Coherus Oncology (CHRS) Q1 2026 earnings summary

Executive summary

• Q1 2026 focused on maximizing LOQTORZI's commercial potential, with net revenue reaching $12.3 million, up from $7.6 million in Q1 2025, and the highest volume of new patient starts recorded despite seasonal and weather-related headwinds.

• Strategic emphasis on advancing a robust oncology pipeline, including nasopharyngeal cancer, novel immunotherapy combinations, and mid-stage candidates targeting multiple cancers.

• Completed divestiture of biosimilar businesses, classifying UDENYCA, YUSIMRY, and CIMERLI as discontinued operations, contributing to reduced SG&A expenses.

• Entered new collaborations, including a clinical supply agreement with Janssen for a Phase 1b study in prostate cancer, and expanded partnerships in oncology.

• Net loss from continuing operations narrowed to $36.9 million from $47.4 million year-over-year, with non-GAAP net loss at $33.9 million.

Financial highlights

• LOQTORZI Q1 2026 net sales were $11.8 million, up 61% year-over-year but down from $12.4 million in Q4 2025 due to seasonality and weather.

• Gross margin improved to 69% from 65% year-over-year, with cost of goods sold at $3.8 million.

• R&D expenses decreased to $21.5 million from $24.4 million, and SG&A expenses fell to $23.1 million from $26.0 million, reflecting cost discipline and biosimilar exit.

• Cash, cash equivalents, and investments totaled $167 million at quarter-end.

• $54 million raised via follow-on equity offering, supporting new studies and commercialization.

Outlook and guidance

• Projected to reach $15 million in quarterly LOQTORZI sales in 2026, $30–$35 million per quarter in 2027, and $44 million per quarter ($175 million annually) in 2028.

• Expects continued double-digit quarterly demand growth for LOQTORZI and higher net revenue and cost of goods sold in 2026.

• Multiple data readouts for pipeline assets are on track for 2026, including mid-year and second-half milestones.

• Sufficient funding through key data readouts in 2026 and 2027; available liquidity expected to fund operations for at least 12 months.

• Full-year 2026 revenue guidance to be provided in August.