In This Article:
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Total Net Product Revenue: $70.6 million, a 21% increase over Q2.
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Net Revenue: $66 million, a 30% increase quarter over quarter and a 100% increase over Q3 2023.
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Icca Revenue: $66 million, 100% growth since Q3 2023.
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Icca Market Share: Nearly 30% share, maintaining the number two position.
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Lact Sales: $5.8 million in Q3, a 54% increase quarter over quarter.
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Cost of Goods Sold: $20.7 million, down $12 million from Q3 last year.
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Gross Profit Improvement: 20% improvement or $8.2 million.
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R&D Expense: $21.7 million, a decrease of 15% from Q3 a year ago.
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SG&A Expense: $34.7 million, a decrease of 28% compared to the prior year.
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Interest Expense: $5.4 million, a decrease of 48% from Q3 last year.
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Net Loss: $10.8 million or 9 per diluted share.
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Non-GAAP Net Loss: $1.7 million or 1 per diluted share.
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Cash and Investments: $97.7 million as of September 30, 2024.
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2024 Expense Guidance: Combined R&D and SG&A expenses expected to be $250 million to $260 million.
Release Date: November 06, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Coherus BioSciences Inc (NASDAQ:CHRS) reported a 100% revenue growth for the Icca franchise since Q3 2023, reaching $66 million in revenue this quarter.
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The company successfully maintained its number two market position for Icca with nearly 30% market share.
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Coherus BioSciences Inc (NASDAQ:CHRS) achieved a 54% increase in sales for its newly launched product, Latur, quarter over quarter.
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The company has made significant progress in expanding its supply chain capacity, with plans to double its labeling and packaging capacity to over 1 million units annually.
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Coherus BioSciences Inc (NASDAQ:CHRS) reported a 20% improvement in quarterly gross profit compared to the previous year, driven by reduced expenditures and improved gross margins.
Negative Points
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There was a supply interruption for Icca, which impacted the company's ability to meet demand and affected Q4 sales projections.
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The resupply of Icca is expected to take several weeks, with full market availability anticipated by late November to early December.
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The company faced a temporary decline in overall franchise demand for Icca by 3% quarter over quarter due to the supply interruption.
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Coherus BioSciences Inc (NASDAQ:CHRS) experienced a net loss of $10.8 million in Q3 2024, although this was an improvement from the previous year.
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The direct impact of the temporary supply interruption on net revenue will primarily be realized in Q4 earnings, with cash impact lagging to Q1 2025.