Gyre Therapeutics (NASDAQ: GYRE) stock is soaring 7.12% in early trading on Wednesday following the release of its full-year 2024 financial results. The biotech company reported a significant turnaround, moving from a net loss in 2023 to profitability in 2024, despite a slight decline in revenue.
According to the report, Gyre Therapeutics generated revenue of $105.8 million, down 6.8% from the previous year but exceeding analyst estimates by 4.3%. The company posted a net income of $12.1 million, a substantial improvement from the $92.9 million loss in 2023. This resulted in earnings per share (EPS) of $0.14, although this figure fell short of analyst expectations by 71%.
Investors appear to be focusing on the company's return to profitability and its strong product pipeline, with two products in Phase III clinical trials. Despite the revenue decline, the market's positive reaction suggests confidence in Gyre Therapeutics' future prospects and its ability to control expenses, which played a crucial role in achieving profitability this year.
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