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Dec 31, 2020
Coherus Q4 2020 Earnings Report
Coherus reported strong UDENYCA sales and pipeline advancements.
Key Takeaways
Coherus BioSciences reported Q4 2020 financial results, featuring $110 million in product revenues and a net income of $9.7 million. The company highlighted the strong performance of UDENYCA and progress in its biosimilar pipeline, including the collaboration with Junshi Biosciences for toripalimab.
Product revenues reached $110 million for the fourth quarter of 2020.
Coherus maintained its position as the leading pegfilgrastim biosimilar in the United States.
Cash flow from operating activities was $33 million for the fourth quarter of 2020.
The FDA accepted the BLA for CHS-1420, with a target action date in December 2021.
Forward Guidance
Coherus projects lower UDENYCA® net sales revenue in 2021 compared to 2020. Excluding upfront, milestone and development expenses related to the recently announced collaboration with Junshi Biosciences, which is expected to close in the first quarter of 2021, Coherus projects R&D and SG&A expenses combined will increase in 2021 to a range of $310 million to $350 million.
Positive Outlook
- UDENYCA® revenue and market share to rise over the remainder of the year, assuming treatment patterns normalize as the general population is vaccinated against COVID-19.
- External R&D spending focused on manufacturing-related activities in preparation for the potential launch of CHS-1420, if approved.
- Development activities for IBI-305.
- Development activities for additional presentations of UDENYCA®.
Challenges Ahead
- Coherus projects lower UDENYCA® net sales revenue in 2021 compared to 2020.
- Starting from a seasonally low first quarter impacted by customer buying patterns and COVID-19.
- This financial guidance excludes the effects of any potential future strategic acquisitions, collaborations or investments
Historical Earnings Impact
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