LEO Pharma

What LEO Pharma does

LEO Pharma A/S is a Danish specialty pharmaceutical company founded in 1908 and headquartered in Ballerup, Denmark, focused exclusively on medical dermatology and critical care. It operates two business units — Medical Dermatology and Critical Care (Thrombosis) — and serves close to 100 million patients annually in more than 70 countries. The company is privately held, with the LEO Foundation (established 1984) controlling approximately 80% and Nordic Capital holding a minority stake since 2021; LEO Pharma is preparing for an initial public offering on the Copenhagen stock exchange in 2026.

The Dermatology franchise is anchored by three first-in-class assets: Adbry/Adtralza (tralokinumab), an IL-13 monoclonal antibody for atopic dermatitis with expanded pediatric FDA approval; Anzupgo (delgocitinib cream), the first and only FDA-approved topical pan-JAK inhibitor for moderate-to-severe chronic hand eczema (FDA approval July 2025, U.S. launch September 2025); and Spevigo (spesolimab), an IL-36 receptor antagonist biologic for generalized pustular psoriasis acquired from Boehringer Ingelheim in 2025. These are supported by established psoriasis brands (Daivobet, Enstilar, Dovonex, brodalumab), the legacy antibiotic Fucidin, and a development pipeline that includes the STAT6 small-molecule program (partnered with Gilead), TMB-001 (reformulated isotretinoin for congenital ichthyosis, acquired from Timber Pharmaceuticals in 2024), and an HSV-based high-payload gene therapy platform acquired from Replay in April 2026 with a preclinical program in dystrophic epidermolysis bullosa. The Critical Care franchise is built on more than 80 years of heparin manufacturing expertise, led by tinzaparin, and has been extended into oncology distribution through an exclusive partnership with Junshi Biosciences for LOQTORZI (toripalimab) across up to 32 European countries.

LEO Pharma generates revenue primarily through prescription pharmaceutical sales (hardware-style product sales) via specialty pharmacy, hospital, and direct physician channels, supplemented by licensing royalties and milestone payments from partners such as Gilead, Boehringer Ingelheim, Junshi Biosciences, and Replay. Pricing is value-based and tiered by country, with patient-assistance programs, value-based agreements, and International Reference Pricing compliance. FY2025 revenue reached 13,499 million DKK (10% growth at CER), the strategic dermatology brands grew 48% at CER, adjusted EBITDA margin doubled to 16%, and the company returned to net profitability; management has guided to 8–11% CER revenue growth and 16–19% adjusted EBITDA margin for 2026. More than half of the portfolio is developed in partnership, and the company runs a vertically integrated manufacturing and quality network across six sites certified to ISO 14001, ISO 45001, and (for five of six) ISO 50001, with GxP/GMP/GDP compliance across the production footprint.

Name

LEO Pharma

Legal name

LEO Pharma A/S

Website

https://leo-pharma.com

Company type

Private

Founded year

1908

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

LEO Pharma A/S is a privately held Danish specialty pharmaceutical company founded in 1908, focused on medical dermatology and critical care. It develops and commercializes first-in-class biologics, topical JAK inhibitors, and heparin-based anticoagulants across more than 70 countries, serving close to 100 million patients annually.

Ownership category

akta.pro rank

Product category

Medical Dermatology Pharmaceuticals

NAICS

Pharmaceutical Preparation Manufacturing (325412), Biological Product (except Diagnostic) Manufacturing (325414)

SIC

Pharmaceutical Preparations (2834), Biological Products, (No Disgnostic Substances) (2836)

akta.pro primary industry

Specialty Care Pharmaceuticals (HLAIAAAB)

Keywords

• Medical dermatology pharmaceuticals
• Biologic dermatology treatments
• Topical skin therapeutics
• Critical care anticoagulants
• Rare dermatology therapies

Headquarters

HQ city

Ballerup

HQ country

Denmark

HQ region

Europe

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Marketing or Sales, Operations, Supply Chain

Revenue model

1. Dermatology portfolio — strategic brands (Adtralza/Adbry, Anzupgo, Spevigo): Revenue from LEO Pharma's strategic dermatology brands grew 48% at CER in 2025, comprising Adtralza/Adbry (tralokinumab, IL-13 biologic for atopic dermatitis), Anzupgo (delgocitinib cream, pan-JAK inhibitor for chronic hand eczema, FDA-approved July 2025, U.S. launch September 2025), and Spevigo (spesolimab, IL-36RA biologic for generalized pustular psoriasis, added via Boehringer Ingelheim license in 2025). Sold through prescription/specialty channels globally and direct hospital/specialty sales force in U.S.
2. Dermatology portfolio — established brands: Established dermatology brands (legacy psoriasis, eczema and skin-infection portfolio) generated 2% growth at CER in 2025; includes Daivobet, Enstilar, Dovobet/Dovonex, and topical calcipotriol/betamethasone foam (Enstilar received NMPA approval in China in 2025).
3. Critical Care portfolio — thrombosis/heparin: Critical Care portfolio (heparin-based anticoagulants led by tinzaparin and including innohep/inhixa) contributed 18% of LEO Pharma's total revenue in 2025; sales declined 1% at CER in 2025 due to reversal of sales discounts. Distributed via a specialized hospital-based commercial platform.
4. LOQTORZI (toripalimab) oncology distribution: Exclusive distribution and marketing rights for LOQTORZI (toripalimab) across up to 32 European countries (EU, EEA, Switzerland, UK) under partnership with Junshi Biosciences; revenue captured through hospital-based oncology distribution.
5. STAT6 partnership upfront and milestones with Gilead Sciences: Strategic partnership with Gilead Sciences (January 2025) advancing LEO Pharma's preclinical STAT6 program; Gilead paid an upfront and other non-recurring items reflected in 2025 adjusted EBITDA, with LEO retaining topical formulation rights in dermatology.
6. Replay gene therapy platform — milestone payments and royalties: $50 million upfront plus potential milestone payments and tiered/single-digit royalties on future products from the Replay HSV gene therapy platform acquisition (April 2026).
7. TMB-001 / isotretinoin reformulation (Timber Pharmaceuticals): Timber Pharmaceuticals acquisition (announced August 2023, closed January 2024) for up to $36 million ($14M initial + up to $22M contingent value rights) added TMB-001, an FDA orphan/breakthrough-designated reformulation of isotretinoin for congenital ichthyosis, to LEO Pharma's late-stage pipeline.

Pricing tiers

Go-to-market motion1 record

Core offering

LEO Pharma is a global pharmaceutical company that develops, manufactures, and commercializes prescription drugs in medical dermatology and critical care. Its marketed portfolio includes biologic therapies (e.g., tralokinumab/Adbry/Adtralza, spesolimab/Spevigo, brodalumab), topical treatments (e.g., delgocitinib cream/Anzupgo, calcipotriol/betamethasone combinations such as Enstilar and Daivobet), and critical care anticoagulants (tinzaparin). The company also distributes partnered oncology assets such as LOQTORZI (toripalimab) in selected European markets.

Product overview

LEO Pharma operates a portfolio-based offering organized around two business units: Medical Dermatology and Critical Care. The Dermatology portfolio is anchored by flagship biologic and topical brands including Adbry/Adtralza (tralokinumab) for atopic dermatitis, Anzupgo (delgocitinib cream) for chronic hand eczema, Spevigo (spesolimab) for generalized pustular psoriasis, Enstilar (calcipotriene/betamethasone dipropionate) foam for plaque psoriasis, and brodalumab/calcipotriol-betamethasone foam in the established psoriasis franchise, supplemented by legacy brands such as Fucidin for skin infections and Daivobet. The Critical Care (Thrombosis) portfolio is anchored by tinzaparin and other heparin products, now extended to Loqtorzi (toripalimab) for nasopharyngeal cancer distributed in select markets under a Junshi Biosciences agreement. The innovation pipeline is reinforced by acquired late-stage and platform assets — TMB-001 (reformulated isotretinoin for congenital ichthyosis from Timber Pharmaceuticals) and the Replay gene therapy platform (HSV delivery vector for rare genetic skin diseases including dystrophic epidermolysis bullosa) — together with the STAT6 small-molecule program partnered with Gilead Sciences and an active Investigator-Initiated Studies program spanning atopic dermatitis, chronic hand eczema, psoriasis, and thrombosis. More than half of LEO Pharma's portfolio is developed together with partners, and the company serves close to 100 million patients annually in over 70 countries.

Differentiator

Problem solved

Functional benefit

Brands

• Adbry / Adtralza: Tralokinumab biologic for atopic dermatitis (marketed as Adbry in the U.S. and Adtralza in EU)
• Anzupgo
• Spevigo
• LOQTORZI
• Enstilar

Products and services

• Adbry / Adtralza (tralokinumab) Subcutaneous IL-13 inhibitor biologic indicated for moderate-to-severe atopic dermatitis in adult and adolescent patients, marketed to dermatologists and allergists.
• Spevigo (spesolimab) Intravenous and subcutaneous anti-IL-36 biologic for the treatment of generalized pustular psoriasis (GPP) flares in adults, targeting a rare dermatology indication.
• Anzupgo (delgocitinib cream) Topical pan-Janus kinase (JAK) inhibitor cream for the treatment of moderate-to-severe chronic hand eczema in adults, a novel topical mechanism.
• Enstilar (calcipotriene/betamethasone dipropionate foam) Fixed-dose combination of calcipotriene (vitamin D analogue) and betamethasone dipropionate (corticosteroid) in a foam formulation for plaque psoriasis vulgaris.
• Daivobet / Dovobet (calcipotriol/betamethasone dipropionate) Fixed-dose combination of calcipotriol and betamethasone dipropionate in ointment and gel formulations for psoriasis vulgaris.
• Tinzaparin (Innohep / Fragmin-class LMWH) Low molecular weight heparin (LMWH) anticoagulant for the treatment and prophylaxis of venous thromboembolism and related critical care indications, sold primarily to hospitals.
• LOQTORZI (toripalimab) Anti-PD-1 monoclonal antibody indicated for nasopharyngeal carcinoma (and other oncology indications in partnered regions), distributed by LEO Pharma in selected European markets under a partnership/license.
• Brodalumab (Kyntheum / Siliq) Subcutaneous IL-17 receptor antagonist biologic for adult patients with moderate-to-severe plaque psoriasis.

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature7 records

Recent moves8 records

Expansion highlights8 records

Direct peers

• Galderma: Pure-play medical dermatology specialty pharmaceutical company with a similar portfolio breadth across prescription dermatology (acne, rosacea, psoriasis, atopic dermatitis) and aesthetics. Closest direct comparable in business model, therapeutic focus, and product mix.
• Almirall: European-based dermatology-focused specialty pharmaceutical company with a portfolio spanning actinic keratosis, psoriasis, atopic dermatitis, and skin infections. Highly comparable given shared European heritage, dermatology specialty focus, and mixed legacy/biologic portfolio.
• Arcutis Biotherapeutics: US dermatology-focused biopharmaceutical company developing topical small-molecule therapies for inflammatory skin diseases (atopic dermatitis, seborrheic dermatitis, scalp psoriasis). Directly comparable in topical JAK/PDE4 mechanism overlap with LEO's delgocitinib portfolio.
• Dermavant Sciences: Dermatology-focused company that developed VTAMA (tapinarof), a topical aryl hydrocarbon receptor agonist for psoriasis and atopic dermatitis. Direct competitor in the topical dermatology innovation space and adjacent to LEO's topical franchise.

Broad incumbents

• Sanofi: Global pharmaceutical incumbent whose Dupixent (dupilumab, IL-4/IL-13 biologic co-developed with Regeneron) dominates the atopic dermatitis market that LEO targets with Adbry/Adtralza. Major direct competitor in LEO's core growth indication despite broader portfolio focus.
• AbbVie: Global pharmaceutical incumbent with Skyrizi (risankizumab, IL-23) and Rinvoq (upadacitinib, JAK) competing in psoriasis and atopic dermatitis. Significant competitor to LEO's established and strategic dermatology brands given scale and label breadth.
• Eli Lilly: Global pharmaceutical incumbent that launched Ebglyss (lebrikizumab, IL-13 biologic) for atopic dermatitis, directly competing with LEO's Adbry/Adtralza. Major competitive threat in the IL-13 mechanism space LEO is targeting.
• Pfizer: Global pharmaceutical incumbent that markets Cibinqo (abrocitinib, JAK1 inhibitor) and Litfulo (ritlecitinib) for atopic dermatitis and alopecia areata. Direct competitor to LEO's Anzupgo in the JAK mechanism space and to Adbry in atopic dermatitis.

Emerging players

• UCB: Belgian biopharmaceutical company with bimekizumab (IL-17A/F inhibitor, Bimzelx) approved for psoriasis and expanding into hidradenitis suppurativa. Emerging direct competitor in inflammatory dermatology with growing label breadth overlapping LEO's strategic territory.

Regional players

• Maruho: Japan-based dermatology specialty pharmaceutical company with a portfolio of prescription topical and systemic dermatology products. Comparable in dermatology specialty focus but operates primarily in the Japanese market, providing a regional rather than global competitive overlap with LEO.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/leohealthyskin
• YouTubeyoutube.com/user/leopharmaglobal
• Facebookfacebook.com/LEOPharmaAS
• LinkedInlinkedin.com/company/leo-pharma

Compliance17 records

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries2 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about LEO Pharma