Coherus BioSciences Reports Third Quarter 2024 Financial Results and Provides Business Update

In This Article:

Coherus BioSciences, Inc.
Coherus BioSciences, Inc.

– Net revenue of $70.8 million in Q3 2024 driven by 30% increase in UDENYCA® net revenue, quarter-over-quarter –

UDENYCA labeling and packaging production resuming at third-party contract manufacturing organization

– LOQTORZI® launch progressing to plan, revenues increase 50% quarter-over-quarter –

– Innovative immuno-oncology pipeline advancing to proof-of-concept studies in combination with toripalimab –

– Conference call today at 5:00 p.m. Eastern Time –

REDWOOD CITY, Calif., Nov. 06, 2024 (GLOBE NEWSWIRE) -- Coherus BioSciences, Inc. (Coherus or the Company, Nasdaq: CHRS), today reported financial results for the quarter ended September 30, 2024 and recent business highlights:

“Revenue growth was strong in the third quarter, with the UDENYCA franchise increasing 30% compared to the second quarter, and 100% over Q3 2023. LOQTORZI sales grew more than 50% compared to the second quarter of 2024,” said Denny Lanfear, Coherus Chairman and Chief Executive Officer. “Our sharpened focus on oncology is delivering results. Third quarter 2024 revenues are now comparable to Q3 2023, despite our divestitures, with higher gross profit, lower operating expenses and lower interest expense.”

“We continue to make progress towards our long-term vision of bringing innovative, next-generation therapies to extend cancer patient survival. Our competitively positioned pipeline, in combination with LOQTORZI, is advancing to plan in tumor types with high unmet medical need and with robust supportive biology,” continued Mr. Lanfear.

RECENT BUSINESS HIGHLIGHTS

UDENYCA® RESULTS

  • UDENYCA net product sales were $66.1 million in Q3 2024, an increase of 30% compared to $50.9 million in Q2 2024 and a 100% increase compared to $33.0 million in Q3 2023.

  • Q3 revenue was driven by a 54% increase in demand for ONBODY™ and a higher overall net selling price.

  • In Q3, UDENYCA maintained its #2 position in the pegfilgrastim class with 28% market share.

UDENYCA SUPPLY UPDATE

  • Coherus’ third-party labeling and packaging contract manufacturing organization (CMO) for UDENYCA has informed the Company that production will resume this week, a few weeks later than previously targeted and disclosed. Based on the production schedule, the backlog of UDENYCA lots of approximately 120,000 units will be completed without further interruption or delay by the end of the year.

  • The Company has also made significant progress in its previously announced efforts to diversify its labeling and packaging resources. An additional final packaging and labeling CMO has already started production testing and is expected to start manufacturing saleable product by the end of 2024. Commercial supply from that CMO is expected to commence in the first quarter of 2025, subject to U.S. Food and Drug Administration (FDA) authorization. Once the second facility is commercially operational, the Company projects that its labeling and packaging capacity will have doubled to over one million UDENYCA units annually, consistent with the rest of its supply chain.

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