LEO Pharma Delivers 10% Revenue Growth in 2025 and More Than Doubles Adjusted EBITDA Margin

BALLERUP, Denmark–(BUSINESS WIRE)–In 2025, LEO Pharma delivered a third consecutive year of double‑digit revenue growth (CER), at the upper end of guidance, and achieved a significant improvement in profitability, returning to positive net profit and free cash flow. The portfolio was strengthened by the launch of Anzupgo^® in 10 additional markets, including the U.S., as well as the addition of Spevigo^®. The pipeline was advanced through new late‑stage programs and strategic partnerships aimed at accelerating innovation. For 2026, revenue growth is expected to be 8-11% (CER), supporting further improvement in the adjusted EBITDA margin to 16-19%, alongside increased investments in innovation and LEO Pharma’s global platform.

Financial highlights

• LEO Pharma’s revenue increased by 10% at constant exchange rates (CER) and by 8% in DKK to 13,499 million. Revenue growth was led by North America (+35% at CER), with Rest of World (+9% at CER) and Europe (+3% at CER) also contributing to the overall growth.
• Revenue from the Dermatology portfolio grew by 12% (CER), driven by the Strategic brands Adtralza^®/Adbry^®, Anzupgo^®, and Spevigo^®, which combined had a revenue increase of 48% (CER), in addition to growth of 2% (CER) for the Established brands. Sales in the Critical Care portfolio declined by 1% (CER), affected by a reversal of sales discounts in the same period last year.
• Operating profit improved sharply, with adjusted EBITDA reaching DKK 2,107 million in 2025, reflecting a margin of 16% (2024: 7%), excluding the STAT6 partnership upfront payment from Gilead Sciences received in January 2025 and other non-recurring items. The improvement in adjusted EBITDA was driven by sales growth and reduced operating expenses.
• Net profit for 2025 was DKK 2,489 million (2024: negative DKK 1,776 million), including non-recurring items.
• Free cash flow was DKK 1,875 million for 2025 (2024: negative DKK 52 million), and net interest-bearing debt was reduced to DKK 9,347 million (2024: DKK 11,115 million). Excluding M&A, free cash flow was DKK 940 million.

Innovation highlights

• Anzupgo^® (delgocitinib) cream was launched in the U.S. in September as the first and only topical pan‑JAK inhibitor for chronic hand eczema, supported by a more than 50% increase in LEO Pharma’s U.S. sales force following FDA approval in July 2025.
• Spevigo^® (spesolimab), an IL-36RA biologic for generalized pustular psoriasis, joined LEO Pharma’s portfolio on 30 September as its third global, first-in-class brand following a development and commercialization license secured from Boehringer Ingelheim.
• In 2025, LEO Pharma entered several strategic partnerships to advance innovation, including an agreement with Gilead Sciences for the pre-clinical STAT6 program.
• The pipeline was expanded with new late stage trials of Anzupgo^® (delgocitinib cream) in adults with palmoplantar pustulosis and lichen sclerosus, as well as the addition of an ongoing Phase 3 trial of Spevigo^® (spesolimab) in pyoderma gangrenosum.

2026 Outlook

• For 2026, group revenue growth is expected at 8-11% (CER) driven by Anzupgo^® and Spevigo^®. The adjusted EBITDA margin is expected to improve to 16-19%, led by gross margin expansion, offset by higher commercial investments and R&D.

“2025 was another year of strong progress for LEO Pharma and a landmark year in our strategic transformation. We expanded our portfolio, delivered strong growth with significantly improved profitability, and formed new partnerships to accelerate innovation. With the ongoing launch of Anzupgo^® and the addition of Spevigo^®, we enter 2026 with strong momentum, committed to making a fundamental difference for patients by further unlocking the potential of our global platform.”
CEO Christophe Bourdon.

FY 2025 Financial overview

About LEO Pharma

LEO Pharma is a global leader in medical dermatology. We deliver innovative solutions for skin health, building on a century of experience with breakthrough medicines in healthcare. We are committed to making a fundamental difference in people’s lives, and our broad portfolio of treatments serves close to 100 million patients in over 70 countries annually. LEO Pharma is co-owned by majority shareholder the LEO Foundation and, since 2021, Nordic Capital. Headquartered in Denmark, LEO Pharma has a team of 4,000 people worldwide. Together, we reach far beyond the skin. For more information, visit www.leo-pharma.com

Financial highlights and key figures

Contacts

For further information please contact:

Investor Relations:
Christian Boas Ryom, telephone +45 4494 5888

Media:
Jeppe Ilkjær, telephone +45 3050 2014