Biogen (NASDAQ:BIIB) Releases Earnings Results, Beats Estimates By $0.31 EPS

Biogen (NASDAQ:BIIB) announced its earnings results on Wednesday. The biotechnology company reported $4.08 EPS for the quarter, topping the consensus estimate of $3.77 by $0.31, Briefing.com reports. Biogen had a return on equity of 15.71% and a net margin of 11.98%. The business had revenue of $2.47 billion for the quarter, compared to the consensus estimate of $2.43 billion. During the same period in the previous year, the business earned $4.36 EPS. Biogen’s revenue was down 2.5% compared to the same quarter last year. Biogen updated its FY24 guidance to $16.10-16.60 EPS and its FY 2024 guidance to 16.100-16.600 EPS.

Biogen Stock Down 2.6 %

Biogen stock traded down $4.80 during midday trading on Thursday, reaching $176.38. The stock had a trading volume of 697,048 shares, compared to its average volume of 1,127,460. The stock has a market capitalization of $25.68 billion, a P/E ratio of 22.12, a price-to-earnings-growth ratio of 1.87 and a beta of -0.06. The firm’s fifty day simple moving average is $193.92 and its 200-day simple moving average is $209.77. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.48 and a current ratio of 2.29. Biogen has a 1-year low of $174.76 and a 1-year high of $268.30.

Insiders Place Their Bets

In other news, insider Priya Singhal sold 431 shares of Biogen stock in a transaction that occurred 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 sale, the insider now directly owns 5,316 shares in the company, valued at $1,085,633.52. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.16% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on BIIB shares. Robert W. Baird decreased their target price on Biogen from $316.00 to $294.00 and set an “outperform” rating on the stock in a report on Monday, July 29th. Raymond James reaffirmed a “market perform” rating on shares of Biogen in a research note on Thursday, October 10th. Piper Sandler decreased their price target on shares of Biogen from $335.00 to $313.00 and set an “overweight” rating on the stock in a research note on Friday, July 12th. UBS Group lowered their target price on Biogen from $234.00 to $202.00 and set a “neutral” rating for the company in a research note on Thursday, October 3rd. Finally, Mizuho lowered their target price on shares of Biogen from $277.00 to $251.00 and set an “outperform” rating for the company in a report on Tuesday, August 6th. Ten research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Biogen currently has a consensus rating of “Moderate Buy” and an average price target of $263.39.

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.