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Dec 31, 2022
Coherus Q4 2022 Earnings Report
Reported financial results for the fourth quarter and full year ended December 31, 2022.
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.
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
Historical Earnings Impact
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