Biogen (NASDAQ:BIIB) Issues FY24 Earnings Guidance

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

Analyst Upgrades and Downgrades

BIIB has been the subject of several research analyst reports. Robert W. Baird decreased their price objective 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. Wedbush decreased their target price on Biogen from $210.00 to $205.00 and set a “neutral” rating for the company in a research report on Monday, September 23rd. HC Wainwright reaffirmed a “buy” rating and set a $300.00 price target on shares of Biogen in a research report on Thursday. Mizuho decreased their price objective on Biogen from $277.00 to $251.00 and set an “outperform” rating for the company in a report on Tuesday, August 6th. Finally, Oppenheimer cut their target price on shares of Biogen from $270.00 to $255.00 and set an “outperform” rating on the stock in a report on Thursday. Ten research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $262.83.

Biogen Price Performance

Biogen stock opened at $173.79 on Friday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.48 and a current ratio of 1.26. Biogen has a one year low of $173.14 and a one year high of $268.30. The company has a market cap of $25.31 billion, a P/E ratio of 15.70, a price-to-earnings-growth ratio of 1.82 and a beta of -0.06. The business has a fifty day moving average of $192.71 and a two-hundred day moving average of $209.37.

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

Insider Transactions at Biogen

In related news, insider Priya Singhal sold 431 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $204.22, for a total value of $88,018.82. Following the completion of the transaction, the insider now directly owns 5,316 shares of the company’s stock, valued at $1,085,633.52. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate 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.