Ascendis Pharma at Wells Fargo Conference: Strategic Growth Unveiled

On Wednesday, 03 September 2025, Ascendis Pharma (NASDAQ:ASND) presented at the Wells Fargo 20th Annual Healthcare Conference 2025. The company, led by CEO Jan Mickelson and CFO Scott Smith, highlighted its strategic transition towards financial independence and revenue generation. While optimistic about growth, the company acknowledged challenges in market expansion and competition.

Key Takeaways

• Ascendis Pharma is transitioning to revenue generation and financial independence.
• Yorvepath’s launch is pivotal, with strong IP protection and growth strategies.
• Expansion plans focus on direct markets and partnerships, including in Japan.
• Differentiation of TransCon CNP offers benefits over competitors like BioMarin’s VOXZOGO.
• Partnership with Novo Nordisk aims to enhance TransCon semaglutide for obesity.

Financial Results

• Ascendis Pharma is experiencing increasing revenue generation quarter by quarter.
• The company is approaching financial independence with positive cash contributions.
• In Q2, cash was generated from operations, aided by currency liberation.
• 90% of the commercial infrastructure is established; remaining expenses are for country expansion.

Operational Updates

• Yorvepath shows steady growth after an initial bolus from an early release program.
• The US launch focuses on reducing the time from prescription to patient access.
• Ex-US commercialization includes direct markets and partnerships, with Japan’s launch expected soon.
• TransCon CNP is under priority review, with a decision expected in November.
• Plans include label expansion and development of new chemical entities.

Future Outlook

• Continued revenue generation is anticipated for many years.
• Plans to expand to 13-14 direct markets, with new countries added in 2025 and 2026.
• New indications beyond rare disease endocrinology, such as cardiovascular diseases, are being explored.
• Focus on capital deployment strategies to benefit patients.
• Potential out licensing deals for large indications not pursued commercially.

Q&A Highlights

• Competition: Ascendis Pharma is confident no current product matches Yorvepath’s benefits.
• Once-weekly PTH: Yorvepath was initially daily due to safety concerns, with a weekly option considered later.
• TransCon CNP: Emphasized continuous exposure benefits and lack of injection site reactions.
• Commercial Infrastructure: Majority is established, focusing on patient access and market expansion.

In conclusion, Ascendis Pharma’s presentation at the conference underscored its growth prospects and strategic initiatives. For more details, refer to the full transcript provided below.

Full transcript - Wells Fargo 20th Annual Healthcare Conference 2025:

Unidentified speaker: It’s a long way to say it.

Derek Archila, Host, Wells Fargo: All right. Let’s get started here. Well, welcome everyone to the twenty twenty five Wells Fargo Healthcare Conference. My name is Derek Archila. We’re going to be kicking off today with Ascendis from the company.

We have Jan Mickelson, the CEO as well as Scott Smith, the Chief Financial Officer. The company has been executing and firing all cylinders on the Yorbae path launch, so a lot to talk about. But Jan, maybe just to start us off, kind of give us the state of the union here, where are you? How are you thinking about things? And then we can start digging into the Q and A.

Unidentified speaker: Thanks a lot. First of all, thanks a lot on inviting us. It’s always a pleasure to be here. And why are we in a pretty good place? We have now from our TransCon technology, this is the platform we are using to develop all our internal product opportunity, but also the external product opportunity we, for example, have in our collaboration with Novo Nordisk in metabolic diseases and obesity.

And we have now advanced what I call the first pipeline and that was starting with a SKYYTORIFER. Now U. Is approved and now we have the third arm. This is TransCon CNP, where we have the priority review here November. So the first pipeline have given us the opportunity to really to develop what we call a leading biopharma in rare diseases.

Our aspiration is really, really simple, three independent product opportunity, all of three addressing major unmet medical need. And we are now taking the next three or four years in really developing label expansion, developed for ease of the new chemical entity in pipeline itself. And then at the same time, we are developing what we call the next generation of new compound that really addressing as the same as the three first major unmet medical need built on the TransCon technology, both inside rare disease endocrinology, but also outside. So when I look on the perspective of Ascendis Pharma, we are for first time come to the states where we have revenue generation, which are increasing quarter by quarter really as we have expected, as we have planned, and we’re coming to this extremely, what I call, pleasant situation to be independent on the financial market and can generate a positive cash contribution quarter by quarter.

Derek Archila, Host, Wells Fargo: Got it. Well, maybe let’s start off with the Yorvu Path launch. It’s very topical and going well. Maybe just talk about how you think you’ve talked about this $5,000,000,000 potential peak number for Yorvu Path and hypoparathyroidism. What gets you there?

And what sort of moats or kind of competitive dynamics do you expect in that market over time?

Unidentified speaker: So when I look at Europat, this is our product that is in the medical era of hypoparam, meaning patient that really have a severe disease where they don’t have enough industrious PD-eight produced. And what we are providing and replacement therapy where we’re basically providing the right mode of action, the same as the Endoctis PTH in the same physiological level, twenty four hours, seven days a week. So when we look at a product opportunity, you have a lot of different strategies to think how to launch it. And when I look at Europass, it’s pretty clear, we have extremely strong IP protection up to I think now it’s up to 42. At the same time, it’s a combination product, meaning is that they don’t have the same fear of a clip when we come to ’42, it will have a long durability.

So what we are doing is we take the arrow under the curve strategy, how we really can for the next twenty, thirty years build most value of this product opportunity, both inside U. S. And ex U. S. And let me first start with The U.

S. In U. S, there’s about eighty, ninety, perhaps one hundred thousand patients that already are diagnosed with having hyperparam. And if any one of you have any doubt about this unmet medical need, try to listen to the YouTube of the FDA arranged hypoparra session. It takes about three hours, but I think it’s really an eye opening if you’re really have talked with a patient about this unmet medical need.

And when you hear the story for the few patients that also answered Europast, then you can understand how it’s changing their life, not only taking account of the long term risk, but also the short term symptoms like feeling better, can do normal work, live like a normal person. Don’t forget, seventy percent, eighty percent of these people had a normal life until basic they came to a situation where the industrious PTAs because often a head and neck operation came to a situation where they didn’t have enough of that. So we are taking the concept that we have a product that will have extremely many years. When we look at the competitive landscape, it’s clearing out. We don’t see any other product opportunities in clinical development that can provide the same benefit as your past.

And this is why we focus on really the long term effect. And we see a steady, steady growth. Yes, you can say there was a bolus in the first quarter, a bolus from about two twenty patients that came from our ERP program. When we take this two twenty patients off of Q1, which I will call a bolus because they already were on treatment and then look on what we saw in both Q1 and Q2 and that was what we came out with our Q2, we see extremely stable growth. And that is really how we have designed our commercial effort.

And what we also said at that time, we expect that to continue rest of the year. So this is what we see. But don’t forget ex U. S. Ex U.

S, we have a more diversified strategy. It’s built on mainly three pillars. One is what we call the direct market. It’s about thirteen, fourteen countries that direct. The three countries where we already is full commercial in the direct market is Germany, Austria and Spain.

And we hope in 2025 to get two, three more countries on it. And then the majority of the fourteen, fifteen countries, we will get them on board in 2026. Then we have our sales and distribution agreement. Today, it’s mainly being built up on named patient programs where we have revenue generation for about 30 countries. So our entire distribution agreement and direct market is around plus 50 countries today and expanding and expanding.

Then we have the last pillar is our partnerships and our partnership. You can see that our Japanese partner, Tajin, just got marketing approval for Europads now in Japan. So that will start to go commercial later this year. So because of the you can say diversity in how and commercial time schedule is developed ex U. S, you will see during the next five, six, seven years how we really are going building up the commercial effort, the revenue generation for all the ex U.

S. But the key element, we will be where those patients and that is what we had done in our global commercialization effort of Europat. How do you

Derek Archila, Host, Wells Fargo: think about the breakdown geography about the peak sales opportunity? And you said, again, 5,000,000,000, but how is that split between U. S. And kind of rest of world?

Unidentified speaker: That is dependent on the time horizon. If I take the first of up to perhaps four, five years, the majority will come from The U. S. And after four, five years, I actually think it’s switching over because then you’ll see the ex U. S.

Global effort is really starting going up running on much, much larger speed. So this is why we believe that the revenue generation will continue, continue for many, many years.

Derek Archila, Host, Wells Fargo: In The U. S. In the launch, like what are you seeing that’s kind of driving the most uptake? Is it just awareness of the new therapy? Or is it just kind of, again, physicians using the drug seeing great results?

Like what’s kind of been the near term driver kind of quarter over quarter in terms of like physician uptake and more patient penetration?

Unidentified speaker: That’s a lot of different elements in a launch when you think a person having a disease, they’re already diagnosed, we know So they have in the head, I have this disease, I need a treatment and until they go on treatment. And I do think this is a heterogeneous journey for so many different patient stories. But what I see today, we need a steady, steady flow of new prescriber and new prescription being written and basically flow to the system. We expect in the end of the year, because we’re getting up in the fourth quarter of the lungs, that lot of infrastructure from physician office to everywhere in the system, how to make a fast transfer for the patient from the prescription up to be on drug will improve in this way. And what I see today, which we also see in many countries is that basically the bottleneck is basically to go into and get a prescription.

And this is why we basically have this constant flow of patient month by month, quarter by quarter because the number of endos is not changing a lot. That basic are the main prescriber of the product. We can improve that, which we also start to improve that. We can go outside the endo as target physician, Nephro and other one will also see a lot of you can say hypoparibas. So that’s the way when we come to the second wave, third wave of this year, where you will see we can improve the number of prescriptions.

Derek Archila, Host, Wells Fargo: Got you. So basically, it’s just that time from script to getting on drug, that’s what needs to improve over time, which typically improves while the launch progresses. Is that fair to say?

Unidentified speaker: That is fair to say, and it’s what we have observed in basic nearly every launch.

Derek Archila, Host, Wells Fargo: Got you. A question we often get is just around, obviously, competition. I know you kind of said that’s starting to clear up. But one of the questions is really centered around like, is there really a need for a longer acting, again, like a weekly formulation versus daily, you have the TransCon technology, you’ve done a lot of daily to weekly kind of transformation. So what’s your view there?

Unidentified speaker: Yes. You can say the first obvious question you can ask us is that you made a once weekly growth hormone scytrofin. You made a once weekly CMP product. Why did you not make a once weekly PTH product? And we did it after a lot of considerations.

And it comes back to potential my background and lot of other people’s background from the last pharma company that worked a lot with diabetes, insulin treatment, type one diabetes. We are working with an extremely powerful hormone. And no one will ever consider why did you not just make a once weekly insulin from the beginning, even if you can do it. And we wanted to be sure that we can stabilize a patient first on the right doses. And then we wanted to consider are there sufficient enough stable patients that not titrate up and down because there’s a lot of influence on your work capacity, how hard you work, how much you exercise, if you have diseases, what is really your need for PTH, also what is your intake of dietary calcium and a lot of things like that.

And what we said also we are in a situation where there’s not an antidote to PTH. It’s not like insulin, you have rescue therapy with glucocorticoid. What do you do with a patient that get too much PTH? Because suddenly, they don’t need it too much. There’s not anything else to do, stop taking the medication and then hope it go down.

And that was why we never felt secure to have a once weekly starting product in this way. So that was why we had the overall strategy start with a daily product, really optimize it. And when we are in a position that we’re feeling that is sufficient enough stable patient and there is a large unmet medical need for that. My question is still what is the last unmet medical need because we see excellent adherence, no one is dropping out of therapy. Everyone basically continue when they’re getting started.

And I think the barrier for treatment is very low. We have one of the best pen devices, it’s prefilled, it’s room temperature, you just take the pen, take two minutes to make the injection and then you have done it. It’s not like taking something out from the fridge, get it up to room temperature. So we can say the treatment barrier is pretty low for that. Will we one day make a once weekly product?

Yes, if we convince that there is sufficient enough stable patients. And how do we define the stable patient is that you’re not going up and down a lot in less than three months. So you need basically to be in three months stable on one doses. And we see about perhaps thirty percent, forty percent of the patient in that. But we do not know if that continued during the year.

And that is all the data we collected to that. We are ready for once weekly product, but we see a once weekly product is in combination with a daily product. So you potentially will have a basal level of PTH and then you can add in by daily injection. But does mean that you always can be sure you’re covered with a basal PTH level. There was our thinking behind when we made Europad as a daily product and not started with that also a weekly product.

Just think about how to titrate a company when you need to go out on what we call calcium supplement active vitamin D. You need to titrate a lot the first two, three, four, five, six weeks. It’s really, really will be tough with our Watswiki product.

Derek Archila, Host, Wells Fargo: And just remind us, I mean, obviously, the context of that titration scheme, you’re really trying to, I guess, mitigate any sort of safety issues, right? So maybe just talk about some of those issues that could arise with a weekly So in if we had cases of

Unidentified speaker: a hypoglycemic episode, where they came up to a level where it was out of the range. And what happened then, we actually could control them just by getting what we call the lack not take you medication for the next two to three days, and we saw it coming down slowly. So we basically avoid any emergency part of having hypercalcific episode.

Derek Archila, Host, Wells Fargo: Got you. Maybe shifting gears to TransCon CNP. So another exciting thing as you highlighted before PDUFA date coming up towards the end of the year. Again, do you think about the differentiation versus BioMarin’s VOXZOGO and ultimately your preparations to launch? What should we expect after the PDUFA?

Unidentified speaker: Yes. First of all, both products are being built on CMP as a mode of action, but a lot of difference between that. BioMarin is a variant of CMP with mutation in it. We have wild type CMP, the natural form of CMP. We are in a position that we develop it to be highly differentiated to the established vosoritide.

And we did it by doing a continuous exposure twenty four hours, seven days a week. It looked like people now also coming back from all other aspects are saying this is the optimal profile to develop that at least that is what we’re hearing from BioMarine that want to develop a product like us, which I think a little bit proud about. It’s a little bit sad, it took eight, nine years to realize that. But from my perspective is what is the differentiation you get with the continuous exposure? And I can start with a lot of different things.

The broad drug technology provide that you don’t get injection site reaction. This is one thing. This is something that patients, the caregivers really think about a lot. If you have two to three times a week on average major injection site reaction in a child instead of having one every second years. This is because of the product technology.

The sustained release of our product technology gives that we always have a constant without a peak, meaning there is no risk of hypertension. That is a major differentiation compared to anything like that. Then we go to efficacy. What we have shown as the only company in our pivotal trial compared to placebo, we have meaningful clinical effect beyond linear growth. And what I’m really addressing here is the positive effect we have seen both related to element like leg bowing, when we see patient subject with achondroplasia really are in a position that they need to go on severe operation for up to one year just to correct leg going because of the pains and other things that’s associated with that.

And we saw a correction of that, first time ever seen. We saw improvement in elements like muscle strengths, which we actually addressed to the continuous exposure always of it. We saw change in how the spinal cord are going to Bertrand expanding and everything like that. We could address this benefit we saw from, for example, X-ray, radiolopathy really to quality of life improvement. We can address the one that basic have most improvement also have the most improvement in quality of life.

Meaning is that is really a meaningful differentiation you see in this way. When I come over to the product itself, I feel it’s really providing what I would call a transformative treatment to it. And I think those are why we also have achieved priority review by FDA and pursuing some of the same thing in the European way. So I think this is only Ostas recognizes, it’s recognized by physician, but at least and more important, it’s recognized by patients.

Derek Archila, Host, Wells Fargo: In terms of the launch strategy, is it more of a switch strategy from Voxoge initially? Like how do you guys want to I mean, obviously, you’ve got great differentiation, but how is kind of

Unidentified speaker: the positioning upon launch? I think this will be like NATPARA to Europad, complete different compound to think about. People thought when we launched Europat, it will be some way just the same kind of Nepal, complete different. It’s only 15%, 20% of physicians that ever have made and that PARP prescription. Everyone is seeing this product as a complete new treatment thing.

I think both patient, parents, physician see the same thing with our Tricon CMP because it provides clinical benefit beyond linear growth. So we don’t see being short as a disease. We see the comorbidities as the severity of having achondroplasia. And if we can help people with achondroplasia to really address this comorbidity, we believe we have a major way to work together with them and really establish as a standard treatment in it. So we are not just looking on a new patient.

We are not just looking on switch patient. We are looking on every patient that want to have a treat.

Derek Archila, Host, Wells Fargo: Is your view that some of the comments in terms of the differentiation will make it on the label? Or do you think it will just be similar to what we’ve seen with kind

Unidentified speaker: of the VOXZOGO label? For me, it’s not really so much a discussion on the what is going on the label because that’s something we do in the end with FDA. So I cannot really comment on that. But what I can comment on that we have all the clinical data that would come out in peer reviews, manuscript and everything like that, that’s really proving the date. But it’s not only proving it by making publication.

This is also the patient story that give me the confidence that we’re making a major differentiation compared to any other treatment.

Derek Archila, Host, Wells Fargo: What do you think in terms of you’ve kind of set some guideposts around peak sales for Euromiphaz. What do you think about C and P maybe as a kind of a class, maybe TransCon CNP specifically, where do you think that’s out in terms of peak?

Unidentified speaker: Yes. TransCon CNP is one of the cornerstone in our growth disorder strategy as SKYYTORIA is. So you will see part indication in a new basket trial. So we’re really building up Scottova to a blockbuster status. We’re doing that also in combination with TransCon CNP in our COATS trial later or beginning next year, you will see the one year’s data of the COACH trial.

And I will say this is one of my proudest moment in being part of developing drugs, because when I saw the clinical after six months, I’ve never thought that would be possible that it would be buying combination treatment, taking an achondroplasia child and basically provide growth that is much larger than what you will see on a normal child in a gross birth. This is what we’re seeing. This is unbelievable from my perspective, that is really, but it makes sense from a biological system. When you remove a brake and press a speeder, yes, you go fastest. If you just remove a brake, that’s where limit the speed you can get depending on the health.

But if you really remove a brake, press the speeder, then you have really a complete new treatment regime. And we believe that when we look on this pillar, when we go to hyperchondroplasia, combination therapy, because some patients will benefit most for growth hormone, someone will benefit most from CMP and some of them will benefit for both from the combination. And I think this is where we have the fundamental really, really to be the leader in growth disorder, because we are only company that really can provide the clinical benefit of the two products in once weekly dosing profile and all the other benefit both products have in this way.

Derek Archila, Host, Wells Fargo: Do you feel that based on the data from Coach and hopefully you replicate it in a Phase III that will become standard of care in achondroplasia? Or how do you think about the FGR3s like in prigatinib in that space as well? For me, it’s

Unidentified speaker: very hard to see where the tyrosine kinase has really fit into this treatment regime. It’s product opportunities I know most from oncology setting where they have seen them, not really successful with oncology because of the safety, efficacy, risk that was adhered into that. I’m still struggling with my fundamental scientific view about how can you really inhibit not only the FDR3, FDR2 and FDR1 because many of them are unspecific and some of them are specific on the receptor, but then on the cellular layer, you never are specific because you interchange the receptors. So out from that perspective is that I don’t care about phosphate, I care about the long term effect of this kind of class. How can you think about you can inhibit some of this fundamental essential development part of a child during all this age independent on or with a limitation of a normal FDR one, three, two or three receptor activation.

I still have some fundamental problem with that in this, not the short term, long term effect about that. And this is where we believe that the CMP therapy is really have proven to be a safe. And if I’m a

Derek Archila, Host, Wells Fargo: parent for four children, if I have a choice, I will always select a safe solution. Got it. I just wanted to shift gears to your partnership with Novo and on TransCon semaglutide and just what’s the status of that? And ultimately, any of the changes that are going on at Novo impacting that collaboration at all?

Unidentified speaker: We’re not seeing any change into that exactly as dedicated not only to develop a semaglutide, but also other product as they always have been. It’s a great correlation. I believe that Novo Nordisk is going to be and continue to be the leading company in both obesity and metabolic diseases. They have the pipeline to do it. They have the strength to do it.

They have the production capacity to do it. So I think there was no doubt it was the right partner for us. Got you. And in terms

Derek Archila, Host, Wells Fargo: of like your strategy there, I think we talked about this, but is it more about being able to push and get more weight loss or more on a tolerability front in terms of like how you think about positioning of pure? Our

Unidentified speaker: most ones the semaglutide was not being developed as a convenient stroke. It was more developed on the one that gave, you can say benefit to manufacturability capacity, but at the same time also would have an improved tolerability. And you can see that when we disclosed this, it was built to have a slow onset from the trough to the peak, which are really giving the tolerability issue. And it was how we designed the product opportunities in this case. So it’s been it is to improve the tolerability.

And then you can say, would that mean you can get better weight loss? Yes, obvious, because you can press the button most tighter on because you can just accept to have some kind of tolerability issue, because the tolerability issue is the limitation in getting just the first three months weight loss.

Derek Archila, Host, Wells Fargo: And you kind of put out there potentially like that you would have maybe like no titration or just be flat dosing. Is that still probably the expectation or how do you

Unidentified speaker: think about that? I think this is where no one already with their development expertise and their way to position the market. Axle will come up with the best solution how to position this product. I’m just sure that our product is providing the benefit where they have basically menu to do different element to get their competitive into the market.

Derek Archila, Host, Wells Fargo: Got you. And then maybe one just on the broader platform. I guess, you’ve got three great endocrine focused therapies. You’ve got some partnerships. But I guess, where else do you want to kind of take the TransCon platform?

And I guess, when could we hear about newer programs beyond kind of just indication expansion, but maybe potentially new indications and new targets?

Unidentified speaker: Yes. So this is what we have a strong focus on now. And first of all, the TransCon technology has developed a lot. We first started what we call the classical TransCon technology, where we copied two polymers. Then we went into basic copying to Hydrogel, which is spun out in a company called Iconis that really are doing extremely well in ophthalmology.

Then we have our TransCon technology, which was built on the albumin avidity. This is where we see the collaboration with Novo Nordisk. I’m just giving you a key point for each of the technology platform because all of them have bought applicability. The last is part of the TransCon technology is the degrader platform, where we basically can utilizing the TransCon degrader technology to go into indication where there is surplus, surplus of for example, hormones, leak ins and other things and remove them. This entire, you can say strong TransCon technology is not limited by any kind of therapeutic error.

As you know, we have been focused on rare disease endocrinology, this is where we have our commercial infrastructure. This is where we have our commercial arm on a global basis in rare diseases. We’re developing about eight to 10 different product opportunities in that site and building off from all the different TransCon technology platforms. And that’s something we’re now, because we know in the next four, five years, we will have so huge effort on about fifteen, twenty clinical trials in label expansion, because we really need to get the benefit out of all our three unique product opportunities. And then we start to take up the new chemical entity in late stage development at that time.

It is how we can build ascended to sustainability. We are not dependent on going out and buying anything. We can develop it. We will still also focus on making out lysing as we did with Novo Nordisk in large indication where we, for example, not have interest to pursue from a commercial perspective like primary care thing. We have said we’re now starting an effort in cardiovascular and we believe we can do the same thing as we did in metabolic disease, what we did in obesity, we will do the same thing in cardiovascular diseases.

I’m going

Derek Archila, Host, Wells Fargo: get Scott in here. So as you guys now kind of profitable launch, how do you think about the cost base over time, particularly given some additional potential programs, whether it be in similar or smaller indications or larger indications? But yes, how do you kind of think about that evolving over the next couple of years?

Scott Smith, Chief Financial Officer, Ascendis Pharma: Yes. So I think we’ve been pretty cost efficient throughout the history of Ascendis, even if you unpacked growth hormone for our first product, which was by far the most expensive, actually twice as much as the other two combined. I think that we look to but it was good practice.

Unidentified speaker: Most difficult first. But

Scott Smith, Chief Financial Officer, Ascendis Pharma: I think what you’ve seen the great thing with the TransCon technology is that we have a high clinical success rate, high regulatory success rate and CNP and PTH have been very efficient to bring forward from preclinical through to the clinic and finally to approval for one and hopefully two of those. So from my perspective, I think we continue doing what we’re doing, invest more in the pipeline as Jens sort of alluding to. So rather than maybe three shots on goal, we expand to maybe up to even double digit shots on goal in the near term to continue the growth beyond 02/1930.

Derek Archila, Host, Wells Fargo: Got you. I mean, how do you think about like earnings power, like kind of going forward as well? I know that’s a question that’s creeping up more among investors, but how do you think about that evolving over the next two to three years?

Scott Smith, Chief Financial Officer, Ascendis Pharma: Yes. I mean, I would say it’s interesting. We’re at the corner right now. And I think next quarter or two, maybe we turn the corner. But as you saw from our financials in Q2, we actually generated cash from operations due to some Liberation Day currency to help our cash balance.

But we actually generated cash from operations. And I think that as we make the complete turnaround the corner, we’ll look for uses of our cash that primarily will be to serve patients. I mean, I think that’s where we have to when we think about capital deployment, our main goal is to help patients first, and we’ll look to do that.

Derek Archila, Host, Wells Fargo: I know Jan was talking about potential like other iterations within the Yorvu Path launch and maybe reaching other physicians. Is that really driving incremental spend? Or is it pretty modest? Or is it kind of all factored into what you guys have kind of already shared? Say it again?

So just in terms of like going maybe to more nephros or other things like that, is that already kind of built into the Yes, the base? So already

Unidentified speaker: built into the commercial infrastructure. It’s so small effort in doing that. And I think what we have established now is 90% of our entire commercial infrastructure. 90% is already established. We’re missing 10%.

And this is the countries where we are not full commercial, meaning is that we are not fully reimbursed. We still are waiting for what we call the last of states and that’s basically taking the last part of the sales force. So 90% of all commercial expenses are already being established. Got it.

Scott Smith, Chief Financial Officer, Ascendis Pharma: Within country, remember, we’re in 30 countries now. So as Jens said, any expansion is likely due to additional countries. Got it.

Derek Archila, Host, Wells Fargo: Cool. Well, we’ll leave it there. Thank you so much. Appreciate it. Thanks for joining us, everybody.

Thanks so

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