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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’ Annual Report on Form 10-K for the year ended December 31, 2019, filed with the Securities and Exchange Commission on February 27, 2020, its Quarterly Report on Form 10-Q for the three and six months ended June 30, 2020, filed with the Securities and Exchange Commission on August 6, 2020 and its future periodic reports to be filed with the Securities and Exchange Commission. 16.62 +0.19 (+1.16%) At close: 4:00PM EDT. Coherus BioSciences (CHRS) delivered earnings and revenue surprises of 169.23% and 35.23%, respectively, for the quarter ended June 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. Net product revenue included a favorable revision of the Company’s prior period payer rebate estimate of … Coherus also regularly uses these non-GAAP financial measures internally to understand, manage and evaluate its business and to make operating decisions.UnitedHealth (UNH) Up 4.7% Since Last Earnings Report: Can It Continue?CPP Investments Net Assets Total $434.4 Billion at First Quarter Fiscal 2021Coronavirus pushes second-quarter net profit of Russian diamond miner Alrosa down 98%Container line Hapag-Lloyd almost doubles first-half profit, keeps 2020 outlookAlgonquin Power & Utilities Corp. Currency in USD. NasdaqGM - NasdaqGM Real-time price. Currency in USD No! In particular, Coherus believes that these non-GAAP financial measures, when considered together with its financial information prepared in accordance with GAAP, can enhance investors’ and analysts’ ability to meaningfully compare Coherus’ results from period to period, and to identify operating trends in Coherus’ business. Fortunately, the analysts also reconfirmed their revenue estimates, suggesting sales are tracking in line with expectations - although our data does suggest that Coherus BioSciences' revenues are expected to perform worse than the wider industry. SG&A 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. Investors in Coherus BioSciences, Inc. (NASDAQ:CHRS) had a good week, as its shares rose 7.9% to close at US$17.30 following the release of its quarterly results.Results were roughly in line with estimates, with revenues of US$116m and statutory earnings per share of US$0.48. Our results for the quarter ended June 30, 2020 are not necessarily indicative of our operating results for any future periods.UDENYCA® is a trademark of Coherus BioSciences, Inc.Neulasta® and Onpro® are registered trademarks of Amgen Inc. Avastin® and Lucentis® are registered trademarks of Genentech, Inc. Humira® is a registered trademark of AbbVie 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) (unaudited)               Three Months Ended Six Months Ended  June 30, June 30,  2020  2019  2020  2019 Revenue:            Net product revenue$135,674  $83,433  $251,854  $120,531  Operating expenses:            Cost of goods sold 10,139   601   16,994   2,826  Research and development 26,173   18,883   59,280   37,672  Selling, general and administrative 34,052   36,456   69,402   69,139  Total operating expenses 70,364   55,940   145,676   109,637  Income from operations 65,310   27,493   106,178   10,894  Interest expense (5,408)  (4,433)  (9,839)  (8,649) Other income, net 423   558   491   1,369  Net income before income taxes 60,325   23,618   96,830   3,614  Income tax provision 1,294   51   2,227   51  Net income$59,031  $23,567  $94,603  $3,563               Net income per share:            Basic$0.83  $0.34  $1.33  $0.05  Diluted$0.70  $0.32  $1.20  $0.05               Weighted-average number of shares used in computing net income per share:            Basic 71,099,773   69,479,016   70,880,979   69,310,791  Diluted 88,660,280   72,963,972   83,775,353   72,281,564                 Coherus BioSciences, Inc. Condensed Consolidated Balance Sheets (in thousands) (unaudited)       June 30, December 31,  2020  2019 Assets     Cash and cash equivalents$224,617  $177,668  Investments in marketable securities 231,882   —  Trade receivables, net 172,486   141,992  Inventory 80,984   55,071  Other assets 46,642   34,196  Total assets$756,611  $408,927  Liabilities and Stockholders’ Equity    Accrued rebates, fees and reserve$66,229  $51,120  Convertible notes due 2022 79,198   78,542  Convertible notes due 2022 - related parties 26,399   26,181  Convertible notes due 2026 222,409   —  Term loan 74,059   73,663  Other liabilities 74,940   74,207  Total stockholders' equity 213,377   105,214  Total liabilities and stockholders’ equity$756,611  $408,927         Coherus BioSciences, Inc. Condensed Consolidated Cash Flow (in thousands) (unaudited)           Three Months Ended  Six Months Ended  June 30, June 30,  2020 2019 2020 2019 Cash, cash equivalents and restricted cash at beginning of the period$ 193,692  $ 82,350  $ 177,908  $ 73,191           Net cash provided by (used in) operating activities$ 60,191  $ 12,677  $ 73,668  $ (44,306)          Purchases of investments in marketable securities (231,864)  —   (231,864)  (14,864) Proceeds from maturities of investments in marketable securities   9,000     9,000  Upfront license fee payment to Innovent (5,000)  -   (5,000)  —  Cash used in other investing activities (2,384)  (182)  (4,000)  (517) Net cash provided by (used in) investing activities$ (239,248) $ 8,818  $ (240,864) $ (6,381)          Proceeds from issuance of Convertible Notes due 2026, net of issuance costs 222,830   —   222,830   —  Purchase of capped call options related to convertible notes due 2026 (18,170)  —   (18,170)  —  Proceeds from term loan, net of issuance costs —   185   -   73,061  Proceeds from common stock offering, net of underwriters discounts, commissions and offering costs —   —   —   8,153  Proceeds from issuance of common stock upon exercise of stock options 3,302   947   8,105   1,395  Proceeds from purchase under the employee stock purchase plan 2,557   1,878   2,557   1,878  Cash used in other financing activities (97)  —   (977)  —  Net cash provided by financing activities$ 210,422  $ 3,010  $ 214,345  $ 84,487           Effect of exchange rate changes on cash —   (93)  —   (229)          Net increase in cash, cash equivalents and restricted cash$ 31,365  $ 24,412  $ 47,149  $ 33,571           Cash, cash equivalents and restricted cash at end of the period$ 225,057  $ 106,762  $ 225,057  $ 106,762           Reconciliation of cash, cash equivalents, and restricted cash        Cash and cash equivalents 224,617   105,927   224,617   105,927  Restricted cash 440   835   440   835  Cash, cash equivalents and restricted cash$ 225,057  $ 106,762  $ 225,057  $ 106,762           Non-GAAP Financial MeasuresTo supplement the financial results presented in accordance with GAAP, Coherus has also included in this press release non-GAAP net income, and the related per share measures, which exclude from net income, and the related per share measures, stock-based compensation expense, upfront and milestone payments under the license agreements and the related income tax effect of those non-GAAP adjustments.