Biogen (NASDAQ:BIIB) Posts Earnings Results, Beats Estimates By $0.22 EPS

Biogen (NASDAQ:BIIB) announced its quarterly earnings data on Wednesday. The biotechnology company reported $3.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.45 by $0.22, Briefing.com reports. The business had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.31 billion. Biogen had a net margin of 12.07% and a return on equity of 14.83%. The firm’s quarterly revenue was down 7.0% compared to the same quarter last year. During the same quarter last year, the firm earned $3.40 earnings per share. Biogen updated its FY24 guidance to $15.00-16.00 EPS and its FY 2024 guidance to 15.000-16.000 EPS.

Biogen Price Performance

Shares of BIIB traded up $5.18 during trading hours on Friday, hitting $207.64. 666,604 shares of the company were exchanged, compared to its average volume of 1,189,222. The firm’s fifty day moving average is $212.76 and its 200 day moving average is $234.17. Biogen has a fifty-two week low of $189.44 and a fifty-two week high of $319.76. 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 company has a market cap of $30.18 billion, a price-to-earnings ratio of 25.28, a P/E/G ratio of 1.92 and a beta of -0.02.

Insider Activity at Biogen

In other Biogen news, Director Eric K. Rowinsky bought 455 shares of Biogen stock in a transaction dated Thursday, February 15th. The stock was purchased at an average price of $222.54 per share, for a total transaction of $101,255.70. Following the completion of the purchase, the director now directly owns 20,629 shares of the company’s stock, valued at $4,590,777.66. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, insider Priya Singhal sold 262 shares of the company’s stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $221.23, for a total value of $57,962.26. Following the sale, the insider now directly owns 4,886 shares of the company’s stock, valued at approximately $1,080,929.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Eric K. Rowinsky purchased 455 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The stock was purchased at an average price of $222.54 per share, for a total transaction of $101,255.70. Following the purchase, the director now owns 20,629 shares in the company, valued at $4,590,777.66. The disclosure for this purchase can be found here. Insiders sold a total of 882 shares of company stock valued at $202,030 in the last quarter. Insiders own 0.60% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. Truist Financial restated a “buy” rating and issued a $340.00 target price on shares of Biogen in a research note on Monday, March 25th. Wells Fargo & Company downgraded shares of Biogen from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $315.00 to $240.00 in a research note on Wednesday, February 14th. Canaccord Genuity Group lowered their target price on shares of Biogen from $310.00 to $305.00 and set a “buy” rating for the company in a research note on Tuesday, February 20th. Barclays lowered their price objective on shares of Biogen from $215.00 to $200.00 and set an “equal weight” rating for the company in a research note on Thursday. Finally, UBS Group lowered their price objective on shares of Biogen from $250.00 to $214.00 and set a “neutral” rating for the company in a research note on Wednesday, April 17th. Ten investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. According to MarketBeat.com, Biogen presently has an average rating of “Moderate Buy” and a consensus price target of $293.88.

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.