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Jun 30, 2021
Coherus Q2 2021 Earnings Report
Coherus reported a net loss due to increased R&D and regulatory expenses, but made progress on its biosimilar and immuno-oncology pipeline.
Key Takeaways
Coherus BioSciences reported second quarter 2021 financial results, with UDENYCA® net sales of $88 million. The company's GAAP net loss was $29.9 million, and non-GAAP net loss was $27.3 million. Coherus had cash, cash equivalents and marketable securities of $454.4 million as of June 30, 2021. The company is advancing its biosimilar and immuno-oncology pipeline, with multiple BLA submissions planned or under review.
UDENYCA® net sales reached $88 million in Q2 2021.
GAAP net loss was $29.9 million, driven by increased R&D expenses.
Non-GAAP net loss amounted to $27.3 million.
Cash, cash equivalents, and marketable securities totaled $454.4 million as of June 30, 2021.
Coherus
Coherus
Forward Guidance
Coherus projects full year 2021 R&D and SG&A expenses in a range of $370 million to $400 million, excluding the upfront payment made to Junshi Biosciences in the first quarter.
Positive Outlook
- R&D spending is focused on development, regulatory and other activities in preparation for the potential launch of toripalimab.
- Manufacturing-related and regulatory activities for CHS-1420.
- Development activities for CHS-305.
- Additional presentations of UDENYCA®.
- Increases in SG&A spending in 2021 are primarily driven by marketing activities and headcount to support UDENYCA and the potential launches in 2022 of toripalimab and CHS-201 (Lucentis biosimilar).
Challenges Ahead
- Guidance excludes the effects of any potential future strategic acquisitions, collaborations or investments.
- Guidance excludes the exercise of rights or options related to collaboration programs.
- Guidance excludes any other transactions or items not yet identified or quantified.
- Guidance is subject to a number of risks and uncertainties.
- Coherus’ ability to meet its R&D and SG&A expenses guidance for the full fiscal year 2021 is uncertain.