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Heron Therapeutics
Heron Therapeutics (HRTX) investor relations material
Heron Therapeutics Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
Executive summary
Achieved $154.9 million in net revenue for 2025, a 7.4% increase year-over-year, with adjusted EBITDA of $14.7 million, surpassing guidance and driven by strong Acute Care franchise growth.
Completed significant refinancing of convertible debt, strengthening the balance sheet and eliminating capital structure overhang.
Acute Care franchise saw robust momentum, with ZYNRELEF and APONVIE driving substantial growth; Oncology franchise generated over $105 million despite SUSTOL wind-down.
Fourth quarter 2025 marked record Acute Care results, with 57.3% year-over-year growth.
Financial highlights
Total net product sales for 2025 reached $154.9 million, up from $144.3 million in 2024, with gross margin at 73%.
Adjusted EBITDA for 2025 was $14.7 million, more than doubling the previous year and exceeding guidance.
FY 2025 net loss was $(20.2) million, improved from $(110.6) million in FY 2023.
Cash, cash equivalents, and short-term investments totaled $46.6 million at year-end 2025.
Q4 2025 net product sales were $40.6 million, with Acute Care net sales at $16.3 million and Oncology supportive care at $24.2 million.
Outlook and guidance
2026 guidance: net product sales of $173 million–$183 million and adjusted EBITDA of $10 million–$20 million, reflecting continued growth in ZYNRELEF and APONVIE.
Strategy is to remain EBITDA positive in 2026 while making targeted commercial investments; free cash flow generation targeted for 2027.
Management anticipates continued share gains and revenue expansion in 2026, supported by commercial momentum and improved reimbursement.
SUSTOL planned wind-down for potential future product enhancement.
Oncology revenue decline: specific market dynamics?
ZYNRELEF prefilled syringe: expected market impact?
Path to sustainable cash generation?
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Next Heron Therapeutics earnings date
Q1 20265 May, 2026
Heron Therapeutics
Next Heron Therapeutics earnings date
Q1 20265 May, 2026
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Frequently asked questions
Heron Therapeutics Inc. is a biotechnology company focused on developing and commercializing therapies to address unmet medical needs in acute care and oncology. The company specializes in creating treatments for pain management and chemotherapy-induced side effects, such as nausea and vomiting. Heron Therapeutics utilizes its proprietary technology platforms to develop extended-release therapies that aim to improve patient comfort and treatment outcomes. The company is headquartered in San Diego, California, and its shares are listed on the NASDAQ.
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