CHRS - Earnings call 3 2023 | Coherus BioSciences, Inc.

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Operator

Good day, and thank you for standing by. Welcome to the Coherus BioSciences Third Quarter 2023 Earnings 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, Jami Taylor, Head of Investor Relations. Please go ahead.

Jami Taylor

Good afternoon, everyone, and thank you for joining us. Coherus' of Taylor, Relations. Jami am new Investor Head I with I'm be today. happy to you press today release results a issued We earlier third of for announcing quarter XXXX. the financial our website Form X-K about we be the found includes This today.Today's the future that also Coherus' forward-looking release the Coherus events. statements filed can regarding BioSciences to attached and SEC on call with is expectations current projections to of but product, are opportunity and demand and not gain ability approval flow our of include, our products or for the to statements and of These launch our projections being positive. to, them, expenses revenue, share market future cash new multiple limited timing return expectations market for any for

are to or control results, forward-looking All cause discussed we actual and to beyond achievements as statements.These file of are risks could documents that of SEC. implied uncertainties future forward-looking uncertainties with that release our substantial statements press involve these we the are subject and that issued by as our the performance statements from substantial and differ those risks performance not well the are guarantees today that and in

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

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

Dennis Lanfear

earnings on all welcome Thank our and team. QX Jami, you you, for joining Thank the us today call. XXXX to

is on development to Progress into after our The on And strategy. focused LOQTORZI, we biosimilar now Oncology growth.However, revenues Q-code positioned on our is competitively here UDENYCA tumor providing us come we made are garnering cognizant returned good that our make acquisition been has our program its our sales. progress franchise progress CIMERLI, even alignment. Lucentis PD-X the to completed, continue now continues approved. to the has overarching microenvironment. We gain a Surface as overarching and our must also. share strategy, expenses in inhibitor,

costs, with to development the increase with saw a continue and increase quarter foresee SG&A a from plus partnerships last revenues that, do XX% increase while will assets, sharing XX% to will enter internal companies Commercial therapeutics, board, over LOQTORZI expenses while $XX.X the the Paul? our across the Chief same expand was over some representing period profitability.With hand as Paul synergistic in our clinical their plan this products, increase by Reeder, year.So quarter year-over-year, I'll or as combining XX% take our million, to pursue it to R&D utilization last own, including Officer. expenses until from combination we quarterly reduced T&E interested would we LOQTORZI by like the be This we And NPC with reduce call expenses.So development beyond even growing profitability. while into constrain novel expenses developing to to not seek we our commercial and reduce in plan other as we number constrained in we of opportunities assets revenues our mid-XXXX which other year-to-date

Paul Reider

Denny, everyone. and afternoon, Thanks, good

and new and mode year, X approved LOQTORZI, to launch growth As drive time coming a line period FDA are and top and potential will injector launch bring an products UDENYCA revenue quarter on-body over marketed commercial of number month our following organization, to approval. with we X YUSIMRY, which over This last total assets years. X will the UDENYCA from XX-month in next the first prepared CIMERLI, was auto-injector remain in

increase an For QX.I'll XX% brand, biosimilar the third over million, and Lucentis. we'll of was $XX.X a with now quarter, to start combined net CIMERLI, to product each speak revenue

maximize QX points as market within and through million, we net approach ranibizumab strong an the against other demand.CIMERLI first, anti-VEGF strong strategic XX.X%, plan driven share conversion was retina of XX% from class remains is: report of XX.X starts increase quarter-over-quarter, sales of to market business; of market the in to products. to conversion $XX the by share existing Lucentis Execution increase patient the second, an new share this Our and quarter-over-quarter. grow

CIMERLI passed that We also milestone. a announced major

first we desire effective XXXX the the million. which Lucentis. sold launch, for and reinforces through for retinal biosimilar total year specialists, over safe option of XXX,XXX to sales doses QX were CIMERLI a of community's For and Summary, the retinal biosimilars to receptivity net $XX

will refer guidance sales to net exceed that UDENYCA. we million on XXXX.Now CIMERLI $XXX for So

previously, will the X.X of from market market Market the innovative and all launched increase quarter, segments demand the of XX.X%, market in the return and respectively. their a our in quarter-over-quarter. to of We UDENYCA order our on consistent ordering prefilled has fortify that stated every we've were prefilled strong we process occurred across operationalize gains million, pleased share quarters UDENYCA core share an making and net business over the presentations, driven partially our and presentation quarter-over-quarter, auto-injector X% and of and guided by within base and launches in maintain report consecutive strategy this selling revenue I'm by of year. XXX competitive demand ASP plan, growth.QX commercial had share syringe Both to account this advance accounts execution on of driven points market share UDENYCA seeing are how sales net syringe UDENYCA our with increase growth share of flow price. business.Also an lower grew been are to accounts increased pricing launch, a trade-offs primarily X auto-injector of position $XX Based for auto-injector working clinical demand, offset now were new approach. both while Since As week. the best on-body to respective and to to share the auto-injector

in [ Advantage as syringe following date, presentations a prefilled directly plans. total biosimilar patients. auto-injector offerings, as the from novel increases will awaiting to Neulasta cost demand retains This commercial expanded of of Effective HUMIRA. injector contracts that pegfilgrastim are enable and XXXX. going range our solution the the which number were oncology extend thereafter. is through auto-injector UDENYCA's directly providers. anticipated development to for progresses.Another X XX% Medicare becoming treatment January approval, these presentations into in we UDENYCA launch which system us franchise. on now with launch start UDENYCA approval coverage vary But will adalimumab to on-body to and for of year and FDA ] device, the significantly expect a quarter occurred will the regardless only the And XXXX both brand remains September now the this high access UDENYCA a UDENYCA and next is We care newly of start dates problem many year.Regarding The market.Turning and significantly to expanding Onpro, for a added to payer health compete coverage, of the positive UDENYCA YUSIMRY, on-body calendar XXXX, increased be

innovators launched a per discount carton to We were of injectors, XX% to price is launching list a low X more at representing of the at strategy, HUMIRA. Our a on for auto a price. provide $XXX patient-centric of YUSIMRY X July low YUSIMRY list than transparent, signal, strategy and price

As established its Plus part Mark list Drug our independent of partnerships, Cuban Company price through low Card, Cuban our strategy, and we and Cost nationwide. Team retailers

than X.X services more signed Superior a specialty Biologics, an million agreement with the who across pharmacy also We country. patients

price list $X.X net the We cartons million. partnerships for of as our bottom will build business with YUSIMRY, generating we continue to who low YUSIMRY pursue QX, sold alternatives X,XXX look we up.In sales organizations from at

can know that NPC the XX% with XX% likely of line.Second, practice. biosimilar more HUMIRA XXXX formularies stages, NPC the formation early details only is in will in phase access about X,XXX the of to of HUMIRA market catastrophic is for first approval in upcoming D QX health for patients U.S. estimate in clinic. plus. the in formulary launch from market which then and the adalimumab fairly we prescriber And which affect financial their adalimumab let the product channel, we XXXX. health all of LOQTORZI, is LOQTORZI as retains to during broad market. on still formulary currently treatment for Inflation team each NPC. patients now including of with to doctors' all the plans, selections.Finally, time hospital the patients through and is We've our government the risk of split XXXX, setting early the between accounts in for and launch shift even with IRA be plans nearly With consider approximately We working base. diagnosed you have XXXX. or to period these XX% line growth and for the the promote of slower expect treatment. these of and diagnosed as Act and calls the providers about the indication, oncology the Therefore, some for greater FDA-approved adoption for we metastatic activities biosimilars therapy, relapsed first year. second accounting with estimate in me excitement in plan across access implementation the Reduction X,XXX opportunity relapsed/metastatic the frame. are first NPC our the LOQTORZI.First, lines the We We and existing and acceleration benefit soon commenced biosimilar approximately these Part and business those ensure all is is While all doctors, LOQTORZI's share position concentrated the the could that in PBM its line NPC reiterate of oncologists patients and versus in NPC

XX% treatment treatment. opportunity the call So chemo regimens with to the chemo-only existing suggests position Claims highly NPC. landscape treating added the LOQTORZI and that synergistic and which line to regimen, the provides are for immediate these for LOQTORZI. be an physicians the of prescribed current are points time, of UDENYCA.Third, target irrespective data We'll efficient of

speaking appropriately a XX% PD-X the the the the indication will LOQTORZI educated can accessed will loqtorzi.com. standard Patients and totality caregivers, with via branded so our with are of informed and services new over it engagement. hand These to patient their week. you about includes patient progress their forward go regimen npcfacts.com, treatment look chemo individual as updating survival LOQTORZI as I'll we'll about on based data.Finally, through our approved that are communicate over doctors Theresa. used also patients hub information launch where We be on and supported for now plans be of of the that, and PD-X next to that live LOQTORZI, progresses.With plans. NPC of they solutions is position X,XXX For community preferred or and enrolled evidence, LOQTORZI overall a combination which care Through the we've

Theresa Lavallee

FDA with XXXX, afternoon, once continuing that UDENYCA we seller's review resolve inspection. their final UDENYCA to deficiency Paul, complete. inspection collaborate XX, the in of on-body in were X the able were quickly everyone. LOQTORZI previously important note manufacturer complete that of only so to this the for supplement FDA third-party manufacturing was letter you, third-party to to and to disclosed, FDA solely BLA the FDA the was approval UDENYCA toripalimab manufacturer good now due third-party data a we acting and to very the again thank for response supplement OBI Thank FDA able from were following September weeks.It under our our status. the secured, a to want and complete resubmit indicating injector.As CRL overseas completion to are is I received approve We with from outstanding clinical on pleased urgency, to OBI With

of Given would there the we resource-constrained year anticipate FDA and take the X-month await clock. new Based this to in part anxiously for or XXXX information FDA be on isn't given the to PDUFA, review, approval any early review action. a

comparing action oral of affinity pembrolizumab. we as candidates a ESMO higher sooner.I toripalimab pembro. to resulted binding presentation AACR-EORTC-NCI LOQTORZI statistically is is our higher that data the at significantly will has pembrolizumab highlighted that meeting, potent studies assays and ESMO.Coherus and week an briefly PD-X conference was presented to T to mechanism in triple other activation and toripalimab T T last of SITC they recently activation us the less expect are at inhibitor at demonstrating a has that XX-fold a on review in cell such treatment act significantly multiple with and preclinical activity cancer, in However, as communicated to presented the inflamed including consistent significant the lung toripalimab in small cell recently our now with Toripalimab's next-generation for tumors cells, than SITC. at than I-O PD-X activation potency demonstrated agency cell

with CHS-XXX of to presented are last excited SITC opportunity Additionally, tumor the us to tumors cold tumor to also X casdozokitug, programs LOQTORZI.Our our hot. potency.LOQTORZI conference immune its development position clinical microenvironment of resistance for the may toripalimab is both The the at evaluating program. survival characterizing to tumor life studies antibody, I-O signaling program that agents due we Treg our epitope of patient anti-ILTX that cells CHS-XXXX microenvironment.At higher mechanisms IL-XX well interferon antibody. anti-CCRX anti-CCRX our mechanisms of our PD-X data of to third and in particularly described the cytolytic with preclinical also antibody IL-XX that and immune target and contribute we foundation is the novel of with action with additional the the useful treatment suppressive unique to FG may in patient the support these antibody with conversion loop mechanism for treatment of biomarkers extend importantly properties the These casdozo. explore of of clinical franchise, combination, of be the week, an cancer in of due and CHS-XXX, depletion targeting posters suppression highlighted PD-X poster casdozo The

to quarter Rosh. in and XXXX.I'll the to file turn over studies progress to the IND-directed continue call first the We our now plan IND of

Rosh Dias

and everyone. afternoon, Thank you, good Theresa,

where progression patients and With standard single of on advanced treatment FDA-approved data with across also combination NPC a been to be patients living chemotherapy.As approval in Medicine the locally now, in to from only LOQTORZI, in for at and first to or The after delighted both X these lines approval therapy. dates both published bring disease treatment and metastatic U.S. of cisplatin decade-old patients unresectable a up recurrent for able agent presented real based approval marked metastatic is or JCO, with chemotherapy have nasopharyngeal of the studies first-line ASCO. we're carcinoma the with the and in care disease well-conducted efficacy the for recurrent with been patients, platinum-containing with and gemcitabine AACR in change step until reminder, Nature generally strong and all

overall the data its ratio of continued of in a with endpoint overall trials The the an types as progression-free of tumor survival expression demonstrated being overall patients in X.XX, for JUPITER-XX, months. adverse with was with of consistency event survival both which and statistically profile, rate LOQTORZI in first-line that across to and across profile all meaningful.Secondly, LOQTORZI. demonstrated beyond, second XX.X% combination additional in line primary response median effect Firstly, LOQTORZI safety also class.Positive demonstrate seen drug well both XX.X the consistent met sets as with single-agent survival, X.XX levels chemotherapy hazard benefits in POLARIS-XX showed a of clinically in results and PD-LX with significant the

carcinoma Surface continue in year, with backbone particular as for data to combinations explore as small LOQTORZI casdozo. CHS-XXX, Key was working internal with to positive FDA the to with avenues across and ASCO, data ago, in our ESMO For with cancer Theresa and favoring sets agents, partnerships to of early-stage of with demonstrating a statistically and stage We're both other casdozo, reported With space own tumor to NEOTORCH to which cell a rich cell lung but us mentioned, at for the hazard LOQTORZI we continue toripalimab well cell is view explore as CCRX.Firstly, lung combination X.X, emerge bridge external LOQTORZI. several lung that non-small types I-XX; earlier future to ratio non-small have with pipeline novel the data perioperative few we this our example, a pivotal a weeks continued well as renal the the at this in in survival, acquisition to U.S.Also, cancer. of toripalimab the event-free the clinical only cell agents as as benefit additional X significant stage showed our respect potential Oncology, both cancer. potential provided assets: arm data first-in-class for

As activity in hepatocellular anticipated I a cell Phase reminder, this data combination coming was in months, in refractory this monotherapy bev are and both with earlier to disclosed the activity presented atezo lung hepatocellular study shown be patients cancer in non-small cell from carcinoma. non-small has asset also for PD-LX these and cancer Updated and that data lung carcinoma, year.

casdozo currently Phase respect untoward the early proceeded dose combination without anticipate the this taking is several of we to of coming with and being finding, a asset safety activity Ib forward in this is which startup indication in currently have clinic toripalimab, be dose we will CHS-XXX, study We safely and in which active in concerns. with months.With through levels

escalations will disease acceptable head carcinoma, dose strong.Regarding Phase type before We our an TIGIT with moving in completed continue optimization at study combination enrollment is its and studies further has where the toripalimab initial subjects of looking safety the cohort neck tumor linkage on and U.S. dose the a the profile. I/IIa our TIGIT, to of in

call casdozo LOQTORZI not ILTX, the T tumor to over the with CHS-XXX, which fashion.I'll be further time, microenvironment a now with hold and target whilst the data pool able at continued opportunity patient the we data and together the efforts combination a trials assess in into the to development complete cell trial, potentially our the gives also of from clinical now our from will portfolio in evolving only enrollment in ongoing but us while analyze competitor with continuing development same LOQTORZI turn robust this order We prioritization to McDavid. to synergistic with

McDavid Stilwell

our guidance. briefly XXXX results before review quarter discussing I'll you, Thank updated third Rosh.

today, the and UDENYCA, XX% received to compensation goods the a net through as increase ago attributable XXXX professional gross increase from expense million an the are YUSIMRY million. mid-XXXX to ended earlier, million certain COGS as from XXXX, control marketed partially $XXX,XXX acquisition gross the a agreement. and $XX of headcount.Selling, prior sales was included inventory by detailed and decline in development offset year savings Paul million million collaboration the net R&D XXXX costs expense $X.X reporting capitalization includes $X.X approximately license in the of fees quarter well increased compared and $XX.X in administrative months research of costs, toripalimab our scope profits.We compared and sales we and CIMERLI, primarily $XX the focus on Surface well of royalty to investment to new we the expensed $X.X $XX.X costs were months across as CIMERLI year sales September we on that the and September includes The our headcount ended prior in to on products spending XX, X from personnel reduction for XXXX, mid-single-digit XX, XXXX the products, as ended employee the September cost-cutting in net to quarter we keeping tight our X that being are adalimumab revenue YUSIMRY operating the $XX.X was sales and COGS in realize controlling net a million net we $X.X and million lower sold of Net continue X the that launch was we million Recall a carefully royalty continued processing was XX, driven significant inherent XXXX payable in in we into is million average As half resulted in as expense to fees as and increase of to low R&D $XX.X appropriate months incremental multiple third-party royalties efficiencies of products. to to mid-XX% stock-based ensure of a XX%. general our formulation.Cost during in program $X.X consultant million, UDENYCA for sales The opportunity of respectively. services of reduction X and million commercialized, were margin realize expense of due due by a first portfolio. to and $XX.X for announced to by lower for March.As The million

in lowest low we build our example, For business to operating be expect continue to Toripalimab revenues expenses a product will moderate. have commercial continue offering, expenses, using with efficiently attracted adalimumab operating associated and increase very constrain and to losses price launched the with market our strategy UDENYCA.As YUSIMRY is will our we we operating same customers YUSIMRY. to infrastructure

XXXX, equivalents $XXX per For and $XX and sales per Cash, $X.XX sales the reported lower loss a XX, September $XX.X share of XXXX. growth XX, share a to $XXX or investments third expect period in million the XXXX.We as at cash in to $XX.X were XXXX we December million quarter million. loss continued million million net compared of of or net of of net for compared are marketable million same $X.XX $XX securities projecting to fourth quarter

full launch continue UDENYCA tightly we SG&A new $XXX today the revenue we million, XXXX, of expense the on million we approval.We continued reducing compared earlier not as to are expense as Oncology well and or range any $XX are to we approval reducing or the do of to or range of cost Oncology-related part closing to a including million, the expenses the range guidance now in revenues million of acquisition.Although collaboration on-body earlier potential we and XXXX, of Surface the to lower $XX in upfront we in as of the of $XXX the a launch payments guidance expect to expect continue delay also addition million $XXX in $XXX million million product manage expense. year milestone product stock-based million our our in yet revenue it expenses, range XXXX excludes combined our operating a closing growth injector, compensation September, Surface of as primarily the acquisition includes early following to of XXXX to to from R&D plans. and For expenses our result XXXX $XXX of which to since This introducing $XXX execute guidance for are net

We we flow to control Coherus manage and are now of success expenses over call hand the operating maintain questions. to Denny will back over focused for on launches, cash positive the course remarks our we being tight of ensuring continue prior our closing commercial to as XXXX.I'll to the

Dennis Lanfear

Thank you, development leader a the for across believe with McDavid. the small number ready one X products, number I-O. immuno-oncology of now Coherus the questions. critical inhibitor revenue now to stage We I-O increasingly our to PD-X company We're is We diversified commercial success base. companies look with approved in of for are of positioned any and a program. we're with aspiring factors of competitively keeping apprised generating you be an progress.Operator, sales revenue forward company growing a these

Operator

Truist [Operator Instructions] Robyn of the with Our line from Karnauskas first question Securities. comes

Robyn Karnauskas

think I you focused on the reaction, consensus. given stock were mean I

X you have So on I for questions that.

some then a on on the have you For last think, And remarks big is like UDENYCA, from you pricing like us you're any were Does you the scripts share? up CIMERLI, prepared I dynamics my from concessions. understand the taking taking it you help Can on noted -- UDENYCA?On where seem actually. them? going with picture are question. Regeneron call like, question share like Did it impact took, them?And of seems you that

that big still do cash Is guided Or that like you. guidance? year, for have next track? on thing which positive being you like want is guys flow to You a withhold

Dennis Lanfear

Robyn, very much. thanks

of to let Paul from what of I'll So where where CIMERLI came the with first is with was of respect to address UDENYCA question your day that share question CIMERLI, the UDENYCA up, share is the pricing. and the of address first the dynamics the from. but Paul? scripts respect guidance. And coming impact last the the the then market

Paul Reider

reported always Denny. XXXX. business, increase share as in today. Thanks XX% guided demand impact, a price in question, we've guided saw in always for In the increase markets. harder strategy was increase That's that will selling growth we What our driven Robyn, third net the a and to we've Robyn. a that X%. was and bit price the Thanks, quarter-over-quarter. Yes, with competitive predict launches the We to about your demand little the UDENYCA of decline quarter, by market which

puts takes.We XXXX share driven do things. continued occurring by the the and quarter growth expect that's over So X and into fourth demand market and

payer the coverage, has first is the on-body The the well now increased substantially as device. expected launch as for brand of which enhanced our

So between after which if CIMERLI, X XX%.Regarding targeting the we'll business. to strategy. goal part the share, and strategy on the our have executing that's first our approved, on-body, is we're of Onpro auto-injector shots at that of go on Lucentis And the

We're -- Avastin, a addition from our the sources new of So to is business, starts, majority from our also both patient but in unit represent which of share from target line our those That the business also business with is share. of coming getting of those combination Lucentis, a for us. largest in strategy. represents of XX%

Dennis Lanfear

With of with line yes, I Yes. our indicated respect our year, the in your part profitability we're my answer question. remarks, returning I cash positive as to opening bringing cognizant structure very and being last to -- like would revenue of next your in structure. flow expense to

downward back LOQTORZI, and respect the happy And positive be to are that going business first to flow are once guidance our next formal This and expenses continue quarter of our quarter of revisit But launches also next look we year. we cash and revenues we guided how expenses, past, to offered the back you. of as for on reduced on-body and think, profitability. potentially we year not at I very, see we'll profitable becoming grow.We have driving we to even call get very with for focused to invested will

down sales As up. expenses and you've seen, are are

Robyn Karnauskas

I'm sure think do that? on-body price And just of make UDENYCA to on launching, ]. continued that Could see pricing model delve like did, realm, how Theresa, about helpful. can we're we call just declines? asking on follow-up all all in congrats, device better maybe to for about deeper and maybe you Like you you inventory quarter the year? not next into inventory, again, but like same we Super And shout-out impact launch last so [ a one as we when UDENYCA. next think but just on congrats you the it

Paul Reider

Yes. Thanks, Robyn.

here going long-term into of focus this maximizing XXXX, revenue X we're our the of year So is and going UDENYCA to cycle be life franchise. profitability is

So a can maintain we that also if where able on-body into of be drive segment, clinic watching have franchise.So approach we're segments, each of with so be at but launch will believe competitive our our segments market we hospital for business or accordingly. pricing discipline and profitability when looking to be of approved, in whether device dynamics and we to we'll launch those the the but is it's going each this occur value the the the the that that proposition, clearly every

Dennis Lanfear

we see cognizant Robyn, in with that very market of I gains the and year share to expect UDENYCA add we're significant next would also those margins gains. obtaining

significantly the peer quarter. As seen, you've coverage has increased over the past

message strategy year. that is franchise see that succeeding. is next long-term But the to for UDENYCA the expect overarching We the

other this additional prices upon pricing on in indicated, very, which And and careful Paul we're As away who we in fallen our successful. That this to were a emerging our order presentations. as near with has to more gave have market. X are launch been strong even X price now franchise.We or very away have competitors

Robyn Karnauskas

we on out to going to then are we lower sure. same bit analysts of I'm want curiosity, price... that page, think growth you and you're make price all just more We if script watch the Just you price, little Do make the on predict further? should to to trying a miss sure have

Dennis Lanfear

go even price We protect presentations. having would we all forward, to as X seek

Robyn Karnauskas

Congrats.

Operator

Our Nochomovitz Citigroup. line question the with comes of from next Yigal

Yigal Nochomovitz

your housekeeping quick if regards At having wondering the how one bev. you're curious data those an points with and recently, there point, Roche also for Beijing monotherapy year? more and during Day about discussed then in combo on Is IL-XX you quarter. obviously, a in the just then the abstracts given you HCC discussed Just cancer, to atezo and I'm fourth related that And additional early more for liver with this data for the thinking for program. And then to is happening TIGIT question. developing R&D data just from TIGIT the still year, IL-XX. calendar. the combo that the was I'm generally,

Dennis Lanfear

the R&D to the respect move We go on on to we're of the want approval important body, into that's that ready have going story. delay QX your to part Day, questions. market be because going an for to in given of Thanks approved With from QX. and the on-body to

answer move we're questions. into those and So going respect X Dr. I'll liver, let out to QX.With LaVallee to that IL-XX

Theresa Lavallee

We're set mature about the the have development full set. excited do terms data data more abstracts presentations, in and and plan. clinical Thanks. of And submitted HCC a to give super the we the monotherapy on both data

Beijing the data year. TIGIT So more and that the positioned, are once program, how within year make publicize it's later data this data And early terms I HCC patient we're that the think comparable should excited abstracts and date sure to to about would the atezo-bev next the and anticipate very a accepted, than round. to we'll be having of that.In that similar population

Yigal Nochomovitz

just how 'XX, just you get one will way in to then little X into Any for relative marketed you on that the $XX terms more products bit And a from guidance. to elaborate million the McDavid, could contribution range? XQ that as of you million. said Okay. the think I $XX

McDavid Stilwell

Sure.

sales So we market earlier YUSIMRY year year, in insight the shaping into and digits. total in how for adalimumab we that Denny the feel that up provided is the the expect single

guidance that's quarter. so note fourth important you would as where to for the portfolio go the about And think

growth most come revenue expect CIMERLI. we in to of So quarter and fourth from the UDENYCA the

Operator

Cowen. from TD question with Nedelcovych line the Michael of comes Our next

Michael Nedelcovych

stand replace would point fully example, portfolio with you to I'm second we lowering shift right pipeline?And I My is, timing development develop as you other I the such price? Or know given have in the QX of I'm now? perhaps But learn then more more call. the has my relates hold types to and for guidance, curious share your where if[Audio revenues of Gap]AbbVie's ability supply, so high perhaps that financing curious first label affected question revenues to on of on for to line impacted anticipated of at long, to your pipeline all? day of the your development or for YUSIMRY. would plans your pipeline X. this scope top we'll if the has

Dennis Lanfear

Thank you question, for the Michael.

development First that our the revenue our R&D cognizant to my the are need we we opening we remarks, XXXX with expenses from of very, to R&D in our all are overall plan, alignment with because into picture, spend respect very bring indicated expenses of I the revenue. all, as and significantly constraining -- of to middle

have development minimize we and we'll that's so revise would I company the cash mid very so move to into have Paul? HUMIRA to able profitability, year. forms no, believe XX%. get and say, I the further important the so the revenues little revenue.With very to We next for and to alternative we of And function significant on spend a the to a on portion think really positivity to going that's our on. that. picture financing been YUSIMRY, HUMIRA there. won't about efforts on to right? movement has to And be very, very, deliberate greater YUSIMRY And the do color formularies and have of we till to something and Paul it, respect a back to support as you made our on revenue flow might hold placement of

Paul Reider

your Yes. Thanks Michael. question, for

lower driving price reported maintain really that's formulary a these AbbVie positions. think to I what based it was ability that their on

and desires the and up, going very it. business a And different. we're Cuban was driving And are reiterate segment what's price. that's market intended with a Mark that's really that. I business partners from We that to our helping again, to bring So affordable, working transparent with low, YUSIMRY strategy the of build our that bottom for to

So X from phase the will government different during a the when catastrophic cost then believe in strategy, the it's considerations we to different of be and the the for XXXX, when by strategies.We're approaching payers ourselves this up shifts lot the themselves. there PBMs setting IRA the payers

Dennis Lanfear

that would you would Stilwell's I point other McDavid the comments. just you is make to direct I Michael, to

we the alignment. very, think by very that I million $XX And revenues -- been with and for guidance respect also revenue $XX expenses for we've responsible we While million. guidance the this guidance the spend illustrates reduced reduced into are XXXX, coming to

Operator

question next H.C. Tsao Wainwright. comes Douglas line with from Our of the

Douglas Tsao

in seen I guess, about I'm the some progress think into the further cough. quarter, sorry, to we trends we've acceleration? When Paul, congrats CIMERLI. we with on fourth that having Or should see the expect a little adoption that of more linear we'll bit of place the now little think sort that some had have of the J-code trend a a you for -- we see time? terms and do J-code you've in

Paul Reider

the Yes. with pleased update. Yes, Thanks, really Doug. we're

continue ramp, We're think coming projecting optimistic to looking too get growth of level patients at the and is same point. in, current from business see the at driven but growth demand we back I also that quarter-over-quarter going probably the this in. the book business to new of

year. -- So again, maintain exceed final going what to to that are for sales but we we the is, we the $XXX haven't guided CIMERLI still number guides million

Douglas Tsao

you your just the improving new you your Or Paul, within picking volume existing And still think accounts? up opportunity accounts? do are CIMERLI

Paul Reider

quarter, third ordering XX%. the number the of we increased accounts In Doug. Yes, by

-- that have reordered now accounts ordered one at XX% XXX have about CIMERLI, ordered time. least got we've So

evidence deeper to edits. that still accounts on unit it's the completed same those their CIMERLI just with CIMERLI Doug, consensus at maybe that shipped. We We broaden the was really been the into that fact ASRS pushing where biosimilars.What's profile and demonstrating safe bit this Q-code account meeting, depth. their XXX,XXX presented they've time, acceleration effective little at slower that volume for for the real-world that have So also ordering, the Lucentis. and units and available hit that want clinical And well-established adoption Avastin new now accounts is that go the though, we've continue a really to that's is convert for breadth just on out got that are and step delivering

know the but third released Now XXX,XXX, in we've press quarter, XXX,XXX. I it's now it was

a those going to on slower along we're the So that were bring biosimilar adoption little curve. bit

Douglas Tsao

interesting CIMERLI, Is color the there would to be of question, type Or is that equity-backed well private final Paul, And really it any account smaller you're a in? on doing it hear. Just is practices? practices?

Paul Reider

mix specialists understands a It's been they start just that been of It's see a reimbursed they and once rapid more biosimilar is option everything, the them, board, get on great Doug. get retinal to trial there. they for we Lucentis it, really to -- adoption

the across really board. it's So

Operator

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

Christopher Schott

through? sounds after a that. remain step-up couple business of volume we should is follow-up biosimilar to step a sounds on more this opening XXXX, we does million out And more in in priorities It key But maybe part little back until into this Or and market of a I as year 'XX relatively bit Can it not a this market. elaborate head And quarter X to the a in small as comes know Just sales. questions huge XXXX? up? you really you the in me. meaningful for product HUMIRA guess maybe just first, 'XX of that, get coming given about just just I we like had the the think YUSIMRY for like I XQ. just one the up sales did just for

Dennis Lanfear

is the we a comes on Reduction HUMIRA market HUMIRA and Act the of the position with really And for XXXX, in significant until Chris. see this the dynamics Thanks issue don't Inflation the question, flip of of then growth market biosimilar The pipe in until bit. sort pricing the formularies. the

we're throughout but the So with but projecting growth inflection that in steady 'XX. shallow time,

Christopher Schott

Okay.

just would from on key about versus the do just UDENYCA, As of I know from piece of broader point you've to at as just this much ecosystem you I helpful. it, color lead that guess expect coming That's the inflection gets is I'm what And And front. auto-injector be. sort Okay. injector auto the auto-injector sales then -- presentation? just sense the progress about really just uptake of of think that key I here? might the or that any any traditional of is seeing on how that a more the coverage factors on some educated product trying talked to the get

Paul Reider

Chris. Thanks, Yes.

and volume, segments the prefilled UDENYCA vast it coming represented the the of quarter, syringe from was So majority business. of in the third all the

a launched innovation into had we really new never auto-injector when the the that its the the quarter, it marketplace implemented system. of So first kind, the in was

time, the coverage then the to nurses the the and it pharmacists, to formularies order we providers payer So the we get on up. get had had same the educate At set. set particularly and

So that a done to since auto-injectors of up.We've there's order get approved. accounts operational had had XXX work set been this lot it's about to get

places for where in it the can looking the So they're fit system.

continued into increases, see continues XXXX We buoyed the as that expand. that as to we're and payer as move launch going coverage be demand progresses, we expect will to

the solution, only have Chris, the be then presentations, the being all needs brand, we we'll X a total patients the then of once meeting body, and with providers. on So the

at to think X I that resilient share. we the has got remained market, the and Onpro So on goal OBI after XX% fairly shots go then auto-injector with which

Operator

Our comes line Verma next with from the UBS. of Ash question

Ashwani Verma

I have X.

amount time approval. So the payment then that?And Can remind line what's the thought an due you milestone X-K a for first one, I earlier you have was a believe Is surprised smaller the any there part the new now cut half. forward. NPC lease you second, Junshi that space the of filed to there for that to and your as us see can a that Just this? mention implications burn? And into reduced going is for a cash noted space to workforce I

Dennis Lanfear

for the questions. thanks Ash,

on able Let period Primarily, one to came a that a were up reduce were renewal because the the where We the we was first. last period. me in take lease. footprint there

-- opportunistic some consolidation. had being do we were we able and So to

home We work go then have team members back that and and from forth.

always and on to from this the opportunities that. I McDavid do to milestone Stilwell could and some as sequencing space.And for remarks some office. is my so. before, done timing out let consolidate we've reduce in looking our we able With comment people I'll expenses, the with in We're its Junshi, where to respect we're of indicated one and So

McDavid Stilwell

Ash. Yes. Thanks,

a it So in it's payment, be million March XXXX. $XX paid and milestone will

Operator

from comes line question of Barclays. with next Our the Balaji Prasad

Unknown Analyst

This on afternoon. [indiscernible] Balaji. is Good for

Our is toripalimab. for about opportunity partnership question

will agents interest areas that agreements lot you those trials? R&D outside you what will adopt what partners. color order cost received next from be trials to therapeutic You a partnership economy you combo some lower type achieve mentioned and And of or of add that in on future partnership what type year? Could for of for combo for collaboration prioritized

Dennis Lanfear

Chief you. Medical our address Officer, Rosh Thank Dias, Rosh? I'll let that. question. Great

Rosh Dias

the for much very question. Thanks

partnerships robustness I we data tumor us together data So I well. across thing first think mechanism for as think of of the the look with at partnership is sets really up and for of indications space, LOQTORZI as well the I'll say that the its the and wealth types action pretty different unique

in for incomings be that more kind partnership important of do one rights. with have And taking I'd LOQTORZI, also, acquisition terms I and the of of we're think that and supplying and stress the and agreements we in there we're studies.We with to receiving in Surface assets our novel novel combinations partnership essentially of opportunities the have avenue I the CHS-XXX. points global think is are for and of that course, terms drug came will that casdozo mainly like of supply drug

X for looking we'll opportunities novel opportunities U.S. for to revenue there. assets these for potential So maybe find be potential partnership ex

Operator

Douglas Wainwright. of H.C. the line from question comes Tsao last with Our

Douglas Tsao

whilst gaining to whole, to maintaining the some category touch successful from continued I And wanted the UDENYCA ASP as fall. maintaining we've where on have just ASP I'm a seen your within have a others just or just little. on curious broader environment the really your and pegfilgrastim perspective see share you share

step think has the your you the is the perspectives on next driver your do this for sort market? of been success what of what and So

Dennis Lanfear

Paul you, But the deep and the core we Doug. bit I commercial on competency a bring that Medicare understanding nuanced B for at I'll a think dive the very of in Part space. let team,

not As of to for guardians sales. good policy been time has a drive you long know, to discounting on and our the ASP simply rely

our basis for we other additional But term value very in for if that upon we comments. our of and a maintain selling example. other is resorting the have to class, I are without significantly share the long don't has are [ price successfully the leader The that market. successfully terms strategy.Our strategy competitors to and which deploying now understand a average we to the well Paul presentation. launch And above in in execute to deployed as that issue, the price think, here I proposition think know very some simply price strategy our ability confident price ], really above I to is

Paul Reider

always and strategies think you that's if we've Denny. viewed at Doug, the as I have No, competitor franchise. UDENYCA a what look exactly right, been

you've support. long-term view. syringe, person-only strategy.So prefilled just discounting new those We're pegfilgrastim use the need UDENYCA a just do to that And for a brand. the as gains. presentations getting share we maximize needed meet had so office, position bringing needs. the to We've we a offerings been disciplined also for in but these market, getting it. taken we the franchise and just to competitors, a to it going whether of the we're still short-term the with what seen with the to to examples have we've And that revenue, to it we're biosimilars going in deep applied happens have with order representation really is they're because patients long-term to solution seen And it whether profitability other patient home, provider What market the of particular, they're at strategies in and

it you're is comes really in delighted we're strategy paying that and seeing And that. down it quarters. our now that off, consecutive So

Dennis Lanfear

to Part then market. a by the also behind where that large competency very Doug, deployed is make, ophthalmology, the we've we're year a our I point we few successful we of very competitor in were from position other very, months. where B a The launched would successfully oncology in And Medicare first

I of ophthalmology in as market excess having that a very XX% CIMERLI are competitor launched UDENYCA, think of the we the first XX% also. in recall, may year we're behind share with excess now point at of in market. And in large you

has think I been demonstrated twice. proficiency this

Operator

Denny for would like closing over to Thank Lanfear you. to turn back remarks. now I the conference

Dennis Lanfear

operator. Thank today upcoming the you, conference including the XXXX we'll on QX this you conferences, you week. and all for UBS see joining and our Thank us Truist at conference update,

Operator

call. your concludes participation. for This you today's Thank you. Thank conference

You disconnect. may now

Coherus BioSciences (CHRS) 6 Nov 232023 Q3 Earnings call transcript