Business
Coherus BioSciences Reports Second Quarter 2020 Financial Results
– Second Quarter UDENYCA® Net Sales of $135.7 Million –– Net Income of $59.0 Million –– Non-GAAP Net Income of $68.3 Million – REDWOOD CITY, Calif., Aug. 06,
About this update from Coherus Oncology, Inc.
[{"type":"text","content":"– Second Quarter UDENYCA® Net Sales of $135.7 Million –– Net Income of $59.0 Million –– Non-GAAP Net Income of $68.3 Million –\n REDWOOD CITY, Calif., Aug. 06, 2020 (GLOBE NEWSWIRE) -- Coherus BioSciences, Inc. (“Coherus” or the “Company”, Nasdaq: CHRS), today reviewed corporate events and reported financial results for the quarter ended June 30, 2020. Second Quarter 2020 and Recent Corporate Highlights Net product revenue for the second quarter of 2020 was $135.7 million, and net income was $59.0 million, or $0.70 per share on a diluted basis.Non-GAAP income during the second quarter of 2020 was $68.3 million, or $0.81 per share on a diluted basis.Cash flow from operating activities was $60.2 million for the second quarter of 2020.The Healthcare Distribution Alliance recognized Coherus’ successful launch of UDENYCA® (pegfilgrastim-cbqv) by awarding the 2019 Diana Award in the category for Best New Product Introductions in the Biotechnology Pharmaceutical Product sector.The Company appointed veteran healthcare leader, Kimberly Tzoumakas, J.D. to its Board of Directors. Second Quarter 2020 Financial Results Net product revenue for the second quarter of 2020 was $135.7 million. Net product revenue included a favorable revision of the Company’s prior period payer rebate estimate of $13.3 million recorded in the second quarter of 2020. Cost of goods sold for the second quarter of 2020 was $10.1 million, resulting in a gross profit margin of 93%. Research and development (R&D) expense for the second quarter of 2020 was $26.2 million, as compared to $18.9 million for the same period in 2019. R&D expense for the six months ended June 30, 2020 was $59.3 million, as compared to $37.7 million for the same period in 2019. The increase in R&D expense in both periods was primarily due to preparations for the biologics license application (BLA) filing of CHS-1420, Coherus’ biosimilar to Humira® (adalimumab), and to the manufacturing scale-up to initiate planned clinical trials in 2021 for CHS-2020, Coherus’ biosimilar to Eylea® (aflibercept). Selling, general and administrative (SG&A) expense for the second quarter of 2020 was $34.1 million, as compared to $36.5 million for the same period in 2019. SG&A expense for the six months ended June 30, 2020 was $69.4 million, as compared to $69.1 million for the same period in 2019. Cash, cash equiva...