Coherus stock rallies 19% on Q3 earnings, Udenyca production update
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Shares of Coherus Biosciences (NASDAQ:CHRS) rallied 19% Thursday, the day after the company reported higher-than-expected Q3 revenue and disclosed it had restarted production of its biosimilar therapy Udenyca.
Coherus reported Q3 net revenue of $70.8M, which included $66.1M in net sales from Udenyca. Analysts, on average, had been expecting revenue of $49.85M.
The company also announced that production of Udenyca would restart this week, a few weeks later than previously disclosed. Product backlog of approximately 120K units is expected to be completed by the end of the year, according to a statement.
Coherus added that labeling and packaging production for Udenyca from a second contract manufacturing organization, or CMO, should begin by the end of 2024, with commercial supply expected to commence in Q1 2025, subject to FDA authorization.
Once the second CMO is operational, the company expects its labeling and packaging capacity to double to over 1M units of Udenyca per year.
Udenyca is a biosimilar of pegfilgrastim, which is marketed by Amgen (AMGN) under the name Neulasta.
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