Biogen (NASDAQ:BIIB) Releases FY24 Earnings Guidance

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

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on BIIB shares. 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. Royal Bank of Canada reissued an outperform rating and set a $364.00 target price on shares of Biogen in a research note on Tuesday, March 5th. BTIG Research reissued a neutral rating on shares of Biogen in a research note on Sunday, January 7th. Canaccord Genuity Group cut 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. Finally, Wedbush upped their price objective on shares of Biogen from $213.00 to $215.00 and gave the company a neutral rating in a research note on Thursday. Ten equities research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. According to MarketBeat, Biogen currently has an average rating of Moderate Buy and a consensus price target of $293.88.

Biogen Trading Up 2.8 %

Shares of BIIB stock traded up $5.69 on Friday, reaching $208.15. The company had a trading volume of 702,823 shares, compared to its average volume of 1,189,764. The company has a current ratio of 2.10, a quick ratio of 1.26 and a debt-to-equity ratio of 0.41. The stock has a market cap of $30.26 billion, a PE ratio of 25.28, a PEG ratio of 1.92 and a beta of -0.02. The company has a 50-day moving average of $212.76 and a 200-day moving average of $234.17. Biogen has a 12 month low of $189.44 and a 12 month high of $319.76.

Biogen (NASDAQ:BIIB) last released its quarterly earnings results on Wednesday, April 24th. The biotechnology company reported $3.67 earnings per share for the quarter, topping 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 firm had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.31 billion. During the same quarter in the prior year, the firm posted $3.40 EPS. The business’s revenue was down 7.0% on a year-over-year basis. On average, equities analysts forecast that Biogen will post 15.48 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Priya Singhal sold 262 shares of the company’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 transaction of $57,962.26. Following the sale, the insider now owns 4,886 shares in the company, valued at approximately $1,080,929.78. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Biogen news, Director Eric K. Rowinsky purchased 455 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The shares were acquired 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 acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Priya Singhal sold 262 shares of the stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $221.23, for a total value of $57,962.26. Following the completion of the sale, the insider now owns 4,886 shares in the company, valued at approximately $1,080,929.78. The disclosure for this sale can be found here. Insiders sold a total of 882 shares of company stock valued at $202,030 in the last quarter. 0.60% of the stock is currently owned by insiders.

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.