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.
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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. |
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