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Biogen, a biologics company, may interest investors focused on long-term investments. The corporation develops drugs in the field of neurology. Before investing in Biogen stock now, research the company's financials and analysts' forecasts.
Biogen is an American biotechnology international corporation that is a pharmaceutical group. This group emerged from Biogen Idec, founded in 2003 after the merger of two separate organizations: Biogen and Idec Pharmaceuticals. The former was founded in 1978, and the latter in 1985. Biogen was founded by a group of scientists from America and Europe, including Nobel Prize winners Walter Gilbert and Philip Sharp.
The company debuted on the stock exchange in 1983. Biogen's shares traded at $23 at the IPO. During the listing, 2.5 million securities of the biotech giant were sold on the stock exchange. The corporation spent the collected investments on clinical drug trials and the construction of new research facilities. Now the asset NASDAQ: BIIB can be bought through online brokers.
Biogen is engaged in the development of methods to fight serious neurological diseases. In particular, the biotech giant's activities are focused on research into treatments for multiple sclerosis, Alzheimer's disease, dementia, etc. The corporation also develops pharmaceuticals used in ophthalmology. Biogen specialists pay special attention to studying methods of recovery after strokes and brain injuries.
The list of drugs developed by Biogen includes medicines to fight different diseases:
Biogen develops different types of drugs and treatment programs. In the list of products of the pharmaceutical company, there are drugs, created on the basis of molecules, which deliver the necessary substances to certain organs of patients. A separate group of drugs is developed on the basis of non-hazardous viruses with embedded drug substances. To fight cancer Biogen offers pharmaceutical products from a series of antisense oligonucleotides, which suppress the proteins that provoke the appearance of malignant tumors in the body.
Back in 2021, the U.S. Food and Drug Administration (FDA) approved Aduhelm. This Biogen development is designed to fight Alzheimer's disease. Due to the expectation of high costs associated with Aduhelm, Medicare Part B premiums have been raised in America. However, in April 2022, the company announced a possible reduction in premiums due to lower costs to promote the drug.
The company is conducting a stock buyback in 2022. During the presentation of the second quarter 2022 financial report, Biogen management reported a $500 million buyback payment to shareholders. This amount was paid to investors within three months. The number of Biogen common shares repurchased was 2.4 million for the quarter. Company management also emphasized that $2.3 billion has been allocated to the buyback through the end of 2022.
Biogen ended the second quarter of 2022 with total revenue of $2.6 billion, a 7% decrease from the same period in 2021. The corporation also notes a 6% decrease in non-GAAP diluted earnings per Biogen share compared to the second quarter of last year. In the second quarter of 2022, that figure was $5.25. Total revenue for the three months reached $1.7 billion.
The biopharmaceutical corporation's management also reported an increase in its revenue forecast to the end of 2022. Thus, the company previously expected revenue in the range of $9.7-10 billion in 2022. Now the figure is expected to be $9.9-10.1 billion. The increase in its revenue forecast is due to strong financial results in the first half of 2022 and effective cost management.
We have analyzed the outlook for Biogen stock from Wall Street analysts. Optimistic experts suggest that Biogen's stock could rise to $247 by 2022. Under the pessimistic scenario, BIIB stock could be trading at $200 by the beginning of 2023. On Sept. 14, for example, the value of that asset was $203. According to analysts, Biogen securities will trade at prices far from their historical highs in 2023. The average in the 2023 forecast is about $172. This level of Biogen stock price could be considered a good time to buy the asset for a long-term investment.
Looking at long-term projections, analysts are predicting a Biogen stock price of $497 for 2025. Compared to BIIB's stock price of $203 by 2025, the quote could rise by more than 130%. If biotech research and development is successful, Biogen's stock could reach a price above $2200 by 2030.
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