Solid Start to the Year: LEO Pharma Delivers 13% Revenue Growth Driven by Strong Performance in Dermatology
May 03 2024 - 3:00AM
Business Wire
Q1 2024 Trading Update (Unaudited)
In Q1 2024, LEO Pharma delivered a revenue growth of 13% in
constant exchange rates (CER). The dermatology portfolio saw
accelerated growth in revenue of 16%. The acquisition of TMB-001 to
the treatment of congenital ichthyosis added a late-stage asset to
LEO Pharma’s medical dermatology pipeline, and delgocitinib for
chronic hand eczema (CHE) is on track for its planned European
launch in Q4 2024. Full-year outlook has been revised slightly
upwards.
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Q1 2024 (Graphic: Business Wire)
Q1 2024 financial highlights
- Revenue grew 13% to DKK 3,064 million (Q1 2023: 2,763 million).
Reported growth was 11%.
- Dermatology revenue grew 16% to DKK 2,444 million (Q1 2023:
2,150 million), driven by growth of Adtralza®/Adbry® for atopic
dermatitis (AD) and solid growth in the core portfolio.
- Adbry®/Adtralza® revenue increased by 90% driven by continued
uptake across markets.
- Core dermatology portfolio delivered growth of 9% across our
Affiliate and Alliance markets. Growth largely driven by the
Fucidin® Range, Enstilar® and Protopic® across our eczema,
psoriasis and skin infection portfolios.
- Growth across all regions: North America up 42%, Europe up 6%,
Rest of the World up 15%. North America continues to be the key
growth driver with revenue of DKK 439 million (Q1 2023: 313
million).
Progress on strategic priorities
- To advance the growth of our U.S. business, LEO Pharma added a
late-stage asset to our medical dermatology pipeline by finalizing
the strategic acquisition of TMB-001 to the treatment of congenital
ichthyosis. In Q1 2024, patient recruitment was completed for the
Phase III ASCEND trial.
- The recent results of the successful DELTA FORCE-trial
comparing delgocitinib to current standard of care, further
confirms delgocitinib’s potential to become a key growth driver for
the company and we will be investing additional resources in
accelerating the launch of this potential treatment to
patients.
- Regulatory review of the marketing authorization application is
pending in the EU, and based on the positive outcome of the DELTA
clinical program, LEO Pharma is assessing ways to bring this
potential treatment to other markets as well, including the
U.S.
- Adbry® (tralokinumab-ldrm) data from the ECZTEND trial was
shared during the American Academy of Dermatology (AAD) Annual
Meeting investigating the stability of long-term therapeutic
responses to tralokinumab in adults with moderate-to-severe
AD.
“First quarter marks a solid start to 2024 with a 13% revenue
growth and continued progress on our strategic priorities. I am
pleased with the strong growth track record for our global
dermatology portfolio, primarily driven by performance in North
America. Furthermore, I am excited about the progress we are making
in building evidence and bringing delgocitinib to the market to
help patients with chronic hand eczema. The positive results from
the recently completed head-to-head trial against current standard
of care make us even more motivated to accelerate our efforts,”
says CEO Christophe Bourdon.
2024 financial outlook
- Following our strong Q1 2024 performance, we are revising our
full-year revenue growth outlook upwards compared to what was
shared in the Annual Report on 29th February 2024. Full-year
revenue growth is now projected to be 5-8% in CER (before:
4-8%).
- Potential changes in key assumptions for market growth and
unexpected health care and pricing reforms are risk factors, among
others, which could change the outlook for the year.
Sales performance
In Q1 2024, revenue grew 13% (CER) to DKK 3,064 million from DKK
2,763 million in the same period last year, corresponding to a
reported growth in DKK of 11%. Dermatology revenue was a
significant contributor with 16% in CER. While growth is attributed
to the performance of both recently launched dermatology products
Adtralza®/Adbry®, as well as core dermatology products, a part of
growth was also attributable to timing of shipments especially in
rest of world.
LEO Pharma expects to issue a company announcement on the
financial performance and progress on strategic priorities in the
first half of 2024 on 26 August 2024.
Ballerup, 3 May 2024, LEO
Pharma
About LEO Pharma
LEO Pharma is a global company dedicated to advancing the
standard of care for the benefit of people with skin conditions,
their families and society. Founded in 1908 and majority owned by
the LEO Foundation, LEO Pharma has devoted decades of research and
development to advance the science of dermatology, and today, the
company offers a wide range of therapies for all disease
severities. LEO Pharma is headquartered in Denmark with a global
team of approx. 4,200 people, serving millions of patients across
the world. In 2023, the company generated net sales of DKK 11.4
billion.
Forward-looking statements
This announcement contains forward-looking statements, including
forecasts of future revenue and operating profit, as well as
expected business-related events. Such statements are subject to
risks and uncertainties, as various factors, some of which are
beyond LEO Pharma’s control, may cause actual results and
performance to differ materially from the forecasts made in this
announcement.
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