Biogen (NASDAQ:BIIB) Updates FY24 Earnings Guidance

Biogen (NASDAQ:BIIB) updated its FY24 earnings guidance on Wednesday. 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.

Wall Street Analyst Weigh In

A number of research firms have weighed in on BIIB. Truist Financial reaffirmed a “buy” rating and set a $302.00 price objective (down from $340.00) on shares of Biogen in a research report on Monday, August 5th. Royal Bank of Canada decreased their price objective on Biogen from $292.00 to $269.00 and set an “outperform” rating for the company in a research report on Friday, October 4th. Mizuho decreased their price objective on Biogen from $277.00 to $251.00 and set an “outperform” rating for the company in a research report on Tuesday, August 6th. Piper Sandler decreased their price objective on Biogen from $335.00 to $313.00 and set an “overweight” rating for the company in a research report on Friday, July 12th. Finally, Raymond James reaffirmed a “market perform” rating on shares of Biogen in a research report on Thursday, October 10th. Ten equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $262.83.

Biogen Price Performance

NASDAQ BIIB traded down $0.21 during mid-day trading on Friday, hitting $173.79. The stock had a trading volume of 1,456,042 shares, compared to its average volume of 1,134,143. Biogen has a 52-week low of $173.14 and a 52-week high of $268.30. The company has a market cap of $25.31 billion, a price-to-earnings ratio of 15.70, a P/E/G ratio of 1.82 and a beta of -0.06. The company has a 50 day simple moving average of $192.71 and a 200 day simple moving average of $209.37. The company has a quick ratio of 1.48, a current ratio of 1.26 and a debt-to-equity ratio of 0.28.

Biogen (NASDAQ:BIIB) last released its quarterly earnings data 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. Biogen had a return on equity of 14.98% and a net margin of 16.81%. The firm had revenue of $2.47 billion during the quarter, compared to the consensus estimate of $2.43 billion. During the same period last year, the business posted $4.36 EPS. Biogen’s quarterly revenue was down 2.5% on a year-over-year basis. Equities analysts forecast that Biogen will post 16.17 EPS for the current fiscal year.

Insiders Place Their Bets

In other Biogen news, insider Priya Singhal sold 431 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $204.22, for a total transaction of $88,018.82. Following the completion of the transaction, the insider now owns 5,316 shares of the company’s stock, valued at approximately $1,085,633.52. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 0.16% of the stock is currently owned by company insiders.

About Biogen

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.