Performance in line with growth strategy

27 March, Ballerup, Denmark - 2011 was a successful year for LEO Pharma despite the global economic downturn, with double-digit sales growth in dermatology, continued growth in the US and a strengthened pipeline. The company's achievements are in line with its ambitious growth strategy.

Today LEO Pharma announced the results for the second financial year following the launch in 2009 of its growth strategy, which aims to deliver double-digit sales growth. Through sustained growth, LEO Pharma strives to offer more and improved treatment solutions to the millions of people suffering from skin diseases worldwide.

In 2011, LEO Pharma achieved gross sales growth of 21% for strategic psoriasis products and 16% for strategic products overall. Group gross sales expressed in DKK at fixed exchange rates grew by 9% from DKK 7,392m in 2010 to DKK 8,021m in 2011.

”LEO Pharma delivered solid results for 2011, built on continued market expansion and the extension of our product portfolio and global workforce. Our double-digit performance is a considerable achievement, particularly given the current market situation,” said LEO Pharma President and CEO Gitte P. Aabo.

“We are proud to have succeeded in delivering more and improved treatment solutions to dermatology patients all over the world. LEO Pharma strives to make significant advances in care in order to offer people with skin diseases a better quality of life. Thanks to a lasting commitment from all corners of our global organisation, we look forward to helping even more patients in the future.” 
Profit before tax was DKK 996m in 2011 compared to DKK 1,064m in 2010. The result, which was in line with expectations, was due to a series of investments in 2011, including intensifying sales and marketing and expanding the workforce by almost 700 employees globally. In addition, LEO Pharma regained control of distribution and marketing in key European markets. At the end of 2011, LEO Pharma had activities in 61 countries.

Accelerating market expansion
LEO Pharma continued its global expansion in 2011 by entering into new markets and expanding in existing markets. The company established affiliates in Australia and Italy as well as sales forces in South Korea and Indonesia.
The US remains a strategic focus, accounting for 20% of total Group net sales in 2011. LEO Pharma recorded 10% net growth in the US last year and the number of employees in the country increased from 33 in 2010 to 194 in 2011.

Growth in the US is set to accelerate further in 2012 following the US launch of Picato® gel, a once-daily, field-directed topical treatment for solar keratoses, also known as actinic keratoses, a potential precursor to non-melanoma skin cancer caused by sun exposure. The product gained approval from the US Food and Drug Administration in January 2012 and is currently awaiting approval from authorities in Australia, Canada, Brazil and the EU.
“The US continues to represent strategic growth potential for LEO Pharma. With the launch of Picato® in the US this year, we not only strengthen our presence in the world’s largest pharmaceutical market, we also enter into a new therapeutic area in dermatology and offer an alternative treatment to the millions of people suffering from solar keratoses,” said Gitte P. Aabo.

Meeting patient needs
LEO Pharma recognises that people suffering from skin diseases need more than just effective treatments; they need care solutions that empower them to better manage their skin conditions on a daily basis.

As a result, LEO Pharma launched a series of patient-centric initiatives in 2011, designed to improve understanding of patient needs and offer superior care solutions to people suffering from skin conditions. LEO Pharma introduced patient support programmes to several markets including the UK, China and the US – all offering personalised support and guidance to patients through a multi-disciplinary approach.

Intensifying dermatology activities
Last year, LEO Pharma changed its focus in research and development to concentrate solely on dermatology in order to become the preferred dermatology care partner improving people’s lives around the world. LEO Pharma strengthened its dermatology pipeline by entering into a multi-million-dollar collaboration with the US biotech company Virobay Inc. to develop an oral treatment for psoriasis. The in-licensing deal, signed in January this year, was developed in 2011.  

Also in 2011, LEO Pharma initiated a series of clinical activities relating to the psoriasis products Daivobet® Gel and Daivobet® Ointment. Daivobet® Gel was launched in France, UK, the Netherlands, Belgium, Norway, Sweden and Finland, generating gross sales of DKK 209m. Gross sales of Daivobet® and Xamiol® (scalp psoriasis) grew by 19% and 30% respectively in 2011, while sales of innohep® (for the prevention and treatment of blood clots) rose by 9%.

LEO Pharma foresees continued positive growth in 2012. The company will continue to intensify activities in dermatology and strengthen its pipeline through intensified research and development supported by collaborations and in-licensing agreements. 


Alette Pramming Corporate Communications Director, LEO Pharma, +45 4185 1766

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