Heron Therapeutics sales grew in first quarter, driven by chemotherapy nausea drugs
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Key takeaways:
- Net product sales totaled $26.9 million for Heron Therapeutics Inc., an increase of more than 25% from last quarter.
- The company credited most of the increased sales to two drugs for chemotherapy-related nausea and vomiting, Cinvanti and Sustol.
Net product sales at Heron Therapeutics Inc. grew 26% in the first quarter of 2023 compared with the same quarter last year, driven by 15% growth in its oncology care products, according to a press release on quarterly financial results.
The biotechnology company brought in $29.6 million in net product sales and launched its fourth commercial product, the drug Aponvie (aprepitant) for prevention of postoperative nausea and vomiting, in the first quarter of 2023.
The company attributed most of its sales increase to two drugs, Cinvanti (aprepitant) and Sustol (granisetron), which are both for prevention of chemotherapy-related nausea and vomiting. Compared with first quarter of 2022, net product sales for both increased $2.5 million and $900,000, respectively.
In the acute care business of the company, which comprises of Aponvie and the postoperative anesthetic Zynrelef (bupivacaine and meloxicam), net product sales were $3.5 million. About $300,000 of that came from sales of Aponvie between its launch on March 6 and the end of the financial quarter on March 31.
The company “continued to make steady progress in the first quarter of 2023,” Heron Therapeutics CEO Craig Collard said in the release.
“We are pleased with the steady growth in the oncology care franchise and remain encouraged by the market potential for Zynrelef and Aponvie,” Collard said. “Looking ahead, we are focused on reducing our cash burn and advancing a streamlined organization that we believe will begin to show significant growth while also continuing to improve patient's lives.”
The company reported a net loss of $32.8 million, down from a $63.9 million net loss in the first quarter of 2022.
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