$CHRS
Coherus BioSciences Inc

2020 Q2 Form 10-Q Financial Statement

#000155837020009657 Filed on August 06, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q4 2019 Q2
Revenue $135.7M $123.9M $83.43M
YoY Change 62.61%
Cost Of Revenue $10.14M $7.800M $601.0K
YoY Change 1587.02%
Gross Profit $125.5M $116.1M $82.83M
YoY Change 51.55%
Gross Profit Margin 92.53% 93.7% 99.28%
Selling, General & Admin $34.05M $36.10M $36.46M
YoY Change -6.59% 6.8% 98.23%
% of Gross Profit 27.13% 31.11% 44.01%
Research & Development $26.17M $34.90M $18.88M
YoY Change 38.61% 30.71% -28.79%
% of Gross Profit 20.85% 30.07% 22.8%
Depreciation & Amortization $800.0K $1.100M $700.0K
YoY Change 14.29% 83.33% -22.22%
% of Gross Profit 0.64% 0.95% 0.85%
Operating Expenses $70.36M $78.82M $55.94M
YoY Change 25.78% 30.28% 24.56%
Operating Profit $65.31M $37.23M $27.49M
YoY Change 137.55% -161.22%
Interest Expense $5.408M -$4.500M $4.433M
YoY Change 21.99% 87.5% -284.71%
% of Operating Profit 8.28% -12.09% 16.12%
Other Income/Expense, Net $423.0K $700.0K $558.0K
YoY Change -24.19% 133.33% -84.5%
Pretax Income $60.33M $41.30M $23.62M
YoY Change 155.42% -165.97% -154.06%
Income Tax $1.300M $2.000M $51.00K
% Of Pretax Income 2.15% 4.84% 0.22%
Net Earnings $59.03M $39.23M $23.57M
YoY Change 150.48% -162.67% -154.01%
Net Earnings / Revenue 43.51% 31.67% 28.25%
Basic Earnings Per Share $0.83 $0.56 $0.34
Diluted Earnings Per Share $0.70 $0.53 $0.32
COMMON SHARES
Basic Shares Outstanding 71.10M 69.48M
Diluted Shares Outstanding 88.66M 72.96M

Balance Sheet

Concept 2020 Q2 2019 Q4 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $456.5M $177.7M $111.9M
YoY Change 307.95% 145.44% -29.97%
Cash & Equivalents $224.6M $177.7M $105.9M
Short-Term Investments $231.9M $6.000M
Other Short-Term Assets $19.70M $13.50M $12.00M
YoY Change 64.17% 16165.06% -7.69%
Inventory $27.19M $9.807M $4.333M
Prepaid Expenses
Receivables $172.5M $142.0M $77.40M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $675.9M $343.0M $205.6M
YoY Change 228.68% 306.25% 19.0%
LONG-TERM ASSETS
Property, Plant & Equipment $10.32M $5.840M $5.646M
YoY Change 82.78% -12.31% -49.59%
Goodwill $943.0K $943.0K $943.0K
YoY Change 0.0% 0.0%
Intangibles $2.620M $2.620M $2.620M
YoY Change 0.0% 0.0%
Long-Term Investments
YoY Change
Other Assets $1.637M $362.0K $14.00K
YoY Change 11592.86% 2485.71% -98.25%
Total Long-Term Assets $80.75M $65.92M $34.83M
YoY Change 131.87% 338.46% 124.68%
TOTAL ASSETS
Total Short-Term Assets $675.9M $343.0M $205.6M
Total Long-Term Assets $80.75M $65.92M $34.83M
Total Assets $756.6M $408.9M $240.5M
YoY Change 214.66% 311.12% 27.7%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $21.18M $25.99M $19.22M
YoY Change 10.18% 69.9% 44.53%
Accrued Expenses $25.56M $17.26M $8.295M
YoY Change 208.14% 146.26% -2.41%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $500.0K
YoY Change
Total Short-Term Liabilities $129.8M $115.0M $61.23M
YoY Change 111.94% 245.66% 175.82%
LONG-TERM LIABILITIES
Long-Term Debt $403.0M $178.4M $177.2M
YoY Change 127.43% 73.04% 73.22%
Other Long-Term Liabilities $10.50M $0.00 $0.00
YoY Change -100.0% -100.0%
Total Long-Term Liabilities $413.5M $0.00 $0.00
YoY Change -100.0% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $129.8M $115.0M $61.23M
Total Long-Term Liabilities $413.5M $0.00 $0.00
Total Liabilities $543.2M $303.7M $244.4M
YoY Change 122.24% 119.99% 93.26%
SHAREHOLDERS EQUITY
Retained Earnings -$800.4M -$895.0M -$981.3M
YoY Change -18.43% -9.12%
Common Stock $1.014B $1.001B $977.8M
YoY Change 3.71% 5.73% 5.46%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $213.4M $105.2M -$4.000M
YoY Change
Total Liabilities & Shareholders Equity $756.6M $408.9M $240.5M
YoY Change 214.66% 311.12% 27.7%

Cashflow Statement

Concept 2020 Q2 2019 Q4 2019 Q2
OPERATING ACTIVITIES
Net Income $59.03M $39.23M $23.57M
YoY Change 150.48% -162.67% -154.01%
Depreciation, Depletion And Amortization $800.0K $1.100M $700.0K
YoY Change 14.29% 83.33% -22.22%
Cash From Operating Activities $60.20M $17.80M $12.70M
YoY Change 374.02% -137.55% -135.77%
INVESTING ACTIVITIES
Capital Expenditures -$2.400M -$400.0K -$200.0K
YoY Change 1100.0% 100.0%
Acquisitions
YoY Change
Other Investing Activities -$236.9M -$5.700M $9.000M
YoY Change -2732.22% -135.63% -154.22%
Cash From Investing Activities -$239.3M -$6.000M $8.800M
YoY Change -2819.32% -137.97% -153.01%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 210.4M 1.200M 3.000M
YoY Change 6913.33% -53.85% -97.0%
NET CHANGE
Cash From Operating Activities 60.20M 17.80M 12.70M
Cash From Investing Activities -239.3M -6.000M 8.800M
Cash From Financing Activities 210.4M 1.200M 3.000M
Net Change In Cash 31.30M 13.00M 24.50M
YoY Change 27.76% -144.83% -48.74%
FREE CASH FLOW
Cash From Operating Activities $60.20M $17.80M $12.70M
Capital Expenditures -$2.400M -$400.0K -$200.0K
Free Cash Flow $62.60M $18.20M $12.90M
YoY Change 385.27% -138.56% -136.34%

Facts In Submission

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<p style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">1.       Organization and Operations</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Description of the Business</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;text-align:justify;text-indent:24.5pt;margin:0pt 0pt 12pt 0pt;">Coherus BioSciences, Inc. (the “Company”, “Coherus”, “we”, our” or “us”) is a commercial-stage biotherapeutics company, focused on the global biosimilar market. The Company’s headquarters and laboratories are located in Redwood City, California and in Camarillo, California, respectively. The Company’s biosimilar pipeline comprises of five  biosimilar drugs, CHS-1420 (an adalimumab (Humira®) biosimilar), CHS-2020 (an aflibercept (Eylea®) biosimilar), a ranibizumab (Lucentis®) biosimilar in-licensed for U.S. and Canadian commercial rights from Bioeq AG, and a bevacizumab (Avastin®) biosimilar in-licensed for U.S. commercial rights from Innovent Biologics (Suzhou) Co., Ltd.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;text-align:justify;text-indent:24.5pt;margin:0pt 0pt 12pt 0pt;">The Company commercializes UDENYCA® (pegfilgrastim-cbqv), a biosimilar to Neulasta, a long-acting granulocyte-colony stimulating factor, in the United States.</p>
us-gaap Use Of Estimates
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<p style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Use of Estimates</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;text-align:justify;text-indent:24.5pt;margin:0pt 0pt 12pt 0pt;">The preparation of financial statements in conformity with U.S. GAAP requires management to make judgements, estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosures. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. These estimates form the basis for making judgments about the carrying values of assets and liabilities when these values are not readily apparent from other sources. Accounting estimates and judgements are inherently uncertain and the actual results could differ from these estimates.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;text-align:justify;text-indent:24.5pt;margin:0pt;">During the second quarter of 2020, the Company identified that certain of its commercial payer invoices were erroneously overstated. The Company received a refund of $7.5 million from these payers related to fiscal year 2019. </p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Additionally, the Company recorded an adjustment during the second quarter of 2020 to decrease accrued payer rebates by $5.8 million primarily related to the first quarter of 2020 based on the revised methodology after such invoice overstatements were corrected.  These adjustments increased net product revenue by $13.3 million for the three and six months ended June 30, 2020. These adjustments resulted in an increase in net income per share (basic) of $0.19 during the three and six months ended June 30, 2020 and an increase in net income per share (diluted) of $0.15 and $0.16 during the three and six months ended June 30, 2020, respectively. Accrued commercial payer rebates of $21.6 million and $14.0 million were recorded in accrued rebates, fees and reserve as of June 30, 2020 and December 31, 2019, respectively, in the condensed consolidated balance sheet.</p>
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ProfitLoss
3563000
CY2020Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
71099773
CY2019Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
69479016
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
70880979
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
69310791
CY2020Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.83
CY2019Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.34
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.33
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.05
CY2020Q2 us-gaap Profit Loss
ProfitLoss
59031000
CY2019Q2 us-gaap Profit Loss
ProfitLoss
23567000
us-gaap Profit Loss
ProfitLoss
94603000
us-gaap Profit Loss
ProfitLoss
3563000
CY2020Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
3454000
us-gaap Interest Expense Debt
InterestExpenseDebt
5936000
CY2020Q2 us-gaap Net Income Loss Attributable To Parent Diluted
NetIncomeLossAttributableToParentDiluted
62485000
CY2019Q2 us-gaap Net Income Loss Attributable To Parent Diluted
NetIncomeLossAttributableToParentDiluted
23567000
us-gaap Net Income Loss Attributable To Parent Diluted
NetIncomeLossAttributableToParentDiluted
100539000
us-gaap Net Income Loss Attributable To Parent Diluted
NetIncomeLossAttributableToParentDiluted
3563000
CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
71099773
CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
69479016
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
70880979
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
69310791
CY2020Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
3208580
CY2019Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
3469172
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
3437358
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
2953049
CY2020Q2 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
104092
CY2019Q2 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
15784
us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
96163
us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
17724
CY2020Q2 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
14247835
us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
9360853
CY2020Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
88660280
CY2019Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
72963972
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
83775353
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
72281564
CY2020Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.70
CY2019Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.32
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.20
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.05
CY2020Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
12748634
CY2019Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
14815669
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
11384913
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
14669249
CY2020Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1300000
CY2019Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
51000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2200000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
51000
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21

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