Coherus BioSciences Inc (CHRS, Financial) released its financial results for the quarter ended September 30, 2023, on November 6, 2023. The company reported a 27% increase in net revenue from the prior quarter, reaching $74.6 million. This growth was primarily driven by a 50% increase in CIMERLI® net sales, which amounted to $40 million.
Financial Highlights
The company's net revenue for the third quarter of 2023 included $33.0 million of net sales of UDENYCA®, $40.0 million of net sales of CIMERLI®, and $1.4 million of net sales of YUSIMRY™. This is a significant increase compared to the net revenue of $45.4 million for the same period in 2022, which consisted primarily of UDENYCA® net sales.
Coherus BioSciences Inc (CHRS, Financial) reported a net loss of $39.6 million for the third quarter of 2023, or $(0.41) per share on a diluted basis. This is a significant improvement compared to a net loss of $86.7 million, or $(1.11) per share on a diluted basis for the same period in 2022.
Balance Sheet and Cash Flow
As of September 30, 2023, the company's cash, cash equivalents, and investments in marketable securities were $131.1 million, compared to $191.7 million at December 31, 2022. The company's total assets amounted to $583.8 million, while total liabilities and stockholders' deficit were $583.8 million.
Company's Outlook
Coherus BioSciences Inc (CHRS, Financial) is lowering its guidance for 2023 net product revenue to a range of $250 to $260 million, primarily due to the delay in the timing of the planned commercial launches of the UDENYCA® On-body Injector and of LOQTORZI™. The company is also lowering its guidance range for combined R&D and SG&A expenses for 2023 from $315 to $335 million to a range of $300 to $310 million.
CEO's Commentary
“With the approval of LOQTORZI™ and the closing of the Surface Oncology acquisition, Coherus has all the elements in place to realize its vision of building an innovative immuno-oncology company with a commercial-stage PD-1 inhibitor and a highly competitive, next-generation clinical I-O pipeline focused on the tumor microenvironment,” said Denny Lanfear, Coherus’ Chairman and Chief Executive Officer.
Explore the complete 8-K earnings release (here) from Coherus BioSciences Inc for further details.