3 Reasons to Buy Vertex Pharmaceuticals Stock Right Now

Vertex Pharmaceuticals (NASDAQ: VRTX), a biotech company that holds a monopoly in the market for drugs that treat cystic fibrosis (CF), reported strong first quarter results on April 29. During the quarter, Vertex recorded net revenue of $1.5 billion, representing a whopping 77% year-over-year increase.

Further, Vertex's net income based on generally accepted accounting principles (GAAP) was $603 million, a 124% increase compared to the prior-year quarter. Vertex's stock got a nice boost after its most recent quarterly update, and year to date, the company's shares are up by 22.8%. And even though the company is currently trading at about 33 times future earnings, there are good reasons to consider buying its shares. Here are three of those reasons.

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Source Fool.com