Coherus BioSciences Reports Third Quarter 2024 Financial Results and Provides Business Update

Core Insights - Coherus BioSciences reported a net revenue of $70.8 million for Q3 2024, driven by a 30% increase in UDENYCA® net revenue and a 50% increase in LOQTORZI® sales compared to the previous quarter [1][5][3] - The company is focusing on oncology, with significant progress in its innovative immuno-oncology pipeline, including the advancement of casdozokitug and CHS-114 [1][4][20] Financial Performance - UDENYCA net product sales reached $66.1 million in Q3 2024, a 30% increase from $50.9 million in Q2 2024 and a 100% increase from $33.0 million in Q3 2023 [2] - LOQTORZI net product sales were $5.8 million in Q3 2024, reflecting a 54% increase from $3.8 million in Q2 2024 [3] - The total net revenue for the nine months ended September 30, 2024, was $212.8 million, compared to $165.7 million for the same period in 2023 [6] Cost Management - Cost of goods sold (COGS) decreased to $20.7 million in Q3 2024 from $32.7 million in Q3 2023, primarily due to the divestiture of CIMERLI and YUSIMRY [7] - Research and development (R&D) expenses were $21.7 million in Q3 2024, down from $25.6 million in Q3 2023, attributed to reduced headcount and lower costs related to divested products [9] - Selling, general and administrative (SG&A) expenses decreased to $34.7 million in Q3 2024 from $48.2 million in Q3 2023, driven by lower headcount [10] Pipeline Development - The company is advancing its immuno-oncology pipeline, with a Phase 2 study of casdozokitug expected to begin soon, targeting hepatocellular carcinoma [4] - CHS-114 is currently in a Phase 1 study, with plans to initiate Phase 1b dose optimization studies in early 2025 [4][20] Market Position - UDENYCA maintained a 28% market share in the pegfilgrastim class, ranking second [2] - Since the launch of LOQTORZI, nearly 80% of National Comprehensive Cancer Network (NCCN) institutions have prescribed it for new patients [3]