Verona Pharma Reports $76.3 Million Revenue in Latest Quarter, Driven by Ohtuvayre Sales

Verona Pharma plc reported significant financial developments in its latest 10-Q filing for the quarter ending March 31, 2025. The company generated total revenue of $76.3 million, marking a substantial increase from zero revenue in the same period last year. This revenue was primarily driven by product sales of Ohtuvayre, which amounted to $71.3 million, following its FDA approval in June 2024 and subsequent launch in August 2024. Additionally, Verona recognized $5 million in other revenue related to a milestone payment from its collaboration with Nuance Pharma.

Operating expenses for the quarter totaled $86.6 million, a sharp rise from $27.2 million in the prior year. This increase was largely attributed to heightened selling, general, and administrative costs, which surged to $69.1 million from $20.4 million, reflecting the costs associated with the launch of Ohtuvayre and the establishment of a sales team. Research and development expenses also rose to $14.1 million, up from $6.8 million, driven by increased clinical trial activities and share-based compensation. Despite these rising costs, Verona reported a reduced net loss of $16.3 million, compared to a net loss of $25.8 million in the same quarter of 2024.

In terms of operational metrics, Verona's cash and cash equivalents stood at $401.4 million as of March 31, 2025, slightly up from $399.8 million at the end of 2024. The company’s total assets increased to $525.9 million, while total liabilities rose to $299.3 million, primarily due to the increased debt from its term loan agreements. The company’s accumulated deficit reached $578.8 million, reflecting ongoing investments in product development and commercialization efforts.

Strategically, Verona has made significant strides in expanding its market presence. The company is actively pursuing regulatory approvals for Ohtuvayre in the European Union and the UK, while also collaborating with Nuance Pharma to develop and commercialize ensifentrine in Greater China. Notably, Ohtuvayre received its first approval outside the U.S. in Macau in February 2025. Verona plans to initiate a Phase 2b trial for a fixed-dose combination of ensifentrine and glycopyrrolate in the second half of 2025, further diversifying its product pipeline.

Looking ahead, Verona anticipates that its current cash reserves, product sales, and funding from term loans will support its operational needs for at least the next 12 months. However, the company acknowledges the potential need for additional capital to fund ongoing clinical trials and commercialization efforts. The management remains focused on achieving commercial profitability while navigating the complexities of the biopharmaceutical landscape, including regulatory challenges and market competition.