Biogen Inc. · BIIB · FY2024 Q2 · Calendar Q3 2024

Biogen raises EPS guidance as new launches offset MS pressure

The supplied analysis supports a constructive but conditional thesis: Biogen’s newer launches, cost reductions, and pipeline progress are improving the growth profile, while MS erosion, regulatory setbacks, and execution risks remain material offsets.

Reported Before market openNASDAQHealthcare $33.35B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $5.28 Consensus $4.07
EPS surprise +29.7% Reported versus consensus
Reported revenue $2.35B Consensus $2.39B
Revenue surprise -1.6% Reported versus consensus

Market reaction

prior-close to event-session close
Stock move -1.2% Event window
SPY move -1.4% Same window
Abnormal move +0.2% Stock minus SPY
Volume 1.9× Versus trailing sessions
Subsequent drift -2.8% Up to 20 sessions
BIIBSPY benchmark

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Transcript intelligence

What changed

Compared with the prior-quarter analysis, management’s guidance sentiment moved from maintained to raised. The current analysis adds the HI-Bio integration, a negative EMA opinion on LEQEMBI with planned re-examination, and continued progress across felzartamab and other pipeline programs.

Guidance delta

Management raised FY2024 EPS guidance while expecting revenue to decline by a low-single-digit percentage year over year.

Key takeaways

  • Q2 revenue modestly increased, with core pharma up 5–6% and non-GAAP EPS up 31%.
  • LEQEMBI, SKYCLARYS, and ZURZUVAE were described as on or ahead of expectations.
  • Cost reductions are improving margins while supporting growth investments and pipeline development.

Management priorities

  • Expand global uptake of LEQEMBI, SKYCLARYS, and ZURZUVAE.
  • Advance felzartamab Phase 3 studies and other pipeline programs.
  • Continue LEQEMBI subcutaneous development and expand geographic and pediatric opportunities for SKYCLARYS.

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Earnings History

Estimate Beat Miss Match
BIIB EPS earnings history estimate and actual scatter chart 9 reported fiscal quarters and 3 future estimate-only quarters. Q1 '24 estimate $3.47 Q1 '24 actual $3.67, beat Q2 '24 estimate $4.07 Q2 '24 actual $5.28, beat Q3 '24 estimate $3.77 Q3 '24 actual $4.08, beat Q2 '25 estimate $3.90 Q2 '25 actual $5.47, beat Q3 '25 estimate $3.88 Q3 '25 actual $4.81, beat Q4 '25 estimate $1.63 Q4 '25 actual $1.99, beat Q1 '26 estimate $3.05 Q1 '26 actual $3.57, beat Q2 '26 estimate $2.94 Q2 '26 actual $3.60, beat Q3 '26 estimate $2.02 Q4 '26 estimate $3.54 Q1 '27 estimate $3.69
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Analyst Consensus ?

ConsensusBuy49 ratings
Bullish3163.3%
Neutral1734.7%
Bearish12.0%

Analyst 52W Price Targets

$225.71Current
$157Low
$252.47Average
$415High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 10, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
UBS Buy BuyMaintainOct 9, 2026
RBC Capital Outperform OutperformMaintainOct 8, 2026
HSBC Reduce ReduceMaintainSep 10, 2026
Piper Sandler Overweight OverweightMaintainSep 3, 2026
Wolfe Research Outperform Peer PerformUpgradeAug 13, 2026
Show 44 more rating actions

Named analyst price targets

Upside is calculated against the persisted current price $225.71. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
UBSAnalyst unavailable$270$223.25 +19.6%Oct 9, 2026
RBC CapitalAnalyst unavailable$256$219.91 +13.4%Oct 8, 2026
Stifel NicolausPaul Matteis$242$214.77 +7.2%Sep 10, 2026
HSBCAnalyst unavailable$175$210.73 -22.5%Sep 10, 2026
Piper SandlerAnalyst unavailable$245$222.67 +8.5%Sep 3, 2026
See 138 more

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Company context

Snapshot as of publication

Biogen Inc. is a leading biotechnology firm dedicated to the discovery, development, production, and distribution of treatments for complex neurological and neurodegenerative conditions. Its established portfolio includes a range of medications addressing multiple sclerosis (MS), such as TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA. For spinal muscular atrophy (SMA), Biogen provides SPINRAZA, while FUMADERM is available for the treatment of plaque psoriasis. Among its other key offerings is ADUHELM, specifically developed for Alzheimer's disease. The company also markets a selection of biosimilar drugs, including BENEPALI (an etanercept biosimilar akin to ENBREL), IMRALDI (an adalimumab biosimilar comparable to HUMIRA), and FLIXABI (an infliximab biosimilar referencing REMICADE).…

Historical context

All BIIB earnings

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Latest beats and misses

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Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2024-10-17T05:10:49.140638+00:00
  3. Polygon adjusted daily market bars · 2026-10-10T17:10:45.192874+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-10T17:10:45.191082+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-10-10. For educational purposes only; not investment advice.