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Coherus Biosciences (CHRS)
:CHRS
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Coherus Biosciences
(NASDAQ:CHRS)
52Neutral
Positive Factors
Financial Stability
Once the Udenyca divestment is reflected in Q2, Coherus expects to have ~$250MM in cash on hand, providing about two years of operational runway.
Innovative Treatments
The National Comprehensive Cancer Network (NCCN) revised guidelines include Loqtorzi as the preferred regimen.
Strategic Divestment
Udenyca divestment for up to $558MM was completed.
Negative Factors
Financial Performance
Q1 net revenue of $40MM was below our $55MM forecast.
Regulatory and Market Risks
Risks include regulatory and clinical challenges, as some products are not approved, and competition in the market could impact pricing.
Sales Performance
Sales of $7.3M in 1Q are expected to be greeted with disappointment by investors.
Coherus Biosciences (CHRS) vs. S&P 500 (SPY)
Market Cap
$91.60M
Dividend YieldN/A
Average Volume (3M)1.87M
Price to Earnings (P/E)5.5
Beta (1Y)1.63
Revenue Growth-34.58%
EPS Growth-62.19%
CountryUS
Employees228
SectorHealthcare
Sector Strength38
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.41
Shares Outstanding115,933,270
10 Day Avg. Volume1,837,044
30 Day Avg. Volume1,867,221
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)-0.85
Price to Sales (P/S)0.00
P/FCF Ratio-5.49
Enterprise Value/Market Cap2.80
Enterprise Value/Revenue0.22
Enterprise Value/Gross Profit1.75
Enterprise Value/Ebitda-0.53
Forecast
1Y Price Target
$5.02Price Target Upside551.95% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
Coherus Biosciences Business Overview & Revenue Model
Company DescriptionCoherus BioSciences, Inc., a biopharmaceutical company, focuses on the biosimilar and immuno-oncology market primarily in the United States. The company markets UDENYCA, a biosimilar to Neulasta, a long-acting granulocyte stimulating colony factor in the United States. Its pipeline products include biosimilars of Humira, Avastin, and Lucentis. The company also develops Toripalimab, a novel anti-PD-1 antibody for second-line treatment of melanoma in China; Bevacizumab biosimilar; and CHS-1420, an anti-TNF product candidate, as an adalimumab biosimilar; Ranibizumab biosimilar. Coherus BioSciences, Inc. has license agreements with Selexis SA; AbbVie, Inc.; Pfizer, Inc.; Bioeq AG; Innovent Biologics (Suzhou) Co., Ltd.; and Junshi Biosciences. The company was formerly known as BioGenerics, Inc. and changed its name to Coherus BioSciences, Inc. in April 2012. Coherus BioSciences, Inc. was incorporated in 2010 and is headquartered in Redwood City, California.
How the Company Makes MoneyCoherus BioSciences generates revenue primarily through the sale of its biosimilar products. The company's revenue model involves the development, manufacturing, and commercialization of biosimilars, which are essentially equivalent versions of existing biologic drugs that have lost patent protection. Key revenue streams include direct sales of these biosimilars to healthcare providers and distributors. Coherus also enters into strategic partnerships with other pharmaceutical companies to enhance its market reach and distribution capabilities, thereby contributing to its earnings. As patents of various branded biologics expire, Coherus capitalizes on these opportunities by introducing cost-effective biosimilar alternatives, thus driving its revenue growth.
Coherus Biosciences Financial Statement Overview
Summary
Coherus Biosciences is facing financial challenges, particularly in balance sheet strength and operational cash flow. Improvements in revenue growth and net income provide a positive outlook, but the zero stockholders' equity presents a significant concern. Continued focus on revenue growth and cash flow management will be crucial for future stability.Income Statement
The income statement shows some challenges in profitability, with negative EBIT and EBITDA margins in recent years. However, there is a positive revenue growth trajectory from 2023 to TTM (Trailing-Twelve-Months), indicating potential recovery. Net profit margin has shifted to positive in TTM, suggesting improvements in cost management or other operational efficiencies.45
Neutral
Balance Sheet
The balance sheet highlights significant concerns, with zero stockholders' equity in TTM and a history of negative equity in previous years, indicating potential financial instability. The absence of total debt in TTM is a positive indicator, but the lack of equity is a major risk.30
Negative
Cash Flow
Cash flow analysis shows improvement with a significant increase in investing cash flow and a reduction in negative free cash flow. Operating cash flow remains negative, which could be a risk if not addressed. However, the positive trajectory in free cash flow growth is a strength.55
Neutral
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 266.96M | 257.24M | 211.04M | 326.55M | 475.82M |
| Gross Profit | ||||
| 149.41M | 94.46M | 140.96M | 268.96M | 438.16M |
| EBIT | ||||
| -111.67M | -203.20M | -256.88M | -263.86M | 156.32M |
| EBITDA | ||||
| 60.94M | -193.94M | -255.58M | -260.69M | 161.84M |
| Net Income Common Stockholders | ||||
| 28.51M | -237.89M | -326.63M | -306.32M | 132.24M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 125.99M | 117.75M | 191.68M | 417.19M | 541.16M |
| Total Assets | ||||
| 448.53M | 629.60M | 480.85M | 679.33M | 841.65M |
| Total Debt | ||||
| 269.90M | 480.84M | 471.06M | 408.28M | 404.02M |
| Net Debt | ||||
| 143.92M | 377.95M | 407.51M | -8.91M | -137.13M |
| Total Liabilities | ||||
| 580.52M | 823.03M | 618.26M | 581.61M | 560.67M |
| Stockholders Equity | ||||
| -131.99M | -193.43M | -137.42M | 97.73M | 280.97M |
| Cash Flow | Free Cash Flow | |||
| -20.44M | -175.17M | -243.16M | -38.72M | 147.09M |
| Operating Cash Flow | ||||
| -20.44M | -174.88M | -241.12M | -37.43M | 154.15M |
| Investing Cash Flow | ||||
| 230.32M | 144.64M | -166.85M | -138.41M | -14.40M |
| Financing Cash Flow | ||||
| -186.97M | 69.60M | 54.33M | 51.88M | 223.95M |
Coherus Biosciences Technical Analysis
Negative
0.77
Price Trends
0.94
Negative
1.11
Negative
1.14
Negative
Market Momentum
-0.03
Positive
37.04
Neutral
6.33
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CHRS, the sentiment is Negative. The current price of 0.77 is below the 20-day moving average (MA) of 0.99, below the 50-day MA of 0.94, and below the 200-day MA of 1.14, indicating a bearish trend. The MACD of -0.03 indicates Positive momentum. The RSI at 37.04 is Neutral, neither overbought nor oversold. The STOCH value of 6.33 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CHRS.
Coherus Biosciences Risk Analysis
Coherus Biosciences disclosed 68 risk factors in its most recent earnings report. Coherus Biosciences reported the most risks in the “Tech & Innovation” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Coherus Biosciences Peers Comparison
Overall Rating
UnderperformOutperform
Sector (52)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
52 Neutral | $5.04B | 3.15 | -44.58% | 2.85% | 16.08% | -0.27% | |
52 Neutral | $91.60M | 5.55 | 0.51% | ― | -34.58% | -62.19% | |
43 Neutral | $150.66M | ― | -144.90% | ― | ― | 60.51% | |
41 Neutral | $111.21M | ― | -30.93% | ― | ― | -1.20% | |
34 Underperform | $87.18M | ― | -44.50% | ― | ― | 52.54% | |
33 Underperform | $90.56M | ― | -131.36% | ― | -100.00% | 9.16% |
* Healthcare Sector Average
Performance Comparison
CHRS
Coherus Biosciences
0.77
-1.40
-64.52%
SLS
SELLAS Life Sciences Group
1.60
0.13
8.84%
XBIT
XBiotech
2.98
-5.60
-65.27%
NAUT
Nautilus Biotechnolgy
0.86
-2.06
-70.55%
TIL
Instil Bio
14.81
3.01
25.51%
GNLX
Genelux Corp.
2.42
-1.18
-32.78%
Coherus Biosciences Earnings Call Summary
Earnings Call Date:May 12, 2025
(Q1-2025)
| % Change Since: -24.51%|
Next Earnings Date:Jul 31, 2025
Earnings Call Sentiment Neutral
The earnings call presented a company in transition, highlighting strong growth prospects for LOQTORZI and promising clinical developments. However, challenges in market penetration and short-term revenue impacts due to restructuring were noted. Despite these challenges, the strategic focus on oncology and potential cost savings are positive indicators for future performance.Q1-2025 Updates
Positive Updates
LOQTORZI Growth Prospects
LOQTORZI is projected to grow to about $150 million to $200 million annually over the next three years, providing non-dilutive funding for the development pipeline and becoming an important revenue source as indications expand.
Positive Clinical Developments
CHS-114 showed a 40% reduction in target lesions in a late-line head and neck cancer patient, indicating potential to address PD-1 resistance. Additionally, a 17% complete response rate was observed in a liver cancer trial with casdozokitug.
Strategic Partnerships and Indication Expansion
Several agreements are in place to expand indications for toripalimab, including collaborations with INOVIO for HPV-positive head and neck cancer, and Junshi for small cell lung cancer.
Successful Restructuring and Cost Savings
The company expects $25 million in annualized savings from a reduced headcount post-UDENYCA divestiture, with more than half already realized.
Negative Updates
Flat Revenue Despite Demand Growth
While patient demand for LOQTORZI grew 15% in Q1, revenue remained flat at $7.3 million due to a seasonal inventory drawdown.
Transition Challenges
The transition to a singular focus on LOQTORZI involved remapping territories and restructuring the sales force, which posed short-term headwinds.
Market Penetration Challenges
Despite the NCCN guidelines recommending LOQTORZI, some patients still receive non-preferred chemo-only and off-label IO treatments.
Continued Losses in Discontinued Operations
The net loss from discontinued operations was $9.2 million in the quarter, compared to a net income of $170.9 million in Q1 last year.
Company Guidance
During the Coherus BioSciences Q1 2025 earnings call, key guidance focused on the company's strategic shift to an innovative oncology business, highlighted by the FDA-approved PD-1 inhibitor LOQTORZI. The company projects LOQTORZI sales in nasopharyngeal carcinoma (NPC) to grow to $150 million to $200 million annually over the next three years, with a breakeven point of $15 million per quarter to cover commercial costs. Coherus is executing an indication expansion strategy for LOQTORZI, with multiple partnerships and pivotal trials in place to broaden its use across different cancer types. The call also emphasized the ongoing development of CHS-114 and casdozokitug, with clinical data readouts expected in 2025 supporting the advancement of these candidates. The company anticipates annualized savings of $25 million from headcount reductions following the UDENYCA divestiture and projects SG&A expenses for 2025 to be between $90 million and $100 million.Coherus Biosciences Corporate Events
Executive/Board ChangesShareholder Meetings
Coherus Biosciences Board Member Stolper Steps Down
Neutral
Apr 25, 2025
On April 22, 2025, Mark D. Stolper, a member of the Board of Directors at Coherus BioSciences, announced his decision not to stand for re-election at the company’s 2025 Annual Meeting of Stockholders. His departure is not due to any disagreements with the company, and he will continue to serve in a consulting role until the end of 2026. Following his decision, the board will reduce its size to nine directors. To ensure balanced representation among the board’s classes, on April 23, 2025, Rita A. Karachun and Michael Ryan were reclassified to different board classes, maintaining uninterrupted service while complying with the company’s Certificate of Incorporation.
Spark’s Take on CHRS Stock
According to Spark, TipRanks’ AI Analyst, CHRS is a Neutral.
Coherus Biosciences presents a mixed picture. Financial challenges, particularly a weak balance sheet, are significant concerns. However, strong revenue growth and strategic moves like the UDENYCA divestiture provide a positive outlook. Technical indicators suggest some upward momentum, and the low P/E ratio signals undervaluation. Positive developments in earnings calls and corporate events contribute to a moderate overall score.
To see Spark’s full report on CHRS stock, click here.
Executive/Board ChangesM&A Transactions
Coherus Biosciences CCO Resigns After UDENYCA Divestiture
Neutral
Apr 22, 2025
Paul Reider, Coherus BioSciences’ Chief Commercial Officer, resigned effective April 30, 2025, following the company’s divestiture of its UDENYCA franchise. His departure is amicable, with no disagreements cited, and he will receive a compensation package including salary continuation and stock option extensions, while advising the company part-time until April 2026.
Spark’s Take on CHRS Stock
According to Spark, TipRanks’ AI Analyst, CHRS is a Neutral.
Coherus Biosciences presents a mixed picture. Financial challenges, particularly a weak balance sheet, are significant concerns. However, strong revenue growth and strategic moves like the UDENYCA divestiture provide a positive outlook. Technical indicators suggest some upward momentum, and the low P/E ratio signals undervaluation. Positive developments in earnings calls and corporate events contribute to a moderate overall score.
To see Spark’s full report on CHRS stock, click here.
M&A TransactionsBusiness Operations and Strategy
Coherus Biosciences Completes UDENYCA Franchise Divestiture
Positive
Apr 14, 2025
On April 14, 2025, Coherus BioSciences announced the completion of its UDENYCA franchise divestiture to Intas Pharmaceuticals for up to $558.4 million. This strategic move, which included an upfront payment of $483.4 million, allows Coherus to focus on its oncology programs, reduce debt, and extend its cash runway into 2027, thereby strengthening its market position and operational focus on novel cancer therapies.
Spark’s Take on CHRS Stock
According to Spark, TipRanks’ AI Analyst, CHRS is a Neutral.
Coherus Biosciences shows promise with revenue growth and strategic initiatives, but financial instability and technical weakness present risks. The undervaluation based on P/E ratios represents potential upside if financial challenges are addressed. Earnings call sentiments were positive with a strong growth outlook, but investor perception challenges remain.
To see Spark’s full report on CHRS stock, click here.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.