Health care stocks were lower Tuesday afternoon, with the NYSE Health Care Index down 0.6% and the State Street Health Care Select Sector SPDR ETF (XLV) shedding 1%.
The iShares Biotechnology ETF (IBB) decreased 0.8%.
In corporate news, drugmakers including Novo Nordisk (NVO) and Eli Lilly (LLY) should remove label warnings of a potential risk of suicidal thoughts and behavior from GLP-1 weight loss drugs, the Food and Drug Administration said Tuesday. The FDA said that a comprehensive review of the drugs showed "no increased risk" of suicidal behavior or ideation. Novo shares were down 0.5%, and Lilly was fractionally lower.
AbbVie (ABBV) said late Monday it has reached a deal with the Trump administration to cut prices of certain medicines for Americans. Under the three-year deal, the company will provide low medicine prices in Medicaid through TrumpRx and committed $100 billion in US-based research and development and capital investments over the next decade. AbbVie shares were shedding 0.5%.
Johnson & Johnson (JNJ) convinced a US court to throw out part of a $1 billion damages award for breaching its 2019 agreement to buy surgical robotics firm Auris Health, Reuters reported. Delaware's Supreme Court ruled to reverse part of a 2024 award to former Auris shareholders, accusing Johnson & Johnson of failing to back the company's technology and win regulatory approval. Johnson & Johnson shares rose 1.7%.
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