Biogen (BIIB) Set to Announce Quarterly Earnings on Wednesday

Biogen (NASDAQ:BIIB) will announce its earnings results before the market opens on Wednesday, October 30th. Analysts expect the company to announce earnings of $3.80 per share for the quarter. Biogen has set its FY24 guidance at $15.75-16.25 EPS and its FY 2024 guidance at 15.750-16.250 EPS.Investors that wish to register for the company’s conference call can do so using this link.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings results on Thursday, August 1st. The biotechnology company reported $5.28 earnings per share for the quarter, beating the consensus estimate of $4.00 by $1.28. The firm had revenue of $2.47 billion during the quarter, compared to the consensus estimate of $2.39 billion. Biogen had a net margin of 11.98% and a return on equity of 15.71%. The company’s revenue was up .4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $4.02 earnings per share. On average, analysts expect Biogen to post $16 EPS for the current fiscal year and $17 EPS for the next fiscal year.

Biogen Stock Performance

Shares of NASDAQ:BIIB opened at $185.90 on Wednesday. The company has a market capitalization of $27.07 billion, a price-to-earnings ratio of 23.21, a price-to-earnings-growth ratio of 1.87 and a beta of -0.06. Biogen has a 52 week low of $181.31 and a 52 week high of $268.30. The company has a quick ratio of 1.48, a current ratio of 2.29 and a debt-to-equity ratio of 0.40. The firm has a 50 day moving average of $196.40 and a 200 day moving average of $210.66.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Truist Financial reaffirmed a “buy” rating and issued a $302.00 price target (down from $340.00) on shares of Biogen in a report on Monday, August 5th. Scotiabank cut their price target on shares of Biogen from $275.00 to $244.00 and set a “sector outperform” rating on the stock in a report on Friday, August 2nd. UBS Group cut their price target on shares of Biogen from $234.00 to $202.00 and set a “neutral” rating on the stock in a report on Thursday, October 3rd. Needham & Company LLC reaffirmed a “buy” rating and issued a $285.00 price target on shares of Biogen in a report on Tuesday, September 24th. Finally, Royal Bank of Canada cut their price target on shares of Biogen from $292.00 to $269.00 and set an “outperform” rating on the stock in a report on Friday, October 4th. Nine research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Biogen presently has an average rating of “Moderate Buy” and a consensus target price of $271.39.

Insiders Place Their Bets

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