LEO Pharma delivers 10% revenue growth in 2025 and more than doubles adjusted EBITDA margin

Ballerup, Denmark, 18 February, 2026 – 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," says Christophe Bourdon, CEO of LEO Pharma.

 

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.