Coherus Financials

CHRS

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Coherus (CHRS) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 13 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Piotroski F-Score Neutral

4/9

Coherus passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Low Quality

-0.72x

For every $1 of reported earnings, Coherus generates $-0.72 in operating cash flow (-$20.4M OCF vs $28.5M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-18.6x

Coherus earns $-18.6 in operating income for every $1 of interest expense (-$199.7M vs $10.7M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Revenue

$26.4M

YoY+2066.6%

5Y CAGR-40.6%

10Y CAGR-1.6%

Coherus generated $26.4M in revenue in fiscal year 2024. This represents an increase of 2066.6% from the prior year.

EBITDA

-$198.1M

YoY+7.4%

Coherus's EBITDA was -$198.1M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 7.4% from the prior year.

Free Cash Flow

N/A

Net Income

$28.5M

YoY+112.0%

5Y CAGR-20.5%

Coherus reported $28.5M in net income in fiscal year 2024. This represents an increase of 112.0% from the prior year.

EPS (Diluted)

$0.25

YoY+109.9%

5Y CAGR-27.3%

Coherus earned $0.25 per diluted share (EPS) in fiscal year 2024. This represents an increase of 109.9% from the prior year.

Cash & Debt

$126.0M

YoY+22.4%

5Y CAGR-6.6%

10Y CAGR-1.8%

Coherus held $126.0M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

116M

YoY+3.0%

5Y CAGR+10.4%

10Y CAGR+13.3%

Coherus had 116M shares outstanding in fiscal year 2024. This represents an increase of 3.0% from the prior year.

Gross Margin

66.9%

YoY+2.9pp

5Y CAGR-28.3pp

Coherus's gross margin was 66.9% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 2.9 percentage points from the prior year.

Operating Margin

-756.6%

YoY+16960.0pp

5Y CAGR-786.9pp

10Y CAGR-548.6pp

Coherus's operating margin was -756.6% in fiscal year 2024, reflecting core business profitability. This is up 16960.0 percentage points from the prior year.

Net Margin

108.0%

YoY+19639.4pp

5Y CAGR+82.8pp

10Y CAGR+388.1pp

Coherus's net profit margin was 108.0% in fiscal year 2024, showing the share of revenue converted to profit. This is up 19639.4 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

$91.8M

YoY-4.5%

5Y CAGR-0.5%

10Y CAGR+1.6%

Coherus invested $91.8M in research and development in fiscal year 2024. This represents a decrease of 4.5% from the prior year.

Share Buybacks

N/A

Capital Expenditures

N/A

CHRS Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$26.4M+2066.6%	$1.2M-99.4%	$211.0M-35.4%	$326.6M-31.4%	$475.8M+33.6%	$356.1M
Cost of Revenue	$8.7M+1892.5%	$438K-99.4%	$70.1M+21.7%	$57.6M+52.9%	$37.7M+120.6%	$17.1M
Gross Profit	$17.7M+2164.4%	$780K-99.4%	$141.0M-47.6%	$269.0M-38.6%	$438.2M+29.3%	$339.0M
R&D Expenses	$91.8M-4.5%	$96.1M-51.8%	$199.4M-45.1%	$363.1M+154.3%	$142.8M+51.6%	$94.2M
SG&A Expenses	$125.5M+4.2%	$120.5M-39.3%	$198.5M+17.0%	$169.7M+22.0%	$139.1M+1.5%	$137.0M
Operating Income	-$199.7M+7.5%	-$215.8M+16.0%	-$256.9M+2.6%	-$263.9M-268.8%	$156.3M+45.1%	$107.8M
Interest Expense	$10.7M-3.1%	$11.1M-65.9%	$32.5M+41.4%	$23.0M+8.5%	$21.2M+20.3%	$17.6M
Income Tax	N/A	-$380K	$0	$0-100.0%	$3.5M+17.7%	$2.9M
Net Income	$28.5M+112.0%	-$237.9M+18.5%	-$291.8M-1.6%	-$287.1M-317.1%	$132.2M+47.2%	$89.8M
EPS (Diluted)	$0.25+109.9%	$-2.53+32.7%	$-3.76+1.3%	$-3.81-335.2%	$1.62+31.7%	$1.23

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Revenue	$11.6M+12.8%	$10.3M+34.9%	$7.6M-1.7%	$7.7M+27.8%	$6.1M-41.2%	$10.3M+346.1%	$2.3M	N/A
Cost of Revenue	$3.7M+9.6%	$3.4M+28.0%	$2.7M-3.5%	$2.8M+0.8%	$2.7M+50.9%	$1.8M+25.7%	$1.4M	N/A
Gross Profit	$7.8M+14.4%	$6.9M+38.7%	$4.9M-0.7%	$5.0M+50.0%	$3.3M-60.8%	$8.5M+876.6%	$869K	N/A
R&D Expenses	$27.3M+3.6%	$26.3M+8.0%	$24.4M+17.3%	$20.8M-5.9%	$22.1M+7.1%	$20.6M-27.5%	$28.4M	N/A
SG&A Expenses	$24.9M-4.3%	$26.0M+0.1%	$26.0M-12.1%	$29.6M+5.3%	$28.1M+2.2%	$27.5M-31.6%	$40.2M	N/A
Operating Income	-$44.3M+2.5%	-$45.5M-0.1%	-$45.4M-0.1%	-$45.4M+3.1%	-$46.9M-18.2%	-$39.6M+41.5%	-$67.8M	N/A
Interest Expense	$2.3M+2.1%	$2.3M+5.9%	$2.1M+195.7%	$727K-74.3%	$2.8M-30.4%	$4.1M+30.3%	$3.1M	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$35.5M-111.9%	$297.8M+626.4%	-$56.6M-11.6%	-$50.7M-371.5%	-$10.8M+16.8%	-$12.9M-112.6%	$102.9M	N/A
EPS (Diluted)	$-0.31-112.1%	$2.57+624.5%	$-0.49-6.5%	$-0.46-411.1%	$-0.09+18.2%	$-0.11-112.1%	$0.91	N/A

CHRS Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$448.5M-28.8%	$629.6M+30.9%	$480.8M-29.2%	$679.3M-19.3%	$841.6M+105.8%	$408.9M
Current Assets	$341.6M-28.2%	$475.6M+24.8%	$381.2M-36.7%	$602.3M-21.5%	$767.5M+123.7%	$343.0M
Cash & Equivalents	$126.0M+22.4%	$102.9M+61.9%	$63.5M-84.8%	$417.2M-22.9%	$541.2M+204.6%	$177.7M
Inventory	$4.2M+100.9%	$2.1M-94.6%	$38.8M+3.1%	$37.6M-14.9%	$44.2M+351.0%	$9.8M
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	$943K0.0%	$943K+4.8%	$900K-4.6%	$943K0.0%	$943K
Total Liabilities	$580.5M-29.5%	$823.0M+33.1%	$618.3M+6.3%	$581.6M+3.7%	$560.7M+84.6%	$303.7M
Current Liabilities	$283.0M-14.7%	$331.8M+139.2%	$138.7M-16.1%	$165.3M+13.5%	$145.7M+26.7%	$115.0M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	$73.7M
Total Equity	-$132.0M+31.8%	-$193.4M-40.8%	-$137.4M-240.6%	$97.7M-65.2%	$281.0M+167.1%	$105.2M
Retained Earnings	-$1.6B+1.8%	-$1.6B-17.7%	-$1.3B-27.8%	-$1.0B-37.6%	-$762.8M+14.8%	-$895.0M

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Total Assets	$516.5M+17.5%	$439.5M+18.4%	$371.1M-17.3%	$448.5M-11.2%	$505.0M-25.2%	$674.9M-11.6%	$763.5M+21.3%	$629.6M
Current Assets	$461.0M+21.2%	$380.2M+22.6%	$310.2M-9.2%	$341.6M-7.4%	$369.0M-33.9%	$557.9M-11.1%	$627.5M+31.9%	$475.6M
Cash & Equivalents	$103.4M-52.3%	$216.9M+163.2%	$82.4M-34.6%	$126.0M+29.0%	$97.7M-38.7%	$159.2M-38.7%	$259.8M+152.5%	$102.9M
Inventory	$2.0M-54.6%	$4.5M+28.3%	$3.5M-16.4%	$4.2M-91.2%	$47.6M-23.4%	$62.2M+0.3%	$62.0M+2859.8%	$2.1M
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$943K
Total Liabilities	$428.7M+34.1%	$319.6M-42.4%	$554.5M-4.5%	$580.5M-2.1%	$593.0M-21.9%	$759.0M-10.2%	$845.4M+2.7%	$823.0M
Current Liabilities	$372.3M+41.2%	$263.6M+3.4%	$255.0M-9.9%	$283.0M-4.3%	$295.6M-36.2%	$463.0M-14.0%	$538.3M+62.3%	$331.8M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$87.8M-26.7%	$119.8M+165.3%	-$183.5M-39.0%	-$132.0M-50.0%	-$88.0M-4.6%	-$84.1M-2.8%	-$81.8M+57.7%	-$193.4M
Retained Earnings	-$1.3B-2.7%	-$1.3B+18.5%	-$1.6B-3.6%	-$1.6B-3.4%	-$1.5B-0.7%	-$1.5B-0.9%	-$1.5B+6.5%	-$1.6B

CHRS Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	-$20.4M+88.3%	-$174.9M+27.5%	-$241.1M-544.2%	-$37.4M-124.3%	$154.1M+443.6%	$28.4M
Capital Expenditures	N/A	$286K-86.0%	$2.0M+58.2%	$1.3M-82.2%	$7.2M+296.9%	$1.8M
Free Cash Flow	N/A	-$175.2M+28.0%	-$243.2M-528.0%	-$38.7M-126.4%	$146.9M+453.7%	$26.5M
Investing Cash Flow	$230.3M+59.2%	$144.6M+186.7%	-$166.8M-20.5%	-$138.4M-861.1%	-$14.4M-13.1%	-$12.7M
Financing Cash Flow	-$187.0M-368.6%	$69.6M+28.1%	$54.3M+4.7%	$51.9M-76.8%	$223.9M+150.6%	$89.4M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Operating Cash Flow	-$46.3M+0.6%	-$46.6M-80.6%	-$25.8M-190.3%	$28.6M+146.1%	-$62.0M-203.8%	$59.7M+227.7%	-$46.8M-261.5%	-$12.9M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$34K
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-$13.0M
Investing Cash Flow	-$67.2M-114.5%	$462.6M+2745.8%	-$17.5M-3126.2%	-$542K-222.1%	$444K-98.4%	$27.7M-86.4%	$202.8M+476.0%	$35.2M
Financing Cash Flow	$2K+100.0%	-$281.5M-106537.9%	-$264K-214.3%	$231K+238.3%	-$167K+99.9%	-$187.9M-21286.6%	$887K+142.3%	$366K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

CHRS Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	66.9%+2.9pp	64.0%-2.8pp	66.8%-15.6pp	82.4%-9.7pp	92.1%-3.1pp	95.2%
Operating Margin	-756.6%+16960.0pp	-17716.6%-17594.9pp	-121.7%-40.9pp	-80.8%-113.7pp	32.9%+2.6pp	30.3%
Net Margin	108.0%+19639.4pp	-19531.4%-19393.1pp	-138.2%-50.3pp	-87.9%-115.7pp	27.8%+2.6pp	25.2%
Return on Equity	N/A	N/A	N/A	N/A	47.1%-38.3pp	85.4%
Return on Assets	6.4%+44.1pp	-37.8%+22.9pp	-60.7%-18.4pp	-42.3%-58.0pp	15.7%-6.3pp	22.0%
Current Ratio	1.21-0.2	1.43-1.3	2.75-0.9	3.64-1.6	5.27+2.3	2.98
Debt-to-Equity	-4.40-0.1	-4.25+0.2	-4.50-10.5	5.95+4.0	2.00+1.3	0.70
FCF Margin	N/A	-14381.8%-14266.6pp	-115.2%-103.4pp	-11.9%-42.7pp	30.9%+23.4pp	7.4%

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Gross Margin	67.8%+0.9pp	66.9%+1.8pp	65.1%+0.7pp	64.4%+9.5pp	54.9%-27.5pp	82.4%+44.8pp	37.6%	N/A
Operating Margin	-383.1%+60.5pp	-443.6%+154.3pp	-597.9%-11.0pp	-586.9%+187.3pp	-774.2%-389.4pp	-384.9%+2552.2pp	-2937.1%	N/A
Net Margin	-307.1%-3211.0pp	2903.9%+3648.3pp	-744.4%-88.9pp	-655.6%-477.9pp	-177.6%-52.1pp	-125.5%-4582.8pp	4457.3%	N/A
Return on Equity	N/A	248.5%	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-6.9%-74.6pp	67.8%+83.0pp	-15.2%-3.9pp	-11.3%-9.2pp	-2.1%-0.2pp	-1.9%-15.4pp	13.5%	N/A
Current Ratio	1.24-0.2	1.44+0.2	1.220.0	1.21-0.0	1.25+0.0	1.21+0.0	1.17-0.3	1.43
Debt-to-Equity	4.88+2.2	2.67+5.7	-3.02+1.4	-4.40+2.3	-6.74+2.3	-9.02+1.3	-10.33-6.1	-4.25
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Note: Shareholder equity is negative (-$132.0M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.

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Frequently Asked Questions

What is Coherus's annual revenue?

Coherus (CHRS) reported $26.4M in total revenue for fiscal year 2024. This represents a 2066.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Coherus's revenue growing?

Coherus (CHRS) revenue grew by 2066.6% year-over-year, from $1.2M to $26.4M in fiscal year 2024.

Is Coherus profitable?

Yes, Coherus (CHRS) reported a net income of $28.5M in fiscal year 2024, with a net profit margin of 108.0%.

What is Coherus's earnings per share (EPS)?

Coherus (CHRS) reported diluted earnings per share of $0.25 for fiscal year 2024. This represents a 109.9% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Coherus's EBITDA?

Coherus (CHRS) had EBITDA of -$198.1M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

What is Coherus's gross margin?

Coherus (CHRS) had a gross margin of 66.9% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is Coherus's operating margin?

Coherus (CHRS) had an operating margin of -756.6% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Coherus's net profit margin?

Coherus (CHRS) had a net profit margin of 108.0% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Coherus's operating cash flow?

Coherus (CHRS) generated -$20.4M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Coherus's total assets?

Coherus (CHRS) had $448.5M in total assets as of fiscal year 2024, including both current and long-term assets.

How much does Coherus spend on research and development?

Coherus (CHRS) invested $91.8M in research and development during fiscal year 2024.

How many shares does Coherus have outstanding?

Coherus (CHRS) had 116M shares outstanding as of fiscal year 2024.

What is Coherus's current ratio?

Coherus (CHRS) had a current ratio of 1.21 as of fiscal year 2024, which is considered adequate.

What is Coherus's debt-to-equity ratio?

Coherus (CHRS) had a debt-to-equity ratio of -4.40 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Coherus's return on assets (ROA)?

Coherus (CHRS) had a return on assets of 6.4% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Coherus's cash runway?

Based on fiscal year 2024 data, Coherus (CHRS) had $126.0M in cash against an annual operating cash burn of $20.4M. This gives an estimated cash runway of approximately 74 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

Why is Coherus's debt-to-equity ratio negative or unusual?

Coherus (CHRS) has negative shareholder equity of -$132.0M as of fiscal year 2024, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.

What is Coherus's Piotroski F-Score?

Coherus (CHRS) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Coherus's earnings high quality?

Coherus (CHRS) has an earnings quality ratio of -0.72x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Coherus cover its interest payments?

Coherus (CHRS) has an interest coverage ratio of -18.6x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.