The following is a summary of the Coherus BioSciences, Inc. (CHRS) Q1 2024 Earnings Call Transcript:
Financial Performance:
Coherus BioSciences reported a net product revenue of $76.7 million in Q1 2024, up 137% year over year.
Revenue from UDENYCA was up by 63% compared to Q1 2023 and 18% from the last quarter to $42.7 million.
The newly launched product, LOQTORZI generated $2 million in revenue.
The company successfully reduced its structured term loan debt by 85% over a recent three-month period.
Coherus reported a net income of $102.9 million in Q1 2024, compared to a net loss of $75.7 million during the same period in 2023.
Cost of goods sold during Q1 2024 was $34.6 million, representing an 8% decrease from Q4 2023.
R&D expenditures fell by $5.7 million even as SG&A costs increased by 15%.
As of March 31, 2023, the company held cash and cash equivalents and investments in marketable securities of $259.8 million.
Business Progress:
The business received FDA approval for the therapeutics LOQTORZ and UDENYCA, both of which are now on the market.
The UDENYCA franchise has grown with the new UDENYCA on-body injector, expanding into more of the pegfilgrastin market.
The company has broad development strategies for its immuno-oncology portfolio with internally developed assets, promising partnership opportunities, and external research collaborations.
Coherus BioSciences has advanced its R&D pipeline, with clinical developments for products such as Casdozo and CHS-114.
The company is expecting FDA feedback on the IND for CHS-1000 in the second quarter of 2024.
Coherus BioSciences expects its key growth drivers in 2024 to be the UDENYCA on-body variant and is focusing on its newly launched products, LOQTORZI and UDENYCA's auto-injector. The company plans to achieve cash flow positivity by 2024.
More details: Coherus BioSciences IR
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