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Jun 30
Coherus Q2 2025 Earnings Report
Coherus Oncology reported its second quarter 2025 financial results, highlighting increased LOQTORZI net revenue and progress in its oncology pipeline, while also completing the UDENYCA divestiture and repaying certain financial obligations.
Key Takeaways
Coherus Oncology reported a net income of $297.767 million for Q2 2025, a significant improvement from a net loss in the prior year, primarily driven by the UDENYCA divestiture. Revenue from continuing operations remained stable at $10.254 million, with strong growth in LOQTORZI net product revenue.
LOQTORZI net revenue for Q2 2025 was $10.0 million, marking a 36% increase over Q1 2025 and a substantial rise from $3.8 million in Q2 2024.
The company completed the UDENYCA divestiture on April 11, 2025, receiving $483.4 million in cash and becoming eligible for up to $75 million in potential milestone payments.
Coherus repaid substantially all of the $230 million aggregate principal amount of outstanding 2026 Convertible Notes and bought out royalty rights on UDENYCA net revenues for $47.7 million.
Cash, cash equivalents, and marketable securities totaled $237.6 million as of June 30, 2025, an increase from $126.0 million at the end of 2024, providing a cash runway through 2026.
Coherus
Coherus
Coherus Revenue by Segment
Revenue by Segment
LOQTORZI Net Product Revenue
CapyFin.com Forward Guidance
Coherus Oncology anticipates continued growth in LOQTORZI sales and expects key data readouts for its pipeline candidates, CHS-114 and casdozokitug, in the first half of 2026, with a cash runway extending beyond these milestones.
Positive Outlook
- LOQTORZI sales are expected to continue growing, driven by increased patient demand and preferred status in NCCN guidelines.
- Data readouts for pipeline candidates CHS-114 and casdozokitug are on track for 1H 2026, potentially derisking the pipeline.
- The company has a cash runway through 2026, extending beyond key data readouts, providing financial stability.
- Focus on maximizing LOQTORZI's potential through combinations with internal pipeline candidates and external partnerships.
- Anti-CCR8s, including CHS-114, are believed to become a new treatment backbone in 2026, broadly used across solid tumor types.
Challenges Ahead
- The company's net loss from continuing operations was $44.862 million for the quarter.
- Accrued rebates, fees, and reserves of $96.814 million, primarily UDENYCA-related, are expected to be settled in a front-loaded fashion over the remainder of 2025 and into 2026.
- The company is dependent on its ability to raise future funds, which may not be available on acceptable terms.
- Risks and uncertainties inherent in the clinical drug development process could impact pipeline progress.
- The competitive landscape and regulatory approval process pose ongoing risks to the business.