Coherus BioSciences, Inc. (CHRS): Marketing Mix Analysis [11-2024 Updated]
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Coherus BioSciences, Inc. (CHRS) Bundle
Explore the dynamic marketing mix of Coherus BioSciences, Inc. (CHRS) as they navigate the competitive landscape of biopharmaceuticals in 2024. With innovative products like LOQTORZI and the unique UDENYCA ONBODY injector, Coherus is poised to enhance treatment options for cancer patients. Discover how their strategic approaches in place, promotion, and price are shaping their market presence and driving growth in the oncology sector.
Coherus BioSciences, Inc. (CHRS) - Marketing Mix: Product
UDENYCA, a biosimilar to Neulasta, launched in 2019
UDENYCA (pegfilgrastim-cbqv) is Coherus BioSciences' first FDA-approved product, launched in the United States on January 3, 2019. As of September 30, 2024, UDENYCA generated net revenue of $159.7 million for the nine months ended September 30, 2024, an increase of $68.8 million from the prior year, driven by additional market share and presentations. UDENYCA accounted for 93.4% of the company's net revenue in the three months ended September 30, 2024.
LOQTORZI, an anti-PD-1 antibody, launched in January 2024
LOQTORZI (also known as toripalimab) is a novel PD-1 inhibitor developed in collaboration with Junshi Biosciences. It was launched in the United States in January 2024. For the nine months ended September 30, 2024, LOQTORZI contributed $11.6 million in net revenue. The company plans to further develop LOQTORZI for various oncology indications.
UDENYCA ONBODY, an innovative on-body injector, available since Q1 2024
The UDENYCA ONBODY injector, an innovative on-body delivery system, was approved by the FDA on December 26, 2023, and became commercially available in the first quarter of 2024. This device is designed to enhance patient convenience and adherence by providing an easy-to-use delivery option for UDENYCA.
Diverse pipeline including casdozokitug and CHS-114 for advanced cancers
Coherus BioSciences has a diverse pipeline focused on immuno-oncology therapies. Notable candidates include casdozokitug and CHS-114, aimed at treating advanced cancers. The company has ongoing collaborations and milestone payments associated with these products, with potential aggregate milestone amounts reaching up to $355 million for LOQTORZI alone.
Focus on immuno-oncology therapies, enhancing treatment options for patients
Coherus is committed to expanding its portfolio of immuno-oncology therapies, which are designed to improve patient outcomes in cancer treatment. The strategic focus on innovative therapies positions Coherus to meet the evolving needs of patients and healthcare providers in oncology.
| Product | Launch Date | Net Revenue (9M 2024, in millions) | Market Share Contribution |
|---|---|---|---|
| UDENYCA | January 3, 2019 | $159.7 | 93.4% |
| LOQTORZI | January 2024 | $11.6 | Not specified |
| UDENYCA ONBODY | Q1 2024 | Data not available yet | Not specified |
| Pipeline (casdozokitug, CHS-114) | In development | Potential aggregate milestones up to $355 million | Not specified |
Coherus BioSciences, Inc. (CHRS) - Marketing Mix: Place
Primarily Operates in the United States
Coherus BioSciences, Inc. primarily operates within the United States, focusing on the commercialization of its biologic products. The company has established a significant presence in the U.S. market, which is critical for its revenue generation and strategic growth.
Distribution Partnerships with Major Healthcare Players
Coherus has formed distribution partnerships with major healthcare distributors, including McKesson and Cardinal Health. These partnerships enable Coherus to leverage existing distribution networks to ensure its products reach healthcare providers and patients efficiently.
Recent License Agreement for Toripalimab Commercialization in Canada
In June 2024, Coherus entered into a license agreement for the commercialization of toripalimab in Canada, receiving an upfront payment of $6.3 million as part of the agreement. This expansion not only broadens Coherus's market reach but also enhances its distribution capabilities beyond the U.S.
Plans to Expand Market Presence Through Collaborations and Partnerships
Coherus is actively pursuing collaborations and partnerships to enhance its market presence. These initiatives are aimed at optimizing distribution channels and improving accessibility to its portfolio of products, including UDENYCA and LOQTORZI.
Aim to Restore Distribution Channels Rapidly Post-Supply Disruptions
In September 2024, Coherus faced temporary supply interruptions for UDENYCA due to over-commitments and capacity constraints at its third-party contract manufacturing organization (CMO) for packaging and labeling. The company has communicated its intent to restore distribution channels rapidly and expects to resume shipping final product lots by the end of 2024.
| Key Metrics | Value |
|---|---|
| Cash and Cash Equivalents (Sept 30, 2024) | $97.7 million |
| Net Revenue (Q3 2024) | $70.8 million |
| Net Revenue (Nine Months Ended Sept 30, 2024) | $212.8 million |
| Accumulated Deficit (Sept 30, 2024) | $1.5 billion |
| Partnerships with Distributors | McKesson, Cardinal Health |
| Upfront Payment for Toripalimab (June 2024) | $6.3 million |
Coherus BioSciences, Inc. (CHRS) - Marketing Mix: Promotion
Strong emphasis on educating healthcare providers about product benefits
Coherus BioSciences focuses on comprehensive education initiatives directed at healthcare providers to enhance their understanding of the benefits associated with its product offerings. This approach ensures that oncologists and other specialists are well-informed about the therapeutic advantages and clinical data supporting Coherus products.
Marketing strategies tailored to oncology specialists and healthcare institutions
The marketing strategies of Coherus are specifically designed to target oncology specialists and healthcare institutions. This includes tailored communications that highlight clinical efficacy, safety profiles, and cost-effectiveness of their products. In 2024, the company reported a net revenue of $70.8 million for the three months ended September 30, 2024, showcasing the effectiveness of these targeted marketing efforts.
Engaging in promotional activities to boost product awareness and acceptance
Coherus engages in various promotional activities to enhance product awareness and acceptance among healthcare providers. This includes participation in medical conferences, direct-to-physician marketing, and partnerships with healthcare institutions. The company reported significant revenue contributions from key customers, including McKesson Corporation (45% of net revenue), Cencora (33%), and Cardinal Health (21%) for the nine months ended September 30, 2024.
Utilizing data-driven insights to adapt marketing efforts based on market feedback
Coherus leverages data-driven insights to refine its marketing strategies continually. By analyzing market feedback and sales data, the company adapts its promotional activities to maximize impact. For instance, the firm reported a gross margin of 71% for the three months ended September 30, 2024, indicating effective cost management and pricing strategies.
Collaboration with medical affairs teams to support product launches and education
Collaboration with medical affairs teams is crucial for Coherus in supporting product launches and educating healthcare providers. This partnership ensures that the marketing messages are scientifically accurate and aligned with the latest clinical data. The company has invested significantly in research and development, with R&D expenses of $21.7 million for the three months ended September 30, 2024.
| Category | Details |
|---|---|
| Net Revenue (Q3 2024) | $70.8 million |
| Gross Margin (Q3 2024) | 71% |
| Key Customers |
|
| Research and Development Expenses (Q3 2024) | $21.7 million |
Coherus BioSciences, Inc. (CHRS) - Marketing Mix: Price
UDENYCA's pricing strategy influenced by competitive dynamics in the pegfilgrastim market.
As of 2024, Coherus BioSciences, Inc. continues to navigate a highly competitive pegfilgrastim market. The list price for UDENYCA is set at approximately $4,500 per unit. However, the average net selling price (ASP) has been declining due to competitive pressure and payer negotiations, with reported ASPs at approximately $3,200 per unit as of the latest quarter.
Pricing adjustments in response to market conditions and competitor actions.
In response to market fluctuations and competitor pricing strategies, Coherus has made strategic adjustments to its pricing. For instance, following the launch of competing biosimilars, UDENYCA's pricing has been adjusted to maintain market share. The company reported a 15% decline in average net pricing for UDENYCA in the first nine months of 2024 compared to the previous year.
Focus on obtaining adequate third-party coverage and reimbursement for products.
Coherus is actively working to secure third-party coverage and reimbursement for UDENYCA and LOQTORZI. As of September 2024, the company has achieved a coverage rate of approximately 85% among major payers. Additionally, the company has implemented a patient assistance program to facilitate access to UDENYCA, which has contributed to maintaining its market presence despite pricing pressures.
Pricing for LOQTORZI set to align with its innovative treatment capabilities.
LOQTORZI, launched in December 2023, is priced at approximately $6,000 per treatment cycle. This pricing reflects its positioning as a novel anti-PD-1 therapy and is aligned with the treatment's clinical efficacy and market expectations. The company anticipates that the innovative nature of LOQTORZI will support its pricing strategy, despite the competitive landscape in immuno-oncology.
Financial performance impacted by pricing trends and market share fluctuations.
Coherus reported total net revenue of $70.8 million for the third quarter of 2024, with a significant contribution from UDENYCA, which generated $66.1 million in revenue. The overall revenue was impacted by a 10% decrease in market share for UDENYCA due to increased competition. Notably, UDENYCA's revenue for the nine months ended September 30, 2024, was $159.7 million, reflecting a $68.8 million increase year-over-year, although this was partially offset by a decline in average selling price.
| Item | Price | Revenue (Q3 2024) | Market Share Change |
|---|---|---|---|
| UDENYCA | $4,500 (list), $3,200 (ASP) | $66.1 million | -10% |
| LOQTORZI | $6,000 | Included in total revenue | N/A |
| Total Net Revenue | N/A | $70.8 million | N/A |
In summary, Coherus BioSciences, Inc. is strategically positioning itself within the competitive landscape of the biopharmaceutical industry through its robust marketing mix. With innovative products like UDENYCA and LOQTORZI, a strong focus on immuno-oncology, and effective partnerships for distribution, the company is poised for growth. Its promotional efforts emphasize education and engagement with healthcare providers, while adaptive pricing strategies ensure competitiveness and accessibility in the market. As Coherus continues to expand its presence and enhance its offerings, it remains committed to improving patient outcomes and driving innovation in cancer treatment.
Updated on 16 Nov 2024
Resources:
- Coherus BioSciences, Inc. (CHRS) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Coherus BioSciences, Inc. (CHRS)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Coherus BioSciences, Inc. (CHRS)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.