吉利德和其他制药公司面临的挑战在于，税务改革虽然在某些方面有所推进，但公司利用低税区的税收优惠并未 完全消失，且这一现象可能会因即将实施的关税政策而进一步加剧。对此，花旗集团（ Citigroup ）的一位医疗 保健策略师特雷弗 • 戴维斯（ Traver Davis ）表示， " 对于那些拥有复杂供应链的公司而言，将面临更大的风险 暴露。 " 随着特朗普政府实施新一轮关税政策，部分生物科技公司开始受到华尔街投资者的青睐。尤其是那些将知识产权 和生产基地设在美国的公司，它们通常面临较高的税率，但也因此被视为能够有效抵御关税风险的"避风港"。 // 关税政策加剧行业压力 // 在 4 月的财报电话会议上，吉利德科学（ Gilead Sciences ）首席执行官丹尼尔 • 奥戴（ Daniel O'Day ）表示，该 公司约 20% 的企业税率 " 反映了我们大部分知识产权已经在美国注册 " 的事实。这种公开强调高税率的做法，恰 恰迎合了投资者对美国本土制造和知识产权保护的偏好。 特朗普上任时期，通过 2017 年的税改削减了海外利润转移的空间，但关键漏洞仍然存在。而现在，美国政府似 乎正准备利用关税手段，进一 ...

Core Insights - The report maintains a positive outlook on the HIV sector, highlighting Gilead's long-acting therapy, Lenacapavir, as a potential game-changer in HIV treatment and prevention [1][3]. Group 1: HIV Mechanism and Treatment - HIV is a retrovirus that selectively targets CD4+ cells, integrating its genetic material into the host's genome, leading to viral replication [5][7]. - The primary treatment for AIDS is the "cocktail therapy," which combines multiple antiviral drugs to minimize resistance and maximize viral suppression [5][7]. Group 2: Lenacapavir's Impact - Lenacapavir is Gilead's first long-acting HIV capsid inhibitor, showing promising results in clinical trials for treating multi-drug resistant HIV in adults [9][11]. - In the CAPELLA study, 83% of participants using Lenacapavir achieved a viral load of less than 50 copies/mL after 52 weeks, compared to only 11% in the placebo group [13][14]. - Lenacapavir has significant potential in post-exposure prophylaxis (PrEP), with studies indicating a 100% reduction in HIV infection risk among participants receiving biannual injections [20][21]. Group 3: Market Potential and Future Developments - The global HIV infection rate in 2023 was approximately 39.9 million, with a significant portion of the population being women [15][18]. - Lenacapavir's approval for PrEP is anticipated to set a new standard in HIV prevention, potentially generating substantial revenue for Gilead [23]. - Other recent advancements in HIV treatments include Merck's dual-drug therapy achieving positive results in Phase III trials and ViiV Healthcare's long-acting antibody therapy showing good efficacy [24][26].