Heron Therapeutics Inc's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Heron Therapeutics Inc (HRTX) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Heron Therapeutics Inc vs Its Competitors
- TTM: Trailing 12-month revenue of 152M vs 3,632M combined for its competitors (4.0% combined share).
- Trending: Latest-quarter revenue run-rate is holding steady (-0.6% annualized vs trailing 12 months), vs decelerating (-15.4%) for its tracked peer group.
- Growth: Heron Therapeutics Inc generated 3.6% revenue growth year over year in Q2 2026, vs 27.4% for its competitors combined.
- Profitability: Its -14.6% net margin compares with -44.2% for the peer group.
- Scale: Heron Therapeutics Inc ranks #316 of 545 companies by market capitalization in the Major Pharmaceutical Preparations industry, holding 0.0% of industry market cap.
- Peer revenue share: Heron Therapeutics Inc accounted for 4.7% of combined revenue among its tracked peer group, down from 5.7% a year earlier.
- Peer differentiation: Revenue per employee of $1.18M compares with $0.94M for the peer group (1.3x).
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
HRTX Sales vs. its Competitors, Q2 2026
Heron Therapeutics Inc reported revenue growth of 3.64 % year on year in Q2 2026, below its competitors' combined revenue growth of 27.44 %.
With a net margin of -14.57 %, Heron Therapeutics Inc achieved higher profitability than its competitors (-44.21 %).
Heron Therapeutics Inc generated 4.67 % of the combined sales of its peer group, down from 5.69 % a year earlier.
API endpoints for this dataset
Heron Therapeutics Inc vs. its Competitors, Q2 2026
Revenue growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in Heron Therapeutics Inc reports; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across Heron Therapeutics Inc and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Heron Therapeutics Inc | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| High-Confidence Competitors (2) | $12,345M | +12.3% · Accelerating |
| Similar-Size Competitors (10) | $12,345M | +12.3% · Accelerating |
| Similar Growth & Profitability (2) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Heron Therapeutics Inc's competitor groups requires a Commercial License.
For context: the Major Pharmaceutical Preparations industry grew revenue 8.9% year over year, combined, vs 3.6% for Heron Therapeutics Inc. Heron Therapeutics Inc's share of combined industry revenue moved from 0.01% to 0.01%, a gain of 0.00 percentage points.
Heron Therapeutics Inc's Competitor Quality Breadth
Group definitions: see Methodology: Performance Group Definitions.
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Heron Therapeutics Inc | No | Yes | No | Yes |
| Competitors combined (31) | ||||
| High-Confidence Competitors (3) | ||||
| Similar-Size Competitors (10) | ||||
| Similar Growth & Profitability (8) | 0.00 % (0 of 8) | 62.50 % (5 of 8) | 0.00 % (0 of 8) | 37.50 % (3 of 8) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
HRTX Stock Performance relative to its Competitors
HRTX Stock Performance relative to High-Confidence Competitors
HRTX Stock Performance relative to Similar-Size Competitors
HRTX Stock Performance relative to Similar Growth & Profitability Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Adlai Nortye Ltd | 282.9% | Outperformed |
| 2 | Enliven Therapeutics Inc | 282.9% | Outperformed |
| 3 | 89bio Inc | 282.9% | Outperformed |
| 4 | Oramed Pharmaceuticals Inc | 282.9% | Outperformed |
| 5 | Zymeworks Inc | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Heron Therapeutics Inc's best-performing competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Heron Therapeutics Inc's Comment on Competition and Industry Peers
Publicly Traded Peers of Heron Therapeutics Inc
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
 Heron Therapeutics Inc |
55.77 | 151.51 |
 Madrigal Pharmaceuticals Inc |
12,114.04 | 1,427.94 |
 Nuvalent Inc |
9,751.98 | 4.23 |
 Rhythm Pharmaceuticals Inc |
7,752.49 | 280.75 |
 Terns Pharmaceuticals Inc |
4,933.17 | - |
 Enliven Therapeutics Inc |
3,854.65 | - |
| SUBTOTAL | 49,851.22 | 3,935.93 |
Sign in to see all competitors of Heron Therapeutics Inc .
Sources: see Methodology: Peer & Competitor Identification, Sourcing.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Heron Therapeutics Inc versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Heron Therapeutics Inc's Competitors Named by the Company
Competitive relationships identified from Heron Therapeutics Inc reports and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Crosslink Network, LLC | Company report | 85% |
| Pacira BioSciences, Inc. | Company report | 85% |
| Fresenius Kabi USA, LLC | Company report | 85% |
| Pfizer Inc. | Company report | 85% |
| Innocoll Pharmaceuticals Limited | Company report | 85% |
| Trevena inc | Company report | 85% |
Company report basis, confidence, active dates and source counts for Heron Therapeutics Inc's named competitors require a Commercial License.
Methodology: see Methodology: Peer & Competitor Identification, Sourcing.
Heron Therapeutics Inc's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| Madrigal Pharmaceuticals Inc | Reportable 100.00 % |
| Rhythm Pharmaceuticals Inc | Single Reportable 100.00 % |
| Supernus Pharmaceuticals inc | Reportable 100.00 % |
| Xoma Royalty Corporation | Single Reportable Segment 100.00 % |
| Whitehawk Therapeutics Inc | Reportable Segment 100.00 % |
Source: operating segment revenue as reported in each company's reports (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
Sign in to see all peers for Heron Therapeutics Inc .
Heron Therapeutics Inc's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Heron Therapeutics Inc | 56 | 1,183,648 | -266,008 |
| Madrigal Pharmaceuticals Inc | 12,114 | 1,560,590 | -169,905 |
| Nuvalent Inc | 9,752 | 18,566 | -1,974,009 |
| Rhythm Pharmaceuticals Inc | 7,752 | 678,135 | -476,599 |
| Terns Pharmaceuticals Inc | 4,933 | - | -1,630,627 |
| Enliven Therapeutics Inc | 3,855 | - | -1,891,367 |
| PEERS TOTAL | 49,795 | 941,867 | -459,220 |
Sign in to see all peers for Heron Therapeutics Inc .
Heron Therapeutics Inc's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent report. Disclosure granularity varies by filer (some report by country, others by broad region) and is shown as disclosed.| Company | Largest Market |
|---|---|
| Xoma Royalty Corporation | CH 54.36 % |
| Adc Therapeutics Sa | United States 96.08 % |
Source: revenue geography as reported in each company's reports (10-K/10-Q), via the CSIMarket API. Percentages are of that company's own total consolidated revenue for its most recent reported period.
Heron Therapeutics Inc's Position in Industry Market Structure
Market-capitalization share and concentration across all 495 companies in Heron Therapeutics Inc's industry classification, broader than the peer set above. Market cap in millions of $.Heron Therapeutics Inc ranks #316 of 495 companies by market capitalization in its industry, holding 0.00 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 875, indicating a unconcentrated market structure (see Methodology: Market Structure & Concentration).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | Eli Lilly And Company | 1,210,070 | 20.69 % |
| 2 | Johnson and Johnson | 674,004 | 11.53 % |
| 3 | Beone Medicines Ltd | 612,622 | 10.48 % |
| 4 | Abbvie Inc | 515,910 | 8.82 % |
| 5 | Merck and Co Inc | 1,234 | 5.2% |
| 6 | Novartis Ag | 1,234 | 5.2% |
| 7 | Abbott Laboratories | 1,234 | 5.2% |
| 8 | Novo Nordisk A | 1,234 | 5.2% |
| 9 | Pfizer Inc | 1,234 | 5.2% |
| 10 | Astrazeneca Plc | 1,234 | 5.2% |
| 316 | Heron Therapeutics Inc | 56 | 0.00 % |
Market cap and industry share for the rest of Heron Therapeutics Inc's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2026-11-06.
Heron Therapeutics Inc's Same-Size Peers & Stock Performance
Peers chosen by closeness in market-cap rank within the same industry classification (not the named-competitor list above). Trailing 12-month total return, 3-month price momentum, beta and Sharpe ratio vs the broad U.S. market.| Rank | Company | Market Cap | TTM Return |
|---|---|---|---|
| 311 | Corbus Pharmaceuticals Holdings Inc | 60 | -72.68 % |
| 312 | Fortress Biotech Inc | 59 | -25.81 % |
| 313 | Xbiotech Inc | 58 | -21.67 % |
| 314 | Longeveron Inc | 57 | 122.98 % |
| 315 | Cingulate Inc | 1,234 | 12.3% |
| 316 | Heron Therapeutics Inc | 56 | -74.21 % |
| 317 | Boundless Bio Inc | 1,234 | 12.3% |
| 318 | Rafael Holdings Inc | 1,234 | 12.3% |
| 319 | Renovorx Inc | 1,234 | 12.3% |
| 320 | Oncolytics Biotech Inc | 1,234 | 12.3% |
| 321 | Pliant Therapeutics Inc | 1,234 | 12.3% |
Market cap, return, momentum, beta and Sharpe ratio for the rest of Heron Therapeutics Inc's same-size peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation); returns and risk metrics as of 2026-11-06. Beta and Sharpe ratio are versus the broad U.S. equity market, not this industry.
Heron Therapeutics Inc's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Major Pharmaceutical Preparations industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (444 companies). See the full Major Pharmaceutical Preparations industry profitability benchmarks.| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 69.92 % | 37.99 % (avg) | +31.9 pp |
| Operating Margin | -7.17 % | industry median | -6.5 pp |
| EBITDA Margin | -10.60 % | -6.20 % (avg) | -4.4 pp |
| Capital Intensity (Capex / Revenue) | 0.35 % | 7.59 % (avg) | -7.2 pp |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
Heron Therapeutics Inc's Valuation vs Competitive Position
Valuation multiples vs the Major Pharmaceutical Preparations industry average (444 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns. See the full Major Pharmaceutical Preparations industry valuation benchmarks.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | - | 26.6x | - |
| EV / EBITDA | - | 15.9x | - |
| P/B | 13.5x | 4.3x | +9.2x |
| Return on Equity | -300.90 % | industry aggregate | -317.25 % |
| Return on Invested Capital | -6.39 % | -9.82 % (avg) | 3.43 % |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
Heron Therapeutics Inc's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in company reports.| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth | 168.92 % | 69.38 % | -39.28 % | -2.59 % | 24.70 % | 17.89 % | 13.15 % | 7.60 % |
| Operating Margin | -210.58 % | -144.34 % | -257.41 % | -252.27 % | -162.21 % | -87.14 % | -8.03 % | -1.64 % |
| Return on Invested Capital | -27.90 % | -31.23 % | -36.97 % | -54.47 % | -99.79 % | -101.18 % | -11.20 % | -2.46 % |
| P/E | - | - | - | - | - | - | - | - |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
Heron Therapeutics Inc's Strategic Group Map
Heron Therapeutics Inc is shown in red; its closest peers by combined growth, margin and ROIC are labeled. See Methodology: Strategic Group Map for how this chart is built.
Heron Therapeutics Inc's trailing-12-month revenue growth of 1.9% and operating margin of -7.2% compares with an average of 2.0% growth and -6.3% margin across its 8 closest peers by combined growth, margin and ROIC -- Heron Therapeutics Inc sits below that peer average on growth and below it on margin.
Source: CSIMarket API, trailing 12 months. Extreme outlier values (from near-zero-revenue companies) are excluded from the plotted cloud but never from the highlighted company or its labeled peers.
Heron Therapeutics Inc's BCG Growth-Share Matrix
See Methodology: BCG Growth-Share Matrix for how relative share and growth are calculated and thresholded.
Heron Therapeutics Inc falls in the Dog quadrant: relative market share of 0.00x vs its largest competitor, in an industry growing revenue 8.1% (median, trailing 12 months).
Source: CSIMarket API (market-cap share and industry revenue growth). The 10% growth and 1.0x share lines are standard textbook thresholds, not derived from this industry's own distribution.
Heron Therapeutics Inc's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Competitive Rivalry | High | Industry HHI of 875 (see Industry Market Structure & Concentration above) |
| Barriers to Entry | Lower than typical for the industry | Capital intensity (capex / revenue) of 0.35 % vs industry average 7.59 % (see Profitability & Cost Structure above) |
Note: see Methodology: Porter's Five Forces. Supplier power and buyer power are covered on Heron Therapeutics Inc's dedicated Suppliers and Customers pages, not here.
Heron Therapeutics Inc's Industry Attractiveness & Competitive Strength
See Methodology: GE/McKinsey Matrix for how the two axes are built.
Heron Therapeutics Inc falls in the Low attractiveness / Low strength cell: Harvest / Divest.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Heron Therapeutics Inc's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
No rule matched.
Weaknesses
- Operating margin 6.5 points below the industry median.
- Return on equity 317.3 points below the industry aggregate.
- Underperforming the U.S.A. 500 over the trailing 12 months.
- Low relative market share vs the industry leader (0.00x).
- Piotroski F-Score of 2 or below, the standard financial-distress signal.
Opportunities
- A meaningful share of competitors (46.70 %) show financial-distress signals, a possible opening to gain share.
Threats
- Tracked peer group's revenue run-rate is broadly decelerating (-15.4% annualized).
Methodology: see Methodology: SWOT Analysis.
Heron Therapeutics Inc's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Heron Therapeutics Inc | 0.38 | 2.51 | 2.92 |
| Madrigal Pharmaceuticals Inc | 0.83 | 3.39 | 0.60 |
| Nuvalent Inc | 1.98 | 13.90 | - |
| Rhythm Pharmaceuticals Inc | 1.01 | 3.60 | 0.94 |
| Terns Pharmaceuticals Inc | 17.26 | 35.60 | - |
| Enliven Therapeutics Inc | 20.72 | 44.42 | - |
Sign in to see all peers for Heron Therapeutics Inc .
Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Heron Therapeutics Inc's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Heron Therapeutics Inc | Q2 2026 | +3.6 % | - |
| Madrigal Pharmaceuticals Inc | Q3 2026 | +50.1 % | - |
| Nuvalent Inc | Q1 2026 | - | - |
| Rhythm Pharmaceuticals Inc | Q3 2026 | +79.6 % | - |
| Terns Pharmaceuticals Inc | Q4 2025 | - | - |
| Enliven Therapeutics Inc | Q2 2026 | - | - |
| PEERS TOTAL | +116.2 % | - |
Sign in to see all peers for Heron Therapeutics Inc .
Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Heron Therapeutics Inc's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Heron Therapeutics Inc | Q2 2026 | +28.6 % | -33.7 % |
| Madrigal Pharmaceuticals Inc | Q3 2026 | - | +1.8 % |
| Nuvalent Inc | Q1 2026 | - | - |
| Rhythm Pharmaceuticals Inc | Q3 2026 | +121.2 % | -98.8 % |
| Terns Pharmaceuticals Inc | Q4 2025 | - | - |
| Enliven Therapeutics Inc | Q2 2026 | - | - |
Sign in to see all peers for Heron Therapeutics Inc .
Heron Therapeutics Inc's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Heron Therapeutics Inc | - | - | - |
| Madrigal Pharmaceuticals Inc | - | - | - |
| Nuvalent Inc | - | - | - |
| Rhythm Pharmaceuticals Inc | - | - | - |
| Terns Pharmaceuticals Inc | - | - | - |
| Enliven Therapeutics Inc | - | - | - |
Sign in to see all peers for Heron Therapeutics Inc .
ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Heron Therapeutics Inc's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Heron Therapeutics Inc | - | 0.37 |
| Madrigal Pharmaceuticals Inc | - | 8.48 |
| Nuvalent Inc | - | 2,303.80 |
| Rhythm Pharmaceuticals Inc | - | 27.61 |
| Terns Pharmaceuticals Inc | - | - |
| Enliven Therapeutics Inc | - | - |
| PEERS AVERAGE | - | 12.67 |
Sign in to see all peers for Heron Therapeutics Inc .
P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.