Biogen Analysts Slash Their Forecasts After Q3 Results

Biogen Inc BIIB reported upbeat earnings for the third quarter on Wednesday.

The company pisted third-quarter adjusted EPS of $4.08, down 6%, beating the consensus of $3.79. The company reported sales of $2.47 billion, down 3% year over on constant currency and reported basis, beating the consensus of $2.43 billion.

Biogen raised its 2024 adjusted EPS guidance to $16.10-$16.60 versus prior guidance of $15.75-$16.25 and consensus of $16.19. Biogen continues to expect 2024 revenue to decline by a low-single-digit percentage, with core pharmaceutical revenue to be relatively flat compared to 2023, as further declines in multiple sclerosis product revenues are expected to be offset by increases in revenue from new product launches.

For 2024 compared to 2023, Biogen expects operating income to grow at a high-teen percentage with mid-single digit percentage point operating margin improvement

Biogen shares fell 2.5% to trade at $176.55 on Thursday.

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

• Morgan Stanley analyst Matthew Harrison downgraded Biogen from Overweight to Equal-Weight and lowered the price target from $285 to $204.
• TD Cowen analyst Phil Nadeau maintained the stock with a Buy and lowered the price target from $300 to $275.
• Needham analyst Ami Fadia reiterated Biogen with a Buy and maintained a $270 price target.
• HC Wainwright & Co. analyst Andrew Fein reiterated Biogen with a Buy and maintained a $300 price target.

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