Verona Pharma (VRNA) Goldman Sachs 46th Annual Global Healthcare Conference summary

Key launch insights and market dynamics

• Ohtuvayre addresses a significant unmet need in COPD, with rapid uptake and nearly 5,300 prescribers in the first nine months, and 60% of tier one prescribers engaged by Q1.

• The drug is being adopted across both moderate and severe patient populations, with a 50/50 split, and is expected to shift more toward moderate patients as it becomes entrenched in treatment paradigms through 2026-2027.

• Ohtuvayre’s nonsteroidal anti-inflammatory profile differentiates it from corticosteroids and biologics, positioning it as a foundational therapy for a broad COPD population.

• Sales force expansion by 30 reps is underway to accelerate new patient adds and deepen prescriber engagement, aiming for 5-15% market share over time.

• Direct-to-patient and direct-to-consumer activities are expanding, with increasing investment planned through 2025-2026 to drive patient activation and awareness.

Prescriber behavior and adoption drivers

• Early adoption is driven by unmet need and Ohtuvayre’s differentiated profile, with a focus on moving prescribers from initial to deeper prescribing, including earlier lines of therapy.

• Inclusion in clinical guidelines and peer-to-peer programs are key accelerators for lagging prescribers, with over 120 speaker programs conducted by end of 2024.

• Tier one and two prescribers, mainly pulmonologists, are highly productive and represent the core for market penetration, with patient additions occurring as symptomatic individuals present for care.

• Feedback mechanisms and marketing tactics are in place to shorten the feedback loop and encourage faster adoption among physicians.

International and pipeline developments

• Regulatory progress is ongoing in Europe, with updates expected by Q2 results, and approval recently achieved in Macau; regulatory clarity is linked to partnering discussions.

• A phase two program for Ohtuvayre in non-CF bronchiectasis is underway, leveraging mechanistic rationale and COPD trial data, with top-line results expected in late 2026 or early 2027.

• Combination development with glycopyrrolate aims to enhance bronchodilation and convenience, extend patent life to 2041, and potentially reset the IRA clock.

• No significant safety risks identified in combining Ohtuvayre with glycopyrrolate, though formulation requires careful management.

• Business development focus remains on pulmonary/respiratory assets, with interest in in-licensing opportunities, especially those with proof of concept.