Coherus Q4 2022 Earnings Report
Key Takeaways
Coherus BioSciences reported net product sales of $45.4 million in Q4 2022, including $38.3 million from UDENYCA® and $6.9 million from CIMERLI®. The company is preparing for multiple product launches in 2023 and expects a return to profitability in 2024 through revenue growth and expense control.
Net product sales reached $45.4 million in Q4 2022.
FDA is planning the toripalimab manufacturing site inspection in Q2 2023.
UDENYCA® autoinjector was approved by the FDA, with the on-body injector under review.
Planning is underway for potential 2023 commercial launches of toripalimab, YUSIMRY™, UDENYCA® AI, and UDENYCA® OBI.
Coherus
Coherus
Forward Guidance
Coherus is introducing a guidance range of combined 2023 R&D and SG&A expenses from $315 to $335 million. The company expects significant topline revenue growth in 2023 and beyond as they execute commercially on new product launches and are tightly focused on expense management.
Positive Outlook
- Four anticipated product launches
- Multiple upcoming clinical catalysts
- Strengthening the UDENYCA® franchise
- Onsite manufacturing inspections now being scheduled for toripalimab
- Sharply focused on commercial execution
Challenges Ahead
- Combined 2023 R&D and SG&A expenses from $315 to $335 million
- Includes approximately $50 million of stock-based compensation expense
- Excludes any collaboration upfront payments to Klinge Pharma
- Excludes milestones payments to Junshi Biosciences due upon U.S. approval of toripalimab
- This guidance is subject to a number of risks and uncertainties