03:57 PM EDT, 05/01/2025 (MT Newswires) -- Health care stocks declined late Thursday afternoon, with the NYSE Health Care Index and the Health Care Select Sector SPDR Fund (XLV) each shedding about 2.4%.

The iShares Biotechnology ETF (IBB) fell 1%.

In corporate news, Kronos Bio ( KRON ) shares tumbled past 20% after the firm agreed to be acquired by Concentra Biosciences for $0.57 per share, plus a non-tradeable contingent value right.

Eli Lilly ( LLY ) slashed its full-year earnings outlook due to acquisition-related charges, while Q1 results surpassed market expectations. The shares slumped 11%.

Moderna's ( MRNA ) Q1 loss unexpectedly narrowed as a drop in expenses helped counter revenue decline. The stock fell 4.5%.

CVS (CVS) raised its full-year earnings outlook after reporting stronger-than-expected Q1 results. The shares rose 4.2%.