The Health and Human Services Department is considering cuts to HIV prevention funding, according to The Wall Street Journal.

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.

Shares of Gilead Sciences, Inc. dropped nearly 2.5% on Wednesday and extended losses after hours following a report that the Health and Human Services Department, led by Robert F. Kennedy Jr., plans to "drastically" cut federal funding for domestic HIV prevention.