Coherus Oncology (CHRS) analogies:

1. Teva for biologic drugs. (Focuses on their significant biosimilar portfolio, analogous to generic drug companies but for complex biologic medicines.)

2. A smaller, focused competitor to cancer drug innovators like Merck or Bristol Myers Squibb. (Highlights their efforts in developing novel oncology treatments, positioning them as a more specialized player against larger pharmaceutical giants.)

• UDENYCA® (pegfilgrastim-cbqv): A biosimilar to Neulasta, used to reduce the incidence of infection in patients with non-myeloid malignancies receiving myelosuppressive anti-cancer drugs.
• LOQTORZI™ (toripalimab-tpzi): A PD-1 inhibitor approved for the treatment of recurrent or metastatic nasopharyngeal carcinoma in adults.
• YUSIMRY™ (adalimumab-aqvh): A biosimilar to Humira, indicated for various autoimmune diseases including rheumatoid arthritis, psoriatic arthritis, and Crohn's disease.
• CIMERLI® (ranibizumab-eqrn): A biosimilar to Lucentis, used to treat neovascular (wet) age-related macular degeneration and other retinal conditions.

Coherus Oncology (CHRS) sells primarily to other companies, specifically wholesale distributors, who then distribute the products to pharmacies, hospitals, and clinics. Based on their SEC filings, the major customers are:

• McKesson Corporation (MCK)
• AmerisourceBergen Corporation (ABC)
• Cardinal Health, Inc. (CAH)

• Lonza Group AG (SIX: LONN)
• Shanghai Junshi Biosciences Co., Ltd. (HKEX: 1877)

Dennis M. Lanfear, President & Chief Executive Officer

Dennis M. Lanfear founded Coherus in 2010, aiming to improve public access to high-quality medicines. He is a biopharmaceutical leader with a history of entrepreneurial success, having also founded and served as CEO of two other companies: Saronyx, Inc., a drug development software services company, and InteKrin Therapeutics, a biopharmaceutical company. Prior to his entrepreneurial ventures, Mr. Lanfear held various senior leadership roles at Amgen Inc., including Vice President of Process Development and Vice President of Market Development, and was responsible for integrating over 2,500 operations and staff worldwide during Amgen's growth.

Bryan McMichael, Chief Financial Officer

Bryan McMichael joined Coherus in 2021 and was appointed Chief Financial Officer effective August 1, 2024, after serving as Principal Financial Officer since December 2023. He brings over 22 years of experience in finance and accounting, including leadership positions in the life sciences sector. Before joining Coherus, Mr. McMichael served as Assistant Controller at Gilead Sciences and held multiple roles at NetApp. He began his financial career at PwC (formerly PricewaterhouseCoopers), where he spent approximately 10 years in Audit and Transaction Services in the United States and Europe.

Rosh Dias, M.D., M.R.C.P., Chief Medical Officer

Dr. Rosh Dias joined Coherus in 2022 as Chief Medical Officer. He possesses over 20 years of experience in the pharmaceutical and biotechnology industries, leading global teams in clinical development and medical affairs across various therapeutic areas, including oncology, hematology, and rare diseases. Prior to Coherus, Dr. Dias served as Chief Medical Officer at Spruce Biosciences and Indivior PLC. He also held senior leadership positions at Amgen, including Vice President and Head of Global Scientific Affairs, and spent 10 years at Novartis Oncology directing clinical development and medical affairs efforts.

Theresa LaVallee, Ph.D., Chief Scientific & Development Officer

Dr. Theresa LaVallee joined Coherus in 2021 and is currently Chief Scientific & Development Officer, bringing more than 25 years of drug discovery and development experience in oncology and inflammation. Before Coherus, Dr. LaVallee was Vice President, Translational Medicine and Regulatory Affairs at the Parker Institute for Cancer Immunotherapy. She also held executive roles at Kolltan Pharmaceuticals (acquired by Celldex) and Celldex Therapeutics, and was part of the immuno-oncology team at AstraZeneca (MedImmune), developing checkpoint inhibitors and related diagnostics. Dr. LaVallee began her career at EntreMed, working on the initial clinical development of thalidomide.

Rebecca Sunshine, Chief Human Resources Officer

Rebecca Sunshine joined Coherus in 2014 and serves as Chief Human Resources Officer. She has over 30 years of experience in the biotechnology industry. Before Coherus, Ms. Sunshine worked for seven years as a Human Resources Consultant for various biotechnology companies. She also spent 11 years at Connetics Corp, a specialty pharmaceutical company, where she was Senior Vice President, Human Resources and Organizational Dynamics. Her earlier experience includes human resources and research administration roles at COR Therapeutics, Genelabs, Inc., and Genentech.

1. Pipeline Development and Efficacy Risks

2. Commercialization and Competitive Risks for LOQTORZI

3. Financial Stability and Funding Challenges

• Rapid commoditization and increasing price erosion within the biosimilar market, driven by a growing number of competitors and aggressive payer strategies, significantly pressuring revenue and profit margins for Coherus's biosimilar products (e.g., UDENYCA, CIMERLI). This shift in market dynamics is akin to how streaming services eroded the profitability of traditional video rentals.
• The emergence of significantly superior or potentially curative novel therapeutic modalities, such as gene therapies for retinal diseases or advanced cell and next-generation immunotherapies for oncology, that could fundamentally alter treatment paradigms and render existing standards of care (including Coherus's biosimilars and PD-1 inhibitor LOQTORZI) less competitive or obsolete for specific indications. This represents a disruptive technological threat, similar to how smartphones impacted traditional mobile phones.

Coherus Oncology's main products and their addressable markets are as follows:

• LOQTORZI (toripalimab-tpzi)
  • Indication: Recurrent or metastatic nasopharyngeal carcinoma (NPC).
  • U.S. Market Size: Approximately 2,000 NPC patients are diagnosed and eligible for treatment annually in the U.S. Coherus anticipates peak sales of $200 million for Loqtorzi in this niche U.S. indication.
  • Global Prevalence: Over 120,434 new cases of nasopharyngeal carcinoma were diagnosed worldwide in 2022.
• UDENYCA (pegfilgrastim-cbqv)

  (Note: Coherus BioSciences, which rebranded to Coherus Oncology, completed the sale of UDENYCA to Intas Pharmaceuticals in August 2025. Prior to this, UDENYCA was a significant product for Coherus.)

  • Market: Pegfilgrastim biosimilars.
  • Global Market Size: The global pegfilgrastim biosimilars market is estimated to be valued at USD 1.84 billion in 2025 and is projected to reach USD 3.39 billion by 2032.
  • U.S. Market Share: North America is expected to dominate the global pegfilgrastim biosimilars market with an estimated market share of 41.8% in 2025, with the U.S. market alone accounting for over 40.5% share.

Coherus Oncology (NASDAQ: CHRS) is anticipated to drive future revenue growth over the next 2-3 years through several key strategies focused on its oncology portfolio.

1. Continued Growth of LOQTORZI (toripalimab-tpzi) in Nasopharyngeal Carcinoma (NPC): LOQTORZI, the first and only FDA-approved treatment for recurrent, locally advanced, or metastatic nasopharyngeal carcinoma, is expected to see increased revenue. In Q3 2024, LOQTORZI net product sales increased 54% quarter-over-quarter, driven by higher patient demand and increased treatment duration. This growth is further supported by increasing awareness of its preferred status in the NPC indication within National Comprehensive Cancer Network (NCCN) guidelines. The company anticipates LOQTORZI will achieve dominant market share in the NPC market, estimated between $150 million to $200 million. For Q3 2025, LOQTORZI net revenue increased by 12% over Q2 2025 and 92% year-over-year.

2. Expansion of LOQTORZI to New Indications Through Combination Therapies: Coherus plans to maximize LOQTORZI's value by developing new indications in combination with its internal pipeline candidates and through external partnerships. The company's strategy is to grow sales of LOQTORZI by advancing its use in additional solid tumor indications, including those being explored with CHS-114 and casdozokitug. Clinical data readouts for these combination therapies are expected in 2026.

3. Successful Development and Commercialization of Innovative Pipeline Candidates (CHS-114 and Casdozokitug): Coherus is advancing a pipeline of novel immuno-oncology programs, including CHS-114 (an anti-CCR8 antibody) and Casdozokitug (an IL-27 antagonistic antibody). CHS-114 is currently in Phase 1b/2a studies for advanced solid tumors such as head and neck squamous cell carcinoma, colorectal cancer, gastric cancer, and esophageal cancer. Casdozokitug is in a Phase 2 study for first-line hepatocellular carcinoma. Promising early Phase 1b data for CHS-114, showing significant immune activation and depletion of CCR8+ regulatory T cells, could lead to significant advancements in therapeutic strategies if confirmed in later-stage trials. These pipeline candidates are designed to enhance anti-tumor immune responses and extend cancer patient survival.

4. Increased Market Penetration and Sales Force Expansion for Oncology Products: To further drive growth, Coherus aims to deepen adoption of its oncology products among general oncologists in community settings by providing education on clinical data and updated NCCN guidelines. The company also plans to expand its sales force by 15% and develop digital education programs to enhance its market reach, with multiple clinical data readouts anticipated in 2026.

Share Repurchases

• Coherus repurchased approximately $170 million aggregate principal amount of its 1.500% Convertible Senior Subordinated Notes due 2026 in April 2025.
• The company expected to repurchase the remaining approximately $60 million aggregate principal amount of 2026 Convertible Notes on May 15, 2025.

Share Issuance

• In Q1 2025, Coherus reported approximately $1.5 million in proceeds from the issuance of common stock under an ATM (At-The-Market) Offering, net of issuance costs.
• The merger with Surface Oncology in June 2023 involved Coherus issuing common stock to Surface stockholders.
• Coherus issued common stock to Junshi Biosciences as part of a strategic collaboration, as noted in their 2024 10-K.

Inbound Investments

• In February 2021, Immuno-Oncology partner Junshi Biosciences made a $50 million strategic investment in Coherus.
• The divestiture of the UDENYCA franchise in April 2025 resulted in an upfront payment of $483.4 million, with eligibility for up to $75 million in potential milestone payments.
• Coherus completed the divestiture of its CIMERLI franchise in Q1 2024 and its YUSIMRY franchise in Q2 2024, generating $154.8 million and $40.0 million in gains/proceeds, respectively.

Outbound Investments

• Coherus acquired Surface Oncology in June 2023 through a merger aimed at expanding its oncology pipeline.

Capital Expenditures

• Capital expenditures were approximately $1 million in 2024 and an estimated $2 million in 2025.
• Research and development (R&D) expenses were $93.3 million in 2024, a decrease from $109.4 million in 2023, primarily focused on advancing the oncology pipeline, including candidates like casdozokitug and CHS-114.