Slide 1: Ascendis Pharma A/S
Ascendis Pharma A/S J.P. Morgan Healthcare Conference San Francisco January 2026 For investor communication only. Not for use in product promotion. Not for further distribution.
Slide 2: Cautionary Note on Forward-Looking Statements
Cautionary Note on Forward-Looking Statements This presentation contains forward-looking statements. All statements other than statements of historical facts contained in this presentation, such as statements regarding our products and prospective product candidates; revenue and growth expectations;
Slide 3: Becoming a Leading Biopharma Company
Becoming a Leading Biopharma Company • Q4 2025 product revenue of ~€240 million1 and FY 2025 product revenue of ~€683 million1 • Three Endocrinology Rare Disease medicines for Hypoparathyroidism and Growth Disorders ◦ YORVIPATH® – Approved for the treatment of hypoparathyroidism in adults2 - Revenue
Slide 4: Vision 2030
Vision 2030 Achieve blockbuster status for multiple products and expand our engine for future innovation Be the Leading Endocrinology Rare Disease Company • Achieve >€5B for TransCon PTH, TransCon hGH, and TransCon CNP through worldwide commercialization • Be the leader in Growth Disorders and Hypop
Slide 5: TransCon Platform Enables Continuous Flow of Highly Differentiated Products
TransCon Platform Enables Continuous Flow of Highly Differentiated Products TransCon Linker Aromatic Cyclic Imide DKP Carbamate Bicin AEG Pyroglutamate TransCon TransCon Prodrug: Carrier 3 components Soluble Carriers Insoluble Carriers Albumin Avidity Parent Drug Antibodies, Antibody Fragments, Prot
Slide 6: TransCon Clinical Development Pipeline
TransCon Clinical Development Pipeline Endocrinology Rare Diseases Indication Status Region Lead indication TransCon CNP Achondroplasia (children aged 2–11) NDA and MAA Accepted Multinational TransCon CNP Achondroplasia (children) Long-Term Extension Trial Multinational Label Expansion TransCon hGH
Slide 7: R&D Platform Driving Sustainable Organic Growth
R&D Platform Driving Sustainable Organic Growth TODAY 2035 Aspiration1 New launches 8+ approved products 25+ indications TransCon® CNP TransCon® IL-2 β/γ TransCon® FGF-23 degrader Label expansions QW TransCon® PTH 2 approved products 3 indications Partnerships Obesity / Metabolic Ophthalmology (Novo
Slide 8: YORVIPATH TransCon PTH
YORVIPATH® TransCon PTH Treatment of hypoparathyroidism in adults For investor communication only. Not for use in product promotion. Not for further distribution.
Slide 9: Chronic Hypoparathyroidism: Significant Patient Population
Chronic Hypoparathyroidism: Significant Patient Population USA Europe Direct1 ~70-90k ~145k–200k Estimated prevalence of ~0.8M – 1.1M individuals across Intn’l Markets2 Ascendis’ three ~375k–580k geographic regions +China: ~180k – 220k 1. Germany, Austria, France, Spain, Portugal, Italy, United King
Slide 10: YORVIPATH Global Commercial Update
YORVIPATH Global Commercial Update • United States YORVIPATH Global Revenue (€ million)1 ◦ In the U.S., more than 5,300 unique patient enrollments and nearly 2,400 prescribing health care providers at year end € 200.0 ◦ Significant opportunity for growth in the U.S. given <5% of ~€ 187 € 180.0 preva
Slide 11: Once-weekly TransCon PTH Targeting Patients Receiving Stable YORVIPATH Doses
Once-weekly TransCon PTH Targeting Patients Receiving Stable YORVIPATH Doses • Once-weekly (QW) TransCon PTH is designed to match YORVIPATH exposure of released PTH over the entire week • Expected to provide comparable safety and efficacy as observed for YORVIPATH Single-Dose QW TransCon PTH QW Tran
Slide 12: TransCon PTH Program Summary and Outlook
TransCon PTH Program Summary and Outlook • First and only approved product indicated for the treatment of hypoparathyroidism in adults • Q4 2025 revenue of ~€187 million1 and FY 2025 revenue of ~€477 million1 ◦ Outside the U.S., available commercially or through named patient programs in more than 3
Slide 13: SKYTROFA TransCon hGH
SKYTROFA® TransCon hGH Once-weekly growth hormone therapy For investor communication only. Not for use in product promotion. Not for further distribution.
Slide 14: SKYTROFA - High Value Growth Hormone Brand
SKYTROFA - High Value Growth Hormone Brand • Approved in the U.S., EU and other countries ◦ Successful Phase 3 trials in Japan and China SKYTROFA Global Revenue (€ million)2 ◦ Planned expansion across multiple countries € 225 • Continued label expansion to drive growth € 200 € 197 ~ €206 € 179 ◦ In
Slide 15: Driving High-Value SKYTROFA Revenue
Driving High-Value SKYTROFA Revenue Grow the Base Expand to Traditional Add Novel GH Broaden to New Business GH Indications Indications & Combos Geographic Regions • Increase long-acting GH share • Expand SKYTROFA to more • Expand SKYTROFA to novel • Expand Europe Direct beyond of the market indicat
Slide 16: YORVIPATH TransCon CNP TransCon PTH
YORVIPATH TransCon CNP ® ® TransCon PTH (navepegritide) Investigational Treatment of Hypoparathyroidism prodrug of CNP designed to provide in Adults exposure to active CNP for the continuous treatment of children with achondroplasia For investor communication only. Not for use in product promotion.
Slide 17: Achieved Target Clinical Profile with TransCon CNP
Achieved Target Clinical Profile with TransCon CNP Clinical Benefits Peer-Reviewed Validation • Enhanced linear growth Efficacy • Benefits beyond linear growth 1 No evidence of hypotensive events Safety Low immunogenicity signal Tolerability Low frequency of injection site reactions Convenience Once
Slide 18: TransCon CNP Program Summary and Outlook
TransCon CNP Program Summary and Outlook • Pivotal ApproaCH Trial demonstrated significant improvements in linear growth and body proportionality, as well as benefits beyond linear growth compared to placebo • Long-term extension data suggests durable effect of TransCon CNP monotherapy up to 3 years
Slide 19: Combination Therapy Expanding Treatment Paradigm
Combination Therapy Expanding Treatment Paradigm • TransCon CNP provides holistic treatment of achondroplasia and enables complementary effect of TransCon hGH GH/CNP exert different effects on the Growth Plate1-7 TransCon CNP releases the brake Resting zone Direct effects of GH: Recruitment of stem
Slide 20: COACH Trial Safety and Tolerability Summary
COACH Trial Safety and Tolerability Summary • Combination treatment showed safety data consistent with those observed for TransCon CNP and TransCon hGH monotherapies, and was generally well tolerated, with generally mild TEAEs • Majority of TEAEs were mild (Grade 1) or moderate (Grade 2) and typical
Slide 21: COACH Trial Mean AGV at Week 52
COACH Trial Mean AGV at Week 52 20 8.80 cm/year TransCon CNP Treatment-Naïve 15 8.42 cm/year TransCon CNP-Treated 97th AGV 10 (cm/year) 50th Average-stature Growth Chart 3rd 5 95th 50th Achondroplasia Growth Chart 5th 0 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 4.92 cm/year Age 5.14 cm/year Baseline TransC
Slide 22: COACH Body Proportionality at Week 52
COACH Body Proportionality at Week 52 0.02 0.02 TransCon CNP-Treatment Naive TransCon CNP-Treated 0.01 Cohort (n=12) 0.01 Cohort (n=9) 0.00 0.00 -0.01 -0.01 -0.02 -0.02 -0.03 -0.03 Upper to Lower Body Segment Ratio Change from Baseline -0.04 Improvement -0.04 (Mean (±SE)) -0.05 -0.05 -0.06 -0.06 -0.
Slide 23: COACH Arm Span at Week 52
COACH Arm Span at Week 52 Mean +1 SD (~84th percentile) 120 Achondroplasia Mean Arm Span Chart Mean −1 SD (~16th percentile) Mean (SE) Arm Span (cm) 100 Mean (SE) Arm Span (cm) 80 Treatment-naïve TransCon CNP Treatment-Naive 60 CNP-Treated Navepegritide-experienced TransCon CNP Treated 0 2 4 6 8 10
Slide 24: Durable Efficacy Across ACH Trials
Durable Efficacy Across ACH Trials1 TransCon CNP + TransCon hGH TransCon CNP Monotherapy (COACH)2 (ApproaCH)2,3 AGV Mean AGV Mean (cm/yr) (cm/yr) 10.0 10.0 9.5 9.14 9.5 9.0 8.80 9.0 8.5 8.5 8.0 8.0 7.5 7.5 7.0 7.0 6.5 6.5 6.12 5.95 6.0 6.0 5.5 5.5 5.0 4.92 5.0 4.5 4.5 3.95 4.0 4.0 3.5 3.5 3.0 3.0 2.
Slide 25: Combination Therapy Program Next Steps
Combination Therapy Program Next Steps • Exceeds historical benchmarks for growth without compromising safety or tolerability at 52 weeks ◦ TransCon CNP enables the complementary effect of TransCon hGH • Combination treatment showed safety data consistent with those observed for TransCon CNP and Tra
Slide 26: Collaborations and Partnerships
Collaborations and Partnerships • Novo Nordisk (exclusive global rights for TransCon-based obesity and metabolic disease products) ◦ Multi-product collaboration with lead program once-monthly TransCon semaglutide ◦ Lead program once-monthly TransCon semaglutide remains on track to enter the clinic a
Slide 27: Financial Update & 2026 Anticipated Milestones
Financial Update & 2026 Anticipated Milestones For investor communication only. Not for use in product promotion. Not for further distribution.
Slide 28: 2025 Financial Update
2025 Financial Update • Unaudited preliminary estimate of 2025 financial results: ◦ Total full-year 2025 product revenue of ~€683 million: - YORVIPATH full-year 2025 revenue of ~€477 million - SKYTROFA full-year 2025 revenue of ~€206 million ◦ Total full-year 2025 revenue of ~€720 million ◦ Full-yea
Slide 29: Selected Internal R&D Milestones Expected in 2026
Selected Internal R&D Milestones Expected in 2026 Q1 2026 Q2 2026 Q3 2026 Q4 2026 TransCon CNP TransCon CNP + TransCon hGH TransCon CNP TransCon CNP Pediatric ACH FDA Decision Week 78 COACH ACH update Complete enrollment of ACH Pediatric ACH EMA Decision infant trial TransCon IL-2 β/γ TransCon CNP I
Slide 30: Thank you
Thank you Investor Relations ir@ascendispharma.com https://investors.ascendispharma.com/ © 2026 Ascendis Pharma. Ascendis, Ascendis Pharma, the Ascendis Pharma logo, the company logo, TransCon, Skytrofa and Yorvipath are trademarks owned by the Ascendis Pharma group. For investor communication only.