Ascendis Pharma A/S Reports Full Year 2016 Financial Results
"2016 was a significant year for our company as we broadened our pipeline and pursued our vision to become a leading, integrated rare disease company with an initial focus on endocrinology," said
Recent Corporate Highlights
- Announced goal to complete enrollment of patients in the Phase 3 heiGHt Trial for TransCon Growth Hormone during the fourth quarter of 2017
- Advanced two new rare disease endocrinology candidates, TransCon PTH for hypoparathyroidism and TransCon CNP for achondroplasia, towards clinical trials, with preclinical data supporting their differentiated product profiles
- Published two manuscripts in endocrinology journals reviewing Phase 2 clinical trial results of TransCon Growth Hormone in children and adults with GHD
- Announced eight poster presentations at the upcoming
ENDO 2017 conference, including two late breaking posters related to preclinical pharmacology data for TransCon PTH and TransCon CNP - Ended 2016 with cash and cash equivalents of €180.3 million, which included net proceeds of €116.6 million from the company's public offering of ADSs completed in October and
November 2016
Full Year 2016 Financial Results
For the full year 2016,
Research and development (R&D) costs for 2016 were €66.0 million compared to €40.5 million during 2015. Higher R&D costs in 2016 reflect an increase in manufacturing costs and clinical costs related to preparation for the company's Phase 3 heiGHt Trial for TransCon Growth Hormone, ongoing development of our proprietary auto-injector, as well as preclinical development of the company's two new pipeline candidates, TransCon PTH and TransCon CNP.
General and administrative expenses for the 2016 year were €11.5 million compared to €9.4 million during the 2015 year. The increase is primarily due to an increase in general and administrative personnel, partly offset by reduced consultancy costs.
As of
Conference Call and Webcast information
About
For more information, please visit www.ascendispharma.com.
Forward-Looking Statements
This press release contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this press release regarding our future operations, plans and objectives of management are forward-looking statements. Examples of such statements include, but are not limited to, statements relating to (i) our product pipeline, (ii) our potential to become a leading, integrated rare disease company, (iii) our ability to apply the TransCon technology platform to build a leading rare disease commercial company and (iv) our expectations regarding our ability to create therapies with potential for best-in-class efficacy, safety and/or convenience. We may not actually achieve the plans, carry out the intentions or meet the expectations or projections disclosed in the forward-looking statements and you should not place undue reliance on these forward-looking statements. Actual results or events could differ materially from the plans, intentions, expectations and projections disclosed in the forward-looking statements. Various important factors could cause actual results or events to differ materially from the forward-looking statements that we make, including the following: unforeseen safety or efficacy results in our TransCon Growth Hormone, TransCon PTH and TransCon CNP or other development programs; unforeseen expenses related to the development of TransCon Growth Hormone, TransCon PTH and TransCon CNP or other development programs, general and administrative expenses, other research and development expenses and our business generally; delays in the development of TransCon Growth Hormone, TransCon PTH and TransCon CNP or other development programs related to manufacturing, regulatory requirements, speed of patient recruitment or other unforeseen delays; dependence on third party manufacturers to supply study drug; for planned clinical studies; and our ability to obtain additional funding, if needed, to support our business activities. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to our business in general, see our current and future reports filed with, or submitted to, the
FINANCIAL TABLES FOLLOW
Ascendis Pharma A/S |
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Consolidated Statements of Profit or Loss and Other Comprehensive Income / (loss) |
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(In EUR'000s, except share and per share data) |
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Year ended December 31, |
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2016 |
2015 |
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Revenue |
4,606 |
8,118 |
|
Research and development costs |
(66,022) |
(40,528) |
|
General and administrative expenses |
(11,504) |
(9,415) |
|
Operating profit / (loss) |
(72,920) |
(41,825) |
|
Finance income |
7,300 |
11,048 |
|
Finance expenses |
(3,112) |
(2,797) |
|
Profit / (loss) before tax |
(68,732) |
(33,574) |
|
Tax on profit / (loss) for the year |
227 |
652 |
|
Net profit / (loss) for the year |
(68,505) |
(32,922) |
|
Other comprehensive income / (loss) |
|||
Items that may be reclassified subsequently to profit or loss: |
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Exchange differences on translating foreign operations |
6 |
(14) |
|
Other comprehensive income / (loss) for the year, net of tax |
6 |
(14) |
|
Total comprehensive income / (loss) for the year, net of tax |
(68,499) |
(32,936) |
|
Profit / (loss) for the year attributable to owners of the Company |
(68,505) |
(32,922) |
|
Total comprehensive income / (loss) for the year attributable to owners of the Company |
(68,499) |
(32,936) |
|
EUR |
EUR |
||
Basic earnings / (loss) per share |
(2.58) |
(1.39) |
|
Diluted earnings / (loss) per share |
(2.58) |
(1.39) |
|
Number of shares used for calculation (basic and diluted) |
26,564,414 |
23,766,783 |
Ascendis Pharma A/S |
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Consolidated Statements of Financial Position |
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(In EUR'000s) |
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December 31, |
December 31, |
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2016 |
2015 |
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Assets |
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Non-current assets |
|||
Intangible assets |
3,495 |
3,495 |
|
Property, plant and equipment |
2,350 |
2,355 |
|
Deposits |
268 |
270 |
|
6,113 |
6,120 |
||
Current assets |
|||
Trade receivables |
287 |
1,064 |
|
Other receivables |
640 |
338 |
|
Prepayments |
1,962 |
3,819 |
|
Income taxes receivable |
740 |
784 |
|
Cash and cash equivalents |
180,329 |
119,649 |
|
183,958 |
125,654 |
||
Total assets |
190,071 |
131,774 |
|
Equity and liabilities |
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Equity |
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Share capital |
4,354 |
3,374 |
|
Other reserves |
13,005 |
5,678 |
|
Retained earnings |
159,254 |
111,277 |
|
Total equity |
176,613 |
120,329 |
|
Current liabilities |
|||
Trade payables and other payables |
13,078 |
8,373 |
|
Deferred income |
94 |
3,072 |
|
Income taxes payable |
286 |
- |
|
13,458 |
11,445 |
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Total liabilities |
13,458 |
11,445 |
|
Total equity and liabilities |
190,071 |
131,774 |
Internal contact: |
Investor contact: |
Media contact: |
Scott T. Smith |
Patti Bank |
Ami Knoefler |
Chief Financial Officer |
Westwicke Partners |
SparkBioComm |
(650) 352-8389 |
(415) 513-1284 |
(650) 739-9952 |
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