Coherus BioSciences Reports Q2 2024 Financial Results
Intellectia.AI Updated: 1970-01-01
Coherus BioSciences Reports Q2 2024 Financial Results
Coherus BioSciences, Inc. (NASDAQ: CHRS), a commercial-stage biopharmaceutical company, has announced its financial results for the quarter ended June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q1 2024 | Q2 2023 | YoY Change | Consensus Estimates | Comparison to Consensus |
|---|---|---|---|---|---|---|
| Total Revenue | $65.0M | N/A | $58.7M | +10.7% | $61.37M | Above by $3.63M |
| Earnings Per Share (EPS) | $(0.11) | N/A | $(0.49) | Improved | $(0.29) | Above by $0.18 |
Coherus BioSciences reported net revenue of $65.0 million for Q2 2024, exceeding the consensus estimate of $61.37 million. The company’s earnings per share were $(0.11), which was also better than the consensus estimate of $(0.29).
Revenue Performance by Segment
| Segment | Q2 2024 Revenue | Q1 2024 Revenue | Q2 2023 Revenue | YoY Change | QoQ Change |
|---|---|---|---|---|---|
| UDENYCA® | $50.9M | $42.7M | $31.7M | +60.0% | +19.0% |
| LOQTORZI® | $3.8M | N/A | N/A | N/A | N/A |
| YUSIMRY® | $3.8M | N/A | N/A | N/A | N/A |
UDENYCA® net product sales were $50.9 million in Q2 2024, representing a 19% increase from Q1 2024 and a robust 60% year-over-year growth. LOQTORZI®, launched in January 2024, generated $3.8 million in net sales during Q2. YUSIMRY®, which was divested during Q2, also contributed $3.8 million.
Operational Data
| Metric | Q2 2024 | Q1 2024 | Q2 2023 |
|---|---|---|---|
| UDENYCA Unit Demand | +25% | N/A | +138% |
UDENYCA® unit demand increased by 25% in Q2 2024 compared to Q1 2024 and by 138% compared to Q2 2023.
Comments from Company Officers
Denny Lanfear, Coherus' Chairman and CEO, stated, "The first half of 2024 has been a period of disciplined execution of our strategy, including improving our capital structure and driving increasing sales of our commercial portfolio." Newly appointed CFO, Bryan McMichael, added, "I am honored to carry forward my work at Coherus in this role, and I have great confidence in the Company's future."
Dividends and Share Repurchase Program
No dividends or share repurchase programs were announced in this earnings release.
Forward Guidance
Coherus projects combined R&D and SG&A expenses for 2024 to be in the range of $250 to $265 million.
Stock Price Movement
Following the earnings release, Coherus BioSciences' stock price saw a 4.03% increase.
In conclusion, Coherus BioSciences delivered a stronger-than-expected performance in Q2 2024, driven by solid sales from its flagship product UDENYCA and the newly launched LOQTORZI. The company continues to focus on its oncology pipeline and improving operational efficiency.
