JPM | US Healthcare: IONS (-)/ ALNY(+)/ BBIO (+), Managed Care & Services Preview Call at 9am ET, GILD & ABBV 2Q Prevs, ALHC

研报英文原文证据摘录

JPM | US Healthcare: IONS (-)/ ALNY(+)/ BBIO (+), Managed Care & Services Preview Call at 9am ET, GILD & ABBV 2Q Prevs, ALHC

Elif Korkmaz - Specialist Sales - US Healthcare AC North America Specialist Sales J P M O R G A Nelif.korkmaz@jpmorgan.com

J.P. Morgan Securities LLC 09 July 2026

We wanted to touch on reporting this afternoon around an ongoing whistleblower complaint against ALHC. The complaint (listed

under Kardes v. Alignment Healthcare) relates to a former employee of the company who alleges that ALHC classified ~$8-10M

of software costs for production support, bug remediation, post-implementation maintenance, and day-to-day system support

activities in 2024 as CapEx when it should have been classified as SG&A (and expensed) under ASC 350-40. Importantly, when

we caught up with ALHC, management noted that its audit committee conducted a review with outside legal counsel and an

accounting firm and that the audit committee concluded that the accounting treatment was appropriate and that the company has

continued to receive clean audit opinions. While we are not lawyers, this does not change our outlook for ALHC’s ability to grow

in Medicare Advantage.

Diversified BioPharma

Gilead Sciences (GILD): 2Q26 Preview: HIV Business Remains Well-Positioned. - Schott Note

Ahead of GILD's 2Q26 results, we are largely in line with consensus and expect continued strength across the HIV business,

more than offsetting continued headwinds for the cell therapy portfolio and Veklury weakness. Script trends for Yeztugo continue

to ramp nicely/in-line with our expectations while we see the potential for continued Descovy upside and we forecast 2Q26

revenues of $7.4bn and EPS of -$7.13 (including $11.5bn of IPR&D). Net-net, as we think about the GILD story, the company