25 March 2026
The LEO Foundation’s Annual Report for 2025 highlights a year of strong financial and operational progress across the LEO Group and continued momentum to advance the Foundation’s purpose of paving the way for curing skin diseases.
Highlights:
- Ownership: As controlling shareholder, the LEO Foundation is committed to supporting LEO Pharma’s long-term development and growth. In 2025, LEO Pharma expanded its portfolio, delivered strong growth with significantly improved profitability and formed new partnerships to accelerate innovation. Revenue increased by 10% at constant exchange rates (8% in DKK) to 13,499 million. Adjusted EBITDA reached DKK 2,107 million (16% margin) and the portfolio was strengthened by the launch of Anzupgo® in 10 additional markets, including the US, as well as the addition of Spevigo®.
- Philanthropy: The LEO Foundation’s philanthropic activities reached a new high with DKK 361 million awarded across 105 grants, representing a 40% increase in the number of grants compared with the previous year. With the launch of Grant Strategy 2030, the Foundation aims to significantly strengthen global skin research and accelerate progress toward curing skin diseases.
- Investments: Despite continued volatility in financial markets, the LEO Foundation’s investment portfolio delivered solid and resilient performance generating a positive return of DKK 1,051 million, corresponding to 5.9%. At year-end, financial assets amounted to DKK 18.8 billion, supporting the Foundation’s long-term financial strength.
- Overall, the LEO Group’s result was positively impacted by the returns from the Foundation’s investment portfolio and a net profit of DKK 2,489 million in LEO Pharma, contributing to net profit for the year of DKK 3,459 million, compared to DKK 303 million in 2024.
Peter Haahr, CEO, the LEO Foundation says: “2025 marked strong progress for the LEO Foundation across our three roles as owner, philanthropist and investor. LEO Pharma took important steps in its growth journey, our philanthropic activities researched a new high, and our investment portfolio delivered solid returns in volatile markets – together reflecting a shared commitment to improving the lives of people with skin diseases and bringing new treatments and cures closer.”
Building on this momentum, the LEO Foundation will continue to advance its activities in 2026, where the ownership model of LEO Pharma will continue to evolve and a potential public listing of the company is viewed as a natural and attractive next step – one that the company continues to prepare for in close collaboration with its owners. Philanthropic funding is expected to increase by around 18% to DKK 425 million, marking a step-change in ambition and scale under Grant Strategy 2030, while investment activities will continue to follow a long-term, disciplined strategy, as defined with Investment Strategy 2030.