Loading...
•
Jun 30, 2023
Coherus Q2 2023 Earnings Report
Coherus reported an increase in net revenue driven by CIMERLI® sales and launched UDENYCA® autoinjector and YUSIMRY™.
Key Takeaways
Coherus BioSciences reported an 81% increase in net revenue compared to the prior quarter, reaching $58.7 million. This growth was primarily driven by the quadrupling of CIMERLI® net sales to $26.7 million. The company launched the UDENYCA® autoinjector in late May and YUSIMRY™ in July. Additionally, a planned merger with Surface Oncology is expected to significantly advance the next-generation immuno-oncology pipeline.
Net revenue increased by 81% from the prior quarter to $58.7 million.
CIMERLI® net sales quadrupled to $26.7 million compared to the prior quarter.
UDENYCA® autoinjector was launched in late May, and YUSIMRY™ was launched in July.
A planned merger with Surface Oncology is expected to significantly advance the next-generation immuno-oncology pipeline.
Coherus
Coherus
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
- Net product revenue expected to exceed $275 million for 2023.
- CIMERLI® net revenue expected to be at least $100 million for 2023.
- Continued revenue growth expected in the second half of the year.
- Growth driven by CIMERLI®, UDENYCA® autoinjector, and YUSIMRY™ new product launches.
- Potential launches of UDENYCA® On-body Injector and toripalimab for NPC treatment later this year, if approved.
Challenges Ahead
- Combined R&D and SG&A expenses projected to be in the range of $315 to $335 million for 2023.
- Guidance excludes Surface Oncology acquisition cost.
- Guidance excludes potential collaboration upfront payments to Klinge Pharma.
- Guidance excludes milestone payments to Junshi Biosciences upon U.S. approval of toripalimab.
- Financial guidance excludes effects of potential future strategic acquisitions, collaborations, or investments.