Q3 2024 Coherus BioSciences Inc Earnings Call Transcript
Key Points
- Coherus BioSciences Inc (CHRS) reported a 100% revenue growth for the Icca franchise since Q3 2023, reaching $66 million in revenue this quarter.
- The company successfully maintained its number two market position for Icca with nearly 30% market share.
- Coherus BioSciences Inc (CHRS) achieved a 54% increase in sales for its newly launched product, Latur, quarter over quarter.
- The company has made significant progress in expanding its supply chain capacity, with plans to double its labeling and packaging capacity to over 1 million units annually.
- Coherus BioSciences Inc (CHRS) reported a 20% improvement in quarterly gross profit compared to the previous year, driven by reduced expenditures and improved gross margins.
- There was a supply interruption for Icca, which impacted the company's ability to meet demand and affected Q4 sales projections.
- The resupply of Icca is expected to take several weeks, with full market availability anticipated by late November to early December.
- The company faced a temporary decline in overall franchise demand for Icca by 3% quarter over quarter due to the supply interruption.
- Coherus BioSciences Inc (CHRS) experienced a net loss of $10.8 million in Q3 2024, although this was an improvement from the previous year.
- The direct impact of the temporary supply interruption on net revenue will primarily be realized in Q4 earnings, with cash impact lagging to Q1 2025.
Good day. And thank you for standing by. Welcome to the Q3 2024 Coherence Biosciences earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session to ask a question during the session. You will need to press star 11 on your telephone.
You will then hear an automated message advising your hand is raised to withdraw your question. Please press star 11 again.
Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your speaker today, Jody Severs, Head of Investor Relations. Please go ahead.
Thank you, Daniel. Good afternoon and welcome to Coherence Biosciences third quarter, 2024 earnings conference call. Joining me today to discuss our results are Denny Lampre, Chief Executive Officer of Coherence, Brian mcmichael, Chief Financial Officer, Paul, Reader, Chief Commercial Officer, Doctor Rash Dias, Chief
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