Biogen (NASDAQ:BIIB) Updates FY 2021 Earnings Guidance

Biogen (NASDAQ:BIIB) issued an update on its FY 2021 earnings guidance on Thursday morning. The company provided earnings per share guidance of $17.500-$19.000 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $18.590. The company issued revenue guidance of $10.65 billion-$10.85 billion, compared to the consensus revenue estimate of $10.63 billion.Biogen also updated its FY21 guidance to $17.50-19.00 EPS.

Shares of BIIB stock traded up $3.92 during trading hours on Thursday, reaching $326.88. 57,622 shares of the stock traded hands, compared to its average volume of 1,639,858. Biogen has a 1-year low of $223.25 and a 1-year high of $468.55. The firm has a fifty day moving average of $333.47. The company has a debt-to-equity ratio of 0.68, a current ratio of 2.12 and a quick ratio of 1.75. The firm has a market capitalization of $49.21 billion, a price-to-earnings ratio of 17.18, a PEG ratio of 1.59 and a beta of 0.44.

Biogen (NASDAQ:BIIB) last released its quarterly earnings results on Thursday, July 22nd. The biotechnology company reported $5.68 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $4.55 by $1.13. Biogen had a net margin of 23.89% and a return on equity of 42.04%. The business had revenue of $2.78 billion for the quarter, compared to analyst estimates of $2.61 billion. During the same quarter in the previous year, the business earned $10.26 earnings per share. The firm’s revenue was down 24.6% compared to the same quarter last year. As a group, analysts forecast that Biogen will post 18.61 earnings per share for the current year.

Several research analysts have weighed in on the stock. Piper Sandler upgraded shares of Biogen from a neutral rating to an overweight rating and upped their price objective for the company from $384.00 to $450.00 in a research note on Friday, June 18th. Morgan Stanley dropped their price objective on shares of Biogen from $455.00 to $453.00 and set an overweight rating on the stock in a research note on Friday, July 16th. Bank of America reiterated a buy rating and issued a $415.00 price objective on shares of Biogen in a research note on Tuesday, June 15th. Citigroup upgraded shares of Biogen from a sell rating to a neutral rating in a research note on Tuesday, June 8th. Finally, Sanford C. Bernstein upgraded shares of Biogen from a market perform rating to an outperform rating and set a $500.00 price objective on the stock in a research note on Friday, June 11th. Fourteen investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. The company currently has an average rating of Buy and an average target price of $387.67.

In other news, Director Brian S. Posner sold 360 shares of the stock in a transaction on Friday, June 4th. The shares were sold at an average price of $274.17, for a total value of $98,701.20. Following the completion of the transaction, the director now owns 7,400 shares in the company, valued at approximately $2,028,858. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Alfred Sandrock sold 7,672 shares of the stock in a transaction on Monday, June 7th. The shares were sold at an average price of $440.00, for a total transaction of $3,375,680.00. Following the completion of the transaction, the insider now owns 2,919 shares of the company’s stock, valued at approximately $1,284,360. The disclosure for this sale can be found here. 0.54% of the stock is owned by corporate insiders.

Biogen Company Profile

Biogen Inc discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases. The company offers TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for multiple sclerosis (MS); SPINRAZA for spinal muscular atrophy; and FUMADERM to treat plaque psoriasis.

Further Reading: Secondary Public Offerings

Earnings History and Estimates for Biogen (NASDAQ:BIIB)

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