Vertex Pharmaceuticals (NASDAQ: VRTX) has a lot going on these days. The biotech company is developing two candidates that could make it even stronger in the billion-dollar cystic fibrosis (CF) treatment market. And Vertex is one step away from entering a new and potentially big market: It's submitting its gene-editing candidate for blood disorders to regulators this month.

Investors clearly are excited about this biotech giant's story. The stock has climbed 38% this year -- and is trading at its highest ever. Sure, the future looks bright. But should we really buy Vertex stock at the high? Let's take a closer look and find out.

We'll start with CF. Vertex already is a leader in the market. In fact, the company expects to hold its position until at least the late 2030s. Today, Vertex sells four CF drugs. But the latest, Trikafta, is the biggest moneymaker. It generated $5.6 billion in revenue last year, helping Vertex reach $2.3 billion in profit.

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Source Fool.com