Verona Pharma is a biopharmaceutical company focused on the treatment of chronic obstructive pulmonary disease (COPD). Verona has a single commercial product, Ohtuvayre (ensifentrine), which the FDA approved in June 2024 as the first inhaled COPD therapy with a novel mechanism of action in over 20 years. Ohtuvayre is a dual PDE3/PDE4 inhibitor that combines bronchodilator and non-steroidal anti-inflammatory effects in a single inhaled molecule, delivered via a standard jet nebulizer. Verona sells Ohtuvayre exclusively in the U.S. through a specialty pharmacy network, with a field team of roughly 120 reps targeting approximately 14,500 high-prescribing physicians and other HCPs. The drug is priced at roughly $22,950 per year and is primarily reimbursed under Medicare Part B, which reduces prior authorization hurdles. Outside the U.S., Verona licenses Ohtuvayre to regional partners rather than building its own commercial infrastructure — it executed this model in Greater China with Nuance Pharma for $40M upfront plus milestones and royalties. Verona does not manufacture Ohtuvayre itself, relying on CMOs, and pays royalties to Ligand Pharmaceuticals as the original licensor. The company is currently loss-making in its commercial launch phase. Beyond COPD, Verona is developing ensifentrine for non-cystic fibrosis bronchiectasis in Phase 2 and is exploring fixed-dose combinations with existing bronchodilators as lifecycle expansion opportunities.