Shares of Arvinas Holding Company LLC (NASDAQ: ARVN) surged 8.95% in pre-market trading on Tuesday after the biopharmaceutical company reported better-than-expected earnings for the third quarter of 2024, despite missing revenue estimates.
Arvinas reported a quarterly loss of $0.68 per share, significantly beating analysts' consensus estimate of a $0.95 loss per share. However, the company's revenue for the quarter came in at $102.4 million, missing the consensus estimate of $57.421 million.
Despite the revenue miss, investors seem to have focused on the company's robust earnings beat, driving the stock higher in pre-market trading. The strong earnings performance likely reflects Arvinas' continued progress in its drug development pipeline and cost-control measures.
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