Shares of Innovent Biologics (HKG:1801) are skyrocketing in intraday trading on Thursday, surging by 18.95% following the release of the company's stellar 2024 financial results. The Hong Kong-listed biopharmaceutical firm has demonstrated a remarkable turnaround, significantly narrowing its losses and posting robust revenue growth that surpassed market expectations.

According to the company's filing with the Hong Kong Stock Exchange, Innovent Biologics saw its attributable loss shrink by an impressive 91% to 94.6 million yuan in 2024, down from 1.03 billion yuan in the previous year. This translates to a substantial reduction in loss per share, which fell to just 0.06 yuan from 0.66 yuan a year earlier. The company's performance notably outperformed analysts' projections, with Visible Alpha estimating a loss per share of 0.38 yuan.

Driving the positive sentiment is Innovent's strong top-line growth. The drugmaker reported a 52% year-over-year increase in revenue, reaching 9.42 billion yuan, significantly exceeding the 8.36 billion yuan forecast by Visible Alpha analysts. This impressive financial turnaround, coupled with the company beating market expectations, has fueled investor optimism and triggered the sharp rise in Innovent's stock price. The market's enthusiastic response underscores growing confidence in the company's business model and future prospects in the competitive biopharmaceutical sector.