Verona Pharma (VRNA) Piper Sandler 36th Annual Healthcare Conference summary

Launch performance and market adoption

• Early launch results align with pre-launch market research, showing strong adoption and significant unmet need among patients with persistent symptoms.

• Over 2,200 prescribers and $5.6 million in Q3 sales, with continued positive momentum and increasing new and repeat writers.

• Usage is consistent across patient types, with about half of prescriptions for patients on triple therapy and the rest on dual, mono, or no background therapy.

• Penetration among tier one physicians reached 30% within 12 weeks, with ongoing growth in both tier one and tier two segments.

• Physician and patient feedback is positive, with adherence and refill rates being closely monitored as the launch progresses.

Financial outlook and guidance

• Q4 sales numbers will be pre-announced in early January, but formal annual guidance will wait until a full year of launch data is available.

• Metrics reported for Q4 will be similar to Q3, with more detailed data on refills and payer mix expected later in 2025.

• Achieving $100 million in first-year sales is seen as a key indicator for blockbuster potential.

• A 1% market share in COPD could equate to $1 billion in net revenue, highlighting significant upside.

Operational updates and strategic considerations

• Specialty pharmacy distribution supports strong adherence and refill rates, with systematic patient follow-up.

• The product-specific J-code will be effective January 1, streamlining pharmacy reimbursement and potentially accelerating access.

• No significant barriers reported regarding nebulization; innovation and product profile outweigh route of administration concerns.

• Current sales force is sufficient for target physicians, with only marginal increases considered if primary care uptake grows.

• Strategic partnership discussions are ongoing, with focus on maximizing product potential and expanding the pipeline.