Biogen Q2 Earnings Beat, Guidance (NASDAQ: BIIB)

Analysts expect the company to report a significant increase in profit and revenue for the latest quarter, as sales of its top blockbuster drugs continue to rise.

Biogen Idec Inc. (NASDAQ:BIIB) has a 1.81 consensus analyst rating on the stock based on an arithmetical average of the 15 ratings given by the brokerage analysts covering the company.

Adjusted earnings per share came in at $US4.22, ahead of estimates for $US4.1. Total revenues grew 7 percent to $2.59 billion from $2.42 billion past year. Analysts at Leerink Swann reiterated a “buy” rating and set a $512.00 price target on shares of Biogen in a research note on Thursday. They now have a $410.00 target price on the biotechnology company’s stock, down from their previous target price of $485.00. Revenue growth is now expected to be in the range of 6% to 8% above 2014 revenues of $9.7 billion. Analysts at JPMorgan Chase & Co. reiterated a “buy” rating on shares of Biogen in a research note on Saturday, July 18th.

Biogen shares are down 6% year-to-date and 4% over the past 12 months. Finally, analysts at Goldman Sachs raised their price target on shares of Biogen from $434.00 to $435.00 and gave the company a neutral rating in a research note on Monday. Out of the 24 analysts covering the stock, 14 rate it a Buy, while rest suggest a Hold. On average, analysts predict that Biogen will post $16.63 earnings per share for the current fiscal year.

“Our U.S. market research indicates a moderation in physician intent to prescribe, though in Q2 Tecfidera continued to gain patients in the U.S.”, Biogen chief commercial officer Tony Kingsley said on the call.

Biogen (NASDAQ:BIIB) traded down 16.5575% during mid-day trading on Wednesday, hitting $321.2955.

Tecfidera’s sales were $833 million in the second quarter ended June 30, well below Wall Street’s estimate of about $933 million, according to Evercore ISI.

Cambridge, Mass.-based Biogen is a global biopharmaceutical company that develops, manufactures, and markets therapies for multiple sclerosis, oncology and inflammatory diseases.