Biogen (NASDAQ:BIIB) Releases FY24 Earnings Guidance

Biogen (NASDAQ:BIIB) updated its FY24 earnings guidance on Wednesday. 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 Stock Down 1.5 %

NASDAQ BIIB traded down $3.07 during trading on Thursday, hitting $198.92. 510,735 shares of the company traded hands, compared to its average volume of 1,182,896. Biogen has a 12 month low of $189.44 and a 12 month high of $319.76. The company has a market capitalization of $28.92 billion, a P/E ratio of 25.03, a PEG ratio of 1.84 and a beta of -0.02. The business has a fifty day simple moving average of $213.18 and a 200 day simple moving average of $234.39. The company has a current ratio of 2.00, a quick ratio of 1.26 and a debt-to-equity ratio of 0.46.

Biogen (NASDAQ:BIIB) last posted its earnings results on Wednesday, April 24th. The biotechnology company reported $3.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.45 by $0.22. Biogen had a net margin of 11.81% and a return on equity of 14.91%. The company had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.31 billion. During the same quarter in the previous year, the company posted $3.40 earnings per share. Biogen’s quarterly revenue was down 7.0% compared to the same quarter last year. As a group, sell-side analysts predict that Biogen will post 15.47 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts recently commented on BIIB shares. Mizuho decreased their price target on shares of Biogen from $355.00 to $277.00 and set a buy rating on the stock in a research note on Thursday, February 22nd. BMO Capital Markets reduced their price objective on shares of Biogen from $295.00 to $285.00 and set an outperform rating for the company in a report on Wednesday, February 14th. Royal Bank of Canada reiterated an outperform rating and set a $364.00 price objective on shares of Biogen in a report on Tuesday, March 5th. JPMorgan Chase & Co. reduced their price objective on shares of Biogen from $270.00 to $240.00 and set a neutral rating for the company in a report on Thursday, April 11th. Finally, Truist Financial reiterated a buy rating and set a $340.00 price objective on shares of Biogen in a report on Monday, March 25th. Ten equities research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. Based on data from MarketBeat.com, Biogen has a consensus rating of Moderate Buy and an average target price of $294.46.

Insider Buying and Selling

In related news, insider Priya Singhal sold 419 shares of the stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $239.45, for a total transaction of $100,329.55. Following the transaction, the insider now directly owns 4,516 shares in the company, valued at $1,081,356.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Eric K. Rowinsky bought 455 shares of the business’s stock in a transaction dated Thursday, February 15th. The shares were bought at an average cost of $222.54 per share, with a total value of $101,255.70. Following the completion of the transaction, the director now directly owns 20,629 shares of the company’s stock, valued at $4,590,777.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Priya Singhal sold 419 shares of the company’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $239.45, for a total value of $100,329.55. Following the sale, the insider now owns 4,516 shares of the company’s stock, valued at approximately $1,081,356.20. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 882 shares of company stock worth $202,030. 0.60% of the stock is owned by company insiders.

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.