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Dec 31, 2019
Coherus Q4 2019 Earnings Report
Coherus reported strong UDENYCA sales and positive cash flow, advancing its biosimilar pipeline and strategic collaborations.
Key Takeaways
Coherus BioSciences reported fourth-quarter net product revenue of $123.9 million and net income of $39.2 million, or $0.53 per share. The company's UDENYCA launch continued to drive strong results, achieving approximately 20.5% unit market share by year-end. Coherus also completed key licensing transactions to enhance its product pipeline and advanced its internal pipeline in ophthalmology and immunology.
UDENYCA continues to be the U.S. market-leading pegfilgrastim biosimilar with approximately 20.5% unit market share at year-end 2019.
Net product revenue for the fourth quarter of 2019 was $123.9 million, and net income was $39.2 million, or $0.53 per share.
Coherus completed key licensing transactions to commercialize biosimilar candidates to Lucentis and Avastin in the United States and Canada.
The company advanced its internal pipeline in ophthalmology and immunology, including CHS-2020 (Eylea biosimilar) and CHS-1420 (Humira biosimilar).
Coherus
Coherus
Forward Guidance
Coherus will continue delivering on the promise of biosimilars and laying the foundation for long-term growth across its three therapeutic areas: Oncology, Ophthalmology and Immunology.
Positive Outlook
- Maintain market position as the leading pegfilgrastim biosimilar of choice, leveraging the validated branded-biosimilar strategy of offering a robust value proposition across all key customer segments including ample product supply.
- Increase penetration against all Neulasta® dosage forms, while maintaining average selling price (ASP) discipline.
- Advance its Avastin (bevacizumab) oncology biosimilar candidate in-licensed from Innovent toward the filing of a BLA with the U.S. FDA in late 2020 or early 2021 depending on FDA interaction timing and development requirements, with an expected launch directly upon approval.
- Facilitate Bioeq filing a BLA with the FDA for the biosimilar candidate to Lucentis (ranibizumab) in 2020, with expected product launch in the United States to address a $6 billion anti-VEGF ophthalmology market, if approved.
- Complete certain development and regulatory objectives with CHS-1420, Humira (adalimumab) immunology biosimilar candidate to support the filing of a BLA with the U.S. FDA in 2020 with an expected competitive launch in 2023 in the largest biologics market, if approved.
Challenges Ahead
- The risks and uncertainties inherent in the clinical drug development process.
- The risks and uncertainties of the regulatory approval process, including the timing of Coherus’ regulatory filings.
- The risk that Coherus is unable to complete commercial transactions and other matters that could affect the availability or commercial potential of Coherus’ biosimilar drug candidates.
- The risks and uncertainties of possible patent litigation.
- Coherus’ plans to pursue strategic alternatives for its program in CHS-131.