Forget Snowflake! 2 Hyper-Growth Stocks I'd Rather Buy

Despite the challenges the market has faced due to the COVID-19 pandemic, there have been several high-profile IPOs recently. Arguably the most anticipated of the bunch was Snowflake, a cloud-based data warehousing company. Snowflake has already made a name for itself -- as of July 31, the company boasted 3,117 customers, including 146 of the Fortune 500 companies. Snowflake was even able to attract an investment of more than $500 million from Warren Buffett's Berkshire Hathaway.

Despite Snowflake's seemingly bright future, it might be worth looking at better-established growth stocks (companies that grow their revenue or earnings at a rate faster than their industry averages) that are already profitable and whose prospects also seem enticing. Two companies I think fit the bill are Veeva Systems (NYSE: VEEV) and Vertex Pharmaceuticals (NASDAQ: VRTX). Here is why both of these healthcare stocks are worth adding to your portfolio over Snowflake.