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.

Outlook 2023

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.