This stock no longer trades (delisted October 8, 2025)

Delisted / no longer publicly traded (per market data provider) Everything below is based on the last available data — treat it as historical, not a live read.

Stock

Verona Pharma

VRNA
33
Biotechnology · Healthcare
Price
$106.91
+0.12 (+0.11%)
Market Cap
$72.68B
Exchange
NASDAQ Global Market
Winston Score
33
Historical score — this stock no longer trades, so the score is frozen at the last available data.
Data as of Oct 18, 2026 · filings through Jun 30, 2025

§How the score breaks down

Quality
Good
16/30
Growth
Weak
2/20
Cash Flow
Weak
0/10
Stability
Mixed
3/10
Valuation
Data not available
0/10
Ownership
Good
10/15
Dividends
Not counted
n/a

31 of 95 counted points = Winston Score 33. Pillars marked n/a do not apply to this company and are left out of the total.

Share count rising — dilution

+148.1% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 32.9M (2020) → 81.5M (2024)

§Winston Score History

The full picture

Verona Pharma is a biotechnology company focused on developing treatments for chronic respiratory diseases. Its lead product, Ohtuvayre (ensifentrine), is a dual-action bronchodilator approved in the US for the maintenance treatment of chronic obstructive pulmonary disease (COPD). COPD affects millions of people worldwide, and Ohtuvayre works through a novel mechanism that combines anti-inflammatory and bronchodilator effects in a single inhaled therapy.

Verona generates revenue from US sales of Ohtuvayre, which launched commercially in 2024. The company is headquartered in London but operates primarily in the United States, where it has built its own commercial infrastructure. Its competitive moat rests on Ohtuvayre's first-in-class mechanism of action, offering a differentiated option in a market dominated by older drug classes. Key growth drivers include expanding Ohtuvayre's adoption among pulmonologists and primary care physicians, as well as pursuing additional respiratory indications, though the company remains unprofitable as it invests heavily in commercialization and development.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

Revenue data limited

EPS Growth

+114.5% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$36M/ year

↑ Rising (+164% vs prior year)

105.4% of revenue

5.9x the sector average (18%)

Investing heavily in future products and technology

Insider Activity

16.9%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$453M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Heavy R&D investment

Verona Pharma is putting 105% of revenue into R&D and that number is rising. That's 5.9x the sector average. And they're generating enough cash to self-fund it.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
95.4%
Premium pricing power — 95.4% gross margin
Profit after running costs
Operating Margin
12.9%
Healthy — 12.9% operating margin
Return on the money invested
ROCE
-8.3%
Weak — -8.3% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth
Sales YoY
N/A
Data not available
Profit growth
EPS YoY
N/A
—
Data not available
How steady the profit is
EPS Consistency
3/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
N/A
Data not available
Spare cash per sale
FCF Margin
-43.9%
Burning cash (-43.9%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns
Debt / Equity
0.88
Moderate — manageable debt (0.88)
Covers its interest
Interest Cover
N/A
Data not available

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Valuation

Price vs profit
P/E Ratio (TTM)
N/M
Negative earnings — P/E not meaningful
Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Not applicable for this business.
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