Verona Pharma : VRNA Investor Presentation January 2023

Developing innovative therapies for the treatment of respiratory diseases

January 2023

Nasdaq: VRNA | www.veronapharma.com

Forward-looking statements

This presentation contains "forward‐looking" statements that are based on the beliefs and assumptions and on information currently available to management of Verona Pharma plc (together with its consolidated subsidiaries, the "Company"). All statements other than statements of historical fact contained in this presentation are forward-looking statements. Forward‐looking statements include information concerning the initiation, timing, progress and results of clinical trials of the Company's product candidate, the timing or likelihood of regulatory filings and approvals for of its product candidate, and estimates regarding the Company's expenses, future revenues and future capital requirements. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these terms or other comparable terminology.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks, uncertainties and other factors include those under "Risk Factors" in the Company's annual report on Form 10-K for the year ended December 31, 2021, and current reports on Form 8-K and our other filings with the Securities and Exchange Commission (the "SEC"). Forward-looking statements represent the Company's beliefs and assumptions only as of the date of this presentation. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievements. Except as required by law, the Company assumes no obligation to publicly update any forward‐looking statements for any reason after the date of this presentation, or to conform any of the forward-looking statements to actual results or to changes in its expectations.

This presentation also contains estimates, projections and other information concerning the Company's business and the markets for the Company's product candidate, including data regarding the estimated size of those markets, and the incidence and prevalence of certain medical conditions. Information that is based on estimates, forecasts, projections, market research, or similar methodologies is inherently subject to uncertainties and actual events or circumstances may differ materially from events and circumstances reflected in this information. Unless otherwise expressly stated, the Company obtained this industry, business, market and other data from reports, research surveys, clinical trials studies and similar data prepared by market research firms and other third parties, from industry, medical and general publications, and from government data and similar sources.

2

Ensifentrine is a Phase 3, first-in-class candidate for the maintenance treatment of COPD

Inhaled selective dual inhibitor of PDE3 and PDE4

Large market

with significant

unmet need

• ~$10B US sales1
• Millions of patients remain symptomatic and unsatisfied with current therapies2-6

Ensifentrine novel profile

• Novel, selective MOA
• Positive Phase 3 data on key lung function measures, symptoms and exacerbations
• Well-toleratedover 24 and 48 weeks

Targeted

commercial opportunity

• Pulmonologists key to adoption with potential for broad utilization5
• Medical Benefits (Primarily Medicare Part B) is expected to be an important reimbursement channel7

3	1As of year end 2021, IQVIA MIDAS, IQVIA MIDAS Medical; 2Ferguson et al. Lancet Respir Med 2018; 3Mahler D, et al., Eur Respir J, 2014; 4Vestbo J, et al., The Lancet, 2017;
5Verona I US MCOPD Integrated Conjoint Survey; 6Phreesia COPD Patient Survey 2022;	7Verona_IQVIA_LAAD Quarterly Reporting Report 2_June 2022- Data for MAT Dec 2021

Verona Pharma's respiratory product pipeline

Ensifentrine provides multiple product opportunities

Product	Indication	Pre-clinical	Phase 1	Phase 2	Phase 3
	Maintenance treatment of
	COPD
Ensifentrine	Cystic Fibrosis
(Nebulizer)
	Asthma
Ensifentrine	Maintenance treatment of
+ LAMA
COPD
(Nebulizer)
	Maintenance treatment of
	COPD
Ensifentrine	Asthma
(DPI / MDI)
	Cystic Fibrosis

4

Strong financial position to execute

Financial highlights

Cash and Equivalents	$231.7M
(as of September 30, 2022)

Operating expenses	$15.1M
(quarter ended September 30, 2022)

Market cap (Nasdaq: VRNA)	$1.98B
(as of December 31, 2022)

Shares outstanding**	75.8 ADSs
(as of December 31,2022)

*Runway expectations based on cash and equivalents as of September 30, 2022, expected U.K. tax credit receipts and future draws on Oxford debt facility.

• ~$150M follow on in August 2022
• $150M debt facility ($10M drawn in October 2022)
• 2025 funded through at least end of
  2025*

**Approximately 606.3M ordinary shares outstanding

5 Nasdaq: VRNA | www.veronapharma.com