Biogen (NASDAQ:BIIB) Issues Earnings Results, Beats Estimates By $0.31 EPS

Biogen (NASDAQ:BIIB) issued its quarterly earnings data on Wednesday. The biotechnology company reported $4.08 earnings per share for the quarter, beating the consensus estimate of $3.77 by $0.31, Briefing.com reports. The firm had revenue of $2.47 billion for the quarter, compared to analyst estimates of $2.43 billion. Biogen had a net margin of 11.98% and a return on equity of 15.71%. The company’s revenue for the quarter was down 2.5% on a year-over-year basis. During the same quarter last year, the firm earned $4.36 earnings per share. Biogen updated its FY24 guidance to $16.10-16.60 EPS and its FY 2024 guidance to 16.100-16.600 EPS.

Biogen Stock Performance

Shares of NASDAQ BIIB traded down $4.80 during trading hours on Thursday, reaching $176.38. The stock had a trading volume of 697,048 shares, compared to its average volume of 1,127,460. Biogen has a twelve month low of $174.76 and a twelve month high of $268.30. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.29 and a quick ratio of 1.48. The business’s fifty day moving average is $193.92 and its two-hundred day moving average is $209.77. The company has a market cap of $25.68 billion, a price-to-earnings ratio of 22.12, a PEG ratio of 1.87 and a beta of -0.06.

Analyst Ratings Changes

A number of research firms have recently weighed in on BIIB. Robert W. Baird cut their price target on shares of Biogen from $316.00 to $294.00 and set an “outperform” rating on the stock in a report on Monday, July 29th. William Blair reaffirmed an “outperform” rating on shares of Biogen in a research report on Wednesday, July 3rd. Raymond James reiterated a “market perform” rating on shares of Biogen in a research note on Thursday, October 10th. Wedbush reduced their target price on Biogen from $210.00 to $205.00 and set a “neutral” rating for the company in a report on Monday, September 23rd. Finally, Piper Sandler decreased their target price on Biogen from $335.00 to $313.00 and set an “overweight” rating for the company in a research report on Friday, July 12th. Ten research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong 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 $263.39.

Insider Buying and Selling at Biogen

In other news, insider Priya Singhal sold 431 shares of Biogen stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $204.22, for a total transaction of $88,018.82. Following the sale, the insider now directly owns 5,316 shares in the company, valued at approximately $1,085,633.52. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.16% 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.