04:00 PM EDT, 04/01/2025 (MT Newswires) -- Health care stocks declined late Tuesday afternoon, with the NYSE Health Care Index dropping 2.1% and the Health Care Select Sector SPDR Fund (XLV) retreating 1.9%.

The iShares Biotechnology ETF (IBB) fell 2.6%.

In sector news, pharmaceutical firms are pressing President Donald Trump to implement tariffs on medical imports gradually to ease potential disruption and allow time to shift production, Reuters reported. Trump is expected to announce new tariffs Wednesday, including for pharmaceuticals, the report said.

In corporate news, the US Department of Justice said it will seek the death penalty if Luigi Mangione, charged in the Dec. 4 fatal shooting of Brian Thompson, a UnitedHealth ( UNH ) executive in the insurance division, is found guilty. UnitedHealth ( UNH ) eased 0.2%.

Hims & Hers Health ( HIMS ) shares rose 5% after the firm said it's expanding its weight loss products on its telehealth platform to include generic liraglutide and branded tirzepatide.

Patterson (PDCO) shareholders have approved the company's acquisition by healthcare investment firm Patient Square Capital. Patterson shares were fractionally higher.

Eli Lilly ( LLY ) sued Strive Pharmacy and Empower Clinic Services, demanding that the drug compounders stop selling products with tirzepatide, the active ingredient in weight-loss and diabetes drugs Zepbound and Mounjaro, Reuters reported. Lilly fell 2.5%.