Biogen (NASDAQ:BIIB) Releases FY 2024 Earnings Guidance

Biogen (NASDAQ:BIIB) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of 15.000-16.000 for the period, compared to the consensus estimate of 15.460. The company issued revenue guidance of -. Biogen also updated its FY24 guidance to $15.00-16.00 EPS.

Wall Street Analysts Forecast Growth

BIIB has been the topic of a number of recent analyst reports. UBS Group cut their price target on shares of Biogen from $250.00 to $214.00 and set a neutral rating on the stock in a research note on Wednesday, April 17th. JPMorgan Chase & Co. dropped their price target on Biogen from $270.00 to $240.00 and set a neutral rating on the stock in a research note on Thursday, April 11th. Needham & Company LLC restated a buy rating and issued a $294.00 price objective on shares of Biogen in a research note on Wednesday. Bank Of America (Bofa) dropped their target price on Biogen from $290.00 to $280.00 and set a neutral rating on the stock in a research report on Monday, February 12th. Finally, Mizuho reduced their price target on shares of Biogen from $355.00 to $277.00 and set a buy rating for the company in a research report on Thursday, February 22nd. Ten investment analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Biogen presently has an average rating of Moderate Buy and a consensus target price of $293.88.

Biogen Price Performance

BIIB traded up $6.76 during midday trading on Friday, hitting $209.22. 1,062,606 shares of the company traded hands, compared to its average volume of 1,194,349. The company has a market capitalization of $30.41 billion, a price-to-earnings ratio of 25.28, a PEG ratio of 1.92 and a beta of -0.02. The business has a 50 day simple moving average of $212.76 and a two-hundred day simple moving average of $234.17. The company has a current ratio of 2.10, a quick ratio of 1.26 and a debt-to-equity ratio of 0.41. Biogen has a 52-week low of $189.44 and a 52-week high of $319.76.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings data on Wednesday, April 24th. The biotechnology company reported $3.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.45 by $0.22. Biogen had a return on equity of 14.83% and a net margin of 12.07%. The company had revenue of $2.29 billion for the quarter, compared to analysts’ expectations of $2.31 billion. During the same period in the previous year, the firm posted $3.40 EPS. Biogen’s revenue was down 7.0% compared to the same quarter last year. On average, equities analysts forecast that Biogen will post 15.48 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Eric K. Rowinsky acquired 455 shares of the firm’s stock in a transaction on Thursday, February 15th. The shares were bought at an average price of $222.54 per share, for a total transaction of $101,255.70. Following the acquisition, the director now owns 20,629 shares of the company’s stock, valued at approximately $4,590,777.66. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, Director Eric K. Rowinsky acquired 455 shares of the stock in a transaction on Thursday, February 15th. The shares were bought at an average price of $222.54 per share, with a total value of $101,255.70. Following the completion of the purchase, the director now owns 20,629 shares of the company’s stock, valued at approximately $4,590,777.66. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Priya Singhal sold 419 shares of Biogen stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $239.45, for a total transaction of $100,329.55. Following the transaction, the insider now directly owns 4,516 shares in the company, valued at $1,081,356.20. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 882 shares of company stock worth $202,030. 0.60% of the stock is owned by corporate insiders.

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.