Health care stocks rose Tuesday afternoon, with the NYSE Health Care Index up 0.5% and the Health Care Select Sector SPDR Fund (XLV) adding 0.7%.

The iShares Biotechnology ETF (IBB) increased 0.8%.

In corporate news, Medtronic (MDT) raised its full-year outlook on Tuesday as the medical device maker logged stronger-than-expected quarterly results amid broad-based revenue gains. Its shares jumped 5.9%.

Pfizer (PFE) is looking to raise at least $5 billion via a US dollar high-grade bond sale to help fund its acquisition of Metsera, Bloomberg reported. Pfizer shares rose 1.5%.

Arrowhead Pharmaceuticals (ARWR) shares gained 5.5% after it said Tuesday that the US Food and Drug Administration has approved Redemplo for the treatment of adults with familial chylomicronemia syndrome.