Biogen (NASDAQ:BIIB) Updates FY 2024 Earnings Guidance

Biogen (NASDAQ:BIIB) updated its FY 2024 earnings guidance on Thursday. The company provided earnings per share guidance of 15.750-16.250 for the period, compared to the consensus earnings per share estimate of 15.580. The company issued revenue guidance of -. Biogen also updated its FY24 guidance to $15.75-16.25 EPS.

Wall Street Analyst Weigh In

A number of research firms have recently commented on BIIB. Needham & Company LLC reaffirmed a buy rating and set a $288.00 price objective on shares of Biogen in a research note on Thursday. Royal Bank of Canada restated an outperform rating and issued a $317.00 price target on shares of Biogen in a report on Wednesday, June 26th. Wedbush upped their price target on Biogen from $213.00 to $215.00 and gave the stock a neutral rating in a report on Thursday, April 25th. UBS Group reduced their target price on Biogen from $250.00 to $214.00 and set a neutral rating for the company in a research note on Wednesday, April 17th. Finally, William Blair restated an outperform rating on shares of Biogen in a research note on Wednesday, July 3rd. Ten research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to MarketBeat.com, Biogen currently has an average rating of Moderate Buy and an average price target of $283.00.

Biogen Stock Performance

Shares of BIIB traded down $4.23 during trading hours on Thursday, reaching $208.97. 729,132 shares of the company’s stock traded hands, compared to its average volume of 1,137,486. The firm has a market capitalization of $30.43 billion, a price-to-earnings ratio of 26.84, a P/E/G ratio of 2.14 and a beta of -0.04. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.10 and a quick ratio of 1.32. Biogen has a twelve month low of $189.44 and a twelve month high of $278.95. The business’s fifty day simple moving average is $225.40 and its two-hundred day simple moving average is $223.52.

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.