Coherus Biosciences Cites Biosimilars as Main Drivers of 2023 Revenue Growth

Coherus Biosciences reported a significant increase in net revenue during 2023, which was largely attributed to increased sales for its pegfilgrastim and ranibizumab biosimilars (Udenyca and Cimerli, respectively), according to the company’s fourth quarter and full year earnings report for 2023.

During the final quarter of 2023 (Q4 2023), revenue reached $91.5 million, a meaningful jump from $45.4 million from the same quarter in 2023. For the entire year, Coherus achieved $257.2 million in revenues, up from $21.0 million in 2022.

In Q4 2023, intravenous Udenyca net product sales saw a 10% increase, reaching $36.2 million, compared to $33.0 million in the third quarter. Total unit demand also experienced growth, rising by 7% quarter over quarter. Additionally, the Udenyca autoinjector presentation unit demand soared by 129% during the same period. Since its commercial launch in May 2023, the autoinjector presentation has garnered orders from more than 727 accounts, highlighting its growing popularity and acceptance in the market.

For Cimerli, sales reached $52.4 million for the quarter and $125.4 million for all of 2023. Cimerli launched on the US market in September 2023 after receiving approval from the FDA in August 2022.

However, the year was not without its challenges, including a net loss of $79.7 million in Q4 2023 and $237.9 million for the whole year. The losses were primarily caused by increased cost of goods sold, which included a $47.0 million charge for writing down of Yusimry (adalimumab-aqvh) inventory after experiencing slow uptake. Yusimry launched on the US market in July 2023 as 1 of 9 biosimilars referencing Humira (adalimumab) to become available to Americans in 2023.

Coherus reported that it hopes the recent launches of its onbody injector for Udenyca (Udenyca Onpro), the first biosimilar competitor to Neulasta Onpro (onbody reference pegfilgrastim), and Loqtorzi (toripalimab-tpzi), a novel melanoma medication, will help offset these challenges. Additionally, it issued a “workforce reduction of 30%” to aid in operation streamlining and cost reductions.

“Throughout 2023, Coherus demonstrated significant progress in transforming the Companys business model and product portfolio for long-term sustainable growth,” Denny Lanfear, chairman and CEO of Coherus, said in a statement. “With a robust portfolio of FDA-approved products and a promising immuno-oncology pipeline, we are now better positioned than ever to execute on our mission of extending the lives of cancer patients.”

Research and development expenditures decreased from $29.0 million in Q4 2022 to $26.4 million in Q4 2023. For the full year, these expenses dropped from $199.4 million in 2022 to $109.4 million in 2023. With a total of $117.7 million in cash, cash equivalents, and investments in marketable securities, Coherus said that it is well positioned to weather challenges and pursue strategic opportunities.