Biogen (NASDAQ:BIIB) Issues 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.

Biogen Price Performance

NASDAQ:BIIB traded down $1.76 during trading hours on Thursday, reaching $200.23. 819,588 shares of the company’s stock were exchanged, compared to its average volume of 1,186,593. The company has a market capitalization of $29.11 billion, a P/E ratio of 25.03, a price-to-earnings-growth ratio of 1.84 and a beta of -0.02. Biogen has a 12 month low of $189.44 and a 12 month high of $319.76. The company has a quick ratio of 1.26, a current ratio of 2.00 and a debt-to-equity ratio of 0.46. The business’s 50-day simple moving average is $213.18 and its two-hundred day simple moving average is $234.39.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings results on Wednesday, April 24th. The biotechnology company reported $3.67 EPS for the quarter, beating the consensus estimate of $3.45 by $0.22. The business had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.31 billion. Biogen had a net margin of 11.81% and a return on equity of 14.91%. The firm’s quarterly revenue was down 7.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $3.40 EPS. Sell-side analysts expect that Biogen will post 15.47 EPS for the current fiscal year.

Wall Street Analyst Weigh In

BIIB has been the subject of a number of research analyst reports. BTIG Research reiterated a neutral rating on shares of Biogen in a research report on Sunday, January 7th. Bank Of America (Bofa) cut their target price on shares of Biogen from $290.00 to $280.00 and set a neutral rating for the company in a research report on Monday, February 12th. Royal Bank of Canada restated an outperform rating and set a $364.00 price target on shares of Biogen in a report on Tuesday, March 5th. Needham & Company LLC restated a buy rating and set a $294.00 price target on shares of Biogen in a report on Wednesday. Finally, Canaccord Genuity Group cut their price target on shares of Biogen from $310.00 to $305.00 and set a buy rating on the stock in a report on Tuesday, February 20th. Ten investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus target price of $294.46.

Insider Activity at Biogen

In related news, insider Priya Singhal sold 419 shares of Biogen stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $239.45, for a total transaction of $100,329.55. Following the completion of the transaction, the insider now directly owns 4,516 shares of the company’s stock, valued at approximately $1,081,356.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Eric K. Rowinsky bought 455 shares of the company’s stock in a transaction on Thursday, February 15th. The stock was bought at an average cost 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 in the company, valued at approximately $4,590,777.66. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Priya Singhal sold 419 shares of the business’s 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 completion of the transaction, the insider now directly owns 4,516 shares of the company’s stock, valued at $1,081,356.20. The disclosure for this sale can be found here. Insiders sold 882 shares of company stock valued at $202,030 in the last ninety days. 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.