Coherus BioSciences Reports Strong Financial Results for Third Quarter 2024

Coherus BioSciences, Inc. recently released its financial results for the quarter ending September 30, 2024. The company reported net revenue of $70.8 million for the third quarter, showing a solid performance driven by a 30% increase in UDENYCA net revenue compared to the previous quarter. Additionally, the company saw a 50% increase in LOQTORZI net revenue quarter-over-quarter, indicating a positive trajectory.

Notable highlights from the recent business update include the promising advancements in Coherus’ immuno-oncology pipeline. The company is moving ahead with plans to conduct proof-of-concept studies in combination with toripalimab and bevacizumab for the treatment of unresectable locally advanced or metastatic hepatocellular carcinoma. Furthermore, progress is underway with the Phase 1 study of CHS-114, an anti-CCR8 antibody, showing potential in patients with advanced/metastatic head and neck squamous cell carcinoma.

Regarding supply updates, Coherus notified that its production for UDENYCA is set to resume at a third-party contract manufacturing organization, with operations expected to ramp up by the end of the year. The company has been diversifying its labeling and packaging resources to enhance its capacity and meet growing demand.

Financially, Coherus reported a notable decrease in its cost of goods sold (COGS) for the third quarter of 2024, primarily attributed to the divestiture of certain products alongside increased product costs. Moreover, the company experienced reductions in research and development (R&D) and selling, general, and administrative (SG&A) expenses compared to previous periods.

The company’s net loss for the third quarter of 2024 was $10.8 million, compared to $39.6 million in the same period in 2023. Coherus highlighted that its adjusted non-GAAP net loss was $1.7 million for the quarter, reflecting improved financial performance. Coherus also provided optimistic guidance on projected R&D and SG&A expenses for the year 2024, anticipating the range to be between $250 to $260 million.

Coherus BioSciences remains committed to advancing its innovative immuno-oncology pipeline and delivering next-generation therapies to cancer patients. The company’s focus on driving revenue growth and operational efficiency is evident in its recent financial results and strategic developments.

Investors and stakeholders can access further details on Coherus BioSciences’ financial performance through the company’s conference call scheduled for 5:00 p.m. Eastern Time on November 6, 2024. Additional information and updates can be found on the company’s website.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Coherus BioSciences’s 8K filing here.

Coherus BioSciences Company Profile

Coherus BioSciences, Inc, a biopharmaceutical company, focuses on the research, development, and commercialization of cancer treatments primarily in the United States. The company develops UDENYCA, a biosimilar to Neulasta, a long-acting granulocyte-colony stimulating factor; LOQTORZI, a novel PD-1 inhibitor; and Casdozokitug, an investigational recombinant human immunoglobulin isotype G1 (IgG1) monoclonal antibody targeting interleukin 27.