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Sep 30, 2020
Coherus Q3 2020 Earnings Report
Reported third quarter results with UDENYCA® net sales of $113.6 million and net income of $27.9 million.
Key Takeaways
Coherus BioSciences reported strong third-quarter results, driven by UDENYCA® net sales of $113.6 million. The company achieved a net income of $27.9 million, or $0.33 per share, and a non-GAAP net income of $39.7 million, or $0.47 per share. Coherus is focused on expanding its pipeline and addressable market.
Net product revenue for the third quarter of 2020 was $113.6 million.
Net income for the third quarter of 2020 was $27.9 million, or $0.33 per share on a diluted basis.
Non-GAAP income during the third quarter of 2020 was $39.7 million, or $0.47 per share on a diluted basis.
Cash flow from operating activities was $47.4 million for the third quarter of 2020.
Coherus
Coherus
Forward Guidance
Coherus will continue to lay the foundation for long-term growth across its three therapeutic areas: Oncology, Ophthalmology and Immunology.
Positive Outlook
- Deliver continued unit share growth with UDENYCA® against all Neulasta® dosage forms, while maintaining average selling price (“ASP”) discipline, leveraging the validated branded-biosimilar strategy of offering a robust value proposition across all key customer segments.
- Advance the Company’s biosimilar candidate to Avastin® (bevacizumab) in-licensed from Innovent toward an expected 351(k) BLA submission with the U.S. FDA in 2021, depending on the outcome of the three-way pharmacokinetic (“PK”) study, the timing of required interactions with the FDA, as well as completion of analytical similarity exercises.
- Facilitate Bioeq’s resubmission of a 351(k) BLA with the FDA for the biosimilar candidate to Lucentis® (ranibizumab) in 2021.
- Advance the Company’s internally developed CHS-2020 biosimilar candidate to Eylea® (aflibercept) to a projected Phase 3 clinical trial initiation in 2021, with launch projected in 2025, if approved.
- Submit the 351(k) BLA for the Company’s internally developed Humira® (adalimumab) biosimilar, CHS-1420, by year end 2020, consistent with prior guidance, and continue other activities to advance toward a projected market entry in the United States on or after July 1, 2023, if approved.