Vertex (VRTX) or Regeneron (REGN)? Two Biotech Moats, Two Very Different Bets

Biotech companies are strange businesses to think about in terms of competitive advantages. A software company can lock customers into an ecosystem for years. A manufacturer can have a cost advantage. A biotech company, meanwhile, can spend billions developing a drug only to see a competitor produce something better. That makes Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) […]