The following is a summary of the Coherus BioSciences, Inc. (CHRS) Q3 2024 Earnings Call Transcript:

Financial Performance:

• UDENYCA franchise revenue reached $66 million in Q3, doubling year-over-year.

• Total net product revenue for Q3 was $70.6 million, a 21% increase from the previous quarter.

• LOQTORZI net revenue was $5.8 million in Q3, which represents a 54% increase from the previous quarter.

• The company reported a non-GAAP net loss of $1.7 million, which is a considerable improvement from $26.9 million in the same period last year.

Business Progress:

• UDENYCA returned to growth with a 30% increase from Q2 to Q3. It maintained a market share of nearly 30%.

• LOQTORZI, approved for treating nasopharyngeal cancer, demonstrated a sales growth of 54% quarter-over-quarter.

• Efforts are underway to expand and diversify the supply chain, providing a robust outlook for the continuous supply of UDENYCA.

Opportunities:

• LOQTORZI is projected to achieve dominant market share in the nasopharyngeal carcinoma market, estimated between $150 million to $200 million, fueled by strong early patient acquisition.

• With the anticipated increase in labeling and packaging capacity, the company is poised to meet the growing demand for their products, particularly UDENYCA, which is expected to capture substantial market share increases in 2025.

Risks:

• Temporary supply interruption of UDENYCA could lead to fluctuations in quarterly results, depending on when normal supply levels resume and how quickly customer demand recovers.

• There is uncertainty around the duration of treatment and switching costs for patients who had to shift to alternative therapies during the supply interruption.

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