Biogen (NASDAQ:BIIB) Issues FY24 Earnings Guidance

Biogen (NASDAQ:BIIB) updated its FY24 earnings guidance on Wednesday. The company provided earnings per share guidance of $15.00-16.00 for the period, compared to the consensus earnings per share 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 Up 4.6 %

Shares of NASDAQ BIIB traded up $8.81 during midday trading on Wednesday, hitting $201.99. 3,241,587 shares of the company’s stock were exchanged, compared to its average volume of 1,191,599. The firm’s fifty day simple moving average is $213.55 and its 200-day simple moving average is $234.62. The company has a market cap of $29.36 billion, a PE ratio of 25.64, a P/E/G ratio of 1.85 and a beta of -0.02. Biogen has a twelve month low of $189.44 and a twelve month 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.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings data on Tuesday, February 13th. The biotechnology company reported $2.95 earnings per share for the quarter, missing the consensus estimate of $3.18 by ($0.23). Biogen had a return on equity of 14.91% and a net margin of 11.81%. The company had revenue of $2.39 billion for the quarter, compared to analysts’ expectations of $2.47 billion. During the same quarter in the prior year, the firm posted $4.05 EPS. Research analysts predict that Biogen will post 15.48 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on BIIB. BMO Capital Markets decreased their price objective on shares of Biogen from $295.00 to $285.00 and set an outperform rating on the stock in a report on Wednesday, February 14th. HC Wainwright reissued a buy rating and issued a $325.00 price target on shares of Biogen in a research note on Wednesday, February 14th. JPMorgan Chase & Co. dropped their price objective on shares of Biogen from $270.00 to $240.00 and set a neutral rating for the company in a research note on Thursday, April 11th. William Blair reaffirmed an outperform rating on shares of Biogen in a research note on Monday, April 1st. Finally, Royal Bank of Canada reaffirmed an outperform rating and issued a $364.00 target price on shares of Biogen in a research report on Tuesday, March 5th. Ten research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $295.35.

Insider Buying and Selling

In other news, insider Priya Singhal sold 262 shares of the business’s stock in a transaction 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 sale, the insider now owns 4,886 shares in the company, valued at $1,080,929.78. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other Biogen news, Director Eric K. Rowinsky purchased 455 shares of the stock in a transaction on Thursday, February 15th. The stock was bought at an average cost of $222.54 per share, for a total transaction of $101,255.70. Following the completion of the acquisition, the director now directly owns 20,629 shares of the company’s stock, valued at $4,590,777.66. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Priya Singhal sold 262 shares of the stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $221.23, for a total value of $57,962.26. Following the transaction, the insider now directly owns 4,886 shares of the company’s stock, valued at $1,080,929.78. The disclosure for this sale can be found here. Insiders sold 882 shares of company stock valued at $202,030 over the last quarter. Corporate insiders own 0.60% of the company’s stock.

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.