Biogen (NASDAQ:BIIB) Updates FY24 Earnings Guidance

Biogen (NASDAQ:BIIB) updated its FY24 earnings guidance on Wednesday. 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 research firms have commented on BIIB. BTIG Research reissued a neutral rating on shares of Biogen in a research report on Sunday, January 7th. UBS Group cut their price objective on Biogen from $250.00 to $214.00 and set a neutral rating on the stock in a research report on Wednesday, April 17th. Robert W. Baird cut their price objective on Biogen from $333.00 to $316.00 and set an outperform rating on the stock in a research report on Wednesday, February 14th. Mizuho cut their price objective on Biogen from $355.00 to $277.00 and set a buy rating on the stock in a research report on Thursday, February 22nd. Finally, Piper Sandler dropped their target price on Biogen from $350.00 to $325.00 and set an overweight rating on the stock in a research report on Wednesday, February 14th. Ten equities research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $293.88.

Biogen Stock Performance

Shares of BIIB stock opened at $208.90 on Friday. The company has a quick ratio of 1.26, a current ratio of 2.10 and a debt-to-equity ratio of 0.41. The business has a 50 day moving average of $212.55 and a two-hundred day moving average of $233.78. Biogen has a 52 week low of $189.44 and a 52 week high of $319.76. The company has a market cap of $30.42 billion, a P/E ratio of 26.08, a PEG ratio of 2.06 and a beta of -0.02.

Biogen (NASDAQ:BIIB) last issued its earnings results on Wednesday, April 24th. The biotechnology company reported $3.67 EPS for the quarter, beating 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 during the quarter, compared to the consensus estimate of $2.31 billion. During the same period in the previous year, the firm posted $3.40 earnings per share. Biogen’s quarterly revenue was down 7.0% compared to the same quarter last year. As a group, analysts anticipate that Biogen will post 15.55 EPS for the current year.

Insider Transactions at Biogen

In other Biogen news, Director Eric K. Rowinsky acquired 455 shares of Biogen stock in a transaction dated Thursday, February 15th. The stock was acquired at an average cost of $222.54 per share, for a total transaction of $101,255.70. Following the completion of the transaction, the director now owns 20,629 shares in the company, valued at approximately $4,590,777.66. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Biogen news, Director Eric K. Rowinsky acquired 455 shares of Biogen stock in a transaction dated Thursday, February 15th. The stock was acquired at an average cost of $222.54 per share, for a total transaction of $101,255.70. Following the completion of the transaction, the director now owns 20,629 shares in the company, valued at approximately $4,590,777.66. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Priya Singhal sold 262 shares of the business’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $221.23, for a total value of $57,962.26. Following the transaction, the insider now owns 4,886 shares of the company’s stock, valued at $1,080,929.78. The disclosure for this sale can be found here. Over the last three months, insiders sold 882 shares of company stock worth $202,030. Company insiders own 0.60% of the company’s stock.

About Biogen

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.