Coherus BioSciences Inc (CHRS)

History and Background

Coherus BioSciences, Inc. was founded in 2010. It is a commercial-stage biopharmaceutical company focused on developing and commercializing biosimilar and innovative therapies. It has evolved from focusing solely on biosimilars to include proprietary immuno-oncology assets.

Core Business Areas

• Biosimilars: Development and commercialization of biosimilars referencing innovator drugs. Products include UDENYCA (pegfilgrastim-cbqv), a biosimilar to Neulasta, and CIMERLI (ranibizumab-eqrn), a biosimilar to Lucentis. These are approved copies of complex biologic drugs.
• Proprietary Products: Development and commercialization of innovative, proprietary immuno-oncology therapeutics. Lead candidate is toripalimab, an anti-PD-1 antibody.

Leadership and Structure

The leadership team includes Denny Lanfear (CEO), McDavid Stilwell (CFO), and Rosh Dias (CMO). The organizational structure consists of functional departments overseeing research, development, manufacturing, and commercialization.

Key Offerings

• UDENYCA: A biosimilar to Neulasta used to decrease the incidence of infection, as manifested by febrile neutropenia, in patients with non-myeloid malignancies receiving myelosuppressive anti-cancer drugs associated with a clinically significant incidence of febrile neutropenia. Competitors include Amgen (Neulasta), Mylan/Biocon (Fulphila), and Sandoz (Ziextenzo). While specific market share data fluctuates, UDENYCA has captured a substantial portion of the biosimilar pegfilgrastim market.
• CIMERLI: A biosimilar to Lucentis (ranibizumab) used to treat macular degeneration, diabetic macular edema, and other retinal vascular diseases. Competitors include Genentech (Lucentis), and Biocon. Cimlerli has a growing market share but faces stiff competition.
• LOQTORZI (toripalimab-tpzi): An anti-PD-1 monoclonal antibody indicated for the treatment of adult patients with recurrent or metastatic nasopharyngeal carcinoma (NPC). It is approved in combination with gemcitabine and cisplatin for first-line treatment of adults with metastatic or recurrent locally advanced NPC and as a single agent for the second-line treatment of adults with recurrent or metastatic NPC after platinum-containing chemotherapy. Competitors include Keytruda and Opdivo. It is difficult to quantify market share at this early stage of the launch of the product

Industry Overview

The biopharmaceutical industry is characterized by high R&D costs, stringent regulatory requirements, and significant competition. The biosimilar market is growing rapidly as patents on innovator biologics expire. Immuno-oncology is a rapidly expanding field, with significant potential for novel therapies.

Positioning

Coherus is positioned as a player in both the biosimilar and innovative oncology spaces. Its competitive advantage lies in its established biosimilar platform and its pipeline of novel immuno-oncology assets.

Total Addressable Market (TAM)

The total addressable market for biosimilars and immuno-oncology therapeutics is in the tens of billions of dollars. Coherus is targeting significant portions of these markets, particularly in the pegfilgrastim, ranibizumab, and PD-1 inhibitor segments.

Key Competitors

• AMGN
• VTRS
• BMY
• MRK
• GILD
• BIIB

Competitive Landscape

Coherus faces intense competition in both the biosimilar and immuno-oncology markets. Its success depends on its ability to differentiate its products, execute its commercial strategy, and manage its expenses effectively.

Surface Oncology

• Year: 2023
• Acquisition Price (USD millions): 65
• Strategic Rationale: Acquisition provides Coherus with clinical and preclinical stage assets to help build an innovative pipeline for the long-term.

Historical Growth: Coherus has experienced growth in revenue driven by its biosimilar products. However, profitability has fluctuated due to R&D expenses and market conditions.

Future Projections: Analyst estimates project continued revenue growth driven by biosimilar sales and the potential launch of new proprietary products. Profitability is expected to improve as the company leverages its existing infrastructure.

Recent Initiatives: Recent initiatives include the commercial launch of new biosimilar products, the advancement of its proprietary immuno-oncology pipeline, and strategic acquisitions and collaborations.

Coherus BioSciences demonstrates a mixed profile. Its established biosimilar business provides a revenue foundation, and its focus on innovative immuno-oncology assets holds future promise. Competition and pricing pressures in the biosimilar market are ongoing concerns. Successful execution of its product pipeline and strategic initiatives will be crucial for long-term growth.

Data Sources:

• Company SEC Filings (10-K, 10-Q)
• Company Investor Relations
• Analyst Reports
• Market Research Reports
• Press Releases

Disclaimers:

The information provided is for informational purposes only and should not be construed as financial advice. Investment decisions should be based on individual due diligence and consultation with a financial professional.