BALLERUP, Denmark--(BUSINESS WIRE)--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.”
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. 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 4,400 people worldwide. Together, we reach far beyond the skin. For more information, visit www.leo-pharma.com
Financial highlights and key figures
(DKK million) | Q2 2026 | Q2 2025 | H1 2026 | H1 2025 |
FY 2025 |
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Income statement |
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Revenue | 3,736 | 3,416 | 7,257 | 6,789 | 13,499 |
Of which dermatology revenue | 3,071 | 2,781 | 5,946 | 5,508 | 10,991 |
Gross profit | 2,469 | 2,287 | 4,772 | 4,253 | 8,240 |
Adjusted EBITDA 1 | 637 | 911 | 1,247 | 1,456 | 2,107 |
Non-recurring items 1 | (47) | 1 | (90) | 1,733 | 1,644 |
Operating profit before depreciation and amortization (EBITDA) 1 | 590 | 912 | 1,157 | 3,189 | 3,751 |
Operating profit (EBIT) | 305 | 576 | 529 | 2,512 | 2,279 |
Financial items, net | (113) | (126) | (222) | (283) | (566) |
Profit before tax | 192 | 450 | 307 | 2,229 | 1,713 |
Net profit | 180 | 235 | 279 | 1,977 | 2,489 |
Earnings per share, basic (EPS) (DKK) | 0.47 | 0.61 | 0.73 | 5.16 | 6.49 |
Earnings per share, diluted (DEPS) (DKK)2 | 0.47 | 0.61 | 0.73 | 5.16 | 6.49 |
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Balance sheet |
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Investments in property, plant and equipment | 62 | 67 | 93 | 119 | 256 |
Assets | 20,873 | 19,902 | 20,873 | 19,902 | 20,445 |
Equity | 5,518 | 4,837 | 5,518 | 4,837 | 5,262 |
Net working capital 3 | 4,199 | 4,786 | 4,199 | 4,786 | 3,991 |
Net interest-bearing debt (NIBD) 4 | 9,319 | 9,676 | 9,319 | 9,676 | 9,358 |
Invested capital 5 | 14,638 | 14,248 | 14,638 | 14,248 | 14,380 |
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Cash flow |
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Cash flow from operating activities | 137 | 157 | 514 | (27) | 1,255 |
Cash flow from investing activities | (411) | (74) | (452) | 1,496 | 620 |
Net cash flow | 53 | (25) | 90 | 96 | (3) |
Free cash flow | (274) | 83 | 62 | 1,469 | 1,875 |
Free cash flow excluding M&A 6 | 62 | 83 | 398 | (158) | 940 |
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Key ratios |
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Revenue growth | 9% | 3% | 7% | 6% | 8% |
Revenue growth at CER 1 | 11% | 4% | 10% | 7% | 10% |
Dermatology revenue growth at CER 1 | 12% | 6% | 12% | 8% | 12% |
Gross margin | 66% | 67% | 66% | 63% | 61% |
OPEX ratio (% of revenue) | 58% | 50% | 59% | 51% | 57% |
EBIT margin | 8% | 17% | 7% | 37% | 17% |
EBITDA margin 1 | 16% | 27% | 16% | 47% | 28% |
Adjusted EBITDA margin 1 | 17% | 27% | 17% | 21% | 16% |
Effective tax rate | 6% | 48% | 9% | 11% | (45)% |
NIBD/Adjusted EBITDA (LTM) 7 | 4.9 | 5.5 | 4.9 | 5.5 | 4.4 |
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People |
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Average number of full-time employees (FTE) | 4,373 | 4,023 | 4,338 | 4,027 | 4,104 |
Number of full-time employees (FTE) at period-end | 4,398 | 4,040 | 4,398 | 4,040 | 4,265 |
1 | See Note 2 Non-IFRS measures. |
2 | Outstanding warrants did not have a dilutive effect on the outstanding shares in the calculation of DEPS in H1 2026 or H1 2025. The required conditions for equity settlement were not met at the reporting date. Please refer to Note 6.2 Share-based in the Annual Report for 2025 |
3 | Net working capital is a non-IFRS measure and comprises inventories, trade receivables and other receivables less trade payables and other payables. |
4 | The net interest-bearing debt (NIBD) is a non-IFRS measure and comprises the interest-bearing liabilities less cash and cash equivalents. |
5 | 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. |
6 | M&A cash impact refer to page 8, section ‘Cash flow from investing activities’. |
7 | Adjusted EBITDA (LTM) is the adjusted EBITDA for the last 12 months. |
Business Review
In H1 2026, reported revenue growth was 7%. At constant exchange rates (CER), revenue increased by 10%, including organic growth of 7%. Dermatology revenue grew by 12% (CER) for the period, including organic growth of 8%, led by strong growth in the strategic brands portfolio while the portfolio of established brands declined by 1% (CER) impacted by a distributor transition in a single market. Critical Care recorded revenue growth of 3% (CER) compared to H1 2025. Exchange rates had a 3-percentage-point negative effect on reported revenue growth for H1 2026.
In Q2 2026, reported revenue growth was 9%. Revenue increased by 11% at CER, including organic growth of 7%. Dermatology revenue grew by 12% (CER), including organic growth of 8%, led by strong growth in the strategic brands portfolio while the portfolio of established brands declined by 2% (CER) during the quarter amid a distributor transition in a single market. Critical Care recorded revenue growth of 2% (CER) compared to Q2 2025. Exchange rates had a 2-percentage point negative effect on reported revenue growth for Q2 2026.
(DKK million) | Q2 2026 | Q2 2025 | Growth (CER) | Growth (DKK) | H1 2026 | H1 2025 | Growth (CER) | Growth (DKK) |
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Revenue by area |
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Dermatology | 3,071 | 2,781 | 12% | 10% | 5,946 | 5,508 | 12% | 8% |
Strategic brands | 1,028 | 676 | 56% | 52% | 1,888 | 1,327 | 50% | 42% |
Established brands | 2,043 | 2,105 | (2)% | (3)% | 4,058 | 4,181 | (1)% | (3)% |
Critical Care | 594 | 585 | 2% | 2% | 1,193 | 1,170 | 3% | 2% |
Other | 71 | 50 | 42% | 42% | 118 | 111 | 6% | 6% |
Total | 3,736 | 3,416 | 11% | 9% | 7,257 | 6,789 | 10% | 7% |
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Revenue by region |
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Europe | 1,785 | 1,773 | 1% | 1% | 3,509 | 3,517 | (0)% | (0)% |
North America | 913 | 644 | 46% | 42% | 1,669 | 1,297 | 38% | 29% |
Rest of World | 1,038 | 999 | 6% | 4% | 2,079 | 1,975 | 10% | 5% |
Total | 3,736 | 3,416 | 11% | 9% | 7,257 | 6,789 | 10% | 7% |
Business review by product category
Strategic brands revenue grew by 50% (CER) in H1 2026 compared to H1 2025, including organic growth of 30% and a 20-percentage-point contribution from the consolidation of prior-year sales levels for Spevigo®, the IL-36RA biologic for generalized pustular psoriasis (GPP) licensed from Boehringer Ingelheim on 30 September 2025. Organic growth was led by the continued global roll-out of the topical pan-JAK inhibitor Anzupgo® for chronic hand eczema (CHE). Additionally, the IL-13 biologic Adtralza®/Adbry® for the treatment of atopic dermatitis (AD), and Spevigo® also contributed to organic growth compared to H1 2025.
The global roll-out of Anzupgo® continued during the first half of 2026. The product is now launched in 11 markets, and available through early access schemes in an additional nine markets. Sales of Anzupgo® grew strongly compared to H1 2025, driven in particular by the U.S., where the product was launched in September 2025.
In the U.S., LEO Pharma continued to expand commercial formulary coverage for Anzupgo® during H1 2026 through focused market access efforts, with the prescriber base also increasing throughout the period. As the first and only FDA-approved treatment specifically indicated for moderate-to-severe CHE in adults, Anzupgo® is well positioned to help address a significant unmet need in what is historically perceived to be an undertreated disease. LEO Pharma remains focused on further expanding market access and raising disease awareness among healthcare providers and patients to support earlier patient identification and appropriate disease management.
Outside the U.S., Anzupgo® delivered broad-based growth during the first six months, supported by additional commercial launches. This included Denmark and Sweden, where reimbursement was secured and Anzupgo® was launched commercially in May and June 2026, respectively. Furthermore, early access schemes were initiated in several additional markets during Q2, including South Korea, Norway, Poland and Czechia, as LEO Pharma continues to advance CHE disease awareness initiatives across markets.
Spevigo® delivered strong sales growth in H1 2026 compared to H1 2025, prior to Spevigo® becoming part of the LEO Pharma portfolio of strategic brands, led by the U.S. Spevigo® therefore also contributed to organic revenue growth, reflecting growth compared to the prior-year sales level when the product was marketed by Boehringer Ingelheim. With the addition of Spevigo® to the portfolio, LEO Pharma is leveraging its broad dermatology platform to expand access, raise awareness of GPP among healthcare professionals and supporting patient identification for this rare and potentially life-threatening disease.
Following the transfer of marketing authorizations (MA) in Europe and the biologics license application (BLA) transfer in the U.S. during Q1 LEO Pharma is assuming full responsibility commercial and medical activities for Spevigo® across most markets. In the U.S., LEO Pharma is expanding engagement with healthcare professionals and organized provider networks alongside initiatives to improve product availability at key treatment centers and specialist care sites. These initiatives, mostly implemented towards the end of H1, are intended to strengthen disease awareness and patient identification, widen availability of Spevigo® across treatment locations, and support timely treatment initiation in GPP.
For Adtralza®/Adbry®, robust growth in H1 2026 was driven by the U.S., Japan and Germany with contributions from several other markets, including the UAE, the Netherlands, the UK and Spain. Across markets, growth continued to be supported by the increasing adoption of biologics for the treatment of AD.
During H1 2026, LEO Pharma continued to strengthen Adtralza®/Adbry®’s position through commercial activities and the expanded use of medical education materials highlighting its efficacy in high-burden areas of AD, including the head and neck region and the hands. The messaging, supported by real-world data and results from the Phase 3b ADHAND trial, continued to be well received in the first markets where it has been deployed. Sales growth was also supported by uptake of the pre-filled pen, reflecting patient and prescriber demand for greater convenience and flexibility in AD management. Toward the end of H1 2026, Adtralza® marked its five-year anniversary since European Commission approval and was removed from the European Medicine Agency’s additional monitoring list, reflecting its well-established long-term safety profile.
In Q2 2026, Strategic brands grew by 56% (CER), including organic growth of 34% and a 22-percentage-point contribution from the consolidation of prior-year sales levels for Spevigo®. Increased uptake of Anzupgo® in the U.S. was the leading growth driver during the quarter, supported by strong sales growth for both Spevigo® and Adtralza®/Adbry®.
Established brands revenues declined by 1% (CER) in H1 2026, adversely impacted by a distributor transition in a European market. Excluding this impact, sales of the Established brands portfolio grew by 2% compared to H2 2025, driven by the Rest of World region. Among individual countries, growth was led by China and Canada, while sales in region Europe detracted from growth.
Within the Established brands portfolio, the Daivobet/Daivonex® range of topical treatments for psoriasis, the Fucidin® range of antibiotic topicals for the treatment of skin infections and Skinoren® for the treatment of acne vulgaris contributed positively to growth, while lower sales in Europe of Enstilar®, a topical foam for the treatment of psoriasis, detracted from growth in H1 2026.
In Q2 2026, Established brands recorded a 2% (CER) decline in revenues versus the same period last year, adversely impacted by the distributor transition in a European market. Excluding this, the portfolio grew by 3% compared to Q2 2025, driven by increased sales of Skinoren®.
Critical Care revenues increased by 3% (CER) compared to H1 2025, with growth driven by Germany, the Nordics and Greece. For H1 2026, growth was supported by both the thrombosis products and the addition of Loqtorzi® to the portfolio.
In H1 2026 LEO Pharma began the European roll-out of Loqtorzi®, for the treatment of nasopharyngeal carcinoma (NPC) and esophageal squamous cell carcinoma (ESCC). Following launch in the first five markets during H1 2026, Loqtorzi® was subsequently launched in France via Direct Access on 1 July and has seen steady uptake across markets, contributing to Critical Care revenue growth for the period.
In Q2 2026, Critical Care revenues grew by 2% (CER) compared to Q2 2025, driven by Loqtorzi®.
Other revenue from contract manufacturing of divested products amounted to DKK 118 million for H1 2026, up from DKK 111 million in H1 2025. The growth was driven by favorable timing which more than offset product discontinuations.
Revenue by region
Geographically, North America was the fastest-growing region in H1 2026, with revenue increasing 38% (CER) compared to the same period last year. Strong growth for Anzupgo® and the addition of Spevigo® to the portfolio were the key drivers of the revenue growth in H1 2026, with Adtralza®/Adbry® also delivering a robust contribution to growth during the period. In addition, gross-to-net revenue adjustments relating to prior periods had a positive impact on growth for the region.
In Europe, revenue during H1 2026 was broadly unchanged compared to the same period last year, adversely impacted by a distributor transition in a European market. Excluding this impact, sales in Europe grew by 3% during the period. Across the region, sales were driven by strong growth of Anzupgo®, Spevigo® and Adtralza®, alongside the Critical Care portfolio, while lower sales of the Established brands portfolio, impacted by the aforementioned distributor transition, detracted from growth.
The Rest of World region delivered revenue growth of 10% (CER) in H1 2026, driven by China, South Korea, Japan, Brazil and Mexico, as well as broad-based growth across distributor markets, despite geopolitical turmoil. Strong growth for the Established brands portfolio was the main driver of regional growth, with Adtralza® and Anzupgo® as well as the Critical Care portfolio contributing to the increase in regional revenues versus H1 2025.
Financial review
Income statement | ||||||||
(DKK million) | Q2 2026 | Q2 2025 | Change in value | Change % | H1 2026 | H1 2025 | Change in value | Change % |
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Revenue | 3,736 | 3,416 | 320 | 9% | 7,257 | 6,789 | 468 | 7% |
Cost of sales | (1,267) | (1,129) | (138) | 12% | (2,485) | (2,536) | 51 | (2)% |
Gross profit | 2,469 | 2,287 | 182 | 8% | 4,772 | 4,253 | 519 | 12% |
Gross margin, % | 66% | 67% | (1)pp | N/A | 66% | 63% | 3pp | N/A |
Sales and distribution costs | (1,444) | (1,124) | (320) | 28% | (2,854) | (2,241) | (613) | 27% |
Research and development costs | (394) | (248) | (146) | 59% | (767) | (579) | (188) | 32% |
Administrative costs | (327) | (339) | 12 | (4)% | (636) | (659) | 23 | (3)% |
Other operating income, net | 1 | 0 | 1 | N/A | 14 | 1,738 | (1,724) | (99)% |
Operating profit (EBIT) | 305 | 576 | (271) | (47)% | 529 | 2,512 | (1,983) | (79)% |
EBIT margin, % | 8% | 17% | (9)pp | N/A | 7% | 37% | (30)pp | N/A |
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Adjusted EBITDA 1 | 637 | 911 | (274) | (30)% | 1,247 | 1,456 | (209) | (14)% |
Adjusted EBITDA margin, % | 17% | 27% | (10)pp | N/A | 17% | 21% | (4)pp | N/A |
1 See Note 2 Non-IFRS measures. | ||||||||
Revenue
Revenue increased by 7% to DKK 7,257 million in H1 2026. This reflected revenue growth of 10% (CER), whereas the development in exchange rates had a 3-percentage-point negative impact on revenue growth, due to the appreciation of the DKK versus the USD, the JPY, and the CNY, among others.
Gross profit
Gross profit increased by 12% to DKK 4,772 million in H1 2026, resulting in a gross margin of 66%, equivalent to a 3-percentage-points improvement over H1 2025. The gross margin expansion was driven by reduced sourcing costs as well as higher volumes and a favorable sales mix.
In Q2 2026, the gross margin of 66% was one percentage point lower compared to Q2 2025, which had been positively impacted by timing effects between Q1 and Q2 in 2025.
Operating expenditures (OPEX)
In H1 2026, OPEX amounted to DKK 4,257 million, excluding other operating income and expenses, representing a 22% increase compared to the same period last year. This development reflected increased commercial investments in support of the ongoing global roll-out of Anzupgo® and the addition of Spevigo® to the portfolio as well as increased investments in the innovation pipeline. Reflecting these investments, the ratio of OPEX to revenue increased to 59% in H1 2026, compared to 51% in H1 2025.
In Q2 2026, OPEX increased by DKK 454 million, or 27%, compared with the same period in 2025, driven by commercial and innovation investments.
Sales and distribution costs
Sales and distribution costs increased by 27% in H1 2026 to DKK 2,854 million, corresponding to 39% of revenue compared to 33% in H1 2025. The increase was driven by the sales force expansion in the U.S. during the second half of 2025 and increased commercial activities globally, including the global roll-out of Anzupgo® and the addition of Spevigo® to the portfolio.
In Q2 2026, sales and distribution costs were DKK 1,444 million, corresponding to 39% of revenue, compared to 33% in Q2 2025.
Research and development costs
Research and development (R&D) costs amounted to DKK 767 million in H1 2026, an increase of DKK 188 million compared to the same period last year, driven by the addition of Spevigo® to the portfolio including ongoing late-stage clinical trial activities as well as late-stage trial initiations for delgocitinib cream (brand name: Anzupgo®), and the addition of the pre-clinical HSV gene therapy platform, acquired with Replay in April 2026. Investments in these new programs were partially offset by trial completions over the past year. R&D costs as a percentage of revenue were 11% in H1 2026, one percentage point higher than in H1 2025.
In Q2 2026, R&D costs were DKK 394 million, corresponding to 11% of revenue, compared to 7% in Q2 2025.
Administrative costs
Administrative costs for H1 2026 amounted to DKK 636 million or 9% as a percentage of revenue. Compared to H1 2025, administrative costs decreased by DKK 23 million despite an increase in non-recurring items. Excluding non-recurring items, administrative costs as a percentage of revenue were 8% in H1 2026, 2 percentage points lower than in H1 2025.
In Q2 2026, administrative costs were DKK 327 million, corresponding to 9% of revenue, compared to 10% in Q2 2025.
Other operating income, net
Other operating income amounted to DKK 14 million in H1 2026 compared to DKK 1,738 million in H1 2025 which included the USD 250 million upfront payment received from Gilead Sciences in January 2025, relating to the strategic partnership for the STAT6 program.
Adjusted EBITDA
Operating profit before depreciation and amortization, excluding non-recurring items (adjusted EBITDA), amounted to DKK 1,247 million for H1 2026, compared to DKK 1,456 million in H1 2025 as increased investments in sales and distribution and R&D activities more than offset improved gross profit. The adjusted EBITDA margin came to 17% for H1 2026 compared to 21% for H1 2025.
In Q2 2026, adjusted EBITDA amounted to DKK 637 million, compared to DKK 911 million in Q2 2025. The adjusted EBITDA margin of 17% for Q2 2026 was 10-percentage points lower compared to Q2 2025, reflecting increased investment and favorable timing effects in the same period last year that benefitted Q2 2025, which more than offset improved gross profit.
Non-recurring items
Non-recurring items excluded from adjusted EBITDA were an expense of DKK 90 million in H1 2026, reflecting integration costs from the addition of Spevigo® to the portfolio, as well as costs related to strategic corporate initiatives and other non-recurring items. Non-recurring items in H1 2025 constituted an income of DKK 1,733 million reflecting the upfront payment received from Gilead Sciences, net of transaction costs, as well as other non-recurring items.
In Q2 2026, non-recurring items excluded from adjusted EBITDA amount to an expense of DKK 47 million compared to an income of DKK 1 million in Q2 2025.
Depreciation & amortization
Depreciation and amortization for the first six months of 2026 totaled DKK 628 million, equivalent to 9% of revenue, compared to DKK 677 million, or 10% of revenues, in H1 2025. No impairments were recognized in H1 2026, compared to DKK 9 million in H1 2025.
In Q2 2026, depreciation and amortization amounted to DKK 285 million, equivalent to 8% of revenue, compared to DKK 336 million, or 10% of revenues, in Q2 2025.
EBIT
The operating profit (EBIT) for H1 2026 reached DKK 529 million, compared to DKK 2,512 million for the same period in 2025.
Contacts
Investor Relations:
Christian Boas Ryom, telephone +45 4494 5888
Christopher Broe Hansen, telephone +45 5355 3895
Media:
Jeppe Ilkjær, telephone +45 3050 2014
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