ACROFAN

Yatsen Announces First Quarter 2025 Financial Results and Provides Updates on Share Repurchase Program

Conference Call to Be Held at 7:30 A.M. U.S. Eastern Time on May 16, 2025 GUANGZHOU, China, May 16, 2025 /PRNewswire/ -- Yatsen Holding Limited ("Yatsen" or the "Company") (NYSE: YSG), a leading China-based beauty group, today announced its unaudited financial results for the first quarter ended March 31, 2025 and provided updates on share repurchase program. First Quarter 2025 Highlights Total net revenues for the first quarter of 2025 increased by 7.8% to RMB833.5 million (US$114.9 million) from RMB773.4 million for the prior year period. Total net revenues from Skincare Brands[1] for the first quarter of 2025 increased by 47.7% to RMB362.4 million (US$49.9 million) from RMB245.3 million for the prior year period. As a percentage of total net revenues, total net revenues from Skincare Brands for the first quarter of 2025 were 43.5%, as compared with 31.7% for the prior year period. Gross margin for the first quarter of 2025 increased to 79.1% from 77.7% for the prior year period. Net loss for the first quarter of 2025 narrowed by 95.5% to RMB5.6 million (US$0.8 million) from RMB124.9 million for the prior year period. Non-GAAP net income[2] for the first quarter of 2025 was RMB7.1 million (US1.0 million), as compared with non-GAAP net loss of RMB83.8 million for the prior year period. Mr. Jinfeng Huang, Founder, Chairman and Chief Executive Officer of Yatsen, stated, "We began 2025 with results in line with our guidance. Despite ongoing softness in the beauty market, we delivered a 7.8% year-over-year increase in total net revenues. Notably, net revenues from our skincare brands grew by 47.7% year over year, with the combined net revenues of our three major skincare brands, Galénic, DR.WU and Eve Lom, growing by 58.0%. This solid performance reflects our continued focus on new product development, R&D and brand building. We remain confident in our ability to execute our strategic transformation plan aimed at sustainable growth, and we look forward to the opportunities that lie ahead for the remainder of the year." Mr. Donghao Yang, Director and Chief Financial Officer of Yatsen, commented, "We are pleased to report meaningful improvements in both net revenues and loss position for the first quarter of 2025. Total net revenues grew by 7.8% year over year, and gross margin increased to 79.1%, up from 77.7% for the prior year period. While we recorded a net loss of RMB5.6 million, significantly narrowed from RMB124.9 million a year ago, we achieved non-GAAP net income of RMB7.1 million, as compared with non-GAAP net loss of RMB83.8 million for the same period last year. With cash and short-term investments of RMB1.28 billion, we have sufficient resources to advance our strategic plan going forward." First Quarter 2025 Financial Results Net Revenues Total net revenues for the first quarter of 2025 increased by 7.8% to RMB833.5 million (US$114.9 million) from RMB773.4 million for the prior year period. The increase was primarily due to a 47.7% year-over-year increase in net revenues from Skincare Brands, partially offset by a 9.9% year-over-year decrease in net revenues from Color Cosmetics Brands.[3] Gross Profit and Gross Margin Gross profit for the first quarter of 2025 increased by 9.7% to RMB659.1 million (US$90.8 million) from RMB600.9 million for the prior year period. Gross margin for the first quarter of 2025 increased to 79.1% from 77.7% for the prior year period. The increase was primarily driven by an increase in sales of higher-gross-margin products. Operating Expenses Total operating expenses for the first quarter of 2025 decreased by 8.6% to RMB693.2 million (US$95.5 million) from RMB758.7 million for the prior year period. As a percentage of total net revenues, total operating expenses for the first quarter of 2025 were 83.2%, as compared with 98.1% for the prior year period. Fulfillment Expenses. Fulfillment expenses for the first quarter of 2025 were RMB51.8 million (US$7.1 million), as compared with RMB51.4 million for the prior year period. As a percentage of total net revenues, fulfillment expenses for the first quarter of 2025 decreased to 6.2% from 6.7% for the prior year period. The decrease was primarily due to further improvements in logistics efficiency. Selling and Marketing Expenses. Selling and marketing expenses for the first quarter of 2025 were RMB553.8 million (US$76.3 million), as compared with RMB539.2 million for the prior year period. As a percentage of total net revenues, selling and marketing expenses for the first quarter of 2025 decreased to 66.4% from 69.7% for the prior year period. The decrease was primarily due to the Company's more strategic marketing spending, combined with the selective closure of offline stores. General and Administrative Expenses. General and administrative expenses for the first quarter of 2025 were RMB64.9 million (US$8.9 million), as compared with RMB140.1 million for the prior year period. As a percentage of total net revenues, general and administrative expenses for the first quarter of 2025 decreased to 7.8% from 18.1% for the prior year period. The decrease was primarily attributable to lower share-based compensation expenses as a result of using the graded-vesting method over the vesting term of the Company's awards and lower payroll expenses resulting from a reduction in general and administrative headcount. Research and Development Expenses. Research and development expenses for the first quarter of 2025 were RMB22.6 million (US$3.1 million), as compared with RMB27.9 million for the prior year period. As a percentage of total net revenues, research and development expenses for the first quarter of 2025 decreased to 2.7% from 3.6% for the prior year period. The decrease was primarily due to lower lease expenses resulting from more favorable terms under a lease agreement renegotiated during the first quarter of 2025 and lower share-based compensation expenses. Loss from Operations Loss from operations for the first quarter of 2025 was RMB34.1 million (US$4.7 million), as compared with RMB157.7 million for the prior year period. Operating loss margin was 4.1%, as compared with 20.4% for the prior year period. Non-GAAP loss from operations[4] for the first quarter of 2025 was RMB14.9 million (US$2.0 million), as compared with non-GAAP loss from operations of RMB107.0 million for the prior year period. Non-GAAP operating loss margin[5] was 1.8%, as compared with non-GAAP operating loss margin of 13.8% for the prior year period. Net Loss / Income Net loss for the first quarter of 2025 was RMB5.6 million (US$0.8 million), as compared with RMB124.9 million for the prior year period. Net loss margin was 0.7%, as compared with 16.1% for the prior year period. Net loss attributable to Yatsen's ordinary shareholders per diluted ADS[6] for the first quarter of 2025 was RMB0.06 (US$0.01), as compared with RMB1.16 for the prior year period. Non-GAAP net income for the first quarter of 2025 was RMB7.1 million (US$1.0 million), as compared with non-GAAP net loss of RMB83.8 million for the prior year period. Non-GAAP net income margin was 0.9%, as compared with non-GAAP net loss margin of 10.8% for the prior year period. Non-GAAP net income attributable to Yatsen's ordinary shareholders per diluted ADS[7] for the first quarter of 2025 was RMB0.07 (US$0.01), as compared with non-GAAP net loss attributable to Yatsen's ordinary shareholders per diluted ADS of RMB0.78 for the prior year period. Balance Sheet and Cash Flow As of March 31, 2025, the Company had cash and short-term investments of RMB1.28 billion (US$176.4 million), as compared with RMB1.36 billion as of December 31, 2024. Net cash generated from operating activities for the first quarter of 2025 was RMB23.8 million (US$3.3 million), as compared with net cash used in operating activities of RMB121.8 million for the prior year period. Business Outlook For the second quarter of 2025, the Company expects its total net revenues to be between RMB810.4 million and RMB889.9 million, representing a year-over-year increase of approximately 2% to 12%. These forecasts reflect the Company's current and preliminary views on the market and operational conditions, which are subject to change. Updates on Share Repurchase Program As previously announced in November 2021, August 2022 and November 2023, the Company established and subsequently modified a share repurchase program under which the Company may repurchase up to US$200.0 million worth of its ordinary shares (including in the form of ADSs) through November 19, 2025 (the "Existing Share Repurchase Program"). From the launch of the Existing Share Repurchase Program on November 17, 2021 through May 15, 2025, the Company in aggregate purchased approximately 39.8 million ADSs for a total consideration of approximately US$199.9 million (inclusive of broker commissions) under the Existing Share Repurchase Program. On May 16, 2025, the Company's board of directors approved a new share repurchase program (the "2025 Share Repurchase Program"), under which the Company may repurchase up to US$30.0 million worth of its ordinary shares (including in the form of ADSs) over the following 24 months commencing on May 16, 2025. The share repurchases may be effected from time to time on the open market at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and will be implemented in accordance with all applicable rules and regulations. The Company's board of directors will review the 2025 Share Repurchase Program periodically, and may authorize adjustments to its terms and size. The Company expects to fund the repurchases with its existing cash balance. Exchange Rate This announcement contains translations of certain Renminbi ("RMB") amounts into U.S. dollars ("US$") at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ were made at a rate of RMB7.2567 to US$1.00, the exchange rate in effect as of March 31, 2025, as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System. The Company makes no representation that any RMB or US$ amounts could have been, or could be, converted into US$ or RMB, as the case may be, at any particular rate, or at all. [1] Include net revenues from Galénic, DR.WU (its mainland China business), Eve Lom and other skincare brands of the Company. [2] Non-GAAP net income (loss) is a non-GAAP financial measure. Non-GAAP net income (loss) is defined as net income (loss) excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from assets and business acquisitions, (iii) revaluation of investments on the share of equity method investments, (iv) impairment of goodwill and (v) tax effects on non-GAAP adjustments. [3] Include Perfect Diary, Little Ondine, Pink Bear and other color cosmetics brands of the Company. [4] Non-GAAP loss from operations is a non-GAAP financial measure. Non-GAAP loss from operations is defined as loss from operations excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from assets and business acquisitions and (iii) impairment of goodwill. [5] Non-GAAP operating loss margin is a non-GAAP financial measure, which is defined as non-GAAP net loss from operations as a percentage of total net revenues. [6] ADS refers to American depositary shares, each of which represents twenty Class A ordinary shares. [7] Non-GAAP net income (loss) attributable to ordinary shareholders per diluted ADS is a non-GAAP financial measure. Non-GAAP net income (loss) attributable to ordinary shareholders per diluted ADS is defined as non-GAAP net income (loss) attributable to ordinary shareholders divided by the weighted average number of diluted ADS outstanding for computing diluted earnings per ADS. Non-GAAP net income (loss) attributable to ordinary shareholders is defined as net income (loss) attributable to ordinary shareholders excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from assets and business acquisitions, (iii) revaluation of investments on the share of equity method investments, (iv) impairment of goodwill, (v) tax effects on non-GAAP adjustments and (vi) accretion to redeemable non-controlling interests. Conference Call Information The Company's management will hold a conference call on Friday, May 16, 2025, at 7:30 A.M. U.S. Eastern Time or 7:30 P.M. Beijing Time to discuss its financial results and operating performance for the first quarter of 2025. United States (toll free): +1-888-346-8982 International: +1-412-902-4272 Mainland China (toll free): 400-120-1203 Hong Kong, SAR (toll free): 800-905-945 Hong Kong, SAR: +852-3018-4992 The replay will be accessible through Friday, May 23, by dialing the following numbers: United States: +1-877-344-7529 International: +1-412-317-0088 Replay Access Code: 1147723 A live and archived webcast of the conference call will also be available on the Company's investor relations website at http://ir.yatsenglobal.com. About Yatsen Holding Limited Yatsen Holding Limited (NYSE: YSG) is a leading China-based beauty group with the mission of creating an exciting new journey of beauty discovery for consumers around the world. Founded in 2016, the Company has launched and acquired numerous color cosmetics and skincare brands including Perfect Diary, Little Ondine, Pink Bear, Galénic, DR.WU (its mainland China business), Eve Lom and EANTiM. The Company's flagship brand, Perfect Diary, is one of the leading color cosmetics brands in China in terms of retail sales value. The Company primarily reaches and engages with customers directly both online and offline, with expansive presence across all major e-commerce, social and content platforms in China. For more information, please visit http://ir.yatsenglobal.com. Use of Non-GAAP Financial Measures The Company uses non-GAAP income (loss) from operations, non-GAAP operating income (loss) margin, non-GAAP net income (loss), non-GAAP net income (loss) margin, non-GAAP net income (loss) attributable to ordinary shareholders and non-GAAP net income (loss) attributable to ordinary shareholders per diluted ADS, each a non-GAAP financial measure, in reviewing and assessing its operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. The Company presents these non-GAAP financial measures because they are used by the management to evaluate operating performance and formulate business plans. Non-GAAP financial measures help identify underlying trends in its business, provide further information about its results of operations, and enhance the overall understanding of its past performance and future prospects. The Company defines non-GAAP income (loss) from operations as income (loss) from operations excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from assets and business acquisitions and (iii) impairment of goodwill. Non-GAAP operating income (loss) margin is non-GAAP income (loss) from operations as a percentage of total net revenues. The Company defines non-GAAP net income (loss) as net income (loss) excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from assets and business acquisitions, (iii) revaluation of investments on the share of equity method investments, (iv) impairment of goodwill and (v) tax effects on non-GAAP adjustments. Non-GAAP net income (loss) margin is non-GAAP net income (loss) as a percentage of total net revenues. The Company defines non-GAAP net income (loss) attributable to ordinary shareholders as net income (loss) attributable to ordinary shareholders excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from assets and business acquisitions, (iii) revaluation of investments on the share of equity method investments, (iv) impairment of goodwill, (v) tax effects on non-GAAP adjustments and (vi) accretion to redeemable non-controlling interests. Non-GAAP net income (loss) attributable to ordinary shareholders per diluted ADS is computed using non-GAAP net income (loss) attributable to ordinary shareholders divided by weighted average number of diluted ADS outstanding for computing diluted earnings per ADS. However, the non-GAAP financial measures have limitations as analytical tools as the non-GAAP financial measures are not presented in accordance with U.S. GAAP and may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating performance. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. Reconciliations of Yatsen's non-GAAP financial measure to the most comparable U.S. GAAP measure are included at the end of this press release. Safe Harbor Statement This announcement contains statements that may constitute "forward-looking" statements which are made pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "likely to," and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the Securities and Exchange Commission ("SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company's beliefs, plans, outlook and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's growth strategies; its future business development, results of operations and financial condition; its ability to continue to roll out popular products and maintain popularity of existing products; its ability to anticipate and respond to changes in industry trends and consumer preferences and behavior in a timely manner; its ability to attract and retain new customers and to increase revenues generated from repeat customers; its expectations regarding demand for and market acceptance of its products and services; its ability to integrate newly-acquired businesses and brands; trends and competition in and relevant government policies and regulations relating to China's beauty market; changes in its revenues and certain cost or expense items; and general economic conditions globally and in China. Further information regarding these and other risks is included in the Company's filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law. For investor and media inquiries, please contact: Yatsen Holding LimitedInvestor RelationsE-mail: ir@yatsenglobal.com YATSEN HOLDING LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (All amounts in thousands, except for share, per share data or otherwise noted) December 31, March 31, March 31, 2024 2025 2025 RMB'000 RMB'000 USD'000 Assets Current assets Cash and cash equivalents 817,395 669,776 92,298 Short-term investments 539,130 610,147 84,081 Accounts receivable, net 214,558 199,892 27,546 Inventories, net 386,054 383,352 52,827 Prepayments and other current assets 381,404 374,849 51,656 Amounts due from related parties 9,113 2,553 352 Total current assets 2,347,654 2,240,569 308,760 Non-current assets Investments 664,579 668,081 92,064 Property and equipment, net 74,373 69,695 9,604 Goodwill, net 155,029 155,029 21,364 Intangible assets, net 559,708 562,240 77,479 Deferred tax assets 1,381 1,417 195 Right-of-use assets, net 147,501 159,422 21,969 Other non-current assets 20,642 20,954 2,888 Total non-current assets 1,623,213 1,636,838 225,563 Total assets 3,970,867 3,877,407 534,323 Liabilities, redeemable non-controlling interests and shareholders' equity Current liabilities Accounts payable 72,090 74,680 10,291 Advances from customers 19,574 20,698 2,852 Accrued expenses and other liabilities 460,143 344,559 47,481 Amounts due to related parties 28,884 30,037 4,139 Income tax payables 20,088 16,985 2,341 Lease liabilities due within one year 39,409 39,348 5,422 Total current liabilities 640,188 526,307 72,526 Non-current liabilities

Nuance Pharma Announces Ensifentrine Meets Primary Endpoint in Phase 3 ENHANCE-CHINA Trial for COPD

Statistically significant improvements in lung function Consistent trends of quality of life and exacerbation rate reduction as ENHANCE-1/2 Well tolerated safety profile NDA submission planned for 2H 2025 SHANGHAI, May 16, 2025 /PRNewswire/ -- Nuance Pharma ("Nuance") today announces its top-line Phase 3 ENHANCE-CHINA (NCT05743075) trial results evaluating nebulized ensifentrine for the maintenance treatment of chronic obstructive pulmonary disease ("COPD"). The ENHANCE-CHINA trial has successfully met its primary endpoint, as well as secondary endpoints demonstrating improvements in lung function. The investigational study drug, ensifentrine is a first-in-class selective dual inhibitor of phosphodiesterase 3 and 4 ("PDE3; PDE4") that combines bronchodilator and non-steroidal anti-inflammatory effects in one molecule, delivered directly to the lungs through a standard jet nebulizer without the need for high inspiratory flow rates or complex hand-breath coordination. Highlights - Study population (n = 526 randomized): Subject demographics and disease characteristics were well balanced between treatment groups Approximately 46% of subjects received background COPD therapy, either a long-acting muscarinic antagonist ("LAMA") or a long-acting beta-agonist ("LABA"). Additionally, approximately 38% of all subjects received inhaled corticosteroids ("ICS") with concomitant LABA. - Primary endpoint met (FEV1 AUC 0-12hr): Placebo corrected, change from baseline in average FEV1 area under the curve 0-12 hours post dose at week 12 was 110 mL (p<0.0001) for ensifentrine Statistically significant and clinically meaningful improvements with ensifentrine demonstrated across key subgroups including age, smoking status, COPD severity, background medication, ICS use, chronic bronchitis, FEV1 reversibility - Secondary endpoints of lung function: Placebo corrected, increase in peak FEV1 of 174 mL (p<0.0001) at week 12 Placebo corrected, increase in morning trough FEV1 of 36 ml (p=0.0533) and evening trough FEV1 of 65 ml (p=0.0038) at week 12, confirming twice daily dosing regimen. Placebo corrected, increase in average FEV1 of 162 ml (p<0.0001) 0-4 hours post dose and 77 mL (p=0.0003) 6-12 hours post dose at week 12 - COPD symptoms and quality of life (QoL): Clinically meaningful improvements in dyspnea as measured by Transition Dyspnea Index (TDI) in the ensifentrine group were observed at all weeks (6, 12 and 24) with a statistically significant improvement of 0.8 unit compared to placebo at week 24. Quality of Life (QoL) as measured by St George's Respiratory Questionnaire (SGRQ) Total Score in the ensifentrine group improved from baseline to greater than the MCID of -4 units with a significant improvement of -2.9 units compared to placebo at week 24. Daily symptoms as measured by Evaluating Respiratory Symptoms (E-RS) Total Score in ensifentrine group showed improvement from baseline as early as 6 weeks and continued improvement at 12 and 24 weeks, numerically exceeding placebo at each measurement. - Exacerbation rate reduced Subjects receiving ensifentrine demonstrated a 28% reduction in the rate of moderate/severe COPD exacerbations over 24 weeks compared to those receiving placebo (RR = 0.72, 95% CI: (0.43, 1.22)) Treatment with ensifentrine significantly decreased the risk of a moderate/severe exacerbation as measured by time to first exacerbation when compared with placebo by 25% (HR = 0.75, 95% CI: (0.44, 1.28)) - Favorable safety profile: Ensifentrine was well-tolerated with treatment related AE incidence similar to placebo Mark Lotter, founder and Chief Executive Officer of Nuance Pharma, said:"We are very pleased by the successful outcome of our Phase 3 ENHANCE-CHINA study, bringining us another step closer to providing a much needed novel therapy for COPD patients in China. These promising results demonstrate ensifentrine's strength as a first-in-class bronchodilator and non-steroidal anti-inflammatory therapy for COPD, as an advance to existing treatment options. We plan to submit a New Drug Application to the China NMPA in the second half of 2025. We would like to thank all the patients and investigators for their participation in the ENHANCE-CHINA program. " Charlie Chen, Chief Operating Officer of Nuance Pharma added:"The totality of ENHANCE data including improvements in lung function, symptoms, quality of life measure and reduction in exacerbations, coupled with favorable safety profile, support our belief that ensifentrine will change the treatment paradigm for COPD. Following our ongoing early access programs in Hainan BoAo and Greater Bay Area, as well as regulatory approval in Macau, we look forward to bringing this medicine to patients in Greater China." David Zaccardelli, Pharm. D., President and Chief Executive Officer of Verona Pharma, said:"we look forward to Nuance Pharma's continued progress and having Ohtuvayre® available for the millions of symptomatic patients needing additional treatment." Nuance Pharma plans to release additional information from ENHANCE-CHINA at upcoming scientific conferences. In Feb 2025, the Pharmaceutical Administration Bureau Macau approved Ohtuvayre™ (ensifentrine) for the maintenance treatment of COPD in adult patients. In Nov 2024, Nuance Pharma launched Ohtuvayre™ in China's Hainan Boao Pilot Zone through early access program. In Sep 2024, Nuance Pharma completed recruitment for ENHANCE-CHINA, the phase 3 clinical trial of Ohtuvayre™ (ensifentrine) for the maintenance treatment of COPD. In June 2024, Nuance Pharma's global partner Verona Pharma plc (Nasdaq: VRNA), announced the US Food and Drug Administration ("FDA") approved Ohtuvayre™ (ensifentrine) for the maintenance treatment of COPD in adult patients. In 2021, Nuance Pharma entered into an agreement with Verona Pharma for the exclusive rights to develop and commercialize Ohtuvayre™ (ensifentrine) in Greater China (mainland China, Hong Kong, Macau and Taiwan). About Ohtuvayre ™ (ensifentrine)Ohtuvayre™ is the first inhaled therapy for the maintenance treatment of COPD that combines bronchodilator and non-steroidal anti-inflammatory activities in one molecule. Verona has evaluated nebulized Ohtuvayre™ in its Phase 3 clinical program ENHANCE ("Ensifentrine as a Novel inHAled Nebulized COPD thErapy") for COPD maintenance treatment. Ohtuvayre™ met the primary endpoint in both ENHANCE-1 and ENHANCE-2, demonstrating statistically significant and clinically meaningful improvements in lung function. About the ENHANCE-CHINA programThe randomized, double-blind, placebo-controlled study evaluate the efficacy and safety of nebulized ensifentrine as monotherapy and added onto a single bronchodilator, either a LAMA or a LABA, compared to placebo, and subjects may receive ICS. Patient Population: 526 moderate to severe, symptomatic, COPD patients at 46 sites in China. Dose/Duration: subjects were randomized to receive a 3mg nebulized dose of ensifentrine or nebulized placebo twice daily for 24 weeks Primary Endpoint: Improvement in lung function with ensifentrine as measured by average FEV1 AUC 0-12 hours post dose at week 12. Secondary Endpoints: lung function endpoints including peak and morning trough FEV1, COPD symptoms and health related quality of life through 24 weeks via SGRQ and E-RS, and exacerbation at 24 weeks, and others Safety: Assessed over 24 weeks Further information about ENHANCE-CHINA program can be found at www.clinicaltrials.gov (NCT05743075) About Verona PharmaVerona Pharma is a biopharmaceutical company focused on developing and commercializing innovative therapies for the treatment of chronic respiratory diseases with significant unmet medical needs. Ohtuvayre™ (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. Ohtuvayre™ (ensifentrine) has potential applications in non-cystic fibrosis bronchiectasis, cystic fibrosis, asthma and other respiratory diseases. For more information, please visit www.veronapharma.com. About Nuance PharmaNuance Pharma is an innovation focused biopharmaceutical company, with both late-stage clinical pipeline and commercial stage asset portfolio. Focusing on specialty care, Nuance has established a differentiated combination of commercialized assets and innovative pipeline across respiratory, pain management, emergency care and iron deficiency anemia. With the mission to address critical unmet medical needs in Asia Pacific, Nuance deploys the Dual Wheel model that develops a global leading innovative pipeline, while maintaining a self-sustainable commercial operation in both China and Asia as a region. For more information, please visit www.nuancepharma.com. Forward-looking StatementsThis news release may make statements that constitute forward-looking statements, including descriptions regarding the intent, belief or current expectations of the Company or its officers with respect to the business operations and financial condition of the Company, which can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, or other factors, some of which are beyond the control of the Company and are unforeseeable. Therefore, the actual results may differ from those in the forward-looking statements as a result of various factors and assumptions, such as future changes and developments in our business, competitive environment, political, economic, legal and social conditions. The Company or any of its affiliates, directors, officers, advisors or representatives has no obligation and does not undertake to revise forward-looking statements to reflect new information, future events or circumstances after the date of this news release, except as required by law.

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