Coherus BioSciences, Inc. - CHRS STOCK NEWS

Coherus BioSciences (CHRS) reported a Q2 2022 net revenue of $60.2 million, down from $87.6 million in Q2 2021, mainly due to decreased sales of UDENYCA®. The FDA approved CIMERLI™ for commercial launch in October 2022 and set a PDUFA date of December 23, 2022, for toripalimab's BLA. The company has $275 million in cash and is preparing for the launch of several products, including YUSIMRY™. Net loss for Q2 2022 was $50.2 million, widening from a loss of $29.9 million in Q2 2021. R&D and SG&A expense guidance has been revised down to $375-$395 million.

Coherus BioSciences announced FDA approval for CIMERLI™ (ranibizumab-eqrn), an interchangeable biosimilar to Lucentis®, for all five FDA-approved indications, marking its third product approval. With expected sales starting in October 2022, CIMERLI™ aims to enhance treatment access in the $7 billion anti-VEGF ophthalmology market. The COLUMBUS AMD trial confirmed CIMERLI™'s clinical equivalence to Lucentis®, showing comparable safety and efficacy. Coherus plans additional product launches, including YUSIMRY™, a Humira® biosimilar, in 2023.

Coherus BioSciences (CHRS) announced the grant of stock options to two newly hired executives, effective August 1, 2022. A total of 250,000 options were awarded, with an exercise price of $9.16 per share, matching the closing price on the grant date. The Executive Vice President received 150,000 options, while the Senior Vice President was granted 100,000. This incentive is part of Coherus' 2016 Employment Commencement Incentive Plan, which aims to attract new talent and was approved by the board of directors in June 2016.

Coherus BioSciences (CHRS) will release its second quarter 2022 financial results after market close on August 4, 2022. The management will host a conference call at 5 p.m. ET to discuss these results and provide a business update. Investors can access the results on the Coherus website post-release. The call can be joined through specific dial-in numbers provided for both U.S. and international participants. Early connection is advised for attendees.

The FDA has accepted Coherus BioSciences’ Biologics License Application (BLA) for toripalimab, targeted for patients with advanced nasopharyngeal carcinoma (NPC). A decision is expected by December 23, 2022. Toripalimab aims to be the first approved immunotherapy for NPC in the U.S. and is crucial for patients facing unmet medical needs. The anticipated launch is set for Q1 2023, pending FDA approval. The drug is supported by positive Phase 2 and 3 clinical trial results, emphasizing its potential as a key oncology product for Coherus.

Coherus BioSciences, Inc. (CHRS) announced the granting of stock options to 16 new employees as of June 16, 2022. A total of 409,000 shares were made available, with a per-share exercise price of $5.86, the closing price on the grant date. The options include 200,000 shares for a Chief level executive and 45,000 shares for a Vice President, while 14 non-officer employees received a combined total of 164,000 shares. This initiative is part of the 2016 Employment Commencement Incentive Plan aimed at attracting new talent.

Coherus Biosciences has appointed Dr. Jill O’Donnell-Tormey, a leader in cancer immunotherapy, to its Board of Directors. With over 30 years at the Cancer Research Institute, she will also serve on the Nominating and Corporate Governance Committee. CEO Denny Lanfear emphasized her experience in advancing immunotherapies. Dr. O’Donnell-Tormey expressed enthusiasm for helping Coherus deliver new cancer treatments. Coherus is focused on building a robust immuno-oncology franchise, with upcoming product launches including YUSIMRY™, aiming to enhance patient outcomes.

Coherus BioSciences (Nasdaq: CHRS) announced its participation in three investor conferences in May 2022. The BofA Securities 2022 Healthcare Conference will occur on May 12 at 3:00 p.m. ET, followed by the UBS Global Healthcare Conference on May 24 at 2:00 p.m. ET, and the H.C. Wainwright Global Investment Conference on May 25 at 9:00 a.m. ET. Audio webcasts of each presentation will be available on the Coherus investors’ page, with archived access for 30 days.

Coherus BioSciences (CHRS) reported Q1 2022 net sales of UDENYCA® at $60.1 million, down from $83 million in Q1 2021, attributed to increased competition. The company plans to resubmit the toripalimab BLA by mid-summer after addressing a complete response letter from the FDA. CIMERLI™ is advancing, with an action date set for August 2, 2022. R&D and SG&A expense guidance has been reduced by $20 million to $395-$430 million for the year. Coherus reported a net loss of $96.1 million in Q1 2022, improving from a $172.9 million loss in Q1 2021.