Health care stocks declined Tuesday afternoon, with the NYSE Health Care Index falling 1.7% and the State Street Health Care Select Sector SPDR ETF (XLV) dropping 1.9%.

The iShares Biotechnology ETF (IBB) retreated 1.1%.

In corporate news, Pfizer (PFE) issued an earnings outlook for 2026 below market expectations and said its COVID-19 sales are expected to decline during the year on an annual basis, while the pharmaceutical giant revised its revenue guidance for 2025. Its shares dropped 5.1%.

Abivax (ABVX) stock fell 5.8% after the company reported a wider Q3 loss.

Medtronic (MDT) shares fell 1.2% after Baird cut the company's price target to $103 from $109, and kept its neutral rating.