Heron Therapeutics Reports Mixed Q1 2026 Results with Strong Acute Care Growth Despite Overall Revenue Decline
核心洞察
Heron Therapeutics (搜索) reported Q1 2026 total net revenue of $34.7 million, down 10.8% year-over-year, despite strong 32% growth in its Acute Care franchise.
ZYNRELEF and APONVIE demonstrated robust performance with 27% and 50% revenue growth respectively, while the Oncology franchise declined 26.3% primarily due to SUSTOL wind-down.
The company reaffirmed its 2026 full-year guidance of $173-$183 million net revenue and $10-$20 million Adjusted EBITDA despite posting a Q1 net loss of $8.1 million.
Heron Therapeutics (搜索) delivered mixed first-quarter 2026 financial results, reporting total net revenue of $34.7 million, a 10.8% decline from the prior year period, while demonstrating strong growth in its Acute Care franchise that offset significant declines in oncology supportive care products. The commercial-stage biotechnology company reaffirmed its full-year 2026 guidance despite posting a quarterly net loss of $8.1 million.
Acute Care Portfolio Drives Growth Momentum
The company's Acute Care franchise generated $13.6 million in net revenue during Q1 2026, representing a 32.3% increase year-over-year. ZYNRELEF, the extended-release dual-acting local anesthetic, contributed $10.2 million in net revenue with 27.3% growth, while demand units increased 22% year-over-year.
"Despite typical first-quarter seasonality and unusual weather-related disruption early in the quarter, we saw a clear recovery in February and March," said Craig Collard, Chief Executive Officer of Heron. "Our Acute Care franchise continues to perform with strong year-over-year growth, and we remain confident in our full-year framework as deferred elective procedures return."
APONVIE demonstrated particularly strong performance with $3.4 million in net revenue, marking a 50.2% increase from the prior year. The NK-1 receptor (搜索) antagonist for postoperative nausea and vomiting (搜索) prevention showed demand units increasing 68% year-over-year, with Average Daily Units rising 70% compared to Q1 2025.
Commercial Expansion and Market Access Progress
ZYNRELEF continues to benefit from NOPAIN Act reimbursement and an increasingly predictable payment experience among 110 million covered commercial lives as accounts apply the permanent product-specific J-code (J0668). The IGNITE commercial alignment program demonstrated 111% growth in target accounts by year-end 2025, leading to a 40% expansion of included target accounts in January 2026 and extension throughout 2026 with IGNITE 2.0.
APONVIE achieved significant market access milestones, gaining P&T approval in 1,902 accounts totaling 5.8 million medium-to-high PONV risk procedures. The drug's permanent product-specific J-code (J8502) became active April 1, 2026, streamlining billing and supporting broader access. Additionally, the Fifth Consensus Guidelines for the Management of PONV included APONVIE as the only FDA-approved intravenous NK-1 antagonist for prevention of PONV in adults.
Oncology Franchise Faces Headwinds
The Oncology Supportive Care franchise generated $21.1 million in net revenue during Q1 2026, down 26.3% from the prior year period. CINVANTI contributed $20.5 million, declining 20.2% year-over-year, while maintaining a 25% market share in the NK1 CINV category. SUSTOL revenue dropped 80.9% to $0.6 million, reflecting the previously announced wind-down by the end of 2026.
Despite challenges, CINVANTI achieved notable milestones, surpassing 5 million demand units sold since launch. The REIGNITE program secured formulary wins with a near-term pipeline representing approximately $10 million in potential annual net revenue opportunity.
Patent Settlement and Development Updates
Heron reached a settlement agreement with Baxter Healthcare Corporation in CINVANTI patent litigation, with the U.S. District Court for the District of Delaware dismissing the pending litigation on April 28, 2026. This resolution removes a significant legal overhang for the company.
The ZYNRELEF prefilled syringe lifecycle program remains on track, with registration batches manufactured and placed on stability. The company expects to receive 12-month stability data in the first quarter of 2027 to support regulatory filing for this Ready-to-Use product designed to improve Operating Room efficiency.
Financial Position and Outlook
Heron ended Q1 2026 with $44.8 million in cash, cash equivalents and short-term investments. The company posted a net loss of $8.1 million for the quarter compared to net income of $2.6 million in the prior year period, primarily due to higher operating expenses and other expenses.
"As environmental conditions normalized, we saw momentum rebuild through February and exited March with improved trends," said Ira Duarte, Executive Vice President and Chief Financial Officer. "We maintained disciplined cost management and expect temporary gross margin pressure to normalize as we work through higher-cost CINVANTI inventory over the next two quarters."
The company reaffirmed its 2026 full-year guidance of net revenue between $173 million and $183 million and Adjusted EBITDA of $10 million to $20 million. Heron's planned sales force expansion remains on track for Q3 2026, with recruitment underway to increase coverage and account depth across the portfolio.