- Generated Q1 2025 Net Revenue of $38.9 million
- Delivered record Q1 2025 Adjusted EBITDA of $6.2 million
- Reached settlement with Mylan Pharmaceuticals, Inc., regarding the parties' CINVANTI® and APONVIE® patent litigations, including an agreed market entry date of June 1, 2032
- Adjusted EBITDA guidance raised to a range of $4 - $12M for full year 2025
Heron Therapeutics, Inc. (Nasdaq: HRTX) ("Heron" or the "Company"), a commercial-stage biotechnology company, today announced financial results for the three months ended March 31, 2025, and highlighted recent corporate updates.
"We are off to a strong start in 2025, achieving record adjusted EBITDA for the first quarter. Building on our efforts to strengthen our financial foundation, we are well positioned for future growth, with strong tailwinds for our lead product, ZYNRELEF. These include the expanded label indications, the approval of the NOPAIN Act, the launch of the VAN, and the partnership with Crosslink Network, LLC," said Craig Collard, Chief Executive Officer.
Financial Guidance for 2025
Item | 2025 Full-Year Guidance for Net Revenue and Adjusted EBITDA | ||
Original | Q1 Updated Guidance | ||
Net Revenue | $153.0 to $163.0 | ||
Adjusted EBITDA | $0.0 to $8.0 | $4.0 to $12.0 | |
Business Highlights
- Net Revenue growth of 12.2% Q1 2025 over Q1 2024, primarily driven by the acute care franchise which increased revenue by 89.4%; ZYNRELEF grew 60.4%.
- Settlement reached with Mylan Pharmaceuticals, Inc. ("Mylan"), wherein the Company has granted Mylan a license to market generic versions of CINVANTI and APONVIE in the United States beginning June 1, 2032, or earlier under certain customary circumstances.
- Non-Opioid Policy for Pain Relief took effect April 1, providing separate payment for non-opioids like ZYNRELEF by the Centers for Medicare & Medicaid Services with significant awareness among health care providers being recognized.
- Successful launch of the VAN for ZYNRELEF continues to progress, offering a more efficient aseptic preparation, streamlining operations within the surgical setting.
- Cash, cash equivalents, and short-term investments were $50.7 million as of March 31, 2025.
- ZYNRELEF device transition for product preparation for use from the Vented Vial Spike ("VVS") to the Vial Access Needle ("VAN") proceeds smoothly with an orderly and efficient draw down of the VVS inventory.
- ZYNRELEF development of the ready to use Prefilled Syringe ("PFS") continues with a projected early 2027 launch.
Net Revenue Performance - Quarter Ended March 31
2025 | 2024 | Dollar Change | Percentage Change | |
Acute Care | $10,302 | $5,438 | $4,864 | 89.4 % |
APONVIE | $2,260 | $425 | $1,835 | 431.8 % |
ZYNRELEF | $8,042 | $5,013 | $3,029 | 60.4 % |
Oncology | $28,601 | $29,232 | ($631) | (2.2 %) |
CINVANTI | $25,742 | $25,617 | $125 | 0.5 % |
SUSTOL | $2,859 | $3,615 | ($756) | (20.9 %) |
Total Net Revenue | $38,903 | $34,670 | $4,233 | 12.2 % |
Conference Call and Webcast
Heron will host a conference call and live webcast on Tuesday, May 6, 2025, at 8:00 a.m. ET. The conference call can be accessed by phone by utilizing the following registration link which will provide participants with dial-in details. To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the scheduled start time. The conference call will also be available via webcast under the Investor Relations section of Heron's website at www.herontx.com. An archive of the teleconference and webcast will also be made available on Heron's website for sixty days following the call.
