CHRS - Earnings call transcript Q4 2023 | Coherus BioSciences, Inc.

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Operator

Good day, and thank you for standing by. Welcome to the Q4 2023 Coherus BioSciences, Inc. 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 for Coherus.

Jami Taylor

operator. you, Thank welcome Year and Biosciences Quarter Fourth Good Earnings to Conference Full XXXX Call. and afternoon, Coherus

Joining me Officer. Chief today Chief to Theresa Rosh discuss our results Officer; Medical of Reider, Commercial and Bryan Dias, Paul Chief Executive Chief are Coherus, McMichael, Officer; Interim Development Financial Lavelle, Chief Officer; Officer Denny Lanfear,

to, future call statements of regarding limited Coherus' Before we like following: profitability would are forward-looking I the statements or to remind but expectations cash headcount to the to includes pipeline, about events. debt ability get started, you These include, timing that growth, levels and return advance today's of projections our current and revenue, not positivity. flow any our expenses, future

that results, control could by All of these or forward-looking performance the statements from uncertainties beyond cause forward-looking and are involve those actual to and substantial differ achievements implied statements. our risks

performance and today inherent file subject clinical in SEC. statements as of the are that are issued release to are our uncertainties that documents the and well and with risks discussed press risks future that substantial in development including process, we guarantees not as drug These we the uncertainties,

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

turn over that, to call the With I'll Dennis.

Dennis Lanfear

beyond. important the of pleased an in innovative today. Thanks, out on you Jami, fourth and and new we company thank of the results sharpened joining and to for levels Coherus report as oncology, rounding I'm to focus us you call XXXX all growth for transition strong our quarter on resisting efficiency for today's year

as are value and every to mission are extend for long-term this patients. shareholder Today, oncology cancer lives deliver sustainable an Coherus for strategy front, as in oncology strategy company. growth we believe this long-term next-generation strategy patients. on We treatment the Our creates our delivering of positioning clear, and we develop

product last forward first we and and path the sales the growth across on year, of set revenues drive new to LOQTORZI. which continue We launches With UDENYCA is portfolio. oncology

costs. Secondly, interest and simultaneously reduce our spend

Third, our growth realign high debt with experienced share Paul just our on potential and PD-X. double-digit complementary balance on sheet reducing Commercial advance XXXX progress the and Reider, We and our tumor and those in levering I'll Officer, sales pipeline discuss our Chief moment. a in microenvironment our to growth let continued focused by

Let me XXXX. start with the in reductions and spending headcount

Today, of efficiencies for for last reduction headcount Now integration year, process for began of a announcing business this our sustainable plan position reductions, to process transformation. multifaceted greater of a as efficiencies. through driving reductions cost headcount new as we part divestitures XX% part and we product and are growth, XXXX us

to highly committed of million $XXX eliminate These about spend remain returning million profitability as our remains We demonstrate of for with objective which to the are in $XXX spend role possible company, itself goal. rigorous reduced and reduce in R&D the every FTE SG&A XXXX reduction $XXX that positivity with soon wherever in cash from This projecting million, a the reduced evaluation result million from $XXX was of XXXX. which has XXXX, an was to to as possible. actions flow or XXXX we within

This This QX use previously with XXXX our have be by and management to cash of potentially U.S. milestone tranche reflects Junshi. payment million high the to to as proceeds level network of partnership with paid QX be we defer our XXXX, million option scheduled to quarter payment we quarter, $XX.X reduce bifurcated strong reduced monetization into in from $XX now agreed our of ]. to next ex is levers Now of this XXXX. monetization Canadian the to Accordingly, X to stated, approval paid one for is second additional Junshi such capital. and rights an parts. million [ payment of be and preserve to Palm $XX.X seek

our are for sheet the to pleased and of balance financial realignment our debt, outcome the we reduction with With divestiture franchise. ophthalmology of respect of

efforts of sheet overall term million our well, recently Our pay capital progressing with moving roughly burden the the and structure term balance XX% debt are by to we payment down strengthen our decreasing interest XXXX. $XXX announced Advisors, agreement into loan renegotiated remainder in and Pharmakon loan

are the focus, a allows size. leaner, We R&D efficient greater streamline in to operations. FDA. X success also nimble intensity, major any is being especially UDENYCA to able approvals on innovative are our the to Coherus and XXXX for company. and us oncology high-margin UDENYCA for on-body The product their securing more marketplace of in synergies. in success realize growing XXXX, for and growing Today, having divestiture adjacent positioned ophthalmology injector regulatory FDA oncology focused in gaining a agility on teams cancer products. revenues capitalizing further is from tightly a auto-injector, nasopharyngeal of the even congratulate and synergies The and product with our accomplishment and [indiscernible's] company, approvals the This and commercial one we and sustainable capable predictable our us of compete more have With X LOQTORZI, organization, from

the our to paves microenvironment products each oncology these assets impressive tumor development pipeline. of immuno-oncology our vision in in align for the way of of focused leadership Each slate

to and potential vision potential extending long-term our drug Dias driving best-in-class describe the will Dr. As patient value candidates and survival have of deliver on first-in-class shareholder creation.

Commercial over to that, Paul Paul? with Officer, which Now it my is Reider. Chief turn I'll

Paul Reider

to XXXX, our ended business Good UDENYCA core this of a line franchise. with the use in focus the We and growth assets, top oncology divestiture ophthalmology momentum momentum afternoon, We'll LOQTORZI. our oncology of everyone. strong drive XXXX with Denny. Thanks, on hyper business,

to with over was milestone our a brand, important product UDENYCA and and I'm X million, product QX, since net commitment fourth the announce belief we'll continued XX% starting with net Full of million, in revenue begin XX% was to speak increase UDENYCA. oncology, revenue that For $XXX.X and sold cancer increase of its combined eclipsed and to quarter, patients. year significant demonstration units $XX.X UDENYCA now I'll QX. excited in million Coherus' over launch, each a XXXX customers' an XXXX.

Now share the that deliver UDENYCA X auto-injector both to drivers. forward and are fueled presentations strategy on-body moving market our by revenue is and launched, profitable growth

the the brand than factors unique position price. only X to and First, other patients. pegfilgrastim of compete allows UDENYCA strengthens needs device our on is This to options and providers us meet with competitive

delivery now And within the of enabling pegfilgrasti us of patient compete on-body, system come Second, novel Xx the market. significantly a access to pegfilgrastim UDENYCA with proprietary launch with up third, to lives. that XXXX we XXXX. opening entire more coverage And nearly of payer and state-of-the-art into

UDENYCA Our quarter growth. disciplined strategy execution and third a of of revenue this demand consecutive is delivering

an XXXX, Customer And enthusiasm presentation for the were have QX, UDENYCA the presentation since of Total sales unit of demand autoinjector accelerated auto-injector. ordered and growth payer driven XXX% the in of auto-injector May presentation. million, quarter-over-quarter. $XX.X continued launch quarter-over-quarter, growth net increase a prefilled quarter-over-quarter. of accounts X% led grew increased adoption syringe commercial XXX to XX% demand coverage by

in payer X high February XXXX. share, on-body. in market XXX versus share weeks with encouraging demand is last data on providers. for coverage, launched demand UDENYCA market the period franchise for leading uptake first the offerings X presentation already and With UDENYCA the an a month oncology points of X-week on-body increase these as becoming of same from XX%, only to and total device, time brand unique a was customer now representing IQVIA, with Based March is differentiated launch. and in of pegfilgrastim accounts XX solution now UDENYCA few was confirmed on-body coupled rolling ordering

million. With assets, I'll Full to net sold $X.X respect net sales cartons, the were QX, sales of start million. with year summary. XXXX X,XXX generating noncore In we $X.X

We continue expect the growth inflation to the until XXXX for implementation HUMIRA biosimilars through Act slower Reduction XXXX. of

revenue $XXX.X Similarly, at Full X XXXX of share in million. was guidance least to share $XX.X XX% exceeding revenue XX% QX our of increase points increase similarly, quarter-over-quarter. an ranibizumab grew market class the an of net was $XXX million, for million, quarter-over-quarter. within year net market Regarding

LOQTORZI, NPC it's going and asset. is treatment only plus now FDA-approved recurrent demand LOQTORZI the and January chemo me with in our oncology all estatic lines to with tracking X, other launched core Let well, of for first conclude uptake We therapy. expectations.

or up of year those line that based consisting NPC and For plus. commercial million initial between to approximately NPC QX, are in were wholesaler evenly NPC we metastatic rare at U.S. $XXX,XXX $XXX split in market cancer, second on the XX,XXX each peak, diagnosed first-line versus and recurrent patients stocking we recorded is the sales estimate is support to a valued launch.

all a as broad LOTORZI of to patients LOTORZI as many chemo LOQTORZI possible. new available a we as make plan NPC With establish will are therapy, indication of and quickly care in executing with standard plus our ambition lines

Our conviction is bolstered by the this and following. ambition achieving

strong First, advocacy opinion have leaders from nation's in the NPC. we leading

just in-person LOQTORZI the of with ago, we XX in neck progression-free over become of data of strength that universally XX% well, preferred cancer During them meeting and opinion symposium, top X weeks and head that nation's multidisciplinary one-on-one held the leaders standard and chemo the its significant survival. improvements based Phase new overall care indication plus the on NPC and the includes on III will FDA-approved over

speak both for the to NCCN NCCN clear NPC further. ASCO first-line a LOQTORZI only achieved with a is use, Rosh has promotional on LOQTORZI the Second, for PD-X this X message LOQTORZI message LOQTORZI and a core guides. will in campaign. preferred the and designation with Category listing differentiator

now invested bearing but approximately patients label of claims with tools our Fourth, includes medical oncologist an as then and deployed the NPC tools lives. to which record sources well associated real Third, we These fee-for-service. fruit. patient, triggers codes to appropriate coverage are we've as ICD-XX be of teams in to identified, with help has representing NPC course. This field electronic NPC NPC identify deploy data X actions. real-time confirmed Medicare targeted payer an We've innovative in time, patients identify alert payers XX%

branded second, that targeted First, LOQTORZI that doctor. sales paper with to call oncologist. advertising digital And

early over are of oncologists Last sourced XX we'll of prescribing cancer added of already these NCCN terms most LOQTORZI accounts thus them, In of with LOQTORZI. hospitals. LOQTORZI, well. ordered have use and were lauch, to far XX% have centers remaining had impact, designated respect and and priced we've the I'm centers, successful clinics the the order P&T Since LOQTORZI review, these have XX% accounts formulary of centers that XX tools. in as both with outcomes With from confident

neck to patients NPC for bring nationwide. In a with and become community summary, we're in greater new trusted partner survival the for to excited and head hope

now With hand that, I'll Rosh. to it over

Rosh Dias

for time element exciting good Thanks very and few portfolio. immuno-oncology months afternoon, our have an which Paul, remains Past LOQTORZI, foundational much, everyone. been of

October of a advantage to a disease. survival survival with Following ratio but final which LOQTORZI statistically of FDA XX% NPC the year, XX risk advanced study, NPC. approval meaningful November an XX patients is pivotal in [ any hazard have on in arm, very treatment for overall was mortality survival showing last until registration not overall their This clinically had January as only data ] in the X.XX favoring the now, represents for patients published not, living reduction up approved also options significant from

was positioning. NPC NCCN neck very weeks [ ] NCCN X and included Within guidelines also for a approval, head the strong in with Optus panel the by of

X only highest the Category First-line evidence members reflect a and LOQTORZI the for therapy listed disease, uniformity panel checkpoint of inhibitor of which the the with is decision. as level designation, preferred does

have and over line and of both several Outside breast in are second showing survival clear designations or the cell beyond additional and NEOTORCH PFS designations both in therapy, very unmet The study gent need. the very medical a published journals, Torch the NPC, oncology positive data the and perioperative with in locally and in strength months Phase as the few non-small sets III favoring cancer of positive lung only listed carcinoma. data profound are light past Medicine LOQTORZI a reflective reflective is progression-free Nature survival positive of both preferred analysts of the high-tier triple-negative JAMA, including a in the NEOTORCH cancer. advanced showing a nasopharyngeal benefit benefit in event-free toripalimab in benefit been

tumors been backbone In been outside We've beyond in tumor but has for combinations investigation in locally in therefore, also of our investigational partnerships, strategic positive positive data in partnerships the up recently be across in NPC and well with in junction us Nature Phase these that not published II sets carcinoma Medicine. gastroesophageal other only types form our additional addition, in toripalimab the data novel advanced for sets in agents. in toripalimab combination consistent communication will also developing very randomized NPC approach

INOVIO will DNA-based this is a NPC. of against combination example tumors in with choriocarcinoma, in recent partnership, A in indication advanced our a supplying was INOVIO investigation we that neck announced that squamous toripalimab where be and our for locally registration-enabling to directed study current complementary we HPV-positive vaccine in tumor type head

remain Regarding targeting the top novel to antitumor both make microenvironment of potential the and with novel effect excited our backbone the pipeline, additive agents to be therefore, with more about aim realize clinical combine on will microenvironment by our stage we the the benefit. toripalimab and favorable also tumor tumor our toripalimab agents. potential The T-cell to

whereas is encouraging in in advanced tori this for cancer currently clinical demonstrating next patients presenting or in we further presented atezo we response December well casdozo casdozo of to study refractory X concerns. non-small with cancer. an are later with evaluating and in currently ] rate Ib subjects. demonstrated active patients in Hepatocellular and Carcinoma, and On anticipate study our advanced [indiscernible], ASSIST a non-small with in combination casdozo XX% by data first-in-class patients year early either data we with cell this monotherapy tumor with PD-LX investigation ESMO we Study cell this we lung [indiscernible] have from in in [ have XX% HCC enrolling with arm first-line casdozo and study, Catoca no combination in overall complete GI combination Phase lung position safety BEV toripalimab at casdozo us on responses of we only These have non-small data data stage open, and type presented [ MR and year. and lung ] in responses new ASCO January molecule, cell in in open IO anti-IL-XX in Regarding cancer at

from presented last year we an responses. showed only that data with overall of partial earlier Recall rate response this study XX%,

of very So this the responses deepening encouraging. increase in response with rate together is

liver Moving HCC, we in our the in first-line We're that with particularly toripalimab activity forward, and this in addition anticipate will has, casdozo start patients. in and response year. we antagonist will investigating IL-XX lung which with later to combination clinical demonstrates activation encouraged bevacizumab be clinical casdozo observed immune

of an these that clinical biomarker response. The of tumors IL-XX and work association in X expression studies catdoza from revealed have high levels

these besides to some neck types continue informative IL-XX will combination is selection cancer several that in it tumor cancer. evaluate the a the tori and and breast in gastric have IL-XX supports potential can casdozo and demonstrated HCC We for triple additional as indication for predictive if biomarker. if LOQTORZI to cancer, expression cancer high synergies or treatment types additional of head of expression, improve tumor of negative cancers. these activity of patient outcomes lung Other levels that

our at disease of and the last where linkage. antitumor to nearing patients in deplete antibody escalation CCR of any response enhance targeting safety is in target cancer, with plan and without the presented to the neck dose potential Phase highlighted completion Nonclinical squamous escalation safety explore with complete, study shows Once for concerns. to CHS-XXX the strong expand is Tregs tumor CCRX cell. head CHS-XXX, we the data the neck microenvironment our I Finally, in study in to year, stage toripalimab combination biology head dose of

it I'll Theresa. turn to now over

Theresa Lavallee

FDA approval manner the Thank BsUFA UDENYCA all both approval lines With timely than again much therapy good and everyone. to UDENYCA for in LOQTORZI all action the October. for on-body carcinoma, and time the thank approval, you, on-body once the subsets faster in period and resubmission want and taking well of our for X-month afternoon, the nasopharyngeal Rosh, is positioned. I patient franchise of after the of oncology supplement a coherence

that activity are LOQTORZI demonstrating with in is significant potent tumors inhibitor a next-generation activation including of T-cells, less inflamed. PD-X

its mechanism of affinity action that immunology a attributed describes at unique cancer potent its finding FT immunotherapy activity to LOQTORZI T-cells PD-X published binding recently both loop and PD-X. epitope, Our in the of for on by paper the is

LOQTORZI to the to of extend target I-O suppression excited have to due that and foundation explore the resistance franchise, with mechanisms well survival to dampen we tumor of microenvironment. our agents opportunities system. in characterized is patients with all combinations, the are immune PD-X particularly Immunosuppressive macrophages MX clinical been immune

IND Our is of CHS-XXXX second quarter submission program in year. antibody this on and the track for anti-ILTX the

presenting our from be data at April. will CHS-XXXX AACR We program clinical in

an expression an promotes Tumor latent, The nonclinical showing response. high of and and types presents rest immune selective that the antibody IL-TX head IL-TX CHS-XXXX poster presentation inflammatory ovarian it includes potent liver, and neck, as characterization of cancer. with

with advancing treatments to LOQTORZI TME. using -- targeting addition new In the pipeline the TME combination indications Coherus

and number novel of We a external have discussions. exciting combinations

important Another initiative novel and exploring casdozo is partnering with combinations CHS-XXX.

sight targeted Given of their immune tumor cancer even call T-cell patients, I'll Bryan. several therapies antibodies, as and are line to in safety indications bispecific combinations profiles, the including strong and therapies. car-T such ADCs, rational turn engagers, there to now modulation

Bryan McMichael

I'll and Theresa, quarter review results full you, good the Thank briefly year. everyone. the for afternoon, and the

the sold start our Cost As expenses. costs primarily revenues, the million will I in Paul with by significantly of million to prior driven to compared year, cover goods $XX.X year noncore increased for products. $XXX and

a recorded Specifically in the and million related firm of write-down commitments. QX inventory slow-moving charge $XX XXXX, we for purchase summary

we we excluding the including margin to for have net similarly to pay on addition, on In Gross the earlier UDENYCA $XX gross on -- XX%, gross would included X%, quarter write-down, low royalty the profits fourth been a the pay million mentioned royalty for was mid-single mid-XX% quarter the royalty sales. COGS similarly gross digit profits. UDENYCA and margin

Namely, $XX from for the and that R&D prior headcount. not the XXXX. with $XXX.X QX from million, million happened other in R&D million Junshi. did We The million, and in in year. in new TIGIT down with of that a the declines cost XXXX the reoccur for during XXXX was reflected decrease QX year. products XXXX million preparing launches same of descoped with savings prior totaling reduced co-development expense of $X.X option year $XX.X fee costs XXXX $XX.X the period expense ended expenditures The

million, year. SG&A expense $XXX the from was year the in prior $XXX.X million for down

reflected costs. a year primarily compared For the million partially $XX.X $X.X offset and quarter, other headcount, SG&A was by down expense decreases from million, ago, lower to X% savings

reported net compared per and of to XXXX. or loss Cash investments December quarter compared as million the were at per of we loss and December XX, million securities equivalents to marketable in the XXXX, cash net a XXXX, For or $XX.X for $XX.X million a $X.XX in $XXX XX, fourth share XXXX. same period $X.XX share of million $XXX.X of

results $X.X XXXX Our million of included expense. interest

an on expect to borrowing $XX costs by following the than We our cash million basis from paydown partial annualized the divestiture. similarly reduce using more proceeds flow

million In the to reductions at addition, we OpEx headcount to expect save with the an least divestiture associated due in force. annualized reduction on basis and $XX in

quantified. compensation from $XXX options in of expected programs million. transactions these or XXXX to million related termination of approximately or of the effects any announced in savings and rights factoring identified program expense in million is circumstances and the excludes the of a to and SG&A addition of strategic to acquisitions, $XXX collaboration of range not exercise expense or introducing collaborations combined stock-based This After yet other we and R&D includes those the that guidance Coherus January, TIGIT guidance investments, $XX

to turn back the With that, over I'll Denny. call

Dennis Lanfear

we're for Operator, ready open questions. the up Thank line to you, Bryan.

Operator

Instructions]. [Operator

Robyn Truist comes question Karnauskas first with Our from Securities.

Nishant Gandhi

for am is I on This Robyn. Nishant.

LOQTORZI. I on one UDENYCA and So on have one

points but provide well. much up share, UDENYCA, has in price you or with quarter? And you the been as quarter-over-quarter, more LOQTORZI, launch more the continue to second-line sales for you was market Can selling net in X% reduction increase frontline this however, by provide drug how used more is going color, of it's the XX%. you mentioned the up are So color whether setting? Can effect

Dennis Lanfear

then to address of secondarily, much. LOQTORZI. very be first-line to the Paul? of with will versus your Paul respect you question happy question UDENYCA. Thank launch And second-line

Paul Reider

profitable now range. question. thanks to the presentations both of I Yes. and growth. now plan revenue that our have in effect Nishant, mentioned going We're And X for that's franchise to that and my market we've have we've a mid-single-digit locked payer focus coverage in to your quarter-over-quarter is to so and can in going And the as have drive was all selling access remarks, launched X share presentations Yes, been able be in market. the the going our now and beyond. ASP. to that We've do competitive XXXX we the entire great net because all price we're

looking So UDENYCA a with to we're forward XXXX successful franchise.

about is the we're many we've the getting patients now. that's given but getting are able not we line first be Regarding our call chemo we're lines LOQTORZI tells got us second therapy. quarter it. line, specifics. line, and LOQTORZI that I'll our couple in your get lines of intelligence to just in more a months just immediately -- first that all patients are or now question going better treatment, what of into across you to gotten of second But for they're all on unexpected give indication And of

which So we're well. going lines, the in and great, is very getting both it launch is

So...

Dennis Lanfear

like an patients on Nishant, ancillary PD-X response selection the as to NPC. exist for to with think diagnosed I comment of LOQTORZI a question, your

Rosh Dias

Yes, happy to.

evidence-based data-driven. What a will So doctors tend I X is physician, LOQTORZI other tell inhibitors very that not and have. can that do say as things has be to checkpoint I you

that oncology of advantage we of addition data, with XX% First and controlled the only I of gold the in reduction data And terms look not we a study to have for. mentioned have is overall randomized have do risk all, data, which LOQTORZI. actually the we standard survival from survival

other say have preferred thirdly, only NCCN have inhibitors label Secondly, also to a a of for actually indicated therapeutic point, no And not do checkpoint and -- of inhibitors a positioning there's have we other we not do guidelines. Denny's in have terms I'll label not and NPC. do other agents label, only course, checkpoint not

agent Category terms in need. unmet think only that does the in the the listed the this of the for really and of strength reflect are confident first-line I data data We and area X of immunotherapy,

Operator

with question next Citigroup. from comes Our Yigal Nochomovitz

Yigal Nochomovitz

comp the is above you I'm numbers. key curious, cancer Nominally, On IMbraveXXX. the there are those liver study, just I think

Of course, small. are your think the triple on how numbers comment curious in you be the decision be benchmark just go-forward I'm could you need IMbraveXXX you'd with better much if to a than to to as combo.

Dennis Lanfear

Thank you, Yigal. Rosh Dias can address that.

Rosh Dias

Yes.

So actually you're data rituximab a absolutely -- IMbrave now. right rituximab right. The with indication is license is the only

I So XX%, we've with shown said, as MR [ a response of rate, ]. XX% ASSIST

So think think exactly we'll were for, be further combination. with we're GI start at that for, kind later a and I study looking data this following we is going what triple that's looking be will presented we that We're January to actually looking range further in up year. right? at is the we -- looking for development, at we've this of I ASCO

Theresa Lavallee

can the I I are comparison. to that, but a an it's if study, And higher, Yes. in numbers XX-patient apples-to-apples add think not

we excited, II with to Rosh look and is track mentioned, deepening in the study how a those revision both the to evaluate study response in but of XX-patient as at IL-XX Phase improvement biology. in So were also data important responses continues

see very expression that an again, when are So provocative we association with numbers, the response. IL-XX -- of small, while

and dampen cells and humans. that HCC lung translate is cooper of so resident macrophages And response. that is in cancer macrophages, from really in tissue activity preclinical there to activity immune program the IL-XX a strong multiple this the preclinically liver biology was has models, specific Additionally, one the shown coming known in that models that cancer to liver is

showing pathway in to ] IL-XX association levels the combination. the data IL-XX incredibly Batory response Dozo with patients think in responding I So has Fab that high of the with do of [ the as biomarker and modulation expression excited

Rosh Dias

one very I'll always as -- safety thing safety a well. is add, showed important. it's maybe And profile a last very clean We

Theresa Lavallee

Very important.

Dennis Lanfear

Thank you, Yigal.

Yigal Nochomovitz

escalation the going Theresa, the ask CH-XXX. you on dose do I Can one. curious one was mentioned on you're and another then Okay. comboatory. I to

in I be still Or think deck early was for in I in I. of you expectation? that your sure the wasn't the January, that, data half please? there'd indicated slide Phase year the understand first the help just if some

Theresa Lavallee

Yes. at the escalation present We major half in conference. a dose first the year the plan to of medical

Operator

comes Our with next Colleen from Baird. Kusy question

Colleen Hanley

revenue think I the is guidance looks for it XXXX. providing you're past, given guidance in revenue not like something you've

So little the decision about and levers just growth of that think can some bit for what talk you a are year? you revenue this

Dennis Lanfear

I'll let Colleen. backfill. that take Thanks, Paul and one

ultimate of I is for that on-body. market. we month. about primary across very think about yet But in the received launched the freshly been the It's been it not that's only the We're UDENYCA out issue the excited enthusiasm have the known. a trajectory that XXXX, of is market

of XX%, from As X-week to Paul itself XXX% north have trailing up though, And the data pointed QX. for UDENYCA out we a seen is increase with respect the auto-injector uptake.

very, very compelling. So a that's

with additional that call, we'll on on greater the I to next Once into positive. But get steepness of able and the that you us I trajectory. the below respect give think all trajectory information think we give QX the would get and certainty little some a to certainly us, further indicators be are that. the

as we're indicated, With respect Paul launch. very to with pleased LOQTORZI, the

the X Our digital of a strategy over patient last the relationship good. very developing years very, is basically with

get a well doing I time. place, very a going takes we're P&T familiar a pleased for very uptake, or X It are on think how or the a committee something. bit in to of hospital take a committees the there. P&T to We in little But some major month and pleased with Coast that's that East

with and would probably that, ahead we belts do but quarter happy we before we just go under like another to we're So respect to revenue. do our projections

back important, is important, And with where It and the to one revenue is the revenues, said, size revenues, drive of the will product but that the stable the as typical biosimilar. point -- into just than quality for going like as we focused. I and revenues. will one LOQTORZI the the for go is to the if line, margins as side lead profitability on year. as of topic and of you example, more the more We would of really we the LOQTORZI. top Paul make of we're the want to revenues sustainable also that's quality the your not with UDENYCA expect But the more better, key especially greater far of though, quality make we the really be And

Colleen Hanley

That's and On on follow-up positivity. clarification. your comments And quick a helpful. flow a cash maybe just

just that positively goal is Can the factors? said in maybe or or is on flow you not guidance think XXXX I for you specifically, clarify, cash revenue other in cash positive XXXX. dependent flow

Dennis Lanfear

revenues, Without I launches the mentioned made being from over progress cash of reducing now think the predict of key overall our with the count head year. our able our in over and to really past predict 'XX point XX this I XXX can't substantial I line, just SG&A we've positivity. end SG&A X from XXX past the I months, by reductions. we 'XX to years XX R&D that would make reduced to have XXX FTEs and targeting respect But to even the several that flow face to

very very, organization on oncology. I we running efficient a think as So that focus we are

loan costs our us, can reduction we're driving you plus interest see. lastly, time, in for Bryan X. fixed recapitulated a as term At the then paying higher, making reducing the we're interest our where XX% progress we're very same good And SOFR cost. that revenues but

significant. very really that's think I

we and continue that's X quite but to where this our and north going those our And we're can't where predict in star light direction. cross, lines just going. we're guiding So

Operator

with Our next TD Michael from question comes Cowen. Nedelcovych,

Michael Nedelcovych

for question. Thanks the

in give or Can in might priorities You us tested. various discrete where tumor combinations priorities translate might terms pipeline pivotal be and have a go/no-go opportunities into trials? you of wealth of combinations those a when indications sense and those various of types even trials

Dennis Lanfear

Thanks the I'll Dr. for address Theresa? get Michael. question, Lavallee that.

Theresa Lavallee

home Yes. at next looking positive We this high next casts, lung explore this that's as LOQTORZI earlier casdozo, cancer, of the which further is cancer treatment to thanks. later lines the Michael, data given plan NEOTORCH of to lung as a I of patients. early we've we data activity the but year. bar, not in year with of trials all kind study cancer see or by was talked -- should such based study, run expected about by show so strategy, the a off We're of combination year. monotherapy year, the data end HCC mean open. to open LOQTORZI

As antibody we next the in the CCRX mentioned, presenting XXX, will be quarter.

I So partnerships. next that INOVIO presented. and generating ones, We've will of a announced the being from already be one, you'll data year other that think the news flow also see number plus

is and acceptable Junshi that appreciated studies the of multiregional the which trials, isn't now make toripalimab it develop And to it part would are all about clinical to their is continues FDA.

have they Phase their III with so And pipeline. a ongoing

be we'll watching. So

study. we that it Clearly, or While we're not share. as funding part the registered, that gets of study have market

opened that year. for So watching last And that. be study we'll

cancer So Phase typical small cell lung couple later in next III so of the metric, years.

Operator

with comes Our Schott next from Chris question JPMorgan.

Ethan Brown

Ethan Brown Schott. Chris is on for This

on OpEx more one company's how past Just looking to that start then XXXX, one color I and thinking have progress given, have pipeline that. off, the then And question can trying maybe against some you're you after to hand, balancing profitability? past you that the offer about you're on

Dennis Lanfear

I'll make let take that. shot at McMichael Bryan a Bryan?

Bryan McMichael

Yes.

we're beyond this So at 'XX time. guidance providing not

some idea capital we how on how the sort into out inform there. structure, get our -- we in move from we'll we forward we're as have will with a forward And move that As things XXXX. of working of better we'll

Dennis Lanfear

would -- positivity, is we offer I if you I Yes. after I say another profitability would one question. stay and that's point, offer we achieve to intend other you LOQTORZI. profitable, which flow cash would your

peak reach to X term. the short over to market expect a UDENYCA And in increase further LOQTORZI X.X share we expect in sales medium years. continued for to We

those line further, of as to of degree And us. SG&A, with to for and both continue expenses will continue seen show things drive top already. we'll our respect you've So to controlling very high discipline

Ethan Brown

Coherus just players to market? is And approved in specifically, you you versus can very pricing broadly, think just Is pivoting And XXXX? suite maybe auto any expectations the then UDENYCA. over versus if how whole other color there sales insulated more of traditional injector coming That's on the for presentation? is And helpful. now more maybe this point your to given from have you much offer the looking products more the at

Dennis Lanfear

to Paul that the very, franchise a very, address the a That's I'll with market our nuance. ability sustainable pricing. and Yes. X particular in question. Very good have let Paul? very observed issue, support and presentations

Paul Reider

Yes. Chris, question. thanks for your

other choice UDENYCA a that. experience the we've in the pretty in whole do get because to we're market. that's fourth And our the customers is Driven quarter. patient the of doctor. with offices. foothold We into with impressive workflow largely strategy nurses presentation presentations to the give X it, saw choose the it's liked So needs that And got it can into the using it, unique great the they and can starting brand auto-injector so that's that in with now clinic growth meets its the that no the and with now the

As under the it XX%. was business AI it the the total relates of percent still to to UDENYCA,

remarks, are forward profitable really do getting my second our in all continue device XXXX. as moving So on-body I the we have in cycle, be syringe. growth shape presentation. as focus auto-injector And we're now market going share brand's syringe But mentioned launched our to of the and that driving to prefilled see that's of XXXX, life prefilled the around the X we're growth. as that a well workforce we in year is But new confident this going take we wave revenue in Chris, in as to that

Dennis Lanfear

market And market increase trailing have I there. share exited $XX years we're ASP had the really investment. we The look market at X forward here strong Ethan, new said XX% the we management, years or shows years now the body. that and for years played probably only would X We're million $XX where of want UDENYCA the have and as discipline stability make long-term market ASP. as I a presentations us That we We the an folks XXXX auto-injector, both had some still entrants of least strategy in we're game for In took PAGs others on sustainability with aggressive ourselves that haven't to pricing underwent X that forward off. It our is the business. to other the with the X pricing, paying bring around in stewards positioned go a number here the we're and very in. the with interim, where significant good forward impact invested we've past. was and million We on X-rig consider Paul long-term think is that's be. our like significantly the point that

Operator

[Operator turn Lanfear further Instructions] to showing I'm questions. for not would remarks. And back over closing I any now the call Denny like any to

Dennis Lanfear

XXXX higher, drive on pipeline. our us Thank sales for and you, full operator. to our all our afternoon. QX debt and thank year control We're reduce call progress pleased expenses, our with on our you advance this all joining strictly our fronts

momentum investor We upward We on on entering Thank a strong survival at next XXXX attending with patients the clear for with conferences focus seeing are you. call. all to cancer. look forward and you organizational our and upcoming

Operator

for your you Thank participation.

You may now disconnect.

Coherus BioSciences (CHRS) 13 Mar 242023 Q4 Earnings call transcript