Coherus BioSciences' Q4 Sales Fall 34% On Lower Udenyca Volume, Prices

Coherus BioSciences Inc's CHRS Q4 net revenue was $73.4 million for Q4 FY21 compared to $110.4 million for the same period in 2020, missing estimates of $85.81 million.

• The decline was primarily due to a decrease in the number of units of Udenyca sold and a reduction in net realized price due to increased competition and COVID-19 impacts.
• The company posted an adjusted EPS loss of $(0.46), beating the consensus of $(0.51).
• During the quarter, FDA approved Yusimry (adalimumab-aqvh), a Humira biosimilar. Coherus plans the U.S. launch of Yusimry after July 1, 2023, per the terms of an agreement with AbbVie Inc ABBV.
• Related: Coherus' Udenyca Body Injector At par With Pre-filled syringe.
• "In 2022, we expect to launch two new products, if approved, including our first immuno-oncology antibody, toripalimab, addressing an unmet need in nasopharyngeal carcinoma, as well as CIMERLI," said Denny Lanfear, CEO.
• Coherus projects combined R&D and SG&A expenses in 2022 to be $415 million - $450 million, excluding a potential $25 million milestone payable upon FDA approval of the toripalimab for nasopharyngeal carcinoma and the $35 million exercise the option for the license to JS006, which is expected to close in Q1 FY22.
• Price Action: CHRS shares closed lower by 2.50% at $12.85 on Thursday.