Leo Pharma’s bold commitment to be a strong player in the dermatological space was made clear at the J.P Morgan Healthcare Conference 2026. The CEO, Christophe Bourdon, discussed that he was there to make deals focused on assets in rare disease space within dermatology.
Leo’s dermatology focused portfolio and R&D strength enables the company to lead innovation in the rare dermatology space in indications previously deprioritised to advance the marketing of drugs in highly prevalent conditions such as atopic dermatitis. Among Leo’s leading marketed products are Adbry (tralokinumab) approved for use in patients with moderate to severe atopic dermatitis, and Anzupgo (delgocitinib), which was approved as first-in-class topical JAK inhibitor for chronic hand eczema.
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In the wider context, atopic dermatitis (AD) represents a growing and evolving market with unmet needs including effective treatments that are longer acting. However, with multiple players within AD (both within biologics and topicals), it is also an area that has a high level of competition in the market. This complexity necessitates the need for clinical differentiation that will underpin the success of the asset, as exhibited by Leo Pharma’s Anzupgo. While Leo Pharma continues to make its mark in this disease space, the exposure also gives them access to a wide network of dermatologists, which will be crucial as the company looks to deepen their focus on development of assets in the rare dermatology disease space. The rare disease focus has been underpinning future development strategy for Leo for some time. Partnerships were at the center of this strategy in 2025. In July 2025, the company made an agreement with Boehringer Ingelheim; under the deal, Leo Pharma will be responsible for commercialisation and further development of Spevigo (spesolimab), a drug approved for treatment of patients with generalised pustular psoriasis (GPP), a rare skin disease.
The opportunity in the rare diseases space in dermatology continues to be highlighted by several catalyst events including recent approvals and pipeline development. In June 2025, Sanofi’s Dupixent (dupilumab) received FDA approval as the first targeted treatment of patients with bullous pemphigoid. In April 2025, Abeona Therapeutics’ Zevaskyn (prademagene zamikeracel), an autologous cell-based gene therapy was approved for treatment of recessive dystrophic epidermolysis bullosa (RDEB), a form of DEB, which is a genetic skin disorder that causes the skin to become fragile and is characterised by skin blisters. In May 2023, Krystal Biotech received FDA approval for Vyjuvek (beremagene geperpavec-svdt), a topical gel that addressed the genetic cause of DEB. Looking at pipeline development, according to GlobalData’s Drugs database, 22 assets are currently in clinical development for rare dermatological diseases, across the eight major markets (US, France, Germany, Italy, Spain, UK, China). Of the six drugs that are currently in Phase III development, four are being developed for epidermolysis bullosa (including Paradigm Therapeutics’ allantoin, Castle Creek Biosciences’ dabocemagene autoficel, Rheacells’s Ebesanar, and Ishin Pharmaceuticals’ ISN-001), and the remaining two taken by Haltex Therapeutics’ etidronate disodium for Pseudoxanthoma Elasticum, and Maruho’s pefcalcitol for Palmoplantar Keratoderma.
The limited number of pipeline assets spread across multiple indications signal an untapped market for Leo to enter as it looks to sharpen its R&D priorities on rare indications with limited players. Additionally, from a regulatory perspective, initiatives such as the FDA’s Breakthrough Therapy designations and accelerated approval pathways expedites the development cycle for potential therapies in the rare disease space. Such frameworks and recent advancements represent a positive shift in development of therapies for rare diseases and their commercialisation potential.
Leo Pharma’s clinical and commercial experience in the dermatology area puts it in a position of strength, giving the company a unique advantage, which will be leveraged as it doubles down efforts to seek growth opportunities within the rare disease space.
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