Coherus BioSciences Inc (CHRS) Reports 27% Rise in Q3 2023 Net Revenue
Coherus BioSciences Inc (NASDAQ:CHRS) reports a 27% increase in net revenue from the prior quarter, amounting to $74.6 million.
CIMERLI net sales saw a significant increase of 50% to $40 million compared to the previous quarter.
The company's net loss for the third quarter of 2023 was $39.6 million, showing a significant improvement from a net loss of $86.7 million in the same period in 2022.
Cash, cash equivalents, and investments in marketable securities were $131.1 million as of September 30, 2023.
Coherus BioSciences Inc (NASDAQ:CHRS) 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 (NASDAQ:CHRS) 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 (NASDAQ:CHRS) 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.
This article first appeared on GuruFocus.
