CHRS - Earnings call 2 2023 | Coherus BioSciences, Inc.

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Operator

Good day, and thank you for standing by. Welcome to the Coherus BioSciences Second Quarter 2023 Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Marek Ciszewski. Please go ahead.

Marek Ciszewski

Thank you, Cory, and good afternoon, everyone, and thank you for joining us. release quarter announcing of press for financial a second the XXXX. issued earlier our today results We This release X-K can website with and be SEC found on also the to the attached the Form today. that filed is we Coherus BioSciences

our expectation of current of multiple indication, expectations forward-looking product, being statements events. launch a market new are limited completing products Coherus' market merger but future to any ability any share projections about to positive Oncology, future and about Today's call our regarding expenses gain expectations to for projections opportunity includes for portfolio prioritization. our our the and for not statements future cash flow and return These about expectations our timing revenues, include with Surface approval them, for of

All These are those include forward-looking our to to and risks could that or are and uncertainties by actual implied substantial of statements the differ control risks subject and statements achievements are results, not statements. performance guarantees beyond cause future performance from to of and ability these substantial uncertainties we we are benefits well the in that that risks the merger or with and the filed about SEC. documents of transaction our Surface issued anticipated release the press today uncertainties, that our discussed realize with as including that Oncology as complete forward-looking

any update revise made are date, Forward-looking or undertake statements. today duty on as of this statements to call the provided and we no forward-looking

Development turn Rosh and Chief results Chief today's future over are Coherus; Reider, Officer. I call McDavid Paul Dr. Lavallee, Denny. Second CEO call quarter are Officer; indicative Officer; will Dias, Financial Commercial With periods. Denny XXXX results Mr. on now to me Stilwell, Officer; necessarily Chief the of Medical Chief not Lanfear, of Theresa

Dennis Lanfear

us our from QX by innovative demonstrated commercialization to to Pursuant we across research, FDA-approved you, in on to Marek, and that XXXX all company good execution This Call. company funded quarter, revenues objective, chain. make geo-oncology development, thank strategy in build today QX an continued Earnings past the for joining progress value and you Thank our products. strong

we microenvironment change Specifically, leading high tumor the merger that edge that potentially next the with a Oncology, Surface therapeutic shares signed represents science our benefits impacting beyond step IO a in vision checkpoints. company agreement

ongoing moment, filings. a Development will of Rosh Theresa own will emerging our from recap Medical update you you [indiscernible]. potential which Lavallee, also accent Dias, various the approval. to Chief course, pipeline. mechanism This With update on for for synergies will In of proprietary data Chief development, Dr. studies Officer, Toripalimab projected Officer, respect the QX, toward asset recap the We'll IND our continues our of on across timing balance the and you for you,

presentation product products the Now commercial across saw a this performance, with revenues respect to the million, strong $XX.X Xx quarter almost in with of net execution we QX.

Our launched average UDENYCA reception. follow-on and device strategy price the has market auto-injector launches successful. to pleased with UDENYCA are on-body selling auto-injector April in presentation the We been to and support manage of

on We launch this to year. project UDENYCA and continue approval

Q-code updates. reimbursement background additional will and a in color. April now increase the subsequent This and was we you Regarding market Officer, provide [indiscernible], Reider, deployed Paul recall, as Commercial Chief occurred. X, our has projected

with have to alternative a pricing access YUSIMRY, competitors. low-cost Additionally, Humira high-priced successfully or we unmet needs, a biosimilar launched providing highly addressing innovative

additional will report spending mergers XXXX over how will Finally, our color to these allow financial our Chief period. Financial on Officer, provide the planning us projected to reduce on our XXXX, position McDavid Stilwell,

it XXXX. Paul. that, the sharply and focus with over top I'll And with flow Paul? line with to the expenses to while reach hand line holding cash driving continue in our to We objective positive now

Paul Reider

Thanks, Denny, and good afternoon, everyone.

executing are the of at midpoint last have up. over X plans of X launched X-product now launch launch products by the and our XX-month are the X to year. the end we We more months,

XX-month period. these assets an Combined of X with to total top-line over from marketed would believe Our coming over increased product We have revenue launches years. growth X was brand time XX% the increase number revenue YUSIMRY, will for QX million, drive this QX. to segment. speak biosimilar start I'll $XX.X will now of debt and an a to UDENYCA's CIMERLI each with over

retinal The Our starts conversion to to sales new CIMERLI strategic primary set product-specific maximize acceleration was and is anti-VEGF million in and to more demand first, the and the conversion QX compared through in also a X. in compared within code, existing reimbursement driven quadrupling business; which by in were sales second, facilitate This share quarter-over-quarter. $XX.X than timely market million approach from seamless, to patient class CIMERLI April on successfully share XX% to the market QX, grow of other this QX to practices. products. CIMERLI quadrupled the net was implemented X.X% QX. $X.X to catalyst billing ranibizumab to of

number XXX. the increased ordered to have cumulative severally of XX% we XX% by And those, rewarded. accounts that QX, of During

of to other we our New frequency from in of to YUSIMRY was compounded net begin with accounts continue XXXX ordering now opt. reflects revenues the turn I'll accounts exceed grow and And injections, which the once expect reflects XX%, starts XX products. the QX, the results first UDENYCA. disease of nature to of CIMERLI, continued will accounts among to $XXX now new XXX. an the patient weeks and with YUSIMRY this billion. ordering Therefore, growth. potential total bringing conversions another chronic In accounts X in Reordering July, market share

in was strange business. XX.X% in overall in QX. UDENYCA net increase by QX XX.X%, was our primarily from $XX.X quarter. up and have continued prior share July. revenue XX% a of base $XX.X These XX% field increase demand grew UDENYCA quarter-over-quarter in market share to in the gains driven million compared This million

the As prefilled know, surge increasingly been has competitive. you pegfilgrastim segment

the represents price longer-term in auto-injector launched with to on-body presentations objective retains maintain still to advance order X in We strategy class segment innovation and of XX% pegfilgrastim in UDENYCA strong market commercially of first X the June, regain in and the is and which of this launches Neulasta share. the years a to market. device, Our addresses share new in a our balance Onpro, large by the unserved presentation ASP Amgen's

year, Neulasta which regain this compete launching anticipate presentation, We share on-body beginning believe the approved, the market Onpro. to half with our directly third franchise will well-positioned if UDENYCA we second injector, Later UDENYCA in of XXXX. is

cost adalimumab problem Turning healthcare YUSIMRY now is Humira. The a the or and many of system patients. biosimilar for high of to for treatment

representing July more Humira. than is of X single transparent YUSIMRY at discount XX% a a loan YUSIMRY We Our provide $XXX a price patient-centric of strategy to launched to carton with on auto-injectors, X list at price. per

Cost drug working are partners [indiscernible], available company team for available YUSIMRY through independent its is We the nationwide. to and Plus for multiple sale including with retailers make YUSIMRY to channels, at Mark Cuban retail patients.

Biologics, than We are X.X the across million services Superior also more working as patients country. specialty such which pharmacy partners, with

We PBM competitive, expect distribution nearly a Humira more period formulary to position in during sign all retains formation formularies. partners on market market coming is this the in health highly and and analog months. plan and that The PBM of

XXXX. CIMERLI implementation significant XXXX of biosimilars and the reduction growth in steady our of acceleration a for adoption the albumen expect to with then inflation We

enable operating to will on adalimumab provide continue product XXXX first good critical coming for an XXXX I'll I-O to advancement Toripalimab. Launching for franchise. With in the company's step long and the is term the the market. immuno-oncology us a now compete our forward update to us of margins the the alumina user target YUSIMRY XX% in share allow operating market to to frame. YUSIMRY, We unit generate up expenses time of to low-user

is new care metastatic inhibitor with Due of be Congress, to in in [indiscernible]. for of only we mission therapies. and a high an Our if establish survival, survival approximately therapy, standard cancer overall next-generation will new line, NPC is patients, with a no feedback is inhibitor whom to a plus X,XXX example. be engaged indicated perogy the chemotherapy Toripalimab and PD-X relapsed final excellent will net Today, the from IO at and U.S. head to have extend clearly top diagnosed the NPC constitutes approved, impressive lines in first need. will KOLs hope in we data patients nasal PD-X first the NPC including patient presented the unmet ASCO practice-changing. the treatments, carcinoma annually offering U.S. FDA-approved and including all and Toripalimab the believe basal

MPC Toripalimab We feel gain opportunity million. $XXX plus at the confident to could up chemo market peak will reach estimate share market a and dominant

caregivers is We've to disease During learn which site source our their APC. QX of for for call, I announced designed the professionals. launch primary about to a a and patients healthcare state sister launched also information apcfacts.com, be of

and patients to we've into that is the end I'm pleased all aspiration enrolled by their patients engage caregivers report NPC with appropriately And the launch, community. since our year. X,XXX of over for NPC to and Our identify caregivers

of irrespective of of We mechanism launch impressive expression and and action and the benefit will survival toripalimab's educate be overall to NPC ready demonstrated doctors in differentiated status. PD-LX

We are launch upon care. oncology to potential launch Toripalimab that, between approval. With now the UDENYCA is and hand prescribers, it ready being our customers Toripalimab-targeted existing Toripalimab overlap integrated to over With of significant into efficiently directly I'll Theresa.

Theresa Lavallee

and everyone. good Paul, afternoon, you, Thank

through we our then through development projected a Let execution ago, clinical to Coherus launches new we products me the to date. X of excellent And product that studies from begin to with XXXX. market. our pass to regulatory colleagues continues to demonstrate regulatory updates deliver approval commercial year-end drug new year on X

approved target. that with year. is approval XXXX drug first we auto of and We on-body first August innovation approved manufacturing injector are this were was June, injector the UDENYCA, halfway launched in auto-injector, more towards of approval towards interchangeability, July. UDENYCA both last anticipated progressing FDA CIMERLI the the in March CIMERLI, and the the [indiscernible] supplements scale-up in supplement, launched in later the market XXXX, now and than with the presentation years in in quarter review and

early or by and BLA has be review were to is observations site Additionally, clinical scheduled. only readily or that few planned the all manufacturing addressable. elements inspection completed the completed with The FDA all was a by completed Toripalimab NPC the September required May inspection in now

for quarter deadline. this on-site inspections. decision the with the as but FDA may We of is to in an It fourth approval of the a a still thank FDA take possible want XXXX. FDA scheduling third We possible therapy quarter BLA the prioritizing in as breakthrough action of these into believe PDUFA the the date absence

MPP following we as clinical breakthrough very overall the as the timely the patients and FDA meaningful for the NCC, in presented therapy at are statistically in the of treatments there United survival no completion act manner Toripalimab designation positive clinically data hopeful a and for States significant inspection. are approved and well Given ASCO will

announcement targeting X, novel IO and the cells, T developed T-like compelling of of T to opportunities novel such we across as cell Surface plan recent with is are Oncology cells. to are combinations, cancer. elements PD-X PD-X that clinical patient immune foundation clinically of suppress explore signing of merger many [indiscernible] meaningful activation as in and the apace SRFXXX shown with immune and target is like we dampens are the lymphoid our is IL-XX, that been including that of triple-negative by that to are ILTX cytokine accreted tumor and antibody, extend cells, immune franchise, the macrophages survival our demonstrating resistance. a the in-house NK of Toripalimab agents assembling next-generation MX types our macrophages. cells an the [indiscernible] I-O excited the breast tumors inhibitor pipeline; tumors With particularly cells microenvironment with well-characterized with suppressive have such Toripalimab

an CSXXXX, to phenotype. directed causes at a MX polarized macrophages ILTX immune antibody more response and macrophages when

here rationale merger say, the to is will antibody an the have tumor anointed and it these not was to and runout of in selectively SRFXXX tumor with potential data has show cells. target microenvironment antitumor to that out specifically [indiscernible], with residency we designed each and With thus Toripalimab and and strong activity. the a chose mechanistic ADCC-enhanced agents to That effects. surface, improved broad binds Combining reactivate preclinical thank for

forward this the and an fourth portfolio now to type which to Each quarter including prevalent quarter turn of Surface discuss mechanisms are Rosh. these development programs call tumor and We closing in, cancer. liver, Oncology to the set most the and I'll merger indicate [indiscernible] in over breast to lung, prioritization scientific these plans. investor look our has event data later to hosting a bridge

Rosh Dias

with Oncology. in showcase our With at good settings. June very the presented were to types Toripalimab, survival particularly Thanks these nasopharyngeal Asia, Eylea strong Theresa, This its benefit included, consistent a NPC. particularly with Toripalimab of of PD-X, as excited everyone. and backbone with as the data across afternoon, of a analysis of much, Surface in are combinations inventory in in tumor next-generation normal overall activity overall hazard on PD-LX a sets merger, ASCO ratio Toripalimab all different of no ASCO and potential pivotal carcinoma of across in several first immunotherapies overall final other survival significant important and survival remain to we our the consistency form the Together, course, all, currently of about effect is, X.XX, there respect states. approved study

Toripalimab, lung event-free well non-small cancer X.XX were presented hazard X.X data favor showing non-small as study, final large lung pivotal a positive near Phase comparing also in Updated cell for the survival chemotherapy Toripalimab, favoring hazard cancer, plus study analysis minus survival in sets data perioperative [indiscernible] cell a the of ratio of the study, or Toripalimab. as a overall ratio showing III

presented could large to triple-negative tumor that multinational also late III was cell our with in and results Junshi, as III is a U.S. how and U.S. the be is also for this first will Phase opportunities the exploring small Earlier This includes that this example Toripalimab Toripalimab registration cancer. year, cancer include this Junshi year, later sites, therapy a showing positive, year. limited-stage great of benefit patients, across ASCO, Toripalimab study with the multiregional antibody to statistically Phase with be small also BTLA the anticipated a Toripalimab treatment breast U.S. an cell significant running as registration for cancer. study lung combination broader be announced in presented at partner, of will Finally, in a Toripalimab set start for study lung combination types the enable this consolidation bit

indication evaluating Toripalimab at the currently active that Regarding data is this Phase the noted combination in and with novel this high to previously linkage [indiscernible] expansion encouraging HCC subjects inform or at further OCGT, combination generate in for We planning will our competitive other current an we the in PTI the our high has our will promising a shown Toripalimab SRFXXX. combination. development that vintage study amateur were phase looking from the expression. have as IO ASCO, disease study, stated. Phase given I/IIA US in I/IIA combination of programs type with More also with HCC data activity data continue is tumor U.S. we

certain checkpoint the Toripalimab. we lung has recent both with asset, about Regarding encouraging SRFXXX, Surface the are non-core merger well in excited with our in Oncology, activity shown with IL-XX very as potential combine and abacavir. immune as to inhibitors assets monotherapy cancer as combination

with have X X that portfolio, could tumor been bring Importantly, combination data patient microenvironment as complete subjects. our wider We in to the the T year low monotherapy potential the for the HCC. cell After data surface experience in will but non-small responses have improve available a and merger, the with quarter benefit. to we the targeting PD-LX data in of not the full we only the presentation work now anticipate in also prior PD-X this opportunity synergies cell, year set for shown quarter next as well

as We a broad weeks at to patient timeline, more look sharing across I'll specific other to probability year. prioritize account taking invest over tumor technical the Officer, David David? potential how the forward later of portfolio coming factors, turn and Financial assets in types this the assets, look unmet Stilwell. with our clinical competitive needs to in environment, and we the and to Chief Mr. costs medical of regulatory benefit, call and and success, into best these plans pin now the

McDavid Stilwell

earlier sales unapproved the we and YUSIMRY, and of growth revenue auto-injector for Toripalimab. Today, on-body and from financial We UDENYCA guidance CIMERLI XXXX. reiterate Raj. injector launches accelerating project our eugenic you, Thank

of expect For the revenue. to sales full at net year, in million with we net million at record least $XXX product $XXX least CIMERLI

our milestone We payments expenses. range to merger. $XXX or we R&D $XXX anticipate continue SG&A oncology-related upfront million our guidance and the of with quarter, any operating This our and even collaboration XXXX range the expenses to for fourth Surface or addition million the the tightly excludes meeting manage expected of Oncology combined in expenses surface cost prior of

an representing well $XXX,XXX as sales of This XXXX, XX% of quarter review the in of this touch included we $XX.X of we received million are approximately million UDENYCA as just was revenue that of the net a adalimumab Net royalties my in increase and the filed results, as X second to months the XX-Q financial quarter. during prior I'll and net $XX.X details on press over our a release, formulations. million For license CIMERLI highlights $XX.X afternoon. X-K from ended XX, June few sales

The the XXXX, of royalty a profits. that XX, includes June ended XXXX, months Recall $XX.X first cost CIMERLI half a and the million. X mid-single-digit UDENYCA low of was royalty net on through goods sales sold gross mid-XX% for COGS includes payable COGS to on

prior expensed to the costs, the reduction June costs We control capitalization $XX.X inventory ended in from of that XXXX was R&D primarily The continue on R&D of quarter also compared XXXX the on into million decline XX, and and the focus respectively. research million, and scope in year of during agreement the keeping in XXXX, Toripalimab and for expense certain quarter months development X in XXXX. expense to operating second tight $XX.X the and resulted were collaboration CIMERLI significant

per earlier selling, SG&A $XX.X are primarily of quarter cost-cutting general year We $XX.X XXXX, million the in net program per a With quarter same loss of compared in million headcount, the $XX.X to expenses, XXXX. $X.XX reduced a million realize second we lower administrative the the higher of and for revenue or QX was reported period and this $XX.X as of a $X.XX share expense second to to result or from XXXX. share, declined. 'XX from we for beginning in the announced net reduced savings million loss lower

as expect constrain million compared we at increase XX, XXXX, and June of continue December investments losses operating to operating as product as million expenses. moderate and to in We XXXX. $XXX.X will revenues cash marketable securities equivalents, to $XXX.X were continue Cash, XX,

We million to $XX cash closing. expect our merger the to balance million $XX at Oncology Surface sheet to add of

Prior will stated the assumptions surface through $XX for R&D expenses deal, reduce also expand a now provide a Phase approximately the XXXX merger bit on to that R&D clinical to have the period included compared activities XXXX manifesto. our detail trial large the more [indiscernible]. million Toripalimab We our planning the major our budget. through I'll to planned III by supporting a

planned a our also I/II evaluate clinical Phase a Phase ILT [indiscernible], in initiation antibody to pre-IND CHS-XXX, activities of completion Phase study with as trial. for followed trial and the We combination II/III registration Titan clinical I/II of as our antibody well targeted by

Additionally, other advance to we planned preclinical programs have IND. X to

determine to Following the merger, certain projects with at prioritization stop we head provide we with neck gate that in plan cut. well are details the investor cancer or the most quarter. other our portfolio lung cell to make completion as will initiate the data, not to as competitor Surface plan project fourth will programs those event programs and additional for We second-to-non-small pending SRFXXX cut. in the we and additional not make And Toripalimab and to promising which cancer. first-line currently that in expect for combination of competitively a positioned. SRFXXX we combination Oncology Toripalimab advance Multiple will

revenue cash remarks the XXXX. of the We're call our to anticipated control Denny to over prep, and of will our toward course we continue questions. ensuring being hand we maintain now operating a the flow for the new tight as aim the and to generation positive to focused on closing prior I'll product return over potential success expenses of

Dennis Lanfear

our We're this McDavid. questions. with we're please now to pleased your Operator, take happy and you, quarter, proceed. Thank progress

Operator

[Operator comes Citigroup. Instructions] first of of call from line the Nochomovitz Our Yigal

Yigal Nochomovitz

between from a comments once more launched Regarding syringe? whether the the could shift UDENYCA, in middle in market around the generally, the relative mix away was of syringe, well. auto-injector, about could prefilled you you relative of the split contribution any broad on talk OPI. the is growing Injector quarter, you're prefilled auto-injector the which and seeing as provide share And get and then you OBI as market the well, the

Dennis Lanfear

Thank Chief pace have to I'll that our UDENYCA, of that and our for for by Officer, is address I'll preface however, Reider, our of the sales. just Commercial remarks Paul question. saying, course, foundation his the you you. product

ahead forward body. presentations I'll is And these so more for efforts your And solidify both future with go really said, stream questions all specific PFS, the the and the revenue in answer that auto-injector, our of and contribution bringing mid-to-long-term to regarding various UDENYCA. of let Paul

Paul Reider

you, Thanks your for Yigal. Denny. Yes. Thank question,

recap market the in-office then the agile So other The PFS segment the just and in operates in the is here XX% segment. in-office to about in XX% today. market the

OPI launch XX% to about units to is XXX,XXX going by So the that's the auto-injector That of the the really that dominated to market UDENYCA enable and franchise per of [indiscernible]. target the now equates year.

So still in June working just We auto-injector launched aspects. in it coverage. because payer through through operational in on the June. were We're we formularies getting working

look split second going the actual encouraged like our differentiate all we able payer we be we X is contribution to and minor UDENYCA the feel over of second the of X year relatively of course the very, of over 'XX. a the and the course presentations say, on going And grow the and we the auto-injector into was about Yigal, coverage what the it shots have the share into in that X business the in year QX. XX% to now, to us into and suffice representations to to But project to the now half Onpro. entire very get It's hard to attack opportunity will XXXX, to of But into competitive right and OPI is until the the enable market will the what So goal be half overall dynamics. market. see it

Yigal Nochomovitz

the much million. upper broader just XX% quarter. you second On were whole for of contributed sales ones. on this then the the inventory stocking? from And then full thinking of guidance Can at projector quick the year? Q how or guidance you other in you the X question, obviously, the on on just And about strong that the $XXX quarter raising guidance of company, a you reiterated following end Obviously, briefly least code. Are just above for similarly, performance the comment very, was very the

Dennis Lanfear

of you And the one caller. Yigal. to too, just move out give we'll Go then can those We'll on question on another the answer Paul, you ahead, [indiscernible].

Paul Reider

Yes.

So and unlock we the Nigel, reported the going was that in the as expect code perm, of and reimbursement to activation occurred.

So while all you're of the of sales increase a quadrupling levels acceleration maybe are higher which And normal like was high similarly of driven some inventory, by we demand. is see now. in do the you when period launch

ordering, largely dozens were you and of share organic the dozens driven business. by have ordering the keeping inventory. see regularly, those growth you're when So demand sales and it into wholesalers new accounts But to growth going and market

million like to that about share. profit As good for least we're million that it the $XXX the the relates say very we're similarly, uptake. would guidance, with we as maintaining per forward we that year respect But QX, to the in market trajectory in market. the seeing the mentioned, I of David we're at traction with feel getting $XXX guidance

a and they respect we've doses. better ophthalmologist in I confidence protocol more the the you're position. mass we've the in of trust to think And of and that CIMERLI, I administered had you the once than product, I have confidence company with earn think think XX,XXX

some of that half have second think definitely to the I year. the strong going we momentum So

Operator

Robyn comes of Kay Truist Karnauskas next from Our Instructions] [Operator question Securities.

Robyn Karnauskas

the guess be my all has a are would on maybe this is inspections on-site about what I Congrats that question, question more have And then you for can is I for bit to progress my the these main color first little quarter. give scheduled? That what a and logistically us Theresa, happen FDA? entailed follow-up.

Theresa Lavallee

Robyn. Thanks,

X there always are So approvals, inspections. possible

the don't the to hear capital usually China background burdensome. more thing restrictions of with the and about travel COVID-related in You

site are know, of the already. clinical May; we the as then a will and inspections the streamlined coming So more assessment it's of regulatory inspections. done manufacturing with have and And pretty we remote you straightforward in clinical action. and different site happened, up than did divisions, matter a an have investments manufacturing inspection And the compiling much

is of a to quickly you PDUFA all work RPM is I deadline towards long which So this and things our scheduled. try get date, with and as collaborating given that these closely possible What be it's brings everyone typically, we'll we taken very words to saying together, would to that done first we both one at And did manufacturing the to the that of FDA say the that, am line. And for inspected front the honor get will their the by I be the China. a how in and inspections, are for of clinical as get grateful.

Robyn Karnauskas

the So to to over China again, scheduled go and they have date. they've already exact

on that set. I from to the UDENYCA they delay XX% they like, share that had have was assume XX.X%. So before, won't market they're The following just going mentioned you

like the just you think And uptake? increase? to should stream bit would of can you back-end a auto-injector auto-injector, be talk the a with quickly about contribute Or on-body steady cadence little that how the with might more loaded? of share Now there it's

Dennis Lanfear

your Yes. Thanks Robyn. question, for

over I of steady order the in sets them the get on working continue through going the we second to year increase payer and into UDENYCA it's to get where think as to likely auto-injector, P&T the and operational access of in a hospital expect then board more the get start half implementation, committees with segments particularly on you're EMR.

move don't quick. hospitals So

to for that customers auto-injector need. patients bit that So home, been the alternative by a an time. and having again, have thing want Onpro positive But important an that there's is really receptivity the of the go most add-on for to fits little takes injection experience,

of on the and second continue to will work operational through working payer just of access that it's half the really, the the we quarter So the the and year. issues over course

Robyn Karnauskas

guys. Congratulations,

Dennis Lanfear

Thanks, Robyn.

I also comment a with respect may little to the Just for auto-injector, bit.

training that [indiscernible]. X,XXX I we think devices X,XXX and got between

the patient Robert, that, use you've receptivity tech to and for seen We job easy provide that's device convenience market so at have, a me and a is yes, home. great high, the very flexible to team demonstrate so by ops

Operator

comes question next TD from Our Michael of Cowen. Nedelcovych

Michael Nedelcovych

cost-plus could your of going of is far. specifically you surprising? you if the might give biosimilar other be for products? that how actions of competitors curious did thought, expand then so so I'm early but sense more days, early you perhaps us it's or Do curious And far. initially launch to your any drugs meaningful the collaboration want know how I'm that your also any I going see this the CIMERLI collaboration CIMERLI, a is to with channel indicators could And

Dennis Lanfear

product I one need we generally We to you, with market. high-cost less market question. best for now. as that only But alternative place or would a of to the maybe did be felt this Thank that low-cost The -- that competitive month over think, than month the another for been speaking, launched, Paul I Reider. has Michael, alternative. put in a I'll say we felt a the not

I think how about market And to fairly it's with your for respect early color some the have additional So conclusions market topics. is or you Paul? Paul going. a make may days formation and to other

Paul Reider

Denny. your question, Thanks, for Michael. Thanks

Mark together innovate United Mark Cuban with an of address was focused transparent considered in both this category biosimilar partner to our opportunity What States. we to exorbitant on rollout, a one, as bring market, we are was this really the low-price Coherus X product and of the Cuban to where centered we And highest to company about felt ideal typically in reasons: on of opportunity competitors. the around the to the cost within drug entry As adalimumab actions number really treatment. and comment problem the decision drug our adalimumab that's partner innovators,

How ideally both offer transparent we course expand unfolds mission distribution medicines its coverage August. into in point model. the this executing safe, the in able affordable systems about share educates something the we the year a employers, price our I Second, at CIMERLI is in call. over as network, of prices, and more we'll to we're providers, fits patients that be to CIMERLI, report our healthcare it and QX And performance think on that

McDavid Stilwell

XX% the share some trajectory view remarks. And build to Michael, and with market comments on XX. towards out just Paul's targeted additional We dovetail XX long-term the our

market over this build gate. out to is market the is this think don't up this going where over to think go have high is we time. sales as come very, So time and we market strategy our a very forward. And of build you We

think limits lot I think with XXXX we access year. into see more I there. the more can innovator do next year this traction we'll and significantly in Formulary But a much probably XXXX, how then

So would just manage expectations. your I

Operator

Our comes Wainwright. next from of Douglas Tsao question

Douglas Tsao

So Denny, necessarily that not own that in will strategy, that some your and time, active the expectation or maybe payers question following you there? this been your contracting in will have you up XXXX. AbbVie on or for an while situation over comment, that time XXXX being take have to look your sort PBMs about of that penetration the it large over last place increase with evolve realistic Does that suggest of you last with that expect to you

Dennis Lanfear

this time, is some in up been simply point this time towards significant work market biosimilars turns share incentives Having to there's through AbbVie My the as they GRA year. going to a market take that. the market Doug. to to a significant Thanks, is long are I for have XXXX. for in think and just they going show continue innovator. own all that's this market And to

that that where like say something get CIMERLI, event more quickly. for I X for think the market a you right, a seeing opportunity traction. trajectory the linear market opposed sweeter, to But like this an as acceleration, to for there's more move and code a would we're significant I will be important under example,

just is and still the I are flatter, 'XX different going these pick be think time, up it I think So of late but I over will a and 'XX. lot trajectory each markets a little little more think just to

Douglas Tsao

And then follow-up. a just Okay. quick

sounds most in prefilled it's syringe. UDENYCA. just it? of drove the again. great In start the you to what from see right direction came product comment on any I see give that of like the It it that to we Do growth started -- finally, to terms mean, move seemed

Dennis Lanfear

that a Paul, and comment the one. I'll has be We and out on in think managed market price across and to forth. the let think selling coming there, do presentations. PFS continue QX? performance yielded But in so very any with very selling Paul high of average attractive. further to effectively we'll price that average that dynamic, I our additional I market we've take is Look, and I maintain the think in people benefits, think that I integrator that

Paul Reider

Denny of have things for that has the we combination a opportunities did UDENYCA having launches it's presentation before. think mentioned, also but where additional created franchise, I

on into whether so options for continue of that and device we And that's year. strategies execution fruit. bearing I or -- been hospitals, the expect this having second commercial whether reasons, payers not are organic think but And by I that and clinics the with in in or demand, competitive the won't the team that's they driving to outstanding see plus go value half

the it's life think the options. into for year I a UDENYCA the cycle. great seeing testament second device X We're with link So to

We expect and half market share in continue beyond. growth year the to second

Operator

Balaji question Next line Prasad. the comes from of

Balaji Prasad

announced for the lung It back it lung PFS positive May current you are would cancer strategy April it and orphan changing which evening. U.S. extensive-stage as on the as better than in MS for remember And Good OS in market? drug FDA potentially stage first-line results. was China Junshi granted your in extensive decimation with seems based that U.S. [indiscernible], [indiscernible]. correctly, small-cell could If approved like has options I Toray small need partner cancer, after XXXX, cell survival in if fulfill consider the Toray was product your in the the such both

Dennis Lanfear

also. our Rosh That's a Dias, expected that Officer. Thanks observation interesting for question. Development very Chief that

Rosh Dias

the for question. Thanks

small yet So cell the actually We're to my data comments in positive. I present cancer data. lung the said that was

So presented we this anticipate year. that that later will be

side very of or survival of current the platinum X actually a IO current the to As overall those terms therapy on for the standard benefit marginal is on top standard Cartiva minus agents. in serve you based know,

is look and stage think -- in cancer, the certainly with fact lung study cell be I that's we will a our U.S., a strategy limited small that's combination. as at I stage, mentioned our that we the initiating

as the major outside foundation We NCC, PD-X very do Toripalimab next-generation, combination. a with really focus will combination good own our be therapy. So which really of will

to over So APC that's and indications. looking current and strategy our indications our above really

Dennis Lanfear

really We think well think number to sets safety for really a that juncture point. with very settings, profile an up continues The of great or very, a in our chemotherapy. it I it's strong combinations. efficacy Toripalimab excellent monotherapy demonstrate

products, keen in approval interest number both of combinations of with the a MPC indication. We pursuing a have

other or combination ADCs example, patients. For

expect really we to to So gets once approved proliferate be oncology. busy into on broadly more front the deal it

Operator

Our comes Schott next of line from question at Chris JPMorgan. the

Christopher Schott

Just me. for X

Or surface got of Is et making I kind just I biosimilar AbbVie's around of But still the spend? year? be the some of the I reorg. a the that trying just Can you're market. relative have some back Humira kind this would similar of expense do the hands channel guess kind going this about annual with cetera. my any and XXXX time there. just was take kind think they're my I've just kind Just about this being either just next Is in a just I'm I to the what to OpEx to of to been the of trying going might portfolio trying you this? decisions how market of the of that's to relative is directionally, appreciated otherwise. think level about balance just question, of talking bit make baseline sure it acquisition XXXX, of it in up you And help you this And little think this? second we evolution or product down? a flux, as kind synergies color to want just following a going cover directional to of we're what made given they're as decisions is multiple could will payers get given around, positioning, kind appreciate hands in to where evaluate to do just approach year you as see and

Dennis Lanfear

Thanks, Chris.

the the Humira the with take me on year the McDavid your I'll story, biosimilar with summary Oncology and first to questions about Surface address your then respect let spend. and So one next directions let

of that wax forward. the market. so think a a folks a very, channel high respect low biosimilar opportunity. strategies, There sort with on. diversity the Humira of and I it's who There's strategies and pricing diversity days lot of very was There's median to is in of going a early people have

sort that market formation So of shake to I going take a think out. for is this while to

I next going. about we things So make and were how that any really kind wouldn't maybe year see get conclusions into of until

comments. think winners I'll on With impact way we're respect to or on that over for McDavid say spend, losers. to early one send I to all the just too Oncology's Surface Stilwell

McDavid Stilwell

though, for being the spend where for reap it's specifically benefits early beginning I we focused a we the we XXXX. us And be cost-cutting are flow positive and is I expense the on program out also that to will that in put you, this going intensely cash year. are line this over returning to of of R&D Chris, tell into are XXXX. throughout direction think putting too we intensely place So there company, focused constraining on the to course

to updating our will us top a little more we we be one I to look everybody you that. operate information decisions prioritization we And provide on make program very forward that company And the programs. portfolio mind this think R&D is point had that after of acquisition. and in of all as we've fourth on much I'll one some just be about as of time for quarter And Oncology to post-closing So able most give that Surface color. relevant the more more the

we XXXX you not those Chris, the to any starting portfolio anticipate Phase expensive anticipate having next IIIs with those that. positioned, way additional the when into do we -- is year, revenues rolled that support

profitability really business positivity of right? As So the out focused dollars out year. on bang III driving million XXX to to of hundreds we're out, going studies next make commitments, not expensive and flow back David and pointed cash to Phase go we're really

spending And have delivering of there. here record Also track start so for our very control. a make we're strong we to this point going I projections would is on

our we'd We've and year, risk, a we We've take that. on We done said We've to on XXX ahead down done said did we that. recognize the gone we spend and savings. Last spending said delivered what we side. X.X%. about

to we're few sort I additional have, have so Surface tight see that the you'll think respect And discipline. a a going maybe lot very heads of to Oncology just continue with of us merger. We very, that don't with

end. So when we're the it comes tight relatively I think system to

Operator

comes next the from of Our question Gerberry. Jason line

Jason Gerberry

me. for questions Two

incentives. on First

share pricing, on of you in the surprises you retention, are the the And if margins. or on any inventory one-time the look some shift just second of other how margins you provide alternatives? in second then like gross the you in gross Looks see at As we're Maybe commentary even can the to seeing of market and seeing opportunity, brand terms market XXXX absent costs. XXXX. step-downs half treatment

should So moving some that just wanted to about thoughts think forward. we how get on

Dennis Lanfear

of ophthalmologist made very actually Biosim had the I up embraced way attend a partner. shaping Society American the weekend. the the opportunity as solid very, really by We're And Lucentis us. to Thanks. what last the Coherus We struck is very was that presentation about for market the[indiscernible] is pleased really the way with a there. being me

XX, They doctors I patients, the XX years. have relationships have their now. means And optimality long-term As one have indicated earlier, we XX,XXX trust. over injections patients. which And is in market there's XX, these with that

the And similar companies. new in. come issues what to be trust had with very these have that in ophthalmologists a They products fashion, translates that manufacturers is that have and to

sort so efficacious it's know into We've is have of critical this under to now really any Paul that that we've as that make your means and product adopt safe that. that's a too, belt. recited. they And patients. want working base to well. safe up that, done administrations sure of your then they efficacious you they And for a product then will And shows their And seen But get and that practice.

well. think very overall, we So that's going

in I focused trips. think we're Paul? the reiterated, gaining places where of the Paul terms

Paul Reider

Yes.

annual code adopt not the lot the to barrier primary really ready ability to opened through we're wanted but that and process. just of practices Q up a the think biosimilars that electronically that getting I take bill on that was

the a in market. which interchangeable, product a that is get rolling feel they site means play is clinical now in it really can to just class, share what the now seeing. all the market that the week the the multiple results. And doctors CIMERLI, gains safety of level breathes that that is profile. half they adopting second occasions to of out So experience to ranibizumab bearing what seeing we're in is confident the switch now They same the confidence the on the and optimism of and that optimism product And a is in I around told brings stable biosimilars in them continued to And that us help real can last that CIMERLI to on are think will delivering in for contribute year. similarly patient

there. we're really think stride our getting I So

McDavid Stilwell

the important. is think is I interchangeability really This molecule. a non-glycosylated

really excipients and have the same same So sequence. we acid. exactly the an exactly formulation, this PAs, the buffers amino so And Exactly same amino is and and on.

administered. So this really being the same product is

physicians comfort I a of lot confidence. gives the think and that

said, we're reimbursement Paul with QX. now As the

we're think that. I bullish on So rather

Jason Gerberry

the function products. mix And cost is a and be various obviously of margin going goods our to gross of the of product the

Dennis Lanfear

larger margin. sales gross overall And royalty low cost a increase. gross CIMERLI on of to includes CIMERLI goods the influence a on mid-XX% similarly, has profits.

overall the the so product gross as evolves, gross role We'll CIMERLI have and increasingly influential in margin will revenue an So margin. next and the mix Toripalimab. year,

physical in between. next will comes the tonic [indiscernible] However, up, July the generate royalties, the that the year net sales royalty exactly roll pay digital off we

affected. be will that So

Operator

final question comes of from from UBS. line Our the Ash Verma

Ashwani Verma

price this type Do template Humira. products much you biosimilar helpful is ask versus this does just now wanted you about previously So for faster forward? set thinking? So is some discount existing one-off? just to be would that pricing this And aggressive get products to on for on that. of future pricing a going the you the comments can were Or to what a type of get it you Thanks. of level think

Dennis Lanfear

the respect market priced another to as I Toripalimab in at conclusion, be is So products really didn't that pricing market. has of before, the to the each you And need think these time-whack indicated specifically I with for our competitor high-priced end. their

the place this right we go, So was unique. we the and for market felt to is this strategy think

to even deficit. with oncology a highest have bottom to other or go X apply apply genetics. not up the we from And the to markets. does or That [indiscernible] That the not years You for very low does PD-X price.

a strategy think on on the this other [indiscernible] going part unique moving particular I is of of and is number of So to pricing which parts. what's biosimilar over business, Humira the the side

Operator

At now to much. remarks. very to I time, you Denny closing Lanfear turn the would Thank back like this for conference call

Dennis Lanfear

that call, the senior We're sometime Thank Bye-bye. We us joining which you, probably which on progress be operator. we've Thank the frame late next November, our all be at in XXXX merger time so to pleased Thank seeing December call. We made further our both look look in far. you QX Day, on forward you for you. with will forward would to Analyst closure. or November. with

Operator

concludes This conference. today's

disconnect. now may You

Coherus BioSciences (CHRS) 2 Aug 232023 Q2 Earnings call transcript