Revenue has experienced a significant decline following the Cimerli divestiture, with quarterly figures dropping to $12.3M in 2026Q1 while operating margins remain deeply negative at -2.9%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Sales/Revenue | 46.88M | 42.17M | 266.96M | 257.24M | 211.04M | 326.55M | 475.82M | 356.07M | 1.56M | 1.56M | 190.11M | 30.04M | 31.11M | 2.75M | 1.9M |
| Revenue Growth % | -76.26% | -84.2% | 3.78% | 21.89% | -35.37% | -31.37% | 33.63% | 22783.74% | 0% | -99.18% | 532.82% | -3.42% | 1030.72% | 44.87% | - |
| Cost of Goods Sold | 18.73M | 17.74M | 117.55M | 158.99M | 70.08M | 57.59M | 37.67M | 17.08M | 3.23M | 160.53M | 254.44M | 212.68M | 78.22M | 31.28M | 34.89M |
| COGS % of Revenue | - | 42.06% | 44.03% | 61.81% | 33.21% | 17.64% | 7.92% | 4.8% | 207.9% | 10316.9% | 133.84% | 707.97% | 251.48% | 1137% | 1837.07% |
| Gross Profit | 28.15M | 24.43M | 149.41M | 98.25M | 140.96M | 268.96M | 438.16M | 338.99M | -1.68M | -158.97M | -64.33M | -182.64M | -47.12M | -28.53M | -32.99M |
| Gross Margin % | 60.04% | 57.94% | 55.97% | 38.19% | 66.79% | 82.36% | 92.08% | 95.2% | -107.9% | -10216.9% | -33.84% | -607.97% | -151.48% | -1037% | -1737.07% |
| Gross Profit Growth % | - | -83.65% | 52.07% | -30.3% | -47.59% | -38.62% | 29.25% | 20290.17% | 98.94% | -147.11% | 64.78% | -287.62% | -65.16% | 13.52% | - |
| Operating Expenses | 197.9M | 203.97M | 261.07M | 301.45M | 397.84M | 532.82M | 281.84M | 231.22M | 204.42M | 233.69M | 306.04M | 249.11M | 95.79M | 38.74M | 40.42M |
| OpEx % of Revenue | - | 483.66% | 97.8% | 117.18% | 188.51% | 163.17% | 59.23% | 64.94% | 13137.28% | 15018.77% | 160.98% | 829.23% | 307.94% | 1408.36% | 2128.33% |
| Selling, General & Admin | 95.58M | 99M | 150.44M | 185.62M | 198.48M | 169.71M | 139.08M | 137.04M | 94.18M | 71.3M | 51.6M | 36.05M | 17.56M | 7.46M | 5.53M |
| SG&A % of Revenue | - | 234.76% | 56.35% | 72.16% | 94.05% | 51.97% | 29.23% | 38.49% | 6052.51% | 4582.45% | 27.14% | 119.99% | 56.46% | 271.36% | 291.26% |
| Research & Development | 102.32M | 104.96M | 93.34M | 109.44M | 199.36M | 363.11M | 142.76M | 94.19M | 110.24M | 162.39M | 254.44M | 213.06M | 78.22M | 31.28M | 34.89M |
| R&D % of Revenue | - | 248.9% | 34.96% | 42.54% | 94.46% | 111.19% | 30% | 26.45% | 7084.77% | 10436.31% | 133.84% | 709.24% | 251.48% | 1137% | 1837.07% |
| Other Operating Expenses | 0 | 0 | 17.3M | 6.4M | 0 | 0 | 0 | 0 | 4.69M | 3.4M | -3.88M | -4.84M | -18.59M | -12.35M | 7.01M |
| Operating Income | -169.75M | -179.53M | -111.67M | -203.2M | -256.88M | -263.86M | 156.32M | 107.77M | -204.42M | -232.14M | -115.93M | -219.07M | -64.68M | -35.99M | -38.52M |
| Operating Margin % | -362.07% | -425.72% | -41.83% | -78.99% | -121.72% | -80.8% | 32.85% | 30.27% | -13137.28% | -14918.77% | -60.98% | -729.23% | -207.94% | -1308.36% | -2028.33% |
| Operating Income Growth % | - | -60.78% | 45.05% | 20.9% | 2.64% | -268.79% | 45.05% | 152.72% | 11.94% | -100.24% | 47.08% | -238.68% | -79.71% | 6.56% | - |
| EBITDA | -165.99M | -175.61M | -106.39M | -199.41M | -253.18M | -260.4M | 161.29M | 111.03M | -201.18M | -228.74M | -112.94M | -217.2M | -64.01M | -35.59M | -38.3M |
| EBITDA Margin % | -354.05% | -416.41% | -39.85% | -77.52% | -119.97% | -79.74% | 33.9% | 31.18% | -12929.37% | -14700.39% | -59.41% | -723.01% | -205.77% | -1293.67% | -2016.69% |
| EBITDA Growth % | -51.23% | -65.06% | 46.65% | 21.24% | 2.77% | -261.45% | 45.27% | 155.19% | 12.05% | -102.54% | 48% | -239.33% | -79.85% | 7.07% | - |
| D&A (Non-Cash Add-back) | 3.76M | 3.92M | 5.28M | 3.79M | 3.7M | 3.45M | 4.97M | 3.26M | 3.23M | 3.4M | 3M | 1.87M | 674K | 404K | 221K |
| EBIT | -169.75M | -179.53M | 55.66M | -197.73M | -259.28M | -264.14M | 156.87M | 107.77M | -200.56M | -228.73M | -119.81M | -223.91M | -83.39M | -48.34M | -31.5M |
| Net Interest Income | -9.04M | -9M | -27.16M | -40.54M | -32.47M | -22.96M | -21.17M | -17.6M | 0 | -9.55M | -7.98M | -33K | -3.9M | -5.29M | -1.51M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 9.04M | 9M | 27.16M | 40.54M | 32.47M | 22.96M | 21.17M | 17.6M | 9.68M | 9.55M | 7.98M | 33K | 3.9M | 5.29M | 1.51M |
| Other Income/Expense | -2.91M | -3.59M | 140.17M | -35.07M | -34.87M | -23.24M | -20.61M | -14.99M | -4.99M | -6.15M | -11.86M | -4.87M | -22.5M | -17.64M | 5.5M |
| Pretax Income | -172.66M | -183.12M | 28.51M | -238.27M | -291.75M | -287.1M | 135.71M | 92.78M | -209.41M | -238.29M | -127.79M | -223.94M | -87.18M | -53.63M | -33.02M |
| Pretax Margin % | -368.28% | -434.23% | 10.68% | -92.62% | -138.24% | -87.92% | 28.52% | 26.06% | -13458.16% | -15314.01% | -67.22% | -745.44% | -280.26% | -1949.65% | -1738.7% |
| Income Tax | 0 | 0 | 0 | -380K | 0 | 0 | 3.46M | 2.94M | 0 | 0 | 656K | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0.16% | 0% | 0% | 2.55% | 3.17% | 0% | 0% | -0.51% | 0% | 0% | 0% | 0% |
| Net Income | -151.66M | -170.29M | 28.51M | -237.89M | -291.75M | -287.1M | 132.24M | 89.83M | -209.34M | -238.17M | -127.34M | -223.26M | -87.13M | -53.63M | -33.02M |
| Net Margin % | -323.49% | -403.8% | 10.68% | -92.48% | -138.24% | -87.92% | 27.79% | 25.23% | -13453.66% | -15306.56% | -66.98% | -743.18% | -280.12% | -1949.65% | -1738.7% |
| Net Income Growth % | -15.83% | -697.37% | 111.98% | 18.46% | -1.62% | -317.1% | 47.21% | 142.91% | 12.11% | -87.04% | 42.96% | -156.23% | -62.46% | -62.44% | - |
| Net Income (Continuing) | -172.66M | -183.12M | 28.51M | -237.89M | -291.75M | -287.1M | 132.24M | 89.83M | -209.41M | -238.29M | -127.79M | -223.94M | -87.18M | -53.63M | -33.02M |
| Discontinued Operations | 2M | 12.83M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.29M | -1.17M | -722K | -44K | 0 | 0 |
| EPS (Diluted) | -1.11 | -1.45 | 0.25 | -2.53 | -3.76 | -3.81 | 1.62 | 1.23 | -3.22 | -4.48 | -3.04 | -6.01 | -10.64 | -2.97 | -11.69 |
| EPS Growth % | -12.94% | -680% | 109.88% | 32.71% | 1.31% | -335.19% | 31.71% | 138.2% | 28.13% | -47.37% | 49.42% | 43.52% | -258.25% | 74.59% | - |
| EPS (Basic) | - | -1.45 | 0.25 | -2.53 | -3.76 | -3.81 | 1.85 | 1.29 | -3.22 | -4.48 | -3.04 | -6.01 | -10.64 | -2.97 | -11.69 |
| Diluted Shares Outstanding | 136.4M | 120.37M | 114.83M | 94.16M | 77.63M | 75.45M | 83.49M | 73.19M | 65.03M | 53.13M | 41.91M | 37.12M | 8.19M | 18.08M | 2.83M |
| Basic Shares Outstanding | 136.4M | 120.37M | 114.55M | 94.16M | 77.63M | 75.45M | 71.41M | 69.68M | 65.01M | 53.13M | 41.91M | 37.12M | 8.19M | 18.08M | 2.83M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Insufficient liquidity for operations
As reported in recent financial filings, Coherus Oncology experienced a dramatic revenue decline, with quarterly figures falling from $91.5M in late 2023 to $12.3M by 2026Q1, primarily reflecting the divestiture of the Cimerli franchise and a fundamental shift away from its legacy biosimilar portfolio.
The sharp drop in top-line performance suggests that the company is currently in a transitional phase, shedding non-core assets to focus exclusively on its oncology pipeline. Investors should monitor whether the current revenue base can stabilize as the company pivots toward Loqtorzi, as the current trajectory reflects a significant loss of scale.
Based on the provided income statement data, gross margins have fluctuated significantly, ranging from a low of 7.6% in 2023Q4 to 61.9% in 2026Q1, indicating that the company's profitability is highly sensitive to product mix changes and the ongoing transition toward novel oncology therapeutics.
The recent improvement in gross margin appears to be a byproduct of exiting lower-margin biosimilar segments rather than inherent pricing power. Future margin sustainability remains uncertain, as the company must prove it can maintain these levels while scaling commercialization efforts for its newer, royalty-burdened oncology assets.
According to historical income statements, Coherus Oncology continues to report deeply negative operating margins, with 2026Q1 operating income at -$36.2M, suggesting that the current revenue scale is insufficient to absorb the fixed costs associated with its specialized oncology sales force and ongoing research and development.
The persistent gap between gross profit and operating expenses indicates a lack of operating leverage, which may necessitate further cost-cutting measures. The company appears to be carrying a high overhead burden relative to its current commercial output, which warrants further investigation into the efficiency of its SG&A spending.
As indicated by the quarterly data, R&D and SG&A expenses remain the primary drivers of cash burn, consistently exceeding gross profit in almost every period, which highlights the significant financial commitment required to sustain the company's novel immuno-oncology pipeline and commercial infrastructure.
Management's expense discipline appears challenged by the need to fund both commercialization and clinical development simultaneously. The reliance on high-cost infrastructure suggests that the company may face continued liquidity pressure unless it can achieve a rapid inflection in product adoption to offset these fixed operational costs.
Based on the reported cash position of $88.9M against persistent quarterly operating losses, the company faces a precarious financial outlook that suggests a high probability of future dilutive financing or strategic asset sales to maintain operations over the next 12 to 18 months.
Short-sellers would likely focus on the company's limited cash runway and the potential for further margin compression if Loqtorzi fails to gain significant market share. The current financial structure appears to be in a state of distress, making the company highly vulnerable to any delays in its clinical or commercial milestones.
Quick answers to the most common questions about buying CHRS stock.
For fiscal year 2025, Coherus Oncology, Inc. (CHRS) reported total revenue of $42.2M. This represents a 2120.7% increase compared to $1.9M in 2012.
Coherus Oncology, Inc. (CHRS) reported a net loss of $170.3M for the fiscal year ending 2025.
Coherus Oncology, Inc. (CHRS) reported an operating income of $-179.5M, resulting in an operating profit margin of -425.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Coherus Oncology, Inc. (CHRS) generated $24.4M in gross profit for the year, representing a gross profit margin of 57.9%. This demonstrates the company's core pricing power and production efficiency.