Published on 13 Mar 2024 on GuruFocus.com via Yahoo Finance
Coherus BioSciences Inc (CHRS) Reports Growth in Net Revenue for Q4 and Full Year 2023 Despite ...
Net Revenue: Coherus BioSciences Inc (NASDAQ:CHRS) reported a significant increase in net revenue to $91.5 million in Q4 and $257.2 million for the full year 2023.Product Sales: UDENYCA and CIMERLI drive revenue with net sales of $36.2 million and $52.4 million in Q4, respectively.Net Loss: The company experienced a net loss of $79.7 million in Q4 and $237.9 million for the full year 2023.Cost of Goods Sold (COGS): COGS increased significantly due to inventory write-downs and increased royalty costs.Research and Development (R&D): R&D expenses decreased to $26.4 million in Q4 and $109.4 million for the full year 2023.Cash Position: Cash, cash equivalents, and investments in marketable securities stood at $117.7 million as of December 31, 2023.Corporate Restructuring: Coherus initiated a workforce reduction of 30% to streamline operations and focus on oncology.
Warning! GuruFocus has detected 5 Warning Signs with CHRS.
On March 13, 2024, Coherus BioSciences Inc (NASDAQ:CHRS) released its 8-K filing, detailing its financial results for the fourth quarter and the full year ended December 31, 2023. The company, known for its commercial-stage biopharmaceutical innovations, particularly in immuno-oncology, reported a substantial increase in net revenue driven by product sales, despite facing a net loss for both periods.