Biogen (NASDAQ:BIIB) Posts Quarterly Earnings Results, Beats Estimates By $0.31 EPS

Biogen (NASDAQ:BIIB) released its quarterly earnings results on Wednesday. The biotechnology company reported $4.08 earnings per share for the quarter, beating analysts’ consensus estimates of $3.77 by $0.31, Briefing.com reports. The company had revenue of $2.47 billion during the quarter, compared to the consensus estimate of $2.43 billion. Biogen had a net margin of 11.98% and a return on equity of 15.71%. The firm’s quarterly revenue was down 2.5% on a year-over-year basis. During the same period in the previous year, the business earned $4.36 earnings per share. Biogen updated its FY24 guidance to $16.10-16.60 EPS and its FY 2024 guidance to 16.100-16.600 EPS.

Biogen Price Performance

Biogen stock traded down $5.74 during midday trading on Thursday, hitting $175.44. 1,099,965 shares of the company’s stock were exchanged, compared to its average volume of 1,129,511. The stock has a 50-day moving average price of $193.92 and a two-hundred day moving average price of $209.77. The company has a market cap of $25.54 billion, a P/E ratio of 21.99, a PEG ratio of 1.87 and a beta of -0.06. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.48 and a current ratio of 2.29. Biogen has a 52-week low of $174.76 and a 52-week high of $268.30.

Insider Buying and Selling at Biogen

In other Biogen news, insider Priya Singhal sold 431 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $204.22, for a total transaction of $88,018.82. Following the transaction, the insider now directly owns 5,316 shares in the company, valued at $1,085,633.52. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.16% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities research analysts recently weighed in on BIIB shares. Morgan Stanley cut shares of Biogen from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $285.00 to $204.00 in a research report on Thursday. Wells Fargo & Company reduced their target price on shares of Biogen from $240.00 to $225.00 and set an “equal weight” rating on the stock in a report on Friday, August 2nd. Wedbush dropped their price target on shares of Biogen from $210.00 to $205.00 and set a “neutral” rating for the company in a research note on Monday, September 23rd. HC Wainwright reiterated a “buy” rating and issued a $300.00 target price on shares of Biogen in a report on Thursday. Finally, Oppenheimer decreased their price objective on shares of Biogen from $270.00 to $255.00 and set an “outperform” rating for the company in a research report on Thursday. Ten research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus 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.