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, andBALLERUP, 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

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

2026/02/18 16:15
5 min read
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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

(DKK million)

FY 2025

FY 2024

Growth

Revenue

13,499

12,453

8%

Revenue growth at CER

10%

11%

N.m.

Adjusted EBITDA

2,107

895

135%

Adjusted EBITDA margin

16%

7%

N.m.

Net profit/(loss) for the period

2,489

(1,777)

N.m.

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

(DKK million)

FY 2025

FY 2024

Income statement

Revenue

13,499

12,453

Of which dermatology revenue

10,991

10,008

Gross profit

8,240

7,518

Adjusted EBITDA 1

2,107

895

Non-recurring items 1

1,644

(295)

EBITDA 1

3,751

600

Operating profit/(loss) (EBIT)

2,279

(1,143)

Net financials

(566)

(814)

Profit/(loss) before tax

1,713

(1,957)

Net profit/(loss) for the period

2,489

(1,776)

Balance sheet

Assets

20,445

20,151

Equity

5,262

2,704

Net working capital 2

3,991

3,833

Net interest-bearing debt (NIBD) 3

9,358

11,115

Invested capital 4

14,380

13,637

Cash flow

Cash flow from operating activities

1,255

265

Cash flow from investing activities

620

(317)

Free cash flow

1,875

(52)

Key ratios (%)

Revenue growth

8%

9%

Revenue growth at CER 1

10%

10%

Dermatology revenue growth at CER

12%

12%

Gross margin

61%

60%

OPEX ratio

57%

70%

Adjusted EBITDA margin 1

16%

7%

EBITDA margin 1

28%

5%

EBIT margin

17%

(9)%

Effective tax rate

(45%)

9%

NIBD/Adjusted EBITDA (LTM) 5

4.4

12.4

People

Average number of full-time employees (FTE)

4,104

4,184

1

See Note 2 Non-IFRS measures.

2

Net working capital comprises Inventories, Trade receivables and Other receivables less Trade payables and Other payables.

3

The net interest-bearing debt (NIBD) is the interest-bearing liabilities less cash and cash equivalents.

4

Invested capital is calculated as the sum of non-current assets, net working capital and tax receivables less deferred tax liabilities and other non-interest-bearing liabilities.

5

Adjusted EBITDA (LTM) is the adjusted EBITDA in the last 12 months.

Contacts

For further information please contact:

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

Media:
Jeppe Ilkjær, telephone +45 3050 2014

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