Investing in stocks can be a fantastic way to build meaningful returns that contribute to your retirement and other long-term financial goals. However, it takes patience, time, and consistency to yield those kinds of results.

Even if you don't have a ton of investment capital on hand to start with, dollar-cost averaging your way into positions in quality businesses amid both market highs and lows can help you steadily build a portfolio that stands the test of time.

If you're on the hunt for great businesses that you can buy and hold for the long run, preferably with a minimum holding period of five years, here are two names to consider the next time you go stock shopping.

1. Vertex Pharmaceuticals

Vertex Pharmaceuticals (VRTX -0.23%) has had a fantastic start to 2024. The company is operating from a position of financial strength thanks to the continued success of its cystic fibrosis drug franchise, and has garnered fresh green lights on multiple regulatory fronts.

The biggest news so far this year was the approval of Casgevy, which it developed with CRISPR Therapeutics. The gene therapy is a one-time treatment that provides a functional cure for both sickle cell disease and transfusion-dependent beta-thalassemia, two rare blood disorders with patient populations that combined total hundreds of thousands globally.

So far, the therapy has been approved for both indications in the U.S., the European Union, and the U.K., as well as markets in the Middle East such as Saudi Arabia and Bahrain. Regulatory reviews in other markets are ongoing. With Casgevy's cost in the U.S. running at $2.2 million per treatment, expansive reimbursement programs will be necessary for patients to get the therapy.

On the company's Q4 2023 earnings call, COO Stuart Arbuckle noted: "In the government sector, Medicaid state agencies representing over 60% of sickle cell disease lives have established reimbursement pathways for Casgevy with an additional 25% of Medicaid sickle cell disease lives in states actively progressing their reimbursement methodology."

Vertex is working closely with private and public payers to expand coverage options to eligible recipients of the therapy. It's also in the process of activating authorized treatment centers around the world. Because Casgevy is a gene-editing therapy, the process for patients to prepare for and be administered the treatment is extensive and typically takes months.

Each patient has blood stem cells taken from them, which are then edited in a lab, inserting new genetic code that will allow them to properly produce fetal hemoglobin. The patient must then undergo a regimen of chemotherapy to remove their faulty bone marrow cells and prime their body for the infusion of edited cells. After the therapy is administered, the post-infusion process can involve weeks of recovery.

It's a point worth mentioning that the financial impact of Casgevy will take time to manifest in Vertex's financials. However, some Goldman Sachs analysts think that Casgevy's peak annual sales could reach $3.9 billion. For perspective, Vertex's top-selling cystic fibrosis treatment, the triple-drug cocktail Trikafta, brought in sales of $7.7 billion in 2023, about 85% of the company's revenue.

Vertex is working on several other drugs with blockbuster potential. The Food and Drug Administration just approved its Investigational New Drug Application for a therapy that aims to treat the most common inherited kidney disorder, autosomal dominant polycystic kidney disease. The candidate targets the underlying cause of the disorder, which no drug yet commercialized does.

One candidate in its pipeline that is much closer to being submitted for regulatory approval is a non-opioid drug intended to treat multiple acute pain ailments. That drug, if approved, could disrupt the standard of care in pain management. The future looks bright indeed for Vertex, and now looks like a great time to add to or build a position in this healthcare stock.

2. Shopify

Shopify (SHOP 0.99%) has revolutionized the e-commerce space with its innovative platform of software and hardware technologies that make starting and scaling an online business easier than ever. Whether one is an established business owner looking to add an online presence to a brick-and-mortar one, or someone who has never run a store before, Shopify has a range of plans and offerings designed to make the process as seamless as possible.

Currently, Shopify controls about 11% of the global e-commerce platform market. In the U.S., its market share is around 30%.

The company has been going through some shifts in the last few years. It experienced a surge of growth during the first couple of years of the pandemic when online spending popped at unprecedented rates. But the period of slowdown that followed amid a challenging macro environment had a notably negative impact.

However, Shopify's growth rates are recovering, revenue is on the upswing, and profitability is looking decidedly better. Revenue rose 26% in 2023 to $7 billion, while net income for the fourth quarter and full year totaled $657 million and $132 million, respectively. Management's initiatives to improve its operational efficiency, which have included layoffs as well as the sale of its logistics business, while painful, have certainly made a difference here.

The company is ensuring that it stays competitive in the evolving e-commerce landscape, particularly as the rise of artificial intelligence puts its mark on the space. It introduced a series of AI-driven tools in 2023. These included a suite of AI features called Shopify Magic that streamline tasks like image-editing and producing marketing emails, an AI commerce assistant for merchants called Sidekick, and a new AI shopping assistant for the Shop app that leverages OpenAI's ChatGPT technology.

Shopify expanded its cross-border commerce solution Shopify Markets Pro, launched a new payments hardware system, and began a new rewards program called Shop Cash that lets certain U.S. customers earn for eligible purchases and spend in Shopify stores both online or via a store's app. Improving selling options for merchants and optimizing the process of managing a business will be key for Shopify to remain the platform of choice for owners of both small and larger businesses.

New offerings include the Shopify Marketplace Connect app, which allows merchants to sell through the platforms of other well-known retailers like Walmart, eBay, and Amazon while managing the fulfillment process exclusively through Shopify. The company just made finding products for merchants easier with the introduction of Shopify Collective, which lets merchants source inventory from other sellers on the platform who then ship directly to that business's customers.

The company also just made a foray into the credit space with the launch of Shopify Credit, which is a business card specifically for merchants. Shopify has a lot to execute on to maintain its dominance in the growing e-commerce market.

Shopify closed out 2023 with cash and investments of $5 billion on its balance sheet. Its current price-to-sales ratio of 14 is on the higher end of the spectrum, but given the long-term potential of this business, scooping up a few shares and holding them for years could prove to be a wise move.