Why Coherus Biosciences Stock Dropped Today
Shares of Coherus Biosciences (NASDAQ: CHRS) were down by about 30% as of 3:25 p.m. ET Tuesday after the company announced disappointing third-quarter results and lowered its full-year guidance.
Quarterly revenue grew by 27% year over year to $74.6 million, translating to an adjusted (non-GAAP) net loss of $26.9 million, or $0.27 per share. Analysts, on average, were expecting a narrower net loss of $0.20 per share on revenue of $82 million.
Coherus' top line included $33 million of net sales of its pegfilgrastim biosimilar, Udenyca, up modestly from $31.7 million last quarter and representing a market-share gain of 4.3 percentage points. It generated $40 million of net sales of Cimerli, which treats retinal conditions -- up 50% from the prior quarter -- and $1.4 million from arthritis treatment Yusimry.
Source Fool.com
