Coherus Oncology, Inc.

Ladies and gentlemen, thank you for standing by, and welcome to the Coheres Biosciences 2019 First Quarter Earnings Conference Call. My name is Demetrius, and I'll be your conference operator for the call today. At this time, all participants are in listen-only mode. As a reminder, this conference call is being recorded. 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, Demetrius, and good afternoon, everyone. After close of market today, we issued our first quarter financial results press release. This release can be found on the Coherus Biosciences website. Joining me for today's call will be Coherus President and CEO, Daniel Lanfear, Chief Financial Officer, Jean Verret, Chief Legal Officer, Thomas Fitzpatrick, and Senior Vice President of Marketing and Market Access, Jim Hazard. 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 involve certain assumptions, risks, and uncertainties that are beyond our control and could cause actual results to differ from these statements. A description of these risks can be found on our most recent Form 10-K, which we filed this afternoon after market close. In addition, Coherus Biosciences does not undertake any obligation to update any forward-looking statements made during this call. I will now turn the call over to Denny.

Thank you, David, and thank you all for joining us today. on Coherus' Q1 2019 earnings call. Today, we plan to cover three main topics with you. First, we will review the Udentica launch performance in Q1 and share some insights into the drivers behind those results so you have both a quantitative and a qualitative understanding of how... And Joe will be happy to provide some additional color on this subject in just a moment. Secondly, we'll discuss our transition from a pure development platform company to an integrated R&D plus C growth company with some 96 full-time equivalent team members in the field and 125 commercial full-time equivalents in total in our company. Our demonstrated capability provides us with the opportunity to leverage our market success to commercialize other oncology products in the medium to long term. Accordingly, Our ambition is to achieve a progressive increase in commercialized products and a corresponding growth in top-line results in the medium to long term. Lastly, we will review how our commercial performance impacts our future financing needs and our plans to achieve break-even. Now let me make a few comments with respect to Udenica's Q1 sales performance, and in doing so, we'll try to provide as much color as possible so that you have a strong understanding of what this performance means quantitatively as well as how we were able to achieve these results qualitatively. Udenica revenues in Q1 were $37.1 million, which is well aligned with our expectations. I'd like to make two key points here for you. First, there was no abnormal stocking or artificial inventory build at wholesalers or customer levels. That is to say, stocking was well within their normal range. With respect to pricing and contracting, Discounts were consistent with our long-term value preservation strategy, as Mr. Hazard will discuss further in just a moment. We believe these results validate our unique approach to deliver value to the biosimilar market and drive adoption. This is the first time a pure-play biosimilar company has launched a biosimilar. Prior to this, the market witnessed either biopharma innovator companies launching biosimilars or, conversely, generic drug companies launching biosimilars. We have always been confident that biosimilars provided a unique commercial opportunity, and we shared our branded biosimilar approach with the street prior to our launch. Biosimilars are complex products and require a novel, holistic commercialization approach, which includes both innovator-type patient wraparound services, such as Coherence Complete, and strong contracting capabilities. Now, for a little more color on the value proposition and the keys to our success, Let me hand things over to Jim.