Biogen (NASDAQ:BIIB) Releases FY24 Earnings Guidance

Biogen (NASDAQ:BIIB) issued an update on its FY24 earnings guidance on Wednesday morning. 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.

Biogen Stock Performance

BIIB traded down $3.07 on Thursday, hitting $198.92. The company had a trading volume of 510,735 shares, compared to its average volume of 1,182,896. The company’s fifty day moving average price is $213.18 and its 200 day moving average price is $234.39. Biogen has a 1-year low of $189.44 and a 1-year high of $319.76. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.00 and a quick ratio of 1.26. The stock has a market cap of $28.92 billion, a price-to-earnings ratio of 25.03, a price-to-earnings-growth ratio of 1.84 and a beta of -0.02.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings results on Wednesday, April 24th. The biotechnology company reported $3.67 EPS for the quarter, topping analysts’ consensus estimates of $3.45 by $0.22. The company had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.31 billion. Biogen had a return on equity of 14.91% and a net margin of 11.81%. The company’s quarterly revenue was down 7.0% compared to the same quarter last year. During the same period in the previous year, the company earned $3.40 earnings per share. Equities analysts predict that Biogen will post 15.47 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts have recently commented on the company. Piper Sandler decreased their target price on Biogen from $350.00 to $325.00 and set an overweight rating on the stock in a report on Wednesday, February 14th. Mizuho cut their price target on Biogen from $355.00 to $277.00 and set a buy rating on the stock in a research note on Thursday, February 22nd. Royal Bank of Canada reaffirmed an outperform rating and set a $364.00 price target on shares of Biogen in a research note on Tuesday, March 5th. UBS Group cut their target price on Biogen from $250.00 to $214.00 and set a neutral rating on the stock in a research note on Wednesday, April 17th. Finally, JPMorgan Chase & Co. decreased their price objective on Biogen from $270.00 to $240.00 and set a neutral rating for the company in a report on Thursday, April 11th. Ten research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average target price of $294.46.

Insider Activity

In other Biogen news, Director Eric K. Rowinsky bought 455 shares of Biogen stock in a transaction dated Thursday, February 15th. The stock was bought at an average cost of $222.54 per share, with a total value of $101,255.70. Following the completion of the acquisition, the director now directly owns 20,629 shares in the company, valued at approximately $4,590,777.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Biogen news, insider Priya Singhal sold 262 shares of the stock in a transaction 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 completion of 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 Securities & Exchange Commission, which is available at this link. Also, Director Eric K. Rowinsky purchased 455 shares of the stock in a transaction that occurred on Thursday, February 15th. The stock was acquired at an average cost of $222.54 per share, with a total value of $101,255.70. Following the acquisition, the director now owns 20,629 shares in the company, valued at approximately $4,590,777.66. The disclosure for this purchase can be found here. Insiders have sold 882 shares of company stock valued at $202,030 in the last ninety days. 0.60% of the stock is 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.