Stock Track | Verona Pharma Plunges Despite Positive Ohtuvayre Launch

Stock Track11-04

Shares of Verona Pharma plc (NASDAQ: VRNA), a biopharmaceutical company focused on respiratory diseases, plummeted by 5.66% on November 4, 2024, despite reporting strong initial sales of its newly launched product Ohtuvayre (ensifentrine) for the treatment of chronic obstructive pulmonary disease (COPD).

In its third-quarter 2024 financial results, Verona Pharma announced net sales of $5.6 million for Ohtuvayre, which was approved by the FDA in June and commercially launched in August. The company reported positive adoption from healthcare professionals, with more than 2,200 unique prescribers and over 5,000 prescriptions filled across a broad range of COPD patients, highlighting the product's potential to redefine the treatment paradigm.

However, the company's net loss widened to $43.0 million in Q3 2024, compared to a net loss of $14.7 million in the same period last year. This significant increase in net loss was primarily driven by higher research and development expenses, as well as selling, general, and administrative expenses related to the commercial launch of Ohtuvayre and the buildup of the sales force.

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