Hi Jeannie, i'd first look into how long a run he is getting. He may be running too long for his age. But my border collie only barfs bile periodically and i'm not worried. he runs for hours. But sometimes in the early morning hours he throws up bile and froth.....I've been an animal nurse for a long time and the bile and froth doesn't bother me........
But for a pup under 2 years old i'd make sure he can handle the distance he's travelling, that would be my only observation. Looking more into the cause of the vomitting, but the actual appearance of bile wouldn't get me upset.........He's just got an empty stomach maybe and needs a piece of bread to fill it up.
Dogs with pancreatitis are a real nervous type of dog, usually smaller type, not really the athletic dogs tendency.