- AI stocks have dominated Wall Street in 2026, but five healthcare companies have delivered some of the strongest gains in the S&P 500, led by Moderna.
Artificial intelligence has become the defining investment theme of 2026, with Nvidia Corp. (NASDAQ: NVDA), Microsoft Corp. (NASDAQ: MSFT), Alphabet Inc. (NASDAQ: GOOGL) and other technology giants accounting for an increasingly large share of the S&P 500's gains. Yet healthcare has produced several major winners of its own.
Data compiled for the S&P 500's healthcare sector show that Moderna Inc. (NASDAQ: MRNA), Incyte Corp. (NASDAQ: INCY), Regeneron Pharmaceuticals Inc. (NASDAQ: REGN), Vertex Pharmaceuticals Inc. (NASDAQ: VRTX) and Bio-Techne Corp. (NASDAQ: TECH) were among the sector's strongest one-year performers as of Oct. 1.
Moderna led by a wide margin, with its shares up 589.38% over the period. Incyte gained 38.67%, followed by Regeneron at 28.80%, Vertex at 28.70% and Bio-Techne at 20.92%. The gains stand out because they have occurred while the broader market has become increasingly concentrated in technology and AI. Reuters reported that AI-related companies accounted for more than half of the S&P 500's market capitalization as of Oct. 8.
Moderna Leads a Healthcare Rebound
Moderna
Moderna is the clearest example of how a healthcare stock can regain investor attention through clinical developments rather than AI exposure. The company's shares closed at $196.48 on Oct. 7, following a 4.81% gain that day. The stock had fallen 7.75% on Oct. 6, highlighting the unusually high volatility surrounding the company even after its massive one-year advance.
A major catalyst came in August, when Moderna and Merck & Co. Inc. (NYSE: MRK) reported positive Phase 3 results for intismeran autogene in combination with Keytruda for patients with resected stage IIB-IV melanoma. The trial met its primary recurrence-free survival endpoint and a key secondary endpoint for distant metastasis-free survival.
The result gives Moderna a potential path beyond its existing vaccine business. The company reported second-quarter 2026 revenue of roughly $100 million and a GAAP net loss of $0.8 billion, while reiterating its expectation for up to 10% revenue growth for 2026.
The contrast between the company's weak current revenue base and its enormous share-price gain illustrates why growth stocks can move sharply when investors begin pricing in future products.
Incyte
Incyte offers a different example. The biopharmaceutical company reported second-quarter revenue of $1.67 billion, up 38% year over year, while total net product sales increased 40% to $1.49 billion. Opzelura sales increased sharply, while Jakafi remained a major source of revenue.
In September, the US Food and Drug Administration approved Atebrioz, a drug developed by Mirum Pharmaceuticals Inc. (NASDAQ: MIRM) and Incyte for fibrodysplasia ossificans progressiva in patients aged 12 and older.
Incyte also entered the fourth quarter with multiple clinical catalysts ahead. The company said in July that 10 data readouts, including four from registrational trials, were expected during the second half of 2026.
Pipeline Growth Keeps Healthcare in the Race
Regeneron
Regeneron and Vertex have produced more measured gains, but their underlying businesses remain substantially larger and more established.
Regeneron reported second-quarter revenue of $4.3 billion, up 17% from the prior year. Eylea HD US sales increased 52% to $596 million, while Libtayo sales increased 30% to $489 million. The company also continues to expand its pipeline and recently expanded its long-running alliance with Sanofi.
Vertex
Vertex reported second-quarter revenue of $3.33 billion, an increase of 12%. The company raised its full-year 2026 revenue guidance to between $13.1 billion and $13.2 billion and continued expanding beyond its core cystic-fibrosis franchise.
Bio-Techne
Bio-Techne's story is different again. The life-sciences tools company reported fiscal 2026 revenue of approximately $1.2 billion, broadly unchanged from the previous year, but GAAP earnings per share increased to $1.16 from $0.46. The company also agreed to be acquired by Merck KGaA for $73 per share in cash, giving its recent share performance an important transaction-related component.
The broader healthcare sector has also shown resilience. The S&P 500 Health Care Index was up 9.88% year to date through Aug. 31, compared with a 12.54% gain for the S&P 500 excluding healthcare.
More recently, healthcare led sector performance during Wednesday's market decline, with the sector gaining about 1.1% while the S&P 500 fell 0.2%. Moderna and Eli Lilly & Co. (NYSE: LLY) were among the strongest large-cap healthcare performers.
The five stocks therefore do not represent a single healthcare trade. Moderna's performance is heavily tied to clinical and pipeline expectations. Incyte combines commercial drug growth with late-stage research. Regeneron and Vertex have large established franchises, while Bio-Techne's performance has been affected by its pending acquisition.
That variety is important for investors evaluating long-term investments. A stock can outperform because of fundamentally different factors, and past performance alone does not establish that the trend will continue.
The bigger market takeaway is that AI's dominance has not eliminated opportunities elsewhere. Healthcare companies with successful medicines, strong pipelines, or corporate catalysts can still generate substantial returns even when technology stocks command most of Wall Street's attention.