Coherus Oncology (CHRS) Q2 2026 earnings summary

Executive summary

• LOQTORZI, an FDA-approved PD-1 inhibitor for nasopharyngeal carcinoma, drove strong commercial momentum with Q2 2026 net sales of $13.6 million, a 15% sequential and up to 39% year-over-year increase, and the highest number of new patient starts since launch.

• Multiple clinical programs, including tagmokitug and casdozokitug, reached full enrollment, with key data readouts expected in October and Q4 2026, focusing on overcoming immune resistance in cancer.

• Organizational focus shifted post-divestiture of biosimilar businesses, resulting in reduced debt, lower operating expenses, and a streamlined cost structure.

• Strategy centers on growing LOQTORZI sales, advancing pipeline assets, and executing ex-U.S. licensing deals.

• Operates as a single oncology-focused segment, with all revenue and assets in the U.S.

Financial highlights

• Q2 2026 LOQTORZI net sales were $13.6 million, a 15% sequential and 37% year-over-year increase; total net revenue from continuing operations was $14.3 million, up 39% year-over-year.

• Gross margin for Q2 2026 was approximately 70-71%.

• R&D expenses from continuing operations were $21.4 million, down from $26.3 million year-over-year.

• SG&A expenses from continuing operations were $21.0 million, down from $26.0 million year-over-year, marking six consecutive quarters of decline.

• Cash, equivalents, and investments totaled $105.3 million at quarter-end, down from $167 million in Q1 and $172.1 million at year-end 2025.

Outlook and guidance

• Full-year 2026 LOQTORZI revenue is projected between $57 million and $62 million.

• LOQTORZI is expected to achieve $15 million in quarterly sales in 2026 and $30 million in 2027, with peak market share by 2028.

• Combined OpEx for 2026 expected between $170 million and $175 million.

• Sufficient funding projected through key data readouts in 2026 and 2027, but additional capital will be needed for long-term plans.

• Company plans to pursue ex-U.S. licensing deals as clinical data matures.