LEO Pharma Annual Report 2013

Ballerup, Denmark 31 March 2014 – In 2013 LEO Pharma increased profits considerably over 2012 on its continued growth journey.  While challenged in the US, the company saw rising sales in the rest of the world. New members have joined the LEO Pharma Board of Directors.

In 2013, LEO Pharma realised an operating profit of 675 MDKK, compared to an operating loss of 179 MDKK in 2012. EBITDA rose from 1,181 MDKK in 2012 to 1,846 MDKK in 2013.
“We have been able to increase both operating profit and net profit and we consider the result for 2013 satisfactory,” said LEO Pharma President and CEO Gitte P. Aabo.

LEO Pharma’s operating activities generated a positive cash flow of DKK 1,222 million and the company’s equity at year end was DKK 23,136 million.

A continued journey

In 2013, LEO Pharma continued its growth journey initiated in 2009. The journey has resulted in an increased reach of the company’s patient solutions to people in 100 countries, new products as well as a doubling of investments made in research & development.

2013 saw launch of Picato® in 16 markets covering Europe, Canada and Australia, expansion of LEO Pharma’s global patient support programme QualityCare™. 

2013 also saw continuation of the company’s expansion through an affiliate in Japan and groundwork for a Russian affiliate as well as a deal with US-based Antares Pharma to include Otrexup™ as part of the company’s offerings to people in the US.

Furthermore, LEO Pharma completed enrolment in the world’s largest study in cancer associated thrombosis.

Regional growth

LEO Pharma’s overall revenue decreased by 5% in Danish kroner compared to 2012 mainly due to loss of exclusivity of Dovonex® Cream in the US, termination of supply of heparin to the Japanese market and divestment of Fucithalmic®.

“Sales performance outside the US was in line with expectations, with two of our sales regions even growing more than 15 per cent. Our main challenge is in the US where we had expected Picato® to compensate for the overall decrease in revenue. Sales did not increase as fast as we expected,” said Gitte P. Aabo.

Looking forward

In 2014, LEO Pharma will have a continued strong focus on expanding its position in dermatology, in both new and established markets. Among our other key goals are gaining a stronger foothold in the US, realising the full potential of innohep® as well as making the organisation stronger and more agile.

“Among the highlights of 2014 will be the continued launch of Picato® into new markets as well as the outcome of the CATCH study for Innohep® in cancer associated thrombosis. 2014 will also be a challenging year for us as we may face a potential loss of exclusivity on Daivobet® Ointment in Europe and the US,” said Gitte P. Aabo.

In 2014, LEO Pharma has continued its efforts to build a global and patient-centric organisation through a more flexible structure in R&D enabling LEO Pharma to bring more new treatment solutions to patients even faster.

“We will continue to align and develop our organisation. Our ambition is to help as many patients as possible, nothing less,” said Gitte P. Aabo.

New members of the Board of Directors

At the annual general meeting held 27 March 2014 Per Håkon Schmidt and Gorm Milan Thamsborg stepped down from the Board of Directors alongside employee-elect member Jan Rasmussen. The board was joined by Ingelise Saunders and John R. Weeks.

Mrs Saunders serves on several boards and has extensive experience within executive management, international operations, sales, marketing and global commercial operations. She furthermore has broad experience with M&A transactions, business development, healthcare strategy and life science investments. Mrs Saunders holds a degree in Pharmacy from the Royal Danish School of Pharmacy and a Bachelor of Commerce degree in marketing. 

Dr Weeks, Professor of Leadership and Organizational Behaviour at IMD in Switzerland, joins the board with knowledge of organisational culture, leadership, and change. He is particularly interested in how organisational cultures evolve, and how effective leadership is shaped by culture while at the same time changing the culture. Professor Weeks has previously been with INSEAD and holds a PhD in Management from the MIT Sloan School of Management (USA), a MPhil in Management from Oxford University (UK), and a BA in Computer Science from the University of California, Berkeley (USA).

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