A Study to Evaluate the Effect of Budesonide, Glycopyrronium, Formoterol Fumarate (BGF) Metered Dose Inhaler (MDI), Budesonide and Formoterol Fumarate (BFF) MDI and Placebo MDI on Exercise Parameters in Participants With Chronic Obstructive Pulmonary Disease (COPD).

Inclusion Criteria:

• Participant must be male or female, 40 to 80 years of age inclusive, at the time ofsigning the informed consent.

• Participant must have:

• a diagnosis of COPD confirmed by a post-bronchodilator Forced expiratory volume (FEV1)/ Forced vital capacity (FVC) < 0.7 at Visit 1

• a post-bronchodilator FEV1 ≥ 30% and <80% predicted normal (moderate to severeCOPD) at Visit 1.

• a score of ≥ 2 on the modified Medical Research Council at Visit 1.

• pre-bronchodilator FRC of > 120% of predicted normal FRC values at Visit 1.

• a constant work rate test endurance time of 3 to 8 minutes at Visit 2.

• Participant must be on a stable dose of mono-or dual inhaled maintenance COPDtreatment for at least 6 weeks.

• Current or former smoker with a history of ≥ 10 pack-years of tobacco smoking

• Body mass index < 40 kg/m2.

• Male and Female participants (not applicable for female participants withnon-childbearing potential) and their partners must use an acceptable method ofcontraception.

Exclusion Criteria:

• A current diagnosis of asthma, asthma- COPD-overlap, or any other chronicrespiratory disease other than COPD such as alpha-1 antitrypsin deficiency, activetuberculosis, lung cancer, lung fibrosis, sarcoidosis, interstitial lung disease andpulmonary hypertension.

• Historical or current evidence of a clinically significant disease

• Participants on oxygen therapy or that desaturate significantly (<82%) duringexercise.

• Participants who are enrolled or entering a pulmonary rehabilitation program duringthe study.

• Participants who have cancer that has not been in complete remission for at least 5years.

• Participants with a diagnosis of narrow-angle glaucoma that has not been adequatelytreated and/or change in vision that may be relevant, in the opinion of theinvestigator.

• Participants with symptomatic prostatic hypertrophy or bladder neckobstruction/urinary retention that, in the opinion of the investigator, isclinically significant.

• Participants who have a history of hypersensitivity to β2-agonists, budesonide orany other corticosteroid components, glycopyrronium or other muscarinicanticholinergics, or any component of the MDI or dry powder inhaler.

• Participant with resting (5 minutes) oxygen saturation SaO2 in room air ≤ 85%.

• A COPD exacerbation that requires hospitalization within 12 months prior to Visit 1or a COPD exacerbation that requires systemic corticosteroids or antibiotics within 4 months of Visit 1.

• Participants with contraindications to cardiopulmonary exercise testing (CPET).

• Participants who have had a respiratory tract infection within 8 weeks prior toVisit 1 and/or during the screening period.

• Participants with lung lobectomy, lung volume reduction or lung transplantation.

• Unable to withhold short-acting bronchodilators for 6 hours prior to lung functiontesting at each study visit.

• Known history of drug or alcohol abuse within 12 months.

• Any regular recreational use of marijuana in the 12 months.