Coherus Biosciences Inc · Q1 2024 earnings

Briefing

Coherus reported first quarter results, showing revenue growth driven by UDENYCA and LOQTORZI sales, offset by the divestiture of CIMERLI. They also updated their pipeline and capital structure.

Coherus BioSciences reported a net revenue of $77.1 million for Q1 2024, which includes sales from UDENYCA, LOQTORZI, and YUSIMRY, while CIMERLI was divested during the quarter. The company achieved a net income of $102.9 million, or $0.83 per share on a diluted basis, compared to a net loss of $75.7 million in Q1 2023. Non-GAAP net loss was $35.8 million, or $(0.32) per share.

• Net revenue reached $77.1 million, including $42.7 million from UDENYCA and $2.0 million from LOQTORZI.
• UDENYCA sales increased by 63% compared to Q1 2023.
• LOQTORZI commercially launched on January 2, 2024, achieving $2.0 million in net sales.
• Net income was $102.9 million, or $0.83 per share, compared to a net loss of $75.7 million in the same period last year.

Headline financials

Revenue & EPS history

Coherus projects combined R&D and SG&A expenses for 2024 to be in the range of $250 to $265 million. This guidance includes approximately $40 million of stock-based compensation expense and excludes the effects of acquisitions, collaborations, investments, divestitures including expenses incurred on behalf of and reimbursed by Sandoz to satisfy Coherus’ obligations under the Transition Services Agreement (TSA), restructuring, the exercise of rights or options related to collaboration programs, and any other transactions or circumstances not yet identified or quantified.