BALLERUP, Denmark — August 18, 2026
LEO Pharma reported continued momentum in its dermatology business during the first half of 2026, alongside strategic pipeline expansion designed to strengthen its position in rare and inflammatory skin diseases. The company’s revenue increased 7% to DKK 7.257 billion, or 10% at constant exchange rates, with growth led by North America and the company’s dermatology portfolio. More importantly for its future pipeline, LEO Pharma has agreed to acquire the global rights to dersimelagon, an investigational first-in-class oral MC1R agonist being developed for erythropoietic protoporphyria (EPP). The transaction, expected to close in the second half of 2026, adds a potential 2027 launch opportunity to LEO Pharma’s late-stage portfolio and further expands its focus on rare genetic dermatological diseases.
Dersimelagon Strengthens LEO Pharma’s Rare Dermatology Pipeline
The planned acquisition of dersimelagon from Tanabe Pharma is the most significant pipeline development highlighted by LEO Pharma in its latest update. Dersimelagon is an investigational oral therapy targeting melanocortin 1 receptor (MC1R) and is being developed for patients with EPP, a rare genetic disorder associated with severe phototoxic reactions and significant limitations on exposure to sunlight. The asset was submitted for U.S. regulatory review in June 2026, supporting LEO Pharma’s expectation of a potential launch in 2027, subject to regulatory and transaction milestones. The acquisition builds on LEO Pharma’s recent efforts to expand its rare disease capabilities, including its acquisition of Replay in April 2026 and its broader strategy of adding innovative therapies with differentiated mechanisms. By adding an oral late-stage asset to its dermatology portfolio, LEO Pharma is seeking to broaden its commercial base beyond established topical and biologic therapies and address additional areas of high unmet medical need.
LEO Pharma Advances New Treatments in Skin Diseases
Beyond dersimelagon, LEO Pharma continues to progress its clinical pipeline in inflammatory dermatology. In May 2026, the company dosed the first patient in the pivotal Phase 3 DELTA CARE 1 trial evaluating delgocitinib cream in adults with mild to severe lichen sclerosus. The program represents an expansion of topical pan-JAK inhibition into another inflammatory skin disease where treatment options remain limited. LEO Pharma is also building commercial momentum around its strategic dermatology brands, including Anzupgo®, Spevigo® and Adtralza®/Adbry®, which together recorded a 50% increase in revenue at constant exchange rates during H1 2026. Dermatology portfolio revenue overall increased 12% at CER, making the segment a key contributor to the company’s growth and providing a commercial foundation for further investment in pipeline development. The combination of established products and late-stage clinical programs is allowing LEO Pharma to pursue both near-term commercial expansion and longer-term innovation across inflammatory and rare dermatological conditions.
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Strategic Investments Support LEO Pharma’s Next Growth Phase
LEO Pharma’s latest business update shows a company increasing investment behind its future dermatology portfolio while maintaining strong commercial growth. The company has raised its 2026 revenue growth outlook to 9–11% at constant exchange rates, compared with its previous 8–11% expectation. However, the adjusted EBITDA margin outlook has been reduced to 14–16%, reflecting increased development and pre-launch spending associated with dersimelagon and other strategic activities. Revenue reached DKK 7.257 billion in H1 2026, while dermatology remained the principal growth engine. The company’s strategic direction is increasingly centered on strengthening its position in dermatology, rare genetic skin diseases and inflammatory disorders, supported by acquisitions, licensing activities and clinical development. With dersimelagon potentially entering the market as early as 2027 and delgocitinib advancing through Phase 3 development, LEO Pharma is building a pipeline intended to complement its existing commercial portfolio while creating new opportunities in areas where patients continue to face significant unmet needs.
Source: LEO Pharma press relese
