CHRS
Coherus Oncology, Inc.
CHRS offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
NVO
Novo Nordisk A/S
NVO has the edge over CHRS overall, supported by stronger fundamentals and lower modeled downside.
CHRS Fundamentals
| Metric | Status |
|---|---|
| Under pressure | |
| Weak | |
| Weak | |
| Strong |
CHRS's balance sheet is currently strong, but its revenue, profitability and cash flow are under pressure.
NVO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Stable | |
| Healthy |
NVO's revenue, profitability and balance sheet are currently healthy, and its cash flow is stable.
CHRS PE Valuation
CHRS has no meaningful PE right now: it lost money over the past year.
NVO PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 10x | $40.65 | — |
| Cheap | 14x | $53.56 | +32% |
| Fair | 27x | $103 | +154% |
| Expensive | 39x | $152 | +273% |
Historical ranges are pointers, not guarantees.
NVO's PE is 10x, but its earnings don't support one, so it isn't a reliable read right now.
CHRS Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Strong growth | |
| -- | |
| Limited | |
| Moderate |
Analysts expect CHRS's losses to shrink, with revenue growing.
NVO Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Stable | |
| Growth | |
| Weakening | |
| Limited | |
| Low |
Analysts expect NVO's revenue to grow, but its profitability to weaken. However, they disagree widely on these estimates.
CHRS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$1.00 | -172% |
| Q2 2026 | -$1.06 | -166% |
| Q1 2026 | $1.64 | +$2.71 |
| Q4 2025 | $1.43 | +472% |
| Q3 2025 | $1.39 | +$1.43 |
| Q2 2025 | $1.61 | +$1.97 |
| Q1 2025 | -$1.07 | -$0.33 |
| Q4 2024 | $0.25 | +$2.78 |
CHRS has swung to a loss: it lost $1.00 per share over the past year, after a profit the year before.
NVO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $3.89 | +4.9% |
| Q1 2026 | $4.07 | +17% |
| Q4 2025 | $3.42 | +1.8% |
| Q3 2025 | $3.47 | +10% |
| Q2 2025 | $3.71 | +24% |
| Q1 2025 | $3.49 | +18% |
| Q4 2024 | $3.36 | +21% |
| Q3 2024 | $3.15 | +27% |
NVO has the edge over CHRS on earnings quality, reporting a profit while its opponent remains loss making.
CHRS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $14.3M | +23% |
| Q2 2026 | $14.3M | +40% |
| Q1 2026 | $12.3M | +62% |
| Q4 2025 | $12.7M | -76% |
| Q3 2025 | $11.6M | -84% |
| Q2 2025 | $10.3M | -84% |
| Q1 2025 | $7.6M | -90% |
| Q4 2024 | $54.1M | -41% |
CHRS's revenue is recovering but still below its 2020 peak: $14M last quarter, up 23% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -236% | +147 points |
| Q2 2026 | -226% | +218 points |
| Q1 2026 | -294% | +304 points |
| Q4 2025 | -360% | -282 points |
| Q3 2025 | -383% | -374 points |
| Q2 2025 | -444% | -412 points |
| Q1 2025 | -598% | -543 points |
| Q4 2024 | -78% | -2.7 points |
CHRS's operating margin was −236% last quarter, up 147 points from the same quarter a year ago.
NVO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $11.7B | +2.1% |
| Q1 2026 | $14.4B | +24% |
| Q4 2025 | $11.8B | -7.6% |
| Q3 2025 | $11.1B | +5.1% |
| Q2 2025 | $11.4B | +13% |
| Q1 2025 | $11.6B | +19% |
| Q4 2024 | $12.7B | +30% |
| Q3 2024 | $10.6B | +21% |
NVO has the edge over CHRS on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 34% | -9 points |
| Q1 2026 | 62% | +12 points |
| Q4 2025 | 40% | -2.8 points |
| Q3 2025 | 32% | -16 points |
| Q2 2025 | 44% | +5.4 points |
| Q1 2025 | 50% | +1 points |
| Q4 2024 | 43% | +2.2 points |
| Q3 2024 | 47% | +1.6 points |
NVO has the edge over CHRS on profitability, with a higher operating margin.
CHRS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$34M | +$12.3M |
| Q2 2026 | -$62.1M | -$15.5M |
| Q1 2026 | -$57.9M | -$32.1M |
| Q4 2025 | -$19.7M | -169% |
| Q3 2025 | -$46.3M | +$15.7M |
| Q2 2025 | -$46.6M | -178% |
| Q1 2025 | -$25.8M | +$20.9M |
| Q4 2024 | $28.6M | +$41.6M |
CHRS has burned cash in most quarters: −$174M over the past year, against −$90M the year before.
NVO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $6.3B | +73% |
| Q1 2026 | $1.8B | +20% |
| Q4 2025 | -$5.4B | -$4.7B |
| Q3 2025 | $4.6B | -2.1% |
| Q2 2025 | $3.6B | -34% |
| Q1 2025 | $1.5B | +89% |
| Q4 2024 | -$632.6M | +$390.5M |
| Q3 2024 | $4.7B | +3.3% |
NVO has the edge over CHRS on cash generation, producing positive trailing cash flow while its opponent burns cash.
CHRS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.1% | +154K shares |
| 1 year | +34% | +38.9M shares |
| 3 years | +78% | +67.7M shares |
| 5 years | +105% | +79.4M shares |
| Available history | +112% | +81.8M shares |
CHRS has 155M diluted shares, up 34% from a year ago.
NVO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.3% | -12.9M shares |
| 1 year | -0.2% | -11M shares |
| 3 years | -1.5% | -66.8M shares |
| 5 years | -3.8% | -177M shares |
| Available history | -6.5% | -311M shares |
NVO has the edge over CHRS on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2026 | $520M |
| Q1 2026 | $356.7M |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | $206.3M |
| Q4 2024 | $1.1B |
| Q3 2024 | $357.4M |
NVO spent $877M buying back its own shares over the past year, down 48% from the year before.
CHRS Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q4 2020 | -2.9x | Net Cash |
| Q3 2020 | -1.1x | Net Cash |
| Q2 2020 | -0.7x | Net Cash |
| Q1 2020 | -0.7x | Net Cash |
| Q4 2019 | -0.9x | Net Cash |
CHRS has more cash than debt.
NVO Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 0.5x | Very low |
| Q1 2026 | 0.7x | Very low |
| Q4 2025 | 0.6x | Very low |
| Q3 2025 | 0.4x | Very low |
| Q2 2025 | 0.5x | Very low |
| Q1 2025 | 0.5x | Very low |
| Q4 2024 | 0.6x | Very low |
| Q3 2024 | -0.0x | Very low |
NVO's net debt is less than a year of its operating earnings (EBITDA).
CHRS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 23.9 | Oversold |
| Stochastic | 3.7 | Oversold |
CHRS's weekly RSI is 24 (oversold) and its Stochastic is 4 (oversold).
NVO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 43.0 | Neutral |
| Stochastic | 27.0 | Neutral |
NVO's weekly RSI is 43 (neutral) and its Stochastic is 27 (neutral).
CHRS PE vs Healthcare Sector
| Metric | CHRS | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 26x | — |
CHRS has no meaningful PE right now: it lost money over the past year.
NVO PE vs Healthcare Sector
| Metric | NVO | Sector median | Relative |
|---|---|---|---|
| PE | 10x | 26x | 60% below |
| PE % | 6 | 29 | 23 pts below |
NVO is trading at 10x earnings, a 60% discount to the Healthcare sector's median of 26x, though its earnings don't support one.
CHRS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $0.94 | 43% below |
| 20 week MA | $1.21 | 55% below |
| 50 week MA | $1.46 | 63% below |
| 100 week MA | $1.30 | 58% below |
| 200 week MA | $2.34 | 77% below |
CHRS is in a downtrend: it's below all five of its weekly moving averages, and 77% below its 200-week average.
NVO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $39.2 | 3.7% above |
| 20 week MA | $43.9 | 7.4% below |
| 50 week MA | $45.3 | 10% below |
| 100 week MA | $56.3 | 28% below |
| 200 week MA | $80.7 | 50% below |
NVO has the edge over CHRS on trend strength, trading above more of its moving averages.
CHRS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $18.2 | $17.4 | -4.7% |
| 2021 | $17.4 | $17.8 | +2.5% |
| 2022 | $17.8 | $6.45 | -64% |
| 2023 | $6.45 | $3.33 | -48% |
| 2024 | $3.33 | $1.49 | -55% |
| 2025 | $1.49 | $1.33 | -11% |
| 2026 YTD | $1.33 | $0.54 | -59% |
CHRS has finished four years in a row lower, and it's down 59% so far in 2026.
NVO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $29.1 | $34.7 | +19% |
| 2021 | $34.7 | $54.2 | +56% |
| 2022 | $54.2 | $67.0 | +24% |
| 2023 | $67.0 | $103.5 | +54% |
| 2024 | $103.5 | $87.4 | -16% |
| 2025 | $87.4 | $52.4 | -40% |
| 2026 YTD | $52.4 | $40.7 | -22% |
NVO has the edge over CHRS on returns for 2026, with the stronger performance.