Biogen (NASDAQ:BIIB) Issues FY24 Earnings Guidance

Biogen (NASDAQ:BIIB) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $16.10-16.60 for the period, compared to the consensus estimate of $16.17. Biogen also updated its FY 2024 guidance to 16.100-16.600 EPS.

Analyst Ratings Changes

A number of research analysts have issued reports on BIIB shares. BMO Capital Markets decreased their price target on shares of Biogen from $260.00 to $230.00 and set an “outperform” rating for the company in a report on Thursday, October 17th. Royal Bank of Canada lowered their price target on Biogen from $292.00 to $269.00 and set an “outperform” rating for the company in a research report on Friday, October 4th. UBS Group dropped their price target on Biogen from $234.00 to $202.00 and set a “neutral” rating on the stock in a research note on Thursday, October 3rd. Robert W. Baird reduced their price objective on Biogen from $316.00 to $294.00 and set an “outperform” rating for the company in a research note on Monday, July 29th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $270.00 target price on shares of Biogen in a research report on Wednesday. Ten investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $262.83.

Biogen Stock Down 0.1 %

Shares of BIIB opened at $173.79 on Friday. The company has a current ratio of 1.26, a quick ratio of 1.48 and a debt-to-equity ratio of 0.28. The firm has a market cap of $25.31 billion, a P/E ratio of 15.70, a price-to-earnings-growth ratio of 1.82 and a beta of -0.06. The company’s 50-day moving average price is $192.71 and its 200 day moving average price is $209.37. Biogen has a 12-month low of $173.14 and a 12-month high of $268.30.

Biogen (NASDAQ:BIIB) last released its quarterly earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 EPS for the quarter, topping analysts’ consensus estimates of $3.77 by $0.31. Biogen had a return on equity of 14.98% and a net margin of 16.81%. The company had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.43 billion. During the same period in the prior year, the firm earned $4.36 earnings per share. The firm’s revenue was down 2.5% compared to the same quarter last year. On average, sell-side analysts forecast that Biogen will post 16.17 earnings per share for the current year.

Insider Activity

In other Biogen news, insider Priya Singhal sold 431 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $204.22, for a total value of $88,018.82. Following the completion of the transaction, the insider now owns 5,316 shares in the company, valued at $1,085,633.52. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 0.16% 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.