Health-care companies fell as traders retreated from some of the highest risk issues.
Shares of Novo Nordisk plunged 9% after patients in a clinical trial for the Danish obesity-drug maker's CagriSema product lost less weight than investors had anticipated. The boom in GLP-1 weight-loss drugs has been complicated by competition from compounding pharmacies such as Hims & Hers, and lofty investor expectations about the drugs' potential as a panacea.
Eli Lilly fell 4.6%. Illumina cut its growth forecast and said it would reduce capital expenditure by $100 million because China barred sales of the company's gene-sequencing machines.
CVS Health is testing stores that will offer full-service pharmacies but very limited retail, reflecting drug-store chains difficulties competing with mainline retailers in recent years.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
March 10, 2025 17:13 ET (21:13 GMT)
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