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Jun 30, 2020
Coherus Q2 2020 Earnings Report
Coherus reported a strong Q2 2020 with increased net product revenue and net income.
Key Takeaways
Coherus BioSciences reported second-quarter 2020 financial results, including net product revenue of $135.7 million and net income of $59.0 million, or $0.70 per share on a diluted basis. Non-GAAP income for the quarter was $68.3 million, or $0.81 per share on a diluted basis.
Net product revenue for the second quarter of 2020 was $135.7 million.
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.
Coherus
Coherus
Forward Guidance
Coherus expects R&D and SG&A expenses combined to range between $285 million and $310 million for the full fiscal year 2020, excluding upfront or milestone payments from any potential new collaborations.
Positive Outlook
- Deliver continued market success with UDENYCA® against all Neulasta® dosage forms.
- Advance the Company’s biosimilar candidate to Avastin® towards an expected 351(k) BLA submission to the FDA in 2021.
- Facilitate Bioeq’s resubmission of a 351(k) BLA to the FDA for the biosimilar candidate to Lucentis® in the second half of 2020.
- Advance the Company’s internally developed CHS-2020 biosimilar candidate to Eylea® towards an expected Phase 3 clinical trial initiation in 2021, with launch projected in 2025, if approved.
- Complete certain manufacturing, regulatory and development activities for the Company’s internally developed Humira® biosimilar, CHS-1420, and file the 351(k) BLA in the fourth quarter of 2020.