$CHRS
Coherus BioSciences, Inc.

2020 Q4 Form 10-Q Financial Statement

#000155837020012864 Filed on November 05, 2020

View on sec.gov

Income Statement

Concept 2020 Q4 2020 Q3 2019 Q4
Revenue $110.4M $113.6M $123.9M
YoY Change -10.86% 1.67%
Cost Of Revenue $11.70M $9.000M $7.800M
YoY Change 50.0% 40.63%
Gross Profit $98.70M $104.6M $116.1M
YoY Change -14.95% -0.65%
Gross Profit Margin 89.4% 92.07% 93.7%
Selling, General & Admin $37.70M $31.98M $36.10M
YoY Change 4.43% 0.49% 6.8%
% of Gross Profit 38.2% 30.59% 31.11%
Research & Development $44.60M $38.85M $34.90M
YoY Change 27.79% 80.13% 30.71%
% of Gross Profit 45.19% 37.16% 30.07%
Depreciation & Amortization $900.0K $600.0K $1.100M
YoY Change -18.18% -25.0% 83.33%
% of Gross Profit 0.91% 0.57% 0.95%
Operating Expenses $82.30M $79.84M $78.82M
YoY Change 4.41% 33.41% 30.28%
Operating Profit $16.40M $33.72M $37.23M
YoY Change -55.95% -34.96%
Interest Expense -$5.700M $5.656M -$4.500M
YoY Change 26.67% 26.56% 87.5%
% of Operating Profit -34.76% 16.78% -12.09%
Other Income/Expense, Net $0.00 $56.00K $700.0K
YoY Change -100.0% -89.19% 133.33%
Pretax Income $10.80M $28.12M $41.30M
YoY Change -73.85% -41.29% -165.97%
Income Tax $1.100M $200.0K $2.000M
% Of Pretax Income 10.19% 0.71% 4.84%
Net Earnings $9.700M $27.93M $39.23M
YoY Change -75.27% -40.62% -162.67%
Net Earnings / Revenue 8.79% 24.6% 31.67%
Basic Earnings Per Share $0.39 $0.56
Diluted Earnings Per Share $110.5K $0.33 $0.53
COMMON SHARES
Basic Shares Outstanding 72.05M 71.65M
Diluted Shares Outstanding 87.47M

Balance Sheet

Concept 2020 Q4 2020 Q3 2019 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $541.2M $503.4M $177.7M
YoY Change 204.56% 195.25% 145.44%
Cash & Equivalents $541.2M $292.5M $177.7M
Short-Term Investments $211.0M
Other Short-Term Assets $25.00M $27.50M $13.50M
YoY Change 85.19% 219.77% 16165.06%
Inventory $44.23M $35.25M $9.807M
Prepaid Expenses
Receivables $157.0M $160.7M $142.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $767.5M $726.9M $343.0M
YoY Change 123.75% 163.02% 306.25%
LONG-TERM ASSETS
Property, Plant & Equipment $10.11M $21.10M $5.840M
YoY Change 73.08% 260.25% -12.31%
Goodwill $943.0K $943.0K $943.0K
YoY Change 0.0% 0.0% 0.0%
Intangibles $2.620M $2.620M $2.620M
YoY Change 0.0% 0.0% 0.0%
Long-Term Investments
YoY Change
Other Assets $12.54M $976.0K $362.0K
YoY Change 3364.92% 89.88% 2485.71%
Total Long-Term Assets $74.17M $76.81M $65.92M
YoY Change 12.52% 50.59% 338.46%
TOTAL ASSETS
Total Short-Term Assets $767.5M $726.9M $343.0M
Total Long-Term Assets $74.17M $76.81M $65.92M
Total Assets $841.6M $803.7M $408.9M
YoY Change 105.82% 145.5% 311.12%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $15.20M $11.99M $25.99M
YoY Change -41.5% -12.54% 69.9%
Accrued Expenses $26.68M $23.45M $17.26M
YoY Change 54.59% 42.32% 146.26%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $600.0K $500.0K
YoY Change
Total Short-Term Liabilities $145.7M $133.4M $115.0M
YoY Change 26.69% 61.34% 245.66%
LONG-TERM LIABILITIES
Long-Term Debt $404.9M $404.0M $178.4M
YoY Change 126.96% 127.22% 73.04%
Other Long-Term Liabilities $1.051M $705.0K $0.00
YoY Change -100.0%
Total Long-Term Liabilities $1.051M $705.0K $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $145.7M $133.4M $115.0M
Total Long-Term Liabilities $1.051M $705.0K $0.00
Total Liabilities $560.7M $548.0M $303.7M
YoY Change 84.61% 101.95% 119.99%
SHAREHOLDERS EQUITY
Retained Earnings -$762.8M -$772.5M -$895.0M
YoY Change -14.78% -9.12%
Common Stock $7.000K $1.028B $1.001B
YoY Change -100.0% 5.73%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $281.0M $255.7M $105.2M
YoY Change
Total Liabilities & Shareholders Equity $841.6M $803.7M $408.9M
YoY Change 105.82% 145.49% 311.12%

Cashflow Statement

Concept 2020 Q4 2020 Q3 2019 Q4
OPERATING ACTIVITIES
Net Income $9.700M $27.93M $39.23M
YoY Change -75.27% -40.62% -162.67%
Depreciation, Depletion And Amortization $900.0K $600.0K $1.100M
YoY Change -18.18% -25.0% 83.33%
Cash From Operating Activities $33.10M $47.30M $17.80M
YoY Change 85.96% -13.84% -137.55%
INVESTING ACTIVITIES
Capital Expenditures -$900.0K -$2.100M -$400.0K
YoY Change 125.0% 133.33% 100.0%
Acquisitions
YoY Change
Other Investing Activities $211.0M $18.50M -$5.700M
YoY Change -3801.75% 2542.86% -135.63%
Cash From Investing Activities $210.1M $16.40M -$6.000M
YoY Change -3601.67% -5566.67% -137.97%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 5.500M 4.100M 1.200M
YoY Change 358.33% 10.81% -53.85%
NET CHANGE
Cash From Operating Activities 33.10M 47.30M 17.80M
Cash From Investing Activities 210.1M 16.40M -6.000M
Cash From Financing Activities 5.500M 4.100M 1.200M
Net Change In Cash 248.7M 67.80M 13.00M
YoY Change 1813.08% 16.3% -144.83%
FREE CASH FLOW
Cash From Operating Activities $33.10M $47.30M $17.80M
Capital Expenditures -$900.0K -$2.100M -$400.0K
Free Cash Flow $34.00M $49.40M $18.20M
YoY Change 86.81% -11.47% -138.56%

Facts In Submission

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EarningsPerShareDiluted
1.52
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.69
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
71649350
CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
69877693
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
71138973
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
69501835
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
87470337
CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
78530227
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
82043469
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
72872076
CY2020Q3 us-gaap Profit Loss
ProfitLoss
27933000
CY2019Q3 us-gaap Profit Loss
ProfitLoss
47043000
us-gaap Profit Loss
ProfitLoss
122536000
us-gaap Profit Loss
ProfitLoss
50606000
CY2020Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
6000
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
18000
CY2020Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-4000
CY2019Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
59000
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
285000
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-170000
CY2020Q3 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
27935000
CY2019Q3 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
47102000
us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
122839000
us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
50436000
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
105214000
CY2020Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
4438000
CY2020Q1 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
880000
CY2020Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
9945000
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
35572000
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
157275000
CY2020Q2 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
3305000
CY2020Q2 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
2557000
CY2020Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
9686000
CY2020Q2 chrs Purchase Of Capped Call Options Relates To Convertible Notes Value
PurchaseOfCappedCallOptionsRelatesToConvertibleNotesValue
-18170000
CY2020Q2 us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
12000
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
59031000
CY2020Q2 us-gaap Stockholders Equity
StockholdersEquity
213377000
CY2020Q3 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
4962000
CY2020Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
9457000
CY2020Q3 us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
6000
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
27933000
CY2020Q3 us-gaap Stockholders Equity
StockholdersEquity
255731000
us-gaap Profit Loss
ProfitLoss
122536000
us-gaap Profit Loss
ProfitLoss
50606000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
2048000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
2204000
us-gaap Share Based Compensation
ShareBasedCompensation
28287000
us-gaap Share Based Compensation
ShareBasedCompensation
26319000
us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
103000
us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
142000
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
2492000
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
1726000
us-gaap Inventory Write Down
InventoryWriteDown
410000
chrs Other Noncash Adjustments
OtherNoncashAdjustments
422000
chrs Other Noncash Adjustments
OtherNoncashAdjustments
-1000
chrs Non Cash Operating Lease Expense
NonCashOperatingLeaseExpense
1567000
chrs Non Cash Operating Lease Expense
NonCashOperatingLeaseExpense
1305000
chrs Upfront License Fee Payments Related To License And Collaboration Arrangements
UpfrontLicenseFeePaymentsRelatedToLicenseAndCollaborationArrangements
7500000
us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
18885000
us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
89646000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
30053000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
31151000
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
13350000
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-2525000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
171000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
653000
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
614000
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
500000
us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
-13108000
us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
-1436000
chrs Increase Decrease In Accrued Rebates Fees And Reserve
IncreaseDecreaseInAccruedRebatesFeesAndReserve
24841000
chrs Increase Decrease In Accrued Rebates Fees And Reserve
IncreaseDecreaseInAccruedRebatesFeesAndReserve
37121000
chrs Increase Decrease In Accrued Compensation
IncreaseDecreaseInAccruedCompensation
1380000
chrs Increase Decrease In Accrued Compensation
IncreaseDecreaseInAccruedCompensation
4162000
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
5521000
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
9416000
chrs Increase Decrease In Lease Liabilities
IncreaseDecreaseInLeaseLiabilities
6000
chrs Increase Decrease In Lease Liabilities
IncreaseDecreaseInLeaseLiabilities
-1590000
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
705000
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
-30000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
121021000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
10645000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
6279000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1435000
us-gaap Proceeds From Sale Of Machinery And Equipment
ProceedsFromSaleOfMachineryAndEquipment
167000
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
273845000
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
20235000
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
63000000
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
15000000
chrs Upfront And Milestone Payments Related To License And Collaboration Arrangements
UpfrontAndMilestonePaymentsRelatedToLicenseAndCollaborationArrangements
7500000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-224457000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-6670000
chrs Proceeds From Issuance Common Stock Offering Net Of Underwriters Discounts Commissions And Offering Costs
ProceedsFromIssuanceCommonStockOfferingNetOfUnderwritersDiscountsCommissionsAndOfferingCosts
8153000
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
222156000
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-244000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
218433000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
88170000
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-170000
chrs Payments To Acquire Capped Call Options Related To Convertible Debt
PaymentsToAcquireCappedCallOptionsRelatedToConvertibleDebt
18170000
us-gaap Proceeds From Debt Net Of Issuance Costs
ProceedsFromDebtNetOfIssuanceCosts
72955000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
13014000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
5184000
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
2557000
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
1878000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
880000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
114997000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
91975000
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
177908000
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
73191000
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
292905000
CY2019Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
165166000
chrs Non Cash Bonus Payment Settled In Common Stock
NonCashBonusPaymentSettledInCommonStock
1498000
chrs Non Cash Bonus Payment Settled In Common Stock
NonCashBonusPaymentSettledInCommonStock
1350000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
1388000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
5267000
us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
1771000
us-gaap Use Of Estimates
UseOfEstimates
<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. 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 </p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">overstatements were corrected.  These adjustments increased net product revenue by $0 and $13.3 million for the three and nine months ended September 30, 2020, respectively. These adjustments resulted in an increase in net income per share (basic) of $0 and $0.19 during the three and nine months ended September 30, 2020, respectively and an increase in net income per share (diluted) of $0 and $0.16 during the three and nine months ended September 30, 2020, respectively. Accrued commercial payer rebates of $23.7 million and $14.0 million were recorded in accrued rebates, fees and reserve as of September 30, 2020 and December 31, 2019, respectively, in the condensed consolidated balance sheet.</p>
CY2020Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
292465000
CY2019Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
165116000
CY2020Q3 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
0
CY2019Q3 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
50000
CY2020Q3 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
440000
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
292905000
CY2019Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
165166000
CY2020Q3 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2019Q4 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
chrs Available For Sale Marketable Securities Average Maturity Term
AvailableForSaleMarketableSecuritiesAverageMaturityTerm
P4M21D
us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
0
CY2019 us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
0
CY2020Q3 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Number Of Positions
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerNumberOfPositions
0
CY2019Q3 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
0
CY2019Q3 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
0
CY2020Q3 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
0
CY2020Q3 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
0
CY2020Q3 us-gaap Inventory Raw Materials
InventoryRawMaterials
5388000
CY2019Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
5089000
CY2020Q3 us-gaap Inventory Work In Process
InventoryWorkInProcess
64039000
CY2019Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
43446000
CY2020Q3 us-gaap Inventory Finished Goods
InventoryFinishedGoods
16537000
CY2019Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
6536000
CY2020Q3 us-gaap Inventory Gross
InventoryGross
85964000
CY2019Q4 us-gaap Inventory Gross
InventoryGross
55071000
CY2020Q3 us-gaap Inventory Net
InventoryNet
35247000
CY2019Q4 us-gaap Inventory Net
InventoryNet
9807000
CY2020Q3 us-gaap Inventory Noncurrent
InventoryNoncurrent
50717000
CY2019Q4 us-gaap Inventory Noncurrent
InventoryNoncurrent
45264000
CY2020Q3 chrs Inventory Current And Noncurrent
InventoryCurrentAndNoncurrent
85964000
CY2019Q4 chrs Inventory Current And Noncurrent
InventoryCurrentAndNoncurrent
55071000
CY2020Q3 chrs Prepaid Manufacturing Expense Current
PrepaidManufacturingExpenseCurrent
21900000
CY2019Q4 chrs Prepaid Manufacturing Expense Current
PrepaidManufacturingExpenseCurrent
8600000
CY2020Q3 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Before Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization
26517000
CY2019Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Before Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization
22136000
CY2020Q3 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization
15870000
CY2019Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization
16296000
CY2020Q3 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
10647000
CY2019Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
5840000
CY2020Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
700000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
2000000.0
CY2019Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
800000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
2200000
CY2020Q3 chrs Accrued Clinical And Manufacturing Liabilities Current
AccruedClinicalAndManufacturingLiabilitiesCurrent
13374000
CY2019Q4 chrs Accrued Clinical And Manufacturing Liabilities Current
AccruedClinicalAndManufacturingLiabilitiesCurrent
7106000
CY2020Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
10072000
CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
10152000
CY2020Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
23446000
CY2019Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
17258000
CY2020Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
113600000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
365400000
CY2019Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
111700000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
232200000
CY2019Q4 chrs Reserve For Discounts And Allowances Constitute Variable Consideration
ReserveForDiscountsAndAllowancesConstituteVariableConsideration
87147000
chrs Reserve For Sales Discounts And Allowances Constitute Variable Consideration
ReserveForSalesDiscountsAndAllowancesConstituteVariableConsideration
488998000
chrs Provision Related To Sales Made In Prior Period
ProvisionRelatedToSalesMadeInPriorPeriod
-9763000
chrs Payments And Customer Credits Issued From Reserve For Discounts And Allowances Constitute Variable Consideration
PaymentsAndCustomerCreditsIssuedFromReserveForDiscountsAndAllowancesConstituteVariableConsideration
464953000
CY2020Q3 chrs Reserve For Discounts And Allowances Constitute Variable Consideration
ReserveForDiscountsAndAllowancesConstituteVariableConsideration
101429000
chrs Reserve For Sales Discounts And Allowances Constitute Variable Consideration
ReserveForSalesDiscountsAndAllowancesConstituteVariableConsideration
206006000
chrs Payments And Customer Credits Issued From Reserve For Discounts And Allowances Constitute Variable Consideration
PaymentsAndCustomerCreditsIssuedFromReserveForDiscountsAndAllowancesConstituteVariableConsideration
137911000
CY2019Q3 chrs Reserve For Discounts And Allowances Constitute Variable Consideration
ReserveForDiscountsAndAllowancesConstituteVariableConsideration
68095000
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
222200000
chrs Percentage Of Premium On Cap Price
PercentageOfPremiumOnCapPrice
75.0
CY2020Q3 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
1554000
CY2020Q3 chrs Operating And Finance Lease Right Of Use Assets
OperatingAndFinanceLeaseRightOfUseAssets
12024000
CY2019Q4 chrs Operating And Finance Lease Right Of Use Assets
OperatingAndFinanceLeaseRightOfUseAssets
10649000
CY2020Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
2510000
CY2019Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
2196000
CY2020Q3 us-gaap Purchase Obligation Future Minimum Payments Remainder Of Fiscal Year
PurchaseObligationFutureMinimumPaymentsRemainderOfFiscalYear
8813000
CY2020Q3 us-gaap Purchase Obligation Due In Next Twelve Months
PurchaseObligationDueInNextTwelveMonths
38195000
CY2020Q3 us-gaap Purchase Obligation Due In Second Year
PurchaseObligationDueInSecondYear
9573000
CY2020Q3 us-gaap Purchase Obligation Due In Third Year
PurchaseObligationDueInThirdYear
3386000
CY2020Q3 us-gaap Purchase Obligation
PurchaseObligation
59967000
CY2020Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
10470000
CY2019Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
10649000
CY2020Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
9743000
CY2019Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
10256000
CY2020Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
12253000
CY2019Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
12452000
CY2020Q3 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
541000
CY2020Q3 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
986000
CY2020Q3 us-gaap Finance Lease Liability
FinanceLeaseLiability
1527000
CY2019Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
0
CY2020Q3 us-gaap Lease Cost
LeaseCost
800000
CY2019Q3 us-gaap Lease Cost
LeaseCost
600000
us-gaap Lease Cost
LeaseCost
2400000
us-gaap Lease Cost
LeaseCost
1700000
CY2020Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
800000
CY2019Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
700000
us-gaap Operating Lease Payments
OperatingLeasePayments
2400000
us-gaap Operating Lease Payments
OperatingLeasePayments
2000000.0
CY2020Q3 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
271000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
2888000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
700000
CY2020Q3 us-gaap Finance Lease Liability
FinanceLeaseLiability
1527000
CY2020Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y3M18D
CY2019Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y8M12D
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
14596000
CY2020Q3 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
1647000
CY2020Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
2343000
CY2020Q3 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
120000
CY2020Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
12253000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
852000
CY2020Q3 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
156000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
3425000
CY2020Q3 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
610000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
3293000
CY2020Q3 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
610000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
3438000
CY2020Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.081
CY2019Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.082
CY2020Q3 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P2Y8M12D
CY2020Q3 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.058
CY2020Q3 us-gaap Profit Loss
ProfitLoss
27933000
CY2019Q3 us-gaap Profit Loss
ProfitLoss
47043000
us-gaap Profit Loss
ProfitLoss
122536000
us-gaap Profit Loss
ProfitLoss
50606000
CY2020Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
71649350
CY2019Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
69877693
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
71138973
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
69501835
CY2020Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.39
CY2019Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.67
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.72
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.73
CY2020Q3 us-gaap Profit Loss
ProfitLoss
27933000
CY2019Q3 us-gaap Profit Loss
ProfitLoss
47043000
us-gaap Profit Loss
ProfitLoss
122536000
us-gaap Profit Loss
ProfitLoss
50606000
CY2020Q3 us-gaap Net Income Loss Attributable To Parent Diluted
NetIncomeLossAttributableToParentDiluted
29105000
CY2019Q3 us-gaap Net Income Loss Attributable To Parent Diluted
NetIncomeLossAttributableToParentDiluted
49505000
us-gaap Net Income Loss Attributable To Parent Diluted
NetIncomeLossAttributableToParentDiluted
124670000
us-gaap Net Income Loss Attributable To Parent Diluted
NetIncomeLossAttributableToParentDiluted
50606000
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
71649350
CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
69877693
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
71138973
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
69501835
CY2020Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
3641721
CY2019Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
4165666
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
3505479
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
3353962
CY2020Q3 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
237114
CY2019Q3 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
12997
us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
143146
us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
16279
CY2020Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
87470337
CY2019Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
78530227
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
82043469
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
72872076
CY2020Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.33
CY2019Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.63
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.52
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.69
CY2020Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
13871584
CY2019Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6475843
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
13750170
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
14761863
CY2020Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
200000
CY2019Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
800000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2400000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
900000
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21

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