Biogen (NASDAQ:BIIB) Posts Earnings Results

Biogen (NASDAQ:BIIB) posted its quarterly earnings results on Wednesday. The biotechnology company reported $3.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.95 by $0.62, FiscalAI reports. The firm had revenue of $2.48 billion during the quarter, compared to analyst estimates of $2.29 billion. Biogen had a return on equity of 12.83% and a net margin of 13.81%.Biogen’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $3.02 EPS. Biogen updated its FY 2026 guidance to 14.250-15.250 EPS.

Here are the key takeaways from Biogen’s conference call:

• Strong Q1 results: Total revenue was $2.5B (+2% YoY) with GAAP diluted EPS of $2.15 (+31% YoY), non‑GAAP EPS of $3.57 (+18% YoY), and $594M free cash flow, ending the quarter with $4.7B cash and $1.5B net debt.
• Apellis acquisition to expand growth portfolio: The pending deal (expected close Q2) brings two marketed medicines, Syfovre and Empaveli, which management says will materially bolster Biogen’s top‑line and be accretive to non‑GAAP EPS in 2027.
• Near‑term financial/headwinds from deals and charges: Management expects acquired IPR&D charges (≈$34M in Q1 and ≈$145M in Q2, ~$0.80 EPS impact) plus funding the Apellis purchase with $3.6B cash and $2B borrowings and an estimated ~$120–130M impact to non‑GAAP other income in 2026.
• Multiple near‑term pipeline catalysts: Key readouts and milestones include a mid‑year BIIB080 (tau ASO) proof‑of‑concept, the May 24 PDUFA for subQ Leqembi initiation, phase III readouts for litifilimab (SLE/CLE) and felzartamab (AMR), plus STELLAR‑1 dosing for salanersen.
• SMA and rare disease momentum: Spinraza High Dose approvals in the U.S., Japan and Europe have early conversion signals (e.g., ~20% in Germany) and, together with the salanersen program, strengthen Biogen’s SMA franchise and future commercial optionality.

Biogen Price Performance

Shares of BIIB opened at $187.06 on Friday. Biogen has a twelve month low of $115.25 and a twelve month high of $202.41. The firm’s fifty day simple moving average is $184.52 and its 200-day simple moving average is $176.28. The company has a current ratio of 3.06, a quick ratio of 2.03 and a debt-to-equity ratio of 0.34. The firm has a market capitalization of $27.62 billion, a price-to-earnings ratio of 20.07, a PEG ratio of 1.53 and a beta of 0.19.

Insiders Place Their Bets

In other Biogen news, insider Priya Singhal sold 2,660 shares of the firm’s stock in a transaction dated Monday, February 9th. The stock was sold at an average price of $199.83, for a total value of $531,547.80. Following the transaction, the insider directly owned 8,043 shares of the company’s stock, valued at $1,607,232.69. This trade represents a 24.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.18% of the company’s stock.

Institutional Trading of Biogen

Several large investors have recently bought and sold shares of the company. Invesco Ltd. lifted its holdings in Biogen by 4.2% in the 3rd quarter. Invesco Ltd. now owns 2,418,127 shares of the biotechnology company’s stock worth $338,731,000 after buying an additional 98,001 shares in the last quarter. Morgan Stanley grew its stake in shares of Biogen by 3.3% during the fourth quarter. Morgan Stanley now owns 2,325,013 shares of the biotechnology company’s stock valued at $409,180,000 after acquiring an additional 73,478 shares in the last quarter. AQR Capital Management LLC increased its position in shares of Biogen by 30.7% during the third quarter. AQR Capital Management LLC now owns 1,783,581 shares of the biotechnology company’s stock worth $248,809,000 after acquiring an additional 418,776 shares during the last quarter. Boston Partners purchased a new stake in shares of Biogen during the fourth quarter worth about $302,815,000. Finally, T. Rowe Price Investment Management Inc. lifted its stake in shares of Biogen by 9.7% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,170,907 shares of the biotechnology company’s stock worth $206,068,000 after acquiring an additional 103,425 shares in the last quarter. Institutional investors and hedge funds own 87.93% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Weiss Ratings upgraded shares of Biogen from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday. Guggenheim increased their price target on Biogen from $246.00 to $260.00 and gave the company a “buy” rating in a report on Thursday. HC Wainwright raised their price objective on shares of Biogen from $228.00 to $237.00 and gave the stock a “buy” rating in a report on Thursday, April 2nd. JPMorgan Chase & Co. lifted their target price on Biogen from $175.00 to $185.00 and gave the company a “neutral” rating in a research report on Thursday, April 23rd. Finally, Rothschild & Co Redburn upped their price target on shares of Biogen from $180.00 to $190.00 in a research report on Thursday. Thirteen research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $214.23.

Key Headlines Impacting Biogen

Here are the key news stories impacting Biogen this week:

• Positive Sentiment: Q1 beat driven by growth from newer drugs (Leqembi, Skyclarys) and upbeat revenue/profit metrics that underpin optimism about Biogen’s growth portfolio. Bristol Myers’ legacy lift, Biogen’s blue skies and Regeneron’s murky outlook
• Positive Sentiment: RBC raised its price target to $222 and maintained an Outperform rating, signaling strong analyst conviction and upside potential for BIIB. RBC raises PT to $222
• Positive Sentiment: H.C. Wainwright reiterated a Buy and lifted its PT to $237, citing reduced risk on BIIB080 (Alzheimer’s) — a bullish signal for upside from pipeline progress. H.C. Wainwright reiterates Buy, PT $237
• Positive Sentiment: TD Cowen initiated / affirmed a Buy with a $215 price target, citing strong Q1, pipeline progress and the Apellis deal as supportive factors. TD Cowen Buy, PT $215
• Positive Sentiment: Rothschild & Co Redburn nudged its PT up to $190 (small upside), reflecting modestly improved near-term views. Rothschild raises PT to $190
• Neutral Sentiment: BMO kept a Market Perform/Hold rating with an unchanged $196 target, signaling that some analysts see constrained near-term growth despite the beat. BMO maintains Hold, PT $196
• Neutral Sentiment: Several analyst notes and commentary highlight mixed takeaways: firms generally raised forecasts after the Q1 beat but some also trimmed FY2026 EPS expectations, producing varied buy/hold calls. Analysts boost forecasts after Q1
• Negative Sentiment: Biogen disclosed the Apellis transaction will create a ~$120M–$130M other‑income headwind in 2026 (non‑GAAP EPS accretion expected in 2027), creating a near‑term earnings drag that pressured sentiment. Apellis deal impact
• Negative Sentiment: Sanford C. Bernstein trimmed its PT slightly from $201 to $200 — a modest negative signal that may contribute to profit-taking amid mixed analyst reactions. Bernstein trims PT to $200

Biogen Company Profile

Biogen Inc is a multinational biotechnology company focused on discovering, developing and delivering therapies for neurological and neurodegenerative diseases. Headquartered in Cambridge, Massachusetts, the company has a longstanding emphasis on neuroscience, with research and commercial activities spanning multiple therapeutic areas including multiple sclerosis, spinal muscular atrophy and Alzheimer’s disease. Biogen was founded in 1978 and has grown into a global biopharmaceutical firm with operations and commercial presence across North America, Europe, Japan and other international markets.

The company’s marketed portfolio has historically included several well-known therapies for multiple sclerosis such as Avonex, Tysabri and Tecfidera, and it has pursued treatments for rare neurological conditions and genetic neuromuscular disorders.