02:02 PM EDT, 05/01/2025 (MT Newswires) -- Health care stocks declined Thursday afternoon with the NYSE Health Care Index falling 2.2% and the Health Care Select Sector SPDR Fund (XLV) down 2.2%.

The iShares Biotechnology ETF (IBB) shed 1.3%.

In corporate news, Eli Lilly ( LLY ) slashed its full-year earnings outlook due to acquisition-related charges, while Q1 results surpassed market expectations. The shares slumped 10%.

Moderna's ( MRNA ) Q1 loss unexpectedly narrowed as a drop in expenses helped counter the decline in revenue. The stock fell 4.8%.

CVS Health ( CVS ) raised its full-year earnings outlook after reporting stronger-than-expected Q1 results. The shares jumped 6.3%.