PCRX - Heron Therapeutics: Zynrelef (Finally) Approved But With A Narrow Label

• Heron finally received FDA approval for Zynrelef but it came with a surprisingly narrow label.
• The company believes it can secure a broad label with additional studies but the narrow label will likely impact Zynrelef's growth trajectory.
• The CINV franchise is expected to start to recover after Sustol's pricing reset and the end of Emend arbitration that has impacted Cinvanti.
• Heron may need to raise cash in the near term.
• Heron can still deliver long-term value but the road to get there is now tougher.

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