Coherus Oncology (CHRS) Q1 2026 earnings summary

Executive summary

• LOQTORZI net sales grew 61% year-over-year in Q1 2026, reaching $11.8 million, with new patient starts at an all-time high despite a sequential dip due to severe winter storms impacting treatment cycles.

• The company is focused on commercializing LOQTORZI for nasopharyngeal carcinoma and advancing a pipeline of oncology candidates, including combination therapies targeting a $33 billion market opportunity.

• Completed divestiture of biosimilar businesses, classifying UDENYCA, YUSIMRY, and CIMERLI as discontinued operations, and exited the biosimilar business in 2025.

• Strategic partnerships, such as with J&J for prostate cancer, are expanding the reach of the Treg depletion platform (tagmokitug), with ongoing collaborations and licensing agreements.

• Net loss from continuing operations narrowed to $36.9 million from $47.4 million year-over-year, with improved gross margin and reduced operating expenses.

Financial highlights

• Q1 2026 LOQTORZI net sales were $11.8 million, down from $12.4 million in Q4 2025, attributed to seasonal and weather-related disruptions.

• Net revenue from continuing operations was $12.3 million for Q1 2026, up from $7.6 million in Q1 2025, driven by LOQTORZI volume growth.

• Gross margin improved to 69% for Q1 2026, with cost of goods sold at $3.8 million.

• R&D expenses decreased to $21.5 million from $24.4 million year-over-year, and SG&A expenses fell to $23.1 million from $26 million, reflecting reduced headcount and biosimilar exit.

• Cash, equivalents, and investments totaled $167 million at quarter-end, with $53.6–$54 million raised via public equity offering.

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 higher net revenue and cost of goods sold in 2026 due to continued LOQTORZI growth, with R&D and SG&A expenses projected to be lower.

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

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

• Expecting 10–15% demand growth per quarter on average through 2026.