Verona Pharma Shareholders Approve All Proposals at AGM

Verona Pharma plc (NASDAQ:VRNA), a pharmaceutical company specializing in respiratory diseases with a market capitalization of $5.5 billion, announced the results of its Annual General Meeting (AGM) held on Thursday, April 24, 2025. The company, which has seen its stock surge over 320% in the past year according to InvestingPro data, saw shareholders vote in favor of all resolutions presented at the AGM, including the re-election of directors and approval of the company’s financial statements.

The London-based company reported that a total of 654,234,496 ordinary shares were represented at the AGM, either in person or by proxy. The resolutions included the re-election of Kenneth Cunningham, M.D., Vikas Sinha, and James Brady as directors, with a majority of votes cast in favor of each director. The company maintains strong financial health, with InvestingPro data showing a current ratio of 10.6, indicating robust liquidity with assets well exceeding short-term obligations.

Additionally, shareholders received and adopted the UK statutory annual accounts and Directors’ report for the year ended December 31, 2024, along with the auditors’ report. The advisory resolution on the Directors’ Remuneration Report for 2024 was also approved.

Ernst & Young LLP was re-appointed as the company’s auditors, and the Audit and Risk Committee was authorized to determine their remuneration for the upcoming fiscal year. Shareholders also passed an advisory resolution approving the compensation of the company’s named executive officers.

In matters of corporate governance, resolutions to authorize the Directors to allot shares and grant rights to subscribe for or to convert any security into shares in the company were approved. This includes the disapplication of pre-emption rights for equity securities allotments for cash.

The AGM’s voting outcomes underscore shareholder confidence in Verona Pharma’s management and strategic direction. The company’s focus on developing treatments for respiratory diseases is supported by these approvals, which enable the company to continue its operations and pursue growth opportunities. With impressive gross profit margins of 94% and analysts projecting sales growth for the current year, InvestingPro subscribers can access 14 additional key insights about Verona’s financial outlook and market position through the platform’s comprehensive Pro Research Report.

This report is based on a press release statement and the information provided in the 8-K filing with the Securities and Exchange Commission.

In other recent news, Verona Pharma is set to report its first-quarter earnings, with projections indicating that its COPD treatment, Ohtuvayre, will surpass revenue expectations by generating over $55 million, compared to the consensus estimate of $48 million. The company has also secured a $450 million credit facility, improving its financial terms with a reduced interest rate, following the successful U.S. launch of Ohtuvayre. Cantor Fitzgerald initiated coverage of Verona Pharma with an Overweight rating and a price target of $80, citing the promising launch of Ohtuvayre and potential success with a treatment for bronchiectasis. Truist Securities raised its price target for Verona Pharma to $76, maintaining a Buy rating, highlighting the growth of the company’s prescriber base and positive reception from pulmonologists. H.C. Wainwright also increased its price target to $75, reiterating a Buy rating and noting the commercial potential of ensifentrine, assuming a high probability of approval in the European market. Verona Pharma’s strategic financial moves and analyst upgrades reflect confidence in the company’s growth trajectory and product potential. Meanwhile, Xeris Biopharma announced board changes, with the resignation of Ricki Fairley and the appointment of James Brady, a seasoned executive, as a new director. These developments indicate ongoing strategic adjustments and financial maneuvers within both companies.

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