Heron Therapeutics, Inc. (HRTX): Marketing Mix Analysis [Dec-2025 Updated]

You're looking to cut through the noise and see exactly where Heron Therapeutics, Inc. stands in late 2025, especially as they guide for net revenue between $153 million and $163 million this year. Honestly, for a commercial-stage biotech, that revenue target signals a critical inflection point, largely powered by their acute care push, particularly ZYNRELEF. As your former BlackRock analyst, I've mapped out their entire go-to-market strategy-the Product portfolio, the specific Place they target, the Promotion spend driving adoption, and the Price structure supporting reimbursement. Dive in below to see the precise 4Ps framework that underpins their current valuation and near-term trajectory.

Heron Therapeutics, Inc. (HRTX) - Marketing Mix: Product

You're looking at the core offerings Heron Therapeutics, Inc. (HRTX) has on the market as of late 2025. The product strategy centers on two main franchises: Acute Care, driven by ZYNRELEF, and Oncology Supportive Care, featuring CINVANTI and APONVIE, with SUSTOL in a wind-down phase.

ZYNRELEF: Extended-release dual-acting local anesthetic for postoperative pain

ZYNRELEF, which is the first and only dual-acting local anesthetic (DALA) combining bupivacaine and meloxicam, is showing strong commercial traction. The product was initially approved by the FDA in May 2021 for specific procedures. By the third quarter of 2025, ZYNRELEF Net Revenue had grown 49% compared to Q3 2024, contributing $9.3 million in Net Sales for Q3 2025 alone. The year-to-date Net Revenue through September 30, 2025, reached $114.3 million, supporting the full-year guidance of $153 million - $163 million.

Adoption drivers include the recent permanent J-code (J0688) effective October 1, 2025, which streamlines reimbursement, and the earlier launch of the Vial Access Needle (VAN) in Q4 2024, which simplified preparation. Demand units for ZYNRELEF grew 30% between Q3 2024 and Q3 2025, with Average Daily Units increasing 28% YoY to 1,127 in Q3 2025. The per-dose pricing power is maintained around $2,500, supported by CMS policies until 2027.

The pipeline focus here is on further product enhancement. Heron Therapeutics, Inc. is advancing development of the ready-to-use Prefilled Syringe (PFS) for ZYNRELEF, with a projected launch anticipated in early 2027.

CINVANTI and APONVIE: Aprepitant Formulations for Nausea and Vomiting

Heron Therapeutics, Inc.'s oncology franchise includes CINVANTI (IV aprepitant for CINV) and APONVIE (IV aprepitant for PONV). CINVANTI generated $100.08 million in revenue in 2024, and a patent victory secured exclusivity until 2035. APONVIE, which became commercially available on March 6, 2023, is seeing rapid growth. In Q3 2025, APONVIE Net Sales reached $3.0 million, marking a 173% increase year-over-year. For the first nine months of 2025, APONVIE Net Revenue grew 200% compared to the same period in 2024.

The combined Oncology franchise (CINVANTI and SUSTOL) delivered net revenues of $26.5 million for the third quarter of 2025, and $55.1 million year-to-date (H1 2025). A settlement with Mylan Pharmaceuticals, Inc. established a generic market entry date for both CINVANTI and APONVIE on June 1, 2032.

SUSTOL: Subcutaneous injection for CINV

SUSTOL is an extended-release, injectable granisetron utilizing the Biochronomer drug delivery technology for CINV prevention. This product remains part of the Oncology Supportive Care franchise, which posted $26.5 million in net revenues for the third quarter of 2025. While the prompt suggests commercialization winding down in 2025-2026, specific financial data reflecting this wind-down in late 2025 was not explicitly detailed in the latest reports; it is grouped with CINVANTI for revenue reporting.

The company's product portfolio performance is reflected in its balance sheet, with cash, cash equivalents, and short-term investments standing at $55.5 million as of September 30, 2025. Furthermore, a capital restructuring in Q2 2025 reduced total debt from $175 million to $145 million.

The pipeline activity is clearly weighted toward improving the ZYNRELEF delivery mechanism, aiming for the Prefilled Syringe approval in 2027.

• ZYNRELEF Average Daily Units reached 1,127 in Q3 2025.
• ZYNRELEF Demand Units grew 30% between Q3 2024 and Q3 2025.
• APONVIE unit demand grew 19% sequentially in Q2 2025 over Q1 2025.
• Generic entry for CINVANTI/APONVIE agreed for June 1, 2032.

Honestly, the product strategy is clearly prioritizing the growth of the Acute Care franchise, given the specific sales metrics and pipeline investment in ZYNRELEF. That PFS development is a defintely key near-term product milestone.

Heron Therapeutics, Inc. (HRTX) - Marketing Mix: Place

You're looking at how Heron Therapeutics, Inc. gets its products, like CINVANTI, SUSTOL, and APONVIE, into the hands of the clinicians who need them across the U.S. The distribution backbone relies on access through established channels, which is critical for a commercial-stage company focused on acute care and oncology supportive care.

Distribution strategy involves leveraging both full-line wholesalers and specialty distributors throughout the United States. This multi-channel approach is designed to ensure broad product availability. For the Acute Care franchise products, including ZYNRELEF and APONVIE, the primary target settings are hospital outpatient departments (HOPDs) and ambulatory surgical centers (ASCs). The completion of the Vial Access Needle (VAN) transition in the third quarter of 2025 was specifically aimed at optimizing product preparation and handling within these hospital and ASC settings.

The oncology products, CINVANTI and SUSTOL, are directed toward infusion centers and oncology clinics. The combined net revenues from CINVANTI and SUSTOL reached $26.5 million for the third quarter of 2025, and $55.1 million year-to-date for the first nine months of 2025, showing consistent demand within this segment of the distribution network. CINVANTI alone generated net sales of $25.7 million in the first quarter of 2025.

The commercial strategy actively links the adoption of APONVIE, which is focused on the anesthesia/pharmacy segment for postoperative nausea and vomiting (PONV), to drive pull-through for CINVANTI, which addresses chemotherapy-induced nausea and vomiting (CINV). This cross-promotion leverages shared formulation and sales force focus. APONVIE Net Revenue growth was 173% in the third quarter of 2025 compared to the third quarter of 2024, and grew 200% year-to-date for the first nine months of 2025. CINVANTI unit demand and Net Revenue increased 6% in the third quarter of 2025 versus the third quarter of 2024.

Commercial execution includes enhanced distributor incentives in select accounts, covering both formulary and high potential non-formulary accounts to accelerate adoption. Furthermore, the permanent, product specific J-code for ZYNRELEF went live on October 1, 2025, which streamlines reimbursement and billing clarity across payer types and settings of care, directly impacting the efficiency of product placement in these facilities.

Here's a quick look at the revenue performance reflecting the success within these distribution channels as of the third quarter of 2025:

The company's overall commercial efforts are supported by this focused distribution strategy, aiming to meet the reaffirmed 2025 Net Revenue Guidance of $153 million - $163 million.

Key operational elements supporting place include:

• Transition to Vial Access Needle (VAN) complete in Q3 2025 for ZYNRELEF use in hospitals and ASCs.
• Enhanced distributor incentives in select accounts to drive growth.
• Dedicated sales team launched in Q3 2025 to drive APONVIE adoption in health systems.
• Generic market entry for CINVANTI and APONVIE is set for June 1, 2032.

To be fair, the success of the distribution hinges on the adoption within the target facilities, as seen by the 19% sequential unit demand growth for APONVIE in the second quarter of 2025. Finance: draft 13-week cash view by Friday.

Heron Therapeutics, Inc. (HRTX) - Marketing Mix: Promotion

You're looking at the promotional push Heron Therapeutics, Inc. is making as they scale up their acute care portfolio in late 2025. Honestly, the strategy is clearly focused on boots on the ground and getting the right reimbursement signals out there.

For ZYNRELEF, the company executed a major organizational change in the third quarter of 2025. They launched a reorganized, dedicated ZYNRELEF sales team in Q3 2025 specifically to accelerate adoption. This field force expansion is supported by recent regulatory wins; the J-code for ZYNRELEF went into effect on October 1, 2025, which is a significant move to streamline reimbursement for providers using the product.

The promotional messaging for ZYNRELEF centers on its unique profile as the first and only dual-acting local anesthetic combining bupivacaine and a low dose of meloxicam. This is directly tied to its potential to reduce or eliminate the need for opioids in postsurgical pain control. This messaging is reinforced by policy alignment, as the Centers for Medicare & Medicaid Services proposed that for calendar year 2025, Medicare payments for ZYNRELEF will remain at average sales price plus 6%.

The investment in personnel is evident when you look at the operating expenses. Selling, general, and administrative (SG&A) expenses for the three months ended September 30, 2025, were $26.9 million, up from $23.3 million for the same period in 2024. That increase is primarily due to high personnel and related expenses from new hires, alongside increased general marketing costs specifically tied to ZYNRELEF commercialization efforts.

The APONVIE commercial team is also seeing a significant boost in resources, which is translating directly to the top line. The newly launched dedicated sales team for APONVIE, which became fully focused on promotion as of July 1, 2025, is clearly driving momentum. This team is targeting adoption within health systems and accounts representing approximately 4 million of the estimated 35 million annual surgical patients at moderate to high risk for postoperative nausea and vomiting in the U.S.

Here's a quick look at the revenue impact from these focused sales efforts in Q3 2025:

The expansion of field sales and medical teams is clearly driving education and information dissemination across the portfolio. This aligns with the company's overall commercial acceleration, as the Acute Care franchise delivered revenue growth of 67.2% year-over-year in Q3 2025.

The promotional and educational activities can be summarized by the key actions taken in the third quarter:

• Reorganized, dedicated ZYNRELEF sales team launched in Q3 2025.
• APONVIE dedicated sales team launched as of July 1, 2025.
• ZYNRELEF J-code took effect on October 1, 2025.
• Messaging highlights ZYNRELEF's non-opioid profile.
• Increased general marketing costs contributed to higher SG&A expenses.

To be fair, the increased investment in SG&A for the nine months ended September 30, 2025, reached $78 million compared to $77.3 million for the same period in 2024, showing the sustained nature of these commercial investments.

Heron Therapeutics, Inc. (HRTX) - Marketing Mix: Price

Price involves the monetary value customers exchange for Heron Therapeutics, Inc. (HRTX) products, which requires careful strategy around list prices, discounts, and payment terms to ensure market competitiveness and accessibility. Effective pricing must reflect the perceived clinical value while navigating payer landscapes.

Heron Therapeutics, Inc. reaffirmed its financial expectations for the current fiscal year. The full-year 2025 Net Revenue Guidance stands at $153 million to $163 million. This guidance was reiterated following the third quarter 2025 results, where Q3 Net Revenue was reported at $38.2 million, bringing the year-to-date revenue through September 30, 2025, to $114.3 million. As of September 30, 2025, the company reported $55.5 million in cash, cash equivalents, and short-term investments.

The pricing structure for ZYNRELEF, the extended-release local anesthetic, is set with specific Wholesale Acquisition Costs (WAC) as of July 1, 2025. This pricing supports various access channels for healthcare providers.

Reimbursement clarity is a key component of the pricing strategy, especially for the Acute Care franchise products like ZYNRELEF. The introduction of a permanent Healthcare Common Procedure Coding System (HCPCS) Level II code, J0668, is designed to simplify the claims process for this product.

• Permanent J-code (J0668) for ZYNRELEF became effective October 1, 2025.
• For Medicare patients in Hospital Outpatient Departments (HOPDs) and Ambulatory Surgical Centers (ASCs) in 2025, ZYNRELEF is reimbursed separately at Average Sales Price (ASP) plus 6%.
• ZYNRELEF pricing incorporates options such as Group Purchasing Organization (GPO) and sub-WAC pricing to help ensure broad access for healthcare providers.
• ZYNRELEF is available through full-line wholesalers and specialty distributors, with prime vendor discounts applying.

The commercial performance reflects the pricing strategy's impact, with ZYNRELEF Net Revenue growing 49% in Q3 2025 compared to Q3 2024, and APONVIE Net Revenue increasing 173% year-over-year for the same period. You see, these growth rates suggest the established pricing and access pathways are working to drive adoption.