Download PDF

1. Company Snapshot

1.a. Company Description

Coherus BioSciences, Inc., a biopharmaceutical company, focuses on the biosimilar and immuno-oncology market primarily in the United States.The company markets UDENYCA, a biosimilar to Neulasta, a long-acting granulocyte stimulating colony factor in the United States.Its pipeline products include biosimilars of Humira, Avastin, and Lucentis.


The company also develops Toripalimab, a novel anti-PD-1 antibody for second-line treatment of melanoma in China; Bevacizumab biosimilar; and CHS-1420, an anti-TNF product candidate, as an adalimumab biosimilar; Ranibizumab biosimilar.Coherus BioSciences, Inc.has license agreements with Selexis SA; AbbVie, Inc.; Pfizer, Inc.; Bioeq AG; Innovent Biologics (Suzhou) Co., Ltd.; and Junshi Biosciences.


The company was formerly known as BioGenerics, Inc.and changed its name to Coherus BioSciences, Inc.in April 2012.


Coherus BioSciences, Inc.was incorporated in 2010 and is headquartered in Redwood City, California.

Show Full description

1.b. Last Insights on CHRS

Negative drivers behind Coherus BioSciences' recent performance include the divestiture of its UDENYCA franchise, which resulted in a significant decline in net revenue. The company's focus on developing its pipeline, particularly casdozokitug and CHS-114, has led to a decrease in marketed biosimilar drugs. Additionally, the company's Q4 2024 earnings release showed a 4% increase in annual net revenue, but this growth was largely driven by the 62% year-over-year increase in UDENYCA net revenue, which is no longer part of the company's portfolio.

1.c. Company Highlights

2. Coherus Oncology's Q3 2025 Earnings: A Strong Revenue Growth Story

Coherus Oncology reported a significant increase in net revenue for LOQTORZI, with a 12% rise quarter-over-quarter and a 92% increase year-over-year. The company's EPS came in at -$0.33, slightly missing estimates of -$0.32. The strong revenue growth was driven by new patient starts in both new and existing accounts, as well as an increase in the duration of treatment. The total number of accounts purchasing LOQTORZI grew by over 15%, indicating a broadening of the drug's adoption. With a current P/S Ratio of 1.88, the market is pricing in significant revenue growth, which is expected to continue with analysts estimating a 104.8% revenue growth for next year.

Publication Date: Nov -29

📋 Highlights
  • LOQTORZI Revenue Growth: Net revenue increased 12% QoQ and 92% YoY, with 15% growth in purchasing accounts and 30% of existing accounts using the drug in subsequent patients.
  • Balance Sheet Strength: $192 million in cash and investments, 69% reduction in total liabilities, and headcount under 140 FTEs by year-end.
  • Pipeline Advancements: CHS-114 (Treg depleter) showed immune activation in head and neck cancer, while casdozokitug (IL-27 antagonist) demonstrated preclinical efficacy in first-line HCC.
  • Market Expansion Targets: NPC market potential estimated at $150–200 million, driven by LOQTORZI's duration of therapy and new patient adoption.
  • Clinical Trial Milestones: Phase II data for casdozokitug requires significant ORR and durability to justify pivotal trials, with 2026 efficacy data expected for CHS-114 in head and neck cancer.

Financial Performance and Balance Sheet Strength

The company's financial performance was bolstered by a significant reduction in total liabilities, which decreased by 69% since the end of last year. Coherus Oncology's cash and investments stood at $192 million at the end of Q3, providing a solid foundation for future growth. The company is on track to reduce its headcount to less than 140 FTEs by year-end, down from the previous target of 150 FTEs, which should help to further improve its financial position. As Sameer Goregaoker, Chief Commercial Officer, noted, the sales team's efforts have driven end-customer demand, resulting in a strong increase in LOQTORZI's adoption.

Pipeline Progress and Potential Partnerships

The company is making significant progress with its pipeline assets, including casdozokitug, an IL-27 antagonist that has shown efficacy in first-line HCC. The company is prioritizing indications where Tregs are an issue and is investigating various cancer types, including gastric, esophageal, and head and neck cancer. With a strong clinical justification and mechanism of action, Coherus Oncology is well-positioned to capitalize on the potential of its pipeline assets, which could lead to future partnerships and growth opportunities.

Valuation and Growth Prospects

With a ROE of -574.72% and a ROIC of -117.17%, the company's returns are currently negative, but the market is pricing in significant growth, as reflected in the P/E Ratio of 1.02 and EV/EBITDA of -0.32. As the company continues to progress with its pipeline and drive revenue growth, investors will be watching closely to see if Coherus Oncology can achieve its growth prospects and improve its returns.

3. NewsRoom

Card image cap

Coherus Oncology, Inc. (CHRS) Presents at UBS Global Healthcare Conference 2025 Transcript

Nov -10

Source: seekingalpha.com

Card image cap

Coherus Oncology, Inc. (CHRS) Q3 2025 Earnings Call Transcript

Nov -07

Source: seekingalpha.com

Card image cap

Coherus Oncology Presents at SITC Clinical Multiomic Biomarker Data for CHS-114, a Highly Selective anti-CCR8 Cytolytic Antibody

Nov -07

Source: globenewswire.com

Card image cap

Coherus Oncology (CHRS) Reports Q3 Loss, Lags Revenue Estimates

Nov -07

Source: zacks.com

Card image cap

Coherus Oncology Reports Third Quarter 2025 Financial Results and Provides Business Update

Nov -06

Source: globenewswire.com

Card image cap

Arvind Sood joins Coherus Oncology as Chief Strategy and Corporate Affairs Officer

Nov -06

Source: globenewswire.com

Card image cap

Coherus Oncology (CHRS) to Release Quarterly Earnings on Thursday

Nov -04

Source: defenseworld.net

Card image cap

Coherus Oncology to Report Third Quarter 2025 Financial Results on November 6, 2025

Oct -30

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (13.00%)

6. Segments

Human Pharmaceutical Products

Expected Growth: 13%

Coherus BioSciences' 13% growth in Human Pharmaceutical Products is driven by increasing demand for biosimilar products, expanding product portfolio, and strategic partnerships. Additionally, growing adoption of cost-effective treatments, rising healthcare expenditure, and an aging population contribute to the segment's growth.

7. Detailed Products

UDENYCA

A pegfilgrastim biosimilar, used to reduce the incidence of infection, as manifested by febrile neutropenia, in patients with non-myeloid malignancies receiving myelosuppressive anti-cancer drugs associated with a clinically significant incidence of febrile neutropenia.

Ontruzant

A trastuzumab biosimilar, used to treat HER2-overexpressing breast cancer and metastatic gastric cancer.

CIMERLI

A ranibizumab biosimilar, used to treat neovascular age-related macular degeneration, diabetic macular edema, and diabetic retinopathy.

8. Coherus BioSciences, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Coherus BioSciences, Inc. operates in a highly competitive industry with many established players, which increases the threat of substitutes. However, the company's focus on biosimilars and its partnerships with major pharmaceutical companies help mitigate this threat to some extent.

Bargaining Power Of Customers

Coherus BioSciences, Inc. has a diverse customer base, which reduces the bargaining power of individual customers. Additionally, the company's products are often used in critical care settings, making it difficult for customers to switch to alternative products.

Bargaining Power Of Suppliers

Coherus BioSciences, Inc. relies on a few key suppliers for raw materials and manufacturing services. While the company has some bargaining power due to its size and partnerships, suppliers still have some leverage, particularly in the context of raw material pricing.

Threat Of New Entrants

The biotechnology industry is highly competitive, and new entrants can easily disrupt the market with innovative products and services. Coherus BioSciences, Inc. must continually innovate and invest in research and development to stay ahead of new entrants.

Intensity Of Rivalry

The biotechnology industry is highly competitive, with many established players and new entrants vying for market share. Coherus BioSciences, Inc. must continually innovate and differentiate its products and services to maintain its market position.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 168.57%
Debt Cost 6.73%
Equity Weight -68.57%
Equity Cost 6.73%
WACC 6.73%
Leverage -245.84%

11. Quality Control: Coherus BioSciences, Inc. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Dominari Holdings

A-Score: 6.1/10

Value: 8.8

Growth: 6.2

Quality: 5.1

Yield: 6.0

Momentum: 10.0

Volatility: 0.3

1-Year Total Return ->

View Full Report
Stock-Card
Coherus BioSciences

A-Score: 4.9/10

Value: 8.2

Growth: 3.6

Quality: 6.5

Yield: 0.0

Momentum: 10.0

Volatility: 1.3

1-Year Total Return ->

View Full Report
Stock-Card
Vanda Pharmaceuticals

A-Score: 4.2/10

Value: 9.0

Growth: 2.0

Quality: 4.4

Yield: 0.0

Momentum: 6.0

Volatility: 4.0

1-Year Total Return ->

View Full Report
Stock-Card
Inhibrx

A-Score: 3.8/10

Value: 6.0

Growth: 3.3

Quality: 3.3

Yield: 0.0

Momentum: 10.0

Volatility: 0.3

1-Year Total Return ->

View Full Report
Stock-Card
Codexis

A-Score: 2.7/10

Value: 7.0

Growth: 0.7

Quality: 3.9

Yield: 0.0

Momentum: 3.0

Volatility: 1.7

1-Year Total Return ->

View Full Report
Stock-Card
INmune Bio

A-Score: 2.7/10

Value: 7.2

Growth: 3.2

Quality: 4.5

Yield: 0.0

Momentum: 0.0

Volatility: 1.0

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

1.2$

Current Price

1.2$

Potential

-0.00%

Expected Cash-Flows