Shares of pharmaceutical giants Pfizer and Merck rose in premarket trading after reporting first-quarter financial results that beat Wall Street's expectations.
rose more than 1% in premarket trading on Tuesday after reporting first-quarter financial results that beat Wall Street's expectations.dropped 3.0% after the company reported first-quarter earnings that topped expectations, but revenue that missed. Eli Lilly's key drugs Trulicity and Alimta fell short of Wall Street's forecasts.
Health care has been the worst-performing sector in the stock market this year on concerns of drug pricing reform and "Medicare for All" proposals from Democratic lawmakers. The Health Care Select Sector SPDR Fund, an ETF that tracks the health-care industry's biggest companies, has risen by just 2.7% as of Monday, significantly lagging the broader market indexes. The Dow Jones Industrial Average is up 13% over the same period, and the S&P 500 is 17% higher.
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