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

Biogen (NASDAQ:BIIB) announced its quarterly earnings data 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 net margin of 11.81% and a return on equity of 14.91%. The firm had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.31 billion. During the same period last year, the firm posted $3.40 EPS. Biogen’s revenue was down 7.0% on a year-over-year basis. Biogen updated its FY24 guidance to $15.00-16.00 EPS and its FY 2024 guidance to 15.000-16.000 EPS.

Biogen Price Performance

Biogen stock traded down $2.46 during trading on Thursday, reaching $199.53. The company had a trading volume of 710,051 shares, compared to its average volume of 1,185,360. Biogen has a 1-year low of $189.44 and a 1-year high of $319.76. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.26 and a current ratio of 2.00. The firm’s 50-day simple moving average is $213.18 and its 200 day simple moving average is $234.39. The firm has a market capitalization of $29.00 billion, a PE ratio of 25.03, a price-to-earnings-growth ratio of 1.84 and a beta of -0.02.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. Bank of America reduced their price target on shares of Biogen from $280.00 to $260.00 and set a “neutral” rating for the company in a research report on Friday, April 12th. JPMorgan Chase & Co. reduced their price target on shares of Biogen from $270.00 to $240.00 and set a “neutral” rating for the company in a research report on Thursday, April 11th. BTIG Research reissued a “neutral” rating on shares of Biogen in a research report on Sunday, January 7th. Robert W. Baird reduced their price target on shares of Biogen from $333.00 to $316.00 and set an “outperform” rating for the company in a research report on Wednesday, February 14th. Finally, Barclays reduced their price target on shares of Biogen from $230.00 to $215.00 and set an “equal weight” rating for the company in a research report on Thursday, April 4th. Ten research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. Based on data from MarketBeat.com, Biogen has a consensus rating of “Moderate Buy” and an average price target of $294.46.

Insiders Place Their Bets

In other Biogen news, insider Priya Singhal sold 419 shares of Biogen stock in a transaction on Monday, February 12th. The shares were sold at an average price of $239.45, for a total transaction of $100,329.55. Following the sale, the insider now owns 4,516 shares of the company’s stock, valued at approximately $1,081,356.20. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, insider Priya Singhal sold 419 shares of Biogen stock in a transaction on Monday, February 12th. The stock was sold at an average price of $239.45, for a total transaction of $100,329.55. Following the transaction, the insider now owns 4,516 shares in the company, valued at approximately $1,081,356.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Eric K. Rowinsky purchased 455 shares of Biogen stock in a transaction dated Thursday, February 15th. The shares were bought at an average price of $222.54 per share, for a total transaction of $101,255.70. Following the acquisition, the director now owns 20,629 shares in the company, valued at $4,590,777.66. The disclosure for this purchase can be found here. Insiders have sold a total of 882 shares of company stock valued at $202,030 in the last 90 days. 0.60% of the stock is owned by 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.