LEO Pharma's dermatology portfolio is growing through strategic brands Adtralza®/Adbry®, Anzupgo®, and Spevigo®, which combined had a revenue increase of 48% in 2025. The company is advancing innovation through partnerships and acquisitions, including the acquisition of Replay's gene therapy platform for rare genetic skin diseases in April 2026. LEO Pharma is co-owned by majority shareholder the LEO Foundation and Nordic Capital since 2021.
Cyborg Score Rationale
LEO Pharma demonstrates strong execution with 10% revenue growth in 2025 and 9% growth in Q1 2026. The company has significantly improved profitability (adjusted EBITDA margin more than doubled to 16% in 2025) while expanding its strategic portfolio with high-growth medications and strategic acquisitions. North America growth of 35% in 2025 and 30% in Q1 2026 signals successful market penetration.
Top Insights
North America driving growth, with 35% revenue increase in 2025 and 30% in Q1 2026, indicating successful market penetration.
Acquisition of Replay's gene therapy platform in April 2026 expands LEO Pharma's presence in rare genetic skin diseases.
Strategic partnership with Gilead Sciences for pre-clinical STAT6 program announced in 2025.
2026 guidance: 8-11% revenue growth with adjusted EBITDA margin improving to 15-18%.
Named Competitors
Protopic — Topical immunosuppressant for atopic dermatitis
Humira — Immunosuppressant for psoriasis and dermatology
Cosentyx — IL-17 inhibitor for psoriasis and dermatology
Dupilumab — Biologic for atopic and contact dermatitis
Recent Developments
(April 2026) Acquisition of Replay's next-generation gene therapy platform for rare genetic skin diseases announced
(May 2026) Q1 2026 results showed 9% revenue growth at CER and improved profitability with 17% adjusted EBITDA margin
(February 2026) 2025 results delivered 10% revenue growth and more than doubled adjusted EBITDA margin; Gilead Sciences partnership announced
(December 2025) Submitted adolescent label expansion for Anzupgo® to EMA
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