Heron Therapeutics Inc. reported fourth‑quarter and full‑year 2025 results that exceeded expectations, with net revenue of $154.9 million, a 7.4% year‑over‑year increase from $144.2 million in 2024. The company’s acute‑care franchise drove the majority of the growth, posting a 65.1% rise in total revenue and a 57.3% increase in the fourth quarter alone. ZYNRELEF generated approximately $12.5 million in Q4 revenue, while APONVIE contributed a comparable share, reflecting strong demand and the impact of newly secured permanent J‑codes and the Vial Access Needle transition.
The company’s adjusted EBITDA climbed to $14.7 million in 2025, up from $6.4 million in 2024, underscoring improved operating leverage. Net loss for the year was $20.2 million, and the Q4 net loss was $2.95 million. GAAP earnings per share were –$0.02, meeting the consensus estimate of –$0.03 and slightly better than the –$0.03 estimate reported by some analysts. Cash, cash equivalents, and short‑term investments totaled $46.6 million at year‑end, providing a solid liquidity cushion.
Management highlighted the strategic initiatives that underpinned the results. "As demonstrated in today's release, we are entering 2026 with exceptional momentum. The fourth quarter delivered the strongest results in the history of Heron's Acute Care franchise, underscoring the success of the strategic decisions we implemented to unlock the full potential of these assets," CEO Craig Collard said. He added, "The milestones achieved in 2025, particularly for ZYNRELEF – including enhanced distributor‑partner incentives, the seamless completion of the Vial Access Needle transition, and CMS approval of a product‑specific J‑Code – are already accelerating adoption and strengthening our competitive position in a large and underpenetrated market." "With a more powerful commercial engine, expanding demand signals, and improved reimbursement clarity, we believe Heron is well‑positioned for continued share gains and meaningful revenue expansion in 2026 and beyond," Collard continued.
Heron’s oncology segment, which includes CINVANTI and SUSTOL, experienced a 7.8% decline in revenue for the full year, reflecting a strategic wind‑down of SUSTOL and broader headwinds in the supportive‑care market. The company’s focus on the high‑growth acute‑care portfolio is expected to offset these declines in the coming years.
For 2026, Heron guided for net revenue of $173–$183 million and adjusted EBITDA of $10–$20 million, a significant upside to prior expectations and a signal of confidence in sustained demand and cost discipline. The guidance reflects management’s belief that the expanded commercial engine and reimbursement clarity will continue to drive market share gains in the acute‑care space.
The results and guidance reinforce Heron’s pivot toward profitability and growth, positioning the company as a leading player in the acute‑care and oncology supportive‑care markets. Investors can review the full financial details on Heron’s investor relations website for a comprehensive breakdown of revenue, margins, and segment performance.
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