Ascendis Pharma（ASND）：截至06/06的每周生长激素处方追踪；Skytrofa与CNP显示出协同效应

Kelly Shi, Ph.D. * | Equity Analyst(212) 336-6937 | kshi@jefferies.comYifan Xu, Ph.D. * | Equity Associate+1 (212) 778-8057 | yxu4@jefferies.comClara Dong, Ph.D. * | Equity Analyst+1 (212) 284-2432 | ydong1@jefferies.comHangfei Fu, Ph.D. * | Equity Associate(212) 323-7562 | hfu@jefferies.comJose Lora, Ph.D. * | Equity Associate+1 (332) 236-6815 | jlora@jefferies.com Exhibit 2 - Commercial Script Volumes of Weekly hGH Products Since Q4'24.TRxNRxRRx10/4/2482120861310/11/2481521959610/18/2487624862810/25/2482021960111/1/2489520469111/8/2492023868211/15/2485120864311/22/2490925165811/29/2465215250012/6/241,0772847931,019 26812/13/2488023764312/20/2493427765712/27/246761515251/3/258182016171/10/258742326421/17/259312426891/24/257111715401/31/259942637312/7/258542206342/14/258562166402/21/257872215662/28/259782507283/7/259122596533/14/258642146503/21/259272516761,010 2673/28/259092486614/4/258302266044/11/251,0012557461,090 2934/18/258961907064/25/259252566691,007 2485/2/258602536075/9/259272596681,029 2635/16/259052336721,062 2285/23/259792577221,037 2725/30/258311946376/6/259872597281,043 251Week/Week Growth (Absolute Numbers)WeekEndingSkytrofaSource: IQVIA; Jefferies researchExhibit 3 - Monthly Commercial Script Volumes of Weekly hGH Products.TRxNRxRRxJul-231,5314611,070Aug-231,8995781,321Sep-231,8466201,226Oct-232,3877991,588Nov-232,6188681,7501,340Dec-232,7108681,8421,927Jan-243,1849492,2352,671 1,066 1,605Feb-243,0348932,1412,561 1,067 1,494Mar-243,0678272,2402,476 1,516Apr-243,4659042,5613,009May-243,4688182,6503,164Jun-243,3257942,5312,980Jul-243,7038762,8273,323Aug-243,3888462,5423,175Sep-243,4778952,5823,370Oct-243,8831,007 2,876 3,750Nov-243,3858732,5123,244Dec-243,9831,051 2,932 4,060 1,074 2,986 1,252Jan-253,9101,014 2,896 3,706Feb-253,4749122,5623,522 1,032 2,490 1,101Mar-253,9091,054 2,855 4,082 1,103 2,979 1,281Apr-253,9811,016 2,965 4,289 1,132 3,157 1,359Month/Month Growth (Absolute Numbers)MonthSkytrofaSource: IQVIA; Jefferies researchPlease see important disclosure information on pages 3 - 8 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Company DescriptionAscendis PharmaAscendis Pharma A/S is a biopharmaceutical company specializing on its TransCon technologies to create prodrugs that provide for the predictableand sustained release of an unmodified parent drug. The company was founded by Jan Moller Mikkelsen, Dirk Vetter, and Harald Rau in September2006 and is headquartered in Hellerup, Denmark.Company Valuation/RisksAscendis PharmaOur price target is DCF-based (a WACC of 10% and terminal growth rate of 0%). Risks include clinical, regulatory, manufacturing, commercial, financing,and competition.Analyst Certification:I, Kelly Shi, Ph.D., certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Yifan Xu, Ph.D., certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Clara Dong, Ph.D., certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Hangfei Fu, Ph.D., certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Jose Lora, Ph.D., certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receives compensationbased in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate, but various regulationsmay prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are published at irregular intervalsas