Coherus Oncology Q3 sales miss estimates
CHRS•Coherus Oncology reported third-quarter sales of $14.27 million, up 25% year over year but below the $16.005 million analyst estimate. Adjusted net loss from continuing operations narrowed to $31.21 million, beating estimates of $33.69 million.
1. Quarterly results
Third-quarter sales were $14.27 million, compared with analyst expectations of $16.005 million. Adjusted net loss from continuing operations was $31.21 million, versus an estimated $33.69 million, while net loss was $39.33 million.
2. Outlook and drivers
The company plans to focus on growing LOQTORZI market share over the next four to five quarters and expects to reduce core cash burn by $6 million to $7 million per quarter over the next two quarters. It lowered the quarterly LOQTORZI revenue needed to cover core burn to $25 million-$30 million. The company attributed LOQTORZI revenue growth to more patients on therapy, longer treatment duration and increased sales volume.
