Verona Pharma Reports Strong Ohtuvayre TM Launch and Provides Preliminary Fourth Quarter and Full Year 2024 Financial Highlights Approximately $36 million and $42 million net product sales of Ohtuvayre for the fourth qua

Verona Pharma Reports Strong OhtuvayreTM

Provides Preliminary Fourth Quarter and Full Year 2024 Financial

Approximately $36 million and $42 million net

product sales of Ohtuvayre for the fourth quarter and full year 2024, respectively

More than 3,500 unique prescribers and over

16,000 prescriptions filled in 2024 across a broad COPD population

Approximately 45% of Tier 1 HCPs prescribed

LONDON and RALEIGH, N.C., January 7, 2025

- Verona Pharma plc (Nasdaq: VRNA) ("Verona Pharma" or the "Company"), a biopharmaceutical company focused

on respiratory diseases, announces preliminary unaudited net product sales for the fourth quarter and full year ended December 31,

2024, and provides a corporate update.

"2024 was another transformational year

for Verona with the approval and US launch of Ohtuvayre (ensifentrine) for the maintenance treatment of chronic obstructive pulmonary

disease ("COPD")," said David Zaccardelli, Pharm. D., President and Chief Executive Officer. "We are very pleased

to report the exceptionally strong start to the launch of Ohtuvayre continues with more than 3,500 unique healthcare professionals ("HCPs")

prescribing Ohtuvayre and over 16,000 prescriptions filled of which approximately one-third were patient refills in 2024. During these

initial 20 weeks, key metrics showed month over month growth including number of unique prescribers, new patient prescriptions, refill

prescriptions, and net sales while maintaining approximately two weeks of inventory at the specialty pharmacies. Specifically, filled

prescriptions increased by over 35% each month in the fourth quarter and physicians continued to prescribe Ohtuvayre across a broad COPD

population including those receiving background single, dual and triple therapy.

"We recorded net product sales of approximately

$36 million in the fourth quarter and $42 million for full year 2024. While it is still early in the launch, feedback from HCPs and patients

is consistently positive including robust refill rates, and increasing prescriber depth with over 150 HCPs prescribing Ohtuvayre to more

than 20 patients in their practice. These trends reinforce our belief that Ohtuvayre's bronchodilator and non-steroidal anti-inflammatory

activity can re-define the COPD treatment paradigm. We are excited by the initial impact of Ohtuvayre and look forward to building on

this momentum in 2025."

Program Updates and Key Milestones

Fourth Quarter 2024 Financial Results

Set forth in this release are certain estimated

preliminary financial results for the fourth quarter and fiscal year ended December 31, 2024. These estimates are based on the information

available to the Company at this time. The Company's financial closing procedures for the fourth quarter and full year 2024 are

not yet complete and, as a result, actual results may vary from the estimated preliminary results presented here due to the completion

of the Company's financial closing and review procedures, the execution of the Company's internal control over financial reporting,

final adjustments and other developments that may arise between now and the time the financial results for the fourth quarter and fiscal

year ended December 31, 2024, are finalized. The estimated preliminary financial results have not been audited or reviewed by the

Company's independent registered public accounting firm. These estimates should not be viewed as a substitute for the Company's

full interim or annual financial statements. Accordingly, you should not place undue reliance on this preliminary data.

For further information please contact:

Verona Pharma is a biopharmaceutical company focused

on developing and commercializing innovative therapies for the treatment of chronic respiratory diseases with significant unmet medical

needs. OhtuvayreTM (ensifentrine) is the Company's first commercial product and the first inhaled therapy for the maintenance

treatment of COPD that combines bronchodilator and non-steroidal anti-inflammatory activities in one molecule. Ensifentrine has potential

applications in non-cystic fibrosis bronchiectasis, cystic fibrosis, asthma and other respiratory diseases. For more information, please

visit www.veronapharma.com.

Forward-Looking Statements

This press release contains forward-looking statements

within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this press release

other than statements of historical fact should be considered forward-looking statements. Words such as "anticipate," "believe,"

"plan," "expect," "intend," "may," "potential," "prepare," "possible"

and similar words and expressions are intended to identify forward-looking statements. These forward-looking statements include, but are

not limited to, statements regarding the potential benefits and efficacy of our drug Ohtuvayre to treat adult patients in the US with

COPD, our anticipated financial results for the fourth quarter and full year ended December 31, 2024, the commercial growth of Ohtuvayre,

and statements regarding our two recently initiated Phase 2 clinical trials.

These forward-looking statements are based on

management's current expectations. These statements are neither promises nor guarantees, but 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, including, but not limited to, the following: risks related to the completion

of closing and review procedures and the execution of our internal control of financial reporting; our limited operating history; our

need for additional funding to complete development and commercialization of Ohtuvayre which may not be available and which may force

us to delay, reduce or eliminate our development or commercialization efforts; our reliance on the success of Ohtuvayre, our only commercial

product; our reliance on third-party manufacturers and suppliers; the efficacy of Ohtuvayre compared to competing drugs; our ability to

successfully commercialize Ohtuvayre; serious adverse, undesirable or unacceptable side effects associated with Ohtuvayre which could

adversely affect our ability to commercialize Ohtuvayre; failure to develop Ohtuvayre for additional indications, alternate delivery methods,

or as a combination therapy; failure to obtain approval for and commercialize Ohtuvayre in multiple major pharmaceutical markets; our

commercial capabilities and infrastructure, including sales, marketing, operations, distribution, and reimbursement infrastructure, may

not be adequate to successfully commercialize Ohtuvayre; lawsuits related to patents covering Ohtuvayre and the potential for our patents

to be found invalid or unenforceable; lawsuits related to our licensing of patents and know-how from third parties for the commercialization

of Ohtuvayre; changes in our tax rates, unavailability of certain tax credits or reliefs or exposure to additional tax liabilities or

assessments that could affect our profitability, and audits by tax authorities that could result in additional tax payments for prior

periods; the terms of our credit agreement and the revenue interest purchase and sale agreement ("RIPSA") place restrictions

on our operating and financial flexibility, and if we fail to comply with certain covenants in the RIPSA, our results of operations and

financial condition may be harmed; our vulnerability to natural disasters, global economic factors, geo-political actions and unexpected

events, including health epidemics or pandemics; and the other important factors discussed under the caption "Risk Factors"

in our Quarterly Report on Form 10-Q for the period ended September 30, 2024, filed with the Securities and Exchange Commission

("SEC") on November 4, 2024, as such factors may be updated from time to time in our other filings with the SEC. We disclaim

any obligation to update or revise any forward-looking statement contained in this press release, even if subsequent events cause our

views to change, except as required under applicable law. These forward-looking statements should not be relied upon as representing our

views as of any date subsequent to the date of this press release.