Biogen (NASDAQ:BIIB) Releases FY24 Earnings Guidance

Biogen (NASDAQ:BIIB) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $16.10-16.60 for the period, compared to the consensus estimate of $16.17. Biogen also updated its FY 2024 guidance to 16.100-16.600 EPS.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on BIIB shares. TD Cowen dropped their target price on shares of Biogen from $300.00 to $275.00 and set a “buy” rating for the company in a research report on Thursday. Barclays dropped their price objective on shares of Biogen from $190.00 to $180.00 and set an “equal weight” rating for the company in a research note on Thursday. UBS Group reduced their target price on shares of Biogen from $234.00 to $202.00 and set a “neutral” rating on the stock in a research note on Thursday, October 3rd. Robert W. Baird dropped their price target on shares of Biogen from $316.00 to $294.00 and set an “outperform” rating for the company in a research note on Monday, July 29th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $270.00 price target on shares of Biogen in a report on Wednesday. Ten investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $262.83.

Biogen Stock Performance

BIIB traded down $0.21 on Friday, reaching $173.79. 1,456,042 shares of the stock were exchanged, compared to its average volume of 1,134,143. The company’s 50-day moving average price is $192.71 and its 200 day moving average price is $209.37. The firm has a market capitalization of $25.31 billion, a PE ratio of 15.70, a PEG ratio of 1.82 and a beta of -0.06. Biogen has a fifty-two week low of $173.14 and a fifty-two week high of $268.30. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.26 and a quick ratio of 1.48.

Biogen (NASDAQ:BIIB) last posted its earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share for the quarter, beating the consensus estimate of $3.77 by $0.31. The firm had revenue of $2.47 billion during the quarter, compared to analyst estimates of $2.43 billion. Biogen had a net margin of 16.81% and a return on equity of 14.98%. The business’s quarterly revenue was down 2.5% on a year-over-year basis. During the same period in the previous year, the firm earned $4.36 EPS. As a group, sell-side analysts forecast that Biogen will post 16.17 EPS for the current fiscal year.

Insider Activity

In related news, insider Priya Singhal sold 431 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $204.22, for a total value of $88,018.82. Following the completion of the sale, the insider now owns 5,316 shares of the company’s stock, valued at approximately $1,085,633.52. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.16% of the company’s stock.

Biogen Company Profile

Biogen Inc discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases in the United States, Europe, Germany, Asia, and internationally. The company provides TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for multiple sclerosis (MS); SPINRAZA for spinal muscular atrophy; ADUHELM to treat Alzheimer’s disease; FUMADERM to treat plaque psoriasis; BENEPALI, an etanercept biosimilar referencing ENBREL; IMRALDI, an adalimumab biosimilar referencing HUMIRA; FLIXABI, an infliximab biosimilar referencing REMICADE; and BYOOVIZ, a ranibizumab biosimilar referencing LUCENTIS.