Verona Pharma plc (NASDAQ:VRNA) Q3 2024 Earnings Conference Call November 4, 2024 9:00 AM ET

Company Participants

David Zaccardelli - President and Chief Executive Officer
Mark Hahn - Chief Financial Officer
Christopher Martin - Chief Commercial Officer
Tara Rheault - Chief Development Officer

Conference Call Participants

Andrew Tsai - Jefferies
Yasmeen Rahimi - Piper Sandler.
Raghuram Selvaraju - HC Wainwright
Tom Shrader - BTIG
Edward Thomason - VLK
Joon Lee - Truist
Boobalan Pachaiyappan - Roth Capital Partners

Operator

Good morning, everyone, and welcome to Verona Pharma's Third Quarter 2024 Financial Results and Operating Highlights Conference Call. At this time, all participants are in a listen-only mode. Earlier this morning, Verona Pharma issued a press release announcing its financial results for the three months ended September 30, 2024. A copy can be found in the Investor Relations tab on the corporate website, www.veronapharma.com.

Before we begin, I'd like to remind you that during today's call, statements about the company's future expectations, plans and prospects are forward-looking statements. These forward-looking statements are based on management's current expectations. These statements are neither promises nor guarantees and involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from our expectations expressed or implied by the forward-looking statements. Any such forward-looking statements represent management's estimates as of the date of this conference call. While the company may elect to update such forward-looking statements at some point in the future, it disclaims any obligation to do so even if subsequent events cause its views to change.

As a reminder, this conference call is being recorded and will remain available for 90 days.

I'd now like to turn the floor over to Dr. David Zaccardelli, Chief Executive Officer. Sir, you may begin.

David Zaccardelli

Thank you, and welcome, everyone, to today's call. We are extremely pleased to be with you today to share our remarkable achievements in the third quarter, highlighted by the launch of Ohtuvayre.

With me today are Mark Hahn, our Chief Financial Officer; Dr. Kathy Rickard, our Chief Medical Officer; Chris Martin, our Chief Commercial Officer; and Dr. Tara Rheault, our Chief Development Officer.

The third quarter was exceptional for Verona Pharma, marked by the U.S. launch of Ohtuvayre for the maintenance treatment of COPD and continued progress on our clinical development programs.

First, let's review the outstanding launch of Ohtuvayre, which is grounded in its broad COPD indication and the compelling benefits Ohtuvayre provides to COPD patients. After just seven weeks, net product sales were $5.6 million for the third quarter. We are excited as demand for Ohtuvayre continues to escalate with net sales for October exceeding the third quarter.