JPMorgan sees CDC funding report not impacting Gilead story

JPMorgan says that while the Wall Street Journal’s report on potential Centers for Disease Control and Prevention funding cuts for HIV prevention is “clearly not a positive” for Gilead (GILD), any cuts would not impact access to pre-exposure prophylaxis. The CDC is not responsible for providing and reimbursing PrEP drugs, but rather works on PrEP research and education, the analyst tells investors in a research note. JPMorgan still sees lenacapavir in PrEP as a meaningful growth driver for GGilead as coverage ramps in 2026, with an even larger role for versions of lenacapavir in long-acting treatment combinations. As such, the firm does not see the headlines as meaningfully impacting the Gilead story. JPMorgan keeps an Overweight rating on Gilead.