Health Stock Winners and Losers: No Pearls After Swine

Swine flu hype fails to lift widely held health stocks out of the red.
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Updated from 3:45 p.m. EDT

Widely held health stocks sank into malaise Tuesday, and not even continued hype about the swine flu could lift them out of the red.

Shares of

GlaxoSmithKline

(GSK) - Get Report

-- among the prized truffles in the health sector Monday because it makes Relenza, an antiviral drug that could be used to combat swine flu -- fell 3.1% to $30.58.

Pfizer

(PFE) - Get Report

, which

reported

first-quarter earnings Tuesday, lowered its 2009 guidance to a range of $1.20 to $1.35 a share -- down from its previous expectations of $1.34 to $1.49 per share -- on costs related to its

Wyeth

(WYE)

acquisition. The company reaffirmed its adjusted full-year earnings of $1.85 to $1.95 per share. Pfizer stock fell 0.7% to $13.39.

Bristol-Myers Squibb

(BMY) - Get Report

, meanwhile, also was in the red after reporting quarterly earnings. The company posted a 3%

rise in profit

based in part on sales of Plavix and Abilify, and it reaffirmed its full-year earnings guidance of $1.58 to $1.73 per share. Bristol's stock fell 4.3% to $19.65.

Johnson & Johnson

(JNJ) - Get Report

shares fell 0.4% to $50.65.

Merck

(MRK) - Get Report

fell 1.2% to $23.17.

Eli Lilly

(LLY) - Get Report

, among the day's few winners (albeit barely) rose 0.2% to $33.20.

Also gaining was

Schering-Plough

(SGP)

, which inched up 0.1% to $22.20.

In biotech news, investors were trying to make sense of what happened just before

Dendreon

(DNDN)

released its latest

Provenge data

. The company's stock saw double-digit gains before

falling 45%

to $11.81 before trading was halted in advance of the data release.

Gilead Sciences

(GILD) - Get Report

, which co-developed flu treatment Tamiflu with

Roche

, was still riding high a day after getting a boost from the swine flu effect. Shares rose 0.2% to $47.60.