Health care stocks fell Wednesday afternoon with the NYSE Health Care Index down 0.8% and the Health Care Select Sector SPDR Fund (XLV) shedding 1%.

The iShares Biotechnology ETF (IBB) dropped 0.7%.

In corporate news, Eli Lilly (LLY) said it plans to build four pharmaceutical plants in the US, bringing capital expansion commitments in the country to $50 billion since 2020. Eli Lilly shares added 0.9%.

Novartis (NVS) stockholder Sandoz Family Foundation is selling 26.5 million shares in a deal expected to raise 2.6 billion Swiss francs ($2.9 billion), media outlets reported, citing Goldman Sachs (GS). Novartis shares fell 1.7%.

Lantheus (LNTH) shares jumped 16% after the company's Q4 results and 2025 earnings guidance topped estimates by analysts.