英文_Jefferies_专家证实Ohtuvayre的广泛应用场景-峰值销售额可能超过30亿美元_17页_1mb

Jefferies Equity Research Summary: Verona Pharma (VRNA)

Rating and Target: BUY with a price target of $92.20, reflecting +25% upside from current levels.

Drug: Ohtuvayre (ensifentrine), a novel PDE3/4 inhibitor nebulizer approved for COPD.

Expert Feedback: Dr. Adam Smith has prescribed Ohtuvayre to 55 of 1,800 patients, with plans to treat 200 at peak. Real-world use suggests strong efficacy, with 50%+ of Ohtuvayre prescibed to triple therapy patients, and enabled dyspnea benefits.

Market Opportunity: Ohtuvayre is expected to expand its use in COPD, with peak sales estimated at $3B+, supported by potential indication expansion into NCFBE. Jefferies models Ohtuvayre's trajectory as blockbuster-like.

Catalysts: Growing physician adoption, positive real-world feedback, and potential for an MDI/DPI inhaler; NCFBE Phase IIb data in 2026-27.

Risks: Single-product dependency, payor access challenges, competition from biologics like Fasenra and Nucala.

Upside Scenario: $190 peak sales with a 106% upside if broader adoption occurs.