Biogen (NASDAQ:BIIB) Releases FY24 Earnings Guidance

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

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on BIIB shares. Wells Fargo & Company cut shares of Biogen from an overweight rating to an equal weight rating and decreased their target price for the company from $315.00 to $240.00 in a research note on Wednesday, February 14th. StockNews.com lowered Biogen from a buy rating to a hold rating in a research note on Tuesday, February 20th. William Blair restated an outperform rating on shares of Biogen in a research report on Monday, April 1st. JPMorgan Chase & Co. decreased their target price on shares of Biogen from $270.00 to $240.00 and set a neutral rating on the stock in a report on Thursday, April 11th. Finally, Royal Bank of Canada reiterated an outperform rating and issued a $364.00 target price on shares of Biogen in a research report on Tuesday, March 5th. Ten research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Biogen currently has an average rating of Moderate Buy and a consensus price target of $295.35.

Biogen Stock Up 4.6 %

Shares of NASDAQ BIIB traded up $8.81 during midday trading on Wednesday, reaching $201.99. 3,241,587 shares of the company’s stock were exchanged, compared to its average volume of 1,191,599. The stock has a market capitalization of $29.36 billion, a PE ratio of 25.64, a price-to-earnings-growth ratio of 1.85 and a beta of -0.02. The business’s fifty day moving average price is $213.55 and its two-hundred day moving average price is $234.62. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.26 and a current ratio of 2.00. Biogen has a 52-week low of $189.44 and a 52-week high of $319.76.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings data on Tuesday, February 13th. The biotechnology company reported $2.95 EPS for the quarter, missing analysts’ consensus estimates of $3.18 by ($0.23). Biogen had a net margin of 11.81% and a return on equity of 14.91%. The company had revenue of $2.39 billion for the quarter, compared to analyst estimates of $2.47 billion. During the same quarter in the prior year, the business earned $4.05 EPS. Analysts forecast that Biogen will post 15.48 EPS for the current year.

Insider Transactions at Biogen

In other news, insider Priya Singhal sold 419 shares of the company’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $239.45, for a total transaction of $100,329.55. Following the completion of the transaction, the insider now owns 4,516 shares of the company’s stock, valued at $1,081,356.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Biogen news, insider Priya Singhal sold 419 shares of the company’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $239.45, for a total transaction of $100,329.55. Following the sale, the insider now directly owns 4,516 shares of the company’s stock, valued at $1,081,356.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Eric K. Rowinsky acquired 455 shares of the business’s stock in a transaction on Thursday, February 15th. The stock was acquired at an average price of $222.54 per share, with a total value of $101,255.70. Following the transaction, the director now 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 quarter, insiders sold 882 shares of company stock worth $202,030. 0.60% 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 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.