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

Biogen (NASDAQ:BIIB) announced its quarterly earnings data 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 business 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 company’s revenue for the quarter was down 2.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $4.36 EPS. Biogen updated its FY24 guidance to $16.10-16.60 EPS and its FY 2024 guidance to 16.100-16.600 EPS.

Biogen Stock Down 4.0 %

Biogen stock traded down $7.18 during mid-day trading on Thursday, hitting $174.00. 1,738,578 shares of the company’s stock were exchanged, compared to its average volume of 1,132,537. Biogen has a 1-year low of $173.88 and a 1-year high of $268.30. The stock has a 50 day moving average of $193.92 and a two-hundred day moving average of $209.77. The stock has a market cap of $25.33 billion, a P/E ratio of 21.99, a P/E/G ratio of 1.87 and a beta of -0.06. The company has a current ratio of 2.29, a quick ratio of 1.48 and a debt-to-equity ratio of 0.40.

Insider Activity

In other Biogen news, insider Priya Singhal sold 431 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $204.22, for a total transaction of $88,018.82. Following the transaction, the insider now 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 document filed with the SEC, which is available at the SEC website. 0.16% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

BIIB has been the topic of several recent research reports. William Blair reissued an “outperform” rating on shares of Biogen in a report on Wednesday, July 3rd. Wells Fargo & Company lowered their price target on shares of Biogen from $240.00 to $225.00 and set an “equal weight” rating for the company in a research report on Friday, August 2nd. Scotiabank cut their price objective on shares of Biogen from $275.00 to $244.00 and set a “sector outperform” rating on the stock in a research report on Friday, August 2nd. StockNews.com upgraded shares of Biogen from a “buy” rating to a “strong-buy” rating in a research report on Monday, September 2nd. Finally, UBS Group reduced their price objective on Biogen from $234.00 to $202.00 and set a “neutral” rating for the company in a research report on Thursday, October 3rd. Ten equities research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Biogen presently has an average rating of “Moderate Buy” and a consensus target price of $262.83.

Biogen Company Profile

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.