This Growth Stock Crushed the Market Last Year. 5 Words from the CEO Suggest There's More to Come.
Vertex Pharmaceuticals (NASDAQ: VRTX) stock climbed more than 31% last year even as the overall market touched bear territory. That's because something exciting brewing at Vertex caught the eye of investors. The company was about to submit a promising -- and potential blockbuster -- candidate to regulators.
Even better, an approval of exa-cel, a candidate for blood disorders, would prove that Vertex could indeed score a win outside its specialty area of cystic fibrosis (CF) treatment. Now, investors may wonder if the good news is priced into Vertex shares -- and if gains are over. But five words from Vertex's chief executive officer suggest there's a lot more ahead for the big biotech.
First, though, a quick summary of Vertex's story so far: The company is the global leader in CF treatment. Its latest drug -- Trikafta -- helped Vertex generate $8.9 billion in product revenue and $3.3 billion in profit last year. This represents growth of 18% and 42%, respectively. The net income figure is on a GAAP basis. And 2022 was the company's eighth straight year of increasing revenue in the double digits.
Source Fool.com
