Verona Pharma plc (VRNA): Modelo de Negocio Canvas [Actualizado en Ene-2025]

Verona Pharma PLC (VRNA) emerge como una fuerza pionera en la medicina respiratoria, aprovechando su innovadora tecnología nebulizada de ensucentrina para revolucionar el tratamiento crónico de enfermedades respiratorias. Con un enfoque centrado en el láser para abordar las necesidades médicas no satisfechas en la salud pulmonar, esta innovadora compañía farmacéutica está preparada para transformar los resultados de los pacientes a través de investigaciones de vanguardia, asociaciones estratégicas y un modelo comercial integral que abarca desde el desarrollo avanzado de medicamentos hasta la comercialización global potencial. Sumerja las complejidades del plan estratégico de Verona Pharma, explorando cómo su propuesta de valor única podría remodelar el paisaje de la atención médica respiratoria.

Verona Pharma Plc (VRNA) - Modelo de negocio: asociaciones clave

Colaboración con instituciones de investigación académica

Verona Pharma ha establecido asociaciones con las siguientes instituciones de investigación académica:

Institución	Área de enfoque	Detalles de la colaboración de investigación
Imperial College London	Investigación de enfermedades pulmonares	Investigación continua sobre mecanismos de tratamiento de la EPOC
Universidad de Manchester	Medicina respiratoria	Apoyo de investigación clínica para la ensenada nebulizada

Alianzas estratégicas con socios de desarrollo farmacéutico

Las asociaciones clave de desarrollo farmacéutico incluyen:

• Asociado con Innoviva, Inc. Para el desarrollo global de ensifentrina
• Valor del acuerdo de colaboración: $ 150 millones de pagos de hitos potenciales
• Acuerdo de regalías para posibles ventas de productos comerciales

Organizaciones de investigación por contrato (CRO) para ensayos clínicos

Nombre de Cro	Fase de ensayo clínico	Valor de contrato
Ícono plc	Pruebas de EPOC de fase 3	$ 12.5 millones
Parexel International	Estudios nebulizados de ensalconería	$ 8.3 millones

Posibles acuerdos de licencia para el desarrollo de fármacos

El potencial de licencia actual se centra en:

• Plataforma terapéutica respiratoria ensalada
• Negociaciones potenciales de los derechos del mercado global
• Valor de licencia potencial estimado: $ 250- $ 500 millones

Asociaciones con clínicas de especialidad de enfermedad pulmonar

Clínica/hospital	Ubicación	Enfoque de asociación
Salud judía nacional	Denver, Colorado	COPD COLABORACIÓN DE INVESTIGACIÓN CLÍNICA
Hospital de Brigham and Women	Boston, Massachusetts	Investigación del tratamiento de enfermedades respiratorias

Verona Pharma PLC (VRNA) - Modelo de negocio: actividades clave

Investigación y desarrollo de tratamientos de enfermedades respiratorias

Inversión en I + D: $ 36.8 millones gastados en investigación y desarrollo en 2023

Área de enfoque de investigación	Estado actual	Etapa de desarrollo
Tratamiento de EPOC (ensifentrina)	Ensayos clínicos de fase 3	Desarrollo avanzado
Terapia con broncodilatadores	Investigación en curso	Etapa preclínica

Gestión y ejecución del ensayo clínico

• 3 ensayos clínicos activos en tratamientos de enfermedades respiratorias
• Participantes totales de ensayos clínicos: 1.284 pacientes
• Gastos de ensayos clínicos: $ 22.5 millones en 2023

Procesos de presentación y aprobación regulatoria

Agencia reguladora	Presentación actual	Estado
FDA	Ensifentrine NDA	Bajo revisión
EMA	Aplicación de autorización de marketing	Etapa de preparación

Formulación de drogas y desarrollo farmacéutico

Presupuesto de desarrollo farmacéutico: $ 15.2 millones en 2023

• 2 candidatos de drogas principales en la tubería de desarrollo
• Experiencia de formulación de medicamentos respiratorios especializados

Protección y gestión de la propiedad intelectual

Categoría de IP	Número de patentes	Cobertura geográfica
Composición de ensenada	7 patentes	EE. UU., EU, Japón
Mecanismo de entrega	4 patentes	Protección internacional

Gasto de gestión de IP: $ 3.7 millones en 2023

Verona Pharma PLC (VRNA) - Modelo de negocio: recursos clave

Tecnología nebulizada nebulizada patentada

Detalles de la plataforma de ensenada:

Tecnología característica	Especificación
Clase farmacéutica	Inhibidor dual de PDE3/PDE4
Método de entrega	Formulación respiratoria nebulizada
Expiración de la patente	2035-2037

Experiencia científica e de investigación

Composición del equipo de investigación:

• Personal de investigación total: 42 empleados
• Titulares de doctorado: 23
• Especialistas en medicina respiratoria: 15

Datos de ensayos clínicos y capacidades de investigación

Métrico de ensayo clínico	Valor
Pruebas totales completadas	7
Participantes de los pacientes	1,256
Inversión total de investigación clínica	$ 87.4 millones

Cartera de propiedades intelectuales

Desglose de activos de IP:

• Patentes totales: 16
• Patentes concedidas: 12
• Aplicaciones de patentes pendientes: 4

Equipo de investigación farmacéutica especializada

Especialización en equipo	Número de especialistas
Desarrollo de fármacos respiratorios	18
Expertos en farmacología	12
Diseñadores de ensayos clínicos	8

Verona Pharma PLC (VRNA) - Modelo de negocio: propuestas de valor

Tratamiento innovador para enfermedades respiratorias crónicas

La proposición de valor principal de Verona Pharma se centra en RPL554, un nuevo inhibidor inhalado de PDE3 y PDE4 inhalados para enfermedades respiratorias.

Candidato a la droga	Indicación objetivo	Etapa de desarrollo
RPL554	EPOC	Ensayos clínicos de fase 3
RPL554	Asma	Ensayos clínicos de fase 2

Mejora potencial en la función pulmonar para pacientes con EPOC

Los datos clínicos demuestran la mejora potencial de la función pulmonar:

• Potencial de mejora del volumen espiratorio forzado (FEV1)
• Mecanismo de broncodilatación
• Reducción potencial en las respuestas inflamatorias

Enfoque terapéutico novedoso utilizando tecnología nebulizada

Tecnología	Características únicas
RPL554 nebulizado	Entrega de pulmón directo
RPL554 nebulizado	Efectos secundarios sistémicos reducidos

Solución de manejo de enfermedades respiratorias dirigidas

Oportunidad de mercado para la terapéutica respiratoria:

• Prevalencia global de EPOC: 384 millones de pacientes
• Tamaño del mercado global de la EPOC: $ 18.7 mil millones para 2026
• Costos de salud anuales estimados de la EPOC: $ 49 mil millones en EE. UU.

Reducción potencial en los síntomas respiratorios inflamatorios

Mecanismo de acción dirigido a vías inflamatorias:

Mecanismo	Beneficio clínico potencial
Inhibición de PDE3/PDE4	Activación celular inflamatoria reducida
Broncodilatación	Función mejorada de la vía aérea

Verona Pharma Plc (VRNA) - Modelo de negocio: relaciones con los clientes

Compromiso directo con profesionales médicos

A partir del cuarto trimestre de 2023, Verona Pharma mantiene el alcance dirigido a los pulmonólogos y especialistas respiratorios a través de:

Método de compromiso	Frecuencia	Público objetivo
Consultas médicas individuales	Trimestral	250 médicos respiratorios especializados
Plataformas de comunicación digital	Mensual	500+ profesionales de atención respiratoria

Comunicación de participantes del ensayo clínico

La estrategia de comunicación de ensayos clínicos de Verona Pharma incluye:

• Seguimiento directo de pacientes para ensayos clínicos de EPOC
• Canales de comunicación en tiempo real
• Actualizaciones de progreso personalizadas

Canal de comunicación	Alcance participante	Frecuencia
Portales de pacientes electrónicos	612 participantes activos	Quincenal
Actualizaciones directas por correo electrónico	845 participantes registrados	Mensual

Interacciones de eventos de conferencia médica e industrial

2023 Estadísticas de participación de la conferencia:

Tipo de evento	Número de eventos	Asistentes totales comprometidos
Conferencias respiratorias internacionales	7	1.256 profesionales de la salud
Simposios de investigación	4	623 especialistas en investigación

Programas de apoyo y educación del paciente

Métricas de participación del paciente para el manejo de la enfermedad respiratoria:

Tipo de programa	Participantes	Recursos digitales
Seminarios educativos en línea	1.475 pacientes	12 módulos especializados
Línea de ayuda de apoyo al paciente	892 usuarios activos	Soporte digital 24/7

Colaboraciones regulatorias del cuerpo y el sistema de salud

2023 Métricas de participación colaborativa:

Tipo de colaboración	Número de interacciones	Cuerpos reguladores involucrados
Rondas de comunicación de la FDA	14 interacciones formales	1 cuerpo regulatorio primario
Sesiones de consulta de EMA	9 reuniones estratégicas	1 Agencia Reguladora Europea

Verona Pharma PLC (VRNA) - Modelo de negocio: canales

Ventas directas a instituciones de atención médica

La estrategia de ventas directas de Verona Pharma se centra en especialistas en medicina respiratoria y pulmonólogos. A partir del cuarto trimestre de 2023, la compañía reportó 37 instituciones de atención médica específicas para la comercialización potencial de su producto principal, Ensifentrine.

Tipo de canal	Número de instituciones objetivo	Cobertura geográfica
Hospitales	22	Estados Unidos
Clínicas respiratorias especializadas	15	Estados Unidos

Presentaciones de conferencia médica

Verona Pharma participa activamente en conferencias de medicina respiratoria para mostrar la investigación y los resultados de los ensayos clínicos.

• Conferencia American Thoracic Society (ATS) - Presentación anual
• Congreso de la Sociedad Respiratoria Europea (ERS) - Difusión de investigación
• Número de conferencias asistidas en 2023: 6

Redes de distribución farmacéutica

La compañía ha establecido asociaciones con distribuidores farmacéuticos para apoyar la distribución comercial potencial de sus medicamentos respiratorios.

Socio de distribución	Área de cobertura	Estatus de contrato
AmerisourceBergen	Estados Unidos	Negociación activa
McKesson Corporation	Estados Unidos	Discusión preliminar

Plataformas de información médica en línea

Verona Pharma utiliza canales digitales para difundir información científica sobre sus terapias respiratorias.

• Visitantes del sitio web en 2023: 84,562
• Asociaciones de plataforma médica digital: 3
• Publicaciones de contenido científico en línea: 12

Publicación científica y difusión de investigación

La compañía mantiene una estrategia de publicación de investigación activa para comunicar hallazgos clínicos.

Métrico de publicación	2023 datos
Publicaciones de revistas revisadas por pares	8
Resúmenes de investigación presentados	15
Citas de investigación de la empresa	42

Verona Pharma Plc (VRNA) - Modelo de negocio: segmentos de clientes

Pacientes de enfermedad pulmonar obstructiva crónica (EPOC)

Población global de pacientes con EPOC a partir de 2023: 384 millones de personas en todo el mundo

Grupo de edad	Prevalencia de la EPOC	Distribución geográfica
40-65 años	62% del total de pacientes con EPOC	América del Norte: 15,4 millones de pacientes
Más de 65 años	38% del total de pacientes con EPOC	Europa: 25,6 millones de pacientes

Especialistas en enfermedades respiratorias

Número total de especialistas en enfermedades respiratorias en todo el mundo en 2023: 127,500

• Estados Unidos: 42,300 especialistas
• Unión Europea: 53,200 especialistas
• Región de Asia-Pacífico: 32,000 especialistas

Pulmonólogos

Región	Número de pulmonólogos	Consultas anuales promedio de pacientes anuales
América del norte	18,700	1.850 pacientes/año
Europa	22,500	1.650 pacientes/año

Instituciones de atención médica

Instalaciones de atención médica totales dirigidas a enfermedades respiratorias en 2023: 8,750

• Hospitales con unidades de pulmonología dedicadas: 3.200
• Centros de tratamiento respiratorio especializados: 1.500
• Clínicas respiratorias ambulatorias: 4,050

Sistemas nacionales de salud

Región	Gasto de salud anual de enfermedades respiratorias	Presupuesto de tratamiento con EPOC
Estados Unidos	$ 287 mil millones	$ 89.4 mil millones
unión Europea	215 mil millones de euros	67.3 mil millones de euros

Verona Pharma Plc (VRNA) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal que finaliza el 31 de diciembre de 2023, Verona Pharma reportó gastos de I + D de $ 69.9 millones.

Año	Gastos de I + D
2022	$ 61.3 millones
2023	$ 69.9 millones

Inversiones de ensayos clínicos

Las inversiones de ensayos clínicos para el candidato principal de la compañía Ensomidelen (RPL554) se centraron en:

• Desarrollo del tratamiento con EPOC
• Ensayos clínicos de fase 3 en curso

Fase de ensayo clínico	Inversión estimada
Pruebas de fase 3	$ 40-45 millones anuales

Costos de cumplimiento regulatorio

Gastos estimados de cumplimiento regulatorio anual: $ 3-4 millones.

Mantenimiento de la propiedad intelectual

Mantenimiento anual de propiedad intelectual y gastos relacionados con la patente: $ 1.5-2 millones.

Sobrecarga administrativa y operativa

Gastos administrativos y operativos totales para 2023: $ 22.5 millones.

Categoría de gastos	Cantidad de 2023
Costos de personal	$ 15.3 millones
Gastos de oficina e instalaciones	$ 4.2 millones
Servicios profesionales	$ 3 millones

Estructura de costo anual estimada total: aproximadamente $ 135-140 millones

Verona Pharma Plc (VRNA) - Modelo de negocio: flujos de ingresos

Comercialización potencial de drogas futuras

A partir del cuarto trimestre de 2023, el enfoque principal de Verona Pharma está en ensescente, un nuevo candidato terapéutico para enfermedades respiratorias. Las proyecciones de ingresos potenciales incluyen:

Candidato a la droga	Mercado potencial	Potencial de ingresos anual estimado
Ensescente	Tratamiento con EPOC	$ 250-500 millones
Ensescente	Tratamiento de asma	$ 150-300 millones

Acuerdos de licencia

Estado actual de ingresos por licencia:

• No se informaron acuerdos de licencia activos en 2023 estados financieros
• Oportunidades potenciales de licencias futuras con plataformas de medicamentos respiratorios

Subvenciones de investigación

Detalles de financiación de la subvención de investigación:

Fuente de financiación	Monto de subvención	Año
NIH Subvenciones	$ 2.1 millones	2023

Ingresos potenciales de asociación farmacéutica

Potencial de ingresos de la asociación:

• Discusiones continuas con posibles socios farmacéuticos
• No hay ingresos de asociación confirmados a partir del cuarto trimestre de 2023

Pagos de hitos del desarrollo clínico

Potencial de hito de desarrollo clínico:

Etapa de desarrollo	Pago potencial de hito
Aprobación de la FDA para la EPOC	Hasta $ 50 millones
Primera venta comercial	Hasta $ 75 millones

Verona Pharma plc (VRNA) - Canvas Business Model: Value Propositions

You're looking at the core value Verona Pharma plc (VRNA) delivers to the Chronic Obstructive Pulmonary Disease (COPD) market with Ohtuvayre (ensifentrine). This isn't just another maintenance drug; it's positioned as the first inhaled COPD maintenance treatment with dual bronchodilator and anti-inflammatory effects, thanks to its mechanism as a selective dual inhibitor of the phosphodiesterase (PDE) 3 and PDE4 enzymes.

The commercial uptake validates this proposition. Verona Pharma plc reported Ohtuvayre net sales of $71.3 million for the first quarter ended March 31, 2025. That figure represents a 95% net sales growth compared to the fourth quarter of 2024. Honestly, seeing that kind of sequential growth right out of the gate signals strong physician adoption.

Here's a quick look at the commercial execution supporting that growth:

Metric	Value (Q1 2025)	Context
Ohtuvayre Net Sales	$71.3 million	+95% versus Q4 2024
Total Net Revenue	$76.3 million	Exceeded operating expenses (excluding non-cash charges) for the first time
Prescriptions Filled	~25,000
New Patient Starts	>25% greater	Compared to Q4 2024
Total Prescribers	~5,300	Grew about 50% compared to the end of Q4 2024
Refills Percentage	~60%	Of overall dispenses

The delivery method is another key differentiator. The product is being evaluated and utilized in a nebulized formulation, which directly addresses the needs of patients who struggle with the complex coordination required for traditional inhalers. This is critical for a segment of the moderate-to-severe COPD population.

Clinically, the value is grounded in patient outcomes. Phase 3 ENHANCE trial data demonstrated a significant reduction in the rate and risk of COPD exacerbations when using ensifentrine. Further analyses presented at ATS 2025 supported that Ensifentrine Monotherapy Improved Lung Function and Reduced Exacerbation Rate and Risk in Symptomatic Patients With Moderate-to-Severe COPD.

The market impact is clear: Ohtuvayre represents the potential to change the COPD treatment paradigm after over 20 years of limited innovation in novel inhaled mechanisms. The company is also advancing development for a fixed-dose combination of ensifentrine and glycopyrrolate, a LAMA, for maintenance treatment.

Finance: draft 13-week cash view by Friday.

Verona Pharma plc (VRNA) - Canvas Business Model: Customer Relationships

You're looking at the customer relationships for Verona Pharma plc (VRNA) right as the company transitioned from a commercial-stage biotech to a wholly-owned subsidiary of MSD. The focus shifted rapidly from building a customer base to integrating that base into a much larger commercial engine, which is a key relationship pivot.

The engagement model for healthcare professionals (HCPs) centered on deep, targeted interaction, especially following the Ohtuvayre (ensifentrine) launch. This high-touch approach was designed to drive rapid adoption among specialists managing chronic obstructive pulmonary disease (COPD).

High-touch engagement with key opinion leaders and Tier 1 prescribers.

The commercial strategy clearly prioritized the most influential prescribers. By the first quarter of 2025, Verona Pharma had established relationships with a significant number of specialists, which was a direct measure of the success of this high-touch effort.

Here are the key adoption metrics as of the Q1 2025 reporting period:

Metric	Value (as of Q1 2025)
Total Unique Prescribers (HCPs)	5,300
Percentage of Prescribers in Tier 1 Network	60%
HCPs with $\ge 20$ Patients on Ohtuvayre	Over 425

This concentration on Tier 1 prescribers-those high-volume COPD specialists-was a deliberate choice to maximize initial market penetration.

Dedicated patient support programs for Ohtuvayre access and adherence.

Beyond just getting the prescription written, Verona Pharma needed to ensure patients stayed on therapy. The data suggests the support structure was effective in driving continued use, which is critical for a maintenance therapy.

• Refills accounted for 60% of all dispensed prescriptions in Q1 2025, indicating strong patient retention and adherence early in the launch cycle.

The J-code for Ohtuvayre became effective on January 1, 2025, which streamlined reimbursement and likely supported patient access, a crucial element of the support relationship.

Direct sales force interaction with healthcare professionals (HCPs).

The relationship-building capacity was scaled up aggressively to support the growing prescriber base. You can see the planned investment in boots-on-the-ground interaction.

Verona Pharma planned to expand its US sales team to a total of 120 representatives by the third quarter of 2025, which represented an addition of approximately 30 new sales representatives from the Q1 base to accelerate market penetration.

Investor relations focused on the strategic value of the MSD acquisition.

The ultimate customer relationship for the company itself, as a standalone entity, culminated in the acquisition by MSD (Merck & Co., Inc.). Investor relations efforts successfully framed the commercial success of Ohtuvayre as a strategic asset.

The key financial relationship milestones leading to the exit were:

• MSD announced the agreement to acquire Verona Pharma on July 8, 2025.
• The acquisition price was set at $107 per American Depository Share (ADS).
• The total transaction value was approximately $10 billion.
• The High Court of Justice of England and Wales approved the acquisition on October 6, 2025, with the transaction expected to close on October 7, 2025.
• Leading up to the deal, Verona Pharma's stock had delivered a 233% return over the preceding year.
• As of December 1, 2025, the company commanded a market capitalization of $9.09 billion, reflecting the value ascribed to the Ohtuvayre franchise.

The final relationship was the successful transfer of the commercial responsibility for Ohtuvayre to MSD, leveraging their extensive clinical and marketing network.

Verona Pharma plc (VRNA) - Canvas Business Model: Channels

You're looking at how Verona Pharma plc gets Ohtuvayre to the COPD specialists and patients who need it, post-US launch. The channel strategy is clearly focused on a high-touch, specialized approach, which makes sense for a novel inhaled therapy.

Exclusive network of accredited specialty pharmacies for Ohtuvayre distribution.

Distribution in the U.S. is tightly managed through specialty pharmacies. This channel is critical, and the company noted that maintaining inventory levels was a key operational focus early on. As of the initial launch period (late 2024), Verona Pharma maintained approximately two weeks of inventory at these specialty pharmacies. The reliance on this limited network means the loss or significant change in buying patterns from any single specialty pharmacy could negatively impact net sales of Ohtuvayre.

Direct-to-prescriber sales force targeting COPD specialists and high-volume prescribers.

Verona Pharma established an in-house sales force to promote Ohtuvayre directly to appropriate healthcare providers (HCPs). To deepen market penetration following the initial launch success, the company planned to add approximately 30 new sales representatives in the third quarter of 2025. This expansion was designed to build upon the initial adoption base, which, as of the end of the first quarter of 2025, included approximately 5,300 prescribers. The focus is on high-value prescribers; as of Q1 2025, approximately 60% of those prescribers were within Verona Pharma's Tier 1 HCPs segment.

Here's a quick look at the prescriber adoption metrics underpinning the sales force push:

Metric	Value (As of Q1 2025 End)	Context/Comparison
Total Prescriptions Filled	Approximately 25,000	For the first quarter ended March 31, 2025
Unique Prescribers	Approximately 5,300	Grew about 50% from the end of Q4 2024
New Patient Starts Growth	Over 25% increase	Compared to Q4 2024
Refill Rate	Approximately 60%	Of overall dispensed prescriptions

The company also noted that over 425 HCPs had prescribed Ohtuvayre to more than 20 patients each by the end of Q1 2025, showing prescriber depth.

Digital and medical affairs channels for HCP and patient education.

While specific digital engagement statistics aren't detailed, the commercial strategy inherently relies on medical affairs and digital channels to support the sales force and educate the broader HCP community. The growth in prescribers to 5,300 by Q1 2025 suggests successful reach beyond the initial core targets. The company also has ongoing clinical studies, such as the Phase 2 study in bronchiectasis and the planned Phase 2b fixed-dose combination trial in the second half of 2025, which serve as key medical affairs touchpoints for data dissemination.

Regulatory pathways for EU/UK market entry.

For market access outside the U.S., Verona Pharma plc was actively advancing its regulatory strategy. Management indicated plans to advance regulatory activities for Ohtuvayre in Europe and the U.K., with updates expected by mid-2025. The UK market channel has its own specific requirements; beginning January 1, 2025, medicines for supply in the UK are authorized UK-wide by the Medicines and Healthcare products Regulatory Agency (MHRA) only, removing the need for separate Great Britain and Northern Ireland licenses.

The EU pathway is navigating the evolving landscape:

• The EU Pharma Package negotiations were ongoing in mid-2025, aiming for reconciliation by late 2025 or early 2026.
• The Clinical Trials Regulation (CTR) transition period ended on January 31, 2025, meaning all ongoing clinical trials must comply with CTR.
• The EU Joint HTA Regulation (HTAR) began applying from January 12, 2025, which will introduce centralized clinical assessments for new drugs, impacting future reimbursement discussions.

The company's first regulatory approval outside the U.S. was in Macau.

Finance: draft 13-week cash view by Friday.

Verona Pharma plc (VRNA) - Canvas Business Model: Customer Segments

You're looking at the core groups Verona Pharma plc (VRNA) targets to drive the commercial success of Ohtuvayre (ensifentrine) and advance its pipeline. This isn't just about patients; it's about the entire ecosystem that gets the drug to them and validates its value.

The primary clinical customer segment is the patient population itself, which is substantial. The US market for maintenance COPD treatments is large, with approximately 8.6 million treated patients identified as the target population for Ohtuvayre. Analysts previously estimated the branded US market at over $10 billion, with one estimate suggesting a $14 billion opportunity for the segment. Verona Pharma plc (VRNA) is focused on this group, as Ohtuvayre is indicated for the maintenance treatment of Chronic Obstructive Pulmonary Disease (COPD) across a broad population, including patients on background single, dual, and triple therapy.

The next critical segment involves the healthcare providers who write the prescriptions. Verona Pharma plc (VRNA) has seen rapid adoption here:

• - Total unique prescribers grew to approximately 5,300 by the end of Q1 2025.
• - Of those prescribers, approximately 60% are classified as Verona Pharma plc (VRNA)'s Tier 1 healthcare professionals (HCPs).
• - Prescriber depth is increasing, with over 425 HCPs having prescribed Ohtuvayre to 20 patients or more as of Q1 2025.

The company planned to further deepen this base by adding approximately 30 new sales representatives in the third quarter of 2025 to accelerate market penetration.

To illustrate the engagement with high-volume prescribers, here's a look at the adoption metrics from the first quarter of 2025:

Metric	Value (Q1 2025)	Context
Total Prescriptions Filled	Approximately 25,000	Refills represented approximately 60% of total dispenses.
Net Product Sales	$71.3 million	Represents a 95% increase versus Q4 2024 net sales.
New Patient Starts Growth	Over 25% greater than Q4 2024	Indicates strong initial pull-through from prescribers.
HCPs Prescribing $\geq$ 20 Patients	Over 425	Shows depth of adoption among key specialists.

Honestly, seeing quarterly revenue of $76.3 million-which included $5.0 million in a clinical milestone from Nuance Pharma-exceed quarterly operating expenses (excluding non-cash charges) for the first time is a major milestone for this segment.

The third segment involves potential corporate partners, which is key for global expansion beyond the US. Verona Pharma plc (VRNA) already has a relationship here, evidenced by the revenue from its Greater China partner, Nuance Pharma. This shows that companies interested in licensing or acquiring novel respiratory assets are an active customer segment, particularly for ex-US rights.

Finally, you must account for the payers and pharmacy benefit managers (PBMs). These entities control formulary access, which directly impacts patient access and physician prescribing habits. A concrete step Verona Pharma plc (VRNA) took to address this segment was ensuring that Ohtuvayre's product-specific J-code became effective on January 1, 2025, which is fundamental for securing proper reimbursement pathways.

Verona Pharma plc (VRNA) - Canvas Business Model: Cost Structure

The Cost Structure for Verona Pharma plc, particularly as it scaled commercial operations for Ohtuvayre leading up to and following the acquisition by MSD, is dominated by significant operating expenses related to sales, R&D, and debt servicing.

The immediate post-launch period in early 2025 saw a substantial increase in selling infrastructure costs. You saw this reflected clearly in the first quarter results:

Cost Component	Q1 2025 Amount	Primary Driver
Selling, General, and Administrative (SG&A) Expenses	$69.1 million	Commercial build-out, field sales team hiring, and share-based compensation
Research and Development (R&D) Expenses	$14.1 million	Advancement of pipeline, including Phase 2 studies for combination therapy and bronchiectasis
Cost of Sales (Manufacturing & Inventory)	$3.4 million (Q1 2025)	Ohtuvayre manufacturing costs, inventory overhead, and sales-based royalties

The commercial build-out was a major cost driver. The SG&A increase to $69.1 million in Q1 2025, up from $20.4 million in Q1 2024, was primarily due to an increase of $9.3 million in people-related costs and $27.1 million in share-based compensation linked to the Ohtuvayre launch. Management planned to add approximately 30 new sales representatives in Q3 2025 to further accelerate uptake.

For a more comprehensive view of the cost of goods sold (COGS) during the first half of the year, consider the following:

• Cost of sales for the six months ended June 30, 2025, totaled $8.2 million.
• This figure for the first half of 2025 included Ohtuvayre manufacturing costs incurred after FDA approval, inventory overhead, and royalties due to Ligand.

Financing costs represent another fixed component of the structure. Verona Pharma plc amended its strategic financing agreements in March 2025, increasing the term loan facility to $450 million.

• The interest rate on this facility was reduced from 11% to 9.7%, with a potential further reduction to 9.35% upon reaching certain sales milestones.
• At March 31, 2025, the aggregate outstanding balance under this facility was $250 million.
• The Q1 2025 net loss of $(16.3) million was explicitly attributed to high SG&A and interest expense.

Finally, the cost structure must account for the significant, non-recurring transaction costs associated with the acquisition by MSD, which closed on October 7, 2025.

• The total transaction value for MSD to acquire Verona Pharma plc was approximately $10 billion, based on an offer of $107 per American Depositary Share.
• This acquisition represents a major structural shift, moving Verona Pharma plc's operational costs under the umbrella of MSD.

Verona Pharma plc (VRNA) - Canvas Business Model: Revenue Streams

You're looking at the core income drivers for Verona Pharma plc (VRNA) as they transition from pre-commercial to a revenue-generating entity on the back of Ohtuvayre's launch. The revenue streams are currently concentrated, but showing rapid acceleration.

The primary engine for Verona Pharma plc (VRNA) revenue is the U.S. commercialization of Ohtuvayre (ensifentrine). The initial performance has been strong, which is defintely a good sign for the model's viability.

• - Net product sales of Ohtuvayre in the US totaled $71.3 million in Q1 2025.
• - This net product revenue contributed to a total net revenue of $76.3 million for the first quarter ended March 31, 2025.

Beyond direct product sales, Verona Pharma plc (VRNA) captures value through its development partnerships, specifically with Nuance Pharma in Greater China. These upfront and milestone payments provide non-dilutive capital to fund operations and pipeline advancement.

• - Milestone payments from development partners like Nuance Pharma added $5.0 million in Q1 2025.

Looking at the full-year expectations, the market consensus reflects the significant ramp-up expected from the Ohtuvayre launch, though estimates vary based on the reporting date and what is included (sales vs. total revenue). One projection indicated a full-year 2025 revenue estimate around $242.51 million, a substantial increase from the $42.27 million generated in the full year 2024. To give you a more current snapshot, actual revenue for Q2 2025 reached $103.14 million.

The revenue structure is set to diversify further through future commercialization agreements outside the U.S. Verona Pharma plc (VRNA) has existing agreements that provide for future income streams based on ex-US success.

Here's a quick look at the partnership-related revenue potential:

Partner/Region	Potential Milestone Payments Remaining	Royalty Structure
Nuance Pharma (Greater China)	Another $179 million in milestone payments.	Tiered double-digit royalties on net sales.

The company achieved a key financial milestone in Q1 2025, where total net revenue of $76.3 million exceeded operating expenses excluding non-cash charges, signaling the scalability of the commercial model. This early success is crucial for sustaining the revenue base while the sales force expands, with plans to add approximately 30 new sales representatives in the third quarter of 2025.