Coherus BioSciences Inc. (NASDAQ:CHRS) has announced its financial results for Q3 2020 and nine months ended September 30, 2020, and also provided corporate updates.
Coherus posts net product revenue of $113.6 million in Q3
Denny Lanfear, Coherus’s CEO and President, said that they celebrated its 10th anniversary in September, a massive milestone. He said that Coherus is an integrated company with competencies in development, research, and commercialization with a mission of delivering value to patients through the provision of cost effects drugs. Lanfear added that the company’s Udenyca business has generated substantial cash flow, which enables investment in the company’s pipeline candidates. Once approved, Coherus’ addressable market opportunity will expand to $30 billion from $4 billion.
The company reported net product revenue of $113.6 million and net income of $27.9 million or $0.33 per share in the third quarter. The cost of goods sold was $9.0 million, with the company reported a gross profit margin of 92%. Research and development expenses were $38.9 million attributable to the preparations for a BLA filing of CHS-1420, the company’s biosimilar to Humira® and other pipeline activities. At the end of the quarter, cash and cash equivalents were $503.4 million, boosted by net cash from operating activities of $47.4 million.
Coherus to continue advancing therapies in three areas
For the next 12 months, the company expects to continue laying the foundation for growth across oncology, ophthalmology, and immunology. Coherus will continue to deliver UDENYCA® growth against Neulasta® dosage forms by leveraging a validated biosimilar strategy to offer a solid value proposition. The company will also advance in-licensed Avastin® (bevacizumab) with BLA submission in 2021.
On the Ophthalmology front, the company will facilitate Bioeq’s resubmission of a BLA for Lucentis® in 2021 and advance its CHS-2020 biosimilar candidate to Eylea® to third phase clinical trial initiation next year. In immunology, the company will submit BLA for its Humira® (adalimumab) biosimilar, CHS-1420, by the end of this year on schedule with previous guidance. Advancement to the market in the US is projected for July 2023.