In the first nine months of 2025, LEO Pharma continued its robust revenue growth, with significantly improved profitability and free cash flow. As expected, growth accelerated in the third quarter, with the global rollout of Anzupgo® gaining further momentum after its September launch in the U.S. The 2025 financial outlook is updated to reflect the addition of Spevigo® to the portfolio, reinforcing LEO Pharma’s commitment to advancing innovation and expanding access to care.

Highlights

• LEO Pharma’s revenue increased by 7% to DKK 10,064 million, and by 8% at constant exchange rates (CER), entirely driven by organic growth. The revenue growth was led by North America (+27% at CER), with Europe (+2% at CER) and Rest of World (+6% at CER) also contributing to the overall growth.
• Revenue from the Dermatology portfolio grew by 9% (CER), driven by the Strategic brands Adtralza^®/Adbry^® and Anzupgo^®, which combined had a revenue increase of 41% (CER), in addition to growth of 1% (CER) in 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 significantly, with adjusted EBITDA reaching DKK 2,105 million in 9M 2025, reflecting a margin of 21% (9M 2024: 8%), excluding the STAT6 partnership upfront payment from Gilead Sciences received in January and other non-recurring items. The improvement in adjusted EBITDA was driven by sales growth and reduced operating expenses.
• Net profit for 9M 2025 was DKK 2,036 million (9M 2024: negative DKK 1,262 million), including non-recurring items.
• Free cash flow was DKK 1,760 million for 9M 2025 (9M 2024: negative DKK 293 million), and net interest-bearing debt was reduced to DKK 9,423 million (YE 2024: DKK 11,115 million). Excluding M&A, free cash flow was DKK 815 million.
• In September, Anzupgo® (delgocitinib) cream was launched in the U.S. as the first and only topical pan‑JAK inhibitor for chronic hand eczema (CHE), supported by a more than 50% expansion of LEO Pharma’s U.S. sales force following FDA approval in July 2025. In October, Chinese authorities accepted the NDA filing for Anzupgo® to treat CHE in China.
• On 30 September, the transaction for Spevigo® (spesolimab) with Boehringer Ingelheim closed, granting LEO Pharma global development and commercialization rights for the first‑in‑class IL‑36R antagonist already approved for generalized pustular psoriasis. Leveraging LEO Pharma’s global dermatology platform, the transaction aims to accelerate and broaden access to Spevigo®, making it a strategic brand, alongside Adtralza®/Adbry® and Anzupgo®.
• For the 2025 outlook, group revenue growth is now expected to be 8-10% at CER (previously: 7-9%), and the adjusted EBITDA margin is now expected to be 15-17% (previously: 16-18%). The revised outlook reflects the consolidation of Spevigo® including ongoing development costs for the asset. Excluding Spevigo®, the outlook for organic revenue growth of 7-9% is unchanged.

"Our momentum continues to build as the global rollout of Anzupgo® accelerates and the Spevigo® brand joins LEO Pharma. With three strategic brands now in our portfolio, we are entering a pivotal chapter in our growth journey – one where we are further investing in our global platform to unlock its full potential and enhance our ability to drive innovation for the benefit of patients worldwide.”

CEO Christophe Bourdon.

About LEO Pharma

LEO Pharma is a global leader in medical dermatology. We deliver innovative solutions for skin health, building on a century of experience with breakthrough medicines in healthcare. We are committed to making a fundamental difference in people’s lives, and our broad portfolio of treatments serves close to 100 million patients in over 70 countries annually. Headquartered in Denmark, LEO Pharma has a team of 4,000 people worldwide. LEO Pharma is co-owned by majority shareholder, the LEO Foundation and, since 2021, Nordic Capital. For more information, visit www.leo-pharma.com.

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