Updated first-quarter Coherus BioSciences Inc. (NASDAQ: CHRS) sales figures boosted its shares early Monday.
Specifically, the firm announced that Udencya preliminary unaudited net sales for the quarter that ended March 31, 2019, are expected to fall in the range of $36.0 million to $38.0 million.
Coherus was sure to note that it will not disclose topline gross sales, discounts or gross-to-net data until these data are reported in its form 10-Q for the quarter ended March 31, 2019.
The firm introduced Udencya (pegfilgrastim-cbqv) in the U.S. marketplace on January 3, 2019, with a comprehensive launch across all segments, including 340B hospitals, non-340B hospitals and clinics. Udencya is the first pegfilgrastim biosimilar approved by both the FDA and the European Commission (EC) for patients with cancer receiving myelosuppressive chemotherapy. Also, Udencya is Coherus’s first drug to receive FDA or EC approval, and it is a biosimilar to Neulasta.
Prior to its release, Denny Lanfear, board chair, chief executive and president of Coherus, commented:
The list price of Neulasta has nearly tripled since approval in 2002 and now represents a $4 billion annual cost burden in the U.S. We believe that competition is essential in controlling burdensome price increases, and Udencya will play an important role in curbing that spend when launched. Our in-depth understanding of the market will allow us to deliver significant value to patients, payors, and providers in the U.S., including 340B hospitals, small clinics and small hospitals.
Shares of Coherus were last seen up about 16% at $16.86, in a 52-week range of $8.32 to $20.66. The consensus price target is $27.00.