Tralokinumab

For the first time since 2018, Leo Pharma said it turned a profit last year thanks to new brands on the market and rising sales in the US. The dermatology-focused company collected 2.49 billion Danish krone ($394 million) in net profit for 2025 due to the launch of its chronic hand eczema drug Anzupgo in 10 countries, including the US. It also profited from a licensing deal with Boehringer Ingelheim. CEO Christophe Bourdon told Endpoints News last year that profitability is one of the milestones the company is tracking if it wants to go public . In an interview with Endpoints ahead of its 2025 earnings release on Wednesday, Bourdon said it will be the “shareholders’ decision on if and when to push the button on the IPO.” Currently, the Leo Foundation has a majority stake in Leo Pharma, with Nordic Capital also holding a minority stake after its investment in March 2021. Leo Pharma has been eyeing a potential IPO since at least 2022. It underwent a broad multiyear restructuring to boost its balance sheet. In a bid to boost profitability, the company reshuffled its R&D teams and made sweeping layoffs . These actions seem to be paying off: The last time it turned a profit was in 2018, when it made DKK 1.26 billion ($200 million). Leo Pharma’s profits were down for seven consecutive years due to various factors , including high R&D and restructuring costs, impairment charges, and spending on acquisitions such as the Timber Pharmaceuticals deal in 2023. Bourdon was named CEO in 2022. But Leo Pharma made efforts last year to boost its dermatology product offerings, which drove the business’ revenue up by 12% for 2025 compared to the previous year. The company launched Anzupgo in the US in September and brought Spevigo into its portfolio after inking a licensing deal with Boehringer in July. Spevigo is a monoclonal antibody used to treat generalized pustular psoriasis. Combined revenue for Anzupgo, Spevigo and Adbry increased by 48% for 2025 compared to the year before. Adbry, branded as Adtralza in Europe, is used to treat moderate-to-severe atopic dermatitis. Overall, Leo Pharma pulled in DKK 13.5 billion ($2.1 billion) in revenue for 2025, up 10% compared to 2024. The jump is mainly driven by 35% growth in the US. As for 2026, the company is expecting its revenue to grow between 8% and 11% at constant exchange rates.

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 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