The pic's taken from too far away to see detail of that stem, but possibly its going to produce a flower - the only thing is, the 'flowers' are actually cone shaped and usually occur much nearer the foliage rather than on a long stem, and the shrub has to be pretty mature to flower at all - your's doesn't look that old. Maybe you should post another picture showing a close up of the stem itself...

It looks like a new leaf to me, badly stretched due to lack of light. It doesn't happen often in the winter, but if the house is warm, it's possible. I would just cut it off, and find a cooler room to keep it. It should sprout out normally at the proper time.