/Biogen%20Inc%20magnified-by%20Casimiro%20PT%20via%20Shutterstock.jpg)
Based in Cambridge, Massachusetts, Biogen Inc. (BIIB) is a prominent global biotechnology company dedicated to pioneering advancements in neuroscience. With a market cap of $32.76 billion, Biogen is renowned for its innovative portfolio that enhances patient care through cutting-edge therapies for neurological and neurodegenerative diseases. The company is set to announce its fiscal Q2 earnings results before the market opens on Thursday, Aug. 1.
Ahead of the event, analysts expect BIIB to report a profit of $3.98 per share, down 1% from $4.02 per share in the year-ago quarter. In the last four quarters, the company has surpassed Wall Street’s bottom-line estimates in three and missed on another occasion.
Biogen's adjusted earnings of $3.67 per share for the last quarter surpassed the consensus estimate by 6.4%. Strong Tecfidera sales and contract manufacturing revenues drove Biogen's Q1 performance.
For fiscal 2024, analysts expect BIIB to report EPS of $15.61, up 6.1% from $14.72 in fiscal 2023.
BIIB stock is down 11.8% on a YTD basis, underperforming the broader S&P 500 Index's ($SPX) 17.2% gains and the VanEck Biotech ETF’s (BBH) 7.8% returns over the same time frame.
Biogen reported its Q1 earnings on Apr. 24. Better-than-expected earnings led to a nearly 5% stock rally.
The consensus opinion on BIIB stock is optimistic, with an overall “Moderate Buy” rating. Out of 29 analysts covering the stock, 18 advise a “Strong Buy” rating, two suggest a “Moderate Buy” rating, and nine recommend a “Hold.” BIIB's average analyst price target is $282.04, indicating a potential upside of 23.5% from the current levels.
On the date of publication, Rashmi Kumari did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
