 Second Quarter UDENYCA Net Sales of 135.7 Million Net Income of 59.0 Million Non-GAAP Net Income of 68.3 Million REDWOOD CITY, Calif., Aug. 06, 2020 GLOBE NEWSWIRE -- Coherus BioSciences, Inc. Coherus or the Company, Nasdaq: CHRS, today reviewed corporate events and reported financial results for the quarter ended June 30, 2020.Second Quarter 2020 and Recent Corporate Highlights Net product revenue for the second quarter of 2020 was 135.7 million, and 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. The Healthcare Distribution Alliance recognized Coherus successful launch of UDENYCA pegfilgrastim-cbqv by awarding the 2019 Diana Award in the category for Best New Product Introductions in the Biotechnology Pharmaceutical Product sector. The Company appointed veteran healthcare leader, Kimberly Tzoumakas, J.D. to its Board of Directors.Second Quarter 2020 Financial ResultsNet product revenue for the second quarter of 2020 was 135.7 million. Net product revenue included a favorable revision of the Companys prior period payer rebate estimate of 13.3 million recorded in the second quarter of 2020. Cost of goods sold for the second quarter of 2020 was 10.1 million, resulting in a gross profit margin of 93.Research and development RD expense for the second quarter of 2020 was 26.2 million, as compared to 18.9 million for the same period in 2019. RD expense for the six months ended June 30, 2020 was 59.3 million, as compared to 37.7 million for the same period in 2019. The increase in RD expense in both periods was primarily due to preparations for the biologics license application BLA filing of CHS-1420, Coherus biosimilar to Humira adalimumab, and to the manufacturing scale-up to initiate planned clinical trials in 2021 for CHS-2020, Coherus biosimilar to Eylea aflibercept.Selling, general and administrative SGA expense for the second quarter of 2020 was 34.1 million, as compared to 36.5 million for the same period in 2019. SGA expense for the six months ended June 30, 2020 was 69.4 million, as compared to 69.1 million for the same period in 2019. Cash, cash equivalents and investments in marketable securities for the second quarter increased to 456.5 million as of June 30, 2020, as compared to 193.3 million as of March 31, 2020 and 177.7 million as of December 31, 2019. The increase in the second quarter of 2020 is primarily due to generating 60.2 million in net cash from operating activities and receiving 222.8 million in net proceeds from issuing convertible debt notes due 2026 in April 2020, which was offset by purchasing 18.2 million in capped call options related to the convertible notes.Net income for the second quarter of 2020 was a 59.0 million, or 0.70 per share on a diluted basis, compared to 23.6 million, or 0.32 per share on a diluted basis for the same period in 2019.Non-GAAP net income for the second quarter of 2020 was 68.3 million, or 0.81 per share on a diluted basis, compared to non-GAAP income of 31.5 million, or 0.43 per share on a diluted basis for the same period in 2019. See Non-GAAP Financial Measures below for a discussion on how the Company calculates non-GAAP net income and a reconciliation to the most directly comparable GAAP measure.Guidance for the Remainder of 2020Coherus will continue to lay the foundation for long-term growth across its three therapeutic areas:Oncology Deliver continued market success with UDENYCA pegfilgrastim-cbqv 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 Companys biosimilar candidate to Avastin bevacizumab in-licensed from Innovent toward an expected 351k BLA submission with the U.S. FDA in 2021, depending on the outcome and the timing of required interactions with the FDA in completing a three-way pharmacokinetic PK study, as well as completing additional analytical similarity exercises.Ophthalmology Facilitate Bioeqs resubmission of a 351k BLA with the FDA for the biosimilar candidate to Lucentis ranibizumab in the second half of 2020. Advance the Companys internally developed CHS-2020 biosimilar candidate to Eylea aflibercept to an expected Phase 3 clinical trial initiation in 2021, with launch projected in 2025, if approved.Immunology Complete certain manufacturing, regulatory and development activities for the Companys internally developed Humira adalimumab biosimilar, CHS-1420, and file the 351k BLA in the fourth quarter of 2020. The Company expects this timing will enable a projected market entry in the United States on or after July 1, 2023, if approved.Financial Guidance RD and SGA expenses combined together are expected to range between 285 million and 310 million for the full fiscal year 2020, excluding upfront or milestone payments from any potential new collaborations, consistent with prior quarter guidance.Conference Call InformationWhen: Thursday, August 6, 2020 starting at 4:30 p.m. ETWebcast: at The conference call will be broadcast live in listen-only mode on the Companys investor relations website at If you would like to ask a question, the dial in number for the conference call is 844-452-6826 Toll-Free U.S. and Canada or 765-507-2587 International.Conference ID: 4956327Please dial-in 15 minutes early to ensure a timely connection to the call.Second quarter 2020 financial results are posted on the Coherus website at The webcast will be archived on the Coherus website.About Coherus BioSciences, Inc.Coherus is a leading biologics company that develops and commercializes its own high-quality biosimilar therapeutics as well as those of others seeking capable access to the United States market. Composed of a team of proven industry veterans with world-class expertise in product development and commercialization, Coherus is positioned as a leader in the global biosimilar marketplace. Headquartered in the United States, Coherus is committed to reducing healthcare system costs and expanding patient access of essential therapeutics.Coherus has commercialized UDENYCA pegfilgrastim-cbqv in the United States and received regulatory approval for UDENYCA in the European Union. Coherus is advancing late-stage clinical products CHS-1420, a Humira adalimumab biosimilar, Bioeqs Lucentis ranibizumab biosimilar and Innovents Avastin bevacizumab biosimilar towards commercialization. The Company is also advancing early-stage clinical products including, CHS-2020, an Eylea aflibercept biosimilar. For additional information, please visit StatementsExcept 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 lay the foundation for long-term growth across its three therapeutic areas; Coherus ability to deliver continued market success with UDENYCA pegfilgrastim-cbqv against all Neulasta dosage forms, Coherus ability to maintain average selling price ASP discipline, leveraging the validated branded-biosimilar strategy of offering a robust value proposition across all key customer segments; Coherus ability to advance its Innovent Avastin bevacizumab oncology biosimilar candidate in-licensed from Innovent by completing a three-way PK study, as well as completing additional analytical similarity exercises; Coherus ability to submit a 351k BLA with the FDA in 2021 for the Innovent biosimilar candidate to Avastin; Coherus ability to launch Innovents biosimilar candidate to Avastin in the United States; Coherus ability to facilitate Bioeqs resubmission of a 351k BLA with the FDA for the ophthalmology biosimilar candidate to Lucentis ranibizumab in the second half of 2020 and Coherus ability to launch the product, if approved; Coherus ability to advance CHS-2020 an Eylea aflibercept ophthalmology biosimilar currently in preclinical development by initiating an expected Phase 3 clinical trial in 2021, with launch projected in 2025, if approved; Coherus ability to complete certain manufacturing, regulatory and development activities for CHS-1420, a Humira adalimumab immunology biosimilar, with an anticipated filing of a 351k BLA in the fourth quarter of 2020; Coherus ability to have a projected market entry in the United States on or after July 1, 2023 for CHS-1420; and Coherus ability to meet its RD and SGA expenses guidance for the full fiscal year 2020. 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. 