Health-care companies rose as investors dumped some of the 2024 leaders, and rotated back into industry stalwarts.
Shares of health-care conglomerate Johnson & Johnson rose after it second-quarter profit and sales that rose above expectations, amid strength in its innovative medicines business.
J&J has lagged biotechs and obesity-drug makers in recent years as it struggles with lawsuits from its talc business. UnitedHealth Group added to the gains garnered in the wake of its earnings.
Novo Nordisk slid after Swiss rival Roche Holding's obesity drug showed promise in a clinical trial.
Roche gained by more than 7% after rial showed the once-daily drug helped patients lose 7.3% of their body weight within four weeks, versus weight loss of 1.2% in a placebo group, and results appeared unaffected by fasting or after high-fat meals.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
07-17-24 1658ET
