LEO Pharma delivers 10% revenue growth and returns to positive EBITDA

For full-year 2023, privately-held Danish dermatology specialist LEO Pharma delivered a solid operational performance uplift with double-digit revenue growth and earnings before interest, tax, depreciation and amortization (EBITDA) uplift of 2.1 billion kroner ($304 billion), corresponding to a 20%-points margin improvement. LEO Pharma said it exceeded its profitability guidance and hit the upper range of our revenue growth guidance provided in March 2023.

LEO Pharma delivered 11.4 billion kroner in revenue, corresponding to 7% revenue growth in 2023. Revenue growth in constant exchange rates (CER) was 10%.

The Dermatology portfolio grew by 11% (15% in CER), driven by growth of Adtralza/Adbry (tralokinumab) as well as core brands. Geographically, growth was driven by North America, Europe, China and across alliance markets. North America continues to be the key growth driver with revenue of 1.7 billion kroner in 2023, corresponding to growth of 49% (57% in CER).