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

Biogen (NASDAQ:BIIB) posted its earnings results on Wednesday. The biotechnology company reported $3.67 EPS for the quarter, beating the consensus estimate of $3.45 by $0.22, Briefing.com reports. Biogen had a return on equity of 14.83% and a net margin of 12.07%. The firm had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.31 billion. Biogen’s revenue for the quarter was down 7.0% compared to the same quarter last year. During the same quarter in the prior year, the company 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

Shares of Biogen stock traded up $5.08 on Friday, reaching $207.54. 533,171 shares of the stock were exchanged, compared to its average volume of 1,187,968. 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 $30.17 billion, a PE ratio of 25.28, a PEG ratio of 1.92 and a beta of -0.02. Biogen has a 1-year low of $189.44 and a 1-year high of $319.76. The business has a fifty day moving average price of $212.76 and a two-hundred day moving average price of $234.17.

Wall Street Analysts Forecast Growth

BIIB has been the subject of several analyst reports. UBS Group lowered their price objective on Biogen from $250.00 to $214.00 and set a “neutral” rating for the company in a research report on Wednesday, April 17th. Wells Fargo & Company downgraded Biogen from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $315.00 to $240.00 in a report on Wednesday, February 14th. Truist Financial reissued a “buy” rating and set a $340.00 price objective on shares of Biogen in a report on Monday, March 25th. HC Wainwright lowered their target price on shares of Biogen from $325.00 to $300.00 and set a “buy” rating for the company in a report on Thursday. Finally, Wedbush lifted their price target on shares of Biogen from $213.00 to $215.00 and gave the stock a “neutral” rating in a research note on Thursday. Ten equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $293.88.

Insider Buying and Selling at Biogen

In other news, insider Priya Singhal sold 262 shares of the stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $221.23, for a total transaction of $57,962.26. Following the completion of the transaction, the insider now directly owns 4,886 shares of the company’s stock, valued at approximately $1,080,929.78. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, insider Priya Singhal sold 262 shares of the company’s stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $221.23, for a total transaction of $57,962.26. Following the transaction, the insider now directly owns 4,886 shares of the company’s stock, valued at approximately $1,080,929.78. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Eric K. Rowinsky acquired 455 shares of Biogen stock in a transaction that occurred on Thursday, February 15th. The stock was bought at an average price of $222.54 per share, with a total value of $101,255.70. Following the purchase, the director now directly owns 20,629 shares of the company’s stock, valued at $4,590,777.66. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 882 shares of company stock valued at $202,030. 0.60% of the stock is owned by corporate 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.