Stock Track | Verona Pharma Shares Plunge Despite Solid Q3 Results

Stock Track11-04

Shares of Verona Pharma plc (NASDAQ: VRNA) experienced a pre-market plunge of 5.03% on November 4, 2024, despite reporting solid third-quarter financial results and providing a positive corporate update.

In its Q3 2024 earnings report, Verona Pharma announced a net sales of $5.6 million for its recently launched product Ohtuvayre (ensifentrine) for the maintenance treatment of chronic obstructive pulmonary disease (COPD). The company reported strong adoption from healthcare professionals, with more than 2,200 unique prescribers and over 5,000 prescriptions filled across a broad range of COPD patients.

Despite the positive launch and pipeline updates, the biopharmaceutical company posted a wider net loss of $43.0 million for the third quarter, compared to a net loss of $14.7 million in the same period last year. The increased loss was primarily attributed to higher research and development expenses, as well as selling, general, and administrative expenses related to the commercial launch of Ohtuvayre.

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