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Dec 31, 2025
Heron Therapeutics Q4 2025 Earnings Report
Heron Therapeutics reported flat fourth quarter 2025 revenue year-over-year, with Acute Care growth offset by Oncology declines, and posted a net loss for the quarter.
Key Takeaways
Q4 2025 net product sales were 40588000, driven by growth in ZYNRELEF and APONVIE, while Oncology revenues declined. The company reported a net loss of 2954000 and operating income of 38000.
Total net product sales were 40588000 compared to 40781000 in Q4 2024.
ZYNRELEF revenue increased to 12530000 from 8457000 year-over-year.
APONVIE revenue grew to 3814000 from 1932000 year-over-year.
Net loss was 2954000 compared to net income of 3663000 in Q4 2024.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
For full year 2026, Heron expects net revenue between 173000000 and 183000000 and adjusted EBITDA between 10000000 and 20000000.
Positive Outlook
- 2026 net revenue guidance of 173000000 to 183000000.
- 2026 adjusted EBITDA guidance of 10000000 to 20000000.
- Continued momentum in ZYNRELEF adoption.
- Permanent J-Codes secured for ZYNRELEF and APONVIE.
- Expanding Acute Care franchise driving growth.
Challenges Ahead
- Oncology franchise revenue declined year-over-year in Q4.
- SUSTOL revenue decreased significantly year-over-year.
- Reported net loss for the quarter.
- Higher operating expenses year-over-year.
- Exposure to reimbursement and market access dynamics.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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