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Sector Update: Healthcare Stocks Decline Late Afternoon

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Healthcare stocks fell late Wednesday afternoon, with the NYSE Healthcare Index shedding 1% and the State Street Health Care Select Sector SPDR ETF (XLV) down 0.9%.

The iShares Biotechnology ETF (IBB) decreased 0.5%.

In sector news, the Trump Administration is planning to announce a new round of drug-pricing agreements on Monday with several midsized biotech companies that would offer discounts to state Medicaid programs, Bloomberg reported. The companies would provide discounts so prices align with those charged in foreign markets and would be exempt from Medicare pilot programs requiring similar reductions, while tariff relief is part of some of the discussions, the report said.

In corporate news, Eli Lilly (LLY) said Wednesday that a real-world study showed sustained use of its weight-management drug Zepbound was associated with lower healthcare costs among adults older than 55 with overweight or obesity, compared with similar untreated adults. Lilly shares were down 3.3%.

Boston Scientific (BSX) is recalling thousands of its percutaneous catheters due to possible arterial sheath tip separation that could lead to complications with a retained tip, the US Food and Drug Administration confirmed in a Wednesday statement. Separately, Boston Scientific has identified a cybersecurity incident that affected some of its IT systems and led to global disruptions in operations, the company said Wednesday in a regulatory filing. Boston Scientific shares fell 3%.

Revolution Medicines' (RVMD) Rasonque, or daraxonrasib, has been approved to treat metastatic pancreatic cancer, the US Food and Drug Administration said Wednesday. Revolution shares rose 0.4%.

Biuohaven (BHVN) shares surged past 19% in Wednesday trading after the company signed a licensing and collaboration deal with SK Biopharmaceuticals for an investigational focal epilepsy treatment.

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