Health care stocks declined Tuesday afternoon, with the NYSE Health Care Index shedding 0.5% and the Health Care Select Sector SPDR Fund (XLV) down 0.3%.

The iShares Biotechnology ETF (IBB) increased 0.4%.

In corporate news, DexCom (DXCM) shares were down 2.7% after Hunterbrook issued a report about multiple deaths allegedly related to the company's G7 continuous glucose monitor.

UnitedHealth (UNH) raised its full-year earnings outlook on Tuesday as its Q3 results surpassed analyst expectations despite higher medical costs and Medicare funding cuts. Its shares rose 2.3%.

Regeneron Pharmaceuticals (REGN) shares jumped 9% after it reported Q3 non-GAAP earnings and revenue that exceeded analysts' expectations.

Eli Lilly (LLY) has already manufactured billions of doses of its new weight-loss pill orforglipron ahead of US regulatory approval in anticipation of high global demand, Bloomberg reported, citing Chief Executive Dave Ricks as saying at an event hosted by the Economic Club of Chicago. Eli Lilly shares were shedding 1.4%.