Ascendis Pharma A/S (ASND) shares soared over 8% in pre-market trading on Thursday, propelled by a set of positive catalysts. The biopharmaceutical company reported better-than-expected fourth-quarter earnings after the market close on Wednesday, with a narrower-than-anticipated loss and revenue beat.

Ascendis' fourth-quarter loss of €0.64 per share came in lower than analysts' estimates of a €0.96 loss, while revenue of €173.92 million topped expectations of €119.71 million. The strong financial performance in Q4 capped off a solid fiscal 2024 for the company, marked by significant growth in revenue and improving profitability.

Additionally, Ascendis announced that its board has approved a $25 million share repurchase program, further fueling the stock's pre-market rally. The buyback plan includes the repurchase of up to $18.3 million worth of American depositary shares and a $9 million net settlement of certain restricted stock units. The buyback announcement, combined with the upbeat earnings report and a reiterated Buy rating from J.P. Morgan, helped drive investor enthusiasm for ASND shares.