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what it is
Coherus sells one cancer drug today and is spending to build a much bigger oncology pipeline.
how it gets paid
Last year Coherus Biosciences made $42M in revenue.
why it's growing
Revenue grew 59.8% last year to $42M FY. The latest quarter ~$29M in the feed is the momentum read—the investment case is whether that line can scale toward Street 2026 sales scenarios without mixing GAAP windows.
what just happened
Latest quarter: ~$29M revenue, up 154% vs. prior year in the feed, with GAAP EPS ~$1.77—check the filing window; that can differ from forward EPS estimates elsewhere on the page.
At a glance
C++ balance sheet — some cracks in the foundation
10/100 earnings predictability — expect surprises
-$1.46 fy2025 eps est
$2B fy2026 rev est
operating margin not meaningful — losses vs small revenue
xvary composite: 31/100 — weak
What they do
Coherus sells one cancer drug today and is spending to build a much bigger oncology pipeline.
Right now, the moat is not size. It is focus. Coherus has 228 employees and one commercial oncology asset, so your bet is on a concentrated push, not a sprawling empire. That cuts both ways: if LOQTORZI works, the upside is huge; if it stalls, the whole story feels it.
How they make money
$42M
annual revenue · their business grew +59.8% last year
total revenue
$42M
+59.8%
The products that matter
commercial cancer immunotherapy
Loqtorzi (toripalimab)
$42M · only commercial product
it is the company's only marketed drug and generated $42M last year. if this line stalls, the commercial story stalls with it.
100% of current product revenue
clinical-stage oncology pipeline
Immuno-oncology pipeline
five-plus readouts in 2026
the pipeline has five or more potential clinical readouts scheduled for 2026. that's the next chance to prove this is more than a one-product company.
future value, not current revenue
Key numbers
$2.0B
2026 sales estimate
That is the stretch target in the primary research, versus $42 million of annual revenue in SEC filings. Same company. Very different worlds.
$42M
annual revenue
This is the hard SEC base. Any upside case has to grow from this number, not from wishful thinking.
n/m
operating margin
Losses swamp the ~$42M revenue base—treat margin % from feeds as noise and watch cash burn.
$50.1M
new cash raised
The February 2026 offering brought in gross proceeds equal to about one-fifth of the current market cap, which buys time but dilutes you.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $52M (18% of capital)
C++ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for CHRS right now.
source: institutional data · return history unavailable
What just happened
beat estimates
The quarter was all about $29M in revenue, up 154% vs. prior year, with GAAP EPS near $1.77 in that same window—do not read it as the trailing-year picture.
The clean read is simple: sales ramped fast from a very small base. The stranger part is the contrast between that one-quarter GAAP gain, trailing EPS still ~-$1.24 in the feed, and a business still carrying a -429.5% operating margin line in primary research (losses vs. small revenue—treat the % as feed noise).
$29M
rev (q)
~$1.77
eps (q · GAAP)
+154%
rev vs. prior year (q)
the number that mattered
The ~$29M quarter vs $42M FY gap is the clean tension: momentum vs SEC base—then layer Street 2026 sales scenarios only after you trust the period mapping.
source: company earnings report, 2026
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What could go wrong
the #1 risk is single-product dependence on Loqtorzi.
med
Loqtorzi is carrying the commercial story alone
Loqtorzi produced $42M last year and is the only commercial product shown in the snapshot. If adoption slows, there is no second marketed asset stepping in.
Impact: 100% of current commercial revenue concentration sits in one drug.
med
Dilution is not theoretical anymore
The company priced a $50.1M stock offering in February 2026 and the stock dropped 14.5% pre-market. When a small biotech raises equity at this scale, your ownership percentage notices.
Impact: a $50.1M raise against a $244M market cap is meaningful dilution pressure, not routine housekeeping.
med
The pipeline still has to earn its valuation
Five-plus potential 2026 readouts sound exciting because they are. They are also unproven. Until data lands, the market is underwriting possibility, not evidence.
Impact: if those readouts slip or disappoint, the company is still left with one $42M commercial asset and a weak composite score of 31/100.
One $42M drug is carrying the current revenue base while a $50.1M raise just reminded you the business is not funding itself yet.
source: institutional data · regulatory filings · risk analysis
Pay attention to
commercial
Loqtorzi revenue from here
The product grew 59.8% and generated $42M last year. You need to see that line keep moving, because it is the only visible commercial engine.
financing
Whether the $50.1M raise bought enough time
The offering solved an immediate funding need. The next question is whether it delays more dilution or merely starts the clock on it.
catalyst calendar
Five-plus 2026 clinical readouts
This is where the pipeline either becomes a real second act or stays a slide deck. Timing matters, and so does the quality of the data.
quarterly trend
Whether losses start narrowing
Separately from the headline quarter above: Q4 2025 showed a $0.34 non-GAAP loss per share, worse than expected by $0.03. You want commercial growth to start showing up in operating leverage.
Analyst rankings
earnings predictability
10 / 100
earnings are hard to model here. in human-speak, analysts do not trust the quarterly cadence.
beta
1.5
beta measures market sensitivity. if the market moves 10%, CHRS has tended to move about 15%. not a bunker stock.
source: institutional data
Institutional activity
institutional ownership data for CHRS is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$2
current price
n/a
target midpoint · n/a from current
Want the deeper analysis?
The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.
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