02:03 PM EDT, 04/01/2025 (MT Newswires) -- Health care stocks fell Tuesday afternoon with the NYSE Health Care Index dropping 1.4% and the Health Care Select Sector SPDR Fund (XLV) declining 1.5%.

The iShares Biotechnology ETF (IBB) shed 2.1%.

In sector news, pharmaceutical companies are pressing President Donald Trump to implement tariffs on medical imports gradually to ease potential disruption and allow time to shift production, Reuters reported. Trump is expected to announce new tariffs Wednesday, including for pharmaceuticals, the report said.

In corporate news, Eli Lilly ( LLY ) sued Strive Pharmacy and Empower Clinic Services, demanding that the drug compounders stop selling products with tirzepatide, the active ingredient in weight-loss and diabetes drugs Zepbound and Mounjaro, Reuters reported. Lilly shares fell 2.5%.

Johnson & Johnson ( JNJ ) said late Monday that the US Bankruptcy Court for the Southern District of Texas denied the request of its subsidiary Red River Talc to confirm its proposed prepackaged bankruptcy plan. Johnson & Johnson ( JNJ ) shares dropped 6.2%.

Aptose Biosciences ( APTO ) shares tumbled 45%. The company said the Nasdaq Hearings Panel has decided to delist its shares from the exchange on Wednesday due to a failure to comply with the equity requirement for continued listing.