Stocks making the biggest moves premarket: Eli Lilly, Honeywell, Biogen and others

cnbc.com:

In this article

Check out the companies making headlines before the bell:

Eli Lilly (LLY) – The drugmaker beat estimates by 3 cents with adjusted quarterly earnings of $2.49 per share, while revenue beat forecasts as well. Results were boosted by a jump in sales of Lilly's Trulicity diabetes drug and Covid-19 therapies. However, the stock slid 1.1% in the premarket.

Honeywell (HON) – Honeywell fell 3.4% in premarket trading after quarterly revenue missed estimates due to supply chain issues and other factors. Honeywell did beat estimates by a penny with an adjusted quarterly profit of $2.09 per share.

Biogen (BIIB) – Biogen fell 2.8% in premarket action after the drugmaker issued a lower than expected 2022 adjusted earnings forecast. Biogen expects sales of Alzheimer's drug Aduhelm to be minimal following the government's move to limit Medicare coverage of the drug. Biogen reported better-than-expected profit and revenue for the fourth quarter.

Merck (MRK) – Merck earned an adjusted $1.80 per share for the fourth quarter, beating the $1.53 consensus estimate. Revenue also topped Wall Street forecasts as its Covid-19 treatment molnupiravir helped to drive sales higher. Merck forecast adjusted 2022 earnings of $7.12 to $7.27 per share, below the consensus estimate of $7.29.

Cardinal Health (CAH) – The pharmaceutical distributor's stock fell 2.1% in the premarket after it cut its full-year forecast due to inflation pressures and supply chain constraints. Cardinal Health beat estimates by 4 cents for its latest quarter, earning an adjusted $1.27 per share.

Meta Platforms (FB) – Meta Platforms plummeted 22.1% in premarket trading after missing bottom-line estimates for only the third time in the Facebook parent's nearly