03:08 PM EDT, 07/11/2025 (MT Newswires) -- Health care stocks declined late Friday afternoon with the NYSE Health Care Index dropping 1.1% and the Health Care Select Sector SPDR Fund (XLV) falling 1%.

The iShares Biotechnology ETF (IBB) dropped 1.1%.

In sector news, the US Food and Drug Administration may fast-track new drugs from pharmaceutical companies that "equalize" the prices of their medicines between the US and other countries, Commissioner Marty Makary said in an interview on Bloomberg Television.

In corporate news, Gilead Sciences ( GILD ) shares fell 3.8% after HSBC reduced its price target on the stock to $91 from $93.