LEO Pharma Delivers 10% Revenue Growth in 2025 and More Than Doubles Adjusted EBITDA Margin

February 18, 2026 at 03:00 AM EST

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.

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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.”
CEO Christophe Bourdon.

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.

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. LEO Pharma is co-owned by majority shareholder the LEO Foundation and, since 2021, Nordic Capital. Headquartered in Denmark, LEO Pharma has a team of 4,000 people worldwide. Together, we reach far beyond the skin. For more information, visit www.leo-pharma.com

Financial highlights and key figures

(DKK million)	FY 2025	FY 2024

Income statement
Revenue	13,499	12,453
Of which dermatology revenue	10,991	10,008
Gross profit	8,240	7,518
Adjusted EBITDA ¹	2,107	895
Non-recurring items ¹	1,644	(295)
EBITDA ¹	3,751	600
Operating profit/(loss) (EBIT)	2,279	(1,143)
Net financials	(566)	(814)
Profit/(loss) before tax	1,713	(1,957)
Net profit/(loss) for the period	2,489	(1,776)

Balance sheet
Assets	20,445	20,151
Equity	5,262	2,704
Net working capital ²	3,991	3,833
Net interest-bearing debt (NIBD) ³	9,358	11,115
Invested capital ⁴	14,380	13,637

Cash flow
Cash flow from operating activities	1,255	265
Cash flow from investing activities	620	(317)
Free cash flow	1,875	(52)

Key ratios (%)
Revenue growth	8%	9%
Revenue growth at CER ¹	10%	10%
Dermatology revenue growth at CER	12%	12%
Gross margin	61%	60%
OPEX ratio	57%	70%
Adjusted EBITDA margin ¹	16%	7%
EBITDA margin ¹	28%	5%
EBIT margin	17%	(9)%
Effective tax rate	(45%)	9%
NIBD/Adjusted EBITDA (LTM) ⁵	4.4	12.4

People
Average number of full-time employees (FTE)	4,104	4,184

¹	See Note 2 Non-IFRS measures.
²	Net working capital comprises Inventories, Trade receivables and Other receivables less Trade payables and Other payables.
³	The net interest-bearing debt (NIBD) is the interest-bearing liabilities less cash and cash equivalents.
⁴	Invested capital is calculated as the sum of non-current assets, net working capital and tax receivables less deferred tax liabilities and other non-interest-bearing liabilities.
⁵	Adjusted EBITDA (LTM) is the adjusted EBITDA in the last 12 months.