Biogen (NASDAQ:BIIB) Issues 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.

Analyst Upgrades and Downgrades

Several research firms have weighed in on BIIB. BTIG Research reissued a neutral rating on shares of Biogen in a research note on Sunday, January 7th. Needham & Company LLC restated a buy rating and issued a $294.00 price target on shares of Biogen in a report on Wednesday. Barclays lowered their price target on Biogen from $230.00 to $215.00 and set an equal weight rating for the company in a report on Thursday, April 4th. Wells Fargo & Company downgraded Biogen from an overweight rating to an equal weight rating and lowered their price target for the stock from $315.00 to $240.00 in a report on Wednesday, February 14th. Finally, Bank of America lowered their price target on Biogen from $280.00 to $260.00 and set a neutral rating for the company in a report on Friday, April 12th. Ten investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. Based on data from MarketBeat, Biogen currently has a consensus rating of Moderate Buy and an average target price of $295.35.

Biogen Stock Performance

NASDAQ:BIIB opened at $193.18 on Wednesday. The stock has a market cap of $28.08 billion, a P/E ratio of 24.21, a PEG ratio of 1.85 and a beta of -0.02. The stock has a 50 day simple moving average of $213.55 and a 200 day simple moving average of $234.62. 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 has a 1-year low of $189.44 and a 1-year high of $319.76.

Biogen (NASDAQ:BIIB) last released its quarterly earnings results on Tuesday, February 13th. The biotechnology company reported $2.95 earnings per share for the quarter, missing the consensus estimate of $3.18 by ($0.23). The firm had revenue of $2.39 billion for the quarter, compared to analyst estimates of $2.47 billion. Biogen had a return on equity of 14.91% and a net margin of 11.81%. During the same period in the previous year, the business posted $4.05 earnings per share. Research analysts anticipate that Biogen will post 15.48 earnings per share for the current year.

Insiders Place Their Bets

In other Biogen news, insider Priya Singhal sold 419 shares of the firm’s stock in a transaction on 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 owns 4,516 shares in the company, valued at approximately $1,081,356.20. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other Biogen news, insider Priya Singhal sold 419 shares of the firm’s stock in a transaction on 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 owns 4,516 shares in the company, valued at approximately $1,081,356.20. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Eric K. Rowinsky acquired 455 shares of the stock in a transaction on Thursday, February 15th. The shares were bought 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 have sold a total of 882 shares of company stock worth $202,030 in the last 90 days. 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.