Welcome to our dedicated page for Coherus BioSciences news (Ticker: CHRS), a resource for investors and traders seeking the latest updates and insights on Coherus BioSciences stock.
Coherus BioSciences, Inc. (NASDAQ: CHRS) is a leading commercial-stage biopharmaceutical company dedicated to improving patient access to high-quality, life-changing biologic medicines. Established in 2010 and headquartered in the San Francisco Bay Area, Coherus specializes in developing biosimilars and innovative immuno-oncology therapies to treat various chronic and life-threatening diseases.
Coherus' core business revolves around providing biosimilar therapeutics that are designed to replace existing branded biologics, thereby reducing healthcare costs. The company's biosimilar portfolio includes FDA-approved products like UDENYCA® (a biosimilar to Neulasta®) and YUSIMRY® (a biosimilar to Humira®), which is set to launch in the US in 2023. These products help manage conditions such as cancer and autoimmune diseases, expanding patient access to essential treatments.
Recently, Coherus completed the divestiture of its ophthalmology franchise, CIMERLI®, to Sandoz, Inc. for $170 million. This move allows Coherus to focus more intently on its immuno-oncology pipeline, which includes the promotion of LOQTORZI™ (toripalimab-tpzi), a next-generation PD-1 inhibitor approved for nasopharyngeal carcinoma. The company's strategy includes advancing its novel immuno-oncology candidates like CHS-114 and CHS-1000, which are in various stages of clinical development targeting solid tumors.
Financially, Coherus is leveraging the revenue from its biosimilar products to fund its immuno-oncology research and development. The company collaborates with global pharmaceutical partners across Europe, Asia, and Latin America, enhancing its market presence and resource capabilities.
Key updates include the successful preclinical data presentation for CHS-1000 at the 2024 AACR Annual Meeting, showcasing its potential to reverse immunosuppression in the tumor microenvironment. Moreover, the Cancer Research Institute (CRI) has selected LOQTORZI for combination studies to explore its efficacy in drug-resistant cancers, further solidifying Coherus' commitment to pioneering cancer therapy advancements.
Led by a team of seasoned industry veterans, Coherus BioSciences aims to become a global leader in the biosimilar and immuno-oncology markets, continually striving to develop therapies that improve patient outcomes and broaden access to high-quality medical treatments.
Coherus BioSciences (Nasdaq: CHRS) reported Q3 2022 net sales of $45.4 million, a decline from $82.5 million in Q3 2021. This drop stemmed from reduced sales volume of UDENYCA® and lower prices amid increased competition. The FDA approved CIMERLI™ in August 2022, which launched on October 3, 2022, and is projected to generate over $100 million in 2023 sales. Coherus anticipates the launch of several new products in 2023 and is targeting profitability by 2024. The net loss for Q3 was $86.7 million, up from a $38.5 million loss in the same quarter last year.
Coherus BioSciences (CHRS) has announced its third quarter 2022 financial results will be released on November 8, 2022, after market close. Following the release, management will host a conference call at 5:00 p.m. Eastern Time to discuss the results and provide a business update. Investors can access the press release and related materials on the official website before the call. A replay of the webcast will be available post-call. Pre-registration is required for call access, ensuring a timely connection.
Coherus BioSciences and Junshi Biosciences announced significant improvements in overall survival (OS) and progression-free survival (PFS) in their phase 3 trial of toripalimab combined with chemotherapy for treatment-naïve advanced non-small cell lung cancer (NSCLC) without EGFR/ALK mutations. The trial showed a median PFS of 8.4 months compared to 5.6 months for chemotherapy alone, and a 2-year OS rate of 51.2% versus 33.9%. No new safety concerns were reported. This data supports further development of toripalimab in combination with other immunotherapies.
CIMERLI is the first FDA-approved biosimilar interchangeable with Lucentis for all indications, with a 12-month exclusivity on interchangeability. Launching on October 3, 2022, it offers the same efficacy and safety as Lucentis, allowing for confident transitions for existing patients. The product is priced at $1,360 for the 0.5 mg dose, providing a 30% discount compared to Lucentis. Coherus aims to capture a significant market share by leveraging its dedicated sales team and CIMERLI Solutions™ for patient support and reimbursement.
Coherus BioSciences (Nasdaq: CHRS) announced participation in the H.C. Wainwright 24th Annual Global Investment Conference on September 14, 2022, at 10:00 am ET. Senior management will engage in a fireside chat, which will be available via an audio webcast on the company's investor page. Interested parties are encouraged to access the webcast in advance to ensure a timely connection. The archived webcast will be accessible on the Coherus website for 30 days following the event.
Coherus BioSciences (Nasdaq: CHRS) announced the grant of stock options for an aggregate of 234,000 shares to 22 new employees, effective August 24, 2022. The options have a per-share exercise price of $12.90, matching the closing trading price on the grant date. This action is part of the Company’s 2016 Employment Commencement Incentive Plan aimed at attracting new talent.
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.
FAQ
What is the current stock price of Coherus BioSciences (CHRS)?
What is the market cap of Coherus BioSciences (CHRS)?
What does Coherus BioSciences specialize in?
Where is Coherus BioSciences headquartered?
What are some of Coherus' FDA-approved products?
What recent transactions has Coherus BioSciences completed?
How does Coherus BioSciences fund its immuno-oncology research?
What is the significance of Coherus' partnership with the Cancer Research Institute?
Which markets do Coherus' partnerships cover?
What recent achievements has Coherus made in its clinical pipeline?
Who are the key figures in Coherus BioSciences' leadership?
What is the focus of Coherus' CHS-114 clinical trials?
