The following is a summary of the Coherus BioSciences, Inc. (CHRS) Q4 2023 Earnings Call Transcript:
Financial Performance:
Coherus BioSciences reported Q4 combined net product revenue of $91.4 million, a 23% increase over Q3, with full-year net product revenue for 2023 being $256.6 million, a 22% increase over 2022.
UDENYCA revenue grew in Q4 with net sales of $36.2 million, a quarterly increase of 10%.
Q4 sales of CIMERLI generated $2.2 million, while the full-year 2023 sales were $3.6 million.
LOQTORZI recorded sales of $600,000 in Q4, based on initial wholesaler stocking for commercial launch.
The net loss for Q4 2023 was $79.7 million or $0.71 per share, compared to a net loss of $58.9 million or $0.76 per share for the same period in 2022.
Coherus ended the year with cash and cash equivalents of $117.7 million, compared to $192 million at the end of 2022.
Cost of goods sold (COGS) increased to $159 million in 2023, up from $70.1 million in 2022.
R&D expenses declined to $109.4 million. SG&A expenses decreased to $192 million for 2023, from $198.5 million in 2022.
Business Progress:
The company received timely FDA approval for UDENYCA and LOQTORZI for all lines of therapy in nasopharyngeal carcinoma.
Coherus published numerous positive phase 3 data sets for its drug, LOQTORZI, across various tumor types.
The company is currently enrolling patients for further investigation of casdozokitug in combination with toripalimab.
Coherus plans to strengthen its position in the market by offering three unique product options of UDENYCA to meet different needs.
For 2024, the company aims to achieve market share growth and profitability focusing on oncology products, particularly UDENYCA and LOQTORZI.
Coherus is also progressing with LOQTORZI, its treatment for recurrent or metastatic nasopharyngeal carcinoma (NPC). Since its launch on January 2, 2023, 59 accounts have ordered LOQTORZI.
In 2024, the company plans to further reduce costs, decrease headcount, and divest non-core assets to achieve a sustainable growth path.
The company also plans to submit an IND for its anti-ILT4 antibody program, CHS-1000, in Q2 of 2024.
The company announced that UDENYCA sold 1 million units since its launch, representing a significant milestone.
More details: Coherus BioSciences IR
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