Biogen (NASDAQ:BIIB) Issues FY 2024 Earnings Guidance

Biogen (NASDAQ:BIIB) updated its FY 2024 earnings guidance on Wednesday. The company provided EPS guidance of 16.100-16.600 for the period, compared to the consensus EPS estimate of 16.190. The company issued revenue guidance of -. Biogen also updated its FY24 guidance to $16.10-16.60 EPS.

Biogen Stock Performance

NASDAQ:BIIB traded down $4.54 during mid-day trading on Wednesday, reaching $178.93. 510,202 shares of the stock were exchanged, compared to its average volume of 1,124,306. The company has a 50 day simple moving average of $194.42 and a 200-day simple moving average of $209.98. The stock has a market capitalization of $26.05 billion, a P/E ratio of 22.91, a P/E/G ratio of 1.87 and a beta of -0.06. Biogen has a 1 year low of $178.53 and a 1 year high of $268.30. The company has a quick ratio of 1.48, a current ratio of 2.29 and a debt-to-equity ratio of 0.40.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings data on Thursday, August 1st. The biotechnology company reported $5.28 earnings per share for the quarter, topping analysts’ consensus estimates of $4.00 by $1.28. The company had revenue of $2.47 billion during the quarter, compared to analysts’ expectations of $2.39 billion. Biogen had a return on equity of 15.71% and a net margin of 11.98%. The firm’s revenue for the quarter was up .4% on a year-over-year basis. During the same period last year, the firm earned $4.02 EPS. Analysts anticipate that Biogen will post 16.14 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on BIIB. BMO Capital Markets dropped their price objective on Biogen from $260.00 to $230.00 and set an “outperform” rating on the stock in a report on Thursday, October 17th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $292.00 target price on shares of Biogen in a research note on Monday, September 9th. UBS Group lowered their price target on shares of Biogen from $234.00 to $202.00 and set a “neutral” rating for the company in a report on Thursday, October 3rd. Raymond James reissued a “market perform” rating on shares of Biogen in a research report on Thursday, October 10th. Finally, Piper Sandler reduced their price objective on Biogen from $335.00 to $313.00 and set an “overweight” rating on the stock in a research note on Friday, July 12th. Nine research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $270.74.

Insider Buying and Selling at Biogen

In other news, insider Priya Singhal sold 431 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $204.22, for a total value of $88,018.82. Following the completion of the transaction, the insider now owns 5,316 shares of the company’s stock, valued at approximately $1,085,633.52. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.16% of the stock is currently owned by company 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.