Biogen (NASDAQ:BIIB) Releases FY24 Earnings Guidance

Biogen (NASDAQ:BIIB) updated its FY24 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of $15.00-16.00 for the period, compared to the consensus estimate of $15.49. The company issued revenue guidance of decline low- to mid-single digits, compared to the consensus revenue estimate of $9.47 billion.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. BTIG Research reiterated a neutral rating on shares of Biogen in a research note on Sunday, January 7th. Wedbush decreased their target price on shares of Biogen from $245.00 to $213.00 and set a neutral rating on the stock in a research report on Wednesday, April 17th. Robert W. Baird decreased their target price on shares of Biogen from $333.00 to $316.00 and set an outperform rating on the stock in a research report on Wednesday, February 14th. Piper Sandler decreased their target price on shares of Biogen from $350.00 to $325.00 and set an overweight rating on the stock in a research report on Wednesday, February 14th. Finally, Mizuho decreased their target price on shares of Biogen from $355.00 to $277.00 and set a buy rating on the stock in a research report on Thursday, February 22nd. Ten equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of Moderate Buy and a consensus price target of $295.35.

Biogen Price Performance

Shares of BIIB stock opened at $193.18 on Wednesday. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.00 and a quick ratio of 1.26. The company has a market capitalization of $28.08 billion, a P/E ratio of 24.21, a P/E/G ratio of 1.85 and a beta of -0.02. The company’s 50-day simple moving average is $213.55 and its two-hundred day simple moving average is $234.62. Biogen has a one year low of $189.44 and a one year high of $319.76.

Biogen (NASDAQ:BIIB) last issued its earnings results on Tuesday, February 13th. The biotechnology company reported $2.95 EPS for the quarter, missing analysts’ consensus estimates of $3.18 by ($0.23). The company had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $2.47 billion. Biogen had a return on equity of 14.91% and a net margin of 11.81%. During the same quarter in the prior year, the company earned $4.05 earnings per share. As a group, equities analysts anticipate that Biogen will post 15.48 EPS for the current year.

Insider Transactions at Biogen

In other news, insider Priya Singhal sold 262 shares of Biogen stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $221.23, for a total value of $57,962.26. Following the transaction, the insider now owns 4,886 shares of the company’s stock, valued at approximately $1,080,929.78. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, insider Priya Singhal sold 262 shares of Biogen stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $221.23, for a total value of $57,962.26. Following the transaction, the insider now owns 4,886 shares of the company’s stock, valued at approximately $1,080,929.78. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Eric K. Rowinsky acquired 455 shares of the business’s stock in a transaction dated Thursday, February 15th. The stock was purchased at an average cost of $222.54 per share, for a total transaction of $101,255.70. Following the transaction, the director now owns 20,629 shares in the company, valued at $4,590,777.66. The disclosure for this purchase can be found here. In the last three months, insiders sold 882 shares of company stock valued at $202,030. Corporate insiders own 0.60% of the company’s stock.

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.