Coherus Q1 2021 Earnings Report
Key Takeaways
Coherus BioSciences reported a GAAP net loss of $173 million, primarily driven by the $145 million upfront payment to Junshi Biosciences and one-time charges related to the termination of the CHS-2020 biosimilar program. Net product revenue was $83 million, and the company had cash, cash equivalents, and marketable securities of $400 million at the end of the quarter.
GAAP net loss of $173 million driven by Junshi Biosciences payment and CHS-2020 program termination.
Non-GAAP net income was $0.4 million, or $0.01 per share.
Net product revenue was $83 million.
Cash, cash equivalents and marketable securities totaled $400 million.
Coherus
Coherus
Forward Guidance
Coherus expects UDENYCA® revenue and market penetration to rise in the second half of 2021, and projects full year R&D and SG&A expenses in a range of $370 million to $400 million.
Positive Outlook
- UDENYCA® revenue and market penetration to rise in the second half of 2021
- Treatment patterns normalize
- Market share growth
- Potential launch of Toripalimab in 2022
- Potential launch of CHS-201 (Lucentis biosimilar) in 2022
Challenges Ahead
- COVID-19 pandemic
- Pricing trends in the overall pegfilgrastim market
- Effects of any potential future strategic acquisitions
- Collaborations or investments
- Exercise of rights or options related to collaboration programs