Pharma and biotech stocks were eviscerated this year due to threatened most-favored-nation price controls and a 25% pharma tariff, but the bill plus Trump's decision to delay pharma tariffs 12-18 months (to encourage reshoring under 100% factory expensing), the exemption from IRA price controls for companies with two or more orphan drugs, and R&D expensing collectively make the sector more attractive after a massive derating.