Updated from 2:57 p.m. EDT

Widely held health care stocks took a beating Wednesday as a mess of earnings reports gave investors indigestion.

GlaxoSmithKline ( GSK) fell 5.3% to $29.29 after the company posted a 13% drop in first-quarter profit.

Merck ( GSK) shares were ailing a day after the company reported it had missed analysts' profit estimates and posted lower sales from the year-ago quarter. The stock fell 2.4% to $22.97. Schering-Plough ( SGP) shares also fell, losing 2% to $21.67.

Eli Lilly ( LLY) shares fell 1.8% to $32.74.

Pfizer ( PFE) lost 3.6% to $13.04.

Johnson & Johnson ( JNJ) fell 2.4% to $51.18.

Bristol-Myers Squibb ( BMY) shares were down 0.8% to $19.85. Novo Nordisk ( NVO) rose 1% to $45.99.

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