Biogen (NASDAQ:BIIB) Announces Earnings Results

Biogen (NASDAQ:BIIB) released its quarterly earnings data on Wednesday. The biotechnology company reported $4.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.77 by $0.31, Briefing.com reports. Biogen had a return on equity of 14.98% and a net margin of 16.81%. The firm had revenue of $2.47 billion for the quarter, compared to analyst estimates of $2.43 billion. During the same quarter in the prior year, the company earned $4.36 earnings per share. The business’s revenue for the quarter was down 2.5% compared to the same quarter last year. Biogen updated its FY24 guidance to $16.10-16.60 EPS and its FY 2024 guidance to 16.100-16.600 EPS.

Biogen Trading Down 0.1 %

Shares of BIIB opened at $173.79 on Friday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.48 and a current ratio of 1.26. Biogen has a 52-week low of $173.14 and a 52-week high of $268.30. The firm has a market cap of $25.31 billion, a price-to-earnings ratio of 15.70, a PEG ratio of 1.82 and a beta of -0.06. The business’s fifty day moving average is $192.71 and its 200-day moving average is $209.37.

Insider Buying and Selling

In other Biogen news, insider Priya Singhal sold 431 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $204.22, for a total transaction 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. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.16% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on BIIB. Robert W. Baird cut their price target on Biogen from $316.00 to $294.00 and set an “outperform” rating for the company in a report on Monday, July 29th. Oppenheimer decreased their price target on shares of Biogen from $270.00 to $255.00 and set an “outperform” rating on the stock in a research note on Thursday. Royal Bank of Canada cut their price objective on shares of Biogen from $292.00 to $269.00 and set an “outperform” rating for the company in a research report on Friday, October 4th. Wells Fargo & Company decreased their target price on Biogen from $240.00 to $225.00 and set an “equal weight” rating on the stock in a research report on Friday, August 2nd. Finally, StockNews.com upgraded Biogen from a “buy” rating to a “strong-buy” rating in a research note on Monday, September 2nd. Ten equities research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $262.83.

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.