Biotech company Biogen (NASDAQ:BIIB) will be reporting results this Wednesday before the bell. Here’s what you need to know.
Biogen beat analysts’ revenue expectations last quarter, reporting revenues of $2.28 billion, up 1.2% year on year. It was a stunning quarter for the company, with a solid beat of analysts’ full-year EPS guidance estimates and a beat of analysts’ EPS estimates.
Is Biogen a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Biogen’s revenue to decline 8.3% year on year, a reversal from the 6.1% increase it recorded in the same quarter last year.
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 multiple times over the last two years.
With Biogen being the first among its peers to report earnings this season, we don’t have anywhere else to look to get a hint at how this quarter will unravel for biotechnology stocks. However, there has been positive investor sentiment in the segment, with share prices up 11% on average over the last month. Biogen is down 3.9% during the same time .
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