Loading...
•
Dec 31, 2021
Coherus Q4 2021 Earnings Report
Coherus reported declines in revenue due to decreased UDENYCA sales and increased competition, while making progress in its immuno-oncology pipeline and commercial portfolio diversification.
Key Takeaways
Coherus BioSciences reported a net revenue of $73.4 million for Q4 2021, a decrease from $110.4 million in the same period of 2020. The company experienced a net loss of $45.7 million, or $(0.60) per share, compared to a net income of $9.7 million, or $0.12 per share in Q4 2020. Despite the financial downturn, Coherus achieved key milestones, including FDA approval for YUSIMRY™ and BLA acceptance for CIMERLI™.
UDENYCA® net sales were $73.4 million in Q4 2021, compared to $110.4 million for the same period in 2020.
Net loss for Q4 2021 was $45.7 million, or $(0.60) per share, compared to net income of $9.7 million, or $0.12 per share for the same period in 2020.
FDA approved YUSIMRY™ (adalimumab-aqvh), a Humira® biosimilar, on December 17, 2021.
FDA accepted for review the BLA for CIMERLI™ (ranibizumab-ranq), a Lucentis® biosimilar, and assigned a target action date in August 2022.
Forward Guidance
Coherus projects combined R&D and SG&A expenses in 2022 to be in the range of $415 million to $450 million, excluding a potential $25 million milestone payable upon FDA approval of the toripalimab BLA for nasopharyngeal carcinoma and the $35 million fee to exercise the option for the license to JS006.
Positive Outlook
- Expected launches of two new products, toripalimab and CIMERLI
- Advancement of multiple pipeline product candidates
- FDA granted toripalimab BLA priority review for nasopharyngeal carcinoma (“NPC”) and assigned a target action date of April 30, 2022.
- Toripalimab in combination with chemotherapy demonstrated a statistically significant overall survival benefit
- FDA approved YUSIMRY™ (adalimumab-aqvh)
Challenges Ahead
- Combined R&D and SG&A expenses in 2022 to be in the range of $415 million to $450 million.
- Potential $25 million milestone payable upon FDA approval of the toripalimab BLA
- Declines for the fourth quarter and full year 2021 were primarily due to a decrease in the number of units of UDENYCA sold as well as a decline in net realized price due to increased competition and COVID-19 impacts.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...