Ascendis Pharma A/S (ASND) Cash Flow: Operating & Free Cash Flow

Ascendis Pharma A/S Cash Flow Statement Analysis

Values in millions EUR

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Ascendis Pharma A/S (ASND) - Annual data in millions EUR
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Jan 2023	Dec 2022	Dec 2021	Dec 2020	Mar 2020	Mar 2019	Dec 2017
Operating Activities
Net Income	-219.03	-378.08	-481.45	-583.19	-583.19	-383.58	-418.96	-218.02	-130.10	-123.90
Depreciation & Amortization	17.00	17.71	18.91	17.96	17.96	15.39	9.45	6.69	0.88	0.73
Deferred Income Tax	3.21	4.84	7.30	-	5.38	-0.37	-0.22	-0.23	-0.39	-0.48
Stock Based Compensation	0.00	95.51	66.66	64.18	64.18	66.83	53.17	37.49	19.65	9.71
Change in Working Capital	68.16	-107.16	-99.79	-12.47	-12.47	-47.72	-0.96	4.07	1.71	5.02
Change in Accounts Receivable	14.97	-118.61	-32.77	-11.53	-11.53	-6.66	-1.86	-1.87	0.18	0.10
Change in Inventory	-5.69	-86.68	-78.26	-55.27	-55.27	-75.41	-5.49	-5.64	0.00	-5.72
Change in Accounts Payable	-9.96	0.00	0.00	45.94	0.00	0.00	7.35	7.51	8.26	10.76
Change in Other Working Capital	68.84	98.13	-2.15	-0.26	-4.24	34.34	-0.96	4.07	-6.74	-5.83
Other Operating Activities	182.44	60.98	-2.15	17.83	-4.24	-68.21	85.97	-5.93	-30.55	13.81
Net Cash from Operating Activities	51.77	-306.20	-467.36	-495.70	-495.70	-417.65	-271.55	-175.94	-138.80	-95.10
Investing Activities
Capital Expenditures	-8.15	-1.43	-2.44	-14.49	-14.49	-24.23	-21.55	-5.16	-2.65	-0.94
Acquisitions	0.00	0.00	0.00	-	0.00	-10.19	1.69	0.00	0.00	0.00
Purchases of Investments	0.00	0.00	0.00	-213.84	-213.84	-226.04	-537.75	0.00	0.00	0.00
Sales/Maturities of Investments	0.00	7.35	288.87	280.53	280.53	149.88	263.05	0.00	0.00	0.00
Other Investing Activities	0.00	0.95	288.92	9.54	9.54	-0.53	3.36	0.00	0.00	0.00
Net Cash from Investing Activities	-8.15	6.88	286.47	61.73	61.73	-110.58	-291.20	-5.16	-2.65	-0.94
Financing Activities
Debt Repayment	-21.09	122.79	-10.44	-6.36	-6.36	-6.43	-4.77	-4.04	0.00	0.00
Common Stock Issued	83.64	309.91	0.00	5.15	0.00	367.88	580.54	480.25	216.39	133.11
Common Stock Repurchased	-16.71	0.00	-1.81	-105.31	-105.31	-21.61	0.00	0.00	0.00	0.00
Other Financing Activities	-10.95	11.22	-1.81	-	5.15	11.54	26.88	17.38	-13.12	-8.39
Net Cash from Financing Activities	34.89	443.93	134.29	396.77	396.77	351.39	602.65	493.59	203.27	124.72
Summary
Effect of Forex Changes on Cash	44.13	22.77	-6.01	35.69	35.69	38.59	-53.49	7.75	20.69	-13.66
Net Change in Cash	122.65	167.38	-46.60	-1.50	-37.19	-138.25	-13.59	320.24	82.51	15.02
Cash at Beginning of Period	493.13	392.16	444.77	-	446.27	584.52	598.11	277.86	195.35	180.33
Cash at End of Period	615.78	559.54	392.16	-	444.77	446.27	584.52	598.11	277.86	195.35
Free Cash Flow	43.62	-307.62	-469.80	-510.19	-510.19	-441.88	-293.10	-181.10	-141.45	-96.04
Supplemental Disclosures
Interest Paid	22.94	15.21	15.67	9.29	-	1.84	-	-	-	-
Income Taxes Paid	6.68	5.51	4.47	0.00	-	-0.15	-	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Ascendis Pharma A/S Cash Flow

What is Ascendis Pharma A/S's free cash flow?

Ascendis Pharma A/S generated free cash flow of EUR 43.62M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of EUR 51.77M minus EUR 8.15M of capital expenditures. Free cash flow equaled 6.1% of revenue.

How much does Ascendis Pharma A/S spend on capital expenditures?

Ascendis Pharma A/S spent EUR 8.15M on capital expenditures in fiscal 2025, compared with EUR 1.43M a year earlier. That equals 15.7% of operating cash flow.

Does Ascendis Pharma A/S pay dividends or buy back shares?

Yes. In fiscal 2025 Ascendis Pharma A/S returned EUR 16.71M in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition