Expect Biogen (BIIB) to be Down on Weaker Earnings and Guidance - Needham & Company

Needham & Company analyst Ami Fadia reiterated a Buy rating and $292.00 price target on Biogen (NASDAQ: BIIB), following the company's Q4 earnings report.

The analyst quotes: "4Q21 Non-GAAP EPS of $3.39 came in-line with consensus but ~2% above our estimates (details below). Mgt also provided 2022 financial guidance for the first time, which came in below consensus expectations both on revenues (-4% vs cons at the mid-point) and non-GAAP EPS (19% below cons at the mid-point). This reflects the previously announced $500M of cost savings, and could be subject to downside should the final Aduhelm NCD decision not be better than the draft as it would result in write-offs and underutilization of manufacturing costs. We expect the stock to be down on the weaker than expected print and 2022 financial guidance."

For an analyst ratings summary and ratings history on Biogen click here. For more ratings news on Biogen click here.

Shares of Biogen closed at $224.96 yesterday.

You May Also Be Interested In

• Nvidia pitches Vera CPU to Chinese clients with August delivery target
• SpaceX Shares Indicated To Open At $155
• Schwab's May activity shows margin loans nearly double