AVTR (US)

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…

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…

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 –…

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,…

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…

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…

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…