Navigating Contradictions: Sales Growth and Gross-to-Net Expectations in Recent Earnings Calls

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Strong Ohtuvayre Launch and Revenue Growth:
- Verona Pharma's net product sales for Ohtuvayre reached $71.3 million in Q1 2025, almost doubling compared to Q4 2024.
- The rapid adoption is attributed to Ohtuvayre's broad indication, compelling benefit to risk profile, and unmet need for COPD patients.

Prescriber and Patient Expansion:
- The number of prescribers for Ohtuvayre grew by 50%, reaching approximately 5,300 in Q1 2025, with 60% being Tier 1 HCPs.
- The growth in new patient starts over 25% compared to Q4 2024 reflects the product's suitability across diverse patient types.

Phase II Clinical Program Advancement:
- Verona Pharma plans to initiate a dose-ranging Phase IIb trial in the second half of 2025, evaluating a fixed dose combination of Ensifentrine with glycopyrrolate.
- The advancement of clinical development programs supports the long-term growth strategy and regulatory trajectory.

Regulatory and Global Strategy:
- Ohtuvayre was approved in Macau, marking the first regulatory approval outside the U.S., and a Phase III trial in China is expected to report results in Q2 2025.
- The ongoing engagement with regulatory bodies in Europe and global expansion efforts are aligned with Verona Pharma's strategic growth objectives.