Q2 2024 Coherus BioSciences Inc Earnings Call Transcript
Key Points
- Coherus BioSciences Inc (CHRS) reported a 10% year-over-year increase in total sales for the second quarter, reaching $65 million.
- The company successfully launched LOQTORZI, its first commercial immuno-oncology agent, which demonstrated a profound survival advantage in nasopharyngeal carcinoma.
- UDENYCA franchise demand grew 25% in the quarter, with a significant increase in market share to 29%.
- Coherus BioSciences Inc (CHRS) ended Q2 with $159 million in cash, cash equivalents, and investments, reflecting strong financial management.
- The company has achieved broad payer coverage for LOQTORZI, with nearly 100% of targeted medical benefit lives covered, including Medicare and commercial plans.
- The net loss for Q2 2024 was $12.99 million, although this was an improvement from the previous year's loss.
- The divestiture of CIMERLI resulted in a loss of a significant gross profit share.
- The company faces challenges in acquiring new patients for LOQTORZI, as many current patients are on off-label PD-1 regimens.
- There are substantial risks and uncertainties inherent in the clinical drug development process, which could impact future performance.
- The company is still in the early stages of penetrating the broader community setting for LOQTORZI, with a significant portion of the market treated in academic settings.
Good day, and thank you for standing by. welcome to the Coherus BioSciencesâ second quarter 2024 earnings conference call. At this time, all participants are in a listen-only mode. After the speakerâs presentation, there will be a question-and-answer session. (Operator Instructions) Please be advised that todayâs conference is being recorded.
I would now like to hand the conference over to Jami Taylor, Head of Investor Relations. Please go ahead.
Thank you, operator. Good afternoon, and welcome to Coherus BioSciencesâ second quarter 2024 earnings conference call. Joining me today to discuss our results are Denny Lanfear, Chief Executive Officer of Coherus; Bryan McMichael, Chief Financial Officer; Paul Reider, Chief Commercial Officer; Dr. Rosh Dias, Chief Medical Officer; and Dr. Theresa LaVallee, Chief Development Officer.
Before we get started, I would like to remind you that todayâs call includes forward-looking statements regarding Coherusâ current expectations about future
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