LEO Pharma delivers 9% revenue growth at CER in Q1 2026 and strengthens innovation pipeline

Ballerup, Denmark, 5 May, 2026 – In Q1 2026, LEO Pharma delivered robust revenue growth, driven by the dermatology portfolio, and improved profitability while significantly increasing commercial investments to support the global roll-out of Anzupgo® and the addition of Spevigo® to the portfolio. LEO Pharma also made significant strategic progress and advanced innovation through the acquisition of Replay’s next-generation gene therapy platform targeting rare genetic skin diseases, the approval of Enstilar® in China and the continued late-stage development activities for Anzupgo®, including FDA acceptance for review in adolescents with chronic hand eczema.

Financial highlights

• LEO Pharma’s revenue increased by 4% to DKK 3,521 million, and by 9% at constant exchange rates (CER). The revenue growth was led by North America (30% at CER) and Rest of World (13% at CER), whereas sales in Europe declined by 1% at CER.
• Revenue from the dermatology portfolio grew by 11% (CER), driven by the strategic brands Anzupgo®, Spevigo® and Adtralza®/Adbry®, which combined had a revenue increase of 43% (CER), in addition to growth of 1% (CER) in the established brands. Sales in the Critical Care portfolio grew by 3% (CER).
• Operating profit improved, with adjusted EBITDA increasing by 12% to DKK 610 million in Q1 2026. The adjusted EBITDA margin improved to 17% (Q1 2025: 16%) led by gross margin expansion to 65% (Q1 2025: 58%), offsetting higher commercial investments.
• Net profit for Q1 2026 was DKK 99 million (Q1 2025: DKK 1,742 million), including non-recurring items. Excluding non-recurring items, net profit improved by DKK 132 million to DKK 142 million in Q1 2026.
• Free cash flow was DKK 336 million for Q1 2026 (Q1 2025: DKK 1,386 million), and net interest-bearing debt was reduced to DKK 8,987 million (YE 2025: DKK 9,358 million). Excluding M&A, free cash flow improved by DKK 581 million compared to Q1 2025.

Innovation highlights

• Acquisition of Replay, announced on 30 April 2026, adding a next-generation gene therapy platform for topical delivery in rare genetic skin diseases and further expanding LEO Pharma’s presence in rare dermatology.
• FDA accepted for review the label expansion sNDA for Anzupgo® (delgocitinib) cream for adolescents aged 12 to 17 years with moderate to severe chronic hand eczema in the U.S.
• China’s NMPA approved Enstilar® (calcipotriene/betamethasone dipropionate) foam for the treatment of plaque psoriasis in adults, expanding access to a new treatment option for more than an estimated 6 million adults in the country.

2026 outlook

• 2026 revenue growth of 8-11% (CER) is unchanged, while the adjusted EBITDA margin outlook is revised to 15-18% (previously: 16-19%) reflecting increased spending on development activities following the acquisition of Replay.

"We are off to a robust start to 2026, with improved profitability and strong cash flow, while continuing to invest in our commercial capabilities to support future growth. With our agreement to acquire Replay, we are adding a next-generation gene therapy technology that further expands LEO Pharma’s presence in rare dermatology and supports our focus on advancing innovation and leveraging our global platform to address significant unmet patient needs,” says Christophe Bourdon, CEO, LEO Pharma.