Business
Coherus BioSciences Reports Third Quarter 2022 Results and Provides Business Update
– UDENYCA® net sales of $45.4 million in the third quarter 2022 –– CIMERLI™ launched in the United States on October 3rd –– Planning underway for 2023
About this update from Coherus Oncology, Inc.
[{"type":"text","content":"– UDENYCA® net sales of $45.4 million in the third quarter 2022 –– CIMERLI™ launched in the United States on October 3rd –– Planning underway for 2023 commercial launches of toripalimab, YUSIMRY™ and UDENYCA® OBI –– Conference call today at 5 p.m. ET – REDWOOD CITY, Calif., Nov. 08, 2022 (GLOBE NEWSWIRE) -- Coherus BioSciences, Inc. (“Coherus” or the “Company”, Nasdaq: CHRS), today reported financial results for its fiscal third quarter ended September 30, 2022 and recent business highlights: RECENT BUSINESS HIGHLIGHTS CIMERLI™ (ranibizumab-eqrn), was approved in August 2022 by the U.S. Food and Drug Administration (FDA) as a biosimilar product interchangeable with Lucentis® (ranibizumab injection), with 12 months of interchangeability exclusivity. Coherus launched CIMERLI on October 3, 2022. CIMERLI™ achieved leading biosimilar market share within the first four weeks of launch, and 2023 net sales of CIMERLI™ are projected to exceed $100 million. Toripalimab, a PD-1 inhibitor for the treatment of nasopharyngeal carcinoma, is under review by FDA, with a biologics license application (BLA) target action date of December 23, 2022. Thus far, travel restrictions related to the COVID-19 pandemic have hindered the FDA’s ability to complete inspections in China. Coherus and partner Junshi Biosciences are currently engaged in discussions with the FDA regarding opportunities to complete the inspections. “We are pleased with the launch of our new revenue growth driver, CIMERLI™, which builds on the success we demonstrated with UDENYCA®, our first product, that also rapidly overtook a large, first-to-market competitor. This is the first of four product launches transforming Coherus into a multi-product company. In 2023, we plan to launch YUSIMRY™, our FDA-approved Humira® biosimilar, and upon FDA approval, toripalimab and our UDENYCA® on-body injector presentation,” said Denny Lanfear, Coherus’ Chairman and Chief Executive Officer. “Given projected topline growth from these launches and prudent expense management, we are targeting a return to profitability in 2024.” THIRD QUARTER 2022 FINANCIAL RESULTS Net revenue, consisting primarily of net sales of UDENYCA®, was $45.4 million and $82.5 million during the three months ended September 30, 2022 and 2021, respectively, and $165.7 million and $253.2 million during the nine months ended Septe...