2 Top Biotech Stocks Defying the Bear Market
The bear market crushed many top healthcare stocks -- from young high-growth players to long-established companies generating billions of dollars in earnings. But a few companies have managed to defy the difficult market, often due to a specific reason such as a potential product launch.
And that's exactly the case of biotech giants Vertex Pharmaceuticals (NASDAQ: VRTX) and Biogen (NASDAQ: BIIB). They climbed last year and are continuing gains so far this year. These companies already have a portfolio of products on the market. But there's something about the latest candidates waiting in the wings that has sparked investors' excitement.
Vertex is the worldwide leader in the cystic fibrosis (CF) treatment market. The company sells four CF drugs that generate billions of dollars in annual revenue. In fact, last year product revenue climbed 18% to more than $8.9 billion. Star product Trikafta, the company's newest CF drug, brought in $7.6 billion.
Source Fool.com