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Mar 31, 2020
Coherus Q1 2020 Earnings Report
Coherus reported strong Q1 2020 financial results with UDENYCA® net sales of $116.2 million and net income of $35.6 million.
Key Takeaways
Coherus BioSciences reported a strong financial performance for Q1 2020, marked by UDENYCA® net sales reaching $116.2 million and a net income of $35.6 million. The company's financial position was further strengthened by a convertible notes financing, supporting pipeline development and long-term growth.
Net product revenue for Q1 2020 was $116.2 million.
Net income for Q1 2020 was $35.6 million, or $0.48 per share on a diluted basis.
Non-GAAP income for Q1 2020 was $49.8 million, or $0.67 on a diluted basis.
Cash and cash equivalents totaled $193.3 million as of March 31, 2020.
Coherus
Coherus
Forward Guidance
Coherus anticipates combined R&D and SG&A expenses to range between $285 million and $310 million for the full fiscal year 2020, excluding upfront and milestone payments from potential new collaborations.
Positive Outlook
- Maintain market position as the leading pegfilgrastim biosimilar of choice.
- Increase penetration against all Neulasta® dosage forms.
- Advance the Avastin® oncology biosimilar candidate in-licensed from Innovent.
- Facilitate Bioeq’s resubmission of a 351(k) BLA with the U.S. FDA for the biosimilar candidate to Lucentis® in the second half of 2020.
- Advance manufacturing, regulatory and development activities for CHS-1420.