Tuesday, Ascendis Pharma A/S ASND reported second-quarter gross sales of $38.76 million (35.9 million euros), lacking the consensus of $92.7 million, down from 47.4 million euros reported a 12 months in the past.
Cantor Fitzgerald writes that the Skytrofa replace in all probability overshadowed one other key replace from the decision: the U.S. pricing for Yorvipath, which got here out at $285,000/affected person/12 months, a lot increased than our expectation of $160-190K.
The analyst notes that as a result of decrease Skytrofa steering, the corporate’s money move breakeven goal has been pushed to 2024-2025 as an alternative of 2024. Attaining breakeven this 12 months is unlikely except the corporate considerably reduces prices.
The analyst maintains the Obese score, with a worth goal lowered from $173 to $170.
The pricing challenges haven’t simply affected Skytrofa; long-acting progress hormone merchandise from Novo Nordisk A/S NVO and Pfizer Inc PFE additionally appeared impacted within the second quarter. Nonetheless, the analyst writes competitors isn’t the first issue.
Stifel maintains a Purchase score, noting that administration continues to see quantity progress and expects GTN stabilization within the close to time period.
Though GH numbers have considerably decreased, Stifel’s core thesis stays centered on the potential of Yorvipath in hypoparathyroidism, which they imagine represents a multi-billion euro market within the U.S., regardless of launch delays and a higher-than-expected U.S. worth of $285K.
Moreover, Ascendis Pharma anticipates knowledge from the ApproaCH trial of TransCon CNP in Achondroplasia within the coming weeks. Expectations for TransCon CNP to be aggressive in opposition to BioMarin Pharmaceutical Inc’s BMRN Voxzogo (vosoritide) stay low.
Value Motion: ASND inventory closed decrease by 11.30% at $119.50 on Wednesday.
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