Biogen (BIIB) Reports Earnings Tomorrow: What To Expect

Biotech company Biogen (NASDAQ:BIIB) will be announcing earnings results this Thursday before market open. Here’s what to look for.

Biogen beat analysts’ revenue expectations by 13.7% last quarter, reporting revenues of $2.65 billion, up 7.3% year on year. It was an incredible quarter for the company, with a beat of analysts’ EPS estimates and an impressive beat of analysts’ revenue estimates.

Is Biogen a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.

This quarter, analysts are expecting Biogen’s revenue to decline 5% year on year to $2.34 billion, in line with the 4.2% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $3.88 per share.Biogen Total Revenue

Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Biogen has missed Wall Street’s revenue estimates twice over the last two years.

Looking at Biogen’s peers in the biotechnology segment, some have already reported their Q3 results, giving us a hint as to what we can expect. BioMarin Pharmaceutical delivered year-on-year revenue growth of 4.1%, meeting analysts’ expectations, and Regeneron reported flat revenue, topping estimates by 5.1%. BioMarin Pharmaceutical traded up 1.6% following the results.

Read our full analysis of BioMarin Pharmaceutical’s results here and Regeneron’s results here.

There has been positive sentiment among investors in the biotechnology segment, with share prices up 6.1% on average over the last month. Biogen is up 7.6% during the same time and is heading into earnings with an average analyst price target of $172.55 (compared to the current share price of $149.09).

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