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

Biogen (NASDAQ:BIIB) posted its quarterly earnings data on Wednesday. The biotechnology company reported $3.67 earnings per share (EPS) for the quarter, beating 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 analysts’ expectations of $2.31 billion. Biogen had a net margin of 12.07% and a return on equity of 14.83%. The business’s revenue was down 7.0% on a year-over-year basis. During the same period last year, the firm posted $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 Stock Performance

NASDAQ BIIB opened at $201.30 on Friday. 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 firm has a market capitalization of $29.26 billion, a price-to-earnings ratio of 25.28, a P/E/G ratio of 1.92 and a beta of -0.02. The firm’s 50 day simple moving average is $212.76 and its 200 day simple moving average is $234.17. Biogen has a 1 year low of $189.44 and a 1 year high of $319.76.

Analysts Set New Price Targets

BIIB has been the subject of a number of research analyst reports. JPMorgan Chase & Co. cut their target price on shares of Biogen from $270.00 to $240.00 and set a “neutral” rating for the company in a research report on Thursday, April 11th. Robert W. Baird dropped their price target on shares of Biogen from $333.00 to $316.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 14th. Wells Fargo & Company lowered shares of Biogen from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $315.00 to $240.00 in a research note on Wednesday, February 14th. Truist Financial restated a “buy” rating and set a $340.00 price target on shares of Biogen in a research note on Monday, March 25th. Finally, William Blair restated an “outperform” rating on shares of Biogen in a research note on Monday, April 1st. Ten equities research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $293.88.

Insider Buying and Selling

In related news, insider Priya Singhal sold 419 shares of the stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $239.45, for a total transaction of $100,329.55. Following the sale, the insider now owns 4,516 shares in the company, valued at approximately $1,081,356.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Eric K. Rowinsky bought 455 shares of the business’s stock in a transaction on Thursday, February 15th. The shares were purchased at an average price of $222.54 per share, for a total transaction of $101,255.70. Following the completion of the transaction, the director now directly owns 20,629 shares of the company’s stock, valued at approximately $4,590,777.66. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Priya Singhal sold 419 shares of the firm’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $239.45, for a total transaction of $100,329.55. Following the transaction, the insider now directly owns 4,516 shares of the company’s stock, valued at approximately $1,081,356.20. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 882 shares of company stock worth $202,030. Corporate insiders own 0.60% of the company’s stock.

Biogen Company Profile

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.