REDWOOD CITY, Calif. (AP) _ Coherus BioSciences Inc. (CHRS) on Thursday reported fourth-quarter net income of $39.2 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 net income of 53 cents.
The results missed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 68 cents per share.
The drug developer posted revenue of $123.9 million in the period, beating Street forecasts. Three analysts surveyed by Zacks expected $123.6 million.
For the year, the company reported net income of $89.8 million, or $1.23 per share, swinging to a profit in the period. Revenue was reported as $356.1 million.
Coherus BioSciences shares have risen roughly 7% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $19.19, a climb of 37% in the last 12 months.