eValuating the Efficacy and Safety of InitiatinG depemokImab earLy therApy iN Chronic Obstructive Pulmonary Disorder (COPD) With Type 2 Inflammation

Male or eligible female participants

Eosinophilic phenotype measured using Blood Eosinophil Count (BEC)

Moderate to severe COPD, defined as

• A clinically documented history of COPD for at least 1 year
• A post-salbutamol Forced expiratory volume in one second (FEV1)/Forced vital capacity (FVC) ratio of less than (<)0.70 and a post-salbutamol FEV1 greater than (>)30 percent (%) and <80% predicted normal values

Elevated risk for exacerbations, defined as

• A well-documented history of only 1 moderate COPD exacerbation in the prior 12 months and
• The presence of risk factors for future exacerbations/deterioration such as:
• Modified Medical Research Council (mMRC) dyspnea score >= 2
• COPD Assessment Test (CAT) >= 15
• Post-bronchodilator FEV1 < 50% predicted
• Chronic bronchitis

Smoking status: Current or former cigarette smokers with a history of cigarette smoking of >=10 pack-years at Screening.

Dual (Inhaled corticosteroid (ICS)+ Long-acting beta2-adrenergic receptor agonist [LABA] or LABA+ Long-acting muscarinic receptor antagonist [LAMA]) or triple (ICS+LABA+LAMA) inhaler therapy as assessed by the investigator for at least 3 months

Body mass index (BMI) >=16 kilograms per square meter (kg/m^2)

The Investigator must judge that COPD is the primary diagnosis accounting for the clinical manifestations of lung disease, and clinical manifestations of lung disease where primary diagnosis is not COPD are excluded

• Participants with a current or prior physician diagnosis of asthma
• Participants with childhood asthma are permitted, provided that childhood asthma has resolved before 18 years of age and has not recurred

Other clinically significant lung disease: The Investigator must judge that COPD is the primary diagnosis accounting for the clinical manifestations of the lung disease.

COPD severity: Participants with more than one moderate exacerbation or severe exacerbation in the past 12 months prior to Visit 1

COPD stability: Participants with pneumonia, COPD exacerbation, or lower respiratory tract infection within the 4 weeks prior to Visit 1

Lung resection: Participants with a history of, or plan for lung volume reduction surgery/endobronchial valve procedure

Pulmonary rehabilitation: Participants in the acute phase of a pulmonary rehabilitation program within 4 weeks prior to Visit 1

Chronic hypercapnia requiring non-invasive positive pressure ventilation (NIPPV) use including Bi-Level Positive Airway Pressure (BiPAP) or Continuous Positive Airway Pressure (CPAP) are excluded

Continuous oxygen: Participants requiring oxygen supplementation for COPD