Business
Coherus BioSciences Reports First Quarter 2020 Financial Results
– First Quarter UDENYCA® Net Sales of $116.2 Million ––Net Income of $35.6 Million –– Non-GAAP Net Income of $49.8 Million – REDWOOD CITY, Calif., May 07,
About this update from Coherus Oncology, Inc.
[{"type":"text","content":"– First Quarter UDENYCA® Net Sales of $116.2 Million ––Net Income of $35.6 Million –– Non-GAAP Net Income of $49.8 Million –\n REDWOOD CITY, Calif., May 07, 2020 (GLOBE NEWSWIRE) -- Coherus BioSciences, Inc. (“Coherus” or the “Company”, Nasdaq: CHRS), today reviewed corporate events and reported financial results for the quarter ended March 31, 2020. First Quarter 2020 and Recent Corporate Highlights Strong financial position and performance to support pipeline development and long-term growth: Coherus had cash and cash equivalents of $193.3 million as of March 31, 2020.Completed a convertible notes financing for an aggregate principal amount of $230 million at a 1.500% coupon in April 2020. The net proceeds from this financing will be used for opportunistic pipeline acquisitions or licenses, working capital, and for other general corporate purposes, which may include debt repayment in the future. Cash flow from operating activities was $13.5 million for the first quarter of 2020.Net product revenue for the first quarter of 2020 was $116.2 million, and net income was $35.6 million, or $0.48 per share on a diluted basis.Non-GAAP income during the first quarter of 2020 was $49.8 million, or $0.67 on a diluted basis.Coherus has remained cash flow positive since the second quarter of 2019. Coherus completed a key licensing transaction in oncology to enhance its midterm product pipeline in the United States: Entered into a license agreement with Innovent Biologics, (Suzhou) Co., Ltd., (“Innovent”), a leading biopharmaceutical company headquartered in China, to commercialize Innovent’s biosimilar candidate to Avastin® (bevacizumab) in the United States and Canada. First Quarter 2020 Financial Results Net product revenue for first quarter of 2020 was $116.2 million. Cost of goods sold for the same quarter was $6.9 million, resulting in a gross profit margin of 94%, a 213% increase compared to the net product revenue of $37.1 million for the same period in 2019. Net product revenue increased year-over-year markedly as a result of market penetration. Research and development (R&D) expenses for the first quarter 2020 were $33.1 million, as compared to $18.8 million for the same period in 2019. The increase in R&D expenses was largely due to an upfront payment obligation of $5.0 million pursuant to the Innovent license agreement and increa...