Coherus BioSciences. 37th Annual J.P. Morgan Global Healthcare Conference January 8, Copyright 2019 All Rights Reserved.

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May Bailey
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2 Forward Looking Statements This presentation does not constitute or form any part of any offer for sale or subscription of or solicitation or invitation of any offer to buy or subscribe for any securities. Neither this presentation nor any part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. Specifically, this presentation does not constitute a prospectus within the meaning of the Securities Act of 1933, as amended. Except for the historical information contained herein, the matters set forth in this presentation, including statements regarding Coherus plans, potential opportunities, expectations, projections, goals, objectives, milestones, strategies, product pipeline, clinical studies, product development, release of data and the potential benefits of its products under development are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, Coherus expectations regarding the commercial launch and availability of UDENYCA (pegfilgrastim-cbqv); Coherus ability to enter into commercial collaborations in ex-u.s. territories; Coherus plan to initiate the clinical development of CHS-3351; Coherus expectation to continue the preclinical development of CHS-2020; Coherus ability to pursue manufacturing objectives of CHS-1420 in support of a BLA; and Coherus plan to secure a U.S. commercial launch for of CHS Such forward-looking statements involve substantial risks and uncertainties that could cause Coherus actual results, performance or achievements to differ significantly from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, whether our commercial launch of UDENYCA will be successful and generate meaningful sales; the risk that we will be unable to achieve our expected sales of UDENYCA ; the risk that our current available cash, including the proceeds from the senior secured credit agreement with Healthcare Royalty Partners, will be sufficient to fund our planned expenditures and meet our obligations; the risk and uncertainty inherent in being able to secure financing, either by incurring additional debt or from the sale of our equity, in sufficient amounts or on acceptable terms the risks and uncertainties inherent in the clinical drug development process; the risks and uncertainties of the regulatory approval process, including the timing of Coherus regulatory filings; the risk that Coherus is unable to complete commercial transactions and other matters that could affect the availability or commercial potential of Coherus biosimilar drug candidates; and the risks and uncertainties of possible patent litigation. All forward-looking statements contained in this presentation speak only as of the date on which they were made. Coherus undertakes no obligation to update or revise any forward-looking statements. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to Coherus business in general, see Coherus Quarterly Report on Form 10-Q for the period ended September 30, 2018 and its future periodic reports to be filed with the Securities and Exchange Commission. 2 Copyright 2019 All Rights Reserved.

S. launch on January 3 rd 2019 Delivering biosimilar value with branded benefits Targeting ~$40 billion in biologics

4 Coherus BioSciences is a Biologics Platform Company Focused on Fulfilling the Promise of Biosimilars Biologics Platform UDENYCA TM launched Broad Unpartnered Pipeline Cutting Edge Analytics Process Science and Molecular Tuning Full-scale U.S. launch on January 3 rd 2019 Delivering biosimilar value with branded benefits Targeting ~$40 billion in biologics revenues facing patent expiration by 2023 Clinical and Regulatory Intellectual Property 4 Copyright 2019 All Rights Reserved.

New Financing Strengthens Balance Sheet to Support Broad UDENYCA

consideration: maximization of shareholder value Avoids issuing

successful commercial execution and working capital reserves

5 New Financing Strengthens Balance Sheet to Support Broad UDENYCA TM launch $75 million secured credit agreement Key consideration: maximization of shareholder value Avoids issuing equity at current stock price Key investment to ensure successful commercial execution and working capital reserves Renewed support of a sophisticated investor in the space 5 Copyright 2019 All Rights Reserved.

6 Disciplined Cash Use until Break-Even Quarterly use of cash in operations $ million Cash balance on 9/30/2018: $117 M Demonstrated disciplined cash use and financial control Significant inventory already on hand to support broad launch and market penetration Future sales ramp in relation to our burn rate will determine break-even Q1 Q2 Q3 Q4 Q1 Q2 Q Copyright 2019 All Rights Reserved.

7 Platform: Long-Term Value Creation UDENYCA TM UDENYCA TM well positioned in $4 billion U.S. Neulasta market Biosimilar Pipeline CHS-1420 adalimumab (Humira) biosimilar competitive entry in U.S. CHS-131 for NASH Large and growing prevalent population and no FDA-approved treatments Good adoption dynamics in pegfilgrastim market Favorable reimbursement changes effective at launch Global Market in 2018 CHS-3351 ranibizumab (Lucentis) and CHS-2020 aflibercept (Eylea) biosimilar in preclinical development ~$5 billion ~$30 billion CHS-131 is a first in class selective modulator of PPARγ with safety and efficacy demonstrated in over 600 patients > 20 million individuals Source: Evaluate Pharma, Clinical epidemiology and disease burden of nonalcoholic fatty liver disease (Perumpali et al.) 7 Copyright 2019 All Rights Reserved.

10 UDENYCA TM Launched Broadly in the U.S. on January 3, Copyright 2019 All Rights Reserved. U.S. FDA approved UDENYCA TM on November 2, 2018 Broad U.S. launch on January 3, 2019 We believe ample supply available to meet all demand scenarios

11 Rising Prices for Biologics is the Problem we are Solving for the Healthcare System Pegfilgrastim Historical Prices in the U.S. U.S.$ per unit (WAC) 6,500 6,000 5,500 5,000 4,500 Pegfilgrastim WAC Consumer Price Index % Biologics represent an increasingly common treatment option and make up 40% of American drug spending, competition from biosimilars is desperately needed Alex Azar, HHS Secretary, July ,000 3,500 3,000 2, % Market structure and economics will drive biosimilar adoption and rapid market conversion 1 Indexed to Neulasta WAC in November Source: SHA National Data, MAT Jan 2018, US Bureau of Labor Statistics. 11 Copyright 2019 All Rights Reserved.

12 Focus on Alignment Among Participants Comprising Buy and Bill Oncology Market Structure Payers IDNs / GPOs 340B Hospitals Non-340B Hospitals Outpatient clinics Key enablers to secure patient access and reimbursement Consolidators that negotiate contracts on behalf of members Growing segment with favorable biosimilar reimbursement Adoption will be largely driven by overall acquisition cost Adoption largely driven by improved cost recovery Coherus offers tailored value proposition for all segments By doing so we believe we can deliver savings to the healthcare system and improve patient access Early success signals across segments already achieved GPO = Group Purchasing Organization 12 Copyright 2019 All Rights Reserved.

Commercial Payers Represent ~56% of pegfilgrastim Claims, with Only a Share Reimbursing off AWP Share of

claims by segment type 45% Clinic Predominant Reimbursement Formula Average Selling Price (ASP) 34%

Medicare Source : SHA Sub National Data; Nov 2015-Oct 2016; Magellan 2016 Pharmacy Digest Team

13 Commercial Payers Represent ~56% of pegfilgrastim Claims, with Only a Share Reimbursing off AWP Share of total pegfilgrastim claims by payer type 10% Medicaid/ Other Share of commercial payer pegfilgrastim claims by segment type 45% Clinic Predominant Reimbursement Formula Average Selling Price (ASP) 34% Medicare 56% Commercial 1 55% Hospital % of Charge or Average Wholesaler Price (AWP) 1 Including Managed Medicare Source : SHA Sub National Data; Nov 2015-Oct 2016; Magellan 2016 Pharmacy Digest Team assumptions 13 Copyright 2019 All Rights Reserved. Biosimilars provide list price savings to payers covering hospital claims

Main Customer Segments are Affiliated to a Small Set of Group Purchasing Organizations (GPOs) Estimated Neulasta Net Sales by GPO segment 1 1 Source of GPO segment info: field profiles, GPO roster,

14 Main Customer Segments are Affiliated to a Small Set of Group Purchasing Organizations (GPOs) Estimated Neulasta Net Sales by GPO segment 1 1 Source of GPO segment info: field profiles, GPO roster, and previous inputs. IMS DDDMD MAT Jul B Sales backed out from other Segments. Yellow connotes contracts still in progress, others, base agreements completed. 14 Copyright 2019 All Rights Reserved. GPOs consolidate purchasing for their members Clinics: OnMark, Unity, ION, VitalSource Non-340B Hospitals: Vizient, Premier, and HPG 340B Hospitals: Apexus representing 35% of units Access agreements with all major GPOs are in place

15 Provider Segments have Specific Characteristics Neulasta Share of Gross Sales by Segment Clinics 37% Retail 3% 29% 340B Hospitals Community Oncology Clinics Non-340B Hospitals Focused on cost recovery and valuebased medicine Focused on acquisition cost Disadvantaged on pricing 31% Non-340B Hospitals 340B Hospitals Biosimilars with passthrough status can provide significant value Source : IMS Sub National Data at Gross $ 15 Copyright 2019 All Rights Reserved.

UDENYCA TM List Price Delivering Value Across the Oncology Marketplace List Price (WAC) per Syringe in U.S.$ UDENYCA TM price is attractive to payer while retaining the value proposition.

17 UDENYCA TM List Price Delivering Value Across the Oncology Marketplace List Price (WAC) per Syringe in U.S.$ UDENYCA TM price is attractive to payer while retaining the value proposition. Tailored contracting by segment poised to deliver additional value Unique HCPCS code results in ability to control own Average Selling Price (ASP) There is a great deal of value in your contract Community Oncology GPO Source: First Databank Pricing Compendia 11/7/ Copyright 2019 All Rights Reserved. WAC: Wholesaler Acquisition Cost

New J-code Rule: Biosimilar Players Control Own ASP, non-generic pricing Unique coding for each biosimilar results in an average selling price (ASP) calculation methodology, unique to each biosimilar

18 New J-code Rule: Biosimilar Players Control Own ASP, non-generic pricing Unique coding for each biosimilar results in an average selling price (ASP) calculation methodology, unique to each biosimilar brand This substantially reduces reimbursement uncertainty for providers/prescribers Originator (e.g., Neulasta) Coding Each reference biologic has unique J-code associated with unique reported ASP Biosimilar Each Biosimilar (e.g., UDENYCA ) will receive unique HCPCS-code associated with unique reported ASP ASP Methodology Total Neulasta net sales / total Neulasta units each quarter Total UDENYCA net sales / total UDENYCA units each quarter HCPCS = Healthcare Common Procedure Coding System 18 Copyright 2019 All Rights Reserved.

19 New CMS Reimbursement Formula in 340B Hospitals Rewards Innovation and Lower-Cost Drugs Buy and Bill Reimbursement Dynamics in 340B Hospitals Biosimilar launch After 2 full calendar years Neulasta (effective 2018) Originator reimbursement Buy and bill drugs are reimbursed at their Average Selling Price (ASP) 22.5% UDNEYCA pass-through starting Apr 1, 2019 Biosimilar ASP+ reimbursement For at least 2 years, reimbursement for biosimilar will be biosimilar s ASP + 6% of Neulasta s ASP Formula aligned with Neulasta Biosimilar ASPreimbursement Reimbursement for biosimilar will be based on biosimilar ASP % of Neulasta s ASP Significant Competitive Opportunity, Dependent on the Biosimilar Pricing Strategy 19 Copyright 2019 All Rights Reserved.

20 Current Neulasta Pricing Practices Create Economic Winners and Losers among Providers Neulasta cost recovery (illustrative) U.S.$ / PFS Oncology Clinics $200 Winners Neulasta ASP ~ 25% of WAC Non-340B Hospitals $(700) Losers Differential pricing into different classes of trade creates winners and losers Generally, clinics are cost recovery (CR) positive while hospitals are CR negative Additional rebate opportunities or payer rebates further impact average selling price 20 Copyright 2019 All Rights Reserved.

Delivering on the Promise of Choice Without

Services Providing comprehensive patient and

Our WAC price of $4,175, a 33% discount vs.

diminishing the value proposition Supply Made in

inspection record We believe abundant market

contracting for each segment to deliver the winwin

22 Delivering on the Promise of Choice Without Compromise Core Elements of our Value Proposition Services Providing comprehensive patient and provider solutions (Coherus COMPLETE TM ) Pricing Our WAC price of $4,175, a 33% discount vs. Neulasta, is attractive to payers without diminishing the value proposition Supply Made in the USA with consistently positive regulatory inspection record We believe abundant market supply capacity for launch Contracting Tailored contracting for each segment to deliver the winwin value proposition beyond list price to all stakeholders 22 Copyright 2019 All Rights Reserved.

Commercial Team Delivering Value Proposition Message Enabling a

Sales Directors 7 Key Account Directors 7 Field Reimbursement

4 Payer Directors West South Central North Central East- Central

23 Commercial Team Delivering Value Proposition Message Enabling a Branded, Broad, Deep Launch 67 Oncology Account Managers 7 Regional Sales Directors 7 Key Account Directors 7 Field Reimbursement Specialists 7 Medical Science Liaisons 3 Group Purchasing Directors 4 Payer Directors West South Central North Central East- Central Mid- Atlantic North- East South- East 23 Copyright 2019 All Rights Reserved.

Sufficient Supply to Support Full-Scale Launch All UDENYCA TM production sites with consistently positive inspection record FDA has approved 36- month shelf-life for UDENYCA TM, reflecting excellent

25 Sufficient Supply to Support Full-Scale Launch All UDENYCA TM production sites with consistently positive inspection record FDA has approved 36- month shelf-life for UDENYCA TM, reflecting excellent product quality and stability Sufficient inventory at hand to support broad launch UDENYCA TM is Manufactured in a State-of-the-Art Facility in the Continental United States I love that you are made in the USA. The saline shortage from the hurricane was problematic Customer in Giant Falls, NY 25 Copyright 2019 All Rights Reserved.

27 CHS-1420 Adalimumab Biosimilar: Competitive Launch After Formulation IP Expiry / Invalidation Worldwide Humira revenues $ billion 1 Projected Source: Evaluate Pharma, IMS MIDAS Copyright 2019 All Rights Reserved. Ex-U.S. U.S Humira opportunity expected to be >$20B globally and >$15B in the U.S. by 2020 CHS-1420 program focused on securing a competitive launch after expiration or invalidation of formulation patents (August 2022) BLA filing consistent with launch projection Coherus expects to launch leveraging own commercial infrastructure

28 CHS-3351 Lucentis and CHS-2020 Eylea Biosimilars: Large Follow-On Ophthalmology Opportunity Worldwide Lucentis / Eylea revenues $ billion Eylea Lucentis Large and growing global market for retinal disorders (~$10 billion) CHS-3351 ranibizumab (Lucentis) biosimilar in preclinical development (LOE in 2020) CHS-2020 aflibercept (Eylea) biosimilar in preclinical development (LOE in 2023) Stratified market provides biosimilar adoption opportunity Source: Evaluate Pharma 28 Copyright 2019 All Rights Reserved.

CHS-131, a First in Class Selective Modulator of PPARγ with Potential Application in NASH (Non-Alcoholic Steatohepatitis) U.S. Prevalence 25% of Adults 5% - 6% of Adults 1% - 2% of Adults Cirrhosis U.

29 CHS-131, a First in Class Selective Modulator of PPARγ with Potential Application in NASH (Non-Alcoholic Steatohepatitis) U.S. Prevalence 25% of Adults 5% - 6% of Adults 1% - 2% of Adults Cirrhosis U.S. prevalence expected to reach 27 million by 2030 NAFLD Obesity, Type 2 Diabetes, other risk factors NASH Fat plus injury, inflammation & scarring Fat plus injury, inflammation & scarring HCC Fat plus injury, inflammation, scarring & mutation NASH will be the leading cause of liver transplantation by 2020 No approved therapies and FDA accelerated review pathway NASH is a highly prevalent, serious condition with no approved therapies Source: N Engl J Med 377;21, Estes et al. HEPATOLOGY, Vol. 67, No. 1, 2018; Charlton et al. Gastroenterology. 2011;141: Copyright 2019 All Rights Reserved.

Strong Rationale for Selectively Targeting PPARγ in NASH with CHS-131 Insulin resistance and reduced adiponectin are key factors in NASH PPARγ agonists (TZD) such as pioglitazone are effective in

30 Strong Rationale for Selectively Targeting PPARγ in NASH with CHS-131 Insulin resistance and reduced adiponectin are key factors in NASH PPARγ agonists (TZD) such as pioglitazone are effective in NASH but associated with safety issues CHS-131 is a selective modulator of PPARγ, with potent insulin-sensitizing and adiponectin-inducing activity Improved safety profile vs. TZDs demonstrated in preclinical and human studies with no serious adverse events in over 600 subjects Well-tolerated, once daily oral dosing Source: Cariou et al, 2012, Trends Endocrinol Metab 23: Copyright 2019 All Rights Reserved. TZD = thiazolidinediones

31 Coherus is Delivering on the Promise of Biosimilars and Laying the Foundation for Continued Growth Delivering on UDENYCA (pegfilgrastim-cbqv) Broad U.S. launch on January 3, 2019 in $4 billion U.S. Neulasta market Robust supply chain to support broad launch and future demand Differentiated value proposition and best-in-class commercial team in place Biosimilar pipeline advancing CHS-1420 Humira biosimilar BLA preparation underway, expected competitive launch after expiry of key formulation patents CHS-3351 Lucentis biosimilar and CHS-2020 Eylea biosimilar in preclinical development Differentiated, first-in-class selective modulator of PPARγ with potential application in NASH 31 Copyright 2019 All Rights Reserved.