Zacks: Analysts Anticipate Biogen Inc. (BIIB) Will Post Quarterly Sales of $3.00 Billion
Wall Street analysts expect that Biogen Inc. (NASDAQ:BIIB) will announce $3.00 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Twenty Three analysts have provided estimates for Biogen’s earnings, with the highest sales estimate coming in at $3.19 billion and the lowest estimate coming in at $2.81 billion. Biogen posted sales of $2.96 billion in the same quarter last year, which suggests a positive year over year growth rate of 1.4%. The firm is expected to issue its next earnings report on Wednesday, October 25th.
According to Zacks, analysts expect that Biogen will report full-year sales of $3.00 billion for the current fiscal year, with estimates ranging from $11.70 billion to $12.23 billion. For the next fiscal year, analysts expect that the business will post sales of $12.36 billion per share, with estimates ranging from $11.36 billion to $13.27 billion. Zacks’ sales averages are an average based on a survey of research analysts that that provide coverage for Biogen.
Biogen (NASDAQ:BIIB) last issued its quarterly earnings results on Tuesday, July 25th. The biotechnology company reported $5.04 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $4.36 by $0.68. Biogen had a net margin of 28.10% and a return on equity of 37.42%. The company had revenue of $3.08 billion during the quarter, compared to analysts’ expectations of $2.81 billion. During the same quarter last year, the company posted $5.21 EPS. The firm’s revenue was up 6.4% compared to the same quarter last year.
BIIB has been the subject of several recent research reports. Vetr raised shares of Biogen from a “buy” rating to a “strong-buy” rating and set a $301.89 price objective for the company in a research report on Monday, May 8th. ValuEngine raised shares of Biogen from a “hold” rating to a “buy” rating in a research report on Thursday, June 22nd. Stifel Nicolaus increased their price objective on shares of Biogen from $265.00 to $280.00 and gave the stock a “hold” rating in a research report on Wednesday, April 26th. Sanford C. Bernstein reissued an “outperform” rating and issued a $310.00 price objective on shares of Biogen in a research report on Tuesday, April 25th. Finally, Piper Jaffray Companies set a $442.00 price objective on shares of Biogen and gave the stock a “buy” rating in a research report on Monday, May 15th. Eleven research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and three have assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $328.81.
In other news, EVP Susan H. Alexander sold 7,758 shares of the firm’s stock in a transaction dated Wednesday, July 19th. The shares were sold at an average price of $285.00, for a total value of $2,211,030.00. Following the transaction, the executive vice president now directly owns 27,232 shares in the company, valued at approximately $7,761,120. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Susan H. Alexander sold 4,974 shares of the firm’s stock in a transaction dated Tuesday, July 25th. The stock was sold at an average price of $290.01, for a total transaction of $1,442,509.74. Following the completion of the transaction, the executive vice president now owns 22,258 shares in the company, valued at $6,455,042.58. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 13,816 shares of company stock worth $3,931,380. Insiders own 0.32% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Sentry Investment Management LLC boosted its stake in Biogen by 1.2% in the second quarter. Sentry Investment Management LLC now owns 27,364 shares of the biotechnology company’s stock worth $7,425,000 after buying an additional 327 shares during the period. Atlantic Trust LLC purchased a new stake in Biogen during the second quarter worth $114,000. WFG Advisors LP boosted its stake in Biogen by 137.9% in the second quarter. WFG Advisors LP now owns 590 shares of the biotechnology company’s stock worth $160,000 after buying an additional 342 shares during the period. Toronto Dominion Bank boosted its stake in Biogen by 24.2% in the second quarter. Toronto Dominion Bank now owns 72,515 shares of the biotechnology company’s stock worth $19,674,000 after buying an additional 14,114 shares during the period. Finally, Oak Associates Ltd. OH boosted its stake in Biogen by 15.1% in the second quarter. Oak Associates Ltd. OH now owns 15,040 shares of the biotechnology company’s stock worth $4,081,000 after buying an additional 1,970 shares during the period. Institutional investors own 88.38% of the company’s stock.
Shares of Biogen (NASDAQ BIIB) traded up 1.02% during trading on Tuesday, reaching $286.05. 648,873 shares of the company’s stock traded hands. Biogen has a 1-year low of $244.28 and a 1-year high of $304.23. The stock has a 50-day moving average of $283.44 and a 200-day moving average of $274.43. The company has a market capitalization of $60.48 billion, a price-to-earnings ratio of 18.77 and a beta of 0.79.
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Biogen Company Profile
Biogen Inc is a biopharmaceutical company. The Company focuses on discovering, developing, manufacturing and delivering therapies to people living with serious neurological, rare and autoimmune diseases. The Company markets products, including TECFIDERA, AVONEX, PLEGRIDY, TYSABRI, ZINBRYTA and FAMPYRA for multiple sclerosis (MS), FUMADERM for the treatment of severe plaque psoriasis and SPINRAZA for the treatment of spinal muscular atrophy (SMA).
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