04:27 PM EDT, 03/14/2024 (MT Newswires) -- Coherus BioSciences ( CHRS ) shares fell 5.7% in recent Thursday trading, a day after the biopharmaceutical firm said it expects to idle around 30% of its workforce by year end.

Cehrus completed the $170 million sale of its ophthalmology franchise to Sandoz earlier this month.

The planned job cuts, including 35 employees linked with the divestiture, are expected to reduce Coherus' annualized costs by $25 million.

Coherus late Wednesday also reported a Q4 non-GAAP net loss of $0.62 per share, compared with a loss of $0.60 a year earlier.

Analysts polled by Capital IQ expected a loss of $0.10.

Revenue for the three months ended Dec. 31 was $91.5 million, up from $45.4 million a year ago.

Analysts surveyed by Capital IQ expected $90.4 million.

Price: 2.17, Change: -0.13, Percent Change: -5.65