Coherus falls after ending licensing deal with Junshi, 2023 revenue view

Coherus Oncology

10/01/2024 15:47

** Shares of drugmaker Coherus Biosciences  CHRS.O  fall ~8%
to $2.74
    ** Company sees 2023 revenue to be between $255 mln and $260
mln, vs analysts' estimate of $260 mln -LSEG data
    ** CHRS says Q4 revenue will be greater than $90 mln;
analysts' expect $95.68 mln
    ** As part of the portfolio prioritization process, company
announces that it has decided to terminate a licensing deal with
Junshi Biosciences  688180.SS  for the TIGIT program, a class of
immunotherapy
    ** Plans to wind down work with Junshi on the program over
the coming months pursuant to the termination
    ** Brokerage Truist Securities views the portfolio
prioritization as appropriate
    ** Stock fell ~58% in 2023

 (Reporting by Sriparna Roy in Bengaluru)
 ((Sriparna.Roy@thomsonreuters.com;))