Business
Coherus BioSciences Reports Fourth Quarter, Full Year 2023 Financial Results and Provides Current Business Update
– Net revenue of $91.5 million in the fourth quarter and $257.2 million in FY 2023 – – UDENYCA® net sales of $36.2 million in the fourth quarter and $127.1
About this update from Coherus Oncology, Inc.
[{"type":"text","content":"– Net revenue of $91.5 million in the fourth quarter and $257.2 million in FY 2023 – – UDENYCA® net sales of $36.2 million in the fourth quarter and $127.1 million in FY 2023 – – CIMERLI® net sales of $52.4 million in the fourth quarter and $125.4 million in FY 2023 – – LOQTORZI™ and UDENYCA ONBODY™ successfully launched in Q1 2024 – – Reduction of work force of 30% for 2024 initiated on March 7, 2024 – – Conference call today at 5:00 p.m. Eastern Time – REDWOOD CITY, Calif., March 13, 2024 (GLOBE NEWSWIRE) -- Coherus BioSciences, Inc. (Coherus, Nasdaq: CHRS), today reported financial results for its fiscal fourth quarter and full year ended December 31, 2023 and recent business highlights: RECENT BUSINESS HIGHLIGHTS CORPORATE RESTRUCTURING SOLIDIFIES FOCUS ON ONCOLOGY On March 1, 2024, Coherus closed the divestiture of the ophthalmology franchise to Sandoz for upfront, all-cash consideration of $170 million plus an additional $17.8 million for CIMERLI product inventory and prepaid manufacturing assets.On or before April 1, 2024, Coherus plans to prepay $175 million of the $250 million principal balance of its term loan with Pharmakon Advisors LP (“Pharmakon”), leaving a residual balance of $75 million and reducing projected annualized Pharmakon related interest payments by about 70%.The sharpened focus in oncology and a subsequent restructuring is expected to result in a reduction in workforce of 30% by the end of 2024, including 35 employees associated with the ophthalmology divestiture, for an estimated annualized cost savings of more than $25 million.Expected SG&A and R&D expenses for 2024 reduced from $301.5 million in 2023 to $250-265 million representing at least a 12% decrease year over year.The $25 million toripalimab NPC approval milestone due to be paid to Junshi Biosciences in Q1 2024 has been restructured such that $12.5 million will be paid in Q2 2024 and the remainder in Q1 2025, potentially adjusted downward for proceeds from Canadian rights. UDENYCA® RESULTS and ONBODY LAUNCH UPDATE UDENYCA net product sales increased 10% in the fourth quarter 2023 to $36.2 million compared to $33.0 million in the third quarter. Total unit demand grew 7% quarter over quarter. UDENYCA Autoinjector presentation unit demand grew 129% quarter over quarter. Since commercial launch in May 2023, more than 727 accounts have ordered the ...