LEO Pharma delivers 7% revenue growth at CER in H1 2025 and achieves key milestones enabling future growth

Ballerup, Denmark, 18 August, 2025 - In H1 2025, LEO Pharma delivered robust growth and significantly improved profitability, enabling an increase to the financial outlook for sales growth and adjusted EBITDA margin in 2025 towards the upper-end of previously communicated expectations. In July, the FDA approval of Anzupgo® and partnership with Boehringer Ingelheim for SPEVIGO®, marked major strategic milestones demonstrating LEO Pharma’s commitment to advancing innovation in dermatology.

Highlights

• LEO Pharma’s revenue increased by 6% year-on-year to DKK 6,789 million, and by 7% at constant exchange rates (CER) entirely driven by organic growth. The revenue growth was led by North America (+28% at CER), with Europe (+1% at CER) and Rest of World (+4% at CER) also contributing to the overall growth.
• Revenue from the Dermatology portfolio grew by 8% (CER) year-on-year, driven by the Strategic brands Adtralza^®/Adbry^® and Anzupgo^®, which combined had a revenue increase of 51% (CER). Sales in the Critical Care portfolio (formerly called ‘Thrombosis’) declined by 3% (CER) year-on-year, affected by the reversal of sales discounts in the same period last year.
• Operating profit improved significantly, with adjusted EBITDA reaching DKK 1,456 million in H1 2025, reflecting a margin of 21% (H1 2024: 9%) excluding the STAT6 partnership upfront payment from Gilead received in January and other non-recurring items.
• Net profit for H1 2025 was DKK 1,977 million (H1 2024: negative DKK 761 million), including non-recurring items.
• Free cash flow was DKK 1,469 million for H1 2025 (H1 2024: negative DKK 779 million), and net interest-bearing debt was reduced to DKK 9,676 million (YE 2024: DKK 11,115 million). Excluding M&A, free cash flow was negative DKK 158 million driven by timing and non-recurring one-offs.
• On 23 July, LEO Pharma received FDA approval of Anzupgo® (delgocitinib) for the treatment of chronic hand eczema, enabling launch of the product in the U.S. by Q3 2025 as the first and only topical pan-JAK inhibitor. Additionally, LEO Pharma on 9 July announced positive interim results from the phase 3 ADHAND trial for Adtralza®/Adbry® (tralokinumab).
• On 14 July, LEO Pharma announced a partnership with Boehringer Ingelheim, granting LEO Pharma an exclusive global license for the development and commercialization of SPEVIGO® (spesolimab), a first-in-class IL-36R antagonist already approved and marketed for generalized pustular psoriasis (GPP). The partnership aims to accelerate and broaden access for patients by leveraging LEO Pharma’s global dermatology platform. The transaction is expected to close in H2 2025 with SPEVIGO® set to become the third Strategic brand in LEO Pharma’s portfolio, alongside Adtralza®/Adbry® and Anzupgo®.
• For the 2025 outlook, group revenue growth is now expected to be 7-9% at CER (previously: 6-9%) and the adjusted EBITDA margin is now expected to be 16-18% (previously: 15-18%). This reflects the FDA approval of Anzupgo® and year-to-date business performance. The outlook does not include any impact from the partnership for SPEVIGO®, pending closing of the transaction.

"LEO Pharma is in its strongest position in years – financially, strategically, and in terms of our portfolio and pipeline activities. The FDA approval of Anzupgo® represents a major step forward, and together with the addition of SPEVIGO® to our portfolio, we are further unlocking the value of our global platform, highlighting our commitment to driving innovation for patients," says Christophe Bourdon, CEO of LEO Pharma. 

H1 2025 Financial overview

(DKK million)	Q2 2025	Q2 2024	Growth as reported	H1 2025	H1 2024	Growth as reported
Revenue	3,416	3,311	3%	6,789	6,375	6%
Revenue growth at CER	4%	10%	N.m.	7%	12%	N.m.
Adjusted EBITDA	911	342	166%	1,456	599	143%
Adjusted EBITDA margin	27%	10%	N.m.	21%	9%	N.m.
Net profit /(loss) for the period	235	(395)	N.m.	1,977	(761)	N.m.