Healthcare stocks were declining premarket Wednesday, with the State Street Health Care Select Sector SPDR ETF (XLV) down 0.6% and the iShares Biotechnology ETF (IBB) 0.1% lower.

Elevance Health (ELV) shares were down more than 8% after the company reported lower Q2 adjusted earnings.

Johnson & Johnson (JNJ) stock was down more than 2% even after the company posted higher fiscal Q2 adjusted earnings and reported sales, and raised its fiscal 2026 outlook.

Merck (MRK) shares were up more than 2% after the company said its phase 3 trial of its therapy, Keytruda, met the primary endpoint of progression-free survival in patients with mismatch repair-deficient advanced or recurrent endometrial cancer.