Our journey towards profitability
2022 – Continuing the transformation
2022 was a year dominated by execution of growth strategy, simplifying operations, advancing the pipeline and launching Adtralza®/Adbry™.
Revenue grew 7% vs. last year to 10,641 mDKK. The revenue growth in constant currency rates was 4% and in-line with guidance of 3-5% for the year. Operating loss (EBIT) ended at 3,311 mDKK and is in line with the guidance of an operating loss (EBIT) of 3.1-3.3 bDKK announced beginning of 2022. The EBITDA loss represents an improvement of 383 mDKK vs. last year. Excluding transformation and restructuring costs adjusted EBITDA loss was 1,253 mDKK.
Growth was driven by 8% growth in the dermatology portfolio in constant currency rates. Growth partly off-set by a decline in the Thrombosis business due to supply challenges on our production site in the beginning of the year and reduced revenue from contract manufacturing of divested products.
Advancements in R&D pipeline
LEO Pharma’s R&D pipeline progressed significantly in 2022 and achieved important milestones to support future growth. These include:
- Approval of Adtralza® in Japan
- Positive Phase 3 data for DELTA1 trial for delgocitinib, a topical pan-JAK inhibitor for treatment of chronic hand eczema, meeting primary and all key secondary endpoints
- Positive Phase 2 data for Anti IL-22R, an anti-inflammatory monoclonal antibody for atopic dermatitis, progressing to Phase 2B.
For 2023 we have set out to return to profit (EBITDA), while still delivering an operating loss.
For more information about our 2022 performance, read our Annual Report 2022 and Sustainability Report 2022. For previous years’ reports, please see Archive below.
In 2022, our climate targets were validated by the Science Based Target initiative, and our performance remained in line with our 2030 target trajectory
Gender diversity in middle and senior management improved in 2022 compared to 2021. For executive management, we are not balanced to the desired level. It will remain a future priority.
The percentage of employees completing global annual Code of Conduct training went from 96% in 2021 to 97% in 2022.
Sustainability / CSR reports
From 2018-2020, we did not publish a separate Sustainability or CSR report. For these years, our CSR reporting was incorporated into our Annual Report. Find our previous CSR reports here:
CSR Report 2021 (PDF)
CSR Report 2017 (PDF)
CSR Report 2016 (PDF)
CSR Report 2015 (PDF)
CSR Report 2014 (PDF)
Environmental performance reports
Please find our Environmental Performance Reports covering environmental data from our manufacturing sites at country level here:
Corporate Environmental Performance Report 2020 (PDF)
Corporate Environmental Performance Report 2019 (PDF)
Corporate Environmental Performance Report 2018 (PDF)
Corporate Environmental Performance Report 2017 (PDF)
Corporate Environmental Performance Report 2016 (PDF)
Corporate EHSE Report 2015 (PDF)
Corporate EHSE Report 2014 (PDF)
Corporate EHSE Report 2013 (PDF)