What's Happening?
LEO Pharma has reported an 8% revenue growth at constant exchange rates (CER) for the first nine months of 2025, driven by organic growth and strategic brand performance. The company's revenue reached DKK 10,064 million, with significant contributions
from North America, which saw a 27% increase at CER. The growth was bolstered by the successful U.S. launch of Anzupgo®, a topical treatment for chronic hand eczema, following its FDA approval in July 2025. Additionally, LEO Pharma has acquired global rights to Spevigo®, an IL-36R antagonist for generalized pustular psoriasis, from Boehringer Ingelheim. This acquisition is expected to enhance LEO Pharma's dermatology portfolio alongside its existing strategic brands.
Why It's Important?
The reported growth and strategic acquisitions underscore LEO Pharma's commitment to expanding its presence in the U.S. and global dermatology markets. The successful launch of Anzupgo® and the acquisition of Spevigo® position the company to capitalize on unmet needs in dermatological treatments, potentially increasing its market share and revenue streams. This expansion is crucial for LEO Pharma as it seeks to leverage its global platform to drive innovation and improve patient access to advanced dermatological care. The company's financial health is also improving, with a significant increase in adjusted EBITDA and a reduction in net interest-bearing debt, indicating robust operational performance.
What's Next?
LEO Pharma has updated its 2025 financial outlook, now expecting group revenue growth of 8-10% at CER, reflecting the integration of Spevigo® and ongoing development costs. The company plans to continue expanding its U.S. sales force and enhancing its global platform to support the rollout of its strategic brands. The acceptance of Anzupgo®'s NDA filing in China also suggests potential future market expansion. Stakeholders will likely monitor LEO Pharma's ability to sustain its growth trajectory and effectively integrate new acquisitions into its portfolio.
