Coherus Biosciences, Inc. (NASDAQ:CHRS) Q3 2019 Earnings Conference Call Transcript
Nov 06, 2019 • 04:30 pm ET
Ladies and gentlemen thank you for standing by and welcome to the Coherus BioSciences 2019 Third Quarter Earnings Conference Call. My name is Julian and I will be your conference operator for the call today. [Operator Instructions]
I would now like to turn the call over to David Arrington Vice President of Investor Relations and Corporate Affairs. Please go ahead sir.
Thank you, Julian. And good afternoon, everyone. After closing the market today we issued a press release on the third quarter financial results. This release can be found on the coheres bio sciences website. Joining me for today's call will be Denny Lanphear coheres to factors over a chief financial officer Jim hazard has VP of commercial promises Patrick, chief legal officer. Before we begin our formal remarks, I would like to remind you that we will be making forward looking statements with respect to product development plans, all of which involves certain assumptions, risks and uncertainties that are beyond our control and could cause actual results to different These statements and description of these risks can be found on our most recent filings with the SEC. In addition, coheres bio sciences does not undertake any obligation to update anything that's made during.
I will now turn the call over to Danny.
Dennis M. Lanfear
Thank you David and welcome everyone to our Q3 earnings call. Today we'll cover four broad areas for you. First we'll review for you the Q3 2019 UDENYCA results which saw the company achieve a 20% unit market share one quarter ahead of guidance and we expect to see additional growth in Q4. Secondly we will discuss our ophthalmology licensing agreement that we announced today which signals the initiation of the commercial phase of our ophthalmology franchise in preparation for our 2021 launch. With respect to that we will provide the rationale and benefits of the agreement and further we would describe the similarities between ophthalmology and oncology markets. And why we believe these two therapeutic areas are synergistic with respect to our existing commercial infrastructure. I have with me today are SVPs of Commercial Mr. Jim Hassard who will walk you through the commercial case in ophthalmology and provide some additional color. Third we'll make some remarks regarding the company's inflammation portfolio and CHS-1420 adalimumab biosimilar. After that we'll turn the call over to our Chief Financial Officer Dr. Jean Viret who will review our quarterly and year-to-date financial performance. And then lastly we will provide you with a key takeaway summary before of course going to the Q&A.
Now I'll let Mr. Hassard review for you the UDENYCA progress in Q3. Jim?
Thank you Denny. As Denny mentioned we reached our 20% unit share in the last weeks of the third quarter. We continue to be disciplined in competitive contracting as demonstrated by the evolution of the UDENYCA average selling price. Quarter-over-quarter the UDENYCA average selling price declined by only about 3% consistent with the average selling price decline of approximately 2% for Neulasta. UDENYCA share