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Josh Brown urges a break from AI capex, names Incyte and Biogen
Incyte reported July quarterly results with revenue up 38% year over year and net product sales up 40%, both above Wall Street estimates.
Ritholtz Wealth Management CEO Josh Brown told CNBC's Halftime Report viewers to “take a break” from the AI capex theme, pointing instead to healthcare stocks he said are working outside data center and GPU spending.
Brown named Incyte and Biogen as two of his “Best Stocks in the Market.” He said he favors Biogen for what he described as strong fundamentals and strong earnings performance, while his bullish case for Incyte centers on earnings momentum and an expanding drug pipeline.
For Incyte, Brown cited a pipeline of roughly nine to 10 drugs in various stages of development that could create multiple growth catalysts. In the quarterly results reported in July, the company said revenue rose 38% year over year and net product sales increased 40%, with both metrics beating Wall Street estimates.
Brown highlighted Incyte's key product Jakafi, noting that quarterly Jakafi sales rose 7% and prescriptions filled increased 9%. He also referenced management targets and guidance, including a view that the company could reach $3 billion to $4 billion in net sales by 2030 from the rest of its portfolio after Jakafi faces exclusivity loss, plus raised full year fiscal 2026 sales guidance by about 7% and lifted the Opzelura outlook by roughly 40%.