Investing.com — Shares of Ascendis Pharma (NASDAQ:) dropped in post-market hours on Wednesday following the corporate’s second-quarter earnings report, which fell wanting analysts’ estimates.
Ascendis Pharma’s inventory plunged in after-hours buying and selling, down 18% by 3:03 am (0703 GMT)
The Denmark-based firm reported a internet loss that narrowed to €109.4 million, from €121.4 million in the identical quarter final yr.
“We improve GTN (gross to internet) in our mannequin ranging from Q2’24, reducing our PT to $174,” stated analysts at Jefferies in a word.å
“For Yorvipath, we stay optimistic for its US launch. TransCon CNP’s knowledge now anticipated in Q3’24 and Q1’25 for combo, which may broaden ASND’s product portfolio,” the analysts stated.
Income for the quarter dropped by 24% to €36 million.
“Leads to the quarter have been primarily impacted by a unfavourable adjustment to prior intervals’ estimates and assumptions for gross sales deductions of €27.1 million, the place €19.5 million and €7.6 million have been attributable to the three months ended March 31, 2024, and intervals previous to January 1, 2024, respectively,” the corporate stated in an announcement.
Individually, Ascendis Pharma introduced a $150 million capped artificial royalty funding cope with Royalty Pharma of New York, tied to U.S. gross sales of Yorvipath, a therapy for hypoparathyroidism in adults.
Below the settlement, Ascendis will obtain an upfront fee of $150 million in change for a 3% royalty on U.S. internet gross sales of Yorvipath.
Royalty funds to Royalty Pharma will terminate as soon as the funds attain a a number of of 2x, or 1.65x if Royalty Pharma receives that quantity by December 31, 2029.
