From GlobeNewswire: 2025-03-10 16:12:00

Coherus BioSciences, Inc. reported a 4% increase in annual net revenue to $267.0 million in 2024, despite divestitures. UDENYCA® net revenue rose by 62% year-over-year, while LOQTORZI® net revenue increased by 29% quarter-over-quarter. A special meeting of shareholders for the UDENYCA divestiture is set for March 11, 2025.

The UDENYCA franchise divestiture is expected to bring in up to $558.4 million, with a cash position of approximately $250 million post-divestiture. Coherus plans to reduce its headcount by about 30% and focus on advancing its innovative oncology pipeline with multiple clinical data readouts in 2025/2026.

UDENYCA net product sales for Q4 2024 reached $46.3 million, a 28% increase from Q4 2023, despite a temporary supply interruption. LOQTORZI, the first FDA-approved treatment for NPC, saw net product sales of $7.5 million in Q4 2024, a 29% increase from Q3 2024. Coherus plans to maximize LOQTORZI’s value through internal and external partnerships.

The company’s innovative oncology pipeline includes LOQTORZI, casdozokitug, and CHS-114. Casdozokitug, a first-in-class IL-27 antagonist, has shown promising activity in various cancers. CHS-114, a selective cytolytic CCR8 antibody, is in Phase 1 trials for head and neck squamous cell carcinoma and gastric cancer.

In the fourth quarter of 2024, Coherus reported total net revenue of $54.1 million, a decrease from 2013 primarily due to divestitures. UDENYCA net revenue for the full year 2024 increased by $78.9 million, driven by market share growth despite a temporary supply interruption. In December 2023, LOQTORZI saw initial sales following FDA approval, contributing to net revenues. CIMERLI’s $98.3 million decrease in revenue was due to a sale. COGS dropped in 2024 from 2013, mainly due to divestitures. R&D expenses decreased in 2024, partly due to biosimilar product divestitures. SG&A expenses also decreased in 2024 from 2013, attributed to lower headcount and divestitures. Interest expense declined in both periods due to loan repayments. A net income was reported for 2024, compared to a loss in 2013. Non-GAAP net loss decreased in 2024 compared to 2013. Cash and investments increased from 2023 to 2024. Coherus projects strong cash position post-UDENYCA deal. A conference call is scheduled for March 10, 2025, to discuss financial results and outlook. Webcast and call details are available for interested participants. Coherus focuses on immunotherapies for cancer treatment. Coherus is developing an immuno-oncology pipeline with antibody immunotherapy candidates to enhance immune responses in cancer patients. Casdozokitug and CHS-114 are in clinical studies, while CHS-1000 received FDA allowance for a clinical study. Coherus markets LOQTORZI® and UDENYCA®. A planned divestiture of UDENYCA franchise is expected to close in Q1 or Q2 2025.

Coherus’ immuno-oncology pipeline includes innovative antibody candidates to boost antitumor immune responses. Casdozokitug is being evaluated in clinical studies for solid tumors, while CHS-114 is in a Phase 1 study for advanced tumors. CHS-1000 received FDA allowance for a clinical study. Coherus markets LOQTORZI® and UDENYCA® with a planned divestiture of UDENYCA franchise expected to close in Q1 or Q2 2025. Coherus BioSciences has filed a definitive proxy statement with the SEC for a proposed transaction. Stockholders are urged to read the statement for important information. Copies are available on the SEC website or the company’s investor relations page. Contact [email protected] for more information.
The Company’s financial statements show a net loss for the year ended December 31, 2024. Operating expenses, interest expenses, and other factors contributed to the loss. Cash and cash equivalents increased during the period.
Coherus BioSciences also provided non-GAAP financial measures, excluding certain expenses from net income. The company believes these measures provide useful supplemental information for investors to analyze its performance and compare results over time. Non-GAAP measures are not a substitute for GAAP results. 1. The stock market saw a significant drop today, with the S&P 500 falling by 2.5% and the Dow Jones Industrial Average dropping by 800 points. This decline was fueled by concerns over rising inflation and the Federal Reserve’s plans to raise interest rates.

2. In international news, tensions between Russia and Ukraine are escalating as Russian troops continue to build up along the border. The United States and European Union have condemned Russia’s actions, and are considering imposing sanctions in response.

3. On the economic front, the U.S. GDP grew by 6.9% in the fourth quarter of 2021, exceeding expectations. This growth was driven by strong consumer spending and increased business investment, signaling a positive outlook for the economy in the coming months.

4. In tech news, Apple announced plans to release a new budget-friendly iPhone SE in the spring. The new model is expected to feature 5G capabilities and a faster processor, catering to consumers looking for a more affordable option without compromising on performance.



Read more at GlobeNewswire:: Coherus BioSciences Reports Fourth Quarter, Full Year 2024