Full Press Release Details
Coherus BioSciences Reports Corporate Highlights and
Second Quarter 2019 Financial Results
- Company is Profitable and Cash flow Positive from Operations for Second Quarter -
- UDENYCA is the Market Leading Pegfilgrastim Biosimilar with Approximately 13% Market Share -
REDWOOD CITY, Calif., August 1, 2019 - Coherus BioSciences, Inc. ("Coherus" or "the Company", Nasdaq: CHRS), today reviewed corporate highlights and reported financial results for the quarter ended June 30, 2019.
Second Quarter 2019 Company Highlights
Second Quarter 2019 Financial Results
Guidance for the Next Six Months from June 30, 2019
Conference Call Information
When: Thursday, August 1, 2019 starting at 4:30 p.m. ET
Dial-in: (844) 452-6826 (toll free) or (765) 507-2587 (International)
Conference ID: 9268814
Webcast: http://investors.coherus.com
Please join the conference call at least 10 minutes early to register. The webcast will be archived on the Coherus website.
UDENYCA (pegfilgrastim-cbqv) is a PEGylated growth colony-stimulating factor indicated to decrease the incidence of infection, as manifested by febrile neutropenia, in patients with non-myeloid malignancies receiving myelosuppressive anti-cancer drugs associated with a clinically significant incidence of febrile neutropenia. UDENYCA drug substance manufacturing is located in Boulder, Colorado. Pegfilgrastim is one of the largest selling oncology biologics with worldwide revenues in excess of $4.5 billion in 2017.
UDENYCA is a leukocyte growth factor indicated to decrease the incidence of infection, as manifested by febrile neutropenia, in patients with non-myeloid malignancies receiving myelosuppressive anti-cancer drugs associated with a clinically significant incidence of febrile neutropenia.
UDENYCA is not indicated for the mobilization of peripheral blood progenitor cells for hematopoietic stem cell transplantation.
IMPORTANT SAFETY INFORMATION
Patients with a history of serious allergic reaction to human granulocyte colony-stimulating factors such as pegfilgrastim or filgrastim products.
Warnings and Precautions
Most common adverse reactions ( 5% difference in incidence compared to placebo) are bone pain and pain in extremity.
To report SUSPECTED ADVERSE REACTIONS, contact Coherus BioSciences, Inc. at 1-800-4-UDENYCA (1-800-483-3692) or FDA at 1-800-FDA-1088 or www.fda.gov/medwatch.
Full Prescribing Information available at www.UDENYCA.com
About Coherus BioSciences, Inc.
Coherus BioSciences is a leading biosimilar company that develops and commercializes high-quality therapeutics for major regulated markets. Biosimilars are intended for use in place of existing, branded biologics to treat a range of chronic and often life-threatening diseases, with the potential to reduce costs and expand patient access. Composed of a team of proven industry veterans with world-class expertise in process science, analytical characterization, protein production, sales and marketing and clinical-regulatory development, Coherus BioSciences is positioned as a leader in the global biosimilar marketplace. Coherus BioSciences commercializes UDENYCA (pegfilgrastim-cbqv) in the U.S. and has received regulatory approval for UDENYCA in the European Union. Coherus BioSciences is advancing two late-stage clinical products towards commercialization, CHS-1420 (adalimumab biosimilar) and CHS-0214 (etanercept biosimilar), and developing a robust pipeline of future products in ophthalmology (including CHS-3351, a ranibizumab biosimilar, and CHS-2020, an aflibercept biosimilar), as well as CHS-131, a small molecule for nonalcoholic steatohepatitis (NASH) and multiple sclerosis. For additional information, please visit www.coherus.com.
Forward-Looking Statements
Except for the historical information contained herein, the matters set forth in this press release are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, Coherus' ability to reach over 20% of unit market share by the end of 2019 for UDENYCA and continue as the market leading pegfilgrastim biosimilar of choice; Coherus' ability to increase penetration into all Neulasta dosage forms; Coherus' ability to complete certain development objectives for CHS-1420 to support BLA filing in 2020; Coherus' ability to prepare for BLA supporting activities for CHS-0214 pending legal developments; Coherus' plan to advance the development of the ophthalmology pipeline; and Coherus' plan to initiate a clinical phase program for CHS-131 in NASH. Such forward-looking statements involve substantial risks and uncertainties that could cause Coherus' actual results, performance or achievements to differ significantly from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the risks and uncertainties inherent in the clinical drug development process; the risks and uncertainties of the regulatory approval process, including the timing of Coherus' regulatory filings; the risk that Coherus is unable to complete commercial transactions and other matters that could affect the availability or commercial potential of Coherus' biosimilar drug candidates; and the risks and uncertainties of possible patent litigation. All forward-looking statements contained in this press release speak only as of the date on which they were made. Coherus undertakes no obligation to update or revise any forward-looking statements. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to Coherus' business in general, see Coherus' Quarterly Report on Form 10-Q for the three months ended March 31, 2019, filed with the Securities and Exchange Commission on May 9, 2019 and its future periodic reports to be filed with the Securities and Exchange Commission. Our results for the quarter ended March 31, 2019 are not necessarily indicative of our operating results for any future periods.
UDENYCA is a trademark of Coherus BioSciences, Inc.
Neulasta and Enbrel are registered trademarks of Amgen Inc.
Humira is a registered trademark of AbbVie Inc.
Lucentis is a registered trademark of Genentech, Inc.
Eylea is a registered trademark of Regeneron Pharmaceuticals, Inc.
Coherus BioSciences, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except share and per share data)
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2019 | 2018 | 2019 | 2018 | |||||||||||||
| (unaudited) | (unaudited) | |||||||||||||||
| Revenue: | ||||||||||||||||
| Net product revenue | $ | 83,433 | $ | - | $ | 120,531 | $ | - | ||||||||
| Operating expenses: | ||||||||||||||||
| Cost of goods sold | 601 | - | 2,826 | - | ||||||||||||
| Research and development | 18,883 | 26,519 | 37,672 | 51,974 | ||||||||||||
| Selling, general and administrative | 36,456 | 18,391 | 69,139 | 34,968 | ||||||||||||
| Total operating expenses | 55,940 | 44,910 | 109,637 | 86,942 | ||||||||||||
| Income (loss) from operations | 27,493 | (44,910 | ) | 10,894 | (86,942 | ) | ||||||||||
| Interest expense | (4,433 | ) | (2,417 | ) | (8,649 | ) | (4,825 | ) | ||||||||
| Other income, net | 558 | 3,642 | 1,369 | 3,780 | ||||||||||||
| Net income (loss) before income taxes | 23,618 | (43,685 | ) | 3,614 | (87,987 | ) | ||||||||||
| Income tax provision | 51 | - | 51 | - | ||||||||||||
| Net income (loss) | 23,567 | (43,685 | ) | 3,563 | (87,987 | ) | ||||||||||
| Net loss attributable to non-controlling interest | - | 47 | - | 52 | ||||||||||||
| Net income (loss) attributable to Coherus | $ | 23,567 | $ | (43,638 | ) | $ | 3,563 | $ | (87,935 | ) | ||||||
| Net income (loss) per share attributable to Coherus: | ||||||||||||||||
| Basic | $ | 0.34 | $ | (0.68 | ) | $ | 0.05 | $ | (1.42 | ) | ||||||
| Diluted | $ | 0.32 | $ | (0.68 | ) | $ | 0.05 | $ | (1.42 | ) | ||||||
| Weighted-average number of shares used in computing net income (loss) per share attributable to Coherus: | ||||||||||||||||
| Basic | 69,479,016 | 63,960,567 | 69,310,791 | 62,051,912 | ||||||||||||
| Diluted | 72,963,972 | 63,960,567 | 72,281,564 | 62,051,912 |
Coherus BioSciences, Inc.
Condensed Consolidated Balance Sheets
| June 30, 2019 | December 31, 2018 | |||||||
| (unaudited) | ||||||||
| Assets | ||||||||
| Cash and cash equivalents | $ | 105,927 | $ | 72,356 | ||||
| Investments in marketable securities - short-term | 5,991 | - | ||||||
| Trade receivables, net | 77,385 | - | ||||||
| Inventory | 22,798 | 5,671 | ||||||
| Other assets | 28,355 | 21,440 | ||||||
| Total assets | $ | 240,456 | $ | 99,467 | ||||
| Liabilities and Stockholders' Deficit | ||||||||
| Convertible notes | $ | 77,916 | $ | 77,319 | ||||
| Convertible notes - related parties | 25,972 | 25,773 | ||||||
| Term loan | 73,286 | - | ||||||
| Other liabilities | 67,267 | 34,966 | ||||||
| Total stockholders' deficit | (3,985 | ) | (38,591 | ) | ||||
| Total liabilities and stockholders' deficit | $ | 240,456 | $ | 99,467 |
VP, Investor Relations & Corporate Affairs
Coherus BioSciences, Inc.