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In a recent interview on CNBC's Halftime Report, Josh Brown, CEO of Ritholtz Wealth Management, highlighted Incyte (NASDAQ: INCY) and Biogen (NASDAQ: BIIB) as two of his "Best Stocks in the Market." Brown said he wanted to focus on stocks that had "nothing to do" with the AI and data-center spending theme.
"We wanted to do something that had nothing to do with data centers and GPUs and just take a break from that whole AI capex world that we've been living in for so long," Brown said. "We wanted to talk about stocks that are working away from that."
Brown likes Biogen because of strong fundamentals and the company's strong earnings performance.
But in this article, we will focus on Incyte, which is up 22% so far this year.
Brown's bullish case for Incyte centers on its strong earnings momentum and expanding drug pipeline. Brown said the company has a pipeline of roughly nine or 10 drugs at various stages of development, creating multiple potential catalysts for future growth.
Incyte Corporation (NASDAQ:INCY) develops drugs for blood cancers, solid tumors and inflammatory skin diseases. In the quarterly results reported in July, revenue rose 38% year over year and net product sales jumped 40%. Both metrics beat Wall Street estimates.
Its key product is Jakafi, a pill that treats two blood cancers and a complication of bone marrow transplants. Jakafi sales rose 7% in the quarter, and the number of prescriptions filled rose 9%.
Opzelura, a skin cream, saw sales rise 24% after removing one-time benefits.
Bulls point to how diversified the company has become. Even when Jakafi loses exclusivity, the company is on track to reach $3 billion to $4 billion in net sales by 2030 from the rest of the portfolio. The company also raised its full-year fiscal 2026 sales guidance by about 7% and lifted the Opzelura outlook by roughly 40%.
The company expects about 10 clinical data readouts in the second half of fiscal 2026, four of them from registrational trials, which could be strong catalysts.
Bears point to Jakafi, which still accounts for a major chunk of net sales and could lose exclusivity in key regions in 2028. A lot depends on new launches and catalysts landing before then.
Competition is coming. AbbVie recently won European Commission approval for Rinvoq in non-segmental vitiligo, which could put direct pressure on Opzelura's European vitiligo business.
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