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) -- 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), 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), 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) shares fell 0.4% to $50.65.

Merck ( MRK) fell 1.2% to $23.17.

Eli Lilly ( LLY), 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), 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.

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