Biotech stocks have been under increased attention as the pandemic has severely impacted several other industries. The mainstream media, as well as investors, have been discussing drug development, vaccine development, and trends like recession-proof. Among the top biotech stocks to buy right now, Vertex Pharmaceuticals is one name that investors should look at closely. The company is among the first to follow the rational drug design approach rather than the combinatorial chemistry strategy. Vertex is best-known for its focus on cystic fibrosis. The company’s stock has done reasonably well over the last 5 and 10 years. Most recently, Vertex reported its fourth-quarter 2020 earnings.
Q42020 Earnings Release Shows Positive Performance
On 1st February 2021, Vertex Pharmaceuticals reported its fourth-quarter 2020 earnings results. Non-GAAP revenues came in at $1.63 billion as compared to $1.26 billion in Q42019. Non-GAAP earnings per share also jumped from $1.7 in Q42019 to $2.51 in Q42020. Product-wise, Trifakta saw the highest jump, with revenues rising from $420 million in Q42019 to $1.09 billion in Q42020. Revenues for Symdeko, Orakambi, and Kalydeco dropped on a year-on-year basis.
Company CEO Dr. Reshma Kewalramani said, “In 2020, the first full year after TRIKAFTA approval in the U.S., the number of patients with CF treated with our medicines increased substantially. And by the end of the year, the vast majority of eligible patients, 12 years and older in the U.S., were on TRIKAFTA.”
Judging by the Q42020 performance, Vertex Pharmaceuticals is among the best biotech stocks to invest in.
Top Biotech Stocks To Buy Right Now
Vertex Pharmaceuticals closed at $211.98 on 5th March 2021, a drop of 1.1% on a 1-month basis. The stock is also down about 3.5% on a 1-year basis. However, Vertex Pharmaceuticals has risen from around $86 to $211 during the preceding five years. Vertex Pharmaceuticals does not currently pay dividends. The stock is up 2.9% since the March 2020 market fall. Its long-term stock performance is more impressive than its near-term performance.