Business
Coherus BioSciences Reports Fourth Quarter and Full Year 2019 Financial Results
– Full Year UDENYCA® Sales of $356.1 Million – – Full Year Cash Flow from Operating Activities of $28.4 million – REDWOOD CITY, Calif., Feb. 27, 2020 (GLOBE
About this update from Coherus Oncology, Inc.
[{"type":"text","content":"– Full Year UDENYCA® Sales of $356.1 Million –\n – Full Year Cash Flow from Operating Activities of $28.4 million – REDWOOD CITY, Calif., Feb. 27, 2020 (GLOBE NEWSWIRE) -- Coherus BioSciences, Inc. (“Coherus” or the “Company”, Nasdaq: CHRS), today reviewed corporate events and reported financial results for the quarter and full year ended December 31, 2019. Fourth Quarter 2019 and Recent Corporate Highlights Coherus’ commercial capabilities advanced its core mission to expand choice, improve patient access and lower healthcare costs in the United States: UDENYCA® (pegfilgrastim-cbqv) launch continues to deliver strong results using its validated branded-biosimilar approach across all market segments:• UDENYCA® continues to be the U.S. market-leading pegfilgrastim biosimilar and achieved approximately 20.5% unit market share, as measured by IQVIA, at year-end 2019. • UDENYCA® was the top pharmaceutical launch in 2019 based on IQVIA sales figures. Strong financial position to support pipeline and potential long-term growth:• Cash flow was positive after just two quarters post-launch in 2019.• Cash flow from operating activities was $28.4 million for the full year and $17.7 million for the fourth quarter of 2019.• Coherus had cash and cash equivalents of $177.7 million at December 31, 2019.• Net product revenue for the fourth quarter of 2019 was $123.9 million, and net income was $39.2 million, or $0.53 per share on a fully diluted basis.• Net product revenue for the full-year 2019 was $356.1 million. Net income attributable to Coherus for the same period was $89.8 million, or $1.23 per share on a fully diluted basis.Coherus completed key licensing transactions to enhance its midterm product pipeline in the United States:• Acquired exclusive rights from Bioeq AG (“Bioeq”), a Swiss biopharmaceutical joint venture, to commercialize Bioeq’s Lucentis® (ranibizumab) biosimilar candidate 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.• Under the terms of the agreement with Innovent, Coherus also acquired an option to commercialize Innovent’s biosimilar to Rituxan® (rituximab) in the United States and Canada...