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Sep 30, 2021
Heron Therapeutics Q3 2021 Earnings Report
Heron Therapeutics reported mixed Q3 2021 results with ZYNRELEF launch and oncology care sales stabilization.
Key Takeaways
Heron Therapeutics announced its Q3 2021 financial results, which included the commercial launch of ZYNRELEF with $2.1 million in net product sales, stabilization of oncology care franchise net product sales at $21.1 million, and a net loss of $52.4 million. The company is focusing on expanding the ZYNRELEF label and expects moderate growth in oncology care sales in 2022.
ZYNRELEF net product sales reached $2.1 million in its first quarter of launch, with 160 unique accounts purchasing and 50% reordering.
ZYNRELEF received 126 formulary approvals, representing over a 91% hospital approval rate.
Oncology care franchise net product sales were $21.1 million, showing stabilization compared to the previous year.
Heron expects Q4 2021 net product sales for the oncology care franchise to be in the range of $20 million to $22 million.
Heron Therapeutics
Heron Therapeutics
Heron Therapeutics Revenue by Segment
Revenue by Segment
CINVANTI Revenue
CapyFin.comSUSTOL Revenue
CapyFin.comZYNRELEF Revenue
CapyFin.com Forward Guidance
Heron Therapeutics anticipates further reduction in net cash usage and moderate growth in oncology care sales.
Positive Outlook
- ZYNRELEF's commercial launch is progressing well with significant formulary approvals.
- The company has submitted an sNDA to expand the ZYNRELEF label.
- Oncology care franchise sales have stabilized and are expected to see moderate growth in 2022.
- Net cash used for operating activities is expected to further reduce next quarter.
- Large-scale manufacturing capabilities are being added with a secondary supplier for ZYNRELEF.
Challenges Ahead
- COVID-19 pandemic continues to impact new cancer patient treatment starts.
- Value-based payer reimbursement impacts oncology care franchise results.
- Net loss for the quarter was $52.4 million.
- Net cash used for operating activities for the nine months ended September 30, 2021 was $158.1 million.
- The company experienced changes in working capital related to the launch of ZYNRELEF in July 2021.
Revenue & Expenses
Visualization of income flow from segment revenue to net income