These Analysts Revise Their Forecasts On Biogen After Q1 Results

Biogen Inc BIIB reported better-than-expected earnings for its first quarter on Wednesday.

Biogen reported first-quarter adjusted EPS of $3.67, up 8%, beating the consensus of $3.44. The company reported sales of $2.29 billion, down 7% year over year and missing the consensus of $2.31 billion, according to data from Benzinga Pro.

Multiple sclerosis revenue of $1.1 billion decreased by 4% (down 4% on constant currency). Multiple sclerosis drug Tysabri sales were down to $431.3 million from $472.8 million. Rare disease revenue decreased 4% year over year (down 4% CC) to $423.9 million. Spinraza's revenue fell to $341.3 million from $443.3 million a year ago.

For the fiscal year 2024, Biogen reaffirms adjusted EPS Of $15.00-$16.00 versus consensus of $15.48, up around 5% versus 2023 at the mid-point. The company expects 2024 total revenue to decline by a low- to mid-single-digit percentage, with operating income expected to grow at a low-double-digit percentage.

Biogen shares gained 4.6% to close at $201.99 on Wednesday.

These analysts made changes to their price targets on Biogen following earnings announcement.

• HC Wainwright & Co. cut the price target on Biogen from $325 to $300. HC Wainwright & Co. analyst Andrew Fein maintained a Buy rating.
• Wedbush boosted the price target on Biogen from $213 to $215. Wedbush analyst Laura Chico maintained a Neutral rating.
• Needham analyst Ami Fadia, meanwhile, reiterated Biogen with a Buy and maintained a $294 price target.

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