Doximity's Strong Financial Performance and Strategic Positioning Justify Buy RatingWe recommend investors continue to accumulate shares of DOCS following strong second quarter 2026 results, especially on any pullbacks. Consistentwith Doximity’s year-to-date performance, our recent industry conversations also point to healthy year-to-date pharma marketing spending despite some modest risk to budgets into year-end given broader end-market uncertainty (e.g., FDA headcount reductions, potential tariffs, discussion of pricing regulations). Moreover, despite this noise, we believe the company continues to experience strong underlying growth, particularly with recently launched products and novel AI-based physician workflow tools (where users grew 50% sequentially).