REDWOOD CITY, Calif. (AP) _ Coherus BioSciences Inc. (CHRS) on Thursday reported second-quarter net income of $23.6 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Redwood City, California-based company said it had profit of 32 cents.
The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of 8 cents per share.
The drug developer posted revenue of $83.4 million in the period.
Coherus BioSciences shares have climbed 88% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $17.03, a drop of roughly 9% in the last 12 months.