Ascendis Pharma Cash Flow Statement

Financials in millions EUR. Fiscal year is January - December.

Millions EUR. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	-228.03	-378.08	-481.45	-583.19	-383.58
Depreciation & Amortization	17.7	17.71	18.91	17.96	15.39
Stock-Based Compensation	116.17	95.51	66.66	64.18	66.83
Other Adjustments	83.78	71.33	32.77	17.83	-68.72
Change in Receivables	15.59	-118.61	-32.77	-11.53	-6.66
Changes in Inventories	-5.92	-86.68	-78.26	-55.27	-75.41
Changes in Accounts Payable	-10.37	26.97	3.55	45.94	39.19
Changes in Income Taxes Payable	-6.68	-5.51	-4.47	-0	0.15
Changes in Unearned Revenue	0.13	-1.2	-7.08	8.65	5.2
Changes in Other Operating Activities	71.53	72.36	14.77	-0.26	-10.05
Operating Cash Flow	53.9	-306.2	-467.36	-495.7	-417.65
Capital Expenditures	-8.49	-1.43	-2.44	-14.49	-23.7
Sale of Property, Plant & Equipment	-	0.95	0.05	-	-
Purchases of Intangible Assets	-	-	-	-	-0.53
Purchases of Investments	-	-	-	-213.84	-236.23
Proceeds from Sale of Investments	-	7.35	288.87	280.53	149.88
Other Investing Activities	-	-	-	9.54	-
Investing Cash Flow	-8.49	6.88	286.47	61.73	-110.58
Long-Term Debt Issued	-	134.16	136.26	503.28	-
Long-Term Debt Repaid	-21.96	-11.37	-10.44	-6.36	-
Net Long-Term Debt Issued (Repaid)	-21.96	122.79	125.82	496.93	-
Issuance of Common Stock	87.08	340.43	10.29	5.15	379.42
Repurchase of Common Stock	-17.4	-	-	-105.31	-21.61
Net Common Stock Issued (Repurchased)	69.68	340.43	10.29	-100.15	357.82
Other Financing Activities	-11.4	-19.29	-1.81	-	-6.43
Financing Cash Flow	36.33	443.93	134.29	396.77	351.39
Effect of Exchange Rate Changes on Cash and Cash Equivalents	-25.24	22.77	-6.01	35.69	38.59
Net Cash Flow	81.74	144.61	-46.6	-37.19	-176.84
Free Cash Flow	45.41	-307.62	-469.8	-510.19	-441.35
FCF Margin	6.31%	-84.60%	-176.14%	-996.97%	-5674.38%
Free Cash Flow Per Share	0.75	-5.31	-8.35	-9.10	-8.06
Levered Free Cash Flow	-192.09	-233.07	-410.64	-83.74	-432.8
Unlevered Free Cash Flow	-88.22	-260.16	-517.57	-564.52	-500.58

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.