{"id":62152,"date":"2025-11-06T10:03:14","date_gmt":"2025-11-06T09:03:14","guid":{"rendered":"https:\/\/pharma-trend.com\/en\/leo-pharma-delivers-8-revenue-growth-at-cer-in-9m-2025-and-updates-full-year-outlook\/"},"modified":"2025-11-06T10:03:14","modified_gmt":"2025-11-06T09:03:14","slug":"leo-pharma-delivers-8-revenue-growth-at-cer-in-9m-2025-and-updates-full-year-outlook","status":"publish","type":"post","link":"https:\/\/pharma-trend.com\/en\/leo-pharma-delivers-8-revenue-growth-at-cer-in-9m-2025-and-updates-full-year-outlook\/","title":{"rendered":"LEO Pharma Delivers 8% Revenue Growth at CER in 9M 2025 and Updates Full-Year Outlook"},"content":{"rendered":"<div>\n<p>BALLERUP, Denmark&#8211;(BUSINESS WIRE)&#8211;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\u00ae gaining further momentum after its September launch in the U.S. The 2025 financial outlook is updated to reflect the addition of Spevigo\u00ae to the portfolio, reinforcing LEO Pharma\u2019s commitment to advancing innovation and expanding access to care.\n<\/p>\n<p><a href=\"https:\/\/mms.businesswire.com\/media\/20251106477170\/en\/662919\/5\/leopharma.jpg\"><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20251106477170\/en\/662919\/22\/leopharma.jpg\"><\/a><br \/><a href=\"https:\/\/mms.businesswire.com\/media\/20251106477170\/en\/662919\/5\/leopharma.jpg\"><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20251106477170\/en\/662919\/21\/leopharma.jpg\"><\/a><\/p>\n<p>\n<b>Highlights<\/b>\n<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nLEO Pharma\u2019s 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.\n<\/li>\n<li>\nRevenue from the Dermatology portfolio grew by 9% (CER), driven by the Strategic brands Adtralza<sup>\u00ae<\/sup>\/Adbry<sup>\u00ae<\/sup> and Anzupgo<sup>\u00ae<\/sup>, 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.\n<\/li>\n<li>\nOperating 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.\n<\/li>\n<li>\nNet profit for 9M 2025 was DKK 2,036 million (9M 2024: negative DKK 1,262 million), including non-recurring items.\n<\/li>\n<li>\nFree 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&amp;A, free cash flow was DKK 815 million.\n<\/li>\n<li>\nIn September, Anzupgo\u00ae (delgocitinib) cream was launched in the U.S. as the first and only topical pan\u2011JAK inhibitor for chronic hand eczema (CHE), supported by a more than 50% expansion of LEO Pharma\u2019s U.S. sales force following FDA approval in July 2025. In October, Chinese authorities accepted the NDA filing for Anzupgo\u00ae to treat CHE in China.\n<\/li>\n<li>\nOn 30 September, the transaction for Spevigo\u00ae (spesolimab) with Boehringer Ingelheim closed, granting LEO Pharma global development and commercialization rights for the first\u2011in\u2011class IL\u201136R antagonist already approved for generalized pustular psoriasis. Leveraging LEO Pharma\u2019s global dermatology platform, the transaction aims to accelerate and broaden access to Spevigo\u00ae, making it a strategic brand, alongside Adtralza\u00ae\/Adbry\u00ae and Anzupgo\u00ae.\n<\/li>\n<li>\nFor 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\u00ae including ongoing development costs for the asset. Excluding Spevigo\u00ae, the outlook for organic revenue growth of 7-9% is unchanged.\n<\/li>\n<\/ul>\n<p>\n<b>&#8220;Our momentum continues to build as the global rollout of Anzupgo\u00ae accelerates and the Spevigo\u00ae brand joins LEO Pharma. With three strategic brands now in our portfolio, we are entering a pivotal chapter in our growth journey \u2013 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.\u201d<br \/>\n<br \/><\/b>CEO Christophe Bourdon.\n<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwpadl0 bwwidth40\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n<b>9M 2025 Financial overview<\/b>\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwwidth40\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignl bwcellpmargin\">\n<b>(DKK million)<\/b>\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>Q3 2025<\/b>\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>Q3 2024<\/b>\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>Growth<\/b>\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>9M 2025<\/b>\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>9M 2024<\/b>\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>Growth<\/b>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwwidth40\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\nRevenue\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n3,275\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n3,057\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n7%\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n10,064\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n9,432\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n7%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl2 bwwidth40\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n<i>Revenue growth at CER<\/i>\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<i>10%<\/i>\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<i>10%<\/i>\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwsinglebottom bwrightsingle bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<i>N.m.<\/i>\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<i>8%<\/i>\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<i>11%<\/i>\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwsinglebottom bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<i>N.m.<\/i>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwwidth40\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\nAdjusted EBITDA\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n649\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n181\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n259%\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n2,105\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n780\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n170%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl2 bwwidth40\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n<i>Adjusted EBITDA margin<\/i>\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<i>20%<\/i>\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<i>6%<\/i>\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwsinglebottom bwrightsingle bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<i>N.m.<\/i>\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<i>21%<\/i>\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<i>8%<\/i>\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwsinglebottom bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<i>N.m.<\/i>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwwidth40\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\nNet profit\/(loss) for the period\n<\/p>\n<\/td>\n<td class=\"bwrightsingle bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n59\n<\/p>\n<\/td>\n<td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(501)\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwrightsingle bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\nN.m.\n<\/p>\n<\/td>\n<td class=\"bwrightsingle bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n2,036\n<\/p>\n<\/td>\n<td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(1,262)\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\nN.m.\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p>\n<b>About LEO Pharma<br \/>\n<br \/><\/b>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\u2019s 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 <a target=\"_blank\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.leo-pharma.com&amp;esheet=54353485&amp;newsitemid=20251106477170&amp;lan=en-US&amp;anchor=www.leo-pharma.com&amp;index=1&amp;md5=d13141ec2290e7e77a3d3e62397cda6a\" rel=\"nofollow\" shape=\"rect\">www.leo-pharma.com<\/a>.\n<\/p>\n<p> <b>Contacts<\/b> <\/p>\n<p>\n<b>For further information please contact:<\/p>\n<p>Investor Relations:<br \/>\n<br \/><\/b>Christian Boas Ryom, telephone +45 4494 5888<br \/>\n<br \/>\n<b><br \/>Media:<br \/>\n<br \/><\/b>Jeppe Ilkj\u00e6r, telephone +45 3050 2014\n<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>BALLERUP, Denmark&#8211;(BUSINESS WIRE)&#8211;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\u00ae gaining further momentum after its September launch in the U.S. The 2025 financial outlook is updated to &#8230; <span class=\"more\"><a class=\"more-link\" href=\"https:\/\/pharma-trend.com\/en\/leo-pharma-delivers-8-revenue-growth-at-cer-in-9m-2025-and-updates-full-year-outlook\/\">[Read more&#8230;]<\/a><\/span><\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":{"0":"entry","1":"post","2":"publish","3":"author-business","4":"post-62152","6":"format-standard","7":"category-industry"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>LEO Pharma Delivers 8% Revenue Growth at CER in 9M 2025 and Updates Full-Year Outlook - Pharma Trend<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pharma-trend.com\/en\/leo-pharma-delivers-8-revenue-growth-at-cer-in-9m-2025-and-updates-full-year-outlook\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"LEO Pharma Delivers 8% Revenue Growth at CER in 9M 2025 and Updates Full-Year Outlook - Pharma Trend\" \/>\n<meta property=\"og:description\" content=\"BALLERUP, Denmark&#8211;(BUSINESS WIRE)&#8211;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\u00ae gaining further momentum after its September launch in the U.S. The 2025 financial outlook is updated to ... 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