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LONDON - Verona Pharma plc (NASDAQ:VRNA) reported fourth-quarter earnings that beat analyst expectations, driven by strong sales of its newly launched COPD treatment Ohtuvayre. The company’s shares jumped 6.6% following the announcement.
The biopharmaceutical firm posted adjusted earnings per share of -$0.05, surpassing the analyst consensus of -$0.07. Revenue for the quarter reached $35.65 million, significantly exceeding estimates of $6.14 million.
Ohtuvayre, approved in June 2024 as the first novel inhaled COPD therapy in over 20 years, recorded net product sales of $36.6 million in Q4. This strong performance contributed to full-year 2024 net sales of $42.3 million for the drug.
"We are very pleased to report the extremely strong start to the launch continues to build momentum with more prescriptions dispensed through February 2025 than in the entire fourth quarter of 2024," said David Zaccardelli, President and CEO of Verona Pharma.
The company reported that over 4,600 unique healthcare professionals have prescribed Ohtuvayre, including approximately 55% of their Tier 1 HCPs. Notably, about 50% of prescriptions were for patients on triple therapy, indicating broad adoption across COPD severity levels.
Verona Pharma’s cash position remained strong at $399.8 million as of December 31, 2024, compared to $271.8 million a year earlier.
Looking ahead, the company plans to initiate a Phase 2b trial for a fixed-dose combination of ensifentrine and glycopyrrolate in the second half of 2025. Additionally, Verona is progressing regulatory activities for potential marketing authorization submissions in the European Union and UK.
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