中国III期试验成功-新型慢性阻塞性肺疾病（COPD）雾化器的又一（+）数据点

Andrew Tsai * | Equity Analyst(415) 229-1566 | atsai@jefferies.comMatthew Barcus, Ph.D. * | Equity Associate(415) 229-8703 | mbarcus@jefferies.comJohn Cox, Ph.D. * | Equity Associate+1 (415) 229-8708 | jcox1@jefferies.comBrian Balchin, ACA * | Equity Analyst(415) 229-1522 | bbalchin@jefferies.com Verona Pharma (VRNA)Equity ResearchMay 28, 20252 Company DescriptionVeronaVerona Pharma is a clinical-stage biopharmaceutical company focused on developing and commercializing innovative therapies for respiratorydiseases. Its sole product, ensifentrine, is being commercialized for COPD (FDA approval in June 2024).Company Valuation/RisksVeronaOur price target is based on a DCF of ensifentrine in COPD at a 9% discount rate. Risks include (1) a single-product company, (2) clinical and regulatoryrisks, (3) competition, and (4) potentially distant profitability.AstraZeneca PLCValuation: Our Price Target is based on a 50:50 blend of P/E and NPV, assuming a 20% premium to the sector 2026E PE and a 10% discount to theNPV sum-of-the-parts valuation. Risks include R&D, earnings quality, generics, pricing, competition, legal/regulatory, and M&A.GSK PlcValuation: Our Price Target is based on a 50:50 blend of P/E and NPV, assuming a 40% discount to the sector 2026E P/E and a 10% discount to theNPV sum-of-the-parts valuation plus a deduction for Zantac settlement liability. Risks include competition, M&A, regulatory, LOEs/litigation, FX, R&D,and manufacturing.Analyst Certification:I, Andrew Tsai, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Matthew Barcus, Ph.D., certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.I, John Cox, Ph.D., certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Brian Balchin, ACA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receives compensationbased in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate, but various regulationsmay prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are published at irregular intervalsas appropriate in the analyst's judgement.Investment Recommendation Record(Article 3(1)e and Article 7 of MAR)Recommendation PublishedRecommendation DistributedCompany Specific DisclosuresJefferies Financial Group Inc., its affiliates or subsidiaries make a market in the securities or ADRs of AstraZeneca PLC.Jefferies Financial Group Inc., its affiliates or subsidiaries expect to receive or intend to seek compensation for investment banking services from Verona Pharmawithin the next three months.Within the past 12 months, Jefferies Financial Group Inc., its affiliates or subsidiaries has received compensation from investment banking services from VeronaPharma.Jefferies Financial Group Inc., its affiliates or subsidiaries is acting as a manager or co-manager in the underwriting or placement of securities for Verona Pharmaor one of its affiliates.Please see important disclosure information on pages 3 - 9 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. May 28, 2025 12:49 P.M.May 28, 2025 12:49 P.M.3 Within the past twelve months, Verona Pharma has been a client of Jefferies Financial Group Inc., its affiliates or subsidiaries and investment banking servicesare being or have been provided.Jefferies Financial Group Inc., its affiliates or subsidiaries has acted as a manager or co-manager in the underwriting or placement of securities for VeronaPharma or one of its affiliates within the past twelve months.Explanation of Jefferies RatingsBuy - Describes securities that we expect to provide a total return (price appreciation plus yie