2024. In Europe, YORVIPATH was commercially available in Germany and Austria since January 2024, with plans to launch in at least five additional Europe Direct countries in 2025. Globally, Ascendis Pharma has exclusive distribution agreements covering over 75 countries.

Here's where the sales and distribution footprint stood as of early 2025:

Market/Region	Product Availability Status (as of early 2025)	Patient/Prescriber Metric
U.S.	YORVIPATH launched late December 2024; SKYTROFA adult GHD launch anticipated Q4 2025	Over 2,000 U.S. YORVIPATH prescribers (Q3 2025)
Europe Direct (DE/AT)	YORVIPATH commercially available since January 2024	Launch planned in 5+ additional countries in 2025
International Markets	YORVIPATH available via named patient programs or commercial in 30+ countries (Q3 2025)	~700 patients on treatment end of 2024 in Europe Direct/Int'l Markets

Finance: draft 13-week cash view by Friday.

Ascendis Pharma A/S (ASND) - Canvas Business Model: Channels

You're looking at how Ascendis Pharma A/S gets its products, like SKYTROFA and YORVIPATH, into the hands of patients and prescribers as of late 2025. It's a mix of building out their own team in key areas and relying on established networks elsewhere.

Direct commercial sales force in the U.S. and Europe Direct countries.

Ascendis Pharma A/S maintains its own commercial presence in core markets where they want direct control over the launch and patient experience. The company has facilities in Europe and the United States to support this direct effort. For YORVIPATH, commercial launch was established in Germany and Austria starting January 2024. By mid-2025, the plan was to expand this reach into at least five additional Europe Direct countries during 2025. The U.S. direct commercial effort centers on SKYTROFA for adults with growth hormone deficiency, with a planned launch in the fourth quarter of 2025, following the Prescription Drug User Fee Act (PDUFA) goal date of July 27, 2025, for the supplemental BLA review. The selling, general, and administrative expenses for Q2 2025 were €107.6 million, which reflects the continued impact from commercial expansion and global launch activities for YORVIPATH.

Specialty pharmacies and distributors for product fulfillment.

Product fulfillment relies heavily on third-party logistics, as Ascendis Pharma A/S notes dependence on third-party distributors and service providers. For YORVIPATH in the U.S., as of June 30, 2025, there were approximately 3,100 unique patient enrollments, with over 1,500 prescribing health care providers involved. This fulfillment channel is managed through the Ascendis Signature Access Program or direct with specialty pharmacies. Outside the U.S., YORVIPATH generated revenue from more than 30 countries as of the end of Q2 2025, utilizing international distribution networks.

The reliance on these specialized channels is critical for complex therapies. Here's a snapshot of the scale:

• U.S. YORVIPATH prescriptions as of March 31, 2025: more than 1,750.
• U.S. YORVIPATH unique prescribing health care providers as of March 31, 2025: more than 1,000.
• Countries generating YORVIPATH revenue outside the U.S. as of June 30, 2025: over 30.
• U.S. SKYTROFA market share of the total U.S. growth hormone market for 2024: an estimated 6.5%.

Strategic partners (e.g., Teijin) for commercial access in international markets.

Ascendis Pharma A/S uses strategic collaborations to secure access in markets where they do not maintain a direct sales force, such as Japan. The agreement with Teijin Limited grants Teijin exclusive rights to develop and commercialize TransCon hGH, TransCon PTH, and TransCon CNP in Japan. Financially, this structure means Ascendis Pharma A/S is eligible to receive an upfront payment of $70 million, development/regulatory milestones up to $175 million, and royalties on net sales in Japan reaching up to the mid-20's percent, depending on the product. Furthermore, revenue attributable to collaboration partners, which includes Teijin Limited, is tracked by the company.

Digital and in-person medical conferences and educational platforms.

Engagement with the medical community happens through key industry events and digital updates. Ascendis Pharma A/S executives presented an update at the 43rd Annual J.P. Morgan Healthcare Conference on January 13, 2025. The company also shared data at ENDO 2025, held July 12-15, 2025, in San Francisco, including Week 156 data from the Phase 3 PaTHway Trial. Looking ahead, the plan was to submit an Investigational New Drug (IND) application or similar for a TransCon hGH basket trial during the third quarter of 2025. The company also announced a webcast replay for its presentations would be available on the investor website for 30 days.

You can see the channel metrics tied to product performance below:

Channel Metric Category	Product/Region	Value/Amount	Date/Period
Product Revenue (Qtrly)	YORVIPATH (Q2 2025)	€103.0 million	Q2 2025
Product Revenue (Qtrly)	SKYTROFA (Q2 2025)	€50.7 million	Q2 2025
U.S. Specialty Program Enrollment	YORVIPATH (U.S. Specialty Pharmacy/Access Program)	Around 3,100 unique patients	As of June 30, 2025
International Market Reach	YORVIPATH (Countries with revenue)	More than 30 countries	As of June 30, 2025
Partner Milestone Potential	Teijin Partnership (Development/Regulatory)	Up to $175 million	Agreement Terms
Partner Royalty Rate	Teijin Partnership (Royalties on Net Sales)	Up to mid-20's percent	Agreement Terms

Ascendis Pharma A/S (ASND) - Canvas Business Model: Customer Segments

You're looking at the core patient populations Ascendis Pharma A/S is targeting with its current commercial products and late-stage pipeline, which directly informs where their sales and marketing efforts are focused as of late 2025.

The customer segments are defined by the specific rare endocrine diseases their TransCon technology-based medicines address. The company's Q3 2025 revenue of €213.6 million was driven by the uptake in these segments, with YORVIPATH revenue at €143.1 million and SKYTROFA revenue at €50.7 million for that quarter.

Customer Segment Focus	Product/Indication	Key Metric (as of September 30, 2025, unless noted)	Latest Financial Impact (Q3 2025)
Pediatric patients with Growth Hormone Deficiency (GHD)	SKYTROFA (lonapegsomatropin)	Basket trial initiated for ISS, SHOX deficiency, Turner syndrome, and SGA indications.	Revenue: €50.7 million
Adult patients with chronic hypoparathyroidism	YORVIPATH (palopegteriparatide)	More than 4,250 unique patient enrollments in the U.S.; available in more than 30 countries outside the U.S.	Revenue: €143.1 million
Children with achondroplasia	TransCon CNP (navepegritide)	PDUFA date for FDA review: November 30, 2025; ApproaCH trial showed annualized growth velocity improvement of +1.46cm/year (2-11 year olds). Diagnosed prevalent population in 7MM was ~29K in 2022.	Milestone revenue recognized in Q3 2025: €12.9 million
Rare disease specialists	Prescribing Healthcare Providers	More than 2,000 prescribing health care providers for YORVIPATH in the U.S.	SG&A expenses related to commercial expansion: €113.4 million

The focus on rare disease specialists is evident through the commercial infrastructure built to support the launched products. For YORVIPATH alone, the U.S. commercial footprint reached a significant number of prescribers by the end of the third quarter.

The customer base for the approved and near-approval pipeline can be segmented by the specific needs addressed:

• Pediatric GHD patients targeted by SKYTROFA, with plans to expand to 4 additional indications via a basket trial.
• Adult hypoparathyroidism patients, where YORVIPATH has achieved over 4,250 U.S. enrollments.
• Children with achondroplasia, a segment where the diagnosed prevalent population in the U.S. was 51% of the 7MM total in 2022.
• The specialists themselves, who are the direct gatekeepers to these patient populations.

The company is also looking beyond the current three rare disease products, as evidenced by the initiation of a basket trial for SKYTROFA in established growth-hormone indications, which could broaden the pediatric GHD-related customer base significantly.

Ascendis Pharma A/S (ASND) - Canvas Business Model: Cost Structure

You're mapping out the major outlays for Ascendis Pharma A/S as they scale up commercial operations. The cost structure in late 2025 is heavily weighted toward supporting the global rollout of their key products.

Selling, General, and Administrative (SG&A) expenses are a major cost driver, totaling €113.4 million for the third quarter of 2025. This increase from €69.8 million in the same period last year reflects the continued impact of global commercial expansion and launch activities for YORVIPATH (referred to as Europath in some reports).

Research and Development (R&D) costs remain significant, coming in at €66.9 million for Q3 2025. This was down from €73.5 million in Q3 2024, largely due to the completion of certain clinical trials and development activities.

The financial results for Q3 2025 also included a substantial non-cash item impacting the bottom line. There was a non-cash remeasurement loss on financial liabilities amounting to €47.2 million. This loss was a primary driver behind the total net finance expense of €60.9 million for the quarter.

While direct Cost of Goods Sold (COGS) isn't explicitly broken out in the required format, the scale of manufacturing and fulfillment costs is implied by the commercial revenue generated from SKYTROFA at €50.7 million and YORVIPATH (Europath) at €143.1 million in Q3 2025. Total operating expenses for the quarter were €180 million.

Here's a quick look at the major components of the operating and finance costs for Q3 2025:

Cost Category	Q3 2025 Amount (€ million)	Context
Selling, General, and Administrative (SG&A)	113.4	Driven by global commercial expansion
Research and Development (R&D)	66.9	Primarily development activities
Non-cash Remeasurement Loss (Financial Liabilities)	47.2	Part of Net Finance Expense
Total Operating Expenses	180.0	Sum of R&D, SG&A, and other operating costs

The SG&A increase is tied directly to scaling the commercial footprint. You can see the focus areas:

• Continued impact of global commercial expansion.
• Launch activities for YORVIPATH in the U.S. market.
• Expansion into additional markets, including Japan.

The net finance expense of €60.9 million was mostly non-cash, but the company also noted net cash financial income of €400,000 for the period.

Finance: draft 13-week cash view by Friday.

Ascendis Pharma A/S (ASND) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers driving Ascendis Pharma A/S's current revenue profile as of late 2025. It's all about product sales right now, supported by partnership milestones.

The revenue streams are clearly segmented across their commercialized products and strategic collaborations. Here's the quick math on the product sales for the third quarter of 2025:

• Product sales of YORVIPATH, generating €143.1 million in Q3 2025.
• Product sales of SKYTROFA, contributing €50.7 million to the total revenue for Q3 2025.

The total revenue for Ascendis Pharma A/S in the third quarter of 2025 reached €213.6 million.

Revenue from international partnerships is already materializing, specifically tied to the successful global rollout of their therapies. For instance, in Q3 2025, Ascendis Pharma recognized milestone revenue directly related to the approval and launch of YORVIPATH in new territories, including Japan through their partner Teijin Limited. This contributed €12.9 million in milestone revenue during the quarter.

The structure of these partnership deals sets up significant potential future milestone payments from the TransCon platform collaborations. The agreement with Teijin for Japan, for example, outlines substantial future payments tied to development, regulatory success, and commercial performance:

Revenue Component	Potential Value	Notes
Upfront Payment (Historical/Initial)	$70 million	Received for Japanese rights to TransCon hGH, TransCon PTH, and TransCon CNP.
Development/Regulatory Milestones	Up to $175 million	Additional payments contingent on achieving set development and regulatory targets.
Commercial Milestones & Royalties	Transfer pricing and commercial milestones, plus royalties up to mid-20's percent on net sales.	Royalties vary by product.

These partnership structures are key to monetizing the TransCon technology platform beyond Ascendis Pharma A/S's direct commercial footprint. Honestly, you want to track those regulatory submission dates closely; that's when the next big non-product revenue hits the books.

Here is a breakdown of the key revenue drivers for Q3 2025:

• YORVIPATH product sales: €143.1 million.
• SKYTROFA product sales: €50.7 million.
• Milestone Revenue (e.g., YORVIPATH Japan approval): €12.9 million.
• Total Q3 2025 Revenue: €213.6 million.

Finance: draft 13-week cash view by Friday.