Biogen (NASDAQ:BIIB) Releases Quarterly Earnings Results, Beats Estimates By $1.28 EPS

Biogen (NASDAQ:BIIB) issued its quarterly earnings data on Thursday. The biotechnology company reported $5.28 earnings per share for the quarter, topping the consensus estimate of $4.00 by $1.28, Briefing.com reports. Biogen had a net margin of 11.98% and a return on equity of 15.71%. The business had revenue of $2.47 billion during the quarter, compared to analysts’ expectations of $2.39 billion. During the same quarter in the previous year, the company earned $4.02 EPS. The business’s revenue was up .4% on a year-over-year basis. Biogen updated its FY24 guidance to $15.75-16.25 EPS and its FY 2024 guidance to 15.750-16.250 EPS.

Biogen Stock Down 2.4 %

Shares of NASDAQ BIIB opened at $205.66 on Friday. Biogen has a 52-week low of $189.44 and a 52-week high of $278.95. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.32 and a current ratio of 2.29. The company’s 50 day moving average price is $225.01 and its 200-day moving average price is $223.13. The company has a market capitalization of $29.94 billion, a P/E ratio of 25.68, a price-to-earnings-growth ratio of 2.09 and a beta of -0.04.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on BIIB shares. Bank of America dropped their price target on shares of Biogen from $280.00 to $260.00 and set a “neutral” rating for the company in a research report on Friday, April 12th. Wedbush decreased their price target on Biogen from $215.00 to $210.00 and set a “neutral” rating on the stock in a research report on Friday. HC Wainwright reaffirmed a “buy” rating and set a $300.00 price objective on shares of Biogen in a research report on Thursday, May 23rd. Wells Fargo & Company decreased their target price on shares of Biogen from $240.00 to $225.00 and set an “equal weight” rating on the stock in a report on Friday. Finally, Needham & Company LLC reiterated a “buy” rating and set a $288.00 price target on shares of Biogen in a research report on Thursday. Ten equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $279.08.

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.