LEO Pharma delivers 9% revenue growth at constant exchange rates and doubles adjusted EBITDA margin to 16%

Ballerup, Denmark, 15 May, 2025 - In Q1, LEO Pharma continued its robust growth, driven by dermatology, and made significant strategic progress. This included expanding the launch of Anzupgo® to five markets, advancing innovation through the newly formed strategic partnership with Gilead for the STAT6 program, and significantly improving profitability with a return to a positive net profit.

Q1 2025 highlights

• LEO Pharma’s revenue increased by 10% year-on-year to DKK 3,373 million, and by 9% at constant exchange rates (CER). The revenue growth was led by North America (+45% at CER), with Europe (+2% at CER) and Rest of World (+5% at CER) also contributing to the overall growth.

• Dermatology portfolio revenue grew by 10% (CER) year-on-year, driven by the Strategic brands, Adtralza®/Adbry® and Anzupgo®, which together saw a revenue increase of 73% (CER). Sales in the Thrombosis portfolio declined by 1% (CER) year-on-year, negatively impacted by order timing.

• Operating profit improved significantly, with adjusted EBITDA reaching DKK 545 million in Q1 2025, reflecting a margin of 16% (Q1 2024: 8%) excluding the upfront payment from Gilead and other non-recurring items.

• Net profit for the quarter was DKK 1,742 million (Q1 2024: negative DKK 366 million), including non-recurring items.

• Free cash flow was positive DKK 1,386 million for Q1 2025 (Q1 2024: negative DKK 571 million), and net interest-bearing debt was reduced to DKK 9,750 million (YE 2024: DKK 11,115 million). Excluding one off M&A-related payments, free cash flow in Q1 2025 was negative DKK 241 million.

• In Q1, LEO Pharma reported positive results from the DELTA TEEN and DELTA China trials, marking the fifth and sixth consecutive successful phase 3 trials for delgocitinib (brand name: Anzupgo®) in chronic hand ezcema. Additionally, in January, LEO Pharma announced a strategic partnership with Gilead Sciences to accelerate the pre-clinical STAT6 program.

• The 2025 financial outlook for revenue growth of 6-9% (CER) and an adjusted EBITDA margin of 15-18% is unchanged and confirmed.

"We have seen a good start to 2025, with encouraging progress in the ongoing launch of
Anzupgo® and key milestones achieved for our innovation pipeline. A significant highlight is
the acceleration of the STAT6 program through our new partnership with Gilead. Additionally,
the return to a positive net result marks another key milestone for the quarter, as we continue
to develop the foundations for LEO Pharma’s long-term financial strength,” says Christophe Bourdon, CEO of LEO Pharma. 

Q1 2025 Financial overview

(DKK million)	Q1 2025	Q1 2024	Growth as reported
Revenue	3,373	3,064	10%
Revenue growth at CER	9%	13%	N.m.
Adjusted EBITDA	545	257	112%
Net profit /(loss) for the period	1,742	(366)	N.m.