Coherus Oncology, Inc. Revenue Disclosure
2.Revenue
The Company launched LOQTORZI in January 2024. Net revenue for sales of UDENYCA, YUSIMRY and CIMERLI have been classified within discontinued operations (refer to Note 6. Discontinued Operations). All LOQTORZI net product revenue was generated in the United States. The Company’s net revenue was as follows:
Year Ended December 31, | ||||||
(in thousands) | | 2025 | 2024 | |||
LOQTORZI | $ | 40,836 | $ | 19,131 | ||
Other revenue |
| 1,336 |
| 7,258 | ||
Total net revenue | $ | 42,172 | $ | 26,389 | ||
For continuing operations, gross product revenues by significant customer as a percentage of total gross product revenues were as follows:
Year Ended December 31, | |||||
2025 | 2024 |
| |||
McKesson Corporation | 43 | % | 43 | % | |
Cencora, Inc. | 36 | % | 43 | % | |
Cardinal Health, Inc. | 20 | % | 13 | % | |
Product Sales Discounts and Allowances
Chargebacks and discounts for prompt payment are recorded as a reduction in trade receivables, and the rebates, co-pay assistance, returns and other allowances are classified as current liabilities and other liabilities, non-current on the accompanying consolidated balance sheets.
In connection with the Sale Transactions, the Company did not transfer and has continued to be responsible for liabilities related to sales discounts and allowances incurred for sales to customers that occurred prior to March 1, 2024 for CIMERLI, June 26, 2024 for YUSIMRY and April 11, 2025 for UDENYCA. These obligations, as applicable, have been included in the below table.
Sales discounts and allowances incurred on behalf of the respective counterparties following the close of the Sale Transactions in accordance with the Company’s Transition Services Agreement (the “CIMERLI TSA”) with Sandoz Inc. (“Sandoz”) for CIMERLI, the Company’s Transition Services Agreement (the “YUSIMRY TSA”) with Hong Kong King-Friend Industrial Company Ltd. (“HKF”) for YUSIMRY and the Company’s Transition Services Agreement with Intas (the “UDENYCA TSA” and, together with the CIMERLI TSA and the YUSIMRY TSA, collectively the “TSA” or the “TSAs”) for UDENYCA are reflected within TSA receivables, net and TSA payables and accrued liabilities in the consolidated balance sheets and have been excluded from the below table (see Note 6. Discontinued Operations).
The activities and ending reserve balances for each significant category of discounts and allowances that constitute variable consideration were as follows:
| Chargebacks | | | Other Fees, | | |||||||
and Discounts | Co-pay | |||||||||||
for Prompt | Assistance | |||||||||||
(in thousands) | Payment | Rebates | and Returns | Total | ||||||||
Balances at December 31, 2023 | $ | 73,953 | $ | 121,137 | $ | 49,795 | $ | 244,885 | ||||
Provision related to sales made in: | ||||||||||||
Current year | 912,079 | 189,309 | 145,533 | 1,246,921 | ||||||||
Prior years - increase (decrease) | (990) | 7,391 | (2,571) | 3,830 | ||||||||
Payments and customer credits issued | (874,264) | (194,099) | (151,628) | (1,219,991) | ||||||||
Balances at December 31, 2024 | 110,778 | 123,738 | 41,129 | 275,645 | ||||||||
Provision related to sales made in: | ||||||||||||
Current year | 196,003 | 44,112 | 32,423 | 272,538 | ||||||||
Prior years - increase (decrease) | (3,292) | (15,806) | (2,436) | (21,534) | ||||||||
Payments and customer credits issued |
| (301,043) | (131,721) | (61,042) | (493,806) | |||||||
Balances at December 31, 2025 | $ | 2,446 | $ | 20,323 | $ | 10,074 | $ | 32,843 | ||||
For the year ended December 31, 2025, substantially all of the total favorable provision related to sales made in the prior years was reflected in net income from discontinued operations (see Note 6. Discontinued Operations).
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 9, 2026 | Showing above |
| 2024 | Mar 17, 2025 | |
| 2023 | Mar 15, 2024 | |
| 2022 | Mar 6, 2023 | |
| 2021 | Feb 23, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Feb 27, 2020 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.