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Sector Update: Health Care Stocks Mixed Wednesday Afternoon

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-- Health care stocks were mixed Wednesday afternoon, with the NYSE Health Care Index increasing 0.1% and the State Street Health Care Select Sector SPDR ETF (XLV) shedding 0.1%.

The iShares Biotechnology ETF (IBB) climbed 1.8%.

In corporate news, CVS Health (CVS) raised its full-year earnings outlook after reporting better-than-expected Q1 results driven by improvement in its health-care benefits segment. Its shares gained 6.8%.

Novo Nordisk (NVO) expects generic versions of its Ozempic medication to face approval delays in China until next year, Bloomberg reported, citing the drugmaker. The patent for semaglutide, the main ingredient in Ozempic and Wegovy, expired in China in March, but the company said it still has regulatory data protection until April 2027 due to a trade agreement between China and Switzerland, Bloomberg reported. Novo shares rose 2.5%.

Eli Lilly (LLY) is looking to raise about $8 billion from an investment-grade bond sale to fund an acquisition spree, Bloomberg reported. Lilly shares added 0.3%.

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