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LEO Foundation Annual Report 2020
Letter from the Chairman and the CEO
Management review
Let’s pave the way for curing skin diseases 2020 turned out to be a year far from what we had imagined, shaped by the COVID-19 pandemic. It was a challenging year for our company, LEO Pharma, and for our grantees and our investments. Yet, it also proved to be a year of resilience and dedication, and while 2020 saw a new level of uncertainty, the celebration of 400 years of proud LEO history created the LEO Group’s own sense of certainty by confirming that we have a unique heritage and a strong foundation on which to build the future. In 2020, LEO Pharma launched its 2030 strategy with the ambition to be a global leader in medical dermatology, including rare diseases, by building on its unique dermatology heritage and developing a strong pipeline. At the same time, the company managed to convincingly mitigate the effects of the COVID-19 pandemic, thanks to the competent and sustained efforts of LEO Pharma’s committed employees. As well as maintaining a stable performance, LEO Pharma made significant progress in further developing its pipeline. An important milestone was the announcement of positive phase 3 trials for tralokinumab meeting all
primary and secondary endpoints, enabling the company to prepare for the global launch in 2021 of what is only the second-to-market biologic treatment for atopic dermatitis. The LEO Foundation was established to ensure the long-term continuance and development of LEO Pharma, and as an engaged owner our all- important aim is to continuously provide the company with the best possible foundation for growth and success. The continuous success of LEO Pharma is not only paramount to the company but also a prerequisite for the Foundation’s ability to improve the understanding and treatment of skin diseases through philanthropic research grants to leading scientists around the world. A key theme, that we carefully and diligently considered throughout the year, was how the Foundation can best fulfill its role as a long-term owner in the most engaged and responsible way – and whether sole ownership of LEO Pharma was providing the company with the best possible platform to deliver on its ambitious 2030 strategy. The company’s journey towards becoming a global leader in medical
Lars Olsen Chairman of the Board of Trustees Jesper Mailind CEO
Financial statements
