I'm a shareholder of both CELG, PCYC and REGN. I have been with CELG and REGN for many years. I only recently got into PCYC ($44). I don't know if I agree 100% with you but I think PCYC does have an excellent pipeline. The definitely will have lots of bites at the apple. Personally, I think REGN's potential is better than both CELG and PCYC with that said I think all three of these stocks are excellent long-term plays. They all happen to be at a different point in their life cycle. CELG is the established company with strong earnings growth, outstanding CFs and an excellent BS. REGN has only recently started generating consistent sales (11/2011) with outstanding growth potential both domestically and internationally. REGN's pipeline is loaded with potential. BS is in very good shape and CFs are going to start flowing over the next 12 months. PCYC is still an R&D company with a solid but unproven pipeline. BS is good but not great and burn-rate is going to start to accelerate.
My two cents.....Good luck to all!!!! Stay long all three!!!! Sell out of the money options 15 - 20% higher out 60 - 90 days on PCYC to take some risk off the table.