Shares of Innovent Biologics (HKG:1801) are soaring 18.95% in intraday trading on Thursday, following the release of the company's impressive 2024 financial results. The surge in stock price reflects investors' positive reaction to the drugmaker's significant improvement in financial performance.

According to the company's filing with the Hong Kong stock exchange on Wednesday, Innovent Biologics reported a substantial narrowing of its attributable loss to 94.6 million yuan in 2024, down 91% from 1.03 billion yuan in the previous year. The loss per share decreased dramatically to 0.06 yuan from 0.66 yuan a year earlier, significantly outperforming analysts' expectations of a 0.38 yuan loss per share as estimated by Visible Alpha.

Perhaps most notably, Innovent Biologics achieved a remarkable 52% year-on-year increase in revenue, reaching 9.42 billion yuan compared to 6.21 billion yuan in 2023. This figure also surpassed Visible Alpha analysts' forecast of 8.36 billion yuan. The combination of narrowing losses and robust revenue growth has clearly boosted investor confidence, driving the stock's sharp rise in today's trading session.