Coherus Oncology, Inc.

CHRS

$1.37

-3.52%

N/A-$0.05

Healthcare

Biotechnology

NASDAQ

Active Trading

Coherus Oncology, Inc. is a biopharmaceutical company primarily focused on the research, development, and commercialization of cancer immunotherapies across the United States. ...

Supply Chain of CHRS

Upstream

Foundry, packaging, memory, wafers, components, and input vendors.

Upstream

Shanghai Junshi Biosciences Co., Ltd.

Unnamed Contract Manufacturing Organizations (CMOs) — Clinical & Commercial Supply

KBI Biopharma, Inc. (subsidiary of JSR Corporation)

JSR Corporation (parent of KBI Biopharma)

Shanghai Junshi Biosciences Co., Ltd.

SSE:688180

Drug substance manufacturer and licensor of LOQTORZI (toripalimab-tpzi). Under the 2021 Collaboration Agreement, Junshi manufactures and supplies the drug substance to Coherus for US/Canada commercialization. Single-source supplier for LOQTORZI active pharmaceutical ingredient (monoclonal antibody).

Unnamed Contract Manufacturing Organizations (CMOs) — Clinical & Commercial Supply

Multiple CMOs engaged for drug product fill/finish, formulation development, clinical trial material manufacturing, labeling, and packaging of LOQTORZI and pipeline candidates. SEC filings disclose reliance on single-source CMO arrangements for certain manufacturing steps.

KBI Biopharma, Inc. (subsidiary of JSR Corporation)

TSE:4185

Former strategic manufacturing partner for UDENYCA (CHS-1701/pegfilgrastim) drug substance and drug product at Boulder, CO facility. Agreement signed 2015 for long-term commercial manufacturing. Relationship now legacy following UDENYCA divestiture to Intas.

JSR Corporation (parent of KBI Biopharma)

TSE:4185

Parent company of KBI Biopharma. JSR is a specialty chemicals and advanced materials company. TSE:4185 was delisted in 2024 as JSR was taken private by JICC-02 (Japan Investment Corp consortium).

Downstream

Customers, distributors, OEMs, and channels that absorb output.

Downstream

Cencora, Inc. (formerly AmerisourceBergen)

Cardinal Health, Inc.

McKesson Corporation

INOVIO Pharmaceuticals, Inc.

STORM Therapeutics Ltd.

Intas Pharmaceuticals Ltd.

Cencora, Inc. (formerly AmerisourceBergen)

NYSE:COR

Select specialty distributor for LOQTORZI commercial supply in the United States. Confirmed as one of three specialty distributors in LOQTORZI launch announcement (January 2024). Provides access to oncology clinics and hospital networks.

Cardinal Health, Inc.

NYSE:CAH

Select specialty distributor for LOQTORZI commercial supply in the United States. Provides distribution to oncology practices and hospitals through its specialty distribution network.

McKesson Corporation

NYSE:MCK

Select specialty distributor for LOQTORZI commercial supply in the United States. Distributes through McKesson Specialty Health and US Oncology Network affiliates.

INOVIO Pharmaceuticals, Inc.

NASDAQ:INO

Clinical collaboration partner. Coherus supplies LOQTORZI at no cost for a Phase 3 trial evaluating INO-3112 (HPV DNA vaccine) in combination with LOQTORZI in head and neck cancer. Not a revenue-generating customer but a downstream ecosystem partner.

STORM Therapeutics Ltd.

Clinical collaboration partner (announced May 2025). Phase 1b study evaluating STC-15 (METTL3 inhibitor) in combination with LOQTORZI. Coherus supplies LOQTORZI for the trial.

Proxies

Public comparables and monitoring names used as representatives for the analysis.

Proxies

Shanghai Junshi Biosciences Co., Ltd.

Cencora, Inc.

Intas Pharmaceuticals Ltd. (via Accord BioPharma / unlisted)

Shanghai Junshi Biosciences Co., Ltd.

SSE:688180

Junshi is Coherus's most critical upstream partner, supplying all LOQTORZI drug substance. Junshi's financial health, manufacturing quality, and R&D pipeline directly impact Coherus's supply continuity. Dual listed on Shanghai SSE (688180) and Hong Kong (1877.HK). As a China-based biotech proxy, it captures geopolitical and single-source concentration risk.

Cencora, Inc.

NYSE:COR

Cencora is one of three specialty distributors for LOQTORZI. As a large-cap pharmaceutical wholesaler ($55B market cap), Cencora serves as a proxy for the US specialty drug distribution channel that Coherus depends on for commercial sales.

Intas Pharmaceuticals Ltd. (via Accord BioPharma / unlisted)

Intas acquired the UDENYCA franchise from Coherus for up to $558M. Though Intas is privately held, monitoring Intas/Accord's biosimilar performance in the US provides insight into the value of Coherus's divested asset base.

Geographic

Region-level exposures that can distort the supply network.

Geographic

China

United States

Shanghai Junshi Biosciences Co., Ltd.

Cencora (NYSE:COR)

Cardinal Health (NYSE:CAH)

McKesson Corporation (NYSE:MCK)

China

Single-source drug substance manufacturing; License partner domicile

Shanghai Junshi Biosciences Co., Ltd.SSE:688180Drug substance manufacturer and licensor for LOQTORZI. All drug substance is manufactured at Junshi facilities in China. Exposed to US-China trade tensions, export controls, FDA inspection travel restrictions, geopolitical risks, and regulatory divergence.

United States

Commercial revenue entirely US-based; Three specialty distributor concentration

Cencora (NYSE:COR)NYSE:CORAll LOQTORZI sales flow through three specialty distributors (Cencora, Cardinal, McKesson) concentrated in the US market. Limited geographic diversification exposes Coherus to US healthcare policy changes, inflation, and reimbursement shifts.

Cardinal Health (NYSE:CAH)NYSE:CAHSpecialty distributor for LOQTORZI in the US.

McKesson Corporation (NYSE:MCK)NYSE:MCKSpecialty distributor for LOQTORZI in the US.

Concentration

Customer, supplier, or partner concentration exposures that can distort the supply network.

Customer

Critical

LOQTORZI is Coherus's sole commercial product generating >96% of continuing operations revenue. Any loss of exclusivity, negative clinical data, or market access failure would eliminate nearly all revenue. Total trailing 12-month revenue from continuing ops is only ~$46.9M—very small for a public biotech.

Other

Critical

Coherus relies on a single-source supplier (Junshi Biosciences) for LOQTORZI drug substance. Junshi manufactures the monoclonal antibody at facilities in China. Any disruption at Junshi's manufacturing sites, quality issues, or supply chain interruptions would halt LOQTORZI sales.

Other

High

Coherus has disclosed in SEC filings that it engages single suppliers for manufacture, clinical trial services, formulation development, and product testing. The packaging/labeling CMO for UDENYCA overbooked capacity in 2024, causing a supply squeeze—illustrating single-source vulnerability.

Revenue mix

How the target's revenue mix translates into supply-chain leverage and dependency.

LOQTORZI (toripalimab-tpzi) — PD-1 Inhibitor (Continuing Operations)

96.7%

$0.0B

Drives all current upstream demand for drug substance from Junshi Biosciences and fill/finish CMOs. LOQTORZI is the sole revenue-generating product post-biosimilar divestitures.

Other Revenue — Transition Services / Residual (Continuing Ops)

3.3%

$0.0B

Minor transition service revenue related to biosimilar asset divestitures. No material supply chain requirements.

UDENYCA (pegfilgrastim-cbqv) — Biosimilar (Discontinued Operations)

Divested to Intas Pharmaceuticals in April 2025. Previously represented ~80% of total company revenue. Required KBI Biopharma and other CMOs for drug substance/drug product manufacturing.

YUSIMRY (adalimumab-aqvh) — Biosimilar (Discontinued Operations)

Divested in June 2024. Previously manufactured via AbbVie settlement license and CMO network.

About UsPrivacy PolicyTerms of ServiceDisclaimerStock DirectoryETFsIndices13F HoldingsAnalyst TargetsFree ToolsTechnology MapJoin our Slack

Plutux is not an investment adviser. Market data and AI-generated analysis are for information and education only, not investment advice. Disclaimer