Biogen cost cuts drive profit beat, as Alzheimer's drug off to slow start

Biogen (BIIB) PT Lowered to $317 at RBC Capital

RBC Capital analyst Brian Abrahams lowered the price target on Biogen (NASDAQ: BIIB) to $317.00 (from $326.00) while maintaining a Outperform rating.

The analyst comments "Some encouraging signs for the launch products Skyclarys, Leqembi, and Zurzuvae; while the base business remains pressured and a more... More

JPMorgan First Take on Biogen (BIIB)

JPMorgan analyst Chris Schott reiterated a Neutral rating on Biogen (NASDAQ: BIIB).

The analyst comments "This morning, BIIB reported 1Q results that were in line on the top line (Spinraza miss/Tecfidera beat) and ahead on the bottom line and the company... More

BMO Capital First Take on Biogen (BIIB) Earnings

BMO Capital analyst Evan David Seigerman reiterated an Outperform rating and $260.00 price target on Biogen (NASDAQ: BIIB).

The analyst comments "Topline miss countered by operating expense efficiency gains from "Fit for Growth" initiative. Topline miss (-1% vs. cons.) mostly driven by Spinraza... More

Biogen (BIIB) tops earnings expectations but revenue falls short

(Updated - April 24, 2024 9:42 AM EDT)

Biogen (NASDAQ: BIIB) reported its first quarter 2024 earnings, surpassing analyst expectations for adjusted earnings per share (EPS) but falling slightly short on revenue. The company announced an adjusted EPS of $3.67, which was $0.24 higher than the analyst estimate of $3.43. However, revenue for the quarter was $2.29 billion, just below the consensus estimate of $2.31 billion.

The pharmaceutical giant experienced a 7% decline in total revenue compared to the same quarter last year, highlighting challenges in the market. Despite this, Biogen's GAAP operating income saw a 10% increase, and adjusted operating... More