With sales of atopic dermatitis (AD) treatment Adbry scaling up in the U.S., Leo Pharma is accomplishing one of the goals established by CEO Christophe Bourdon when he took over at the Danish dermatology specialist in 2022.
In the first half of 2025, Leo increased its sales by 6% year over year, but with 28% growth in North America, compared to 1% in Europe at constant exchange rates, the company reported Monday.
While the private company—which hopes to go public in 2026—does not report sales of its individual products, it did say in its earnings presentation that the growth was driven by Adbry sales in the U.S. and Japan.
Leo added that the growth was “underpinned by the increasing adoption of the overall biologics class for the treatment of AD, with Adbry benefiting from increased physician familiarity." The drug has been on the market for about three years in several key geographies.
With the first half in the books, Leo narrowed its 2025 guidance positively, projecting full-year revenue growth of 7% to 9% compared with a previous estimate of 6% to 9%. The company said the adjustment is based on its “year-to-date business performance” plus the recent approval of its JAK inhibitor cream.
Four weeks ago, the FDA signed off on Anzupgo as the first treatment in the U.S. specifically approved for chronic hand eczema (CHE). Anzupgo was endorsed in Europe in September of last year, and Leo reported Monday that its launch in Germany has “driven a sustained increase in the number of non-steroidal prescriptions for CHE, while also gaining market share from the only other non-steroidal treatment option” in the indication.
Leo began an advertising push for Anzupgo in the U.S. late last year to differentiate CHE from eczema. The company believes there is an untapped patient population that can benefit from a treatment designed specifically for CHE as opposed to general eczema therapies.
The results are an indication that Leo is taking positive steps in its transformation. Under Bourdon, Leo has reduced its costs and adjusted its model, pursuing external innovation as opposed to its long-held focus on internal R&D. Another aspect of the transformation is to increase its presence in the U.S. as opposed to its previous focus on Europe.
Leo has reduced its head count from more than 6,000 employees at the start of this decade to about 4,000 during the second quarter of this year. Meanwhile, its revenues have increased from 10.13 billion Danish kroner ($1.54 billion) in 2020 to 12.45 billion Danish kroner ($1.81 billion) last year.
Last month, in line with its new strategic model, Leo spent 90 million euros ($105 million) to acquire development and commercial rights to Boehringer Ingelheim’s Spevigo, which treats flares that accompany the rare skin disease generalized pustular psoriasis. Earlier this year, Leo struck a deal with Gilead Sciences that could be worth up to $1.7 billion, surrendering part of its preclinical STAT6 research program.