These Analysts Revise Their Forecasts On Biogen After Q1 Results
Portfolio Pulse from Avi Kapoor
Biogen Inc (NASDAQ:BIIB) reported Q1 earnings with an adjusted EPS of $3.67, surpassing the consensus of $3.44, but sales of $2.29 billion missed the consensus of $2.31 billion. Multiple sclerosis and rare disease revenues declined. The company reaffirms its fiscal year 2024 adjusted EPS forecast and expects a low- to mid-single-digit percentage decline in total revenue. Following the earnings announcement, HC Wainwright & Co. lowered its price target on Biogen to $300 from $325, Wedbush increased its price target to $215 from $213, and Needham maintained a $294 price target. Biogen shares rose 4.6% to close at $201.99.
April 25, 2024 | 12:53 pm
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
Biogen reported better-than-expected Q1 EPS but missed sales forecasts. Analysts adjusted price targets, with a mix of increases and decreases. Shares rose 4.6% following the announcement.
The positive EPS surprise and reaffirmed fiscal year 2024 guidance, despite a sales miss, likely contributed to the stock's price increase. Analysts' mixed adjustments to price targets reflect a nuanced view on Biogen's future performance, but the overall market reaction was positive, indicating investor confidence.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100