Updated from 1:53 p.m. EDT

Widely held pharmaceutical stocks were stumbling Tuesday afternoon amid another day of losses in the broader market and a downgrade for Eli Lilly ( LLY).

Analyst firm Leerink Swann downgraded Eli Lilly to Underperform on Tuesday, contending that cash flow will probably peak in the next two years and that 70% of 2010 sales will lose patent exclusivity in the next six years. The company's stock was recently down 2.5% to $31.01.

Pfizer ( PFE), meanwhile, announced how the recent Wyeth ( WYE) acquisition will affect its organization plan. The company plans to form two main research units, traditional pharmaceutical and biotech. It also plans to keep several Wyeth executives. Pfizer shares were falling 1.3% to $13.53.

Bristol-Myer Squibb ( BMY) shares were struggling a day after the firm announced it would extend its partnership with Japanese firm Otsuka to share revenue and marketing costs for psychiatric drug Abilify. The partnership will end in 2015, six months before blockbuster drug Plavix, faces generic competition. Bristol shares were off 0.4% to $20.42 in recent trading.

Elsewhere:

GlaxoSmithKline ( GSK) shares were falling 0.7% to $30.16.

Merck ( MRK) shares were down 1.1% to $26.37.

Novo Nordisk ( NVO) shares were down 0.6% to $44.66.

Johnson & Johnson ( JNJ) was down 1.2% to $51.57.

Procter & Gamble ( PG) shares were down 1.7% to $48.81.

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