Gilead Sciences' data on two novel, once-yearly formulations of lenacapavir for PrEP support the further development of the drug.

Shares of Gilead Sciences, Inc. GILD were down 2.47% after the Wall Street Journal reported that The Health and Human Services Department is evaluating plans to slash the federal government funding for HIV prevention in the country.

New data suggest that lenacapavir delivered just once per year could be as effective for HIV prevention as the twice-yearly injections already under review by the FDA.