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. Biogen also updated its FY 2024 guidance to 15.000-16.000 EPS.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Bank of America cut their price target on shares of Biogen from $280.00 to $260.00 and set a neutral rating on the stock in a research report on Friday, April 12th. Truist Financial reissued a buy rating and set a $340.00 price target on shares of Biogen in a research report on Monday, March 25th. HC Wainwright cut their price target on shares of Biogen from $325.00 to $300.00 and set a buy rating on the stock in a research report on Thursday. BTIG Research reissued a neutral rating on shares of Biogen in a research report on Sunday, January 7th. Finally, William Blair reissued an outperform rating on shares of Biogen in a research report on Monday, April 1st. Ten analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus price target of $293.88.

Biogen Stock Up 3.2 %

Shares of BIIB opened at $208.90 on Friday. Biogen has a 52 week low of $189.44 and a 52 week high of $319.76. The firm has a market cap of $30.42 billion, a P/E ratio of 26.08, a price-to-earnings-growth ratio of 2.06 and a beta of -0.02. The firm’s 50-day simple moving average is $212.55 and its 200 day simple moving average is $233.78. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.26 and a current ratio of 2.10.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings results on Wednesday, April 24th. The biotechnology company reported $3.67 EPS for the quarter, beating analysts’ consensus estimates of $3.45 by $0.22. Biogen had a net margin of 12.07% and a return on equity of 14.83%. The business had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.31 billion. During the same quarter in the prior year, the business earned $3.40 EPS. Biogen’s quarterly revenue was down 7.0% on a year-over-year basis. On average, analysts forecast that Biogen will post 15.55 earnings per share for the current year.

Insiders Place Their Bets

In other Biogen news, insider Priya Singhal sold 262 shares of the stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $221.23, for a total transaction of $57,962.26. Following the transaction, the insider now owns 4,886 shares in the company, valued at approximately $1,080,929.78. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, Director Eric K. Rowinsky purchased 455 shares of the business’s stock in a transaction dated Thursday, February 15th. The stock was bought at an average price of $222.54 per share, with a total value of $101,255.70. Following the acquisition, the director now owns 20,629 shares in the company, valued at approximately $4,590,777.66. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Priya Singhal sold 262 shares of the company’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $221.23, for a total transaction of $57,962.26. Following the sale, the insider now directly owns 4,886 shares of the company’s stock, valued at approximately $1,080,929.78. The disclosure for this sale can be found here. Insiders have sold a total of 882 shares of company stock worth $202,030 in the last quarter. Corporate insiders own 0.60% 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.