Health care stocks rose Wednesday afternoon, with the NYSE Health Care Index up 2.2% and the Health Care Select Sector SPDR Fund (XLV) adding 1.8%.

The iShares Biotechnology ETF (IBB) climbed 1.6%.

In corporate news, Thermo Fisher Scientific (TMO) raised its full-year guidance as Q2 results surpassed Wall Street's estimates, and the company named a new chief financial officer. The shares jumped past 11%.

Boston Scientific (BSX) lifted its full-year outlook on Wednesday as it reported better-than-expected Q2 results, driven by 27% revenue growth in the cardiovascular segment. Its shares added 3.9%.

Dr. Reddy's Laboratories (RDY) is planning to launch a cheaper version of Novo Nordisk's (NVO) weight-loss drug Wegovy in 87 countries next year, Reuters reported, citing Chief Executive Erez Israeli's speech at a press conference. Dr. Reddy's shares rose more than 1%, and Novo was up over 5% in recent trading.