What Laboratorios Leti does

Laboratorios LETI (legally LETI Pharma, S.L.U.) is an independent, family-managed biopharmaceutical company headquartered in Barcelona, Spain, with manufacturing operations in Tres Cantos (Madrid) and a regional office in Lisbon, Portugal. Founded in 1919, the company operates a unified 'One Health' portfolio spanning human allergy, human dermatology, and animal health under three business units, employing 497 people and generating €106.2 million in 2023 revenue (50% from international markets across 15 countries).

The product portfolio is built around proprietary allergen immunotherapy formulations (with over 1 million patients treated), the LetiFend canine leishmaniosis vaccine (jointly distributed with MSD Animal Health in France, Italy, Greece, and Great Britain, adopted into vaccination protocols by over 75% of veterinary clinics), and dermatology brands including LETIbalm, the LetiSR facial skincare line, and the LetiCaderm, LetiGranada, and LetiKerato veterinary dermatology ranges. Supporting services include the LetiLab veterinary diagnostic portal, the LETI Training digital education platform, and an online vaccine tracking service. R&D spend runs at 10-20% of revenue.

LETI makes money through prescription and over-the-counter pharmaceutical product sales via three distribution channels: retail pharmacies for human health products, veterinary clinics for animal health products, and direct field sales representatives engaging allergists, dermatologists, and pharmacists. Pricing is managed through prescription-based channels and is not publicly disclosed. The company holds AEMPS Manufacturer and Importer Authorisation number 3281E and is a member of Farmaindustria and FENIN.

Name

Laboratorios Leti

Legal name

LETI Pharma, S.L.U.

Website

https://leti.com

Company type

Private

Founded year

1919

Operating status

Operating

Headcount range

251–500 employees

Short description

Laboratorios LETI is a family-managed Spanish biopharmaceutical company developing allergy immunotherapy, human and veterinary dermatology products, and the LetiFend canine leishmaniosis vaccine, distributing through pharmacies, veterinary clinics, and MSD Animal Health across 15 countries.

Ownership category

akta.pro rank

Product category

Biopharmaceuticals

NAICS

Pharmaceutical Preparation Manufacturing (325412), Biological Product (except Diagnostic) Manufacturing (325414), Drugs and Druggists' Sundries Merchant Wholesalers (42421)

SIC

Pharmaceutical Preparations (2834), Biological Products, (No Disgnostic Substances) (2836), Wholesale-Drugs, Proprietaries & Druggists' Sundries (5122)

akta.pro primary industry

Companion Animal Vaccines (Dogs & Cats) (HLAMAKAA)

akta.pro secondary industries

Dermatology & Allergy Drugs (HLAMAEAH), Veterinary Pharmacy, Vaccine & Biologics Services (AFAEANAK), Veterinary Pharmaceutical Wholesalers & Distributors (HLAMAIAA)

Keywords

• Allergy immunotherapy
• Veterinary vaccines
• Dermatology products
• Biopharmaceutical research
• Animal health

Headquarters

HQ city

Madrid

HQ country

Spain

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Pharmaceutical Products: Revenue from allergy immunotherapy treatments, dermatology products, and animal health vaccines sold through pharmacies, veterinary clinics, and healthcare professionals
2. Veterinary Products: Revenue from LetiFend vaccine and veterinary dermatology products distributed through veterinary clinics

Go-to-market motion2 records

Distribution channels5 records

Marketing channels5 records

Core offering

LETI Pharma develops, manufactures, and distributes pharmaceutical and biopharmaceutical products across three business units: Allergy (allergen immunotherapy treatments for diagnosis and therapy, with over 1 million patients treated), Dermatology (human and veterinary skin care products such as LETIbalm and the LetiSR facial redness range), and Animal Health (the LetiFend canine leishmaniosis vaccine, veterinary dermatology products, and diagnostic services). Distribution is primarily via retail pharmacies, veterinary clinics, co-distribution partner MSD Animal Health, and direct field-sales engagement with healthcare professionals.

Product overview

LETI Pharma is a pharmaceutical company organized around three core business units — Allergy (immunotherapy for allergy diagnosis and treatment), Dermatology (human and veterinary skin care science and innovation), and Animal Health (veterinary immunology and dermatology) — operating as a single unified portfolio with shared infrastructure across all three areas. The product portfolio centers on LetiFend®, a canine leishmaniosis vaccine distributed jointly with MSD Animal Health, alongside the LetiSR/LetiSR ProbioClean H2O skincare sub-brand for facial redness. The dermatology unit spans LetiCaderm (atopic skin), LetiGranada (sensitive skin), and LetiKerato (dry and scaly skin), while the allergy unit offers allergen immunotherapy treatments. Supporting services include LetiLab (online diagnostic portal), LETI Training (digital education for animal health professionals), and a vaccine tracking service. The company also maintains customer-facing portals for allergy professionals and dermatology professionals. In 2023, LETI Pharma reported revenue of €106.2 million, 50% from international markets, 497 employees, a presence in 15 countries, and dedicates 10–20% of revenue to R&D.

Differentiator

Problem solved

Functional benefit

Brands

• LetiFend: Vaccine against canine Leishmaniosis distributed in partnership with MSD Animal Health
• LetiSR
• LetiCaderm
• LetiGranada
• LetiKerato
• LetiLab
• FLOMY
• LETI Training

Products and services

• LetiFend Vaccine against canine leishmaniosis developed by LETI Pharma and co-distributed with MSD Animal Health, administered to prevent the disease spread by sandfly bites; included in vaccination protocols at over 75% of veterinary clinics.
• LetiCaderm Veterinary dermatological product line for atopic skin care in companion animals, forming part of LETI Pharma's veterinary dermatology portfolio.
• LetiGranada Veterinary dermatological product for sensitive skin in companion animals, included within the veterinary dermatology business unit.
• LetiKerato Veterinary dermatological product for dry and scaly skin in companion animals, part of the veterinary dermatology product line.
• Allergy Immunotherapy Treatments Allergen immunotherapy products for diagnosis and treatment of allergies, representing a primary business unit with over 1 million patients treated and dedicated R&D investment of 10-20% of revenue.
• LETIbalm Dermatology Balm Branded dermatology balm with high sales velocity in Spain (two jars sold every minute), addressing atopic, sensitive, dry and scaly skin conditions across human and veterinary dermatology.
• LetiSR ProbioClean H2O Moisturizing soothing micellar water cleanser for facial redness treatment, eliminating impurities, sebum and traces of make-up without damaging the stratum corneum.
• Veterinary Diagnostic Services Comprehensive animal health diagnostic services spanning allergy diagnosis, microbiology, parasitology, dermatopathology, and molecular biology, supported by specialist advisory services in oncology, leishmaniosis, dermatology, and clinical nutrition, ordered through the LetiLab portal.
• Vaccine Tracking Service Online service allowing patients and customers to track the production status of personalized vaccines, accessible at vacunas.leti.com and www.leti.com/seguimentovacunas.

Quantifiable outcome

• Over 1 million patients treated with immunotherapy
• +3 more outcomes

Named customers1 record

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Two partnerships are on record, tiered core.

• MSD Animal HealthcoreChannel Partner/ Reseller/ Distributor · 26 February 2018MSD Animal Health and Laboratorios LETI jointly distribute the LetiFend vaccine against canine Leishmaniosis. Distribution began in France, Italy, and Greece, with Great Britain expected to follow. The vaccine protects against canine leishmaniosis spread by sandfly bites.
• European Academy of Allergy & Clinical Immunology (EAACI)coreStrategic or Co-development PartnerLETI is a Founder Sponsor of EAACI and participates annually at the congress with its own stand to promote products from the Immunology & Allergy and Dermatology business units.

Scale indicators9 records

Recent moves5 records

Expansion highlights4 records

Direct peers

• HAL Allergy: European allergen manufacturer offering diagnostic and immunotherapy products for respiratory and insect venom allergies. Comparable mid-sized European allergy immunotherapy specialist with overlapping customer segments.
• Virbac: France-based global animal health company with a strong dermatology and specialty veterinary portfolio. Closest direct peer to LETI's Animal Health unit, particularly the veterinary dermatology line (LetiCaderm, LetiGranada, LetiKerato).
• ALK-Abelló: Danish global leader in allergy immunotherapy (tablets, drops, injections) for respiratory allergies. Most direct comparable for LETI's allergy business unit in product category, customer base (allergists), and prescription-driven revenue model.
• Dechra Pharmaceuticals: UK-listed specialty animal health company focused on companion animal therapeutics including dermatology and specialty pharma. Comparable business model and channel mix (veterinary clinics) to LETI's Animal Health unit.
• Allergy Therapeutics: UK-listed specialty biopharma focused on allergy immunotherapy, with a comparable portfolio of subcutaneous and sublingual immunotherapy treatments. Direct overlap in allergen immunotherapy target market and R&D-heavy operating model.
• Stallergenes Greer: Specialty biopharma dedicated to allergen immunotherapy diagnosis and treatment. Closest direct peer to LETI's allergy franchise, sharing the same physician channel (allergists) and personalized immunotherapy offerings.

Broad incumbents

• Galderma: Global dermatology-focused pharma with consumer and prescription skincare franchises. Comparable to LETI's human dermatology business unit (LETIbalm, LetiSR) at a much larger scale and broader geographic footprint.
• MSD Animal Health (Merck Animal Health): Global animal health leader and LETI's distribution partner for LetiFend in four European markets. Overlaps with LETI in veterinary vaccines and dermatology through its own broader portfolio; relevant benchmark for partner negotiation and competitive positioning.
• Zoetis: World's largest pure-play animal health company with broad vaccine, dermatology, and diagnostics portfolios. Competes with LETI in companion animal vaccines and dermatology but at much greater scale and across many more species and geographies.
• Boehringer Ingelheim Animal Health: Top-three global animal health player offering vaccines, parasiticides, and therapeutics across companion and production animals. Competes broadly with LETI's animal health portfolio and represents the type of incumbent LETI must outmaneuver in specialty niches.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Laboratorios Leti