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Mar 31, 2023
Coherus Q1 2023 Earnings Report
Coherus reported first quarter results, highlighting UDENYCA® autoinjector approval and CIMERLI® Q-code activation.
Key Takeaways
Coherus BioSciences reported a net product revenue of $32.4 million for the first quarter of 2023. The company is preparing for multiple product launches and anticipates accelerated revenue growth for the remainder of 2023.
UDENYCA® autoinjector was approved and is ready for launch in May 2023.
CIMERLI® product-specific Q-code is now active, facilitating electronic reimbursement.
FDA inspection of the toripalimab manufacturing site is scheduled for May 2023, with a potential launch in Q3 2023 if approved.
YUSIMRY™ is ready for a planned July 2023 launch.
Forward Guidance
Coherus expects its 2023 net product revenue will exceed $275 million, including at least $100 million of CIMERLI® net revenue. Coherus projects combined R&D and SG&A expenses for 2023 to be in the range of $315 to $335 million.
Positive Outlook
- UDENYCA® autoinjector approval.
- Activation of the CMS-assigned Q-code.
- Multiple product launches planned across the portfolio.
- Potential FDA approval and commercial launch of toripalimab in the U.S. in Q3 2023.
- YUSIMRY™ launch in Q3 2023.
Challenges Ahead
- Decline in UDENYCA® units sold and lower net realized price due to increased competition.
- UDENYCA net sales reduced by a $1.7 million charge.
- COGS includes royalties and contract modification fees.
- Cash, cash equivalents and investments decreased from $191.7 million to $128.1 million.
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