Heron Therapeutics reported preliminary, unaudited net revenue of $40.5 million for the fourth quarter of 2025, up 10% from $36.8 million in Q4 2024. The increase was largely driven by the acute‑care portfolio, with ZYNRELEF contributing $12.5 million and APONVIE $3.8 million, while CINVANTI and SUSTOL added $22.9 million and $1.3 million respectively.
Full‑year 2025 net revenue reached $154.9 million, a 7% rise over the $144.2 million reported in 2024. The year‑over‑year growth reflects sustained demand for Heron’s extended‑release products and the successful launch of the ZYNRELEF Vial Access Needle in December 2024, which has helped expand market penetration.
The revenue beat was driven by strong sales momentum and effective cost controls. Management highlighted that the company’s gross margin of 73.9% in Q4 2025, compared with 68.8% in Q3 2025, was supported by a favorable product mix and disciplined operating expenses. The company also noted that the ZYNRELEF Vial Access Needle has reduced preparation time, encouraging higher utilization among surgeons.
Analysts had projected Q4 2025 revenue of $39.8 million and full‑year revenue of $154.15 million. By exceeding these estimates by $0.7 million and $0.75 million respectively, Heron demonstrated stronger‑than‑expected demand in its core segments. CEO Craig Collard said, “We are encouraged by the growth in Q4 2025, driven in particular by the momentum in our Acute Care franchise with ZYNRELEF® and APONVIE®.”
The company will provide audited financial statements later in the quarter. While Heron’s debt‑to‑equity ratio remains high at 9.44 and its Altman Z‑Score is negative, the earnings beat and margin expansion suggest that the company is managing its leverage and maintaining profitability in its high‑margin product lines.
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