02:06 PM EDT, 05/07/2025 (MT Newswires) -- Health care stocks advanced Wednesday afternoon, with the NYSE Health Care Index rising 1% and the Health Care Select Sector SPDR Fund (XLV) up 0.7%.

The iShares Biotechnology ETF (IBB) added 0.8%.

In corporate news, Novo Nordisk's ( NVO ) Q1 results topped Wall Street's projections, while the Danish drugmaker tempered its 2025 sales outlook as competition from compounded obesity and diabetes drugs in the US impacted the early part of the year. Novo shares rose 1.2%.

Teva Pharmaceutical Industries ( TEVA ) surged nearly 9% after it posted higher Q1 non-GAAP earnings and net revenue.

Immunocore ( IMCR ) shares jumped 8%. The company reported Q1 net income Wednesday of $0.10 per diluted share, swinging from a loss of $0.49 a year earlier. Analysts polled by FactSet expected a loss of $0.38.