02:01 PM EDT, 05/08/2025 (MT Newswires) -- Health care stocks fell Thursday afternoon with the NYSE Health Care Index down 0.5% and the Health Care Select Sector SPDR Fund (XLV) dropped 0.4%.

The iShares Biotechnology ETF (IBB) eased 0.1%.

In corporate news, Merck ( MRK ) unit (MRK) Merck Animal Health and Kansas Governor Laura Kelly announced an $895 million expansion of the company's plant in De Soto, Kansas. Merck ( MRK ) shares fell 1.4%.

Novavax ( NVAX ) shares jumped 15%. The company posted Q1 net income of $2.93 per diluted share versus the net loss of $1.05 a year earlier.

QuidelOrtho ( QDEL ) shares surged 39% after the company reported Q1 adjusted earnings that topped Wall Street estimates.