Biogen (NASDAQ:BIIB) Releases FY24 Earnings Guidance

Biogen (NASDAQ:BIIB) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided EPS guidance of $15.00-16.00 for the period, compared to the consensus EPS 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.

Biogen Trading Up 2.8 %

Shares of Biogen stock traded up $5.69 on Friday, hitting $208.15. The stock had a trading volume of 702,823 shares, compared to its average volume of 1,189,764. The stock has a 50 day moving average of $212.76 and a 200 day moving average of $234.17. Biogen has a twelve month low of $189.44 and a twelve month high of $319.76. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.26 and a current ratio of 2.10. The firm has a market capitalization of $30.26 billion, a P/E ratio of 25.28, a PEG ratio of 1.92 and a beta of -0.02.

Biogen (NASDAQ:BIIB) last issued its earnings results on Wednesday, April 24th. The biotechnology company reported $3.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.45 by $0.22. Biogen had a return on equity of 14.83% and a net margin of 12.07%. The company had revenue of $2.29 billion for the quarter, compared to analysts’ expectations of $2.31 billion. During the same period last year, the business earned $3.40 EPS. Biogen’s quarterly revenue was down 7.0% compared to the same quarter last year. Sell-side analysts expect that Biogen will post 15.48 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have commented on BIIB. HC Wainwright cut their target price on Biogen from $325.00 to $300.00 and set a buy rating for the company in a research note on Thursday. Wells Fargo & Company cut Biogen from an overweight rating to an equal weight rating and reduced their target price for the company from $315.00 to $240.00 in a research note on Wednesday, February 14th. Canaccord Genuity Group dropped their target price on Biogen from $310.00 to $305.00 and set a buy rating on the stock in a report on Tuesday, February 20th. Royal Bank of Canada reaffirmed an outperform rating and set a $364.00 price target on shares of Biogen in a report on Tuesday, March 5th. Finally, William Blair reaffirmed an outperform rating on shares of Biogen in a report on Monday, April 1st. Ten equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus target price of $293.88.

Insiders Place Their Bets

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