Game Changers: 3 Biotech Stocks That Could Be Multibaggers in the Making


  • These biotech stocks have the potential to be multibaggers over the next decade.
  • Novo Nordisk (NVO): GLP-1 therapies will drive double digit revenue and EPS growth in FY24. 
  • Vertex Pharmaceuticals (VRTX): The potential FDA approval and commercialization of VX-548 will be a game changer. 
  • United Therapeutics (UTHR): Management expects the company to achieve a $4 billion annual run rate by 2025.
biotech stocks - Game Changers: 3 Biotech Stocks That Could Be Multibaggers in the Making

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The world of biotech stocks offers a unique blend of high risk and potentially high reward. Companies operating in this space are constantly pushing the boundaries, making them primed investment opportunities in 2024. 

Investors are drawn to the biotech industry not only for their potential to deliver substantial profits, but for the promise of contributing to medical breakthroughs. This can be achieved by the larger pharmaceutical giants or smaller biotechnology startups pioneering therapies like gene-editing. While the path for success in the biotech industry is volatile, there is a significant potential for market outperformance. 

Now, let’s discuss the 3 best biotech stocks to buy in 2024.

Novo Nordisk (NVO)

Novo Nordisk logo on a corporate building
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Novo Nordisk (NYSE:NVO) is one of the best biotech stocks to buy in 2024. The company is set to have a monster year in FY24, and Wall Street remains optimistic on the sales potential of their leading diabetes drug, Ozempic. 

They are coming off a strong year in 2023, as their GLP-1 therapies platform saw strong double digit growth. Pharmaceutical companies are rushing to get a piece of the weight loss drug market, and NVO continues to dominate the segment. Most notably, they have been ramping up production for their novel therapy, WeGovy. This strategic expansion has showcased the company’s commitment to dominance in addressing weight loss and obesity. 

In the 2023 fiscal year, NVO revenue increased 31% to $232.26 billion. EPS rose 52% YOY to $18.62 per share driven by strong execution and significant sales growth in diabetes and obesity care. Obesity care sales grew 154% from the year prior, and FCF hit a record $83.1 billion. Analyst’s remain bullish as the company aims to build on momentum and grow sales by more than 15% in FY24.

Vertex Pharmaceuticals (VRTX)

Vertex Pharmaceuticals (VRTX) logo visible on display screen
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Vertex Pharmaceuticals (NASDAQ:VRTX) is a world renowned biopharmaceutical company headquartered in Boston, Massachusetts. They are well positioned to continue dominating in 2024, as the company is inches away from a new FDA approved therapy.  

Vertex is undoubtedly one of the leading biotech stocks that investors should keep on their radar this year. The last several years have been great with Vertex seeing a significant boost in revenue, FCF and EPS. Their novel treatment called Trikafta addressing Cystic Fibrosis has been a key pillar to the company’s success. However, Vertex’ robust pipeline opportunities are what investors should be excited about.

In FY23, revenue increased 10% YOY to $9.87 billion. Net income was $3.62 billion, or $13.89 per share. Vertex reported record earnings in terms of revenue and EPS and plans to build on the momentum in FY24. Management expects continued growth in Cystic Fibrosis, as well as the launch of Casgevy across multiple geographies. Furthermore, they are preparing the filing for VX-548, a treatment that addresses acute neuropathic pain.

United Therapeutics (UTHR)

In this photo illustration United Therapeutics Corporation (UTHR) logo is seen on a mobile phone screen.
Source: viewimage /

United Therapeutics (NASDAQ:UTHR) develops novel treatments for patients with rare diseases often in the areas of lung disease and manufacturing. The stock is ripe for upside after reporting stellar financial results in 2023. 

United Therapeutics has been on a roll lately, and they have a number of pipeline opportunities that point to growth ahead. However, growth in the last 3 years has been driven by Tyvaso, a novel treatment for pulmonary arterial hypertension. They have established themselves as a leader in this field, with six FDA-approved drugs. Beyond their core focus on lung diseases, United Therapeutics is also making significant strides in regenerative medicine. 

In their latest Q4 and full year 2023 results, revenue increased 20% to $2.32 billion. EPS skyrocketed 32% YOY to $19.81 per share with net income nearly eclipsing $1 billion. Tyvaso revenue grew by 41% driven by the commercial launch of Tyvaso DPI revenues in June 2022. The outlook for 2024 remains strong, and COO Michael Benkowitz expects the company to achieve a $4 billion annual run rate by 2025. This suggests revenue will nearly double in the next two years, making UTHR one of the top biotech stocks for 2024. 

On the date of publication, Terel Miles did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines.

Terel Miles is a contributing writer at, with more than seven years of experience investing in the financial markets.

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