Wolfe Research Has Pessimistic Outlook of Biogen Q2 Earnings

Key Points

• Wolfe Research cut its Q2 2026 EPS estimate for Biogen to $3.11 from $3.78 and lowered its FY2026 outlook to $14.10 while providing multi‑year EPS forecasts through 2030.
• Biogen recently beat Q1 expectations with $3.57 EPS and $2.48B revenue and set FY2026 guidance of $14.25–$15.25 EPS, highlighting a divergence between company guidance/results and Wolfe's near‑term cut.
• Analyst sentiment is mixed but generally positive: consensus rating is a "Moderate Buy" with an average price target of $214.23 (one Strong Buy, 13 Buy, 13 Hold, 1 Sell).

Biogen Inc. (NASDAQ:BIIB - Free Report) - Equities researchers at Wolfe Research dropped their Q2 2026 EPS estimates for shares of Biogen in a research note issued on Monday, May 4th. Wolfe Research analyst A. Hammond now forecasts that the biotechnology company will post earnings per share of $3.11 for the quarter, down from their prior estimate of $3.78. The consensus estimate for Biogen's current full-year earnings is $14.21 per share. Wolfe Research also issued estimates for Biogen's Q3 2026 earnings at $3.68 EPS, Q4 2026 earnings at $3.57 EPS, FY2026 earnings at $14.10 EPS, FY2027 earnings at $17.59 EPS, FY2028 earnings at $18.94 EPS, FY2029 earnings at $19.09 EPS and FY2030 earnings at $21.17 EPS.

Biogen (NASDAQ:BIIB - Get Free Report) last posted its earnings results on Wednesday, April 29th. The biotechnology company reported $3.57 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.95 by $0.62. The business had revenue of $2.48 billion for the quarter, compared to analyst estimates of $2.29 billion. Biogen had a net margin of 13.81% and a return on equity of 12.83%. Biogen's revenue was up 1.9% compared to the same quarter last year. During the same period last year, the business posted $3.02 EPS. Biogen has set its FY 2026 guidance at 14.250-15.250 EPS.

Several other research firms have also issued reports on BIIB. Barclays initiated coverage on shares of Biogen in a research report on Thursday, February 19th. They issued an "equal weight" rating and a $185.00 price target on the stock. Stifel Nicolaus raised their price target on shares of Biogen from $202.00 to $214.00 and gave the stock a "buy" rating in a research report on Friday, February 6th. Freedom Capital upgraded shares of Biogen from a "hold" rating to a "strong-buy" rating in a research report on Friday, May 1st. Argus upgraded shares of Biogen to a "hold" rating in a research report on Thursday, April 9th. Finally, Guggenheim raised their price target on shares of Biogen from $246.00 to $260.00 and gave the stock a "buy" rating in a research report on Thursday, April 30th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, thirteen have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Biogen currently has a consensus rating of "Moderate Buy" and an average price target of $214.23.

Biogen Stock Performance

NASDAQ BIIB opened at $190.68 on Thursday. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.06 and a quick ratio of 2.41. The firm has a market capitalization of $28.15 billion, a price-to-earnings ratio of 20.46, a P/E/G ratio of 1.66 and a beta of 0.19. The company's fifty day moving average is $184.35 and its two-hundred day moving average is $177.16. Biogen has a 52-week low of $115.25 and a 52-week high of $202.41.

Hedge Funds Weigh In On Biogen

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Rothschild Investment LLC lifted its holdings in shares of Biogen by 12.3% during the 4th quarter. Rothschild Investment LLC now owns 513 shares of the biotechnology company's stock worth $90,000 after acquiring an additional 56 shares during the period. Kera Capital Partners Inc. lifted its holdings in shares of Biogen by 3.5% during the 1st quarter. Kera Capital Partners Inc. now owns 1,723 shares of the biotechnology company's stock worth $316,000 after acquiring an additional 58 shares during the period. Itau Unibanco Holding S.A. lifted its holdings in shares of Biogen by 24.4% during the 4th quarter. Itau Unibanco Holding S.A. now owns 337 shares of the biotechnology company's stock worth $59,000 after acquiring an additional 66 shares during the period. Advisory Services Network LLC lifted its holdings in shares of Biogen by 3.9% during the 3rd quarter. Advisory Services Network LLC now owns 1,792 shares of the biotechnology company's stock worth $251,000 after acquiring an additional 68 shares during the period. Finally, CVA Family Office LLC lifted its holdings in shares of Biogen by 18.1% during the 3rd quarter. CVA Family Office LLC now owns 464 shares of the biotechnology company's stock worth $65,000 after acquiring an additional 71 shares during the period. 87.93% of the stock is owned by institutional investors.

Insider Activity at Biogen

In other news, insider Priya Singhal sold 2,660 shares of the firm's stock in a transaction dated Monday, February 9th. The shares were sold at an average price of $199.83, for a total transaction of $531,547.80. Following the completion of the transaction, the insider directly owned 8,043 shares of the company's stock, valued at approximately $1,607,232.69. This trade represents a 24.85% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.18% of the company's stock.

About Biogen

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.

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