Core Viewpoint - The article emphasizes the importance of confirming the sustainability of stock trends for profitable short-term investing, highlighting the need for sound fundamentals and positive earnings estimates to maintain momentum. Group 1: Stock Performance - Verona Pharma PLC (VRNA) has shown a solid price increase of 74.2% over the past 12 weeks, indicating strong investor interest and potential upside [4] - The stock has also increased by 12.5% over the last four weeks, suggesting that the upward trend is still intact [5] - VRNA is currently trading at 94.8% of its 52-week high-low range, indicating a potential breakout [5] Group 2: Fundamental Strength - VRNA holds a Zacks Rank 1 (Strong Buy), placing it in the top 5% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises [6] - The stock has an Average Broker Recommendation of 1 (Strong Buy), reflecting high optimism from the brokerage community regarding its near-term price performance [7] Group 3: Investment Strategy - The "Recent Price Strength" screen is a useful tool for identifying stocks like VRNA that are on an uptrend supported by strong fundamentals [3] - The article suggests that there are several other stocks passing through this screen, indicating potential investment opportunities [8]

Summary of Verona Pharma (VRNA) FY Conference Call - June 09, 2025 Company Overview - **Company**: Verona Pharma (VRNA) - **Product**: O2VARE (ensifentrine), a treatment for Chronic Obstructive Pulmonary Disease (COPD) Key Industry Insights - **Market Need**: Significant unmet need in the COPD market, particularly for patients experiencing persistent symptoms like dyspnea [3][4] - **Launch Performance**: O2VARE has established approximately 5,300 prescribers within nine months of launch, with 60% of tier one prescribers already writing prescriptions [5][38] - **Patient Demographics**: About 50% of patients are on background triple therapy (LAMA, LABA, ICS), indicating a mix of severe and moderate cases [9][12] Core Product Insights - **Therapeutic Positioning**: O2VARE is positioned as a non-steroidal anti-inflammatory option that can be used earlier in the treatment paradigm compared to biologics [10][11][15] - **Market Penetration Potential**: The company believes O2VARE can achieve 5% to 10% market penetration, similar to existing drugs like Trelegy and Symbicort [20][23] - **Adoption Curve**: The adoption curve is expected to be linear, with potential acceleration due to the addition of 30 new sales representatives [25][19] Sales and Marketing Strategy - **Direct-to-Patient (DTP) Activities**: Growing importance of DTP initiatives to activate patients and provide information about O2VARE [26][30] - **Promotional Sensitivity**: Physicians are promotionally sensitive, and the company is focusing on increasing promotional activities to drive adoption [32][34] - **Depth of Prescribing**: The goal is to increase the number of prescriptions per prescriber, moving from initial prescriptions to more substantial patient loads [40][41] Regulatory and Development Updates - **European Market**: O2VARE is progressing through regulatory processes with the EMA and MHRA, with updates expected in Q2 [55][56] - **Phase II Trials**: O2VARE is being studied for non-CF bronchiectasis, with expectations for top-line data by late 2026 or early 2027 [60][66] Lifecycle Management - **Combination Therapy**: The company is exploring the combination of O2VARE with glycopyrrolate, which is expected to enhance bronchodilation and patient convenience [69][70] - **Business Development**: Verona Pharma is open to in-licensing opportunities in the pulmonary space, focusing on drugs with proof of concept [76][77] Additional Considerations - **Patient Experience**: The company emphasizes the importance of patient feedback in driving physician adoption of O2VARE [53][54] - **Market Dynamics**: The company is aware of the competitive landscape, including the potential approval of other treatments for bronchiectasis, and plans to integrate findings into ongoing trials [66][68] This summary encapsulates the key points discussed during the Verona Pharma FY Conference Call, highlighting the company's strategic direction, market opportunities, and ongoing development efforts.

Group 1: Growth Stocks Overview - Investing in growth stocks can yield significant returns over time, with some stocks providing rapid payoffs [1] - Notable growth stocks include Strategy, Mara Holdings, and Verona Pharma, which have shown impressive gains over the past five years [2] Group 2: Strategy (formerly MicroStrategy) - A $15,000 investment in Strategy five years ago would now be worth approximately $458,000, despite a decline in its core technology business [4] - Strategy is the largest corporate holder of Bitcoin, with over 500,000 coins, and its stock performance is closely tied to Bitcoin's market value [5] - The stock is considered highly speculative, with its valuation contingent on the strength of the cryptocurrency market [6] Group 3: Mara Holdings - A $15,000 investment in Mara Holdings would have grown to about $290,000 over the past five years, despite a significant drop in value since early 2022 [7] - The company's financial performance has been volatile, with losses exceeding $694 million in 2022 and a profit of $541 million in 2024, heavily influenced by the market value of Bitcoin [8] - Similar to Strategy, Mara's valuation is speculative and depends on Bitcoin's performance [9] Group 4: Verona Pharma - A $15,000 investment in Verona Pharma would now be worth $267,000, contributing to a total portfolio value of around $1.02 million when combined with the other two stocks [10] - The stock gained momentum after FDA approval for Ohtuvayre, a treatment for chronic obstructive pulmonary disease, which analysts predict could generate over $1 billion in annual revenue by 2029 [11] - Despite incurring a loss of over $173 million last year, Verona is on a positive trajectory with Ohtuvayre beginning to generate sales, making it a more attractive investment option [12]

Verona Pharma (VRNA) 2025 Conference June 04, 2025 11:05 AM ET Speaker0 We're gonna get started with the next session. I'm Andrew Tsai, senior biotech analyst at Jefferies, and it's my pleasure to have the Verona team with me. To my direct left, Chris Martin, CCO, and to his left, David Zaccardale, President and CEO. Welcome both of you. Thanks, Andrew. Thanks. Maybe spend one or two minutes talking about the Verona story. I think a lot of people are familiar, but there are still people unfamiliar with your ...

Company Participation in Conferences - Verona Pharma's senior management will participate in the Jefferies Global Healthcare Conference on June 4, 2025, at 11:05 a.m. ET in New York, NY [1] - The company will also be present at the Goldman Sachs 46th Annual Global Healthcare Conference on June 9, 2025, at 2:40 p.m. ET in Miami, FL [1] - Webcasts of each conference presentation will be available on the company's website [1] Company Overview - Verona Pharma is a biopharmaceutical company focused on developing therapies for chronic respiratory diseases with significant unmet medical needs [3] - The company's first commercial product, Ohtuvayre (ensifentrine), is the first inhaled therapy for the maintenance treatment of COPD that combines bronchodilator and non-steroidal anti-inflammatory activities in one molecule [3] - Ensifentrine has potential applications in non-cystic fibrosis bronchiectasis, cystic fibrosis, asthma, and other respiratory diseases [3]

Group 1 - Verona Pharma plc has launched its COPD drug Ohtuvayre (ensifentrine) and is only three quarters into the launch phase, indicating potential for significant market impact [1] - The discussion surrounding Ohtuvayre as a blockbuster drug is gaining traction, suggesting optimism about its future performance [1] Group 2 - The company operates in the biotech sector, focusing on trading around key events such as trial results and regulatory approvals [1]

Financial Data and Key Metrics Changes - In Q1 2025, Verona Pharma recorded net product sales of $71.3 million for O2VARE, nearly doubling sales compared to Q4 2024 [7][13] - Total net revenue for Q1 2025 was $76.3 million, including a $5 million clinical milestone from Nuance Pharma [13] - Operating expenses for Q1 2025 were $86.6 million, resulting in an operating loss of $10.3 million and a net loss after tax of $16.3 million [14] - The company reported an adjusted net income of $20.5 million, excluding $36.8 million in share-based compensation [14] - Cash and equivalents stood at $401.4 million as of March 31, 2025, showing a slight increase from $399.8 million at the end of 2024 [15] Business Line Data and Key Metrics Changes - O2VARE's rapid adoption is highlighted by approximately 25,000 prescriptions filled in Q1 2025, with new patient starts growing over 25% compared to Q4 2024 [7][8] - Refills accounted for 60% of all dispenses during the first quarter, indicating strong patient retention [7] - The number of prescribers increased by about 50% to approximately 5,300, with 60% being tier one healthcare providers [8] Market Data and Key Metrics Changes - O2VARE received regulatory approval in Macau for the maintenance treatment of COPD, marking its first approval outside the U.S. [11] - Nuance Pharma is expected to report results from its pivotal Phase III trial evaluating ensifentrine for COPD maintenance treatment in China in Q2 2025 [11] Company Strategy and Development Direction - The company plans to expand its field sales team from 30 to about 120 representatives to support the ongoing launch of O2VARE [9] - Verona Pharma aims to use future draws from its debt facility primarily for in-licensing or acquiring products as needed [15] - The company is advancing its pipeline with two Phase II clinical programs, including a dose-ranging Phase IIb trial set to begin in the second half of 2025 [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing success of the O2VARE launch, noting high adoption rates and encouraging feedback from patients and healthcare providers [6][20] - The company anticipates continued growth in sales and prescriber base, with a strong belief in the product's potential to redefine COPD treatment standards [8][24] - Management acknowledged the competitive landscape but emphasized O2VARE's unique profile and complementary role alongside potential biologic treatments [61][84] Other Important Information - A new Orange Book listed patent was granted with an expiration date in February 2044, bringing the total to four listed patents [10][92] - The company is actively engaging with regulatory bodies in Europe for potential marketing authorization applications for O2VARE [100] Q&A Session Summary Question: Trends and metrics for Q2 - Management indicated that the launch is going extremely well, with high adoption and growth across all metrics, including prescriptions and new patients [20][21] Question: Sales growth expectations - Management expressed optimism about continued substantial growth, emphasizing the large patient population still symptomatic on current treatments [24][35] Question: Gross to net expectations - The gross to net ratio improved to well below 20%, with expectations for continued improvement as the year progresses [32][42] Question: Refill rates and persistency - Management noted encouraging refill rates and persistency, with potential for upside as more data becomes available [51][52] Question: Competitive landscape and biologics - Management views biologics as complementary rather than competitive, emphasizing O2VARE's unique bronchodilation and anti-inflammatory effects [61][84] Question: Market strategy in Europe - The company is engaging with EMA and MHRA regarding regulatory applications and is considering partnerships based on regulatory clarity [100][101]

Financial Data and Key Metrics Changes - In Q1 2025, the company recorded $71.3 million in net product sales for O2VARE, nearly doubling sales compared to Q4 2024 [9][14] - Total net revenue for Q1 2025 was $76.3 million, including a $5 million clinical milestone from Nuance Pharma [14] - Operating expenses for Q1 were $86.6 million, resulting in an operating loss of $10.3 million and a net loss after tax of $16.3 million [15][16] - The company had $401.4 million in cash and equivalents as of March 31, 2025, compared to $399.8 million at the end of 2024 [17] Business Line Data and Key Metrics Changes - O2VARE's rapid adoption is evidenced by approximately 25,000 prescriptions filled in Q1 2025, with new patient starts growing over 25% compared to Q4 2024 [9][10] - Refills represented 60% of all dispenses during the first quarter, indicating strong patient retention [9] - The total number of prescribers grew about 50% to approximately 5,300, with 60% being tier one healthcare providers [10] Market Data and Key Metrics Changes - O2VARE was approved in Macau for the maintenance treatment of COPD, marking the first regulatory approval outside the U.S. [12] - The company is advancing regulatory activities for potential marketing authorization applications in the EU and the UK [13][102] Company Strategy and Development Direction - The company plans to expand its field sales team to support the ongoing launch of O2VARE, increasing from 90 to 120 representatives [11] - A new patent for O2VARE has been granted, expiring in February 2044, enhancing the company's intellectual property portfolio [11][93] - The company aims to use future draws on its debt facility primarily for in-licensing or acquiring products as needed [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing success of O2VARE's launch, highlighting high adoption rates and strong metrics [22][26] - The company anticipates continued growth in sales, driven by an expanding prescriber base and increasing patient refills [26][35] - Management noted that there remains a significant opportunity for new patient additions, as many patients remain symptomatic on current treatments [26] Other Important Information - The company is focused on advancing its pipeline with two Phase II clinical programs, including a dose-ranging Phase IIb trial [12] - The company has amended its strategic financing arrangement, increasing its debt facility to $450 million on more favorable terms [17] Q&A Session Summary Question: Trends and metrics for Q2 - Management indicated that the launch is going extremely well, with high adoption and growth across all metrics [22][23] Question: Sales growth expectations - Management expressed confidence in continued substantial growth, emphasizing the importance of new patient additions and refill rates [26][35] Question: Gross to net expectations - Management noted that gross to net has improved and is now well below 20% as of Q1 [33][34] Question: Refill rates for long-term patients - Management is encouraged by refill rates and persistency, with expectations for continued improvement [50][51] Question: Competitive landscape with biologics - Management views biologics as complementary rather than competitive, emphasizing O2VARE's unique profile [62][84] Question: Regulatory strategy in Europe - The company is actively engaging with EMA and MHRA regarding marketing authorization applications and plans to update stakeholders mid-year [102] Question: Price stability for O2VARE - Management expects price stability for O2VARE through 2025, with no concrete changes anticipated [109] Question: Phase 2b study expectations - The company plans to measure lung function effects over the dosing interval, with pre-dose trough FEV1 being a secondary measure [111]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM __________ TO __________ Commission File Number: 001-38067 Verona Pharma plc (Exact name of Registrant as specified in its Charter) (State or other jurisdiction of incor ...

Program Updates and Key Milestones Verona's near-term milestones include: Verona Pharma Reports First Quarter 2025 Financial Results and Provides Corporate Update Total net revenue of $76.3 million from Q1 2025 driven by Ohtuvayre net sales of $71.3 million (+95% vs Q4 2024) ~25,000 prescriptions filled in Q1 2025 ® Q1 2025 revenue exceeds operating expenses excluding non-cash charges Conference call today at 9:00 a.m. EDT / 2:00 p.m. BST LONDON and RALEIGH, N.C., April 29, 2025 – Verona Pharma plc (Nasdaq: ...