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Sep 30, 2024
Coherus Q3 2024 Earnings Report
Coherus reported strong revenue growth driven by UDENYCA and LOQTORZI, and pipeline advancement.
Key Takeaways
Coherus BioSciences reported net revenue of $70.8 million for Q3 2024, driven by a 30% increase in UDENYCA net revenue quarter-over-quarter and LOQTORZI revenue increased 50% quarter-over-quarter. The company's sharpened focus on oncology is delivering results, with Q3 2024 revenues comparable to Q3 2023, despite divestitures, and with higher gross profit, lower operating expenses and lower interest expense. The company is advancing its immuno-oncology pipeline to proof-of-concept studies in combination with toripalimab.
Net revenue of $70.8 million in Q3 2024 driven by 30% increase in UDENYCA® net revenue, quarter-over-quarter.
UDENYCA labeling and packaging production resuming at third-party contract manufacturing organization.
LOQTORZI® launch progressing to plan, revenues increase 50% quarter-over-quarter.
Innovative immuno-oncology pipeline advancing to proof-of-concept studies in combination with toripalimab.
Forward Guidance
Coherus projects combined R&D and SG&A expenses for 2024 to be in the range of $250 to $260 million. This guidance includes approximately $30 million of stock-based compensation expense and excludes certain effects.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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