Shares of Coherus BioSciences (NASDAQ: CHRS) soared 17.7% on Thursday, according to data provided by S&P Global Market Intelligence, after the biotech company announced better-than-expected quarterly results.

Coherus' net revenue climbed a whopping 81% year over year to $58.7 million, translating to an adjusted net loss of $32.8 million, or $0.38 per share. Analysts, on average, were anticipating a wider net loss of $0.48 per share on lower revenue of $50.5 million.

Coherus' top line was driven by a combination of $31.7 million of sales from its UDENYCA drug and $26.7 million of net sales from CIMERLI (which launched in October 2022). 

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Source Fool.com