LEO Pharma delivered robust financial performance in H1 2025, marked by strong organic growth, improved profitability, and strategic milestones that strengthen its dermatology leadership. Under CEO Christophe Bourdon’s leadership, the company has enhanced its portfolio, improved margins, and positioned itself for sustainable growth.

Key Financial Highlights

• Revenue Growth: Total revenue reached DKK 6,789M, up 6% YoY (7% CER), driven entirely by organic growth.

  • North America: +28% (CER) — strongest contributor

  • Europe: +1% (CER)

  • Rest of World: +4% (CER)

• Dermatology Portfolio: Up 8% (CER) YoY, fueled by strategic brands Adtralza®/Adbry® and Anzupgo®, which grew 51% (CER) combined.

• Critical Care Portfolio: Down 3% (CER) due to prior-year discount reversals.

• Profitability Surge:

  • Adjusted EBITDA: DKK 1,456M (21% margin vs. 9% in H1 2024).

  • Net Profit: DKK 1,977M vs. a loss of DKK 761M in H1 2024.

• Cash Flow & Debt: Free cash flow improved to DKK 1,469M; net debt reduced to DKK 9,676M from DKK 11,115M at YE 2024.

Strategic Milestones

• FDA Approval of Anzupgo®: First and only topical pan-JAK inhibitor for chronic hand eczema, U.S. launch expected in Q3 2025.

• SPEVIGO® Partnership: Exclusive global license from Boehringer Ingelheim, positioning SPEVIGO® as LEO’s third strategic brand.

• Pipeline Advancements: Positive Phase 3 ADHAND trial results for Adtralza®/Adbry® reinforce the dermatology-focused portfolio.

Upgraded 2025 Outlook

• Revenue Growth: 7-9% CER (up from 6-9%).

• Adjusted EBITDA Margin: 16-18% (previously 15-18%).

• Excludes potential impact of the SPEVIGO® partnership.

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