LEO Pharma delivers 10% revenue growth at CER and strengthens late-stage pipeline

Ballerup, Denmark, 18 August, 2026 – In H1 2026, LEO Pharma delivered strong revenue growth, driven by the dermatology portfolio, with an improved gross margin alongside significantly increased investments in commercial and innovation activities. In August, LEO Pharma agreed to acquire the global rights for dersimelagon, an investigational first-in-class oral therapy with potential launch in 2027. Together with the acquisition of Replay, announced in April 2026, the agreement further strengthens LEO Pharma’s pipeline in rare genetic skin diseases.

Financial highlights

• LEO Pharma’s revenue increased by 7% to DKK 7,257 million, and by 10% at constant exchange rates (CER). The revenue growth was led by North America (38% at CER) and Rest of World (10% at CER), while sales in Europe (0% at CER) were broadly stable compared to H1 2025.
• Revenue from the Dermatology portfolio grew by 12% (CER), driven by the strategic brands Anzupgo®, Spevigo® and Adtralza®/Adbry®, which combined had a revenue increase of 50% (CER), whereas revenue from the established brands decreased by 1% (CER) adversely impacted by a distributor transition in a single European market. Sales in the Critical Care portfolio grew by 3% (CER).
• Adjusted EBITDA amounted to DKK 1,247 million in H1 2026 (H1 2025: DKK 1,456 million) reflecting an adjusted EBITDA margin of 17% (H1 2025: 21%) amid increased strategic investments in commercial and innovation activities, which more than offset expansion in the gross margin.
• Net profit for H1 2026 was DKK 279 million (H1 2025: DKK 1,977 million). Excluding non-recurring items, net profit improved by 52% to DKK 369 million in H1 2026.
• Free cash flow was DKK 62 million for H1 2026 (H1 2025: DKK 1,469 million), and reduced net interest-bearing debt to DKK 9,319 million (YE 2025: DKK 9,358 million). Excluding M&A, free cash flow improved by DKK 556 million compared to H1 2025.

Innovation highlights

• Agreement to acquire of dersimelagon from Tanabe Pharma, announced on 18 August 2026, adding a first-in-class oral MC1R agonist for erythropoietic protoporphyria (EPP), filed for U.S. regulatory review at the end of June 2026, supporting a potential launch in 2027. The acquisition further strengthens LEO Pharma’s rare dermatology pipeline and builds on recent additions, including Replay’s next-generation HSV gene therapy platform acquired in April 2026 and the exclusive global license for SPEVIGO® obtained in 2025.The transaction is expected to close in H2 2026.
• In May 2026, the first patient was dosed in the pivotal Phase 3 DELTA CARE 1 trial investigating the safety and efficacy of delgocitinib cream in adults with mild to severe lichen sclerosus, advancing LEO Pharma’s ambition to expand topical pan-JAK inhibition into treatment of additional inflammatory skin diseases with high unmet need.

2026 outlook updated

• Revenue growth is now expected to be 9-11% at CER (previously: 8-11%), reflecting year-to-date business performance. The adjusted EBITDA margin is now expected to be 14-16% (previously: 15-18%), reflecting increased development and pre-launch activities following the acquisition of dersimelagon, subject to the expected closing of the transaction in H2 2026.

"We delivered a strong first half of 2026, reflecting the momentum we are building across our business and the strength of our global platform, while continuing to invest to drive future growth. As Adtralza®/Adbry®, Anzupgo® and Spevigo® together surpassed DKK 1 billion in quarterly revenue for the first time, the acquisition of dersimelagon adds another first-in-class therapy to our late-stage pipeline, with the potential to strengthen our commercial portfolio as early as next year and further expand our ability to address significant unmet needs in dermatology,” said Christophe Bourdon, CEO, LEO Pharma.