AVTR (US)


June 10, 2025

Lab Tools: Senate’s NIH Pushback

By John Leppard

Today’s hearing on the FY26 NIH budget before a Senate Appropriations Subcommittee bolsters our view [see note] that lawmakers are highly unlikely to endorse the White House request for an $18B (40%) cut, with flat…

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June 2, 2025

Lab Tools: NIH’s Bleak Budget & Reason For Hope?

By John Leppard

We continue to expect FY26 NIH funding to remain largely flat YoY, despite White House calls for a -40% cut weighing on life science tools (LST) names, with the House likely to produce its own…

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May 15, 2025

NIH & Lab Tools: Law vs Politics

By John Leppard

Nearly five hours of testimony from HHS Secretary RFK Jr. yesterday on the administration’s FY26 budget request leaves us with little additional confidence in the overall trajectory for NIH spending and – by extension –…

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April 17, 2025

Life Science Tools: NIH Headwinds & Congressional Guardrails

By John Leppard

With press reports indicating that the White House will seek NIH funding cuts of more than 40% in its upcoming FY26 budget release, the overhang on life science tools (LST) names [BRKR, ILMN, AVTR, A,…

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March 5, 2025

Life Science Tools: Court Intervention & NIH’s New Management

By John Leppard

Events today support our view that NIH grant funding benefitting life science tools (LST) manufacturers will likely stabilize, and that the Trump administration’s Feb. 7 announcement of a 15% cap on indirect costs for all…

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February 8, 2025

Life Science Tools: NIH Indirect Cost Cut Risks

By John Leppard

NIH’s surprise announcement Friday of a 15% cap on indirect costs for both new and existing grants will likely trigger fresh uncertainty for life science tools (LST) manufacturers. While indirect costs are technically distinct from…

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December 3, 2024

Life Science Tools: NIH Cuts in Context

By John Leppard

With the life science tools (LST) space still trailing broader market moves following the Nov. 5 election, in part due to investor concerns over NIH funding, we continue to believe that significant budget cuts are…

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