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Sep 30, 2023
Coherus Q3 2023 Earnings Report
Coherus reported revenue growth and strategic advancements, marking progress towards becoming a leading immuno-oncology company.
Key Takeaways
Coherus BioSciences reported a 27% increase in net revenue compared to the prior quarter, reaching $74.6 million. CIMERLI sales increased by 50% to $40 million compared to the prior quarter. The company is lowering its revenue guidance for 2023 to a range of $250 to $260 million.
Net revenue increased 27% from the prior quarter to $74.6 million.
CIMERLI net sales increased 50% to $40 million compared to the prior quarter.
LOQTORZI was approved, with launch planned for the first quarter of 2024.
Coherus closed acquisition of Surface Oncology, expanding immuno-oncology pipeline.
Coherus
Coherus
Forward Guidance
Coherus lowered its revenue guidance for 2023 net product revenue to a range of $250 to $260 million. Coherus is lowering its guidance range for combined R&D and SG&A expenses for 2023 from $315 to $335 million to a range of $300 to $310 million.
Challenges Ahead
- Delay in the timing of the planned commercial launches of the UDENYCA® On-body Injector.
- Delay in the timing of the planned commercial launches of LOQTORZI™.
- Lowering 2023 net product revenue guidance to a range of $250 to $260 million.
- Lowering guidance range for combined R&D and SG&A expenses for 2023 from $315 to $335 million to a range of $300 to $310 million.
- This financial guidance excludes the effects of any potential future strategic acquisitions, collaborations or investments