High return of DKK 2.3 billion on the LEO Foundation’s investments and significant progress in LEO Pharma’s transition towards innovative treatments for skin diseases.
LEO Pharma
- In 2019, the LEO Group made a net profit of DKK 389 million, which is a decline compared to the net profit in 2018 of DKK 708 million. The decline is a result of increased investments in research and development, as well as one-off income from divestments in 2018.
- LEO Pharma’s revenue of DKK 10.8 billion represented a growth of 7% excluding currency effects, divestments, and other one-off effects. LEO Pharma increased earnings (EBITDA) on its portfolio of established products from 27 % to 31 %, whereas investments in research and development increased to 23 % of revenue. Tralokinumab, the company’s investigational treatment for moderate-to-severe atopic dermatitis, met all primary and secondary endpoints in its three pivotal phase 3 studies, enabling the company to prepare registration filings in the US, Europe and Japan. The activities in 2019 have further strengthened LEO Pharma and its already attractive pipeline of drug candidates for the growing market for treatment of skin diseases.
LEO Foundation
- The LEO Foundation’s financial investment activities generated a substantial return of DKK 2.3 billion, equivalent to 14.9 %, and thus increased the Foundation’s total financial assets to DKK 15.2 billion. The return on investments was an increase compared to 2018, where the return was -3.1 %, equivalent to DKK -519 million.
- The LEO Foundation gave out grants and awards for a total of DKK 79 million, while pay-outs (including milestone payments on grants made in previous years) increased to DKK 100 million. 63 % of the LEO Foundation’s total grants in 2019 were given to researchers in Denmark.
- In 2019, the LEO Foundation appointed two new members to the Foundation’s Board of Trustees – Anja Boisen, Professor at the Technical University of Denmark (DTU) and Karin Hamberg, Senior Vice President at Lundbeck A/S.