REDWOOD CITY, Calif. (AP) _ Coherus BioSciences Inc. (CHRS) on Wednesday reported third-quarter net income of $47 million, after reporting a loss in the same period a year earlier.
The Redwood City, California-based company said it had net income of 63 cents per share.
The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 36 cents per share.
The drug developer posted revenue of $111.7 million in the period, also beating Street forecasts. Three analysts surveyed by Zacks expected $93.6 million.
Coherus BioSciences shares have risen 82% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $16.46, a rise of 38% in the last 12 months.