Biogen Inc (NASDAQ:BIIB) Expected to Post Quarterly Sales of $3.44 Billion

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Wall Street brokerages expect Biogen Inc (NASDAQ:BIIB) to report sales of $3.44 billion for the current quarter, Zacks reports. Twenty Eight analysts have made estimates for Biogen’s earnings, with the highest sales estimate coming in at $3.65 billion and the lowest estimate coming in at $3.27 billion. Biogen reported sales of $3.49 billion in the same quarter last year, which indicates a negative year over year growth rate of 1.4%. The company is scheduled to announce its next earnings results on Wednesday, April 22nd.

According to Zacks, analysts expect that Biogen will report full-year sales of $14.09 billion for the current fiscal year, with estimates ranging from $12.91 billion to $14.47 billion. For the next fiscal year, analysts expect that the company will report sales of $13.91 billion, with estimates ranging from $12.37 billion to $15.26 billion. Zacks Investment Research’s sales averages are an average based on a survey of analysts that follow Biogen.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings data on Thursday, January 30th. The biotechnology company reported $8.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $8.02 by $0.32. Biogen had a return on equity of 46.51% and a net margin of 40.96%. The firm had revenue of $3.67 billion during the quarter, compared to analysts’ expectations of $3.51 billion. During the same period in the prior year, the business earned $6.99 EPS. The company’s revenue for the quarter was up 4.1% compared to the same quarter last year.

A number of research firms have recently issued reports on BIIB. JPMorgan Chase & Co. reiterated a “hold” rating on shares of Biogen in a report on Thursday, February 6th. ValuEngine cut Biogen from a “hold” rating to a “sell” rating in a report on Friday, February 7th. Leerink Swann upped their price objective on Biogen from $350.00 to $410.00 and gave the stock a “positive” rating in a report on Thursday, February 6th. Cowen reiterated a “buy” rating and issued a $325.00 price objective on shares of Biogen in a report on Thursday, January 2nd. Finally, Morgan Stanley upped their price objective on Biogen from $261.00 to $302.00 and gave the stock an “underweight” rating in a report on Thursday, February 6th. Five analysts have rated the stock with a sell rating, twenty have issued a hold rating and eleven have given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $316.69.

In other Biogen news, Director Brian S. Posner sold 1,055 shares of the company’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $292.35, for a total transaction of $308,429.25. Following the completion of the transaction, the director now owns 6,995 shares of the company’s stock, valued at approximately $2,044,988.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.39% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Renaissance Technologies LLC raised its position in Biogen by 8.3% during the 4th quarter. Renaissance Technologies LLC now owns 4,569,906 shares of the biotechnology company’s stock valued at $1,356,028,000 after purchasing an additional 348,700 shares during the last quarter. Bank of New York Mellon Corp raised its position in Biogen by 11.9% during the 4th quarter. Bank of New York Mellon Corp now owns 2,117,304 shares of the biotechnology company’s stock valued at $628,268,000 after purchasing an additional 225,925 shares during the last quarter. Amundi Pioneer Asset Management Inc. raised its position in Biogen by 279.1% during the 4th quarter. Amundi Pioneer Asset Management Inc. now owns 860,123 shares of the biotechnology company’s stock valued at $255,223,000 after purchasing an additional 633,249 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its position in Biogen by 8.1% during the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 851,574 shares of the biotechnology company’s stock valued at $198,263,000 after purchasing an additional 63,938 shares during the last quarter. Finally, Pictet Asset Management Ltd. raised its position in Biogen by 16.9% during the 3rd quarter. Pictet Asset Management Ltd. now owns 756,103 shares of the biotechnology company’s stock valued at $176,036,000 after purchasing an additional 109,336 shares during the last quarter. 86.95% of the stock is owned by institutional investors and hedge funds.

Shares of BIIB traded down $1.25 during midday trading on Tuesday, reaching $333.00. The stock had a trading volume of 1,017,642 shares, compared to its average volume of 1,868,579. The company’s 50-day moving average is $296.66 and its 200 day moving average is $267.35. Biogen has a 12-month low of $215.77 and a 12-month high of $374.99. The company has a current ratio of 1.72, a quick ratio of 1.56 and a debt-to-equity ratio of 0.37. The company has a market capitalization of $59.00 billion, a price-to-earnings ratio of 10.58, a price-to-earnings-growth ratio of 1.13 and a beta of 1.21.

Biogen declared that its board has approved a share repurchase plan on Saturday, December 21st that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the biotechnology company to reacquire shares of its stock through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.

Biogen Company Profile

Biogen Inc discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases worldwide. The company offers TECFIDERA, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for the treatment of multiple sclerosis (MS); SPINRAZA for the treatment of spinal muscular atrophy; and FUMADERM for the treatment of plaque psoriasis.

Further Reading: Dividend Reinvestment Plan (DRIP)

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Earnings History and Estimates for Biogen (NASDAQ:BIIB)

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