Biogen (NASDAQ:BIIB) Announces Quarterly Earnings Results

Biogen (NASDAQ:BIIB) announced its quarterly earnings results on Thursday. The biotechnology company reported $5.28 EPS for the quarter, beating analysts’ consensus estimates of $4.00 by $1.28, Briefing.com reports. The firm had revenue of $2.47 billion for the quarter, compared to analyst estimates of $2.39 billion. Biogen had a return on equity of 14.83% and a net margin of 12.07%. The business’s revenue for the quarter was up .4% on a year-over-year basis. During the same period last year, the firm posted $4.02 earnings per share. Biogen updated its FY24 guidance to $15.75-16.25 EPS and its FY 2024 guidance to 15.750-16.250 EPS.

Biogen Stock Performance

BIIB traded down $5.04 during trading on Friday, hitting $205.66. 1,768,185 shares of the company traded hands, compared to its average volume of 1,147,458. Biogen has a one year low of $189.44 and a one year high of $278.95. The stock’s fifty day moving average is $225.25 and its 200 day moving average is $223.43. The company has a quick ratio of 1.32, a current ratio of 2.10 and a debt-to-equity ratio of 0.41. The firm has a market cap of $29.94 billion, a P/E ratio of 25.62, a price-to-earnings-growth ratio of 2.15 and a beta of -0.04.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on BIIB. Royal Bank of Canada lifted their price target on shares of Biogen from $282.00 to $292.00 and gave the stock an “outperform” rating in a report on Friday. Piper Sandler decreased their target price on shares of Biogen from $335.00 to $313.00 and set an “overweight” rating for the company in a research report on Friday, July 12th. Needham & Company LLC restated a “buy” rating and issued a $288.00 price target on shares of Biogen in a research report on Thursday. HSBC increased their price objective on shares of Biogen from $339.00 to $342.00 and gave the stock a “buy” rating in a research report on Friday, May 3rd. Finally, Wedbush decreased their target price on Biogen from $215.00 to $210.00 and set a “neutral” rating for the company in a research note on Friday. Ten investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. According to data from MarketBeat.com, Biogen presently has a consensus rating of “Moderate Buy” and a consensus price target of $279.08.

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.