Biogen (NASDAQ:BIIB) Sets New 12-Month High on Better-Than-Expected Earnings

Key Points

• Biogen exceeded quarterly expectations, reporting adjusted EPS of $2.62 versus the $1.99 consensus and revenue of $2.80 billion, up 10.6% year over year.
• Growth in newer products drove results, with Growth Portfolio revenue rising 49% to $1.26 billion and rare-disease revenue increasing 27% to $676 million. Management also raised the low end of its full-year 2026 adjusted EPS outlook to $12.20.
• The earnings beat pushed Biogen shares to a new 52-week high of $258.78, although the company posted a $20.6 million GAAP loss and Barclays’ $230 price target remained below the stock’s recent trading level.

Biogen Inc. (NASDAQ:BIIB - Get Free Report)'s share price reached a new 52-week high on Wednesday following a stronger than expected earnings report. The stock traded as high as $258.78 and last traded at $249.5280, with a volume of 786,598 shares. The stock had previously closed at $252.73.

The biotechnology company reported $2.62 earnings per share for the quarter, topping analysts' consensus estimates of $1.99 by $0.63. The company had revenue of $2.80 billion for the quarter, compared to the consensus estimate of $2.63 billion. Biogen had a net margin of 8.32% and a return on equity of 11.18%. The firm's quarterly revenue was up 10.6% on a year-over-year basis. During the same period in the previous year, the firm earned $4.81 EPS.

Key Biogen News

Here are the key news stories impacting Biogen this week:

• Positive Sentiment: Biogen reported adjusted earnings of $2.62 per share, well above the $1.99–$2.06 analyst estimates, while revenue rose 10.6% year over year to $2.80 billion, exceeding expectations. Biogen earnings report
• Positive Sentiment: Growth Portfolio revenue increased 49% to $1.26 billion, supported by newer medicines and the first full-quarter contribution from products acquired through Apellis. Rare-disease revenue also climbed 27% to $676 million. Biogen Q3 revenue report
• Positive Sentiment: Management raised the low end of its full-year 2026 reported non-GAAP EPS outlook to $12.20–$13.00, reinforcing the view that newer products are offsetting pressure on Biogen’s established multiple sclerosis franchise. Biogen raises guidance
• Neutral Sentiment: Barclays raised its price target from $200 to $230 but maintained an “equal weight” rating. The new target remains below the recent trading level, indicating limited upside in the bank’s view. Barclays Biogen rating
• Negative Sentiment: Biogen posted a $20.6 million GAAP loss, or $0.14 per share, versus a profit in the prior-year quarter, primarily because of acquisition-related research and development charges. Investors also purchased 5,799 put options, about 230% of average daily volume, signaling increased near-term hedging or bearish speculation. Biogen GAAP loss report

Analyst Ratings Changes

A number of research firms recently commented on BIIB. Oppenheimer reaffirmed an "outperform" rating and issued a $300.00 price target on shares of Biogen in a report on Wednesday, July 29th. JPMorgan Chase & Co. raised Biogen from a "neutral" rating to an "overweight" rating and raised their target price for the stock from $210.00 to $300.00 in a research report on Monday, October 12th. Bank of America upped their price target on Biogen from $219.00 to $244.00 and gave the company a "neutral" rating in a research report on Thursday, October 22nd. Canaccord Genuity Group increased their price target on Biogen from $245.00 to $248.00 and gave the stock a "buy" rating in a research note on Thursday, July 30th. Finally, Truist Financial upgraded Biogen from a "hold" rating to a "buy" rating and boosted their price objective for the company from $190.00 to $235.00 in a research note on Monday, July 13th. One investment analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $242.96.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. purchased a new position in shares of Biogen during the 2nd quarter valued at $3,453,878,000. Primecap Management Co. CA purchased a new stake in shares of Biogen in the 2nd quarter valued at about $3,274,304,000. Wellington Management Group LLP raised its holdings in shares of Biogen by 5.3% in the 2nd quarter. Wellington Management Group LLP now owns 3,117,469 shares of the biotechnology company's stock valued at $673,560,000 after acquiring an additional 155,828 shares in the last quarter. Amundi boosted its position in shares of Biogen by 91.8% during the 2nd quarter. Amundi now owns 1,516,831 shares of the biotechnology company's stock valued at $327,727,000 after acquiring an additional 726,004 shares during the last quarter. Finally, Legal & General Group Plc bought a new stake in shares of Biogen during the 2nd quarter valued at about $322,640,000. Hedge funds and other institutional investors own 87.93% of the company's stock.

Biogen Trading Down 1.2%

The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.26 and a current ratio of 1.87. The stock has a market cap of $36.88 billion, a P/E ratio of 44.18, a P/E/G ratio of 2.99 and a beta of 0.09. The stock has a 50-day moving average price of $225.10 and a 200-day moving average price of $200.10.

About Biogen

Biogen Inc is a biotechnology company that discovers, develops and commercializes therapies for neurological and neurodegenerative diseases. Its areas of focus include multiple sclerosis, Alzheimer's disease, spinal muscular atrophy, amyotrophic lateral sclerosis and other serious medical conditions.

The company's portfolio includes multiple sclerosis treatments such as Tecfidera, Vumerity, Tysabri, Plegridy and Avonex, as well as Spinraza for spinal muscular atrophy. Biogen also markets Leqembi, an Alzheimer's disease treatment developed in collaboration with Eisai, and works with partners to advance additional therapies and biosimilars.

Biogen was founded in 1978 and is headquartered in Cambridge, Massachusetts.

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