Pharmaceutical stocks traded lower Tuesday morning as financial sector concerns continued to pressure the markets.

In early trading, the American Stock Exchange's pharmaceutical index, which tracks several of the largest drug companies, slipped 1.18 points to 296.85. Major indexes including the Dow Jones industrial average and Nasdaq composite index also dipped, following a steep drop Monday caused by credit issues.

Shares of Pfizer Inc. lost 35 cents to $17.70, and Merck & Co. gave up 94 cents, or 2.9 percent, to $31.78. Wyeth declined 47 cents to $38.31, while Bristol-Myers Squibb Co. shed 27 cents to $21.28 and Schering-Plough Corp. fell 25 cents to $17.83. Eli Lilly & Co. retreated 89 cents to $45.15.

British-based AstraZeneca PLC traded down 93 cents, or 2.1 percent, at $44.01, and GlaxoSmithKline dipped 87 cents, or 2 percent, to $42.97.